Notice2025-22302
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Pricing Schedule at Options 7, Sections 3 and 4
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
December 9, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 234 (Tuesday, December 9, 2025)</title>
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[Federal Register Volume 90, Number 234 (Tuesday, December 9, 2025)]
[Notices]
[Pages 57115-57119]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22302]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104308; File No. SR-ISE-2025-36]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Pricing Schedule at Options 7, Sections 3 and 4
December 4, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 21, 2025, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the Exchange. 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\ 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 amend the Exchange's Pricing Schedule at
Options 7, Section 3, Regular Order Fees and Rebates, and Options 7,
Section 4, Complex Order Fees and Rebates.\3\
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\3\ On November 13, 2025, the Exchange filed SR-ISE-2025-33. On
November 20, 2025, the Exchange withdrew SR-ISE-2025-33 and filed
SR-ISE-2025-35. Subsequently, on November 21, 2025, the Exchange
withdrew SR-ISE-2025-35 and filed this proposal.
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This fee change shall be effective on November 13, 2025.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rulefilings">https://listingcenter.nasdaq.com/rulebook/ise/rulefilings</a>,
and at the principal office of the Exchange.
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 Exchange 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 these 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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
ISE proposes to amend the Pricing Schedule at Options 7, Section 3,
Regular Order Fees and Rebates, to amend note 15 of Options 7, Section
3. Further, the Exchange proposes to amend Options 7, Section 4,
Complex Order Fees and Rebates, to amend: (1) Priority Customer \4\
Complex Tiers 8-10 for Select Symbols; \5\ and (2) note 17 of Options
7, Section 4. Each change is described below.
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\4\ A ``Priority Customer'' is a person or entity that is not a
broker/dealer in securities, and does not place more than 390 orders
in listed options per day on average during a calendar month for its
own beneficial account(s), as defined in Nasdaq ISE Options 1,
Section 1(a)(37). Unless otherwise noted, when used in this Pricing
Schedule the term ``Priority Customer'' includes ``Retail'' as
defined below. See Options 7, Section 1(c).
\5\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Interval Program. See
Options 7, Section 1(c).
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Priority Customer Rebates
The Exchange proposes to amend Options 7, Section 4, Complex Order
Fees and Rebates. Today, the Exchange offers tiered complex order
Priority Customer rebates for Select Symbols and Non-Select Symbols \6\
based on the Priority Customer Complex Tier achieved.\7\ The tiered
complex order
[[Page 57116]]
Priority Customer rebates for Select Symbols and Non-Select Symbols are
presently as follows:
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\6\ ``Non-Select Symbols'' are options overlying all symbols
excluding Select Symbols. See Options 7, Section 1(c).
\7\ Priority Customer Complex Tiers are based on Total
Affiliated Member or Affiliated Entity Complex Order Volume
(Excluding Crossing Orders and Responses to Crossing Orders)
Calculated as a Percentage of Customer Total Consolidated Volume.
All Complex Order volume executed on the Exchange, including volume
executed by Affiliated Members, is included in the volume
calculation, except for volume executed as Crossing Orders and
Responses to Crossing Orders. Affiliated Entities may aggregate
their Complex Order volume for purposes of calculating Priority
Customer Rebates. The Appointed OFP would receive the rebate
associated with the qualifying volume tier based on aggregated
volume. See Options 7, Section 4, note 16. As set forth in Options
7, Section 1(c), an Appointed OFP is an Order Flow Provider who has
been appointed by a Market Maker for purposes of qualifying as an
Affiliated Entity.
Priority Customer Rebates
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Total affiliated member or affiliated
entity complex order volume (excluding
crossing orders and responses to Rebate for Rebate for
Priority customer complex tier crossing orders) calculated as a select non-select
percentage of customer total symbols symbols
consolidated volume
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Tier 1........................................ 0.000%-0.200%......................... ($0.25) ($0.50)
Tier 2........................................ Above 0.200%-0.400%................... (0.30) (0.60)
Tier 3........................................ Above 0.400%-0.550%................... (0.40) (0.80)
Tier 4........................................ Above 0.550%-0.750%................... (0.45) (0.85)
Tier 5........................................ Above 0.750%-1.000%................... (0.46) (0.90)
Tier 6........................................ Above 1.000%-1.350%................... (0.48) (0.95)
Tier 7........................................ Above 1.350%-1.750%................... (0.54) (1.00)
Tier 8........................................ Above 1.750%-2.750%................... (0.55) (1.10)
Tier 9........................................ Above 2.750%-4.500%................... (0.56) (1.12)
Tier 10....................................... Above 4.500%.......................... (0.57) (1.15)
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The above rebates are provided per contract per leg if the order
trades with Non-Priority Customer \8\ orders in the complex order book.
