Federal Register 60-day Notice

53012

Federal Register / Vol. 90, No. 224 / Monday, November 24, 2025 / Notices

the temporary fee waiver would be
applicable to all market participants.
The Exchange believes that it is
necessary to a make non-technical
change to the fee schedule to ensure that
the fees are clear and accurately reflect
the Exchange’s intent.
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.

lotter on DSK11XQN23PROD with NOTICES1

Intermarket Competition
The Exchange believes that the
proposed fee and temporary fee waivers
will not impose an undue burden on
competition because utilization of the
Exchange’s ports and services are
completely voluntary and subject to
competition both from the other live
exchanges and from off-exchange
venues, which include alternative
trading systems that trade national
market system stock. Moreover, the
proposed fees and waivers would
facilitate adoption of a new Order entry
protocol, which is pro-competitive
because the new protocol bolsters the
efficiency, functionality, and overall
attractiveness of the Exchange in an
absolute sense and relative to its peers.
Accordingly, the Exchange does not
believe that the proposed change will
impair the ability of members,
participants, or competing order
execution venues to maintain their
competitive standing in the financial
markets.
Additionally, the removal of the
temporary OUCH fee waivers is a
technical change to ensure that the
Exchange’s rulebook is current and
accurately reflects the current fee
offerings. Therefore, the Exchange does
not believe that there is any burden on
competition.
Intramarket Competition
In terms of intramarket competition,
the proposed change to the fee available
to a member does not impose a burden
on competition and will not place any
category of Exchange participant at a
competitive disadvantage. The proposed
fees and the change to temporarily
waive fees for newly added CORE FIX
order entry ports (production and
Testing Facility environments) will
apply uniformly to all similarly situated
participants. The temporary fee waivers
are available to all users and would
enable users to test the CORE FIX
enhancements at no cost. The Exchange
notes that its members are free to trade
on other venues to the extent they

VerDate Sep<11>2014

18:50 Nov 21, 2025

Jkt 268001

believe that these proposals are not
attractive. Additionally, the removal of
the temporary OUCH fee waivers is a
non-substantive change that will not
impose any burden on competition
because the waivers are no longer
applicable and the removal of the
expired waivers will apply to all market
participants.
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 is effective
upon filing pursuant to Section
19(b)(3)(A) 11 of the Act and
subparagraph (f)(2) of Rule 19b–4 12
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
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 necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
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
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
PHLX–2025–54 on the subject line.
Paper Comments
• 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–PHLX–2025–54. 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
11 15
12 17

PO 00000

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).

Frm 00102

Fmt 4703

Sfmt 4703

post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). 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–PHLX–2025–54 and
should be submitted on or before
December 15, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20683 Filed 11–21–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0728]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
17ab2–2
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (SEC or
‘‘Commission’’) is soliciting comments
on the proposed collection of
information provided for in Rule 17ab2–
2 (17 CFR 240.17ab2–2) under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Exchange Act Rule 17ab2–2
establishes procedures for making
determinations affecting covered
clearing agencies in certain defined
circumstances. Exchange Act Rule
17ab2–2(a) establishes procedures for
the Commission to make a
determination, either of its own
initiative or upon application by any
clearing agency or member of a clearing
agency, whether a covered clearing
agency is systemically important in
multiple jurisdictions. Exchange Act
13 17

E:\FR\FM\24NON1.SGM

CFR 200.30–3(a)(12).

