Notice2025-20532
Self-Regulatory Organizations; BOX Exchange LLC, Cboe Exchange, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc., and NYSE Texas, Inc.; Notice of Deemed Approval of Various 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 21, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 223 (Friday, November 21, 2025)</title>
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<body><pre>
[Federal Register Volume 90, Number 223 (Friday, November 21, 2025)]
[Notices]
[Pages 52727-52730]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20532]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104210; File Nos. SR-BOX-2025-12; CBOE-2025-014;
CboeBYX-2025-007; CboeBZX-2025-034; CboeEDGX-2025-018; ISE-2025-08;
MIAX-2025-07; NYSE-2025-34; NYSEAMER-2025-07; NYSEAMER-2025-55;
NYSEARCA-2025-16; NYSEARCA-2025-63; NYSENAT-2025-19; NYSETEX-2025-28;
PEARL-2025-08; SAPPHIRE-2025-12]
Self-Regulatory Organizations; BOX Exchange LLC, Cboe Exchange,
Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX
Exchange, Inc., Miami International Securities Exchange, LLC, MIAX
PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock
Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc.,
and NYSE Texas, Inc.; Notice of Deemed Approval of Various Proposed
Rule Changes
November 18, 2025.
On the dates indicated in Table 1 below, New York Stock Exchange
LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc., and NYSE
Texas, Inc. 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\ the
proposed rule changes described in Table 1 concerning hardware
procurement services and managed services in those exchanges' co-
location facilities.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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The proposed rule changes were published for comment in the Federal
Register on the dates indicated in Table 1. As of October 20, 2025,
pursuant to Section 19(b)(2)(D) of the Act,\3\ the proposed rule
changes (SR-NYSE-2025-34, SR-NYSEAMER-2025-55, SR-NYSEARCA-2025-63, SR-
NYSENAT-2025-19, and SR-NYSETEX-2025-28) are deemed to have been
approved by the Commission.
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\3\ 15 U.S.C. 78s(b)(2)(D).
[[Page 52728]]
Table 1--Colocation Hardware Procurement Services and Managed Services
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Federal Register
File No. Filing date Description notice publication Deemed approved
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1....... NYSE-2025-34....... Aug. 27, 2025...... Amend the 34-103825 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 42998
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
2....... NYSEAMER-2025-55... Aug. 27, 2025...... Amend the 34-103826 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 43011
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
3....... NYSEARCA-2025-63... Aug. 27, 2025...... Amend the 34-103827 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 43006
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
4....... NYSENAT-2025-19.... Aug. 27, 2025...... Amend the 34-103828 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 42995
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
5....... NYSETEX-2025-28.... Aug. 27, 2025...... Amend the 34-103829 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 43003
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
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On the dates indicated in Table 2 below, BOX Exchange LLC, Cboe
Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc.,
Nasdaq ISE, LLC, Miami International Securities Exchange, LLC, MIAX
PEARL, LLC, MIAX Sapphire, LLC, NYSE American LLC, and NYSE Arca, Inc.
filed with the Commission, pursuant to Section 19(b)(1) of the Act \4\
and Rule 19b-4 thereunder,\5\ the proposed rule changes described in
Table 2 concerning options on Commodity-Based Trust Shares.
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
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The proposed rule changes were published for comment in the Federal
Register on the dates indicated in Table 2. As of the dates indicated
in Table 2, pursuant to Section 19(b)(2)(D) of the Act,\6\ the proposed
rule changes (SR-ISE-2025-08,\7\ SR-NYSEAMER-2025-07,\8\ SR-BOX-2025-
12,\9\ SR-NYSEARCA-2025-16,\10\ SR-MIAX-2025-07,\11\ SR-PEARL-2025-
08,\12\ SR-SAPPHIRE-2025-12,\13\ SR-CBOE-2025-014,\14\ SR-CboeBZX-2025-
034,\15\
[[Page 52729]]
SR-CboeEDGX-2025-018 \16\) are deemed to have been approved by the
Commission.
