Self-Regulatory Organizations; BOX Exchange LLC, Cboe Exchange, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc., and NYSE Texas, Inc.; Deemed Approval of Various Proposed Rule Changes

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-104210; File Nos. SR-BOX-2025-12; CBOE-2025-014; CboeBYX-2025-007; CboeBZX-2025-034; CboeEDGX-2025-018; ISE-2025-08; MIAX-2025-07; NYSE-2025-34; NYSEAMER-2025-07; NYSEAMER-2025-55; NYSEARCA-2025-16; NYSEARCA-2025-63; NYSENAT-2025-19; NYSETEX-2025-28; PEARL-2025-08; SAPPHIRE-2025-12]

Self-Regulatory Organizations; BOX Exchange LLC, Cboe Exchange, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc., and NYSE Texas, Inc.; Notice of Deemed Approval of Various Proposed Rule Changes

November 18, 2025.

On the dates indicated in Table 1 below, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National, Inc., and NYSE Texas, Inc. 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 thereunder,[2] the proposed rule changes described in Table 1 concerning hardware procurement services and managed services in those exchanges' co-location facilities.

[1] 15 U.S.C. 78s(b)(1).

[2] 17 CFR 240.19b-4.

The proposed rule changes were published for comment in the Federal Register on the dates indicated in Table 1. As of October 20, 2025, pursuant to Section 19(b)(2)(D) of the Act,[3] the proposed rule changes (SR-NYSE-2025-34, SR-NYSEAMER-2025-55, SR-NYSEARCA-2025-63, SR- NYSENAT-2025-19, and SR-NYSETEX-2025-28) are deemed to have been approved by the Commission.

[3] 15 U.S.C. 78s(b)(2)(D).

