Notice2022-22663
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule 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
October 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 201 (Wednesday, October 19, 2022)</title>
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[Federal Register Volume 87, Number 201 (Wednesday, October 19, 2022)]
[Notices]
[Pages 63537-63541]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-22663]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96074; File No. SR-NYSEAMER-2022-48]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the NYSE American Options Fee Schedule
October 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 October 12, 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 certain incentive programs. The
Exchange proposes to implement the fee change effective October 12,
2022.\4\ 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\ The Exchange originally filed to amend the Fee Schedule on
September 30, 2022 (SR-NYSEAMER-2022-46) and withdrew such filing on
October 12, 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 the Fee Schedule regarding
three incentive programs currently offered by the Exchange.
Specifically, the Exchange proposes to modify (1) the qualifications
for the Alternative Initiating Participant Rebate for Complex CUBE
auctions, as set forth in Section I.G. (the ``Complex CUBE Rebate''),
(2) the qualifications for the credit on Customer Electronic Simple and
Complex executions set forth in Section I.H. (the ``Customer Credit''),
and (3) the amount of the Initiating Participant Credit for Single-Leg
CUBE Auctions set forth in Section I.G. (the ``Initiating Participant
Credit'').
As further discussed below, the proposed changes are designed to
encourage ATP Holders to increase volume in a variety of transactions
on the Exchange, including CUBE auction volume, Customer Electronic
volume, and Professional Electronic volume.\5\
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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.
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The Exchange proposes to implement this fee change on October 12,
2022.
Proposed Rule Change
Complex CUBE Auction Alternative Initiating Participant Rebate
Section I.G. of the Fee Schedule sets forth the per contract fees
and credits for executions associated with Single-Leg and Complex CUBE
Auctions. To encourage participation in Complex CUBE Auctions, the
Exchange offers rebates on certain initiating Complex CUBE volume.
Currently, the Exchange offers the ACE Initiating Participant Rebate to
ATP Holders that also qualify for the American Customer Engagement
(``ACE'') Program \6\ and the Complex CUBE Rebate for ATP Holders that
do not qualify for the ACE program.\7\ Both the ACE Initiating
Participant Rebate and the Complex CUBE Rebate provide for a rebate of
$0.10 per contract, and an ATP Holder that qualifies for both rebates
is entitled to only the greater of the two.\8\
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\6\ See Fee Schedule, Section I.E., American Customer Engagement
(``ACE'') Program, 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.G., CUBE Auction Fees and Credits,
Complex CUBE Auction.
\8\ See id.
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Currently, ATP Holders that meet each of the following monthly
qualification levels are eligible to receive the Complex CUBE Rebate:
(a) 10,000 contracts ADV from Initiating CUBE orders in Complex CUBE
Auctions; (b) Customer Electronic executions of 0.05% of TCADV,
excluding CUBE Auctions, QCC Transactions, and volume from orders
routed to another exchange; and (c) Professional (as defined in Section
I.H. of the Fee Schedule) Electronic executions of 0.03% of TCADV,
excluding CUBE Auctions, QCC Transactions, and volume from orders
routed to another exchange.
The Exchange proposes to modify the qualifications for the Complex
CUBE Rebate to require that ATP Holders execute: (a) 5,000 contracts
ADV from Initiating CUBE orders in Complex CUBE Auctions; (b) Customer
Electronic executions of 0.03% of TCADV, excluding CUBE Auctions, QCC
Transactions, and volume from orders routed to another exchange; and
(c) Professional (as defined in Section I.H. of the Fee Schedule)
Electronic executions of 0.02% of TCADV, excluding CUBE Auctions, QCC
Transactions, and volume from orders routed to another exchange.
[[Page 63538]]
The Exchange does not propose to modify the amount of the Complex
CUBE Rebate (which will remain at $0.10 per contract), and an ATP
Holder that qualifies for both the ACE Initiating Participant Rebate
and the Complex CUBE Rebate will continue to be entitled only to the
greater of the two rebates.
