[Federal Register Volume 90, Number 37 (Wednesday, February 26, 2025)]
[Notices]
[Pages 10740-10744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-03074]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102465; File No. SR-ISE-2025-08]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
of Proposed Rule Change To Amend Options 4, Section 3, Criteria for
Underlying Securities
February 20, 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 February 7, 2025, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') 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.
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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 Options 4, Section 3, Criteria for
Underlying Securities to permit options on Commodity-Based Trust
Shares.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/ise/rulefilings,
at the principal office of the Exchange, and at the Commission's Public
Reference Room.
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
The Exchange proposes to amend its listing rules at ISE Options 4,
Section 3, Criteria for Underlying Securities. Specifically, the
Exchange proposes to amend the criteria for listing options on
Exchange-Traded Fund Shares (``ETFs'') at Options 4, Section 3(h).
The Exchange proposes to allow the listing and trading of options
on units that represent interests in a trust that in a Commodity-Based
Trust. A Commodity-Based Trust is defined at The Nasdaq Stock Market
LLC Rule 5711(d)(iv), NYSE Arca, Inc. Rule 8.201(c), and Cboe BZX
Exchange, Inc. 14.11(e)(4) as a security that is issued by a trust that
holds (i) a specified commodity deposited with the Trust, or (ii) a
specified commodity and, in addition to such specified commodity, cash;
(b) that is issued by such Trust in a specified aggregate minimum
number in return for a deposit of a quantity of the underlying
commodity and/or cash; and (c) that, when aggregated in the same
specified minimum number, may be redeemed at a holder's request by such
Trust which will deliver to the redeeming holder the quantity of the
underlying commodity and/or cash (``Commodity-Based Trust Share'').
At this time the Exchange proposes to amend its listing criteria at
Options 4, Section 3(h)(iv) to provide that
(h) Securities deemed appropriate for options trading shall
include shares or other securities (``Exchange-Traded Fund Shares'')
that are traded on a national securities exchange and are defined as
an ``NMS'' stock under Rule 600 of Regulation NMS, and that . . . or
(iv) represent interests in (a) a security issued by a trust that
holds (1) a specified commodity deposited with the trust, or (2) a
specified commodity and, in addition to such specified commodity,
cash; (b) that is issued by such trust in a specified aggregate
minimum number in return for a deposit of a quantity of the
underlying commodity and/or cash; and (c) that, when aggregated in
the same specified minimum number, may be redeemed at a holder's
request by such trust which will deliver to the redeeming holder the
quantity of the underlying commodity and/or cash (``Commodity-Based
Trust Share'').
ISE proposes to insert this rule text and remove references to the
SPDR[supreg] Gold Trust, the iShares COMEX Gold Trust, the iShares
Silver Trust, the Aberdeen Standard Physical Gold Trust, the iShares
Bitcoin Trust, the Fidelity Wise Origin Bitcoin Fund, the ARK21Shares
Bitcoin ETF, the Grayscale Bitcoin Trust (BTC), the Grayscale Bitcoin
Mini Trust BTC, and the Bitwise Bitcoin ETF which are all Commodity-
Based Trust Shares. As a result of this amendment, the listing criteria
would permit any Exchange-Traded Fund that is approved to list on the
primary market as a Commodity-Based Trust Share to qualify for the
listing of options on that Commodity-
[[Page 10741]]
Based Trust Share, provided other listing criteria have been met.
The Exchange's initial listing standards as set forth in Options 4,
Section 3(a), on which options may be listed and traded on the
Exchange, will continue to apply in addition to Options 3, Section
3(h). Pursuant to Options 4, Section 3(a), a security (which includes
an ETF) on which options may be listed and traded on the Exchange must
be a security registered (with the Commission) and be an NMS stock (as
defined in Rule 600 of Regulation NMS under the Act, and the security
shall be characterized by a substantial number of outstanding shares
that are widely held and actively traded.
