Notice2022-02181
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE American 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
February 3, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 23 (Thursday, February 3, 2022)</title>
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[Federal Register Volume 87, Number 23 (Thursday, February 3, 2022)]
[Notices]
[Pages 6212-6216]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-02181]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94093; File No. SR-NYSEAMER-2022-08]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Options Fee Schedule
January 28, 2022.
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 January 21, 2022, NYSE American LLC (``NYSE American''
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 amend the NYSE American Options Fee
Schedule (``Fee Schedule'') regarding fees for Professional executions.
The Exchange proposes to implement the fee change effective January 21,
2022.\4\ The proposed 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.
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\4\ The Exchange originally filed to amend the Fee Schedule on
December 29, 2021 (SR-NYSEAmer-2021-52), with an effective date of
January 3, 2022, then withdrew such filing and amended the Fee
Schedule on January 12, 2022 (SR-NYSEAmer-2022-04), which latter
filing the Exchange withdrew on January 21, 2022.
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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 modify certain fees for Electronic
executions in the ``Professional'' range.\5\ Specifically, the Exchange
proposes to modify the fees for Electronic executions in the
Professional range for all participants, as well as fees for Electronic
executions for participants that qualify for the Professional Step-Up
Incentive.\6\ The Exchange further proposes a discounted rate for
Electronic volume in the Professional range for ATP Holders that
achieve Tier 3 or higher in the American
[[Page 6213]]
Customer Engagement (``ACE'') Program.\7\
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\5\ For purposes of this filing, ``Professional'' Electronic
volume includes: Professional Customer, Broker Dealer, Non-NYSE
American Options Market Maker, and Firm.
\6\ See NYSE American Options Fee Schedule, Section I.H.,
available at: <a href="https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf</a>.
\7\ See id. at Section I.E. (American Customer Engagement
(``ACE'') Program). The ACE program offers tiered credits based on
increasing levels of Customer Electronic Average Daily Volume
(``ADV'') or Total Electronic ADV, of which 20% of the qualifying
volume for the Tier must be Customer volume. Participants in the ACE
Program are eligible for per contract credits on Customer volume in
Electronic options transactions based on the ACE Tier achieved.
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The Exchange proposes to implement the rule change on January 21,
2022.
Proposed Rule Change
Professional Transaction Rates
Currently, Section I.A. of the Fee Schedule (``Rates for Options
transactions'') provides that the Exchange charges all participants a
base rate of $0.75 per contract for Electronic executions in the
Professional range in Non-Penny issues. The Exchange proposes to
increase the rate per contract for Electronic transactions in Non-Penny
issues for all participants that execute in the Professional range to
$0.85 per contract.
The Exchange also proposes to increase the per contract rate for
Electronic transactions in Penny issues by Firm participants from $0.47
to $0.49.
The Exchange further proposes to add footnote 8 in Section I.A.,
which would provide for an additional discount to ATP Holders that also
participate in the ACE program. Specifically, ATP Holders that achieve
at least ACE Tier 3 would qualify for a further discounted rate of
$0.80 per contract for Electronic transactions in the Professional
range in Non-Penny issues.\8\
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\8\ To effect this change, the Exchange also proposes to add
references to footnote 8 in the ``Participant'' column to specify
that the rate set forth in footnote 8 would be available to Broker-
Dealer, Firm, Non-NYSE American Options Market Maker, and
Professional Customer participants. See proposed Fee Schedule,
Section I.A.
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Professional Step-Up Incentive
The Professional Step-Up Incentive is a program offering incentives
to ATP Holders that increase their Electronic volume in the
Professional range. Currently, the Professional Step-Up Incentive
program provides that ATP Holders that increase their monthly
Electronic Professional volume by specified percentages of TCADV over
their August 2019 volume or, for new ATP Holders, that increase
Electronic Professional volume by specified percentages of TCADV above
a base level of 10,000 contracts ADV, will qualify for certain reduced
transaction rates on Electronic Professional volume, as well as credits
on Electronic Customer volume at Tier 1 of the ACE program. The
Professional Step-Up Incentive program offers such incentives at two
Tiers, based on qualifying volume.
