Notice2023-05334
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Fees and Charges
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 16, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 51 (Thursday, March 16, 2023)</title>
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[Federal Register Volume 88, Number 51 (Thursday, March 16, 2023)]
[Notices]
[Pages 16295-16300]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05334]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97106; File No. SR-NYSEARCA-2023-21]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Equities Fees and Charges
March 10, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 1, 2023, NYSE Arca, Inc. (``NYSE Arca'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE Arca Equities Fees and
Charges (``Fee Schedule'') by (i) lowering the credit applicable to
Tape B securities for
[[Page 16296]]
Adding Liquidity under Standard Rates; (ii) introducing a new pricing
tier, Tier 5, under Adding Tiers; (iii) eliminating the BBO Setter
Tier; and (iv) reformatting the tiers under Tape C Tiers for Adding.
The Exchange proposes to implement the fee changes effective March 1,
2023. 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.
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 the Fee Schedule by (i) lowering the
credit applicable to Tape B securities for Adding Liquidity under
Standard Rates; (ii) introducing a new pricing tier, Tier 5, under
Adding Tiers; (iii) eliminating the BBO Setter Tier; and (iv)
reformatting the tiers under Tape C Tiers for Adding. The Exchange
proposes to implement the fee changes effective March 1, 2023.
Background
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.'' \3\
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\3\ 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.'' \4\ Indeed, equity trading is currently dispersed across
16 exchanges,\5\ numerous alternative trading systems,\6\ 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.\7\ Therefore, no exchange possesses
significant pricing power in the execution of equity order flow. More
specifically, the Exchange currently has less than 10% market share of
executed volume of equities trading.\8\
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\4\ 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).
\5\ 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>.
\6\ 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>.
\7\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at <a href="http://markets.cboe.com/us/equities/market_share/">http://markets.cboe.com/us/equities/market_share/</a>.
\8\ 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 a firm routes order flow. With respect to non-marketable order
flow that would provide liquidity on an Exchange against which market
makers can quote, ETP Holders can choose from any one of the 16
currently operating registered exchanges to route such order flow.
Accordingly, competitive forces constrain exchange transaction fees
that relate to orders that would provide liquidity on an exchange.
Proposed Rule Change
Adding Liquidity--Tape B
The Exchange proposes to lower the credit applicable for Adding
Liquidity in Tape B securities. Under Section III. Standard Rates--
Transactions, for securities priced at or above $1.00, the Exchange
currently provides ETP Holders a credit of $0.0020 per share for Adding
Liquidity in Tape A, Tape B and Tape C securities. The Exchange
proposes to lower the credit for Adding Liquidity in Tape B securities
from $0.0020 per share to $0.0016 per share. The purpose of adjusting
the Tape B credit for Adding Liquidity is for business and competitive
reasons. The credit applicable for Adding Liquidity in Tape A and Tape
C securities would remain unchanged.
The Exchange believes the proposed new credit would continue to
incentivize ETP holders to direct their liquidity-providing orders in
Tape B securities to the Exchange. As noted below, the proposed credit
would continue to be in line with credits provided by the Exchange's
competitors. The Exchange believes that pricing is just one of the
factors that ETP Holders consider when determining where to direct
their order flow. Among other things, factors such as execution
quality, fill rates, and volatility, are important and deterministic to
ETP Holders in deciding where to send their order flow. These factors
are particularly relevant for trading in Tape B securities for which
the Exchange is the primary market.
Adding Tiers--Tier 5
The Exchange proposes to introduce a new pricing tier, Tier 5, in
the Adding Tiers table under Section VII. Tier Rates--Round Lots and
Odd Lots (Per Share Price $1.00 or Above). As proposed, an ETP Holder
could qualify for a credit of $0.0022 per share for Adding in Tape A
and Tape C securities and $0.0020 per share for Adding in Tape B
securities if the ETP Holder has Adding ADV that is equal to at least
0.15% of CADV.
The Exchange believes that the proposed new pricing tier would
incentivize ETP Holders to route their liquidity-providing order flow
to the Exchange in order to qualify for the tier, which would provide
higher credits than those currently available under Standard Rates.
This in turn would support the quality of price discovery on the
Exchange and provide additional price improvement opportunities for
incoming orders. The Exchange believes that by correlating the amount
of the fee to the level of orders sent by an ETP Holder that add
liquidity, the Exchange's fee structure would incentivize ETP Holders
to submit more orders that add liquidity to the Exchange, thereby
increasing the potential for price improvement to
[[Page 16297]]
incoming marketable orders submitted to the Exchange.
