[Federal Register Volume 89, Number 97 (Friday, May 17, 2024)]
[Notices]
[Pages 43455-43459]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10818]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100123; File No. SR-ISE-2024-18]


Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend ISE 
Options 7

May 13, 2024.
    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 May 7, 2024, 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 ISE's Pricing Schedule at Options 
7.\3\
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    \3\ The Exchange withdrew SR-ISE-2024-15 on May 7, 2024 and 
submitted this filing.
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    While the changes proposed herein are effective upon filing, the 
Exchange has designated the pricing changes become operative on August 
1, 2024, with the exception of the Exposed Order definition and 
Dedicated Gateway amendments which would be effective on September 1, 
2024.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/ise/rules, 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
    ISE proposes to amend its Pricing Schedule at Options 7. 
Specifically, ISE proposes to: (1) add the defined term ``Exposed 
Order'' within Options 7, Section 1(c); (2) amend Options 7, Section 
7.C to offer certain free ports in connection with an upcoming 
technology migration; \4\ and (3) amend Options 7, Section 8.C to 
discontinue offering Dedicated Gateway access services. Each change is 
described below.
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    \4\ See Options Trader Alert #2024-5. The ISE migration will 
commence on September 9, 2024.
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Options 7, Section 1
    The Exchange proposes to define an Exposed Order for purposes of 
pricing within Options 7. The Exchange introduced the concept of an 
``exposure'' in a rule change amending ISE's routing rules.\5\ In that 
rule change, the Exchange noted that for purposes of ISE's Options 5, 
Section 4 routing rule, ``exposure'' or ``exposing'' an order means a 
notification sent to Members with the price, size, and side of interest 
that is available for execution.\6\ The order exposure will apply to 
both routed orders and non-routed or ``DNR Orders.'' The order exposure 
process permits the Exchange to apply a Route Timer \7\ prior to the 
initial and subsequent routing of an order and allows routing of the 
order after exposure occurs (during open trading) every time an order 
becomes marketable against the ABBO.\8\
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    \5\ See Securities Exchange Act Release No. 94897 (May 12, 
2022), 87 FR 30294 (May 18, 2022) (SR-ISE-2022-11) (Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Routing 
Functionality in Connection With a Technology Migration). See also 
Securities Exchange Act Release No. 97126 (March 13, 2023), 88 FR 
16485 (March 17, 2023) (SR-ISE-2023-04) (Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change To Delay the 
Implementation of Certain Trading Functionality).
    \6\ See ISE Options 5, Section 4(a) which is effective but not 
yet operative. See supra note 4.
    \7\ For purposes of Options 5, Section 4, a Route Timer shall 
not exceed one second and shall begin at the time orders are 
accepted into the System, and the System will consider whether an 
order can be routed at the conclusion of each Route Timer.
    \8\ See supra note 4.
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    At this time, the Exchange proposes to amend Options 7, Section 
1(c) to provide,

[[Page 43456]]