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\6\ 15 U.S.C. 78s(b)(2)(D).
\7\ See also Securities Exchange Act Release Nos. 102628 (Mar.
12, 2025), 90 FR 12587 (Mar. 18, 2025) (SR-ISE-2025-08) (notice of
designation of a longer period for Commission action on the proposed
rule change); 103116 (May 23, 2025), 90 FR 23084 (May 30, 2025) (SR-
ISE-2025-08) (order instituting proceedings to determine whether to
approve or disapprove the proposed rule change), and 103718 (Aug.
15, 2025), 90 FR 40680 (Aug. 20, 2025) (SR-ISE-2025-08) (notice of
designation of a longer period for Commission action on proceedings
to determine whether to approve or disapprove the proposed rule
change).
\8\ See also Securities Exchange Act Release Nos. 102931 (Apr.
25, 2025), 90 FR 18717 (May 1, 2025) (SR-NYSEAMER-2025-07) (notice
of designation of a longer period for Commission action on the
proposed rule change); 103240 (June 12, 2025), 90 FR 25687 (June 17,
2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-2025-16) (order
instituting proceedings to determine whether to approve or
disapprove the proposed rule changes), and 103870 (Sept. 4, 2025),
90 FR 43490 (Sept. 9, 2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-
2025-16) (notice of designation of a longer period for Commission
action on proceedings to determine whether to approve or disapprove
the proposed rule changes).
\9\ See also Securities Exchange Act Release No. 103284 (June
17, 2025), 90 FR 26629 (June 23, 2025) (SR-BOX-2025-12) (order
instituting proceedings to determine whether to approve or
disapprove the proposed rule change).
\10\ See also Securities Exchange Act Release Nos. 102930 (Apr.
25, 2025), 90 FR 18718 (May 1, 2025) (SR-NYSEARCA-2025-16) (notice
of designation of a longer period for Commission action on the
proposed rule change); 103240 (June 12, 2025), 90 FR 25687 (June 17,
2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-2025-16) (order
instituting proceedings to determine whether to approve or
disapprove the proposed rule changes), and 103870 (Sept. 4, 2025),
90 FR 43490 (Sept. 9, 2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-
2025-16) (notice of designation of a longer period for Commission
action on proceedings to determine whether to approve or disapprove
the proposed rule changes).
\11\ See also Securities Exchange Act Release Nos. 102932 (Apr.
25, 2025), 90 FR 18715 (May 1, 2025) (SR-MIAX-2025-07) (notice of
designation of a longer period for Commission action on the proposed
rule change); 103283 (June 17, 2025), 90 FR 26634 (June 23, 2025)
(SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (order
instituting proceedings to determine whether to approve or
disapprove the proposed rule changes), and 103903 (Sept. 8, 2025),
90 FR 44123 (Sept. 11, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and
SR-SAPPHIRE-2025-12) (notice of designation of a longer period for
Commission action on proceedings to determine whether to approve or
disapprove the proposed rule changes).
\12\ See also Securities Exchange Act Release Nos. 102929 (Apr.
25, 2025), 90 FR 18718 (May 1, 2025) (SR-PEARL-2025-08) (notice of
designation of a longer period for Commission action on the proposed
rule change); 103283 (June 17, 2025), 90 FR 26634 (June 23, 2025)
(SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (order
instituting proceedings to determine whether to approve or
disapprove the proposed rule changes), and 103903 (Sept. 8, 2025),
90 FR 44123 (Sept. 11, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and
SR-SAPPHIRE-2025-12) (notice of designation of a longer period for
Commission action on proceedings to determine whether to approve or
disapprove the proposed rule changes).
\13\ See also Securities Exchange Act Release Nos. 102928 (Apr.