Options 4, Section 3(h)(1) requires that ETFs must either meet the
criteria and guidelines set forth in Options 4, Section 3(a) and (b)
\3\ or the ETFs are available for creation or redemption each business
day from or through the issuing trust, investment company, commodity
pool or other entity in cash or in kind at a price related to net asset
value, and the issuer is obligated to issue ETFs in a specified
aggregate number even if some or all of the investment assets and/or
cash required to be deposited have not been received by the issuer,
subject to the condition that the person obligated to deposit the
investment assets has undertaken to deliver them as soon as possible
and such undertaking is secured by the delivery and maintenance of
collateral consisting of cash or cash equivalents satisfactory to the
issuer of the ETFs, all as described in the ETFs' prospectus.
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\3\ Options 4, Section 3(h)(1) provides criteria and guidelines
when evaluating potential underlying securities for the listing of
options.
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Additionally, a Commodity-Based Trust Share will also be subject to
the Exchange's continued listing standards for options on ETFs set
forth in Options 4, Section 4(g) for ETFs deemed appropriate for
options trading pursuant to Options 4, Section 3(h). Specifically,
options approved for trading pursuant to Options 4, Section 3(h) will
not be deemed to meet the requirements for continued approval, and the
Exchange shall not open for trading any additional series of option
contracts of the class covering such ETFs if the ETFs are delisted from
trading as provided in subparagraph (b)(5) of Options 4, Section 4 \4\
or the ETFs are halted or suspended from trading on their primary
market.\5\ Additionally, options on ETFs may be subject to the
suspension of opening transactions in any series of options of the
class covering ETFs in any of the following circumstances:
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\4\ Options 4, Section 4(b)(5) provides, if an underlying
security is approved for options listing and trading under the
provisions of Options 4, Section 3(c), the trading volume of the
Original Security (as therein defined) prior to but not after the
commencement of trading in the Restructure Security (as therein
defined), including `when-issued' trading, may be taken into account
in determining whether the trading volume requirement of (3) of this
paragraph (b) is satisfied.
\5\ See Options 4, Section 4(g).
(1) in the case of options covering Exchange-Traded Fund Shares
approved pursuant to Options 4, Section 3(h)(A)(i), in accordance
with the terms of subparagraphs (b)(1), (2), (3) and (4) of Options
4, Section 4; \6\
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\6\ Options 4, Section 4(b)(5)(1) through (4) provides, if: (1)
there are fewer than 6,300,000 shares of the underlying security
held by persons other than those who are required to report their
security holdings under Section 16(a) of the Act, (2) there are
fewer than 1,600 holders of the underlying security, (3) the trading
volume (in all markets in which the underlying security is traded)
has been less than 1,800,000 shares in the preceding twelve (12)
months, or (4) the underlying security ceases to be an `NMS stock'
as defined in Rule 600 of Regulation NMS under the Exchange Act.
Options 4, Section 3(h)(i) refers to Financial Instruments and Money
Market Instruments. In addition, the Exchange proposes to amend the
citation to ``Options 4, Section 3(h)(A)(i)'' herein to ``Options 4,
Section 3(h)(i).''
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(2) in the case of options covering Fund Shares approved
pursuant to Options 4, Section 3(h)(A)(ii),\7\ following the initial
twelve-month period beginning upon the commencement of trading in
the Exchange-Traded Fund Shares on a national securities exchange
and are defined as an ``NMS stock'' under Rule 600 of Regulation
NMS, there were fewer than 50 record and/or beneficial holders of
such Exchange-Traded Fund Shares for 30 or more consecutive trading
days;
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\7\ Options 4, Section 3(h)(ii) refers to Currency Trust Shares.
In addition, the Exchange proposes to amend the citation to
``Options 4, Section 3(h)(A)(ii)'' herein to ``Options 4, Section
3(h)(ii).''
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(3) the value of the index or portfolio of securities or non-
U.S. currency, portfolio of commodities including commodity futures
contracts, options on commodity futures contracts, swaps, forward
contracts, options on physical commodities and/or Financial
Instruments and Money Market Instruments, on which the Exchange-
Traded Fund Shares are based is no longer calculated or available;
or
(4) such other event occurs or condition exists that in the
opinion of the Exchange makes further dealing in such options on the
Exchange inadvisable.