    An ``Exposed Order'' is an order that is broadcast via an order 
exposure alert as described within Options 5, Section 4 (Order 
Routing). Unless otherwise noted in Options 7, Section 3 pricing, 
Exposed Orders will be assessed the applicable ``Taker'' Fee and any 
order or quote that executes against an Exposed Order during a Route 
Timer will be paid/assessed the applicable ``Maker'' Rebate/Fee.
    As proposed, the defined term would apply a Taker Fee, where 
applicable, to an executed Exposed Order. If an order or quote 
allocates against the Exposed Order during the Route Timer described 
within Options 5, Section 4, the Exchange would pay/assess the 
applicable Maker Rebate or Maker Fee. The Exchange believes that its 
proposal should provide increased opportunities for participation in 
executions on the Exchange, facilitating the ability of the Exchange to 
bring together participants and encourage more robust competition for 
orders.
Options 7, Section 6
    In connection with a technology migration,\9\ Members may request 
new FIX Ports,\10\ SQF Ports,\11\ SQF Purge Ports,\12\ OTTO Ports,\13\ 
CTI Ports,\14\ and FIX DROP Ports,\15\ at no additional cost, from 
August 1, 2024 through October 31, 2024 (``Transition Period'') which 
are duplicative of the type and quantity of their legacy ports. These 
second set of new ports would allow Members time to test ports to the 
new environment as well as provide continuous connection to the 
Exchange's match engine during the Transition Period.\16\ During the 
Transition Period, Members will be required to utilize their new ports 
on the new ISE platform for symbols that have migrated to the new 
platform, while continuing to leverage legacy ports for symbols that 
have not yet migrated to the new platform.\17\ For example, an ISE 
Member with 3 legacy SQF Ports, 1 legacy SQF Purge Port, 1 legacy FIX 
DROP Port, 1 legacy OTTO Port, and 1 legacy CTI Port on August 1, 2024 
could request the equivalent quantity and type of new ports (3 SQF 
Ports, 1 SQF Purge Port, 1 FIX DROP Port, 1 OTTO Port, and 1 CTI Port) 
for the new ISE environment during the Transition Period at no 
additional cost. During the Transition Period, the ISE Member would be 
assessed only for legacy ports and would not be assessed for the new 
ports, which are duplicative of the legacy ports.
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    \9\ ISE is migrating its technology to an enhanced Nasdaq, Inc. 
functionality which results in higher performance, scalability, and 
more robust architecture.
    \10\ ``Financial Information eXchange'' or ``FIX'' is an 
interface that allows Members and their Sponsored Customers to 
connect, send, and receive messages related to orders and auction 
orders to the Exchange. Features include the following: (1) 
execution messages; (2) order messages; (3) risk protection triggers 
and cancel notifications; and (4) post trade allocation messages. 
See Supplementary Material .03(a) to Options 3, Section 7.
    \11\ ``Specialized Quote Feed'' or ``SQF'' is an interface that 
allows Market Makers to connect, send, and receive messages related 
to quotes, Immediate-or-Cancel Orders, and auction responses to the 
Exchange. Features include the following: (1) options symbol 
directory messages (e.g., underlying instruments); (2) System event 
messages (e.g., start of trading hours messages and start of 
opening); (3) trading action messages (e.g., halts and resumes); (4) 
execution messages; (5) quote messages; (6) Immediate-or-Cancel 
Order messages; (7) risk protection triggers and purge 
notifications; (8) opening imbalance messages; (9) auction 
notifications; and (10) auction responses. The SQF Purge Interface 
only receives and notifies of purge requests from the Market Maker. 
Market Makers may only enter interest into SQF in their assigned 
options series. See Supplementary Material .03(c) to Options 3, 
Section 7.
    \12\ SQF Purge is a specific port for the SQF interface that 
only receives and notifies of purge requests from the Market Maker. 
Dedicated SQF Purge Ports enable Market Makers to seamlessly manage 
their ability to remove their quotes in a swift manner.
    \13\ ``Ouch to Trade Options'' or ``OTTO'' is an interface that 
allows Members and their Sponsored Customers to connect, send, and 
receive messages related to orders, auction orders, and auction 