Credit on Customer Electronic Simple and Complex Executions
As set forth in Section I.H. of the Fee Schedule, ATP Holders are
currently eligible to receive the Customer Credit of $0.10 per contract
on Customer Electronic Simple and Complex executions, excluding CUBE
Auctions, QCC Transactions, and volume from orders routed to another
exchange, by meeting each of the following monthly qualification
levels: (a) 10,000 contracts ADV from Initiating CUBE Orders in Complex
CUBE Auctions; (b) Customer Electronic executions of 0.05% of TCADV,
excluding CUBE Auctions, QCC Transactions, and volume from orders
routed to another exchange; and (c) Professional Electronic executions
of 0.03% of TCADV, excluding CUBE Auctions, QCC Transactions, and
volume from orders routed to another exchange.\9\
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\9\ See id. at Section I.H. In calculating an OFP's Electronic
volume, the Exchange will include the activity of either (i)
Affiliates of the OFP, such as when an OFP has an Affiliated NYSE
American Options Market Making firm, or (ii) an Appointed MM of such
OFP.
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The Exchange proposes to modify the qualifications for the Customer
Credit to require that ATP Holders execute: (a) 5,000 contracts ADV
from Initiating CUBE orders in Complex CUBE Auctions; (b) Customer
Electronic executions of 0.03% of TCADV, excluding CUBE Auctions, QCC
Transactions, and volume from orders routed to another exchange; and
(c) Professional (as defined in Section I.H. of the Fee Schedule)
Electronic executions of 0.02% of TCADV, excluding CUBE Auctions, QCC
Transactions, and volume from orders routed to another exchange. The
Exchange does not propose to modify the amount of the Customer Credit,
which will remain at $0.10 per contract.
Single-Leg CUBE Auction Initiating Participant Credit
Section I.G. of the Fee Schedule sets forth the rates for per
contract fees and credits for executions associated with Single-Leg and
Complex CUBE Auctions.\10\ To encourage participants to utilize Single-
Leg CUBE Auctions, the Exchange offers rebates and credits on certain
initiating Single-Leg CUBE volume. Currently, as described in Note 1 in
the Single-Leg CUBE Auction section of Section I.G., the Exchange
offers Initiating Participant Credits for each contract in a Contra
Order paired with a CUBE Order that does not trade with the CUBE Order
because it is replaced in the auction.\11\ The Exchange offers a $0.30
per contract credit for Penny issues and a $0.70 per contract credit
for Non-Penny issues.
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\10\ See id. at Section I.G., CUBE Auction Fees & Credits.
\11\ See id., Single-Leg CUBE Auction, note 1 (setting forth
both the ACE Initiating Participant Rebate and the Alternative
Initiating Participant Rebate).
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The Exchange proposes to modify the amounts of the Initiating
Participant Credits to offer a $0.26 per contract credit for Penny
issues and a $0.65 per contract credit for Non-Penny issues. The
Exchange further proposes to modify Note 1 to provide that ATP Holders
that execute at least 0.40% of TCADV in Electronic Customer Complex
Orders would be eligible for an increased Initiating Participant Credit
of $0.30 per contract for Penny issues and $0.70 per contract for Non-
Penny issues, instead of the proposed $0.26 and $0.65 per contract
credits for Penny and Non-Penny issues, respectively.
* * * * *
The proposed changes are designed to incent ATP Holders to direct
order flow to the Exchange and to encourage ATP Holders to engage in a
variety of transactions on the Exchange. In particular, the Exchange
believes the proposed change would encourage ATP Holders to direct more
auction-eligible order flow, Customer Electronic volume, and
Professional Electronic volume to the Exchange to qualify for the
Complex CUBE Rebate, Customer Credit, and/or Initiating Participant
Credit. The Exchange notes that the proposed changes to the Complex
CUBE Rebate and Customer Credit would also maintain alignment between
the requirements for the Complex CUBE Rebate and Customer Credit. The
Exchange also believes that the proposed changes to the Initiating
Participant Credit, although they would decrease the amount of the
credit available to ATP Holders that do not execute the proposed
required level of Electronic Customer Complex volume, would continue to
provide an incentive for participation in Single-Leg CUBE Auctions,
while also encouraging increased Electronic Customer Complex volume.