Consistent with current Options 4, Section 5, which governs the
opening of options series on a specific underlying security (including
ETFs), the Exchange would open at least one expiration month \8\ for
options on a Commodity-Based Trust Share and may also list series of
options on Commodity-Based Trust Share for trading on a weekly \9\ or
quarterly \10\ basis. The Exchange may also list long-term equity
option series (``LEAPS'') that expire from twelve to thirty-nine months
from the time they are listed.\11\
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\8\ See Options 4, Section 5(b). At the commencement of trading
on the Exchange of a particular class of options, the Exchange will
open a minimum of one (1) series of options in that class. The
exercise price of that series will be fixed at a price per share,
relative to the underlying stock price in the primary market at
about the time that class of options is first opened for trading on
the Exchange. The monthly expirations are subject to certain listing
criteria for underlying securities described within Options 4,
Section 5. Monthly listings expire the third Friday of the month.
The term ``expiration date'' (unless separately defined elsewhere in
the OCC By-Laws), when used in respect of an option contract
(subject to certain exceptions), means the third Friday of the
expiration month of such option contract, or if such Friday is a day
on which the exchange on which such option is listed is not open for
business, the preceding day on which such exchange is open for
business. See OCC By-Laws Article I, Section 1. Pursuant to Options
4, Section 5(c), additional series of options of the same class may
be opened for trading on the Exchange when the Exchange deems it
necessary to maintain an orderly market, to meet customer demand or
when the market price of the underlying stock moves more than five
strike prices from the initial exercise price or prices. The opening
of a new series of options shall not affect the series of options of
the same class previously opened. New series of options on an
individual stock may be added until the beginning of the month in
which the options contract will expire. Due to unusual market
conditions, the Exchange, in its discretion, may add a new series of
options on an individual stock until the close of trading on the
business day prior to the business day of expiration, or, in the
case of an option contract expiring on a day that is not a business
day, on the second business day prior to expiration.
\9\ See Supplementary .03 to Options 4, Section 5.
\10\ See Supplementary .04 to Options 4, Section 5.
\11\ See Options 4, Section 8.
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Pursuant to Options 4, Section 5(d), which governs strike prices of
series of options on ETFs, the interval between strike prices of series
of options on a Commodity-Based Trust Share would be $1 or greater when
the strike price is $200 or less and $5 or greater when the strike
price is greater than $200.\12\ Additionally, the Exchange may list
series of options pursuant to the $1 Strike Price Interval Program,\13\
the $0.50 Strike Program,\14\ the $2.50 Strike Price Program,\15\ and
the $5 Strike Program.\16\ Pursuant to Options 3, Section 3, where the
price of a series of options on a Commodity-Based Trust
[[Page 10742]]
Share is less than $3.00, the minimum increment will be $0.05, and
where the price is $3.00 or higher, the minimum increment will be
$0.10.\17\ Any and all new series of options on a Commodity-Based Trust
Share that the Exchange lists would be consistent and comply with the
expirations, strike prices, and minimum increments set forth in Options
4, Section 5 and Options 3, Section 3, as applicable.
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\12\ See Options 4, Section 5(h). The Exchange notes that for
options listed pursuant to the Short Term Option Series Program, the
Quarterly Options Series Program, and the Monthly Options Series
Program, Supplementary Material .03, .04 and .08 to Options 4,
Section 5 specifically sets forth intervals between strike prices on
Short Term Option Series, Quarterly Options Series, and Monthly
Options Series, respectively.
\13\ See Supplementary Material .01 to Options 4, Section 5.
\14\ See Supplementary Material .05 to Options 4, Section 5.
\15\ See Supplementary Material .02 to Options 4, Section 5.
\16\ See Supplementary Material .06 to Options 4, Section 5.