responses to the Exchange. Features include the following: (1) 
options symbol directory messages (e.g., underlying instruments); 
(2) System event messages (e.g., start of trading hours messages and 
start of opening); (3) trading action messages (e.g., halts and 
resumes); (4) execution messages; (5) order messages; (6) risk 
protection triggers and cancel notifications; (7) auction 
notifications; (8) auction responses; and (9) post trade allocation 
messages. See Supplementary Material .03(b) to Options 3, Section 7.
    \14\ Clearing Trade Interface (``CTI'') is a real-time cleared 
trade update message that is sent to a Member after an execution has 
occurred and contains trade details specific to that Member. The 
information includes, among other things, the following: (i) The 
Clearing Member Trade Agreement (``CMTA'') or The Options Clearing 
Corporation (``OCC'') number; (ii) badge or mnemonic; (iii) account 
number; (iv) information which identifies the transaction type (e.g. 
auction type) for billing purposes; and (v) market participant 
capacity. See Option 3, Section 23(b)(1).
    \15\ FIX DROP is a real-time order and execution update message 
that is sent to a Member after an order been received/modified or an 
execution has occurred and contains trade details specific to that 
Member. The information includes, among other things, the following: 
(i) executions; (ii) cancellations; (iii) modifications to an 
existing order; and (iv) busts or post-trade corrections. See 
Options 3, Section 23(b)(3).
    \16\ Members would contact Market Operations to acquire new 
duplicative ports.
    \17\ See Options Trader Alert #2024-5. The ISE migration will 
commence on September 9, 2024 and end on September 23, 2024.
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    A Member may acquire additional legacy ports during the Transition 
Period and would be assessed the charges indicated in the current 
Pricing Schedule at Options 7, Section 7.C, respectively, for those 
additional legacy ports.
    The technology migration does not require a Member to acquire any 
additional legacy ports or any specific number of new ports, rather the 
technology migration requires a new port to connect to the new ISE 
environment. As is the case today, a Member may decide the number of 
ports they desire to subscribe to on the new technology platform.\18\
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    \18\ The technology migration is 1:1 and therefore would not 
require a Member to acquire an additional quantity of new ports, nor 
would it reduce the total number of ports needed to connect to the 
match engine.
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    Of note, only ISE Members may utilize ports on ISE and only one 
port is necessary to submit orders to ISE. Similarly, a Market Maker 
quoting on ISE only requires 1 SQF Port.\19\ A Member may also obtain 
any number of order and execution ports, such as a SQF Purge Ports, FIX 
DROP Ports and CTI Ports and any number of market data ports.\20\ 
Members are able to elect the quantity and type of ports they purchase 
based on that Member's business model.\21\
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    \19\ SQF Ports are utilized solely by Market Makers who are the 
only Members permitted to quote on ISE.
    \20\ ISE does not assess fees for the market data ports within 
Options 7, Section 7.C(iii). Members may acquire any number of 
market data ports at no cost.
    \21\ For example, a Member may desire to utilize multiple FIX or 
OTTO Ports for accounting purposes, to measure performance, for 
regulatory reasons or other determinations that are specific to that 
Member.
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    This proposal is not intended to impose any additional fees on any 
ISE Member. Rather, this proposal is intended to permit an ISE Member 
to utilize the new environment with the same type and quantity of 
legacy ports, at no additional cost, during the Transition Period.
    Starting November 1, 2024, the port fees in Options 7, Section 7.C 
would apply to any substituted ports that a Member continues to 
subscribe to after the Transition Period. ISE will sunset legacy FIX 
Ports, SQF Ports, SQF Purge Ports, OTTO Ports, CTI Ports and FIX DROP 
Ports on December 20, 2024.
Options 7, Section 8
    Today, ISE offers Market Makers the ability to access the Exchange 
through a

