Notice2022-20272
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Its Equities Price List
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 20, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 181 (Tuesday, September 20, 2022)</title>
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[Federal Register Volume 87, Number 181 (Tuesday, September 20, 2022)]
[Notices]
[Pages 57532-57534]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-20272]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95770; File No. SR-NYSEAMER-2022-38]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend Its
Equities Price List
September 14, 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 August 31, 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 its Equities Price List (``Price
List'') to eliminate obsolete fees for the Exchange's off-hours trading
facility. The Exchange proposes to implement the fee changes effective
September 1, 2022. 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.
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
[[Page 57533]]
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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Price List to eliminate obsolete
fees for the Exchange's off-hours trading facility known as Crossing
Session II (``CS II'').
The Exchange proposes to implement the fee changes effective
September 1, 2022.
Background
Currently, the Exchange charges a fee of $0.0004 per share (both
sides) for executions in CS II.\4\ Fees for executions in CS II are
capped at $100,000 per month per member organization.
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\4\ See note 10, supra. [sic]
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The Exchange recently determined to decommission CS II and delete
the rules governing the off-hours trading facility, effective September
1, 2022.\5\ Since the Exchange will no longer be offering an after-
hours trading session effective September 1, 2022, the Exchange
accordingly proposes to delete the fees relating to CS II. To
effectuate this change, the Exchange would delete Section IV of the
Price List titled ``Fees for Off-Hours Trading Facility'' in its
entirety as obsolete. Current Items V (Port Fees) and VI (ETP Fee) of
the Price List would be re-numbered.
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\5\ See Securities Exchange Act Release No. 95499 (August 12,
2022), 87 FR 50894 (August 18, 2022) (SR-NYSEAMER-2022-35) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change to
Delete Current Rule 7.39E).
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The proposed changes are not otherwise intended to address 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,\6\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\7\ 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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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4) & (5).
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The Proposed Change Is Reasonable
The Exchange believes that the proposed elimination of after-hours
trading facility fees is reasonable because, effective September 1,
2022, the fees are no longer charged. The Exchange believes it is
reasonable to delete obsolete fees from the Price List because it would
streamline the Price List and reduce confusion as to which fees are
applicable on the Exchange. The Exchange believes that amending the
Price List to remove fees that are no longer charged would promote the
protection of investors and the public interest because it would
promote clarity and transparency in the Price List, thereby enabling
market participants to navigate the Exchange's Price List more easily.
The Proposal Is an Equitable Allocation of Fees
The Exchange believes the proposal equitably allocates its fees
among its market participants because the obsolete after-hours trading
facility fees that the Exchange proposes to eliminate would be
eliminated in their entirety, and would no longer be available to any
member organization in any form. Similarly, the Exchange believes the
proposal equitably allocates fees among its market participants because
elimination of obsolete fees would apply to all similarly-situated
member organizations on an equal basis. All such member organizations
would continue to be subject to the same fee structure, and access to
the Exchange's market would continue to be offered on fair and
nondiscriminatory terms.
The Proposal Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory because it neither targets nor will it have a disparate
impact on any particular category of market participant. The Exchange
believes that the proposal is not unfairly discriminatory because the
proposed elimination of the obsolete fees would affect all similarly-
situated market participants on an equal and non-discriminatory basis.
The Exchange believes that eliminating obsolete fees would no longer be
available to any member organization on an equal basis. The Exchange
also believes that the proposed change would protect investors and the
public interest because the deletion of obsolete fees would make the
Price List more accessible and transparent and facilitate market
participants' understanding of the fees charged for services currently
offered by the Exchange.
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,\8\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the proposal relates
solely to elimination of obsolete fees for a decommissioned after-hours
trading facility and, as such, would not have any impact on intra- or
inter-market competition because the proposed change is solely designed
to accurately reflect the services that the Exchange currently offers,
thereby adding clarity to the Price List.
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\8\ 15 U.S.C. 78f(b)(8).
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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) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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) \11\ of the Act to determine whether the proposed
rule
[[Page 57534]]
change should be approved or disapproved.
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\11\ 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#0b797e676e26686466666e657f784b786e68256c647d"><span class="__cf_email__" data-cfemail="1f6d6a737a327c7072727a716b6c5f6c7a7c31787069">[email protected]</span></a>. Please include
File Number SR-NYSEAMER-2022-38 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-2022-38. 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 a.m. and 3
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-2022-38, and should be
submitted on or before October 11, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20272 Filed 9-19-22; 8:45 am]
BILLING CODE 8011-01-P
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