\17\ If options on a Commodity-Based Trust Share are eligible to
participate in the Penny Interval Program, the minimum increment
would be $0.01 for series with a price below $3.00 and $0.05 for
series with a price at or above $3.00. See Supplementary Material
.01 to Options 3, Section 3 (which describes the requirements for
the Penny Interval Program).
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Options on a Commodity-Based Trust Share will trade in the same
manner as options on other ETFs on the Exchange. The Exchange Rules
that currently apply to the listing and trading of all options on ETFs
on the Exchange, including, for example, Rules that govern listing
criteria, expirations, exercise prices, minimum increments, position
and exercise limits, margin requirements, customer accounts and trading
halt procedures would apply to the listing and trading of options on a
Commodity-Based Trust Share on the Exchange in the same manner as they
apply to other options on all other ETFs that are listed and traded on
the Exchange.
Position and exercise limits for options on a Commodity-Based Trust
Share would be determined pursuant to Options 9, Sections 13 and 15,
respectively. Position and exercise limits for ETFs options vary
according to the number of outstanding shares and the trading volumes
of the underlying ETF over the past six months, where the largest in
capitalization and the most frequently traded ETFs have an option
position and exercise limit of 250,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the same side of the market; and
smaller capitalization ETFs have position and exercise limits of
200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the same side of the market.
Further, Options 6C, Section 3, which governs margin requirements
applicable to the trading of all options on the Exchange including
options on ETFs, will also apply to the trading of options on a
Commodity-Based Trust Share.
The Exchange represents that the same surveillance procedures
applicable to all other options on other ETFs currently listed and
traded on the Exchange will apply to options on a Commodity-Based Trust
Share, and that it has the necessary systems capacity to support the
new option series. The Exchange believes that its existing surveillance
and reporting safeguards are designed to deter and detect possible
manipulative behavior which might potentially arise from listing and
trading options on ETFs, including any options on a Commodity-Based
Trust Share. Also, the Exchange may obtain information from CME Group
Inc.'s designated contract markets that are members of the Intermarket
Surveillance Group (``ISG'') related to a financial instrument that is
based, in whole or in part, upon an interest in or performance of a
commodity, as applicable.
The Exchange has also analyzed its capacity and represents that it
believes the Exchange and the Options Price Reporting Authority or
``OPRA'' have the necessary systems capacity to handle the additional
traffic associated with the listing of new series of ETFs, including
options on a Commodity-Based Trust Share, up to the number of
expirations currently permissible under the Exchange Rules.
The ETFs that hold financial instruments, money market instruments,
or precious metal commodities on which the Exchange may already list
and trade options are trusts structured in substantially the same
manner as options on a Commodity-Based Trust Share and essentially
offer the same objectives and benefits to investors, just with respect
to different assets. The Exchange notes that it has not identified any
issues with the continued listing and trading of any ETF options,
including ETFs that hold commodities (i.e., precious metals) that it
currently lists and trades on the Exchange.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\18\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\19\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Additionally, the Exchange
believes the proposed rule change is consistent with the Section
(6)(b)(5) \20\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
\20\ 15 U.S.C. 78(f)(b)(5).
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In particular, the Exchange believes that the proposal to amend the
listing criteria at Options 4, Section 3(h), with respect to ETFs, to
permit the listing and trading of any option on a Commodity-Based Trust
Share, without the need for additional approvals, will remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, protect investors because it
would allow the Exchange to immediately list and trade options on any
Commodity-Based Trust Share, provided the initial listing criteria has
been met, without any additional approvals from the Commission.
Commodity-Based Trust Shares are securities approved for trading with
the Commission. The Exchange believes that with this proposal it will
be able to offer options on a Commodity-Based Trust Share soon after
the listing of such underlying security in the primary market, provided
the initial listing criteria has been met, thereby availing market
participants of the opportunity to hedge their positions in the ETF in
a timely manner. This proposal would permit options on Commodity-Based
Trust Shares to be listed on the Exchange in the same manner as all
other securities that are subject to the current listing criteria in
Options 4, Section 3. The Exchange notes that the majority of ETFs are
able to list and trade options once the initial listing criteria have
been met without the need for additional approvals. The proposed rule
change would allow options on a Commodity-Based Trust Share to likewise
list and trade options once the initial listing criteria have been met
without the need for additional approvals.