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\8\ ``Non-Priority Customers'' include Market Makers, Non-Nasdaq
ISE Market Makers (FarMMs), Firm Proprietary/Broker-Dealers, and
Professional Customers. See Options 1, Section 1(c).
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At this time, the Exchange proposes to amend Priority Customer
Complex Tiers 8-10 for Select Symbols.
Currently, the Priority Customer Complex Tier 8 Rebate for Select
Symbols is $0.55 per contract for Total Affiliated Member or Affiliated
Entity Complex Order Volume (Excluding Crossing Orders and Responses to
Crossing Orders) Calculated as a Percentage of Customer Total
Consolidated Volume (hereinafter ``TCV'') of above 1.750% to 2.750%.
The Exchange proposes to amend the qualifying TCV to above 1.750% to
2.25% and increase the Priority Customer Complex Tier 8 Rebate for
Select Symbols from $0.55 to $0.56 per contract. The Exchange is not
proposing to amend the $1.10 Rebate for Non-Select Symbols for Tier 8.
Currently, the Priority Customer Complex Tier 9 Rebate for Select
Symbols is $0.56 per contract for TCV above 2.750% to 4.500%. The
Exchange proposes to amend the qualifying TCV to above 2.25% to 4.500%
and increase the Priority Customer Complex Tier 9 Rebate for Select
Symbols from $0.56 to $0.58 per contract. The Exchange is not proposing
to amend the $1.12 Rebate for Non-Select Symbols for Tier 9.
Currently, the Priority Customer Complex Tier 10 Rebate for Select
Symbols is $0.57 per contract for TCV above 4.500%. The Exchange
proposes to increase the Priority Customer Complex Tier 10 Rebate for
Select Symbols from $0.57 to $0.59 per contract. The Exchange is not
proposing to amend the qualifying TCV or the $1.15 Rebate for Non-
Select Symbols for Tier 10.
Increasing the Priority Customer Complex Tiers 8 through 10 rebates
for Select Symbols while also amending the qualifying TCV so that
volume that currently qualifies for Tier 8 would qualify for Tier 9
would permit Members to receive increased rebates if they send the same
amount of complex order flow as they do today. Further, some Members
may also qualify for a higher tier. Overall, the Exchange believes that
the proposed changes to Priority Customer Complex Tiers 8 through 10
for Select Symbols will attract more complex order flow to ISE because
Members may be incentivized to send more complex orders to ISE to
receive the increased rebates.
Note 15 of Options 7, Section 3 and Note 17 of Options 7, Section 4
Today, note 15 of Options 7, Section 3 states that Members that
execute more than 0.10% of Regular Order \9\ Non-Select Symbol Priority
Customer Volume (excluding Crossing Orders \10\ and Responses to
Crossing Orders \11\) calculated as a percentage of Customer Total
Consolidated Volume per day in a given month receive an additional
rebate of $0.18 per contract. Members that meet the foregoing volume
requirement are also eligible to receive the Section 4 Priority
Customer Complex Order rebates in Select Symbols and Non-Select Symbols
that apply to one tier higher than the tier for which they currently
qualify, except Members that already qualify for the highest Priority
Customer Complex Tier in Section 4 will instead receive an additional
rebate of $0.01 per contract in Select Symbols and Non-Select Symbols.
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\9\ A ``Regular Order'' is an order that consists of only a
single option series and is not submitted with a stock leg. See
Options 7, Section 1(c).
\10\ A ``Crossing Order'' is an order executed in the Exchange's
Facilitation Mechanism, Solicited Order Mechanism, Price Improvement
Mechanism (PIM) or submitted as a Qualified Contingent Cross order.
For purposes of this Pricing Schedule, orders executed in the Block
Order Mechanism are also considered Crossing Orders. See Options 7,
Section 1(c).
\11\ ``Responses to Crossing Order'' is any contra-side interest
submitted after the commencement of an auction in the Exchange's
Facilitation Mechanism, Solicited Order Mechanism, Block Order
Mechanism or PIM. See Options 7, Section 1(c).
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Today, note 17 of Options 7, Section 4 states that, Members that
execute more than 0.10% of Regular Order Non-Select Symbol Priority
Customer Volume (excluding Crossing Orders and Responses to Crossing
Orders) calculated as a percentage of Customer Total Consolidated
Volume per day in a given month are eligible to receive the Priority
Customer Complex Order rebates in Select Symbols and Non-Select Symbols
that apply to one tier higher than the tier for which they currently
qualify, except Members that already qualify for the highest Priority
Customer Complex Tier will instead receive an additional rebate of
$0.01 per contract in Select Symbols and Non-Select Symbols.
At this time, the Exchange proposes to amend the qualifications for
the incentives at note 15 of Options 7, Section 3 and note 17 of
Options 7, Section 4 by increasing the volume thresholds from 0.10% to
0.25% of Regular Order Non-Select Symbol
[[Page 57117]]
Priority Customer volume on ISE (excluding Crossing Orders and
Responses to Crossing Orders) calculated as a percentage of Customer
Total Consolidated Volume per day in a given month.