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 ETP Holders choose to route to other exchanges or to off-
exchange venues. Based on the profile of liquidity-adding firms
generally, the Exchange believes that a number of ETP Holders could
qualify for the proposed new pricing tier if they choose to direct
their order flow to the Exchange. However, without having a view of ETP
Holders' activity on other exchanges and off-exchange venues, the
Exchange has no way of knowing whether this proposed rule change would
result in any additional ETP Holders directing orders to the Exchange
in order to qualify for the new Tier 5 credits.
BBO Setter Tier
The Exchange currently provides incremental credits under the BBO
Setter Tier pricing tier. Specifically, the Exchange currently provides
an incremental credit of $0.0004 per share for orders that set a new
NYSE Arca BBO in Tape A and Tape C securities and $0.0002 per share for
orders that set a new NYSE Arca BBO in Tape B securities.\9\ To qualify
for the BBO Setter Tier, ETP Holders must execute Adding ADV per month
of at least 0.70% of CADV, and provided that an ETP ID (associated with
an ETP Holder) (1) executes Adding ADV per month of at least 0.20% of
CADV, (2) sets a new NYSE Arca BBO with at least 0.10% of CADV, and (3)
sets a new NYSE Arca BBO of at least 40% of that ETP ID's Adding
ADV.\10\
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\9\ See Securities Exchange Act Release No. 83032 (April 11,
2018), 83 FR 16909 (April 17, 2018) (SR-NYSEArca-2018-20).
\10\ Footnote (c) under the BBO Setter Tier table provides that
the BBO Setter Credit is in addition to the ETP Holder's Tiered or
Basic Rate credit(s), and for Tape B and Tape C, the BBO Setter
Credit is in addition to any capped credit.
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The Exchange proposes to eliminate the BBO Setter Tier pricing tier
and footnote (c) associated with the pricing tier and remove it from
the Fee Schedule because the pricing tier has been underutilized by ETP
Holders.\11\ The Exchange has observed that not a single ETP Holder has
qualified for the pricing tier proposed for elimination in the last
twelve months. Since the BBO Setter Tier pricing tier has not been
effective in accomplishing its intended purpose, the Exchange has
determined to eliminate the pricing tier from the Fee Schedule.
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\11\ With the proposed deletion of footnote (c) under the BBO
Setter Tier table, the Exchange proposes to renumber current
footnotes (d), (e) and (f) under the Retail Tiers table as footnotes
(c), (d) and (e) and renumber current footnotes (g) and (h) under
the Tape B Tiers table as footnotes (f) and (g).
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Tape C Tiers
The Exchange currently provides the following credits to ETP
Holders that add liquidity in Tape C securities on the Exchange:
<bullet> Tier 3 credit of $0.0030 per share for ETP Holders that
have at least 0.20% Adding ADV as a percentage of CADV;
<bullet> Tier 2 credit of $0.0033 per share for ETP Holders that
have at least 0.35% Adding ADV as a percentage of CADV; and
<bullet> Tier 1 credit of $0.0034 per share for ETP Holders that
have at least 0.40% Adding ADV as a percentage of CADV and a fee of
$0.0029 per share for removing liquidity.
With this proposed rule change, the Exchange proposes to reformat
the credits payable under the Tape C Tier for Adding table such that
the tier that pays the highest credit would appear at the top of the
table followed by the tier that pays the second highest credit, then
the tier that pays the lowest credit. With this proposed rule change,
the reformatted Tape C Tiers for Adding table would appear on the Fee
Schedule as follows:
Tape C Tiers for Adding
------------------------------------------------------------------------
Minimum criteria for
Tier tape C adding Rate
------------------------------------------------------------------------
Tier 1...................... 0.40% of CADV....... ($0.0034) $0.0029
fee for Removing
Liquidity.
Tier 2...................... 0.35% of CADV....... ($0.0033).
Tier 3...................... 0.20% of CADV....... ($0.0030).
------------------------------------------------------------------------
The Exchange is not proposing any substantive change to the
requirements to qualify for Tape C Tiers for Adding pricing tier or the
level of the credits payable under Tape C Tiers for Adding pricing
tier.
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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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.'' \14\
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\14\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
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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. With respect to non-marketable
orders that provide liquidity on an Exchange, ETP Holders can choose
from any one of the 16 currently operating registered exchanges to
route such order flow. Accordingly, competitive forces reasonably
constrain exchange transaction fees that relate to orders that would
provide displayed liquidity 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.
