Notice2022-04560
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Proprietary Market Data 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
March 7, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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[Federal Register Volume 87, Number 44 (Monday, March 7, 2022)]
[Notices]
[Pages 12743-12748]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-04560]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94319; File No. SR-NYSEArca-2022-10]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Options Proprietary Market Data Fee Schedule
February 28, 2022.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\
[[Page 12744]]
notice is hereby given that, on February 24, 2022, NYSE Arca, Inc.
(``NYSE Arca'' or the ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II below, which Items have been prepared by
the self-regulatory organization. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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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 Arca Options Proprietary
Market Data Fee Schedule (``Fee Schedule'') to introduce a data product
to be known as the NYSE Options Open-Close End of Day Volume Summary
(``End of Day Volume Summary'') that would be available for purchase by
any market participant, i.e., members \4\ and non-members, on an ad-hoc
basis and to adopt fees for such product. 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.
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\4\ Members of the Exchange are OTP Firms, OTP Holders and ETP
Holders.
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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 Exchange proposes to introduce a data product to be known as
the End of Day Volume Summary that would be available for purchase by
market participants on an ad-hoc basis and to adopt fees for such
product.\5\
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\5\ The Exchange previously adopted a subscription-based market
data product known as the NYSE Options Open-Close Volume Summary
that market participants can purchase on a subscription basis. See
Securities Exchange Act Release No. 93132 (September 27, 2021), 86
FR 54499 (October 1, 2021) (SR-NYSEArca-2021-82). The purpose of
this filing is to introduce a historic monthly report of the NYSE
Options Open-Close Volume Summary that would be available for
purchase by any market participant on an ad-hoc basis.
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More specifically, the Exchange proposes to offer an ad-hoc
historic monthly End of Day Volume Summary market data product that
will provide a volume summary of trading activity on the Exchange at
the option level by origin (Customer, Professional Customer, Firm,
Broker-Dealer, and Market Maker \6\), side of the market (buy or sell),
contract volume, and transaction type (opening or closing). The
Customer, Professional Customer, Firm, Broker-Dealer, and Market Maker
volume will be further broken down into trade size buckets (less than
100 contracts, 100-199 contracts, greater than 199 contracts). The ad-
hoc historic monthly End of Day Volume Summary is proprietary Exchange
trade data and does not include trade data from any other exchange. It
is also a historical data product and not a real-time data feed. The
Exchange proposes to offer data that would go back to December 2018 and
would contain all series in an underlying security if it has volume.\7\
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\6\ The terms Customer, Professional Customer, Firm and Market
Maker are defined in Rule 1.1.
\7\ The specifications for the ad-hoc historic monthly End of
Day Volume Summary can be found at <a href="https://www.nyse.com/market-data/historical/open-close-volume-summary">https://www.nyse.com/market-data/historical/open-close-volume-summary</a>.
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The Exchange anticipates a wide variety of market participants to
purchase the ad-hoc historic monthly End of Day Volume Summary,
including, but not limited to, individual customers, buy-side
investors, investment banks and academic institutions. For example,
academic institutions may utilize the proposed product to promote
research and studies of the options industry to the benefit of all
market participants. The Exchange believes the proposed product may
also provide helpful trading information regarding investor sentiment
and may be used to create and test trading models and analytical
strategies. The ad-hoc historic monthly End of Day Volume Summary is a
completely voluntary product, in that the Exchange is not required by
any rule or regulation to make this data available and that potential
customers may purchase it on an ad-hoc basis only if they voluntarily
choose to do so. The Exchange notes that other exchanges offer a
similar product.\8\ As such, the ad-hoc historic monthly End of Day
Volume Summary is subject to direct competition from similar end of day
options trading summaries offered by other exchanges. All of these
exchanges offer essentially the same end of day options trading summary
information, and generally differ solely in the amount of history
available for purchase.\9\
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\8\ See Securities Exchange Act Release Nos. 87463 (November 5,
2019), 84 FR 61129 (November 12, 2019) (SR-C2-2019-023) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Introduce a New Data Product To Be Known as Open-Close Data and To
Adopt Fees for Such Product); 55062 (January 8, 2007), 72 FR 2048
(January 17, 2007) (SR-CBOE-2006-88) (Order Granting Approval to
Proposed Rule Change To Codify a Fee Schedule for the Sale of Open
and Close Volume Data on CBOE Listed Options by Market Data Express,
LLC); and 56957 (December 13, 2007), 72 FR 71988 (December 19, 2007)
(SR-ISE-2007-115) (Notice of Filing and Immediate Effectiveness of
Proposed Rule Change Relating to Historical ISE Open/Close Trade
Profile Fees). The ad-hoc historic monthly End of Day Volume Summary
report contains the same information that is provided in the monthly
subscription-based market data product known as the NYSE Options
Open-Close Volume Summary. See note 5, supra.
