Notice2022-20150
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
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Published
September 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 180 (Monday, September 19, 2022)</title>
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[Federal Register Volume 87, Number 180 (Monday, September 19, 2022)]
[Notices]
[Pages 57233-57238]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-20150]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95761; File No. SR-NYSE-2022-42]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List
September 13, 2022.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on September 1, 2022, 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 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 its Price List to (1) increase the
credit for orders designated as ``retail'' that add liquidity to the
Exchange, and (2) amend the requirements for charges that remove
liquidity from the Exchange. The Exchange proposes to implement the fee
changes effective September 1, 2022. 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.
[[Page 57234]]
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 it Price List to (1) increase the
credit for orders designated as ``retail'' that add liquidity to the
Exchange, and (2) amend the requirements for charges that remove
liquidity from the Exchange.
The proposed changes respond to the current competitive environment
where order flow providers have a choice of where to direct liquidity-
providing and liquidity-removing orders by offering further incentives
for member organizations to send additional liquidity to the Exchange.
The Exchange proposes to implement the fee changes effective
September 1, 2022.
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. 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\
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\4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (File No. S7-10-04) (Final
Rule) (``Regulation NMS'').
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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.'' \5\ Indeed, cash equity trading is currently dispersed
across 16 exchanges,\6\ numerous alternative trading systems,\7\ and
broker-dealer internalizers and wholesalers, all competing for order
flow. Based on publicly-available information, no single exchange
currently has more than 17% market share.\8\ Therefore, no exchange
possesses significant pricing power in the execution of cash 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\
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\5\ 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).
\6\ See Cboe U.S. Equities Market Volume Summary, available at
<a href="https://markets.cboe.com/us/equities/market_share">https://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="https://markets.cboe.com/us/equities/market_share/">https://markets.cboe.com/us/equities/market_share/</a>.
\9\ See id.
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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
move order flow, or discontinue or reduce use of certain categories of
products. While it is not possible to know a firm's reason for shifting
order flow, the Exchange believes that one such reason is because of
fee changes at any of the registered exchanges or non-exchange venues
to which the firm routes order flow. Accordingly, competitive forces
compel the Exchange to use exchange transaction fees and credits
because market participants can readily trade on competing venues if
they deem pricing levels at those other venues to be more favorable.
In response to this competitive environment, the Exchange has
established incentives for member organizations who submit orders that
provide liquidity on the Exchange. The Exchange has also established
incentives for member organizations to remove liquidity from the
Exchange. As detailed below, the proposed higher credits and revised
requirements are intended to attract additional order flow to a public
exchange and increase the quality of order execution on the Exchange's
marketplace, which benefits all market participants.
Proposed Rule Change
Proposed Increase to Credit for Retail Orders That Add Liquidity
The Exchange currently provides a $0.0030 per share credit for all
orders, other than MPL and Non-Display Reserve Orders,\10\ with a
``retail'' modifier \11\ (``Retail Order'') that add liquidity to the
Exchange. Similarly, the Exchange currently provides a $0.0030 per
share for Supplementary Liquidity Providers (``SLPs'') adding liquidity
to the NYSE with Retail Orders in securities with a per share price of
$1.00 or more.\12\ Finally, the Exchange offers a $0.0030 per share
rebate for executions in Retail Orders that add liquidity to the
Exchange in Tape B and C securities.
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\10\ The Exchange proposes the non-substantive, clarifying
change of adding a comma following ``Non-Display Reserve orders'' in
this section of the Price List.
\11\ ``Retail modifier'' is defined in Rule 7.31(i)(6).
\12\ The Exchange proposes a second non-substantive clarifying
change in this section of the Price List to replace the obsolete
phrase ``designated as `retail' (i.e., orders that satisfy the
Retail Modifier requirements of Rule 13'' following ``order'' with
the phrase ``with a Retail Modifier''.
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The Exchange proposes to increase the credit for Retail Orders that
add liquidity to the Exchange to $0.0032 per share, from the current
level of $0.0030 per share. The Exchange proposes this change in part
because it would be consistent with the applicable rate on other
marketplaces. For instance, the base credit for retail orders adding
liquidity on Cboe BZX and Cboe EDGX is $0.0032 per share.\13\ The
Exchange's affiliates NYSE American LLC and NYSE Arca Equities also
similarly offers the same non-tiered credit of $0.0032 per share for
retail orders adding liquidity.\14\
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\13\ See Cboe BZX Price List at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a> and Cboe EDGX Price List at
<a href="https://www.cboe.com/us/equities/membership/fee_schedule/edgx/">https://www.cboe.com/us/equities/membership/fee_schedule/edgx/</a>.
