Notice2025-19911
Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation, Cboe Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Fixed Income Clearing Corporation, LCH SA, Municipal Securities Rulemaking Board, The Nasdaq Stock Market LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX LLC, The Options Clearing Corporation, Stock Clearing Corporation of Philadelphia; Notice of Designation of a Longer Period for Commission Action on Pending Proposed Rule Changes and on Proceedings To Determine Whether To Approve or Disapprove Pending Proposed Rule Changes
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
November 17, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 219 (Monday, November 17, 2025)</title>
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[Federal Register Volume 90, Number 219 (Monday, November 17, 2025)]
[Notices]
[Pages 51424-51426]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19911]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104173; File Nos. SR-BSECC-2025-001; BX-2025-024;
CboeEDGX-2025-072; CboeBZX-2025-059; CboeBZX-2025-069; CboeBZX-2025-
141; CBOE-2025-068; CBOE-2025-069; CBOE-2025-074; CBOE-2025-075; CBOE-
2025-076; CBOE-2025-077; CBOE-2025-078; CBOE-2025-079; CBOE-2025-080;
FICC-2025-021; GEMX-2025-27; ISE-2025-15; ISE-2025-30; ISE-2025-31; LCH
SA-2025-008; MSRB-2025-02; MRX-2025-23; NASDAQ-2025-037; NASDAQ-2025-
072; NASDAQ-2025-080; NASDAQ-2025-085; OCC-2025-017; OCC-2025-018;
PHLX-2025-50; PHLX-2025-56; SCCP-2025-01]
Self-Regulatory Organizations; Boston Stock Exchange Clearing
Corporation, Cboe Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX
Exchange, Inc., Fixed Income Clearing Corporation, LCH SA, Municipal
Securities Rulemaking Board, The Nasdaq Stock Market LLC, Nasdaq BX,
Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX
LLC, The Options Clearing Corporation, Stock Clearing Corporation of
Philadelphia; Notice of Designation of a Longer Period for Commission
Action on Pending Proposed Rule Changes and on Proceedings To Determine
Whether To Approve or Disapprove Pending Proposed Rule Changes
November 3, 2025.
I. Extensions to Day 90
On the dates listed in Table 1 below, the following self-regulatory
organizations (collectively, the ``SROs'') filed with the Securities
and Exchange Commission (``Commission''), pursuant to Section 19(b)(1)
of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ proposed rule changes to amend their rules pertaining to
various matters described in Table 1. Some of the proposed rule changes
were published for comment in the Federal Register on the dates
indicated below. Section 19(b)(2) of the Act \3\ provides that within
45 days of the publication of notice of the filing of a proposed rule
change, or within such longer period up to 90 days as the Commission
may designate if it finds such longer period to be appropriate and
publishes its reasons for so finding or as to which the self-regulatory
organization consents, the Commission shall either approve the proposed
rule change, disapprove the proposed rule change, or institute
proceedings to determine whether the proposed rule change should be
disapproved.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(2).
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The filings identified in Table 1 below have as their 45th day
after publication of the notice (``Day 45'') a date that falls within
the month of November 2025. The Commission is extending these 45-day
time periods. The Commission finds it appropriate to designate a longer
period within which to take action on the proposed rule changes so that
it has sufficient time to consider the proposed rule changes and the
issues raised therein.\4\ Accordingly, pursuant to Section 19(b)(2) of
the Act,\5\ the Commission designates the dates listed in Table 1 below
(``Day 90'') as the dates by which the Commission shall either approve
or disapprove, or institute proceedings to determine whether to
disapprove, the respective filings.
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\4\ Due to a lapse in appropriations, the Commission closed on
October 1, 2025 and remains closed as of the date of this release.
See SEC Operational Status, available at <a href="https://www.sec.gov">https://www.sec.gov</a>
(stating ``[d]ue to a lapse in appropriations, the SEC is currently
operating in accordance with the agency's plan for operating during
a shutdown. Effective Wednesday, October 1, 2025 and until further
notice, the agency will have a very limited number of staff members
available.'') (last accessed Oct. 23, 2025).
\5\ 15 U.S.C. 78s(b)(2).
Table 1
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Federal Register
File No. Description notice Day 45 Day 90
publication
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1. LCH SA-2025-008............. Revisions to its Terms 34-103975 (Sept. Nov. 3........... Dec. 18.
of Reference of the 16, 2025), 90 FR
Nomination Committee 45288 (Sept. 19.
and Board of 2025).
Directors.
2. NASDAQ-2025-072............. Enable the trading of 34-103989 (Sept. Nov. 6........... Dec. 21.
securities on the 16, 2025), 90 FR
Exchange in tokenized 45426 (Sept. 22,
form. 2025).
3. CBOE-2025-068............... Permit p.m.-settled 34-104019 (Sept. Nov. 10.......... Dec. 25.
options on the Cboe 23, 2025), 90 FR
Magnificent 10 Index. 46424 (Sept. 26,
2025).
