Notice2022-28081
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca 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
December 27, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 247 (Tuesday, December 27, 2022)</title>
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[Federal Register Volume 87, Number 247 (Tuesday, December 27, 2022)]
[Notices]
[Pages 79408-79412]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-28081]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96544; No. SR-NYSEARCA-2022-83]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule
December 20, 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 December 14, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``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 modify the NYSE Arca Options Fee Schedule
(``Fee Schedule'') regarding credits for Qualified Contingent Cross
(``QCC'') transactions. The Exchange proposes to implement the fee
change effective December 14, 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
December 1, 2022 (SR-NYSEARCA-2022-79), then withdrew such filing
and amended the Fee Schedule on December 14, 2022 (SR-NYSEARCA-2022-
81), which latter filing the Exchange also withdrew on December 14,
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 amend the Fee Schedule to modify
the credits offered for QCC transactions.\5\ The Exchange proposes to
implement the rule change on December 14, 2022.
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\5\ A QCC Order is defined as an originating order to buy or
sell at least 1,000 contracts that is identified as being part of a
qualified contingent trade coupled with a contra-side order or
orders totaling an equal number of contracts. See Rule 6.62P-
O(g)(1)(A).
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Currently, the Exchange offers Floor Brokers a credit of ($0.22)
per contract for Non-Customer vs. Non-Customer QCC transactions or
($0.11) per contract for Customer vs. Non-Customer QCC transactions.\6\
The Exchange also currently offers an additional ($0.04) per contract
credit to Floor Brokers on all Customer vs. Non-Customer QCC
transactions if they execute at least 500,000 contracts of credit-
eligible volume in QCC transactions in a month.\7\ QCC executions in
which a Customer is on both sides of the QCC trade are not eligible for
a credit, and the maximum Floor Broker credit for QCC transactions is
$375,000 per month per Floor Broker firm.\8\
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\6\ See Fee Schedule, QUALIFIED CONTINGENT CROSS (``QCC'')
TRANSACTION FEES AND CREDITS, available at: <a href="https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf</a>.
\7\ See id. at Endnote 13.
\8\ See id.
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The Exchange now proposes to offer the credits on QCC transactions
currently available only to Floor Brokers to any broker submitting a
QCC transaction to the Exchange (a ``Submitting Broker''), whether the
broker is a Floor Broker on the Trading Floor or a broker that enters
orders electronically through an interface with the Exchange. In other
words, the Exchange proposes to offer the existing Floor Broker QCC
credits to any OTP Holder or OTP Firm (collectively, ``OTP Holder'')
that submits a QCC transaction to the Exchange.
The Exchange also proposes to increase the credit offered on
Customer vs. Non-Customer QCC transactions from ($0.11) to ($0.16) and,
in light of such proposed increase, to eliminate the additional ($0.04)
credit currently offered on Customer vs. Non-Customer QCC transactions
to Floor Brokers that execute at least 500,000 contracts of credit-
eligible volume in QCC transactions in a month. The Exchange proposes
to eliminate the additional credit currently offered to qualifying
Floor Brokers because the proposed increased credit of ($0.16) on all
Customer vs. Non-Customer QCC transactions would provide Submitting
Brokers with a higher credit than the combination of the current
($0.11) and ($0.04) credits available on Customer vs. Non-Customer QCC
transactions.
To effect these changes, the Exchange proposes to modify the Fee
Schedule to substitute the term ``Submitting Broker'' for ``Floor
Broker'' in connection with credits relating to QCC transactions.\9\
First, the Exchange proposes to modify the Participant column of the
table setting forth the fees and credits for QCC transactions to
provide for a ``Submitting Broker credit for Non-
[[Page 79409]]
Customer vs. Non-Customer QCC Transaction'' and a ``Submitting Broker
credit for Customer vs. Non-Customer QCC Transaction.'' The Exchange
also proposes to modify Endnote 13 to refer to a ``Submitting Broker''
rather than a ``Floor Broker,'' such that Endnote 13 would provide that
Customer vs. Customer QCC executions are not eligible for Submitting
Broker credits on QCC executions and that the maximum QCC credit
allowed will apply to a Submitting Broker firm. The Exchange also
proposes to modify Endnote 13 to delete the sentence setting forth the
additional ($0.04) credit on Customer vs. Non-Customer QCC
transactions.