\14\ See NYSE American Equities Price List at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-american/NYSE_America_Equities_Price_List.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-american/NYSE_America_Equities_Price_List.pdf</a>; NYSE Arca Equities Price List
at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf</a>.
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In addition, the proposed change is intended to encourage greater
participation from member organizations and to promote additional
liquidity in Retail Orders. The competition for retail order flow
between exchanges and off-exchange venues is fierce, and market
participants can readily trade on competing venues if they deem pricing
levels at those other venues to be more favorable. The Exchange
believes that the proposed increase credit for orders that add
liquidity to the Exchange could lead to more member organizations
choosing to route their Retail Orders to the Exchange for execution
rather than to a competing exchange.
The Exchange, however, does not know how much Retail Order flow
member organizations choose to route to other exchanges or to off-
exchange venues. Without having a view of member organization's
activity on other markets and off-exchange venues, the Exchange has no
way of knowing whether this proposed rule change would result in any
member organizations sending more Retail Orders to the Exchange. The
Exchange cannot predict with certainty how many
[[Page 57235]]
member organizations would avail themselves of this opportunity, but
additional Retail Orders would benefit all market participants because
it would provide greater execution opportunities on the Exchange.
The proposed rule change is designed to be available to all member
organizations on the Exchange and is intended to provide member
organizations a greater incentive to direct more of their Retail Orders
to the Exchange.
The Exchange does not propose any changes to its Retail Order
rates.
Charges for Removing Liquidity
Currently, the Exchange offers a fee of $0.00295 for Tape A
securities and $0.00285 for Tape B and C securities for non-Floor
broker transactions where the member organization has an average daily
volume (``ADV'') that adds liquidity to the Exchange during the billing
month (``Adding ADV''),\15\ excluding liquidity added by a DMM, that is
at least 250,000 ADV on the NYSE in Tape A securities. The Exchange
proposes to delete this tier and its related fees in their entirety.
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\15\ The terms ``ADV'' and ``CADV'' are defined in footnote * of
the Price List.
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In addition, the Exchange currently offers a fee of $0.00290 in
Tape A securities and a fee of $0.00285 for Tape B and C securities for
non-Floor broker transactions if the member organization has an Adding
ADV, excluding liquidity added by a DMM, that is at least 3,500,000 ADV
on the NYSE in Tape A securities. The Exchange proposes to lower the
Tape A ADV requirement from the current 3,500,000 ADV on the NYSE in
Tape A securities to 2,000,000 ADV on the NYSE in Tape A securities.
The current fees would remain unchanged. Member organizations that do
not qualify for the current fee based on the proposed lower ADV
requirement receive the $0.0030 base remove rate for all tapes.
The Exchange believes that the proposed changes, taken together,
will incentivize submission of additional liquidity in Tape A, B and
Tape C securities to a public exchange, thereby promoting price
discovery and transparency and enhancing order execution opportunities
for member organizations. 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. The Exchange does not
know how much order flow member organizations choose to route to other
exchanges or to off-exchange venues. The Exchange believes that 5 or
more member organizations that don't qualify today could qualify for
the tiered rates if the volume requirement is lowered based on their
current trading profile on the Exchange and if they choose to direct
order flow to the NYSE. 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.
The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any significant problems
that market participants would have in complying with the proposed
changes.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\16\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\17\ 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, is designed to prevent fraudulent and
manipulative acts and practices and to promote just and equitable
principles of trade, and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Fee Change Is Reasonable
As discussed above, the Exchange operates in a highly fragmented
and 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.'' \18\
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\18\ See Regulation NMS, supra note 4, 70 FR at 37499.
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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 to reduce use of certain categories of
products, in response to fee changes. Member organizations can choose
from any one of the 16 currently operating registered exchanges, and
numerous off-exchange venues, to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders on an exchange. Stated otherwise, changes to exchange
transaction fees can have a direct effect on the ability of an exchange
to compete for order flow.
