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Federal Register / Vol. 86, No. 172 / Thursday, September 9, 2021 / Notices commodity, related futures or options on futures, or any other related derivatives, in an account in which a registered Market Maker, directly or indirectly, controls trading activities, or has a direct interest in the profits or losses thereof, which has not been reported to the Exchange as required by Nasdaq Rule 5711g. In addition to the existing obligations under Exchange rules regarding the production of books and records, the registered Market Maker in the Shares shall make available to the Exchange such books, records or other information pertaining to transactions by such entity or any limited partner, officer or approved person thereof, registered or nonregistered employee affiliated with such entity for its or their own accounts in the underlying commodity, related futures or options on futures, or any other related derivatives, as may be requested by the Exchange.

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Trading Rules The Exchange deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchanges existing rules governing the trading of equity securities. The Exchange will allow trading in the Shares from 4:00
a.m. to 8:00 p.m. Eastern time. The Exchange has appropriate rules to facilitate transactions in the Shares during all trading sessions. The Shares of the Trust will conform to the initial and continued listing criteria set forth in Nasdaq Rule 5711g.
Trading Halts With respect to trading halts, the Exchange may consider all relevant factors in exercising its discretion to halt or suspend trading in the Shares.
The Exchange will halt trading in the Shares under the conditions specified in Nasdaq Rules 4120 and 4121, including without limitation the conditions specified in Nasdaq Rule 4120a9 and the trading pauses under Nasdaq Rules 4120a11 and 12.
Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. These may include: 1 The extent to which trading is not occurring in the futures contracts underlying the Shares; or 2 whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present.
As indicated in Commentary .03 to Nasdaq Rule 5711g, if the IIV or the value of the underlying futures contract is not being disseminated as required, the Exchange may halt trading during the day in which the interruption to the
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dissemination of the IIV or the value of the underlying futures contract occurs.
If the interruption to the dissemination of the IIV or the value of the underlying futures contract persists past the trading day in which it occurred, the Exchange will halt trading no later than the beginning of the trading day following the interruption. In addition, if the Exchange becomes aware that the NAV
with respect to the Shares is not disseminated to all market participants at the same time, it will halt trading in the Shares until such time as the NAV
is available to all market participants.
Surveillance The Exchange believes that its surveillance procedures are adequate to properly monitor the trading of the Shares on the Exchange during all trading sessions and to deter and detect violations of Exchange rules and the applicable federal securities laws.
Trading of Shares on the Exchange will be subject to the Exchanges surveillance procedures for derivative products. The Exchange will require the Trust to represent to the Exchange that it will advise the Exchange of any failure by the Trust to comply with the continued listing requirements, and, pursuant to its obligations under Section 19g1 of the Exchange Act, the Exchange will surveil for compliance with the continued listing requirements.
If the Trust is not in compliance with the applicable listing requirements, the Exchange will commence delisting procedures under the Nasdaq 5800
Series. In addition, the Exchange also has a general policy prohibiting the distribution of material, non-public information by its employees.
Additionally, the Bitcoin Futures will be subject to the rules and surveillance programs of CME and the CFTC.67 The Exchange or the Financial Industry Regulatory Authority FINRA, on behalf of the Exchange, will communicate as needed regarding 67 The CFTC issued a press release on December 1, 2017, noting the self-certifications from CFE and CME and highlighting the rigorous process that the CFTC had undertaken in its engagement with CFE
and CME prior to the self-certification for the Bitcoin Futures. The press release focused on the ongoing surveillances that will occur on each listing exchange, including surveillance based on information sharing with the underlying cash bitcoin exchanges as well as the actions that the CFTC will undertake after the contracts are launched, including monitoring and analyzing the size and development of the market, positions and changes in positions over time, open interest, initial margin requirements, and variation margin payments, stress testing positions, conduct reviews of designated contract markets, derivatives clearing organizations, clearing firms, and individual traders involved in trading and clearing bitcoin futures. For more information, see http www.cftc.gov/
PressRoom/PressReleases/pr7654-17.

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trading in the Shares and the underlying Bitcoin Futures via ISG from other exchanges who are members or affiliates of the ISG or with which the Exchange has entered into a comprehensive surveillance sharing agreement.68 The Exchange may also obtain information regarding trading in the spot bitcoin market from exchanges with which the CME or the Exchange has entered into a comprehensive surveillance sharing agreement. In addition, the Exchange is able to access, as needed, trade information for certain fixed income instruments reported to FINRAs Trade Reporting and Compliance Engine TRACE.
Information Circular Prior to the commencement of trading, the Exchange will inform its members in an Information Circular of the special characteristics and risks associated with trading the Shares.
Specifically, the Information Circular will discuss the following: 1 The procedures for purchases and redemptions of Shares in Creation Units and that Shares are not individually redeemable; 2 Section 10 of Nasdaq General Rule 9, which imposes suitability obligations on Nasdaq members with respect to recommending transactions in the Shares to customers;
3 how information regarding the IIV is disseminated; 4 the risks involved in trading the Shares during the PreMarket and Post-Market Sessions when an updated IIV will not be calculated or publicly disseminated; 5 the requirement that members deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; and 6 trading information.
The Information Circular will also discuss any exemptive, no-action and interpretive relief granted by the Commission from any rules under the Act.
Additionally, the Information Circular will reference that the Trust is subject to various fees and expenses described in the Draft Registration Statement. The Information Circular will also disclose the trading hours of the Shares. The Information Circular will disclose that information about the Shares will be 68 For a list of the current members and affiliate members of ISG, see www.isgportal.com. The Exchange notes that not all components of the Disclosed Portfolio for the Trust may trade on markets that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. Not more than 10%
of the net assets of the Trust in the aggregate invested in Bitcoin Futures shall consist of Bitcoin Futures whose principal market is not a member of the ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement.

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