Adding Liquidity--Tape B
The Exchange believes that its proposal to lower the credit
provided for Adding Liquidity in Tape B
[[Page 16298]]
securities is reasonable, equitable and not unfairly discriminatory as
it would apply uniformly to all similarly situated participants. The
Exchange believes the proposed change (a $0.0004 decrease from the
current credit) is reasonable in that it represents a modest decrease
from the current credit provided under Standard Rates. The Exchange
believes that the proposed credit, albeit lower than the current level,
would continue to provide an incentive to ETP Holders to submit
liquidity providing order flow in Tape B securities to the Exchange.
The Exchange believes that even with the proposed reduced credit in
Tape B securities, the Exchange's pricing incentive would remain in
line with credits provided by the Exchange's competitors.\15\
Additionally, the Exchange believes that its proposal is an equitable
allocation of its fees and credits and is not unfairly discriminatory
because the Exchange will apply the credit equally to all ETP Holders.
All similarly situated participants would be subject to the same
credit, and access to the Exchange is offered on terms that are not
unfairly discriminatory.
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\15\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule,
Standard Rates, which provides a credit of $0.0016 per share in Tape
A, Tape B and Tape C securities.
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Adding Tiers--Tier 5
The Exchange believes that the proposed new Tier 5 pricing tier is
reasonable because it is designed to encourage increased trading
activity on the Exchange. The Exchange believes it is reasonable to
require ETP Holders to meet the applicable volume threshold as it
offers liquidity providers an opportunity to receive an enhanced
rebate. Further, the proposed new pricing tier is reasonable as it
would provide ETP Holders an additional opportunity to qualify for a
rebate by meeting lower volume threshold than that required to qualify
for the current pricing tiers under Adding Tiers. The Exchange believes
that the proposal represents a reasonable effort to promote price
improvement and enhanced order execution opportunities for ETP Holders.
All ETP Holders would benefit from the greater amounts of liquidity on
the Exchange, which would represent a wider range of execution
opportunities. The Exchange believes the proposed new Tier 5 pricing
tier is a reasonable means to encourage ETP Holders to increase their
liquidity providing orders in Tape A, Tape B and Tape C securities.
The Exchange believes that the proposed rule change to introduce
the new pricing tier is equitable and not unfairly discriminatory. The
Exchange believes that the proposal does not permit unfair
discrimination because the proposed new pricing tier would be available
to all similarly situated ETP Holders and all ETP Holders would be
subject to the same requirement to qualify for the proposed new credit.
Accordingly, no ETP Holder already operating on the Exchange would be
disadvantaged by the proposed allocation of fees and credits under the
proposal. The Exchange further believes that the proposed fee change
would not permit unfair discrimination among ETP Holders because the
general and tiered rates are available equally to all ETP Holders. As
noted above, the Exchange operates in a highly competitive environment,
particularly for attracting order flow that provides liquidity on an
exchange. More specifically, the Exchange notes that greater add volume
order flow may provide for deeper, more liquid markets and execution
opportunities at improved prices, which the Exchange believes would
incentivize liquidity providers to submit additional liquidity and
enhance execution opportunities.
BBO Setter Tier
The Exchange believes that the proposed rule change to eliminate
the BBO Setter Tier is reasonable because the pricing tier has been
underutilized and has not incentivized ETP Holders to bring liquidity
and increase trading on the Exchange. No ETP Holder has availed itself
of the pricing tier in the last twelve months. The Exchange does not
anticipate any ETP Holder in the near future to qualify for the BBO
Setter Tier. The Exchange believes it is reasonable to eliminate
requirements and credits, and even entire pricing tiers, when such
incentives become underutilized. The Exchange believes eliminating
underutilized incentive programs would also simplify the Fee Schedule.
The Exchange further believes that removing reference to the pricing
tier that the Exchange proposes to eliminate from the Fee Schedule
would also add clarity to the Fee Schedule. The Exchange believes that
eliminating requirements and credits, and even entire pricing tiers,
from the Fee Schedule when such incentives become ineffective is
equitable and not unfairly discriminatory because the requirements, and
credits, and even entire pricing tiers, would be eliminated in their
entirety and would no longer be available to any ETP Holder. All ETP
Holders 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 non-discriminatory terms. The Exchange also believes that the
proposed change would protect investors and the public interest because
the deletion of the underutilized pricing tier would make the Fee
Schedule more accessible and transparent and facilitate market
participants' understanding of the fees charged for services currently
offered by the Exchange.
