# Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modify the Implementation Date of SR-NYSE-2025-30
Pursuant to Section 19(b)(1) [^1] of the Securities Exchange Act of 1934 (“Act”) [^2] and Rule 19b-4 thereunder, [^3] notice is hereby given that on December 19, 2025, New York Stock Exchange LLC (“NYSE” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
[^1] 15 U.S.C. 78s(b)(1).
[^2] 15 U.S.C. 78a.
[^3] 17 CFR 240.19b-4.
**I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change**
The Exchange proposes to modify the implementation date for the rule change adopted in SR-NYSE-2025-30. The proposed rule change is available on the Exchange's website at *www.nyse.com,* and at the principal office of the Exchange.
**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 self-regulatory organization 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 those 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 parts of such statements.
**A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change**
**1. Purpose**
On August 6, 2025, the Exchange filed a proposed rule change to amend Rule 7.37 (Order Execution and Routing) to provide for optional order routing to Away Markets that are not displaying protected quotations. [^4] The Commission noticed the proposed rule change for immediate effectiveness on August 13, 2025. [^5]
[^4]*See* Securities Exchange Act Release No. 103693 (August 13, 2025), 90 FR 40106 (August 18, 2025) (SR-NYSE-2025-30) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37).
[^5]*See id.*
In its filing, the Exchange stated that, subject to effectiveness of the proposed rule change, it would implement the rule change no later than in the fourth quarter of 2025. The Exchange now proposes to delay the implementation of the rule change adopted in SR-NYSE-2025-30 until no later than in the second quarter of 2026 to allow it additional time to plan for and implement the change. The Exchange will issue a Trader Update notifying market participants of the planned implementation date for the change described in SR-NYSE-2025-30.
**2. Statutory Basis**
The Exchange believes that its proposed rule change is consistent with section 6(b) of the Act [^6] in general, and furthers the objectives of section 6(b)(5) of the Act [^7] in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in, securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest by allowing the Exchange additional time to plan and implement the change described in SR-NYSE-2025-30.
[^6] 15 U.S.C. 78f(b).
[^7] 15 U.S.C. 78f(b)(5).
The Exchange is not proposing any changes to the substance of the rule change described in SR-NYSE-2025-30; only the implementation timeline is changing with this proposal.
**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 that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange's proposal to delay the implementation of the rule change described in SR-NYSE-2025-30 is intended only to allow the Exchange additional time to plan and implement such change and does not impose an undue burden on intermarket or intramarket competition.
**C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others**
No written comments were solicited or received with respect to the proposed rule change.
**III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action**
The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act [^8] and Rule 19b-4(f)(6) thereunder. [^9] Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act [^10] and Rule 19b-4(f)(6) thereunder. [^11]
[^8] 15 U.S.C. 78s(b)(3)(A)(iii).
[^9] 17 CFR 240.19b-4(f)(6).
[^10] 15 U.S.C. 78s(b)(3)(A).
[^11] 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement.
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act [^12] normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) [^13] permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that it may immediately notify market participants of the delayed implementation of the changes in SR-NYSE-2025-30. The Commission believes that the proposed rule change raises no novel issues and that waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing. [^14]
[^12] 17 CFR 240.19b-4(f)(6).
[^13] 17 CFR 240.19b-4(f)(6)(iii).
[^14] For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f).
At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) [^15] of the Act to determine whether the proposed rule change should be approved or disapproved.
[^15] 15 U.S.C. 78s(b)(2)(B).
**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-NYSE-2025-49 on the subject line.
**Paper Comments**
• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSE-2025-49. 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 filing 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-NYSE-2025-49 and should be submitted on or before January 23, 2026.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. [^16]
[^16] 17 CFR 200.30-3(a)(12).
Sherry R. Haywood,
Assistant Secretary.