While the Exchange is increasing the volume threshold in the note
15 incentive at Options 7, Section 3, the Exchange is not amending the
ability to receive an additional rebate of $0.18 per contract, or to be
eligible to receive the Section 4 Priority Customer Complex Order
rebates in Select Symbols and Non-Select Symbols that apply to one tier
higher than the tier for which they currently qualify, or the
additional rebate of $0.01 per contract in Select Symbols and Non-
Select Symbols for Members that already qualify for the highest
Priority Customer Complex Tier in Section 4. The Exchange believes that
the note 15 incentive will continue to attract Regular Order Non-Select
Symbol Priority Customer order flow to the Exchange.
Further, while the Exchange is increasing the volume threshold in
the note 17 incentive at Options 7, Section 4, the Exchange is not
amending the ability to receive the Priority Customer Complex Order
rebates in Select Symbols and Non-Select Symbols that apply to one tier
higher than the tier for which they currently qualify, or the
additional rebate of $0.01 per contract in Select Symbols and Non-
Select Symbols for Members that already qualify for the highest
Priority Customer Complex Tier. The Exchange believes that the note 17
incentive will continue to attract Regular Order Non-Select Symbol
Priority Customer order flow to the Exchange.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\12\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange's proposed changes to its Pricing Schedule are
reasonable in several respects. As a threshold matter, the Exchange is
subject to significant competitive forces in the market for options
securities transaction services that constrain its pricing
determinations in that market. The fact that this market is competitive
has long been recognized by the courts. In NetCoalition v. Securities
and Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .'' \14\
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\14\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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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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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options security transaction services. The Exchange is only one of
eighteen options exchanges to which market participants may direct
their order flow. Within this environment, market participants can
freely and often do shift their order flow among the Exchange and
competing venues in response to changes in their respective pricing
schedules. As such, the proposal represents a reasonable attempt by the
Exchange to increase its liquidity and market share relative to its
competitors.
Priority Customer Rebates
The Exchange's proposal to increase Priority Customer Complex Tiers
8 through 10 rebates for Select Symbols is reasonable because the
increased rebates are designed to attract more complex order flow to
ISE to the benefit of all market participants. Increasing the Priority
Customer Complex Tiers 8 through 10 rebates for Select Symbols while
also amending the qualifying TCV so that volume that currently
qualifies for Tier 8 would qualify for Tier 9 would permit Members to
receive increased rebates if they send the same amount of complex order
flow as they do today. Further, some Members may also qualify for a
higher tier. Overall, the Exchange believes that the proposed changes
to Priority Customer Complex Tiers 8 through 10 for Select Symbols will
attract more complex order flow to ISE because Members may be
incentivized to send more complex orders to ISE to receive the
increased rebates.
The Exchange's proposal to increase Priority Customer Complex Tiers
8 through 10 Rebates for Select Symbols is equitable and not unfairly
discriminatory as the proposed changes are intended to increase
Priority Customer complex order flow to ISE. Offering Priority Customer
order rebates is equitable and not unfairly discriminatory as Priority
Customer liquidity benefits all market participants. An increase in
Priority Customer order flow enhances liquidity on the Exchange to the
benefit of all market participants by providing more trading
opportunities, which in turn attracts Market Makers and other market
participants that may interact with this order flow.
Note 15 of Options 7, Section 3 and Note 17 of Options 7, Section 4
The Exchange's proposal to amend the qualification for the
incentive at note 15 of Options 7, Section 3 by increasing the volume
threshold from 0.10% to 0.25% of Regular Order Non-Select Symbol
Priority Customer volume on ISE (excluding Crossing Orders and
Responses to Crossing Orders) calculated as a percentage of Customer
Total Consolidated Volume per day in a given month is reasonable
because while the Exchange is increasing the volume threshold in the
note 15 incentive at Options 7, Section 3, the Exchange is not amending
the ability to receive the Priority Customer Complex Order rebates in
Select Symbols and Non-Select Symbols that apply to one tier higher
than the tier for which they currently qualify, or the additional
rebate of $0.01 per contract in Select Symbols and Non-Select Symbols
for Members that already qualify for the highest Priority Customer
Complex Tier in Section 4. The Exchange believes that the note 15
incentive will continue to attract Regular Order Non-Select Symbol
Priority Customer order flow to the Exchange.