[[Page 43457]]

Dedicated Gateway. Only Market Makers that utilize SQF ports have the 
option of utilizing this dedicated offering. Today, all other ports, 
namely FIX, OTTO and Precise, are subject to shared access through a 
Shared Gateway, at no cost, while an SQF port has the options of shared 
access, at no cost, or dedicated access. Today, ISE charges a fee of 
$2,250 per SQF gateway, per month, for dedicated access.
    At this time, ISE proposes to discontinue Dedicated Gateway access 
for SQF Ports as of September 1, 2024. Similar to FIX, OTTO and 
Precise, SQF Ports will have shared access through a Shared Gateway at 
no cost.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\22\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\23\ 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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    \22\ See 15 U.S.C. 78f(b).
    \23\ See 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'. . . .'' \24\
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    \24\ 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.'' \25\
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    \25\ 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 
seventeen 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.
Options 7, Section 1
    The Exchange's proposal to define an Exposed Order for purposes of 
pricing within Options 7, Section 1(c) is reasonable because it will 
provide Members information as to the manner in which pricing will be 
applied to both the Exposed Order as well as an order or quote that 
allocates against the Exposed Order.\26\ As proposed, the applicable 
Taker Fee would apply to an executed Exposed Order and the applicable 
Maker Rebate or Maker Fee would apply to an order or quote that 
allocated against the Exposed Order during the Route Timer. The 
Exchange believes the proposed pricing should provide increased 
opportunities for participation in executions on the Exchange, 
facilitating the ability of the Exchange to bring together participants 
and encourage more robust competition for orders. Order exposure has 
the potential to result in more efficient executions for participants 
as responses to exposed orders could result in faster executions. Order 
exposure assures that such exposed orders will only receive executions 
at a price at least as good as the price disseminated by the best away 
market at the time the order was received. Further, the Exchange 
believes that it is reasonable, equitable and not unfairly 
discriminatory to apply the Taker Fee to Exposed Orders and the Maker 
Rebate/Fee to any order or quote that executes against an Exposed Order 
during a Route Timer because the Exposed Order that would route to an 
away market if not otherwise executed on ISE would be taking liquidity 
from the Exchange's order book while a quote or order that executes 
against the Exposed Order during the Route Timer would be considered 
making liquidity in response to the notification sent to Members 
indicating the order is available for execution. Nasdaq MRX, LLC 
(``MRX'') and Nasdaq GEMX, LLC (``GEMX'') similarly assess a Taker Fee 
to an exposed order and pay/assess a Maker Rebate/Fee to any order or 
quote that executes against the exposed order during the Route 
Timer.\27\
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    \26\ See Option 5, Section 4.
    \27\ See MRX and GEMX Options 7, Section 1(c).
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    The Exchange's proposal to define an Exposed Order for purposes of 
pricing within Options 7, Section 1(c) is equitable and not unfairly 
discriminatory as the proposed pricing for Exposed Orders would be 
uniformly applied to all orders subject to the Exchange's Route Timer, 
as described in Options 5, Section 4.
Options 7, Section 6
    The proposed amendments to Options 7, Section 7.C to permit Members 
to acquire a second set of FIX Ports, SQF Ports, SQF Purge Ports, OTTO 
Ports, CTI Ports and FIX DROP Ports, at no cost, as part of the 
technology migration are reasonable because they will permit ISE 
Members to migrate to the new platform without a pricing impact. 
Specifically, the proposal is intended to permit ISE Members to migrate 
their legacy FIX Ports, SQF Ports, SQF Purge Ports, OTTO Ports, CTI 
Ports and FIX DROP Ports to new ports at no additional cost during the 
Transition Period. This proposal will allow Members to test their ports 
and maintain continuous connection to the Exchange's match engine 
during the Transition Period.
    The proposed amendments to Options 7, Section 7.C to permit Members 
to acquire a second set of FIX Ports, SQF Ports, SQF Purge Ports, OTTO 
Ports, CTI Ports and FIX DROP Ports, at no cost, as part of the 
technology migration are equitable and not unfairly discriminatory 
because no Member would have a pricing impact as a result of this 
proposal, provided the Member did not obtain additional new ports to 
connect to the ISE environment beyond the quantity and type the Member 
had on August 1, 2024 or additional legacy ports. No Member would be 
assessed a fee for the new second set of ports, provided they acquired 
a new second set of ports commiserate with the type and quantity of 
ports they subscribed to

[[Page 43458]]