25, 2025), 90 FR 18717 (May 1, 2025) (SR-SAPPHIRE-2025-12) (notice
of designation of a longer period for Commission action on the
proposed rule change); 103283 (June 17, 2025), 90 FR 26634 (June 23,
2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12)
(order instituting proceedings to determine whether to approve or
disapprove the proposed rule changes), and 103903 (Sept. 8, 2025),
90 FR 44123 (Sept. 11, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and
SR-SAPPHIRE-2025-12) (notice of designation of a longer period for
Commission action on proceedings to determine whether to approve or
disapprove the proposed rule changes).
\14\ See also Securities Exchange Act Release Nos. 102935 (Apr.
25, 2025), 90 FR 18719 (May 1, 2025) (SR-CBOE-2025-014) (notice of
designation of a longer period for Commission action on the proposed
rule change); 103241 (June 12, 2025), 90 FR 25707 (June 17, 2025)
(SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018)
(order instituting proceedings to determine whether to approve or
disapprove the proposed rule changes), and 103871 (Sept. 4, 2025),
90 FR 43497 (Sept. 9, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034,
and SR-CboeEDGX-2025-018) (notice of designation of a longer period
for Commission action on proceedings to determine whether to approve
or disapprove the proposed rule changes).
\15\ See also Securities Exchange Act Release Nos. 102934 (Apr.
25, 2025), 90 FR 18717 (May 1, 2025) (SR-CboeBZX-2025-034) (notice
of designation of a longer period for Commission action on the
proposed rule change); 103241 (June 12, 2025), 90 FR 25707 (June 17,
2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-
018) (order instituting proceedings to determine whether to approve
or disapprove the proposed rule changes), and 103871 (Sept. 4,
2025), 90 FR 43497 (Sept. 9, 2025) (SR-CBOE-2025-014, SR-CboeBZX-
2025-034, and SR-CboeEDGX-2025-018) (notice of designation of a
longer period for Commission action on proceedings to determine
whether to approve or disapprove the proposed rule changes).
\16\ See also Securities Exchange Act Release Nos. 102933 (Apr.
25, 2025), 90 FR 18715 (May 1, 2025) (SR-CboeEDGX-2025-018) (notice
of designation of a longer period for Commission action on the
proposed rule change); 103241 (June 12, 2025), 90 FR 25707 (June 17,
2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-
018) (order instituting proceedings to determine whether to approve
or disapprove the proposed rule changes), and 103871 (Sept. 4,
2025), 90 FR 43497 (Sept. 9, 2025) (SR-CBOE-2025-014, SR-CboeBZX-
2025-034, and SR-CboeEDGX-2025-018) (notice of designation of a
longer period for Commission action on proceedings to determine
whether to approve or disapprove the proposed rule changes).
Table 2--Options on Commodity-Based Trust Shares
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Federal Register
File No. Filing date Description notice publication Deemed approved
----------------------------------------------------------------------------------------------------------------
1....... ISE-2025-08........ Feb. 7, 2025....... Amend Options 4, 34-102465 (Feb. 20, Oct. 24.
Section 3, 2025), 90 FR 10740
Criteria for (Feb. 26, 2025).
Underlying
Securities.
2....... NYSEAMER-2025-07... Feb. 24, 2025...... Amend Rule 915 to 34-102555 (Mar. 10, Nov. 9.
permit options on 2025), 90 FR 12189
Commodity-Based (Mar. 14, 2025).
Trust Shares.
3....... BOX-2025-12........ Apr. 25, 2025...... Amend Rule 5020 34-103015 (May 9, Nov. 11.
(Criteria for 2025), 90 FR 20699
Underlying (May 15, 2025).
Securities) to
permit the listing
of options on
Commodity-Based
Trust Shares.
4....... NYSEARCA-2025-16... Feb. 24, 2025...... Amend Rule 5.3-O to 34-102577 (Mar. 11, Nov. 12.
permit options on 2025), 90 FR 12377
Commodity-Based (Mar. 17, 2025).