4. PHLX-2025-50................ List and trade Nasdaq 34-104038 (Sept. Nov. 13.......... Dec. 28.
Bitcoin Index Options. 24, 2025), 90 FR
46706 (Sept. 29,
2025).
5. FICC-2025-021............... Modify the GSD 34-104084 (Sept. Nov. 14.......... Dec. 29.
Rulebook relating to 26, 2025), 90 FR
a new service 47045 (Sept. 30,
offering called the 2025).
ACS Triparty Service.
6. CBOE-2025-077............... Position and exercise Sept. 30 \1\..... Nov. 14.......... Dec. 29.
limits for options on
ARK 21Shares Bitcoin
ETF.
7. CBOE-2025-078............... Amend Rule 4.3 Sept. 30 \1\..... Nov. 14.......... Dec. 29.
(options on Units
that represent
interests in several
exchange-traded
products).
8. CBOE-2025-076............... Position and exercise Sept. 30 \1\..... Nov. 14.......... Dec. 29.
limits for options on
the Fidelity Wise
Origin Bitcoin Fund
and to permit
Flexible Exchange
Options on the
Fidelity Fund.
[[Page 51425]]
9. CBOE-2025-080............... Position and exercise Sept. 30 \1\..... Nov. 14.......... Dec. 29.
limits for options on
the Fidelity Ethereum
Fund and to permit
Flexible Exchange
Options on the
Fidelity Fund.
10. CBOE-2025-069.............. Change the minimum 34-104076 (Sept. Nov. 14.......... Dec. 29.
increment for options 25, 2025), 90 FR
on the Cboe 47000 (Sept. 30,
Magnificent 10 Index. 2025).
11. ISE-2025-30................ Adopt listing criteria 34-104107 (Sept. Nov. 15.......... Dec. 30.
for options on a 26, 2025), 90 FR
Commodity-Based Trust 47456 (Oct. 1,
that holds multiple 2025).
crypto assets.
12. OCC-2025-017............... Adjustments to cleared 34-104104 (Sept. Nov. 15.......... Dec. 30.
contracts. 26, 2025), 90 FR
47470 (Oct. 1,
2025).
13. OCC-2025-018............... Methodology to 34-104111 (Sept. Nov. 15.......... Dec. 30.
allocate Clearing 26, 2025), 90 FR
Fund deposit 47383 (Oct. 1,
requirements among 2025).
Clearing Members to
better align the
allocation with the
sizing of the
Clearing Fund so
stress based risk is
fairly allotted to
market participants
that expose OCC to
such stress risk.
14. NASDAQ-2025-080............ Amended and Restated 34-104108 (Sept. Nov. 15.......... Dec. 30.
Certificate of 26, 2025), 90 FR
Incorporation and By- 47418 (Oct. 1,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
15. ISE-2025-31................ Amended and Restated 34-104115 (Sept. Nov. 15.......... Dec. 30.
Certificate of 29, 2025), 90 FR
Incorporation and By- 47461 (Oct. 1,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
16. PHLX-2025-56............... Amended and Restated 34-104109 (Sept. Nov. 15.......... Dec. 30.
Certificate of 26, 2025), 90 FR
Incorporation and By- 47401 (Oct. 1,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
17. BX-2025-024................ Amended and Restated 34-104110 (Sept. Nov. 15.......... Dec. 30.
Certificate of 26, 2025), 90 FR
Incorporation and By- 47428 (Oct. 1,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
18. GEMX-2025-27............... Amended and Restated 34-104118 (Sept. Nov. 15.......... Dec. 30.
Certificate of 29, 2025), 90 FR
Incorporation and By- 47444 (Oct. 1,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
19. MRX-2025-23................ Amended and Restated 34-104120 (Sept. Nov. 15.......... Dec. 30.
Certificate of 29, 2025), 90 FR
Incorporation and By- 47373 (Oct. 1,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
20. NASDAQ-2025-085............ List and Trade Shares 34-104148 (Sept. Nov. 16.......... Dec. 31.
of iShares Bitcoin 30, 2025), 90 FR
Premium Income ETF. 47846 (Oct. 2,
2025).
21. SCCP-2025-01............... Amended and Restated 34-104155 (Sept. Nov. 17.......... Jan. 1, 2026.
Certificate of 30, 2025), 90 FR
Incorporation and By- 48062 (Oct. 3,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
22. BSECC-2025-001............. Amended and Restated 34-104156 (Sept. Nov. 17.......... Jan. 1, 2026.
Certificate of 30, 2025), 90 FR
Incorporation and By- 48073 (Oct. 3,
Laws of its Parent 2025).
Corporation, Nasdaq,
Inc.
23. CboeBZX-2025-141........... List and trade shares 34-104161 (Sept. Nov. 17.......... Jan. 1, 2026.
of the GraniteShares 30, 2025), 90 FR
4x Long Russell 1000 48107 (Oct. 3,
Daily ETF and the 2025).