as of August 1, 2024. A Member obtaining additional legacy ports, 
beyond the current type and quantity of ports they have as of August 1, 
2024, would be assessed the fees noted in Options 7, Section 7.C as 
applicable. ISE will sunset legacy FIX Ports, SQF Ports, SQF Purge 
Ports, OTTO Ports, CTI Ports and FIX DROP Ports on December 20, 2024 
for all Members. Starting November 1, 2024, the port fees in Options 7, 
Section 7.C would apply to any substituted ports that a Member 
continues to subscribe to after the Transition Period.
    The technology migration does not require a Member to acquire any 
additional quantity of new ports, nor would it reduce the total number 
of ports needed to connect to the match engine. Rather the technology 
migration requires a new port to replace any legacy port provided the 
Member desired to maintain the same number of ports on the new ISE 
technology platform. Of note, only ISE Members may utilize ports on ISE 
and only one port is necessary to submit orders to ISE. Similarly, a 
Market Maker quoting on ISE only requires 1 SQF Port.\28\ A Member may 
also obtain any number of order and execution ports, such as a SQF 
Purge Ports, FIX DROP Ports and CTI Ports and any number of market data 
ports.\29\ Members are able to elect the quantity and type of ports 
they purchase based on that Member's business model.\30\
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    \28\ SQF Ports are utilized solely by Market Makers who are the 
only Members permitted to quote on ISE.
    \29\ ISE does not assess fees for the market data ports within 
Options 7, Section 7.C(iii). Members may acquire any number of 
market data ports at no cost.
    \30\ For example, a Member may desire to utilize multiple FIX or 
OTTO Ports for accounting purposes, to measure performance, for 
regulatory reasons or other determinations that are specific to that 
Member.
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Options 7, Section 8
    The Exchange's proposal to discontinue Dedicated Access for SQF 
Ports as of September 1, 2024 is reasonable as all ports (FIX, OTTO, 
Precise, SQF Ports) would utilize a shared gateway to access the 
Exchange. There is no cost to utilize the Shared Gateway on ISE. The 
Exchange notes that GEMX and MRX do not offer Shared Gateways, rather 
they utilize shared access to all Members for all ports.
    The Exchange's proposal to discontinue Dedicated Access for SQF 
Ports as of September 1, 2024 is equitable and not unfairly 
discriminatory as all access to the Exchange for all Members, for all 
ports will be at no cost through shared access.

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.
Intermarket Competition
    The Exchange believes its proposal remains competitive with other 
options markets, and will offer market participants with another choice 
of venue to transact options. 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. 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.
Intramarket Competition
Options 7, Section 1
    The Exchange's proposal to define an Exposed Order for purposes of 
pricing within Options 7, Section 1(c) does not impose an undue burden 
on competition because the proposed pricing for Exposed Orders would be 
uniformly applied to all orders subject to the Exchange's Route Timer, 
as described in Options 4, Section 5.
Options 7, Section 6
    The proposed amendments to Options 7, Section 7.C to permit Members 
to acquire a second set of FIX Ports, SQF Ports, SQF Purge Ports, OTTO 
Ports, CTI Ports and FIX DROP Ports, at no cost, as part of the 
technology migration do not impose an undue burden on competition 
because no Member would have a pricing impact as a result of this 
proposal, provided the Member did not obtain additional new ports to 
connect to the ISE environment beyond the quantity and type the Member 
had on August 1, 2024 or additional legacy ports. No Member would be 
assessed a fee for the new second set of ports, provided they acquired 
a new second set of ports commiserate with the type and quantity of 
ports they subscribed to as of August 1, 2024. A Member obtaining 
additional legacy ports, beyond the current type and quantity of ports 
they have as of August 1, 2024, would be assessed the fees noted in 
Options 7, Section 7.C as applicable. ISE will sunset legacy FIX Ports, 
SQF Ports, SQF Purge Ports, OTTO Ports, CTI Ports and FIX DROP Ports on 
December 20, 2024 for all Members. Starting on November 1, 2024 the 
port fees in Options 7, Section 7.C would apply to any substituted 
ports that a Member continues to subscribe to after the Transition 
Period.
Options 7, Section 8
    The Exchange's proposal to discontinue Dedicated Access for SQF 
Ports as of September 1, 2024 does not impose an undue burden on 
competition as all access to the Exchange for all Members, for all 
ports will be at no cost through shared access.

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.\31\ 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) 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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    \31\ 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

     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-2024-18 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange

[[Page 43459]]

Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-ISE-2024-18. 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 
submissions should refer to file number SR-ISE-2024-18 and should be 
submitted on or before June 7, 2024.
    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\32\
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    \32\ 17 CFR 200.30-3(a)(12).

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-10818 Filed 5-16-24; 8:45 am]
BILLING CODE 8011-01-P