Notice2021-24897
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
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
November 16, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 218 (Tuesday, November 16, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 218 (Tuesday, November 16, 2021)]
[Notices]
[Pages 63431-63436]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-24897]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93545; File No. SR-NYSE-2021-65]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List
November 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 November 1, 2021, 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,
II, and III below, which Items have been prepared by the Exchange. 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.
---------------------------------------------------------------------------
[[Page 63432]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to to[sic] amend its Price List to (1)
eliminate the underutilized additional credits for member organizations
that add liquidity in Tape B and C Securities when qualifying for
certain non-tier and tiered credits by adding liquidity in Tape A
Securities; (2) eliminate the underutilized Adding Tier for Non-
Displayed Providers in Tape A Securities; and (3) revise the
requirements to qualify for the Tier 5 Adding Credit in Tape A
Securities. The Exchange proposes to implement the rule change on
November 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 Exchange proposes to amend its Price List to (1) eliminate the
underutilized additional credits for member organizations that add
liquidity in Tape B and C Securities when qualifying for certain non-
tier and tiered credits by adding liquidity in Tape A Securities; (2)
eliminate the underutilized Adding Tier for Non-Displayed Providers in
Tape A Securities; and (3) revise the requirements to qualify for the
Tier 5 Adding Credit in Tape A Securities.
The proposed revision to the Tier 5 Adding Credit responds to the
current competitive environment where order flow providers have a
choice of where to direct liquidity-providing orders by offering
further incentives for member organizations to send additional
displayed liquidity to the Exchange.
The Exchange proposes to implement the rule change on November 1,
2021.
Current Market and Competitive Environment
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. Specifically, 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.'' \4\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
---------------------------------------------------------------------------
As the Commission itself has recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\5\ Indeed, equity trading is currently dispersed across 16
exchanges,\6\ 31 alternative trading systems,\7\ and numerous broker-
dealer internalizers and wholesalers. Based on publicly-available
information, no single exchange has more than 18% of the market.\8\
Therefore, no exchange possesses significant pricing power in the
execution of equity order flow. More specifically, the Exchange's share
of executed volume of equity trades in Tapes A, B and C securities is
less than 12%.\9\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 51808[sic], 84FR
5202, 5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee
Pilot for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
\6\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at <a href="http://markets.cboe.com/us/equities/market_share/">http://markets.cboe.com/us/equities/market_share/</a>. See generally <a href="https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html">https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html</a>.
\7\ See FINRA ATS Transparency Data, available at <a href="https://otctransparency.finra.org/otctransparency/AtsIssueData">https://otctransparency.finra.org/otctransparency/AtsIssueData</a>. A list of
alternative trading systems registered with the Commission is
available at <a href="https://www.sec.gov/foia/docs/atslist.htm">https://www.sec.gov/foia/docs/atslist.htm</a>.
\8\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at <a href="http://markets.cboe.com/us/equities/market_share/">http://markets.cboe.com/us/equities/market_share/</a>.
\9\ See id.
---------------------------------------------------------------------------
The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the numerous currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
Proposed Rule Change
The Exchange proposes to eliminate certain underutilized additional
credits for adding liquidity in Tape B and C Securities and the
underutilized Adding Tier for Non-Displayed Providers in Tape A
Securities, as follows.
Underutilized Additional Credits
Member organizations adding liquidity in Tape A Securities and
meeting all of the requirements of the Non-Tier Adding Credit, the Tier
1 Adding Credit, the Tier 2 Adding Credit, the Tier 3 Adding Credit,
the Tier 4 Adding Credit, the Tier 5 Adding Credit, the Tier 6 Adding
Credit, the Step Up Tier 1 Adding Credit, the Step Up Tier 2 Adding
Credit and the Step Up Tier 4 Adding Credit are currently eligible for
an additional credit of $0.0001 per share (under the Non-Tier Adding
Credit, Tier 3 Adding Credit, Tier 4 Adding Credit, Tier 5 Adding
Credit, Tier 6 Adding Credit, and Step Up Tier 4 Adding Credit) or
$0.0005 per share (under the Tier 1 Adding Credit, Tier 2 Adding
Credit, Step Up Tier 1 Adding Credit, and Step Up Tier 2 Adding Credit)
if the member organization also adds a specified amount of liquidity,
excluding liquidity added as an Supplemental Liquidity Provider
(``SLP''), in Tapes B and C Securities.
