SECURITIES AND EXCHANGE COMMISSION
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104173; File Nos. SR-BSECC-2025-001; BX-2025-024; CboeEDGX-2025072; 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-202523; 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
1
15 U.S.C. 78s(b)(1).
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.
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.
2
17 CFR 240.19b-4.
3
15 U.S.C. 78s(b)(2).
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 https://www.sec.gov (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).
2
Table 1
File
Number
1
LCH SA2025-008
2
NASDAQ2025-072
3
CBOE-2025068
4
PHLX-202550
5
FICC-2025021
6
CBOE-2025077
7
CBOE-2025078
8
CBOE-2025076
9
CBOE-2025080
10 CBOE-2025069
Description
Revisions to its Terms
of Reference of the
Nomination Committee
and Board of Directors
Enable the trading of
securities on the
Exchange in tokenized
form
Permit p.m.-settled
options on the Cboe
Magnificent 10 Index
List and trade Nasdaq
Bitcoin Index Options
Modify the GSD
Rulebook relating to a
new service offering
called the ACS Triparty
Service
Position and exercise
limits for options on
ARK 21Shares Bitcoin
ETF
Amend Rule 4.3
(options on Units that
represent interests in
several exchange-traded
products)
Position and exercise
limits for options on the
Fidelity Wise Origin
Bitcoin Fund and to
permit Flexible
Exchange Options on
the Fidelity Fund
Position and exercise
limits for options on the
Fidelity Ethereum Fund
and to permit Flexible
Exchange Options on
the Fidelity Fund
Change the minimum
increment for options on
the Cboe Magnificent 10
Index
Federal Register
Notice Publication
Day 45
Day 90
34-103975 (Sept. 16,
2025), 90 FR 45288
(Sept. 19. 2025)
Nov. 3
Dec. 18
34-103989 (Sept. 16,
2025), 90 FR 45426
(Sept. 22, 2025)
Nov. 6
Dec. 21
34-104019 (Sept. 23,
2025), 90 FR 46424
(Sept. 26, 2025)
34-104038 (Sept. 24,
2025), 90 FR 46706
(Sept. 29, 2025)
34-104084 (Sept. 26,
2025), 90 FR 47045
(Sept. 30, 2025)
Nov. 10
Dec. 25
Nov. 13
Dec. 28
Nov. 14
Dec. 29
Sept. 30*
Nov. 14
Dec. 29
Sept. 30*
Nov. 14
Dec. 29
Sept. 30*
Nov. 14
Dec. 29
Sept. 30*
Nov. 14
Dec. 29
34-104076 (Sept. 25,
2025), 90 FR 47000
(Sept. 30, 2025)
Nov. 14
Dec. 29
3
File
Number
11 ISE-2025-30
12 OCC-2025017
13 OCC-2025018
14 NASDAQ2025-080
15 ISE-2025-31
16 PHLX-202556
17 BX-2025-024
18 GEMX-202527
Description
Adopt listing criteria for
options on a
Commodity-Based Trust
that holds multiple
crypto assets
Adjustments to cleared
contracts
Methodology to allocate
Clearing Fund deposit
requirements among
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
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Federal Register
Notice Publication
Day 45
Day 90
34-104107 (Sept. 26,
2025), 90 FR 47456
(Oct. 1, 2025)
Nov. 15
Dec. 30
34-104104 (Sept. 26,
2025), 90 FR 47470
(Oct. 1, 2025)
34-104111 (Sept. 26,
2025), 90 FR 47383
(Oct. 1, 2025)
Nov. 15
Dec. 30
Nov. 15
Dec. 30
34-104108 (Sept. 26,
2025), 90 FR 47418
(Oct. 1, 2025)
Nov. 15
Dec. 30
34-104115 (Sept. 29,
2025), 90 FR 47461
(Oct. 1, 2025)
Nov. 15
Dec. 30
34-104109 (Sept. 26,
2025), 90 FR 47401
(Oct. 1, 2025)
Nov. 15
Dec. 30
34-104110 (Sept. 26,
2025), 90 FR 47428
(Oct. 1, 2025)
Nov. 15
Dec. 30
34-104118 (Sept. 29,
2025), 90 FR 47444
(Oct. 1, 2025)
Nov. 15
Dec. 30
4
File
Number
19 MRX-202523
20 NASDAQ2025-085
21 SCCP-202501
22 BSECC-
2025-001
23 CboeBZX2025-141
24 CboeEDGX2025-072
25 CBOE-2025074
26 CBOE-2025075
Description
Corporation, Nasdaq,
Inc.
