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The Securities and Exchange Commission (SEC) announced that The Nasdaq Stock Market LLC proposed a rule change to allow listing options on several Ethereum-related funds and trusts, including the iShares Ethereum Trust and the Fidelity Ethereum Fund, among others. The change aims to set position and exercise limits at 25,000 contracts for these options, aligning them with similar limits already in place on other exchanges. This proposal is considered non-controversial and aims to enhance trading fairness and protect investors, while not burdening market competition. The SEC seeks public comments and may permit the plan to take effect immediately to ensure consistency in trading limits across various platforms.

The Nasdaq Stock Market LLC proposed a rule change to set fees for Industry Members to cover costs related to the Consolidated Audit Trail (CAT) for 2025. This proposal, submitted to the Securities and Exchange Commission (SEC) on January 2, 2025, is designed to be effective immediately. The SEC is seeking public comments on this rule change, and submissions are requested by February 13, 2025. Interested individuals can access more details about the proposal on both Nasdaq's and the SEC's websites.

Nasdaq ISE, LLC is introducing a rule change to simplify its membership rules by incorporating the membership policies of The Nasdaq Stock Market LLC. This move aims to harmonize the rules across affiliated exchanges like Nasdaq and BX to create a consistent and efficient process for membership applications. Existing rules will apply to applications submitted before the new rules take effect, and the transition will be managed orderly to avoid confusion. The Securities and Exchange Commission is inviting public comments on this proposal.

The Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission that would allow it to take over the responsibility from the Financial Industry Regulatory Authority (FINRA) for litigating contested disciplinary proceedings related to Nasdaq-led investigations. This shift aims to improve the efficiency and speed of handling such cases by leveraging Nasdaq's expertise and avoiding the need for FINRA to get involved. Nasdaq also proposes changes to its rules to enable its regulation department to directly serve complaints and memoranda in disciplinary cases. The proposal does not alter the existing procedural protections and would still involve FINRA’s Office of Hearing Officers in administering the hearing process.

The Securities and Exchange Commission is reviewing a proposed rule change filed by The Nasdaq Stock Market. Nasdaq aims to amend Rule 4759 to change the primary and secondary sources of quotation data from certain market centers that it uses for order processing and regulatory compliance. The rule change involves using direct data feeds from the Long-Term Stock Exchange as the primary source and CQS/UQDF as a secondary source. The proposal is filed under a rule that allows for quicker adoption if it does not significantly impact investors or competition, and the SEC has decided it can take effect immediately.

The Securities and Exchange Commission approved a rule change proposed by The Nasdaq Stock Market LLC. This change amends Nasdaq's rules about reserve orders, which allow for certain orders to display a smaller size and replenish from an undisclosed reserve. The update clarifies how the reserve orders function when there are conflicting conditions in the Nasdaq book, ensuring they act as liquidity providers. This modification aims to remove any ambiguity and increase transparency and certainty in how reserve orders are processed.

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change submitted by the Nasdaq Stock Market to allow the listing and trading of shares for the CoinShares Litecoin ETF. This proposal was originally filed on February 7, 2025, and published in the Federal Register on February 25, 2025. Although the SEC initially had 45 days to make a decision on the proposal, it has extended the deadline to May 26, 2025, to allow more time to consider the proposal and the issues it raises.

The Nasdaq Stock Market LLC has proposed a rule change to adjust its fees based on inflation. The fees have been unchanged for a long time and will now be adjusted through a one-time increase spread over three years: 45% in 2025, 30% in 2026, and 25% in 2027. The adjustments aim to restore fees to their intended real value and support continued investment in technology. These proposed changes apply to various Nasdaq products and are intended to ensure fair value and support the quality of Nasdaq's services.

On March 6, 2025, The Nasdaq Stock Market LLC submitted a proposed rule change to the Securities and Exchange Commission (SEC) concerning adjustments to transaction fees at specific sections of their regulations. This change, which the Exchange intends to implement immediately, affects fees associated with the Nasdaq Report Center and the Equity Trade Journal for Clearing Firms. The SEC is inviting the public to submit comments on this proposed rule change, which are due by April 8, 2025, and can be submitted either electronically or on paper. The details of the proposal are available on both Nasdaq's and the SEC's websites.

The Nasdaq Stock Market LLC has proposed a rule change to allow non-U.S. companies to have lower quorum requirements for shareholder meetings when their home country's laws conflict with Nasdaq's minimum requirement. Currently, Nasdaq requires a quorum of at least 33 1/3% of voting shares for meetings, but some countries, like France, have laws that mandate a lower percentage. This proposal aims to prevent non-U.S. companies from having to choose between complying with Nasdaq rules or their local laws. With proper certification from an independent counsel, Nasdaq may accept these lower quorum requirements, ensuring non-U.S. companies can continue following their home country regulations without breaching Nasdaq's rules.