GraniteShares 4x
Short Russell 1000
Daily ETF, each a
series of
GraniteShares ETP
Trust.
24. CboeEDGX-2025-072.......... Adopt a Retail Price 34-104153 (Sept. Nov. 17.......... Jan. 1, 2026.
Improvement Program 30, 2025), 90 FR
and describe the 48098 (Oct. 3,
behavior of orders 2025).
containing a non-
displayed instruction.
25. CBOE-2025-074.............. Amend functionality 34-104159 (Sept. Nov. 17.......... Jan. 1, 2026.
relating to the 30, 2025), 90 FR
processing of auction 48094 (Oct. 3,
responses. 2025).
26. CBOE-2025-075.............. Amend Rule 5.4 (change 34-104157 (Sept. Nov. 17.......... Jan. 1, 2026.
the minimum increment 30, 2025), 90 FR
for all series of 48071 (Oct. 3,
options on the Cboe 2025).
Mini Bitcoin U.S. ETF
Index).
27. CBOE-2025-079.............. Amend Rule 5.1(c) 34-104160 (Sept. Nov. 17.......... Jan. 1, 2026.
(Global Trading 30, 2025), 90 FR
Hours) to allow for 48091 (Oct. 3,
trading of multi- 2025).
listed equity options
that meet certain
eligibility criteria.
28. MSRB-2025-02............... Amend MSRB Rules A-11 34-104154 (Sept. Nov. 17.......... Jan. 1, 2026.
and A-13 pursuant to 30, 2025), 90 FR
a multi-year rate 48082 (Oct. 3,
card and related 2025).
technical amendments.
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\1\ Filed with the Commission on September 30, 2025, but not sent to the Federal Register for publication before
the Commission closed on October 1. Pursuant to Section 19(b)(2)(E) of the Act, if, after an SRO files a
proposed rule change and posts it on its publicly accessible website, the Commission does not send the notice
of the proposal to the Federal Register within 15 days of the date on which such website publication is made,
then the date of publication of the proposal shall be deemed to be the date on which such website publication
was made. See 15 U.S.C. 78(b)(2)(E).
II. Extensions to Day 240
The Commission initiated proceedings under Section 19(b)(2)(B) of
the Act \6\ by issuing orders instituting proceedings (``OIPs'') on
certain proposed rule changes identified below in Table 2, to determine
whether to approve or disapprove them. Section 19(b)(2) of the Act \7\
provides that, after initiating proceedings, the Commission shall issue
an order approving or disapproving the proposed rule change not later
than 180 days after the date of publication of notice of filing of the
proposed rule change. The Commission may extend the period for issuing
an order approving or disapproving the proposed rule change, however,
by not more than 60 days if the Commission determines that a longer
period is appropriate and publishes the reasons for such determination.
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\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ 15 U.S.C. 78s(b)(2).
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The filings identified in Table 2 below have as their 180th day
after publication of the notice (``Day 180'') a date that falls within
the month of November 2025. The Commission is extending consideration
of each of these proceedings for an additional 60 days. The Commission
finds it appropriate to designate a longer period within which to issue
an order approving or disapproving each proposed rule change so that it
has sufficient time to consider each proposed rule change and the
issues raised therein.\8\ Accordingly, pursuant to Section 19(b)(2) of
the Act,\9\ the Commission designates the dates listed in Table 2 below
(``Day 240'') as the dates by which the Commission shall either approve
or disapprove the filings.
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\8\ See supra note 4 (concerning the Commission's operating
status).
\9\ 15 U.S.C. 78s(b)(2).
[[Page 51426]]
Table 2
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Federal Register
File No. Description OIP Publication Day 180 Day 240
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1. CboeBZX-2025-059............ 2x Long VIX Futures 34-103659 (Aug. Nov. 5........... Jan. 4, 2026.
ETF and -1x Short VIX 7, 2025), 90 FR
Futures ETF. 38864 (Aug. 12,
2025).
2. ISE-2025-15................. Amend the Short Term 34-103658 (Aug. Nov. 17.......... Jan. 16, 2026.
Option Series Program 7, 2025), 90 FR
to list Qualifying 38832 (Aug. 12,
Securities. 2025).
3. NASDAQ-2025-037............. Adopt Rule 5703 to 34-103758 (Aug. Nov. 23.......... Jan. 22, 2026.
permit the generic 21, 2025), 90 FR
listing and trading 41611 (Aug. 26,
of Multi-Class 2025).
Exchange-Traded Fund
Shares.
4. CboeBZX-2025-069............ List and trade shares 34-103772 (Aug. Nov. 25.......... Jan. 24, 2026.
of the Canary Staked 25, 2025), 90 FR
TRX ETF. 42050 (Aug. 28,
2025).
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(31) and (57).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-19911 Filed 11-14-25; 8:45 am]
BILLING CODE 8011-01-P
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