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\9\ See proposed Fee Schedule, QUALIFIED CONTINGENT CROSS
(``QCC'') TRANSACTION FEES AND CREDITS & Endnote 13.
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The Exchange also proposes conforming changes to modify the
description of the Firm and Broker Dealer Monthly Fee Cap (the
``Monthly Fee Cap''), as well as Endnote 9, to eliminate text referring
to QCC transactions executed by a Floor Broker from the Floor of the
Exchange.\10\ To reflect the proposed changes described above to extend
the current Floor Broker QCC credits to any Submitting Broker (whether
a Floor Broker on the Trading Floor or a broker that submits orders
electronically), the Exchange proposes to delete references to the
execution of QCC transactions by a Floor Broker on the on Floor of the
Exchange. The Exchange does not propose any other modifications to the
Monthly Fee Cap or Endnote 9.
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\10\ See proposed Fee Schedule, FIRM AND BROKER DEALER MONTHLY
FEE CAP & Endnote 9.
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Although the Exchange cannot predict with certainty whether the
proposed change would encourage OTP Holders to increase their QCC
volume, the proposed change is intended to incent OTP Holders to submit
additional QCC transactions to the Exchange by expanding the universe
of OTP Holders that would be eligible for credits on QCC transactions
and increasing the amount of the credit offered on Customer vs. Non-
Customer QCC transactions. The Exchange notes that the current Floor
Broker QCC credits, when adopted, were offered to Floor Brokers based
on their function in facilitating the execution of orders on the
Exchange and intended to incent Floor Brokers to aggregate their
trading activity, including QCC transactions, at the Exchange as a
primary execution venue.\11\ The instant proposal would continue to
provide QCC credits to Floor Brokers and would offer QCC credits to
other OTP Holders that submit QCC transactions to the Exchange as well.
The Exchange believes the proposed change would continue to encourage
Floor Broker QCC volume and also encourage additional OTP Holders to
increase QCC volume submitted to the Exchange by offering credits on
such transactions. The Exchange believes that the proposal, which also
increases the credit on Customer vs. Non-Customer QCC transactions,
could incentivize both Floor Brokers and other OTP Holders to aggregate
their trading activity at the Exchange, thereby making the Exchange a
more attractive venue for order execution and providing additional
trading opportunities for all market participants.
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\11\ See Securities Exchange Act Release No. 95471 (August 11,
2022), 87 FR 50662 (August 17, 2022) (SR-NYSEARCA-2022-50) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify the NYSE Arca Options Fee Schedule).
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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, no exchange possesses significant pricing power
in the execution of multiply-listed equity and ETF options order flow.
More specifically, in October 2022, the Exchange had less than 12%
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 equity-based ETF options,
see id., the Exchange's market share in equity-based options
decreased from 12.30% for the month of October 2021 to 11.87% for
the month of October 2022.
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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,
modifications to exchange transaction fees can have a direct effect on
the ability of an exchange to compete for order flow.
The Exchange believes that the proposed change is reasonable
because it is designed to incent OTP Holders to increase the number of
QCC transactions sent to the Exchange by offering credits to all OTP
Holders that execute QCC transactions (i.e., both continuing to offer
credits to Floor Brokers and providing credits to brokers that submit
QCC transactions electronically as well) and by increasing the amount
of the credit offered on Customer vs. Non-Customer QCC transactions. To
the extent that the proposed change attracts more volume to the
Exchange from both Floor Brokers and brokers that submit orders
electronically, this increased order flow would continue to make the
Exchange a more competitive venue for order execution, which, in turn,
promotes just and equitable principles of trade and removes impediments
to and perfects the mechanism of a free and open market and a national
market system. The Exchange notes that all market participants stand to
benefit from any increase in volume entered by Submitting Brokers,
which could promote market depth, facilitate tighter spreads and
enhance price discovery, to the extent the proposed change encourages
OTP Holders to utilize the Exchange as a primary trading venue, and may
lead to a corresponding increase in order flow from other market
participants. In addition, any increased liquidity on the Exchange
would result
[[Page 79410]]
in enhanced market quality for all participants.