The Exchange proposes to eliminate and remove these additional
credits from the Non-Tier Adding Credit, Tier 1 Adding Credit, Tier 2
Adding Credit, Tier 3 Adding Credit, Tier 4 Adding Credit, Tier 5
Adding Credit, Tier 6 Adding Credit, Step Up Tier 1 Adding Credit, Step
Up Tier 2 Adding Credit and Step Up Tier 4 Adding Credit sections of
the Price List. The additional credit has been underutilized by member
organizations insofar as no member organization qualified for an
additional credit year to date in any of the non-tier or tiers in which
it is offered. As such, Exchange does not anticipate that any member
organization in the near future would qualify for the additional
credits that are the subject of this proposed rule change.
Underutilized Adding Tier for Non-Displayed Providers in Tape A
Securities
Under the current Adding Tier for Non-Displayed Providers, the
Exchange provides credits in Tape A securities for all orders, other
than MPL Orders, from
[[Page 63433]]
qualifying member organizations that have at least
<bullet> an average daily trading volume (``ADV'') that adds
liquidity to the Exchange during the billing month (``Adding ADV'') of
0.35% of Tape A consolidated ADV (``Tape A CADV''), excluding any
liquidity added by a Designated Market Maker (``DMM''); \10\ and
---------------------------------------------------------------------------
\10\ Footnote 2 to the Price List defines ADV as ``average daily
volume'' and ``Adding ADV'' as ADV that adds liquidity to the
Exchange during the billing month. CADV is defined in footnote * of
the Price List.
---------------------------------------------------------------------------
<bullet> Adding ADV of Non-Displayed Limit Orders of at least 4
million shares; and
<bullet> 35% of the Member Organization's Total Adding ADV is
comprised of Non-Displayed Limit Orders.
A member organization that meets the above requirements receives a
credit of $0.0023 per share ($0.0006 per share for Non-Displayed Limit
Orders) if the member organization has an Adding ADV of at least 0.35%
of Tape A CADV or a credit of $0.0026 per share ($0.0007 per share for
Non-Displayed Limit Orders) if the member organization has Adding ADV
of at least 0.45% of Tape A CADV.
In addition, Member Organizations meeting the above requirements
and adding liquidity, excluding liquidity added as an SLP, in Tapes B
and C Securities of at least 0.20% of Tape B and Tape C CADV combined
will receive an additional $0.00005 per share.
The Exchange proposes to eliminate the Adding Tier for Non-
Displayed Providers in its entirety and remove it from the Price List.
The tier, including the additional $0.00005 per share credit, has been
underutilized by member organizations insofar as no member organization
has qualified for the tier since its introduction in April 2021. As
such, Exchange does not anticipate any member organization in the near
future would qualify for the credit that is the subject of this
proposed rule change.
Alternative Qualification for Tier 5 Adding Credit
In response to the competitive environment described above, the
Exchange has established incentives for its member organizations who
submit orders that provide liquidity on the Exchange. The proposed fee
change is also designed to attract additional order flow to the
Exchange by incentivizing member organizations to submit additional
displayed liquidity to the Exchange.
Under the current Tier 5 Adding Credit, the Exchange provides a
$0.0017 credit in Tape A securities for orders, other than MPL and Non-
Display Reserve orders, that add liquidity to the Exchange where a
member organization's Adding ADV, excluding liquidity added as an SLP
and as a DMM, is at least 0.29% of NYSE CADV. Further, member
organizations that meet the above requirements and add liquidity,
excluding liquidity added as an SLP, in Tape B and C Securities of at
least 0.20% of Tape B and Tape C CADV combined, would receive an
additional $0.0001 per share. As discussed above, the Exchange proposes
to delete this additional credit as underutilized.