Although the Exchange cannot predict with certainty whether ATP Holders
will be incentivized to qualify for the Complex CUBE Rebate, Customer
Credit, or Initiating Participant Credit, as modified, the Exchange
believes that, to the extent that the proposed changes achieve their
intended purpose, the increased liquidity on the Exchange would result
in enhanced market quality for all participants.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\13\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 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 system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \14\
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\14\ 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.\15\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity and ETF
options order flow. More specifically, in August 2022, the Exchange had
less than 8% market share of executed volume of multiply-listed equity
and ETF options trades.\16\
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\15\ The 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>.
\16\ 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 multiply listed equity and ETF
options was 7.56% for the month of August 2021 and 7.57% for the
month of August 2022.
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[[Page 63539]]
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 those offering incentives similar to the Complex
CUBE Rebate, Customer Credit, and Initiating Participant Credit.\17\
Thus, ATP Holders have a choice of where they direct their order flow.
The proposed modifications to the Complex CUBE Rebate, Customer Credit,
and Initiating Participant Credit are designed to continue to encourage
ATP Holders to engage in a variety of transactions on the Exchange and
increase volume in CUBE auctions as well as Customer and Professional
Electronic executions. The Exchange believes all market participants
stand to benefit from increased order flow, which promotes market
depth, facilitates tighter spreads, and enhances price discovery.
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\17\ See, e.g., Cboe Exchange, Inc. (``Cboe'') Fee Schedule,
Volume Incentive Program, available at: <a href="https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf">https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf</a> (providing per contract
credits that, similar to the Complex CUBE Rebate and Customer
Credit, have qualifications based on volume from a variety of
executions, including auction volume, volume from various account
types, and volume from both simple and complex executions); Cboe Fee
Schedule, Break-Up Credits (offering break-up credits on certain
orders executed through Cboe Automated Improvement Mechanism of
$0.25 and $0.60 for penny and non-penny classes, respectively,
similar to the Initiating Participant Credit for Single-Leg CUBE
orders); Cboe EDGX (``EDGX'') Options Fee Schedule, Break-Up
Credits, available at: <a href="https://www.cboe.com/us/options/membership/fee_schedule/edgx/">https://www.cboe.com/us/options/membership/fee_schedule/edgx/</a> (offering break-up credits on certain orders
executed through EDGX Automated Improvement Mechanism of $0.25 and
$0.60 for penny and non-penny program securities, respectively,
similar to the Initiating Participant Credit for Single-Leg CUBE
orders).
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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 and rebates can have a direct effect on
the ability of an exchange to compete for order flow.
The proposed rule change is designed to continue to incent ATP
Holders to direct liquidity to the Exchange in a variety of forms and
from a variety of sources, thereby promoting market depth, price
discovery, and price improvement and enhancing order execution
opportunities for market participants. In particular, the Exchange
believes it is reasonable to provide ATP Holders with a rebate or
credit for achieving certain volume goals in different types of
executions.
The Exchange also believes that the proposed changes are designed
to continue to encourage ATP Holders to execute a variety of orders on
the Exchange. The Exchange further believes that maintaining the same
criteria to qualify for the Complex CUBE Rebate or Customer Credit
should encourage greater use of the Exchange by all ATP Holders, which
may lead to greater opportunities to trade and for price improvement
for all participants. The Exchange notes that all market participants
stand to benefit from increased transaction volume, 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.
The Exchange cannot predict with certainty whether any ATP Holders
would seek to qualify for the Complex CUBE Rebate or the Customer
Credit, as modified, but believes that the proposed qualifying bases
for the Complex CUBE Rebate and Customer Credit, which lower the volume
necessary to qualify and maintain alignment between the volume
requirements across the two incentives, are achievable for ATP Holders
and would continue to incent ATP Holders to direct volume to the
Exchange. The Exchange also believes that the proposed modification of
the Initiating Participant Credit, although it would decrease the
credit earned by ATP Holders that do not execute the proposed required
level of Customer Electronic Complex volume, would continue to promote
both participation in Single-Leg CUBE Auctions and increased Customer
Electronic Complex volume directed to the Exchange.
Finally, to the extent the proposed changes attract greater volume
and liquidity, the Exchange believes the proposed changes would improve
the Exchange's overall competitiveness and strengthen its market
quality for all market participants. In the backdrop of the competitive
environment in which the Exchange operates, the proposed rule changes
are a reasonable attempt by the Exchange to increase the depth of its
market and improve its market share relative to its competitors.
