Notice2021-19862
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 15, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 176 (Wednesday, September 15, 2021)</title>
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[Federal Register Volume 86, Number 176 (Wednesday, September 15, 2021)]
[Notices]
[Pages 51398-51402]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-19862]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92917; No. SR-NYSEArca-2021-79]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule
September 9, 2021.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on September 1, 2021, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify the NYSE Arca Options Fee Schedule
(``Fee Schedule'') regarding certain pricing incentives. The Exchange
proposes to implement the fee change effective September 1, 2021. The
proposed rule change is available on the Exchange's website at
<a href="http://www.nyse.com">www.nyse.com</a>, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
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
The purpose of this filing is to amend the Fee Schedule to modify
certain pricing incentives. Specifically, the Exchange proposes to
modify the ``Discount in Take Liquidity Fees for Professional Customer
and Non-Customer Liquidity Removing Interest,'' the ``Market Maker
Penny and SPY Posting Credit Tiers,'' and the ``Market Maker Incentive
For Non-Penny Issues,'' as described below. The Exchange proposes to
implement the fee change effective September 1, 2021.
Discount in Take Liquidity Fees for Professional Customers and Non-
Customer Liquidity Removing Interest (the ``Take Fee Discount'')
If an OTP Holder or OTP Firm (collectively ``OTP Holders'')
executes a transaction that removes or ``takes'' liquidity on the
Exchange, the OTP Holder is charged a ``Take Liquidity'' fee (referred
to herein as ``Take Fees'') and such liquidity may be referred to as
``Liquidity Removing'' or liquidity
[[Page 51399]]
taking.\4\ To offset such costs and to encourage market participants to
direct order flow to the Exchange, the Exchange offers, among other
incentives, the Take Fee Discounts for executions in Penny Issues.
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\4\ See Fee Schedule, NYSE Arca OPTIONS: TRADE-RELATED CHARGES
FOR STANDARD OPTIONS, TRANSACTION FEE FOR ELECTRONIC EXECUTIONS--PER
CONTRACT (setting forth a per contract Take Fee of $0.50 for such
Penny executions in Professional Customer, Firm, Broker Dealer, and
Market Maker range as compared to a per contract take fee of $0.49
for such Penny executions in the Customer range).
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The Exchange proposes to modify one of the Take Fee Discounts.
Under the current Fee Schedule, OTP Holders that execute at least 0.80%
of Total Industry Customer equity and ETF option average daily volume
(``TCADV'') \5\ from Customer posted interest in all issues, plus
executed ADV of 0.30% ADV of U.S. Equity Market Share Posted and
Executed on NYSE Arca Equity Market, may qualify for a $0.04 per
contract Take Fee Discount on liquidity-taking executions by
Professional Customers or Non-Customers in Penny Issues.
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\5\ See Fee Schedule, Endnote 8 (providing that TCADV ``includes
OCC calculated Customer volume of all types, including Complex Order
Transactions and QCC transactions, in equity and ETF options'').
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The Exchange proposes that this $0.04 Take Fee Discount would apply
only if the executing buyer and seller in the qualifying transaction
are either the same OTP Holder or an Affiliated or Appointed OFP or
Appointed MM of the OTP Holder (collectively referred to as
``Affiliates'' herein), otherwise, the Take Fee Discount would be $0.03
(instead of $0.04). In other words, when an OTP Holder or its Affiliate
trades against itself (e.g., Firm 1 MM trades against Firm 1 Customer
or Firm 1 MM trades against Customer of an Affiliate of Firm 1), the
$0.04 Take Fee Discount would apply. If, however, the OTP Holder trades
against another OTP Holder (e.g., Firm 1 MM trades against Firm 2
Customer), the $0.03 Take Fee Discount would apply. The Exchange
proposes to add language to the Fee Schedule that adds this provision.
The Exchange believes the proposed fee change is reasonable because
the Exchange already offers certain transaction fee discounts to OTP
Holders and their Affiliates that aggregate their order flow on these
types of transactions.\6\ The Exchange also notes that this proposed
change is being made for business and competitive reasons to align
Exchange fee incentives with those charged by other options
exchanges.\7\ The Exchange believes that it will still remain highly
competitive and that its Take Fees Discounts, as modified, would
continue to attract order flow to the Exchange.
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\6\ See, e.g., Fee Schedule, CUSTOMER PENNY POSTING CREDIT TIERS
and Endnote 15 (providing per contract credits to OTP Holders and
Affiliates that meet certain minimum volume thresholds) and MARKET
MAKER PENNY AND SPY POSTING CREDIT TIERS (same).