\9\ For example, Nasdaq PHLX LLC offers history for their end of
day data starting in January 2009 while NYSE Options Open-Close
Volume Summary history is only offered starting in December 2018.
See <a href="https://www.nasdaqtrader.com/micro.aspx?id=photo">https://www.nasdaqtrader.com/micro.aspx?id=photo</a>.
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The Exchange proposes to provide in its Fee Schedule that market
participants may purchase the ad-hoc historic monthly End of Day Volume
Summary for a specified month (historical file). The Exchange proposes
to assess a fee of $600 per request per month for an ad-hoc request of
historical End of Day Volume Summary covering all Exchange-listed
securities. An ad-hoc request can be for any number of months beginning
with December 2018 for which the data is available.\10\ The proposed
fee for ad-hoc requests for the historic monthly End of Day Volume
Summary will apply to all market participants. The Exchange notes that
other exchanges provide a similar data product that may be purchased on
an ad-hoc basis and is comparably priced.\11\
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\10\ For example, a customer that requests historical End of Day
Volume Summary for the months of June 2021 and July 2021, would be
assessed a total of $1,200. The Exchange notes that it may make
historical data prior to December 2018 available in the future and
that such historical data would be available to all members and non-
members.
\11\ See e.g., Cboe LiveVol, LLC Market Data Fees available at
<a href="https://www.cboe.com/us/options/membership/fee_schedule/ctwo/">https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</a>. Cboe
C2 Options (``C2'') offers Open-Close Data: End-of-Day Ad-hoc
Request (historical data) and assesses a fee of $400 per request per
month. Cboe EDGX Exchange, Inc. (``EDGX'') similarly offers Open-
Close Data: End-of-Day Ad-hoc Request (historical data) and assesses
a fee of $400 per request per month. See <a href="https://www.cboe.com/us/options/membership/fee_schedule/edgx/">https://www.cboe.com/us/options/membership/fee_schedule/edgx/</a>. Nasdaq ISE, LLC (``ISE'')
offers Nasdaq ISE Open/Close Trade Profile End of Day Ad-Hoc Request
(historical data) and assesses a fee of $600 per request per month.
See Sec. 10, Market Data, at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules/ise-options-7">https://listingcenter.nasdaq.com/rulebook/ise/rules/ise-options-7</a>.
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NYSE Options Open-Close Volume Summary is subject to significant
competitive forces that constrain its
[[Page 12745]]
pricing. As described above, the Exchange's data product competes head-
to-head with numerous products currently available in the marketplace.
These products each serve as reasonable substitutes for one another as
they are each designed to provide data on options market activity which
can be used to infer longer-term trends. The information provided by
one exchange is generally similar to that provided by other exchanges
because order flow can move from one exchange to another, and market
sentiment trends that appear on one exchange are likely to be similar
to the sentiment trends on other exchanges. The key differentiator in
the quality of the data depends on the volume of transactions on a
given exchange. The greater the volume of transactions, the greater the
value of the data. The proposed fee for ad-hoc purchases of historic
monthly End of Day Volume Summary is therefore constrained by the
competition among exchanges for similar options trading summary
products.
The Exchange intends to offer the historic monthly End of Day
Volume Summary on an ad-hoc basis and charge the proposed fees on March
1, 2022.