Given this competitive environment, the proposal represents a
reasonable attempt to attract additional order flow to the Exchange by
adjusting the incentives for all market participants to send additional
order flow to a public exchange and increase the quality of order
execution on the Exchange's market, which benefits all market
participants.
Proposed Increase to Credit for Retail Orders That Add Liquidity
The Exchange believes that the proposed increase to the credit for
Retail Orders that add liquidity to the Exchange is reasonable. The
Exchange operates in a fiercely competitive environment, particularly
with regard to retail orders. As noted above, several of the Exchange's
competitors offer base credits for retail orders adding liquidity that
are higher (i.e., $0.0032 credit per share) than the Exchange's current
credit ($0.0030 credit per share). The Exchange believes that this
proposal to increase its credit for Retail Orders adding liquidity to
the Exchange represents a reasonable attempt to attract additional
Retail Orders to the Exchange, thereby increasing liquidity on the
Exchange, to the benefit of all market participants. In addition, the
Exchange believes that attracting higher volumes of Retail Orders to be
transacted on the Exchange by member organizations would benefit all
market participants by offering greater price discovery and an
increased opportunity to trade on the Exchange.
Without having a view of member organization activity on other
markets and off-exchange venues, the Exchange has no way of knowing
whether this proposed rule change would result in any member
organization sending more of Retail Orders to the Exchange, nor can the
Exchange predict with certainty how many member organizations would
avail themselves of the opportunity presented by the revised credit.
Additional Retail Orders on the Exchange would benefit all market
participants because they would
[[Page 57236]]
provide greater execution opportunities on the Exchange.
Charges for Removing Liquidity
The Exchange believes that the proposal to delete certain fees, and
lowering the ADV requirement, for transactions that remove liquidity
from the Exchange in Tape A, B and C securities are reasonable. The
purpose of these changes is to encourage additional liquidity on the
Exchange because market participants benefit from the greater amounts
of displayed liquidity present on a public exchange. The Exchange
believes that the proposed lower ADV requirement will incentivize
additional liquidity to a public exchange to qualify for lower fees for
removing liquidity in Tape A, B and Tape C securities, thereby
promoting price discovery and transparency and enhancing order
execution opportunities for member organizations. The proposal is thus
reasonable because all member organizations would benefit from such
increased levels of liquidity.
Non-Substantive Changes
Finally, the Exchange believes the proposed non-substantive
clarifying and conforming changes described above \19\ are reasonable
and would not be inconsistent with the public interest and the
protection of investors because investors will not be harmed and in
fact would benefit from increased clarity and transparency on the Price
List, thereby reducing potential confusion.
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\19\ See notes 10 & 12, supra.
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The Proposed Change Is an Equitable Allocation of Fees and Credits
The Exchange believes its proposal equitably allocates its fees
among its market participants by fostering liquidity provision and
stability in the marketplace.
Proposed Increase to Credit for Retail Orders That Add Liquidity
The Exchange believes that its proposal to increase the credit
available for Retail Orders that add liquidity to the exchange
equitably allocates its fees among market participants because all
member organizations that participate on the Exchange may qualify for
the proposed credit if they elect to send their Retail Orders to the
Exchange and properly designate them as Retail Orders.
The Exchange further believes that the proposed change is equitable
because it is reasonably related to the value to the Exchange's market
quality associated with higher volume in Retail Orders. The Exchange
believes that increasing the credit available for orders designated as
Retail Orders would attract additional order flow and liquidity to the
Exchange, thereby contributing to price discovery on the Exchange and
benefiting investors generally.
The Exchange believes that the proposed rule change is equitable
because maintaining or increasing the proportion of Retail Orders in
exchange-listed securities that are executed on a registered national
securities exchange (rather than relying on certain available off-
exchange execution methods) would benefit all investors by deepening
the Exchange's liquidity pool, supporting the quality of price
discovery, promoting market transparency, and improving investor
protection.
Charges for Removing Liquidity
The Exchange believes that, for the reasons discussed above, the
proposed changes taken together, will incentivize member organizations
to send additional adding liquidity to achieve lower fees when removing
liquidity in Tape A, B and Tape C securities from the Exchange, thereby
increasing the number of orders that are executed on the Exchange,
promoting price discovery and transparency and enhancing order
execution opportunities and improving overall liquidity on a public
exchange. The Exchange also believes that the proposed change is
equitable because it would apply to all similarly situated member
organizations that remove liquidity in Tape A, B or Tape C securities.