The Exchange further proposes to provide an alternative way for
member organizations to qualify for the Tier 5 Adding Credit. As
proposed, as an alternative to where a member organization's Adding
ADV, excluding liquidity added as an SLP and as a DMM, is at least
0.29% of NYSE CADV, member organizations that have an Adding ADV,
excluding liquidity added as an SLP and as a DMM, of at least 0.125% of
NYSE CADV and two times more than the Member Organization's Adding ADV
in Tape A Securities in Q1 2021 \11\ as a percentage of NYSE CADV would
also qualify for the $0.0017 credit.
---------------------------------------------------------------------------
\11\ The current Tier 6 Adding Credit uses ``1Q'', which the
Exchange proposes to change to ``Q1'' for consistency and clarity.
---------------------------------------------------------------------------
The Exchange believes that the alternative way to qualify for the
Tier 5 Adding Credit will incentivize greater participation from member
organizations to increase liquidity-providing orders in the Tape A
securities they send to the Exchange to qualify for the Tier 5 Adding
Credit, which would support the quality of price discovery on the
Exchange and provide additional liquidity for incoming orders. As noted
above, the Exchange operates in a competitive environment, particularly
as it relates to attracting non-marketable orders, which add liquidity
to the Exchange. The Exchange does not know how much order flow member
organizations choose to route to other exchanges or to off-exchange
venues. Based on the profile of liquidity-adding firms generally, the
Exchange believes that additional member organizations could qualify
for the tier under the revised qualification criteria if they choose to
direct order flow to, and increase quoting on, the Exchange. However,
without having a view of member organization's activity on other
exchanges and off-exchange venues, the Exchange has no way of knowing
whether this proposed rule change would result in any member
organization directing orders to the Exchange in order to qualify for
the new tier.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\13\ 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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------
The Proposed Change Is Reasonable
Elimination of Underutilized Credits and Adding Tier in Tape A
Securities
The Exchange believes that the proposed elimination of the
underutilized additional credits for member organizations that add
liquidity in Tape B and C Securities when qualifying for certain non-
tier and tiered credits by adding liquidity in Tape A Securities is
reasonable because member organizations have underutilized this
incentive. No member organization has qualified for an additional
credit year to date in any of the non-tier or tiers in which it is
offered. The Exchange does not anticipate any member organization in
the near future qualifying for the rebate that is the subject of this
proposed rule change. Similarly, the Exchange believes that the
proposed elimination of the Adding Tier for Non-Displayed Providers in
Tape A Securities is reasonable. No member organization has qualified
for the rebate since it was adopted in April 2021, and the Exchange
does not anticipate any member organization in the near future
qualifying for the tier. The Exchange believes it is reasonable to
eliminate credits when such incentives become underutilized. The
Exchange also believes eliminating underutilized incentives would add
clarity and transparency to the Price List.
Alternative Qualification for Tier 5 Adding Credit in Tape A Securities
As discussed above, 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
[[Page 63434]]
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.'' \14\ While
Regulation NMS has enhanced competition, it has also fostered a
``fragmented'' market structure where trading in a single stock can
occur across multiple trading centers. When multiple trading centers
compete for order flow in the same stock, the Commission has recognized
that ``such competition can lead to the fragmentation of order flow in
that stock.'' \15\
---------------------------------------------------------------------------
\14\ See Regulation NMS, supra note 4, at 37499.
\15\ See Securities Exchange Act Release No. 61358, 75 FR 3594,
3597 (January 21, 2010) (File No. S7-02-10) (Concept Release on
Equity Market Structure).