Finally, to the extent the proposed change continues to attract
greater volume and liquidity, the Exchange believes the proposed change
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 change is a reasonable attempt by the Exchange to increase the
depth of its market and improve its market share relative to its
competitors. The Exchange's fees are constrained by intermarket
competition, as OTP Holders may direct their order flow to any of the
16 options exchanges, including those offering rebates on QCC
transactions.\17\ Thus, OTP Holders have a choice of where they direct
their order flow, including their QCC transactions. The proposed rule
change is designed to continue to incent OTP Holders to direct
liquidity and, in particular, QCC transactions to the Exchange. In
addition, to the extent OTP Holders are incentivized to aggregate their
trading activity at the Exchange, that increased liquidity could
promote market depth, price discovery and improvement, and enhanced
order execution opportunities for market participants.
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\17\ See, e.g., EDGX Options Exchange Fee Schedule, QCC
Initiator/Solicitation Rebate Tiers (applying ($0.14) per contract
rebate up to 999,999 contracts for QCC transactions when only one
side of the transaction is a non-customer or ($0.22) per contract
rebate up to 999,999 contracts for QCC transactions with non-
customers on both sides); BOX Options Fee Schedule at Section
IV.D.1. (QCC Rebate) (providing for ($0.14) per contract rebate up
to 1,499,999 contracts for QCC transactions when only one side of
the QCC transaction is a broker-dealer or market maker or ($0.22)
per contract rebate up to 1,499,999 contracts for QCC transactions
when both parties are a broker-dealer or market maker); Nasdaq ISE,
Options 7, Section 6.B. (QCC Rebate) (offering rebates on QCC
transactions of ($0.14) per contract when only one side of the QCC
transaction is a non-customer or ($0.22) per contract when both
sides of the QCC transaction are non-customers).
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The Exchange believes that the proposed conforming changes are
reasonable because they would not modify the substantive provisions of
the Monthly Fee Cap or Endnote 9, but would instead promote consistency
and clarity in the Fee Schedule by removing text describing QCC
transactions as executed by Floor Brokers on the Floor of the Exchange,
consistent with the proposed changes described above to extend QCC
credits to any Submitting Broker.
The Exchange cannot predict with certainty whether the proposed
change would encourage OTP Holders to increase their QCC order flow to
the Exchange, but believes that the proposed change, which would offer
credits on QCC transactions to all Submitting Brokers and increase the
amount of the credit available on Customer vs. Non-Customer QCC
transactions, would incent OTP Holders to direct additional QCC
transactions to the Exchange.
The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits. The proposed QCC credits are based
on the type of business transacted on the Exchange, and OTP Holders can
attempt to submit QCC transactions to earn the credits or not. In
addition, the proposed credits are equally available to all brokers
that enter QCC transactions. The Exchange also believes that the
proposed change is an equitable allocation of fees and credits because
it would provide for QCC credits to all Submitting Brokers (including
Floor Brokers, whose eligibility for QCC credits would not change) and
a consistent credit amount for all Customer vs. Non-Customer QCC
transactions. To the extent the proposed credits continue to incent
Floor Brokers and encourage other brokers to direct increased liquidity
to the Exchange, all market participants would benefit from enhanced
opportunities for price improvement and order execution. The Exchange
believes that the proposed conforming changes are equitable because
they would promote consistency and clarity in the Fee Schedule by
removing text describing QCC transactions as executed by Floor Brokers
on the Floor of the Exchange, in support of the proposed change to
extend QCC credits to any Submitting Broker, without modifying the
existing substantive provisions of the Monthly Fee Cap or Endnote 9.
Moreover, the proposed credits are designed to incent Submitting
Brokers to encourage OTP Holders to aggregate their executions--
including QCC transactions--at the Exchange as a primary execution
venue. To the extent that the proposed change achieves its purpose in
attracting more volume to the Exchange, this increased order flow would
continue to make the Exchange a more competitive venue for, among other
things, order execution. Thus, the Exchange believes the proposed rule
change 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 the proposed change is not unfairly
discriminatory because the proposed credits on QCC transactions would
be available to all Submitting Brokers on an equal and non-
discriminatory basis. The proposed change is also not unfairly
discriminatory to Floor Brokers because, although the Exchange proposes
to offer credits on QCC transactions to additional market participants,
Floor Brokers would continue to be eligible for the QCC credits
currently available to them. The Exchange also believes that the
proposed conforming changes to the Monthly Fee Cap and Endnote 9 are
not unfairly discriminatory because they are intended only to promote
consistency and clarity in the Fee Schedule by removing text describing
QCC transactions as executed by Floor Brokers on the Floor of the
Exchange, in alignment with the proposed change to extend QCC credits
to any Submitting Broker, and do not otherwise modify the substantive
provisions of those sections.