The Exchange proposes to modify the rates offered under the
Professional Step-Up Incentive program to increase the per contract
Non-Penny rates for both Tiers by $0.05 per contract. Specifically, the
Exchange proposes to increase the rate for Tier A from $0.60 per
contract to $0.65 per contract, and to increase the rate for Tier B
from $0.50 per contract to $0.55 per contract.
* * * * *
The Exchange's fees are constrained by intermarket competition, as
ATP Holders may direct their order flow to any of the 16 options
exchanges, including exchanges that charge similar fees for
Professional transactions and that offer a similar incentive program
for Professional volume.\9\ Thus, ATP Holders have a choice of where
they direct their order flow. The Exchange believes that the proposed
modifications to the base rates applicable to Electronic executions in
the Professional range (including the additional discount proposed for
ATP Holders that achieve ACE Tier 3 or better) and to the Professional
Step-Up Incentive program would not discourage ATP Holders from
continuing to direct and execute Electronic Professional volume on the
Exchange. In addition, the proposed change to provide ATP Holders that
achieve ACE Tier 3 or higher with a lower per contract rate on Non-
Penny Electronic transactions in the Professional range is designed to
incent ATP Holders to direct such order flow to the Exchange by
offering a more favorable rate on Professional executions while also
encouraging increased Customer volume. Moreover, although the proposed
changes would increase the rates for Electronic executions in the
Professional range for Non-Penny issues (and, for Firm participants,
the rates for executions in Penny issues), the modified rates remain
lower than those charged by competing options exchanges,\10\ and the
Exchange does not believe that the modified rates would discourage ATP
Holders from continuing to direct Electronic Professional volume to the
Exchange, thereby promoting market quality and opportunities for order
execution for all market participants. In addition, while the Exchange
likewise proposes increased rates for Non-Penny contracts for
participants in the Professional Step-Up Incentive program, the
Exchange believes that the program, as modified, would continue to
incent ATP Holders to direct both Professional and Customer order flow
to the Exchange because it would continue to offer discounted rates on
Professional volume coupled with ACE program Tier 1 credits on Customer
volume. Thus, the Exchange believes the proposed changes should
continue to incent the consistent and concerted direction of both
Professional and Customer order flow to the Exchange by ATP Holders,
making it a more attractive venue for trading.
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\9\ See, e.g., Nasdaq MRX, LLC (``Nasdaq MRX'') Options 7
Pricing Schedule, Section 3. Regular Order Fees and Rebates,
available at: <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20Options%207">https://listingcenter.nasdaq.com/rulebook/mrx/rules/MRX%20Options%207</a> (charging $0.90 maker fee and $1.10 taker fee for
transactions by NASDAQ MRX Professional Customers in non-penny
symbols); BOX Exchange (``BOX'') Fee Schedule, Section I.A. Non-
Auction Transactions, available at: <a href="https://boxoptions.com/regulatory/fee-schedule/">https://boxoptions.com/regulatory/fee-schedule/</a> (providing for $0.95 fee on BOX
Professional Customer or Broker Dealer transactions with customers);
Nasdaq ISE, LLC (``Nasdaq ISE'') Options 7 Pricing Schedule, Section
3. Regular Order Fees and Rebates, available at: <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207">https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207</a>
(providing for $0.70 maker fee and $0.90 taker fee for Professional
transactions); see also MIAX Options (``MIAX'') Fee Schedule,
Section 1.a.iv, Professional Rebate Program, available at: <a href="https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_121021.pdf">https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_121021.pdf</a> (setting forth incentive
program that, like the Professional Step-Up Incentive, provides a
discounted net rate on Professional (as defined by the MIAX program)
electronic volume, provided the Member achieves certain Professional
volume increase percentage thresholds in the month relative to the
fourth quarter of 2015).