---------------------------------------------------------------------------
Given the current competitive environment, the Exchange believes
that the proposed revision to the requirements for member organizations
to qualify for Tier 5 Adding Credit represents a reasonable attempt to
attract additional order flow to the Exchange. Specifically, the
Exchange believes that the proposed revision is reasonable because it
would provide further incentives for member organizations to route
additional liquidity-providing orders to a public exchange, thereby
promoting price discovery and transparency and enhancing order
execution opportunities for member organizations. All member
organizations would benefit from the greater amounts of liquidity that
will be present on the Exchange, which would provide greater execution
opportunities.
As noted above, the Exchange operates in a competitive environment,
particularly as relates to attracting non-marketable orders, which add
liquidity to the Exchange. The Exchange believes that an alternative
method to qualify for the tier will provide greater incentives for
member organizations to add more liquidity to the Exchange. The
Exchange does not know how much order flow member organizations choose
to route to other exchanges or to off-exchange venues. Based on the
profile of liquidity-adding firms generally, the Exchange believes that
additional member organizations could qualify for the tier under the
revised qualification criteria if they choose to direct order flow to,
and increase quoting on, the Exchange. However, without having a view
of member organizations' activity on other exchanges and off-exchange
venues, the Exchange has no way of knowing whether this proposed rule
change would result in any additional member organizations directing
orders to the Exchange in order to qualify for the Tier 5 Adding
Credit.
The Proposal Is an Equitable Allocation of Fees
Elimination of Underutilized Credits and Adding Tier in Tape A
Securities
The Exchange believes the proposal equitably allocates fees among
its market participants because the underutilized additional credits
and Adding Tier the Exchange proposes to eliminate would be eliminated
in their entirety, and would no longer be available to any member
organization in any form. Similarly, the Exchange believes the proposal
equitably allocates fees among its market participants because
elimination of the underutilized credits would apply to all similarly-
situated member organizations on an equal basis. All such member
organizations would continue to be subject to the same fee structure,
and access to the Exchange's market would continue to be offered on
fair and nondiscriminatory terms.
Alternative Qualification for Tier 5 Adding Credit in Tape A Securities
The Exchange believes the proposed rule change equitably allocates
its fees among its market participants. The proposed change would
continue to encourage member organizations to submit additional
liquidity to the Exchange and execute orders on the Exchange, thereby
contributing to robust levels of liquidity, to the benefit of all
market participants.
The Exchange believes that providing an additional way to qualify
for the Tier 5 Adding Credit would encourage the submission of
additional liquidity to the Exchange, thereby providing customers with
a higher quality venue for price discovery, liquidity, competitive
quotes and price improvement. The proposed change will thereby
encourage the submission of additional liquidity to a national
securities exchange, thus promoting price discovery and transparency
and enhancing order execution opportunities for member organizations
from the substantial amounts of liquidity present on the Exchange. All
member organizations would benefit from the greater amounts of
liquidity that will be present on the Exchange, which would provide
greater execution opportunities.
The proposal neither targets nor will it have a disparate impact on
any particular category of market participant. Specifically, the
Exchange believes that the proposal constitutes an equitable allocation
of fees because all similarly situated member organizations would be
eligible for the same credits if they meet the revised requirements for
the tier. As to those member organizations that do not presently
qualify for the adding liquidity credit, the proposal will not
adversely impact their existing pricing or their ability to qualify for
other credits provided by the Exchange.
The Proposal Is Not Unfairly Discriminatory
Elimination of Underutilized Credits and Adding Tier in Tape A
Securities
The Exchange believes that the proposal is not unfairly
discriminatory. The proposal is not unfairly discriminatory because it
neither targets nor will it have a disparate impact on any particular
category of market participant. The Exchange believes that the proposal
is not unfairly discriminatory because the proposed elimination of the
underutilized additional credits and Adding Tier would affect all
similarly-situated market participants on an equal and non-
discriminatory basis. The Exchange believes that eliminating credits
that are underutilized and ineffective would no longer be available to
any member organization on an equal basis. The Exchange also believes
that the proposed change would protect investors and the public
interest because the deletion of underutilized fees would make the
Price List more accessible and transparent and facilitate market
participants' understanding of the fees charged for services currently
offered by the Exchange.