Tape C Tiers
The Exchange believes that the proposed change to the Tape C Tiers
for Adding pricing tier is reasonable and equitable because the
proposed changes are non-substantive, and the Exchange is not changing
any current fees or credits that apply to trading activity on the
Exchange. Further, the changes are designed to make the Fee Schedule
easier to read and make it more user-friendly to better display the
allocation of fees and credits among Exchange members. The Exchange
believes that this proposed format will provide additional transparency
of Exchange fees and credits. The Exchange also believes that the
proposal is non-discriminatory because it would apply uniformly to all
ETP Holders. The Exchange also believes that the proposed change would
protect investors and the public interest because the reformatted
pricing tier would make the Fee Schedule more accessible and
transparent and facilitate market participants' understanding of the
rates applicable for services currently offered by the Exchange.
Finally, the Exchange believes that the reformatted pricing tier, as
proposed herein, will be clearer and less confusing for investors and
will eliminate potential investor confusion, thereby removing
impediments to and perfecting the mechanism of a free and open market
and a national market system, and, in general, protecting investors and
the public interest. The Exchange believes that the proposed
reformatted pricing tier is equitable and not unfairly discriminatory
because the resulting streamlined Fee Schedule would continue to apply
to ETP Holders as it does currently because the Exchange is not
adopting any new fees or credits or removing any current fees or
credits from the Fee Schedule that impact ETP Holders. All ETP Holders
would continue to be subject to the same fees and credits that
currently apply to them under the current pricing tier.
In the prevailing competitive environment, ETP Holders are free to
disfavor the Exchange's pricing if they believe that alternatives offer
them
[[Page 16299]]
better value. Moreover, this proposed rule change neither targets nor
will it have a disparate impact on any particular category of market
participant. The Exchange believes that this proposal does not permit
unfair discrimination because the changes described in this proposal
would be applied uniformly to all similarly situated ETP Holders and
all ETP Holders would be subject to the same requirements. Accordingly,
no ETP Holder already operating on the Exchange would be disadvantaged
by the proposed allocation of fees.
Finally, the submission of orders to the Exchange is optional for
ETP Holders in that they could choose whether to submit orders to the
Exchange and, if they do, the extent of its activity in this regard.
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,\16\ 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 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 ETP Holders. 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.'' \17\
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\16\ 15 U.S.C. 78f(b)(8).
\17\ 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
amendments to its Fee Schedule would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange does not believe that the proposed
change represents a significant departure from previous pricing offered
by the Exchange or its competitors. The proposed changes are designed
to attract additional order flow to the Exchange. In this proposed rule
change, the Exchange is adopting a new pricing tier. Thus, the proposed
change provides another opportunity for ETP Holders to receive a credit
based on their market-improving behavior and is reflective of the
highly competitive market in which the Exchange operates. The new
pricing tier may attract greater order flow to the Exchange, which
would benefit all market participants trading on the Exchange. The
proposed reduced credit is reflective of the need to periodically
calibrate the criteria required to receive credits. The Exchange has
limited resources with which to apply to credits. Given the competitive
environment among exchanges and other trading venues, the Exchange must
ensure that it is requiring the most beneficial market activity for a
credit that is permitted in the competitive landscape for order flow.
In this regard, the Exchange notes that other market venues are free to
adopt the same or similar credits and incentives as a competitive
response to this proposed change. Moreover, if the changes proposed
herein are unattractive to market participants, it is likely that the
Exchange will lose market share as a result and, conversely, if the
proposal is successful at attracting greater volume to the Exchange
other market venues are free to make similar changes as a competitive
response. Greater overall order flow, trading opportunities, and
pricing transparency benefits all market participants on the Exchange
by enhancing market quality and continuing to encourage ETP Holders to
send orders, thereby contributing towards a robust and well-balanced
market ecosystem. The Exchange also does not believe the proposed rule
change to eliminate an underutilized pricing tier and reformatting an
existing pricing tier will impose any burden on intramarket competition
because the proposed change would impact all ETP Holders uniformly.
Accordingly, the Exchange does not believe that the proposed changes
will impair the ability of ETP Holders or competing order execution
venues to maintain their competitive standing in the financial markets.
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. As noted
above, the Exchange's market share of intraday trading (i.e., excluding
auctions) is currently less than 10%. 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 changes 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 has become effective upon filing pursuant
to Section 19(b)(3)(A) \18\ of the Act and paragraph (f) thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
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\18\ 15 U.S.C. 78s(b)(3)(A).
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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#81f3f4ede4ace2eeecece4eff5f2c1f2e4e2afe6eef7"><span class="__cf_email__" data-cfemail="6311160f064e000c0e0e060d1710231006004d040c15">[email protected]</span></a>. Please include
File Number SR-NYSEARCA-2023-21 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange
[[Page 16300]]
Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEARCA-2023-21. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal offices 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-2023-21, and should be
submitted on or before April 6, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-05334 Filed 3-15-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on March 16, 2023.
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