Trust Shares.
5....... MIAX-2025-07....... Mar. 5, 2025....... Amend Exchange Rule 34-102658 (Mar. 13, Nov. 14.
402, Criteria for 2025), 90 FR 12870
Underlying (Mar. 19, 2025).
Securities, to
list and trade
options on
Commodity-Based
Trust Shares.
6....... PEARL-2025-08...... Mar. 5, 2025....... Amend Exchange Rule 34-102659 (Mar. 13, Nov. 14.
402, Criteria for 2025), 90 FR 12876
Underlying (Mar. 19, 2025).
Securities, to
list and trade
options on
Commodity-Based
Trust Shares.
7....... SAPPHIRE-2025-12... Mar. 5, 2025....... Amend Exchange Rule 34-102660 (Mar. 13, Nov. 14.
402, Criteria for 2025), 90 FR 12859
Underlying (Mar. 19, 2025).
Securities, to
list and trade
options on
Commodity-Based
Trust Shares.
8....... CBOE-2025-014...... Mar. 5, 2025....... Amend Rule 4.3 to 34-102647 (Mar. 13, Nov. 14.
permit the listing 2025), 90 FR 12865
of options on (Mar. 19, 2025).
Commodity-Based
Trust Shares.
9....... CboeBZX-2025-034... Mar. 5, 2025....... Amend Rule 19.3 to 34-102648 (Mar. 13, Nov. 14.
permit the listing 2025), 90 FR 12914
of options on (Mar. 19, 2025).
Commodity-Based
Trust Shares.
10...... CboeEDGX-2025-018.. Mar. 5, 2025....... Amend Rule 19.3 to 34-102649 (Mar. 13, Nov. 14.
permit the listing 2025), 90 FR 12838
of options on (Mar. 19, 2025).
Commodity-Based
Trust Shares.
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On the date indicated in Table 3 below, Cboe BYX Exchange, Inc.
filed with the Commission, pursuant to Section 19(b)(1) of the Act \17\
and Rule 19b-4 thereunder,\18\ the proposed rule change described in
Table 3 concerning its Retail Price Improvement Program.
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\17\ 15 U.S.C. 78s(b)(1).
\18\ 17 CFR 240.19b-4.
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The proposed rule change was published for comment in the Federal
Register on the date indicated in Table 3. As of November 15, 2025,
pursuant to Section 19(b)(2)(D) of the Act,\19\ the proposed rule
change (SR-CboeBYX-2025-007 \20\) is deemed to have been approved by
the Commission.
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\19\ 15 U.S.C. 78s(b)(2)(D).
\20\ See also Securities Exchange Act Release Nos. 102956 (Apr.
29, 2025), 90 FR 19013 (May 5, 2025) (SR-CboeBYX-2025-007) (notice
of designation of a longer period for Commission action on the
proposed rule change); 103291 (June 18, 2025), 90 FR 26843 (June 24,
2025) (SR-CboeBYX-2025-007) (notice of filing of Amendment No. 3 and
order instituting proceedings to determine whether to approve or
disapprove the proposed rule change), and 103819 (Sept. 2, 2025), 90
FR 43006 (Sept. 5, 2025) (SR-CboeBYX-2025-007) (notice of
designation of a longer period for Commission action on proceedings
to determine whether to approve or disapprove the proposed rule
change).
Table 3--Retail Price Improvement Program
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Federal Register
File No. Filing date Description notice publication Deemed approved
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1....... CboeBYX-2025-007... Mar. 13, 2025...... Modify Rule 11.24 34-102681 (Mar. 14, Nov. 15.
to introduce an 2025), 90 FR 13240
Enhanced RPI Order (Mar. 20, 2025).
and expand its
Retail Price
Improvement
Program to include
securities priced
below $1.00.
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[[Page 52730]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20532 Filed 11-20-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on November 21, 2025.
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