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
List and Trade Shares of
iShares Bitcoin
Premium Income ETF
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
Amended and Restated
Certificate of
Incorporation and ByLaws of its Parent
Corporation, Nasdaq,
Inc.
List and trade shares of
the GraniteShares 4x
Long Russell 1000
Daily ETF and the
GraniteShares 4x Short
Russell 1000 Daily ETF,
each a series of
GraniteShares ETP Trust
Adopt a Retail Price
Improvement Program
and describe the
behavior of orders
containing a nondisplayed instruction
Amend functionality
relating to the
processing of auction
responses
Amend Rule 5.4 (change
the minimum increment
for all series of options
on the Cboe Mini
Bitcoin U.S. ETF Index)
Federal Register
Notice Publication
Day 45
Day 90
34-104120 (Sept. 29,
2025), 90 FR 47373
(Oct. 1, 2025)
Nov. 15
Dec. 30
34-104148 (Sept. 30,
2025), 90 FR 47846
(Oct. 2, 2025)
34-104155 (Sept. 30,
2025), 90 FR 48062
(Oct. 3, 2025)
Nov. 16
Dec. 31
Nov. 17
Jan. 1,
2026
34-104156 (Sept. 30,
2025), 90 FR 48073
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
34-104161 (Sept. 30,
2025), 90 FR 48107
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
34-104153 (Sept. 30,
2025), 90 FR 48098
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
34-104159 (Sept. 30,
2025), 90 FR 48094
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
34-104157 (Sept. 30,
2025), 90 FR 48071
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
5
File
Number
27 CBOE-2025079
28 MSRB-202502
Description
Amend Rule 5.1(c)
(Global Trading Hours)
to allow for trading of
multi-listed equity
options that meet certain
eligibility criteria
Amend MSRB Rules A11 and A-13 pursuant to
a multi-year rate card
and related technical
amendments
Federal Register
Notice Publication
Day 45
Day 90
34-104160 (Sept. 30,
2025), 90 FR 48091
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
34-104154 (Sept. 30,
2025), 90 FR 48082
(Oct. 3, 2025)
Nov. 17
Jan. 1,
2026
* 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.
6
15 U.S.C. 78s(b)(2)(B).
7
15 U.S.C. 78s(b)(2).
6
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.
8
See supra note 4 (concerning the Commission’s operating status).
9
15 U.S.C. 78s(b)(2).
7
Table 2
File Number
1
CboeBZX2025-059
2
ISE-2025-15
3
NASDAQ2025-037
4
CboeBZX2025-069
Description
2x Long VIX Futures
ETF and -1x Short VIX
Futures ETF
Amend the Short Term
Option Series Program
to list Qualifying
Securities
Adopt Rule 5703 to
permit the generic
listing and trading of
Multi-Class ExchangeTraded Fund Shares
List and trade shares of
the Canary Staked TRX
ETF
Federal Register
OIP Publication
Day 180
Day 240
Nov. 5
Jan. 4,
2026
Nov. 17
Jan. 16,
2026
34-103758 (Aug. 21, Nov. 23
2025), 90 FR 41611
(Aug. 26, 2025)
Jan. 22,
2026
34-103772 (Aug. 25, Nov. 25
2025), 90 FR 42050
(Aug. 28, 2025)
Jan. 24,
2026
34-103659 (Aug. 7,
2025), 90 FR 38864
(Aug. 12, 2025)
34-103658 (Aug. 7,
2025), 90 FR 38832
(Aug. 12, 2025)
For the Commission, by the Division of Trading and Markets, pursuant to delegated
authority. 10
Vanessa A. Countryman,
Secretary.
10
17 CFR 200.30-3(a)(31) and (57).
8
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.