\10\ See Nasdaq MRX Pricing Schedule, BOX Fee Schedule, and
Nasdaq ISE Fee Schedule, id.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\11\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\12\ 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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\11\ 15 U.S.C. 78f(b).
\12\ 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
[[Page 6214]]
system ``has been remarkably successful in promoting market competition
in its broader forms that are most important to investors and listed
companies.'' \13\
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\13\ 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.\14\ Therefore, no exchange possesses significant pricing power
in the execution of multiply-listed equity and ETF options order flow.
More specifically, in November 2021, the Exchange had less than 8%
market share of executed volume of multiply-listed equity and ETF
options trades.\15\
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\14\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available at: <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>.
\15\ Based on a compilation of 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 was 9.09%
for the month of November 2020 and 7.06% for the month of November
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. Stated otherwise, changes
to exchange transaction fees can have a direct effect on the ability of
an exchange to compete for order flow.
The Exchange believes that the proposed modifications to the
Professional transaction fees and to the Firm charge for transactions
in Penny issues are reasonable because they are within the range of
fees currently charged by other options exchanges and, in the case of
the Firm rate, would also more closely align with both the Exchange's
Penny rates for other executions in the Professional range and the fee
charged by another options exchange.\16\ Accordingly, the Exchange
believes that the proposed rates, although they would generally
increase the rates for Professional Electronic executions, would not
discourage ATP Holders from continuing to direct Professional volume to
the Exchange. In addition, to the extent the proposed fees on
Professional volume are coupled with new or existing incentives that
are intended to encourage Customer volume (e.g., the proposed
additional discount available to ATP Holders that achieve ACE Tier 3 or
higher), the Exchange further believes that the proposed changes are
reasonably designed to encourage ATP Holders to direct a variety of
transactions to the Exchange. All market participants stand to benefit
from such volume--whether Professional or Customer--as such increase
promotes market depth, facilitates tighter spreads and enhances price
discovery, and may lead to a corresponding increase in order flow from
other market participants.
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\16\ See Nasdaq MRX Pricing Schedule, BOX Fee Schedule, and
Nasdaq ISE Fee Schedule, supra note 9; see also Fee Schedule,
Section I.A. (providing for $0.50 per contract rate for Penny issues
for Broker-Dealer, Non-NYSE American Options Market Maker, and
Professional Customer participants); Nasdaq Options Market, Options
7 Pricing Schedule, Section 2 Nasdaq Options Market--Fees and
Rebates, available at: <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Options%207</a> (setting forth $0.50 fee for Firms
to remove liquidity in penny symbols).
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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 ATP Holders can
opt to direct their Professional Electronic order flow to the Exchange
to avail themselves of the rates and incentives offered or not. The
Exchange also believes that the proposed rate for Firm transactions in
Penny issues would be an equitable allocation of fees because it would
bring the rate closer in line with those assessed to other participants
executing in the Professional range. Moreover, although the proposed
changes would generally increase the rates for Electronic executions in
the Professional range, the Exchange believes that they would not
discourage ATP Holders from continuing to aggregate their executions at
the Exchange as a primary execution venue, particularly to the extent
the proposal provides opportunities for ATP Holders to qualify for
reduced rates by increasing their Customer volume. The Exchange further
believes that maintaining a higher fee for Professional transactions as
compared to transactions by Market Makers and Specialists represents an
equitable allocation of fees because Market Makers and Specialists are
subject to heightened obligations and additional fees based on their
roles on the Exchange.
To the extent that the proposed changes attract more Professional
Electronic volume or Customer volume to the Exchange, this increased
order flow would continue to make the Exchange a more competitive venue
for, among other things, order execution. Thus, the Exchange believes
the proposed rule changes 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 that the proposal is not unfairly
discriminatory because the proposed modifications would be apply and be
available to all similarly-situated market participants on an equal and
non-discriminatory basis.
