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The Securities and Exchange Commission approved new rule changes proposed by the National Securities Clearing Corporation, The Depository Trust Company, and Fixed Income Clearing Corporation. These changes revolve around enhancing governance and reducing conflicts of interest within these organizations, ensuring directors and senior managers adhere to specified regulations. The approved framework includes mechanisms to manage conflicts of interest, risks from service providers, and to actively involve stakeholders in key decision-making processes related to risk management and operations. Ultimately, these changes aim to improve transparency and accountability in the operations of these financial clearing agencies.

The Miami International Securities Exchange has submitted a proposal to the Securities and Exchange Commission (SEC) to amend its Fee Schedule. This change would establish a fee for market participants using the Exchange's testing systems environment through a dedicated cross connection. The proposal became effective immediately and is open for public comment on the SEC's website. People can submit their opinions on whether the rule change is consistent with existing laws until April 8, 2025.

Cboe BYX Exchange, Inc. has proposed a new rule change that introduces a fee waiver for Uncontrolled External Distributors in the Market Data section of its Fee Schedule. This rule change has been filed with the Securities and Exchange Commission (SEC) and is set for immediate effectiveness. The public is invited to submit comments on this proposed change, with submissions needing to reference the file number SR-CboeBYX-2025-002. The SEC will accept comments via email, mail, or through the internet until March 21, 2025.

The Securities and Exchange Commission (SEC) announced that The Nasdaq Stock Market LLC has filed a proposed rule change to increase the fees for their Specialized Quote Feed (SQF) Ports and SQF Purge Ports by 10%. These ports are used by Market Makers to send quotes to the exchange, and the increase aims to adjust for inflation and maintain the quality and security of the exchange's technology. Nasdaq cites investments in technology upgrades as a reason for the fee increase, which intends to better align pricing with improvements in service quality. The new fees will be effective from January 1, 2025, and the SEC is seeking public comments on this proposed rule change.

The Securities and Exchange Commission has announced that MIAX Emerald, LLC has made changes to its Fee Schedule. The proposed changes involve updating the Exchange's email domain to @miaxglobal.com and removing outdated references to mini-options, which are no longer offered due to lack of market acceptance. These changes were filed to provide greater clarity and do not impose any new fees. The SEC has waived the usual 30-day waiting period, allowing these updates to take effect immediately.

The Securities and Exchange Commission issued a notice about a proposed rule change by MIAX PEARL, LLC, which plans to amend Exchange Rule 200. This change will allow more broker-dealers to become Trading Permit holders by requiring membership in any national securities exchange rather than just options exchanges. The rule change aims to align MIAX PEARL's membership requirements with those of other exchanges, making it easier for broker-dealers to join while maintaining regulatory standards. The proposal has been made effective immediately to expand broker-dealer eligibility without delay, although the Commission reserves the right to suspend the change within 60 days if necessary.

MEMX LLC has filed a proposal with the Securities and Exchange Commission to change a rule regarding the submission of broker-dealer annual reports. Currently, broker-dealers must provide annual reports to all self-regulatory organizations they are members of, but MEMX suggests waiving this requirement for members for whom it is not the designated examining authority (DEA). MEMX LLC argues that it does not need these reports from members since it doesn't plan to use the information and can still request them when necessary. The proposed change aims to streamline processes and eliminate unnecessary paperwork for its members.

The Securities and Exchange Commission (SEC) approved a proposed rule change by the Cboe Exchange, Inc., which was amended twice. The rule change allows Cboe to impose a maximum size requirement of ten contracts for agency orders in SPX options during Regular Trading Hours (RTH) on its Automated Price Improvement Mechanisms (AIM and C-AIM). The decision was made based on data showing that smaller orders, between one to ten contracts, benefited most from these electronic auctions in terms of price improvements, compared to larger orders. This measure is expected to enhance retail customer participation and provide better execution opportunities for these smaller orders.

The Federal Communications Commission (FCC) has issued a final rule to close Lockbox 979089, which was used for collecting fees for various media services, and now requires electronic filing and payment instead. This change is meant to modernize the FCC's procedures and reduce costs by eliminating manual processing of payments. While the option for manual fee payments will still be available temporarily for 90 days, after that period, payments must be made online using the FCC's Fee Filer system. The new rule, effective March 26, 2021, is expected to ease the process with little impact on FCC users.

Nasdaq GEMX, LLC has filed a proposed rule change with the Securities and Exchange Commission (SEC) to delay implementing its new Options Regulatory Fee (ORF) and methodology. Originally outlined in SR-GEMX-2024-42, the changes will now take effect on June 1, 2025, and end on December 1, 2025. This filing, SR-GEMX-2025-05, replaced a previous filing that was withdrawn. The SEC is inviting public comments on this proposed rule change to ensure it aligns with the Securities Exchange Act of 1934.