\7\ See, e.g., MIAX Pearl Options Fee Schedule, available at
<a href="https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Options_Fee_Schedule_08122021.pdf">https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Options_Fee_Schedule_08122021.pdf</a> (providing a lower
``take rate'' for ``executed MIAX Pearl Market Maker Orders when the
executing buyer and seller are the same Member or Affiliates'' and,
a higher ``take rate'' for ``executed MIAX Pearl Market Maker Orders
when the executing buyer and seller are not the same Member or
Affiliates'') (emphasis added); Nasdaq Options 7 Pricing Schedule,
Section 2 Nasdaq Options Market--Fees and Rebates, available at
<a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-options-7</a> (providing that Nasdaq participants that add 1.30% of
Customer, Professional, Firm, Broker-Dealer or Non-NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny Symbols of TCADV per day
in a month will pay ``a $0.48 per contract Penny Symbols Fee for
Removing Liquidity when the Participant is (i) both the buyer and
the seller or (ii) the Participant removes liquidity from another
Participant under Common Ownership'', otherwise such participants
pay $0.50 per contract on such interest).
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Market Maker Incentive for Non-Penny Issues and Market Maker Penny and
SPY Posting Credit Tiers (the ``Market Maker Posting Tiers'')
The Exchange also proposes to modify the criteria for Market Makers
to qualify for enhanced posting credits in Penny Issues and SPY (i.e.,
the ``Market Maker Posting Tiers''). Specifically, to encourage Market
Makers and Lead Market Makers (collectively, ``Market Makers'') to
direct orders and quotes to the Exchange, this proposed rule change
would modify one of the alternative qualification bases for achieving
the Super Tier by lowering the minimum volume threshold and limiting
which interest can qualify for that threshold. Currently, to qualify
for the Super Tier, OTP Holders must execute at least 1.60% of TCADV
from all interest in all issues, all account types, with at least 0.80%
TCADV from posted interest in all issues. The Exchange proposes to
modify this qualification bases such that to qualify, an OTP Holder
would have to execute least 1.60% of TCADV from all interest in all
issues, all account types (which would be unchanged), with at least
0.15% TCADV from Market Maker posted interest in all issues. The per
contract credit for OTP Holders that achieve the Super Tier remains
unchanged (i.e., $0.37, and $0.39 per contract credit, respectively,
for electronic executions of Market Maker Posted Interest in Penny
Issues excluding SPY and for such executions in SPY).
The Exchange believes that the proposed change would continue to
attract order flow to the Exchange because the limitation on the
qualifying interest (from all posted interest to Market Maker posted
interest) would be offset by the significantly reduced volume
requirement (from 0.80% to 0.15%). In addition, notwithstanding the
proposed modification to the Super Tier, OTP Holders are still eligible
to qualify for the existing alternative (and unchanged) Super Tier
qualification basis for executions in Penny Issues and SPY.\8\ By
continuing to provide such alternative methods to qualify for Take Fee
Discounts, the Exchange believes the opportunities to qualify for
credits is increased, which benefits all participants through increased
volume to the Exchange.
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\8\ OTP Holder may (still) qualify for the Super Tier by
executing at least 0.55% of TCADV from Market Maker posted interest
in all issues.
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Market Maker Incentive for Non-Penny Issues (the ``Market Maker Non-
Penny Incentive'')
To mirror the proposed change to the Super Tier (of the Market
Maker Posting Tiers) the Exchange also proposes to modify one of the
alternative qualification bases to achieve the Market Maker Non-Penny
Incentive. Specifically, under the current Fee Schedule, OTP Holders
must execute at least 1.60% of TCADV from all orders in all issues, all
account types, with at least 0.80% TCADV from posted interest in all
issues. First, the Exchange proposes to replace reference to ``TCADV
from all orders'' with ``TCADV from all interest'' to make clear that
liquidity may include orders or quotes. Next, the Exchange proposes to
modify this qualification bases such that (identical to the proposed
change to the Super Tier), to qualify, an OTP Holder would have to
execute least 1.60% of TCADV from all interest in all issues, all
account types, with at least 0.15% TCADV from Market Maker posted
interest in all issues. The $0.55 per contract credit for OTP Holders
that achieve the minimum volume threshold remains unchanged.