As previously noted, 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. As noted above, the Exchange
believes that additional member organizations could qualify for the
tiered rates if the volume requirement is lowered based on their
current trading profile on the Exchange and if they choose to direct
order flow to the NYSE. 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.
The Proposed Fee Change Is Not Unfairly Discriminatory
The Exchange believe that the proposed rule is not unfairly
discriminatory, for the following reasons.
Proposed Increase to Credit for Retail Orders That Add Liquidity
The Exchange believes that its proposal to increase the credit for
Retail Orders that add liquidity to the Exchange is not unfairly
discriminatory because it would apply to all member organizations on an
equal and non-discriminatory basis, and all similarly-situated member
organizations would earn the same credits and pay the same fees for
Retail Orders executed on the Exchange. In addition, the submission of
Retail Orders is optional for member organizations in that they could
choose whether to submit Retail Orders to the Exchange and, if they do,
they can choose the extent of their activity in this regard.
The Exchange believes that the proposed change is not unfairly
discriminatory because maintaining or increasing the proportion of
Retail Orders in exchange-listed securities that are executed on a
registered national securities exchange (rather than relying on certain
available off-exchange execution methods) would contribute to
investors' confidence in the fairness of their transactions and would
benefit all investors by deepening the Exchange's liquidity pool,
supporting the quality of price discovery, promoting market
transparency, and improving investor protection.
Charges for Removing Liquidity
The Exchange believes that the proposed changes the charges for
member organizations that remove liquidity in all three tapes will,
taken together, incentivize submission of additional liquidity in Tape
A, B and Tape C securities to a public exchange to qualify for the fees
for removing liquidity, thereby promoting price discovery and
transparency and enhancing order execution opportunities for member
organizations. The proposal does not permit unfair discrimination
because the new ADV requirement for removing liquidity in Tape A, B and
C securities would be applied to all similarly situated member
organizations and other market participants, who would all be eligible
for the same credit on an equal basis. Accordingly, no member
organization already operating on the Exchange would be disadvantaged
by this allocation of fees. The Exchange
[[Page 57237]]
believes it is not unfairly discriminatory to provide lower fees for
removing liquidity as the proposed fee and credits would be provided on
an equal basis to all member organizations that remove liquidity by
meeting the tiered requirements. Further, the Exchange believes the
proposed fee would provide an incentive for member organizations to
remove additional liquidity from the Exchange in Tape A, B and C
securities. The Exchange also believes that the proposed change is not
unfairly discriminatory because it is reasonably related to the value
to the Exchange's market quality associated with higher volume. As
noted, the proposed change also is not unfairly discriminatory because
it would be consistent with the applicable rate on other marketplaces.
In addition, 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,\20\ 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 Exchange believes
that the proposed fee change 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 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.'' \21\
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\20\ 15 U.S.C. 78f(b)(8).
\21\ See Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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Intramarket Competition. The Exchange believes the proposed change
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
change is designed to attract additional orders to the Exchange. The
Exchange believes that the proposed changes would incentivize market
participants to direct their orders to the Exchange. Greater overall
order flow, trading opportunities, and pricing transparency benefit all
market participants on the Exchange by enhancing market quality and
continuing to encourage member organizations to send orders, thereby
contributing towards a robust and well-balanced market ecosystem. The
current and proposed fees and 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. As noted, the proposal would apply to all
similarly situated member organizations on the same and equal terms,
who would benefit from the changes on the same basis. Accordingly, 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 exchange 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 with 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) \22\ of the Act and subparagraph (f)(2) of Rule
19b-4 \23\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\22\ 15 U.S.C. 78s(b)(3)(A).
\23\ 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) \24\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\24\ 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4230372e276f212d2f2f272c3631023127216c252d34"><span class="__cf_email__" data-cfemail="1062657c753d737f7d7d757e6463506375733e777f66">[email protected]</span></a>. Please include
File Number SR-NYSE-2022-42 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-2022-42. 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="https://www.sec.gov/rules/sro.shtml">https://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
[[Page 57238]]
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-2022-42 and should be
submitted on or before October 11, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20150 Filed 9-16-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 19, 2022.
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