Offering options on Commodity-Based Trust Shares provides investors
with the ability to hedge exposure to the underlying security similar
to options on any other securities. Options on Commodity-Based Trust
Shares benefits investors, similar to the listing of any other option
on an ETF, by providing investors with a relatively lower-cost risk
management tool, to manage their positions and associated risk in their
portfolios more easily in connection with exposure to the price of a
commodity. Additionally, options on a Commodity-Based Trust Share
provide investors with the ability to transact in such options in a
listed market environment as opposed to in the
[[Page 10743]]
unregulated OTC options market, which increases market transparency and
enhances the process of price discovery conducted on the Exchange
through increased order flow to the benefit of all investors. The
Exchange also notes that it already lists options on other commodity-
based ETFs,\21\ which, as described above, are trusts structured as
Commodity-Based Trust Shares. The Exchange has not identified any
issues with the continued listing and trading of options on Commodity-
Based Trust Shares it currently lists for trading.
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\21\ See Options 4, Section 3(h)(iv).
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The Exchange also believes the proposed rule change will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, because it is consistent with current
Exchange Rules, previously filed with the Commission. Options on a
Commodity-Based Trust Share must satisfy the initial listing standards
and continued listing standards currently in the Exchange Rules,
applicable to options on all ETFs, including ETFs that hold other
commodities already deemed appropriate for options trading on the
Exchange. Options on a Commodity-Based Trust Share would trade in the
same manner as any other ETF options--the same Exchange Rules that
currently govern the listing and trading of all ETF options, including
permissible expirations, strike prices and minimum increments, and
applicable position and exercise limits and margin requirements, will
govern the listing and trading of options on a Commodity-Based Trust
Share in the same manner.
The Exchange represents that it has the necessary systems capacity
to support the listing and trading of options on Commodity-Based Trust
Shares as the Exchange lists these products today, expect that it
requires additional approvals prior to listing. The Exchange believes
that its existing surveillance and reporting safeguards are designed to
deter and detect possible manipulative behavior which might arise from
listing and trading of these ETF options.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange does not believe that the proposal to amend the
listing criteria at Options 4, Section 3(h), with respect to ETFs, to
permit the listing and trading of any option on a Commodity-Based Trust
Share, without the need for additional approvals, will impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act, as options on Commodity-
Based Trust Shares would need to satisfy the initial listing standards
set forth in the Exchange Rules in the same manner as any other ETF
before the Exchange could list options on them. Additionally, options
on Commodity-Based Trust Shares will be equally available to all market
participants who wish to trade such options. The Exchange Rules
currently applicable to the listing and trading of options on ETFs on
the Exchange will apply in the same manner to the listing and trading
of all options on Commodity-Based Trust Shares.
Additionally, the Exchange notes that listing and trading options
on a Commodity-Based Trust Share on the Exchange will subject such
options to transparent exchange-based rules as well as price discovery
and liquidity, as opposed to alternatively trading such options in the
OTC market. The Exchange believes that the proposed rule change may
relieve any burden on, or otherwise promote, competition as it is
designed to increase competition for order flow on the Exchange in a
manner that is beneficial to investors by providing them with a lower-
cost option to hedge their investment portfolios in a timely manner.
The Exchange does not believe that the proposal to amend the
listing criteria at Options 4, Section 3(h), with respect to ETFs, to
permit the listing and trading of any option on a Commodity-Based Trust
Share, without the need for additional approvals, will impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Other options exchanges are
free to amend their listing rules, as applicable, to permit them to
list and trade options on a Commodity-Based Trust Share.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.
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 [email protected]. Please include
file number SR-ISE-2025-08 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-ISE-2025-08. 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 (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also 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
[[Page 10744]]
submissions should refer to file number SR-ISE-2025-08 and should be
submitted on or before March 19, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-03074 Filed 2-25-25; 8:45 am]
BILLING CODE 8011-01-P