The Exchange believes that the proposed change would continue to
attract order flow to the Exchange because the limitation on the
qualifying interest (from all posted interest to Market Maker posted
interest) is offset by the significantly reduced volume requirement
(from 0.80% to 0.15%). In addition, notwithstanding this proposed
modification, OTP Holders are still eligible to qualify for the
existing alternative (and unchanged) Market
[[Page 51400]]
Maker Non-Penny Incentive qualification basis for executions in Non-
Penny Issues.\9\ By continuing to provide such alternative methods to
qualify for Take Fee Discounts, the Exchange believes the opportunities
to qualify for credits is increased, which benefits all participants
through increased volume to the Exchange.
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\9\ OTP Holder may (still) qualify for the Market Maker Posting
Incentive by executing at least 0.55% of TCADV from Market Maker
posted interest in all issues.
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The Exchange cannot predict with certainty whether any OTP Holders
will avail themselves of the proposed changes to the Take Fee Discount,
the Market Maker Posting Tiers, or Market Maker Non-Penny Incentive. At
present, whether or when an OTP Holder would qualify for the enhanced
credit varies month-to-month. Thus, the Exchange cannot predict with
any certainty the number of OTP Holders that may qualify for the
proposed new qualifications, but believes that OTP Holders (including
those acting as Market Makers) would be encouraged to increase volume
to take advantage of the available credits and discounts.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\11\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable
The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \12\
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\12\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\13\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity & ETF options
order flow. More specifically, in July of 2021, the Exchange had less
than 13% market share of executed volume of multiply-listed equity &
ETF options trades.\14\
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\13\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: <a href="https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics</a>.
\14\ Based on OCC data for monthly volume of equity-based
options and monthly volume of ETF-based options, see id., the
Exchange's market share in equity-based options increased from
10.71% for the month of July 2020 to 12.15% for the month of July
2021.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. In response to this
competitive environment, the Exchange has established incentives, such
as the Take Fee Discount, Market Maker Non-Penny Incentive, and Market
Maker Posting Tiers.
Finally, the Exchange believes the proposed non-substantive change
to the Fee Schedule (i.e., replacing reference to ``orders'' with
``interest'' in the Market Maker Non-Penny Incentive) is reasonable,
equitable, and not unfairly discriminatory because the change would add
clarity, transparency and internal consistency to the Fee Schedule
making it easier to navigate and comprehend, which would benefit all
market participants.
The Take Fee Discount
The Exchange believes that the proposed modification to the Take
Fee Discount to encourage OTP Holders to send both sides of a
transaction to the Exchange is reasonably designed to continue to
incent OTP Holders to increase the amount of interest sent to the
Exchange, especially liquidity-taking interest. The Exchange believes
the proposed fee change is reasonable because the Exchange already
offers certain transaction fee discounts to OTP Holders and their
Affiliates that aggregate their order flow on these types of
transactions.\15\ The Exchange also notes that this proposed change is
being made for business and competitive reasons to align Exchange fee
incentives with those charged by other options exchanges.\16\ The
Exchange believes that, notwithstanding the proposed change, it will
still remain highly competitive and would continue to attract order
flow to the Exchange.
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\15\ See supra note 6.
\16\ See supra note 7.
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The Market Maker Posting Tiers and Market Maker Non-Penny Incentive
The Exchange believes that the proposed (identical) change to the
Market Maker Posting Tiers and Market Maker Non-Penny Incentive would
continue to attract order flow to the Exchange because the limitation
on the qualifying interest (from all posted interest to Market Maker
posted interest) is offset by the significantly reduced volume
requirement (from 0.80% to 0.15%). In addition, notwithstanding this
proposed modification, the Exchange notes that OTP Holders are still
eligible to qualify for the existing alternative (and unchanged)
qualification basis in each of the Market Maker Posting Tiers and
Market Maker Non-Penny Incentive for eligible executions.\17\ By
continuing to provide such alternative methods to qualify for the
Market Maker Posting Tiers and Market Maker Non-Penny Incentive, the
Exchange believes the opportunities to qualify for credits is
increased, which benefits all participants through increased volume to
the Exchange.
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\17\ See supra notes 8 and 9.
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Finally, the proposed modification to the Market Maker Posting
Tiers and Market Maker Non-Penny Incentive is designed to incent OTP
Holders to transact more Market Maker volume on the Exchange, which may
result in an increase of volume and liquidity for all market
participants by providing more trading opportunities and tighter
spreads, and may lead to a corresponding increase in order flow from
other market participants.
To the extent the proposed rule change continues to attract greater
volume and liquidity, by encouraging OTP Holders (and their affiliates)
to increase their options volume on the Exchange in an effort to
achieve higher credits, the Exchange believes the proposed change would
improve the Exchange's overall competitiveness and strengthen its
market quality for all market participants. In the backdrop of the
competitive environment in which the Exchange operates, the proposed
rule changes are a reasonable attempt by
[[Page 51401]]
the Exchange to increase the depth of its market and improve its market
share relative to its competitors.