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 Section 6(b)(5) of the Act,\13\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and to protect investors and the public
interest, and that it is not designed to permit unfair discrimination
among customers, brokers, or dealers. The Exchange also believes that
its proposal to adopt fees for End of Day Volume Summary is consistent
with Section 6(b) of the Act \14\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \15\ in particular, in that it
is an equitable allocation of dues, fees and other charges among its
members and other recipients of Exchange data.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to users and consumers of such data and also spur innovation and
competition for the provision of market data.
The Exchange believes that the proposed ad-hoc historic monthly End
of Day Volume Summary market data product would further broaden the
availability of U.S. option market data to investors consistent with
the principles of Regulation NMS. The proposed rule change would
benefit investors by providing access to historic data, which as noted
above, may promote better informed trading, as well as research and
studies of the options industry. Particularly, information regarding
opening and closing activity across different option series may
indicate investor sentiment, which can be helpful research and/or
trading information. Customers of the historic data product may be able
to enhance their ability to analyze options trade and volume data, and
create and test trading models and analytical strategies. The Exchange
believes ad-hoc historic monthly End of Day Volume Summary would
provide a valuable tool that customers can use to gain comprehensive
insight into the trading activity in a particular series, but also
emphasizes such data is not necessary for trading. Moreover, other
exchanges offer a similar data product.\16\
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\16\ See note 8, supra.
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The Exchange operates in a highly competitive market. Indeed, 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.\17\
Therefore, currently 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 13%
market share of executed volume of multiply-listed equity and ETF
options trades.\18\
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\17\ The Options Clearing Corporation (``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>.
\18\ 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 multiply-listed equity and ETF options
was 10.35% for the month of November 2020 and 12.99% for the month
of November 2021.
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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.'' \19\
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\19\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
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With respect to market data, the decision of the United States
Court of Appeals for the District of Columbia Circuit in NetCoalition
v. SEC upheld the Commission's reliance on the existence of competitive
market mechanisms to evaluate the reasonableness and fairness of fees
for proprietary market data:
In fact, the legislative history indicates that the Congress
intended that the market system ``evolve through the interplay of
competitive forces as unnecessary regulatory restrictions are
removed'' and that the SEC wield its regulatory power ``in those
situations where competition may not be sufficient,'' such as in the
creation of a ``consolidated transactional reporting system.'' \20\
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\20\ NetCoalition v. SEC, 615 F.3d 525, 535 (D.C. Cir. 2010)
(quoting H.R. Rep. No. 94-229 at 92 (1975), as reprinted in 1975
U.S.C.C.A.N. 323).
The court agreed with the Commission's conclusion that ``Congress
intended that `competitive forces should dictate the services and
practices that constitute the U.S. national market system for trading
equity securities.' '' \21\
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\21\ Id. at 535.
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More recently, the Commission confirmed that it applies a ``market-
based'' test in its assessment of market data fees, and that under that
test:
The Commission considers whether the exchange was subject to
significant competitive forces in setting the terms of its proposal
for [market data], including the level of any fees. If an exchange
meets this burden, the Commission will find that its fee rule is
consistent with the Act unless there is a substantial countervailing
basis to find that the terms of the rule violate the Act or the
rules thereunder.\22\
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\22\ See Securities Exchange Act Release No. 34-90217 (October
16, 2020), 85 FR 67392 (October 22, 2020) (SR-NYSENAT-2020-05)
(internal quotation marks omitted), quoting Securities Exchange Act
Release No. 59039 (December 2, 2008), 73 FR 74770, 74781 (December
9, 2008) (ArcaBook Approval Order).
Making similar historic data products available to market
participants fosters competition in the marketplace, and constrains the
ability of exchanges to charge supra-competitive fees. In the event
that a market participant views one exchange's historic data product as
[[Page 12746]]
more or less attractive than the competition they can and do switch
between similar products. The proposed fees are a result of the
competitive environment, as the Exchange seeks to adopt fees to attract
purchasers of the ad-hoc historic monthly End of Day Volume Summary
data product.