Table 1—Colocation Hardware Procurement Services and Managed Services

Federal Register

```
File No. Filing date Description notice publication Deemed approved

---------------------------------------------------------------------------------------------------------------- 1....... NYSE-2025-34....... Aug. 27, 2025...... Amend the 34-103825 (Sept. 2, Oct. 20. Connectivity Fee 2025), 90 FR 42998
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
2....... NYSEAMER-2025-55... Aug. 27, 2025...... Amend the 34-103826 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 43011
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
3....... NYSEARCA-2025-63... Aug. 27, 2025...... Amend the 34-103827 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 43006
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
4....... NYSENAT-2025-19.... Aug. 27, 2025...... Amend the 34-103828 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 42995
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.
5....... NYSETEX-2025-28.... Aug. 27, 2025...... Amend the 34-103829 (Sept. 2, Oct. 20.
Connectivity Fee 2025), 90 FR 43003
Schedule to add (Sept. 5, 2025).
Hardware
Procurement
Services and
Managed Services.

---------------------------------------------------------------------------------------------------------------- ```

On the dates indicated in Table 2 below, BOX Exchange LLC, Cboe Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Nasdaq ISE, LLC, Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Sapphire, LLC, NYSE American LLC, and NYSE Arca, Inc. filed with the Commission, pursuant to Section 19(b)(1) of the Act [4] and Rule 19b-4 thereunder,[5] the proposed rule changes described in Table 2 concerning options on Commodity-Based Trust Shares.

[4] 15 U.S.C. 78s(b)(1).

[5] 17 CFR 240.19b-4.

The proposed rule changes were published for comment in the Federal Register on the dates indicated in Table 2. As of the dates indicated in Table 2, pursuant to Section 19(b)(2)(D) of the Act,[6] the proposed rule changes (SR-ISE-2025-08,[7] SR-NYSEAMER-2025-07,[8] SR-BOX-2025-12,[9] SR-NYSEARCA-2025-16,[10] SR-MIAX-2025-07,[11] SR-PEARL-2025-08,[12] SR-SAPPHIRE-2025-12,[13] SR-CBOE-2025-014,[14] SR-CboeBZX-2025-034,[15]

SR-CboeEDGX-2025-018 [16]) are deemed to have been approved by the Commission.

[6] 15 U.S.C. 78s(b)(2)(D).

[7] See also Securities Exchange Act Release Nos. 102628 (Mar. 12, 2025), 90 FR 12587 (Mar. 18, 2025) (SR-ISE-2025-08) (notice of designation of a longer period for Commission action on the proposed rule change); 103116 (May 23, 2025), 90 FR 23084 (May 30, 2025) (SR- ISE-2025-08) (order instituting proceedings to determine whether to approve or disapprove the proposed rule change), and 103718 (Aug. 15, 2025), 90 FR 40680 (Aug. 20, 2025) (SR-ISE-2025-08) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule change).

[8] See also Securities Exchange Act Release Nos. 102931 (Apr. 25, 2025), 90 FR 18717 (May 1, 2025) (SR-NYSEAMER-2025-07) (notice of designation of a longer period for Commission action on the proposed rule change); 103240 (June 12, 2025), 90 FR 25687 (June 17, 2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-2025-16) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103870 (Sept. 4, 2025), 90 FR 43490 (Sept. 9, 2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-2025-16) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[9] See also Securities Exchange Act Release No. 103284 (June 17, 2025), 90 FR 26629 (June 23, 2025) (SR-BOX-2025-12) (order instituting proceedings to determine whether to approve or disapprove the proposed rule change).

[10] See also Securities Exchange Act Release Nos. 102930 (Apr. 25, 2025), 90 FR 18718 (May 1, 2025) (SR-NYSEARCA-2025-16) (notice of designation of a longer period for Commission action on the proposed rule change); 103240 (June 12, 2025), 90 FR 25687 (June 17, 2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-2025-16) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103870 (Sept. 4, 2025), 90 FR 43490 (Sept. 9, 2025) (SR-NYSEAMER-2025-07 and SR-NYSEARCA-2025-16) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[11] See also Securities Exchange Act Release Nos. 102932 (Apr. 25, 2025), 90 FR 18715 (May 1, 2025) (SR-MIAX-2025-07) (notice of designation of a longer period for Commission action on the proposed rule change); 103283 (June 17, 2025), 90 FR 26634 (June 23, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103903 (Sept. 8, 2025), 90 FR 44123 (Sept. 11, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[12] See also Securities Exchange Act Release Nos. 102929 (Apr. 25, 2025), 90 FR 18718 (May 1, 2025) (SR-PEARL-2025-08) (notice of designation of a longer period for Commission action on the proposed rule change); 103283 (June 17, 2025), 90 FR 26634 (June 23, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103903 (Sept. 8, 2025), 90 FR 44123 (Sept. 11, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[13] See also Securities Exchange Act Release Nos. 102928 (Apr. 25, 2025), 90 FR 18717 (May 1, 2025) (SR-SAPPHIRE-2025-12) (notice of designation of a longer period for Commission action on the proposed rule change); 103283 (June 17, 2025), 90 FR 26634 (June 23, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103903 (Sept. 8, 2025), 90 FR 44123 (Sept. 11, 2025) (SR-MIAX-2025-07, SR-PEARL-2025-08, and SR-SAPPHIRE-2025-12) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[14] See also Securities Exchange Act Release Nos. 102935 (Apr. 25, 2025), 90 FR 18719 (May 1, 2025) (SR-CBOE-2025-014) (notice of designation of a longer period for Commission action on the proposed rule change); 103241 (June 12, 2025), 90 FR 25707 (June 17, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103871 (Sept. 4, 2025), 90 FR 43497 (Sept. 9, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[15] See also Securities Exchange Act Release Nos. 102934 (Apr. 25, 2025), 90 FR 18717 (May 1, 2025) (SR-CboeBZX-2025-034) (notice of designation of a longer period for Commission action on the proposed rule change); 103241 (June 12, 2025), 90 FR 25707 (June 17, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103871 (Sept. 4, 2025), 90 FR 43497 (Sept. 9, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

[16] See also Securities Exchange Act Release Nos. 102933 (Apr. 25, 2025), 90 FR 18715 (May 1, 2025) (SR-CboeEDGX-2025-018) (notice of designation of a longer period for Commission action on the proposed rule change); 103241 (June 12, 2025), 90 FR 25707 (June 17, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018) (order instituting proceedings to determine whether to approve or disapprove the proposed rule changes), and 103871 (Sept. 4, 2025), 90 FR 43497 (Sept. 9, 2025) (SR-CBOE-2025-014, SR-CboeBZX-2025-034, and SR-CboeEDGX-2025-018) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule changes).

Table 2—Options on Commodity-Based Trust Shares

Federal Register