The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits. The proposal is based on the amount
and type of business transacted on the Exchange and OTP Holders can opt
to avail themselves of the credits and discounts or not. Moreover, the
proposal is designed to incent OTP Holders to aggregate all liquidity-
taking interest at the Exchange as a primary execution venue and to
continue to attract Market Maker posting interest on the Exchange. To
the extent that the proposed change attracts more opportunities for
execution of Customer and Market Maker posted interest on the Exchange,
this increased order flow would continue to make the Exchange a more
competitive venue for order execution. Thus, the Exchange believes the
proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more order
flow to the Exchange thereby improving market-wide quality and price
discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
The Exchange believes it is not unfairly discriminatory to modify
the Take Fee Discount because the proposed modification would align
Exchange fees with similar fees on other options markets \18\ and would
be available to all similarly-situated market participants on an equal
and non-discriminatory basis. The Exchange believes the proposed
changes are not unfairly discriminatory because the discounts and
credits are available to all similarly-situated market participants on
an equal and non-discriminatory basis.
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\18\ See supra note 7.
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The proposals are based on the amount and type of business
transacted on the Exchange and OTP Holders are not obligated to try to
achieve the enhanced qualifications, nor are they obligated to execute
liquidity-taking interest or posted interest. To the extent that the
proposed change attracts more interest, including liquidity-taking and
Market Maker posting interest, to the Exchange, this increased order
flow would continue to make the Exchange a more competitive venue for
order execution. Thus, the Exchange believes the proposed rule change
would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery. The
resulting increased volume and liquidity would provide more trading
opportunities and tighter spreads to all market participants and thus
would promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for all market participants. As a result, the Exchange believes that
the proposed change furthers the Commission's goal in adopting
Regulation NMS of fostering integrated competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \19\
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\19\ See Reg NMS Adopting Release, supra note 12, at 37499.
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Intramarket Competition. The proposed change is designed to attract
additional order flow to the Exchange, including take-liquidity
interest and Market Maker posting interest. The Exchange believes that
the proposed modifications would incent OTP Holders to direct their
liquidity-taking and Market Maker order flow to the Exchange. Greater
liquidity benefits all market participants on the Exchange and
increased liquidity-taking order flow and posted Market Maker interest
would increase opportunities for execution of other trading interest.
The proposed modifications would be available to all similarly-situated
market participants and, as such, the proposed change would not impose
a disparate burden on competition among market participants on the
Exchange.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. Based on publicly-
available information, and excluding index-based options, no single
exchange has more than 16% of the market share of executed volume of
multiply-listed equity and ETF options trades.\20\ Therefore, currently
no exchange possesses significant pricing power in the execution of
multiply-listed equity & ETF options order flow. More specifically, in
July 2021, the Exchange had less than 13% market share of executed
volume of multiply-listed equity & ETF options trades.\21\
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\20\ See supra note 13.
\21\ Based on OCC data for monthly volume of equity-based
options and monthly volume of ETF-based options, see id., the
Exchange's market share in equity-based options increased from
10.71% for the month of July 2020 to 12.15% for the month of July
2021.
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The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to incent OTP Holders to direct trading interest
(particularly both sides of a transaction and Market Maker interest) to
the Exchange, to provide liquidity and to attract order flow, which
would align Exchange fee incentives with those charged by other options
exchanges.\22\ To the extent that this purpose is achieved, all the
Exchange's market participants should benefit from the improved market
quality and increased opportunities for price improvement.
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\22\ See supra note 7.
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The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar discounts for sending both sides of
a transaction, by encouraging additional orders to be sent to the
Exchange for execution.
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 foregoing rule change is effective upon filing pursuant to
Section
[[Page 51402]]
19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule 19b-4 \24\
thereunder, because it establishes a due, fee, or other charge imposed
by the Exchange.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f)(2).
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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) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#1163647d743c727e7c7c747f6562516274723f767e67"><span class="__cf_email__" data-cfemail="2b595e474e06484446464e455f586b584e48054c445d">[email protected]</span></a>. Please include
File Number SR-NYSEArca-2021-79 on the subject line.
Paper Comments
<bullet> 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-NYSEArca-2021-79. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2021-79, and should be
submitted on or before October 6, 2021.
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\26\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-19862 Filed 9-14-21; 8:45 am]
BILLING CODE 8011-01-P
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