The Exchange believes its proposal to provide the ad-hoc historic
monthly End of Day Volume Summary is reasonable as the proposed fees
are comparable to the fees assessed by other exchanges \23\ that
provide similar historic data products.\24\ Indeed, proposing fees that
are excessively higher than established fees for similar historic data
products would simply serve to reduce demand for the Exchange's
historic data product, which as noted, is entirely optional. Like the
ad-hoc historic monthly End of Day Volume Summary, other exchanges
offer similar historic data products that each provide insight into
trading on those markets and may likewise aid in assessing investor
sentiment. Although each of these similar historic data products
provide only proprietary trade data and not trade data from other
exchanges, it is possible investors are still able to gauge overall
investor sentiment across different option series based on open and
closing interest on any one exchange. Similarly, market participants
may be able to analyze option trade and volume data, and create and
test trading models and analytical strategies using only the ad-hoc
historic monthly End of Day Volume Summary data relating to trading
activity on one or more of the other markets that provide similar
historic data products. As such, if a market participant views another
exchange's data as more attractive than the Exchange's offering, then
such market participant can merely choose not to purchase the
Exchange's historic data product and instead purchase another
exchange's historic product, which offer similar data points, albeit
based on that other market's trading activity.
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\23\ See, note 11, supra.
\24\ See, note 8, supra.
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The Exchange also believes the proposed fees are reasonable as they
would support the introduction of a historic market data product that
is designed to aid investors by providing insight into trading on the
Exchange. In turn, this data would assist market participants in
gauging investor sentiment and trading activity, resulting in
potentially better-informed trading decisions. As noted above,
customers may also use such data to create and test trading models and
analytical strategies.
Selling historic market data, such as the ad-hoc historic monthly
End of Day Volume Summary, is also a means by which exchanges compete
to attract business. To the extent that the Exchange is successful in
attracting customers to the Exchange's historic data product, it may
earn trading revenues and further enhance the value of its data
products. If the market deems the proposed fees to be unfair or
inequitable, customers can diminish or discontinue their use of the
historic data and/or avail themselves of similar products offered by
other exchanges.\25\ The Exchange therefore believes that the proposed
fees reflect the competitive environment and would be properly and
equally assessed to all customers. The Exchange also believes the
proposed fees are equitable and not unfairly discriminatory as the fees
would apply equally to all customers who choose to purchase such data.
The proposed fees would not differentiate between customers that
purchase the ad-hoc historic monthly End of Day Volume Summary, and are
set at a modest level that would allow any interested market
participant to purchase such data based on their business needs.
Nothing in this proposal treats any category of market participant any
differently from any other category of market participant. The ad-hoc
historic monthly End of Day Volume Summary is available to all market
participants, i.e., members and non-members, and all market
participants would receive the same information in the data feed.
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\25\ See, note 11, supra.
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As noted above, the Exchange anticipates a wide variety of market
participants to purchase the ad-hoc historic monthly End of Day Volume
Summary data product, including but not limited to individual
customers, buy-side investors, investment banks and academic
institutions. As such, the Exchange anticipates that the historic data
product may be used not just for commercial or monetizing purposes, but
also for educational use and research. The Exchange reiterates that the
decision as to whether or not to purchase the ad-hoc historic monthly
End of Day Volume Summary is entirely optional for all potential
customers. Indeed, no market participant is required to purchase the
historic data product, and the Exchange is not required to make the
historic data product available to market participants. Rather, the
Exchange is voluntarily making the historic data product available, as
requested by customers, and market participants may choose to receive
(and pay for) this data based on their own business needs. Potential
customers may request the data at any time if they believe it to be
valuable or may decline to purchase such data.
In sum, the fierce competition for order flow constrains any
exchange from pricing its historic market data at a supra-competitive
price, and constrains the Exchange here in setting its fees for the ad-
hoc historic monthly End of Day Volume Summary data product.