[[Page 57118]]
The Exchange's proposal to amend the qualification for the
incentive at note 15 of Options 7, Section 3 by increasing the volume
threshold from 0.10% to 0.25% of Regular Order Non-Select Symbol
Priority Customer volume on ISE (excluding Crossing Orders and
Responses to Crossing Orders) calculated as a percentage of Customer
Total Consolidated Volume per day in a given month is equitable and not
unfairly discriminatory because the Exchange will apply the note 15
incentive uniformly to all similarly situated market participants. The
Exchange believes that it is equitable and not unfairly discriminatory
to offer the note 15 incentive to only Priority Customer orders because
Priority Customer liquidity benefits all market participants by
providing more trading opportunities, which attracts Market Makers. An
increase in the activity of these market participants in turn
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
The Exchange's proposal to amend the qualification for the
incentive at note 17 of Options 7, Section 4 by increasing the volume
threshold from 0.10% to 0.25% of Regular Order Non-Select Symbol
Priority Customer volume on ISE (excluding Crossing Orders and
Responses to Crossing Orders) calculated as a percentage of Customer
Total Consolidated Volume per day in a given month is reasonable
because while the Exchange is increasing the volume threshold in the
note 17 incentive at Options 7, Section 4, the Exchange is not amending
the ability to receive the Priority Customer Complex Order rebates in
Select Symbols and Non-Select Symbols that apply to one tier higher
than the tier for which they currently qualify, or the additional
rebate of $0.01 per contract in Select Symbols and Non-Select Symbols
for Members that already qualify for the highest Priority Customer
Complex Tier. The Exchange believes that the note 17 incentive will
continue to attract Regular Order Non-Select Symbol Priority Customer
order flow to the Exchange.
The Exchange's proposal to amend the qualification for the
incentive at note 17 of Options 7, Section 4 by increasing the volume
threshold from 0.10% to 0.25% of Regular Order Non-Select Symbol
Priority Customer volume on ISE (excluding Crossing Orders and
Responses to Crossing Orders) calculated as a percentage of Customer
Total Consolidated Volume per day in a given month is equitable and not
unfairly discriminatory because the Exchange will apply the note 17
incentive uniformly to all similarly situated market participants. The
Exchange believes that it is equitable and not unfairly discriminatory
to offer the note 17 incentive to only Priority Customer orders because
Priority Customer liquidity benefits all market participants by
providing more trading opportunities, which attracts Market Makers. An
increase in the activity of these market participants in turn
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In terms of intra-market
competition, the Exchange does not believe that its proposal will place
any category of market participant at a competitive disadvantage.
Priority Customer Rebates
While the proposed changes to the complex order rebates described
above apply directly to Priority Customer orders, the Exchange believes
that the changes will ultimately fortify and encourage activity on the
Exchange to the extent the proposed changes incentivize increased
Priority Customer complex order flow to ISE. Offering Priority Customer
rebates does not impose an undue burden on competition as Priority
Customer liquidity benefits all market participants by providing more
trading opportunities, which attracts market makers. An increase in
Priority Customer order flow enhances liquidity on the Exchange to the
benefit of all market participants by providing more trading
opportunities, which in turn attracts Market Makers and other market
participants that may interact with this order flow.
Note 15 of Options 7, Section 3 and Note 17 of Options 7, Section 4
The Exchange's proposal to amend the qualifications for the
incentives at note 15 of Options 7, Section 3 and note 17 of Options 7,
Section 4 by increasing the volume thresholds from 0.10% to 0.25% of
Regular Order Non-Select Symbol Priority Customer volume on ISE
(excluding Crossing Orders and Responses to Crossing Orders) calculated
as a percentage of Customer Total Consolidated Volume per day in a
given month does not impose an undue burden on competition because the
Exchange will apply the note 15 of Options 7, Section 3 and the note 17
of Options 7, Section 4 incentives uniformly to all similarly situated
market participants. Offering the note 15 of Options 7, Section 3 and
note 17 of Options 7, Section 4 incentives to only Priority Customer
orders does not impose an undue burden on competition because Priority
Customer liquidity benefits all market participants by providing more
trading opportunities, which attracts Market Makers. An increase in the
activity of these market participants in turn facilitates tighter
spreads, which may cause an additional corresponding increase in order
flow from other market participants.
In terms of inter-market competition, the Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges. Because competitors are free to modify their own fees in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. In sum, if the changes proposed herein are
unattractive to market participants, it is likely that the Exchange
will lose market share as a result. Accordingly, the Exchange does not
believe that the proposed changes will impair the ability of members or
competing order execution venues to maintain their competitive standing
in the financial markets.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\16\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is: (i)
[[Page 57119]]
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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\16\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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#1b696e777e36787476767e756f685b687e78357c746d"><span class="__cf_email__" data-cfemail="ef9d9a838ac28c8082828a819b9caf9c8a8cc1888099">[email protected]</span></a>. Please include
file number SR-ISE-2025-36 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-ISE-2025-36. 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-ISE-2025-36 and should be submitted on or
before December 30, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-22302 Filed 12-8-25; 8:45 am]
BILLING CODE 8011-01-P
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