The proposed changes are based on the amount and type of business
transacted on the Exchange and would apply to all ATP Holders that
execute Professional Electronic transactions to the Exchange. The
Exchange believes that the disparity between fees for Professional
Electronic transactions and Electronic transactions by Market Makers or
Specialists is not unfairly discriminatory because those participants
are subject to heightened obligations and additional fees based on
their roles on the Exchange. In addition, ATP Holders that qualify for
the Professional Step-Up Incentive will still be entitled to a
discounted rate based on the Tier they achieve. The Exchange also
believes that increasing the rate for Firm transactions in Penny issues
would not be unfairly discriminatory because it would bring the rate
closer in line with those assessed for transactions by other
participants in the Professional range in Penny issues. In addition, to
the extent the proposed rates are intended to incent both Professional
and Customer volume, the Exchange believes they are designed to
continue to encourage ATP Holders to direct order flow to the Exchange
and utilize the Exchange as a primary trading venue (if they have not
done so previously). To the extent that the proposed changes attract
more executions to the Exchange, this increased order flow would
continue to make the Exchange a more competitive venue for, among other
things, order execution. Thus, the Exchange believes the proposed rule
changes 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
[[Page 6215]]
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, 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.
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, 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.'' \17\
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\17\ See Reg NMS Adopting Release, supra note 13, at 37499.
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Intramarket Competition. The Exchange believes that the proposed
modifications to the base rates for Professional Electronic
transactions, as well as to the rates available to ATP Holders that
qualify for the Professional Step-Up Incentive, would continue to
incent market participants to direct both Professional and Customer
volume to the Exchange. Greater liquidity benefits all market
participants on the Exchange, and increased Electronic Professional
volume would increase opportunities for execution of other trading
interest. In addition, the base rates, as modified, would be the same
for all participants executing Professional Electronic volume in Non-
Penny issues, and the rates for ATP Holders that achieve the
Professional Step-Up Incentive will continue to be discounted and
maintain the incentive structure of the two Tiers of that program. In
addition, while Professional transactions will continue to be subject
to a higher fee than transactions by Market Makers or Specialists, the
Exchange does not believe that the proposed change would impose any
burden on competition that is not necessary or appropriate because the
lower fees offered to Market Makers or Specialists on their Electronic
transactions are balanced with heightened obligations and additional
fees based on their roles 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 (including other options exchanges with a similar incentive
program or comparable transaction fees) \18\ 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.\19\ Therefore, no exchange possesses significant pricing power
in the execution of multiply-listed equity & ETF options order flow.
More specifically, in November 2021, the Exchange had less than 8%
market share of executed volume of multiply-listed equity and ETF
options trades.\20\
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\18\ See supra note 9.
\19\ See supra note 14.
\20\ See supra note 15.
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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 continue to encourage ATP Holders to direct trading
interest to the Exchange, to provide liquidity and to attract order
flow, including by continuing to provide discounted rates for ATP
Holders that achieve the Professional Step-Up Incentive and offering a
new discounted rate to ATP Holders that execute the requisite Customer
volume to achieve ACE Tier 3. 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.
Thus, the Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar pricing models, 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) \21\ of the Act and subparagraph (f)(2) of Rule
19b-4 \22\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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) \23\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\23\ 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#3b494e575e16585456565e554f487b485e58155c544d"><span class="__cf_email__" data-cfemail="9eecebf2fbb3fdf1f3f3fbf0eaeddeedfbfdb0f9f1e8">[email protected]</span></a>. Please include
File Number SR-NYSEAMER-2022-08 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-NYSEAMER-2022-08. 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
[[Page 6216]]
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-NYSEAMER-2022-08, and should be
submitted on or before February 24, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-02181 Filed 2-2-22; 8:45 am]
BILLING CODE 8011-01-P
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