Alternative Qualification for Tier 5 Adding Credit in Tape A Securities
The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, member
organizations are free to disfavor the Exchange's pricing if they
believe that alternatives offer them better value.
The proposed changes to the Tier 5 Adding Credit are not unfairly
discriminatory because the alternate requirements to achieve the credit
would be applied to all similarly situated member organizations and
other market participants, who would all be subject to the same
modified requirements to qualify for the tier and the same credits on
an equal basis. For the same reason, the proposal neither targets nor
will it have a disparate impact on any particular category of market
participant. Accordingly, no
[[Page 63435]]
member organization already operating on the Exchange would be
disadvantaged by this allocation of fees. Further, the Exchange
believes the proposal would incentivize member organizations to send
more orders to the Exchange to qualify for higher credits.
The Exchange believes that the proposed changes would not permit
unfair discrimination among member organizations because the tiered
rates are available equally to all member organizations. As described
above, in today's competitive marketplace, order flow providers have a
choice of where to direct liquidity-providing order flow, and the
Exchange believes there are additional member organizations that could
qualify if they chose to direct their order flow to the Exchange.
Finally, the submission of orders to the Exchange is optional for
member organizations in that they could choose whether to submit orders
to the Exchange and, if they do, the extent of its activity in this
regard.
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.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\16\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the proposal relates
to the elimination of an underutilized credits and an adding tier and,
as such, would not have any impact on intra- or inter-market
competition because the proposed change is solely designed to
accurately reflect the services that the Exchange currently offers,
thereby adding clarity to the Price List.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
In accordance with Section 6(b)(8) of the Act,\17\ the Exchange
further believes that the proposed rule change offering an alternative
method to qualify for the Tier 5 Adding Credit would not 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 change would encourage the
submission of additional liquidity and order flow to a public exchange,
thereby enhancing order execution opportunities for member
organizations. As a result, the Exchange believes that the proposed
change furthers the Commission's goal in adopting Regulation NMS of
fostering competition among orders, which promotes ``more efficient
pricing of individual stocks for all types of orders, large and
small.'' \18\
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b)(8).
\18\ Regulation NMS, 70 FR at 37498-99.
---------------------------------------------------------------------------
Intramarket Competition. The proposed change is designed to attract
additional order flow to the Exchange. As described above, the Exchange
believes that the proposed change would provide additional incentives
for market participants to route liquidity-providing orders to the
Exchange. Greater liquidity benefits all market participants on the
Exchange by providing more trading opportunities and encourages member
organizations to send orders, thereby contributing to robust levels of
liquidity, which benefits all market participants on the Exchange. The
current and proposed credits 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 choose to
send their orders to other exchanges and off-exchange venues if they
deem fee levels at those other venues to be more favorable. In such an
environment, the Exchange must continually adjust its fees and rebates
to remain competitive with other exchanges and off-exchange venues.
Because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
order routing practices, the Exchange does not believe its proposed fee
change can impose any burden on intermarket competition.
The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar order types and comparable
transaction pricing, 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 19(b)(3)(A) \19\ of the Act and subparagraph (f)(2) of Rule
19b-4 \20\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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) \21\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\21\ 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
<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#384a4d545d155b5755555d564c4b784b5d5b165f574e"><span class="__cf_email__" data-cfemail="90e2e5fcf5bdf3fffdfdf5fee4e3d0e3f5f3bef7ffe6">[email protected]</span></a>. Please include
File Number SR-NYSE-2021-65 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-NYSE-2021-65. 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
[[Page 63436]]
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-
NYSE-2021-65, and should be submitted on or before December 7, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
---------------------------------------------------------------------------
\22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-24897 Filed 11-15-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 16, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.