The Proposed Rule Change is an Equitable Allocation of Fees and Rebates
The Exchange believes the proposed rule change is an equitable
allocation of its fees and rebates. The proposal is based on the amount
and type of business transacted on the Exchange, and ATP Holders can
seek to qualify for these incentives or not. The Exchange further
believes that, because ATP Holders would need to meet requirements
based on Initiating CUBE Orders, Customer Electronic executions, and
Professional Electronic executions in order to qualify for either the
Complex CUBE Rebate or Customer Credit, and would need to meet a
requirement based on Electronic Customer Complex to earn a higher
Initiating Participant Credit on Single-Leg CUBE orders, the proposed
changes are designed to continue to encourage ATP Holders to aggregate
their executions at the Exchange as a primary execution venue. To the
extent that the proposed changes attract more volume to the Exchange,
this increased order flow would continue to make the Exchange a more
competitive venue for 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 apply 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 ATP Holders are not
obligated to try to achieve any of the incentives offered. Rather, the
proposals are designed to continue to encourage participants to utilize
the Exchange as a primary trading venue (if they have not done so
previously) and increase auction, Customer Electronic, and Professional
Electronic volume sent to the Exchange. In addition, the proposed
modifications would continue to align the requirements for the Customer
Credit and Complex CUBE Rebate, which may lead to greater opportunities
to trade--and for price improvement--for all participants.
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 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
[[Page 63540]]
resulting increased volume and liquidity would provide more trading
opportunities and tighter spreads to all market participants and 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, to 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 changes further 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.'' \18\
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\18\ See Reg NMS Adopting Release, supra note 14, at 37499.
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Intramarket Competition. The proposed change is designed to
continue to attract increased and diverse order flow to the Exchange by
offering competitive credits and rebates, which may increase the volume
of contracts traded on the Exchange. Specifically, the Exchange
believes the proposed rule change, by specifying requirements in
auction, Customer Electronic, and Professional Electronic volume, would
incent ATP Holders to participate in a variety of types of executions
on the Exchange to qualify for the Complex CUBE Rebate, Customer
Credit, and Initiating Participant Credit. To the extent that this
purpose is achieved, all of the Exchange's market participants should
benefit from the improved market liquidity. Enhanced market quality and
increased transaction volume resulting from the anticipated increase in
order flow directed to the Exchange would benefit all market
participants and improve competition 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 and to attract order flow to the Exchange. Based on publicly-
available information, and excluding index-based options, no single
exchange currently has more than 16% of the market share of executed
volume of multiply-listed equity and ETF options trades.\19\ Therefore,
no exchange currently possesses significant pricing power in the
execution of multiply-listed equity and ETF options order flow. More
specifically, in August 2022, the Exchange had less than 8% market
share of executed volume of multiply-listed equity and ETF options
trades.\20\
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\19\ See supra note 15.
\20\ 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 multiply listed equity and ETF
options was 7.56% for the month of August 2021 and 7.57% for the
month of August 2022.
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The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees and
rebates in a manner designed to encourage ATP Holders to direct trading
interest to the Exchange, to provide liquidity and to attract order
flow. Specifically, the Exchange believes that the proposed change
would encourage ATP Holders to direct increased and diverse volume to
the Exchange, thereby increasing the number of executions (and
executions of varying types) on the Exchange. The Exchange further
believes that maintaining consistency between the requirements for the
Complex CUBE Rebate and Customer Credit could make the incentives more
achievable for ATP Holders and would thus continue to make the Exchange
a more attractive and competitive venue for order execution. 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 changes could promote
competition between the Exchange and other execution venues, including
those that currently offer similar pricing incentives, 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#7f0d0a131a521c1012121a110b0c3f0c1a1c51181009"><span class="__cf_email__" data-cfemail="a2d0d7cec78fc1cdcfcfc7ccd6d1e2d1c7c18cc5cdd4">[email protected]</span></a>. Please include
File Number SR-NYSEAMER-2022-48 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-2022-48. This
file number should be included on the subject line if email is used. To
help the Commission process and review your
[[Page 63541]]
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-
NYSEAMER-2022-48, and should be submitted on or before November 9,
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,
Deputy Secretary.
[FR Doc. 2022-22663 Filed 10-18-22; 8:45 am]
BILLING CODE 8011-01-P
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