The proposed fees are therefore reasonable because in setting them,
the Exchange is constrained by the availability of numerous substitute
venues offering historic market data products and trading.\26\ Such
substitutes need not be identical, but only substantially similar to
the product at hand. More specifically, in setting fees for the ad-hoc
historic monthly End of Day Volume Summary data product, the Exchange
is constrained by the fact that, if its pricing is unattractive to
customers, customers have their pick of an increasing number of
alternative venues to use instead of the Exchange.\27\ Because of the
availability of substitutes, an exchange that overprices its historic
market data products stands a high risk that customers may substitute
another source of market data information for its own. Those
competitive pressures imposed by available alternatives are evident in
the Exchange's proposed pricing. The existence of numerous alternatives
to the Exchange ensures that the Exchange cannot set unreasonable fees
for historic market data without suffering the negative effects of that
decision in the fiercely competitive market in which it operates.
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\26\ See, note 8, supra.
\27\ See, note 11, supra.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
also does not believe the proposed fees would cause any unnecessary or
inappropriate burden on intermarket competition as other exchanges are
free to introduce their own comparable historic data product and adopt
fees to better compete with the Exchange's offering. Rather, the
Exchange believes that the proposal will promote competition by
permitting the Exchange to sell a historic data product similar to
those offered by other
[[Page 12747]]
competitor options exchanges.\28\ The Exchange is offering the ad-hoc
historic monthly End of Day Volume Summary in order to keep pace with
changes in the industry and evolving customer needs, and believes the
data product will contribute to robust competition among national
securities exchanges.
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\28\ See, note 8, supra.
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Furthermore, the Exchange operates in a highly competitive
environment, and its ability to price the ad-hoc historic monthly End
of Day Volume Summary is constrained by competition among exchanges
that offer similar historic data products to their customers. As
discussed above, there are currently a number of similar products
available to market participants and investors. A number of U.S.
options exchanges offer a historic market data product that is
substantially similar to the Exchange's offering, which the Exchange
must consider in its pricing discipline in order to compete
effectively. For example, proposing fees that are excessively higher
than established fees for similar historic data products would simply
serve to reduce demand for the Exchange's historic data product, which
as discussed, market participants are under no obligation to utilize or
purchase. In this competitive environment, potential purchasers are
free to choose which, if any, similar historic product to purchase to
satisfy their need for market information. As a result, the Exchange
believes this proposed rule change permits fair competition among
national securities exchanges.
The Exchange does not believe the proposed rule change would cause
any unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed fees would apply uniformly to any customer,
in that the Exchange would not differentiate between customers that
purchase the ad-hoc historic monthly End of Day Volume Summary and all
customers would receive the same information in the data feed. The
Exchange believes the proposed fees are set at a modest level that
would allow interested customers to purchase such data based on their
business needs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \29\ and Rule 19b-4(f)(6) \30\ thereunder.
Because the foregoing proposed rule change does not: (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \31\ and Rule 19b-4(f)(6) \32\
thereunder.
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\29\ 15 U.S.C. 78(b)(3)(A).
\30\ 17 CFR 240.19b-4(f)(6).
\31\ 15 U.S.C. 78s(b)(3)(A).
\32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \33\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\34\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay to allow the
Exchange to implement the proposed rule change and corresponding fee on
March 1, 2022, and thereby allow the Exchange to compete with exchanges
that currently offer similar historic market data products. The
Commission believes that, as described above, the Exchange's proposal
does not raise any new or novel issues. Therefore, the Commission
believes that waving the 30-day operative delay is consistent with the
protection of investors and the public interest. Accordingly, the
Commission designates the proposed rule change to be operative upon
filing.\35\
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\33\ 17 CFR 240.19b-4(f)(6).
\34\ 17 CFR 240.19b-4(f)(6).
\35\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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#d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7"><span class="__cf_email__" data-cfemail="5123243d347c323e3c3c343f2522112234327f363e27">[email protected]</span></a>. Please include
File Number SR-NYSEArca-2022-10 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-2022-10. 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-2022-10 and
[[Page 12748]]
should be submitted on or before March 28, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-04560 Filed 3-4-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on March 7, 2022.
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.