```
File No. Filing date Description notice publication Deemed approved

---------------------------------------------------------------------------------------------------------------- 1....... ISE-2025-08........ Feb. 7, 2025....... Amend Options 4, 34-102465 (Feb. 20, Oct. 24.
Section 3, 2025), 90 FR 10740
Criteria for (Feb. 26, 2025).
Underlying
Securities.
2....... NYSEAMER-2025-07... Feb. 24, 2025...... Amend Rule 915 to 34-102555 (Mar. 10, Nov. 9. permit options on 2025), 90 FR 12189 Commodity-Based (Mar. 14, 2025).
Trust Shares.
3....... BOX-2025-12........ Apr. 25, 2025...... Amend Rule 5020 34-103015 (May 9, Nov. 11.
(Criteria for 2025), 90 FR 20699
Underlying (May 15, 2025).
Securities) to permit the listing of options on Commodity-Based Trust Shares.
4....... NYSEARCA-2025-16... Feb. 24, 2025...... Amend Rule 5.3-O to 34-102577 (Mar. 11, Nov. 12. permit options on 2025), 90 FR 12377 Commodity-Based (Mar. 17, 2025).
Trust Shares.
5....... MIAX-2025-07....... Mar. 5, 2025....... Amend Exchange Rule 34-102658 (Mar. 13, Nov. 14.
402, Criteria for 2025), 90 FR 12870
Underlying (Mar. 19, 2025).
Securities, to list and trade options on
Commodity-Based
Trust Shares.
6....... PEARL-2025-08...... Mar. 5, 2025....... Amend Exchange Rule 34-102659 (Mar. 13, Nov. 14.
402, Criteria for 2025), 90 FR 12876
Underlying (Mar. 19, 2025).
Securities, to list and trade options on
Commodity-Based
Trust Shares.
7....... SAPPHIRE-2025-12... Mar. 5, 2025....... Amend Exchange Rule 34-102660 (Mar. 13, Nov. 14.
402, Criteria for 2025), 90 FR 12859
Underlying (Mar. 19, 2025).
Securities, to list and trade options on
Commodity-Based
Trust Shares.
8....... CBOE-2025-014...... Mar. 5, 2025....... Amend Rule 4.3 to 34-102647 (Mar. 13, Nov. 14. permit the listing 2025), 90 FR 12865 of options on (Mar. 19, 2025).
Commodity-Based
Trust Shares.
9....... CboeBZX-2025-034... Mar. 5, 2025....... Amend Rule 19.3 to 34-102648 (Mar. 13, Nov. 14. permit the listing 2025), 90 FR 12914 of options on (Mar. 19, 2025).
Commodity-Based
Trust Shares.
10...... CboeEDGX-2025-018.. Mar. 5, 2025....... Amend Rule 19.3 to 34-102649 (Mar. 13, Nov. 14. permit the listing 2025), 90 FR 12838 of options on (Mar. 19, 2025).
Commodity-Based
Trust Shares.

---------------------------------------------------------------------------------------------------------------- ```

On the date indicated in Table 3 below, Cboe BYX Exchange, Inc. filed with the Commission, pursuant to Section 19(b)(1) of the Act [17] and Rule 19b-4 thereunder,[18] the proposed rule change described in Table 3 concerning its Retail Price Improvement Program.

[17] 15 U.S.C. 78s(b)(1).

[18] 17 CFR 240.19b-4.

The proposed rule change was published for comment in the Federal Register on the date indicated in Table 3. As of November 15, 2025, pursuant to Section 19(b)(2)(D) of the Act,[19] the proposed rule change (SR-CboeBYX-2025-007 [20]) is deemed to have been approved by the Commission.

[19] 15 U.S.C. 78s(b)(2)(D).

[20] See also Securities Exchange Act Release Nos. 102956 (Apr. 29, 2025), 90 FR 19013 (May 5, 2025) (SR-CboeBYX-2025-007) (notice of designation of a longer period for Commission action on the proposed rule change); 103291 (June 18, 2025), 90 FR 26843 (June 24, 2025) (SR-CboeBYX-2025-007) (notice of filing of Amendment No. 3 and order instituting proceedings to determine whether to approve or disapprove the proposed rule change), and 103819 (Sept. 2, 2025), 90 FR 43006 (Sept. 5, 2025) (SR-CboeBYX-2025-007) (notice of designation of a longer period for Commission action on proceedings to determine whether to approve or disapprove the proposed rule change).

Table 3—Retail Price Improvement Program

Federal Register

```
File No. Filing date Description notice publication Deemed approved

---------------------------------------------------------------------------------------------------------------- 1....... CboeBYX-2025-007... Mar. 13, 2025...... Modify Rule 11.24 34-102681 (Mar. 14, Nov. 15. to introduce an 2025), 90 FR 13240 Enhanced RPI Order (Mar. 20, 2025). and expand its Retail Price Improvement Program to include securities priced below $1.00.

---------------------------------------------------------------------------------------------------------------- ```

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[21]

[21] 17 CFR 200.30-3(a)(12).

Sherry R. Haywood, Assistant Secretary.

[FR Doc. 2025-20532 Filed 11-20-25; 8:45 am]

BILLING CODE 8011-01-P