The proposed credits are based on the type of business transacted
on the Exchange, and OTP Holders are not obligated to execute QCC
transactions. Rather, the proposal is designed to encourage OTP Holders
to increase QCC volume sent to the Exchange and to utilize the Exchange
as a primary trading venue for all transactions (if they have not done
so previously). To the extent that the proposed change attracts more
QCC transactions 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 change would
improve market quality for all market participants on the Exchange and,
as a consequence, attract more order flow to the Exchange, thereby
improving market-wide quality and price discovery. The resulting
increased volume and liquidity would provide more trading opportunities
and tighter spreads to all market participants and thus would promote
just and equitable principles of trade, remove impediments to and
perfect the mechanism of a free and open market and a national market
system and, in general, protect investors and the public interest.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
[[Page 79411]]
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 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 all market participants. As a result, the Exchange believes that
the proposed change furthers the Commission's goal in adopting
Regulation NMS of fostering integrated competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \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 attract
additional order flow to the Exchange (particularly in QCC
transactions), which could increase the volumes of contracts traded on
the Exchange. Greater liquidity benefits all market participants on the
Exchange, and increased QCC transactions could increase opportunities
for execution of other trading interest. The proposed credit would be
available to all similarly-situated Submitting Brokers that execute QCC
trades. The Exchange does not believe that the proposed conforming
changes would impose any burden on intramarket competition that is not
necessary or appropriate, as they are intended only to promote clarity
and consistency in the Fee Schedule in consideration of the proposed
change to extend QCC credits to all Submitting Brokers, whether a Floor
Broker or a broker that submits orders to the Exchange electronically.
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 has more than 16% of the market share of executed volume of
multiply-listed equity and ETF options trades.\19\ Therefore, currently
no exchange possesses significant pricing power in the execution of
multiply-listed equity and ETF options order flow. More specifically,
in October 2022, the Exchange had less than 12% market share of
executed volume of multiply-listed equity and ETF options trades.\20\
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\19\ 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>.
\20\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of equity-based ETF options,
see id., the Exchange's market share in equity-based options
decreased from 12.30% for the month of October 2021 to 11.87% for
the month of October 2022.
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The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to continue to incent OTP Holders to direct trading
interest (particularly QCC transactions) to the Exchange, to provide
liquidity and to attract order flow. To the extent that Submitting
Brokers are incentivized to utilize the Exchange as a primary trading
venue for all transactions, all of the Exchange's market participants
should benefit from the improved market quality and increased
opportunities for price improvement. The Exchange also believes that
the proposed conforming changes would not impose any burden on
intermarket competition that is not necessary or appropriate; the
proposed conforming changes are intended only to promote consistency
with the proposed change to extend QCC credits to all Submitting
Brokers, whether a Floor Broker or a broker that submits orders to the
Exchange electronically, thereby improving the clarity of the Fee
Schedule.
The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues. In
such an environment, the Exchange must continually review, and consider
adjusting, its fees and credits to remain competitive with other
exchanges. For the reasons described above, the Exchange believes that
the proposed rule change reflects this competitive environment. The
Exchange further believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer rebates on QCC transactions, by encouraging
additional orders (and, in particular, QCC transactions) to be sent to
the Exchange for execution.\21\
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\21\ See note 17, supra.
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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) \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="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#7c0e091019511f1311111912080f3c0f191f521b130a"><span class="__cf_email__" data-cfemail="1361667f763e707c7e7e767d6760536076703d747c65">[email protected]</span></a>. Please include
File Number SR-NYSEARCA-2022-83 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-2022-83. This
file number should be included on the subject line if email is used. To
help the
[[Page 79412]]
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-2022-83, and should be
submitted on or before January 17, 2023.
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\25\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-28081 Filed 12-23-22; 8:45 am]
BILLING CODE 8011-01-P
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