24NON1

lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 90, No. 224 / Monday, November 24, 2025 / Notices
Rule 17ab2–2(b) establishes procedures
to determine, if the Commission deems
appropriate, whether any of the
activities of a clearing agency providing
central counterparty services, in
addition to clearing agencies registered
with the Commission for the purpose of
clearing security-based swaps, have a
more complex risk profile. Exchange
Act Rule 17ab2–2(c) provides a
procedure for the Commission to
determine, either of its own initiative or
upon application by any clearing agency
or member of a clearing agency, whether
to rescind any such determinations
previously made by the Commission.
A clearing agency or one of its
members that seeks a determination
from the Commission under Rule
17ab2– or rescission of any
determination previously made by the
Commission under Rule 17ab2–2 must
submit an application to the
Commission. A respondent would have
the burden of preparing such
application for submission to the
Commission. The Commission would
use the information in the collection to
facilitate its determination regarding
systemic importance in multiple
jurisdictions or a recission of a
determination. It is unlikely that
confidential information would be
included in the collection of
information, but such information
received would be kept confidential
subject to provisions of the Freedom of
Information Act.
Commission staff believes that Rule
17ab2–2 would impose a PRA burden
on a clearing agency that applies for a
determination from the Commission
under the rule. Commission staff
estimate that two respondent clearing
agencies (or a member of a clearing
agency) could submit an application for
such a determination.
Commission staff estimates that each
respondent clearing agency incurs a
one-time burden of 10 hours and a onetime cost of $2,190 to draft and review
a determination request submitted to the
Commission, for a total of 20 hours and
$4,380 for all respondents. The total
annualized burden and cost for all
respondents are 6.66 hours and $1,460.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will
have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
imposed by the proposed collection of

VerDate Sep<11>2014

18:50 Nov 21, 2025

Jkt 268001

information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
collection techniques or other forms of
information technology.
Please direct your written comments
on this 60-Day Collection Notice to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via
email to PaperworkReductionAct@
sec.gov by January 23, 2026. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: November 19, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20679 Filed 11–21–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104228; File No. SR–
CBOE–2025–070]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Rule 5.1
November 19, 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
September 26, 2025, Cboe Exchange,
Inc. (the ‘‘Exchange’’ or ‘‘Cboe
Options’’) filed with the Securities and
Exchange Commission (‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 5.1 to permit the Exchange to list
two additional products during Global
Trading Hours (‘‘GTH’’) and Curb
Trading Hours (‘‘Curb’’). The text of the
proposed rule change is provided in
Exhibit 5. The text of the proposed rule
1 15
2 17

PO 00000

U.S.C. 78s(b)(1).
CFR 240.19b–4.

Frm 00103

Fmt 4703

53013

change is also available on the
Commission’s website (https://
www.sec.gov/rules/sro.shtml), the
Exchange’s website (https://
www.cboe.com/us/options/regulation/
rule_filings/bzx/), 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 5.1 to permit the Exchange to list
Russell 2000 Index (‘‘RUT’’) and MiniRussell 2000 Index (‘‘MRUT’’) options
during GTH and Curb.
By way of background, Rule 5.1(c)
provides that the Exchange may
designate as eligible for trading during
Global Trading Hours 3 any exclusively
listed index option 4 designated for
trading under Chapter 4, Section B.5
Currently, options on S&P 500 Stock
Index (‘‘SPX’’), Cboe Volatility Index
(‘‘VIX’’), and Mini-SPX Index (‘‘XSP’’)
are approved for trading during Global
Trading Hours. Rule 5.1(d) provides that
the Exchange may designate as eligible
for trading during Curb 6 any
3 Except under unusual conditions as may be
determined by the Exchange or the Holiday hours
set forth in Rule 5.1(d), Global Trading Hours are
from 8:15 p.m. (previous day) to 9:25 a.m. on
Monday through Friday. See Rule 5.1(c).
4 An ‘‘exclusively listed option’’ is an option that
trades exclusively on an exchange because the
exchange has an exclusive license to list and trade
the option or has the proprietary rights in the
interest underlying the option. An exclusively
listed option is different than a ‘‘singly listed
option,’’ which is an option that is not an
‘‘exclusively listed option’’ but that is listed by one
exchange and not by any other national securities
exchange.
5 If the Exchange designates a class of index
options as eligible for trading during Global Trading
Hours, FLEX Options with the same underlying
index are also deemed eligible for trading during
Global Trading Hours. See Rule 5.1(c)(1).
6 Except under unusual conditions as may be
determined by the Exchange, or the Holiday hours
set forth in Rule 5.1(e), Curb Trading Hours are

Continued

Sfmt 4703

E:\FR\FM\24NON1.SGM

24NON1