Notice2023-08226
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Certain Standard Rates in the NYSE American Equities Price List and 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
April 19, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 75 (Wednesday, April 19, 2023)</title>
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[Federal Register Volume 88, Number 75 (Wednesday, April 19, 2023)]
[Notices]
[Pages 24254-24258]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-08226]
[[Page 24254]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97296; File No. SR-NYSEAMER-2023-25]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend Certain
Standard Rates in the NYSE American Equities Price List and Fee
Schedule
April 13, 2023.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on April 3, 2023, 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
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 amend certain Standard Rates in the NYSE
American Equities Price List and Fee Schedule (``Price List'') for
transaction fees and credits that add and remove liquidity in
securities at or above $1. The Exchange proposes to implement the fee
changes effective April 3, 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 certain Standard Rates in its Price
List for transaction fees and credits that add and remove liquidity in
securities at or above $1. Specifically, the Exchange proposes to (1)
lower the Tier 1 fee of $ 0.0026 per share for orders that remove
liquidity from the Exchange; (2) lower the Tier 2 credit of $0.0024 per
share for orders adding liquidity that set a new best bid or offer
(``BBO'') on the Exchange; \4\ (3) increase the Tier 2 fee of $0.0028
per share for orders removing liquidity; and (4) decrease the Non-Tier
credits of $0.0020 per share for orders adding displayed liquidity and
$0.0020 per share for orders adding liquidity that set a new BBO on the
Exchange.
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\4\ See Rule 1.1E(h) (definition of BBO).
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The proposed changes respond to the current competitive environment
where order flow providers have a choice of where to direct liquidity-
providing and liquidity-removing orders by offering further incentives
for ETP Holders to send additional adding and removing liquidity to the
Exchange.
The Exchange proposes to implement the fee changes effective April
3, 2023.
Competitive Environment
The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \5\
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\5\ 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.'' \6\ Indeed, cash equity trading is currently dispersed
across 16 exchanges,\7\ numerous alternative trading systems,\8\ 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.\9\ Therefore, no exchange
possesses significant pricing power in the execution of cash equity
order flow. More specifically, the Exchange currently has less than 1%
market share of executed volume of cash equities trading.\10\
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\6\ 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).
\7\ See Cboe U.S Equities Market Volume Summary, available at
<a href="https://markets.cboe.com/us/equities/market_share">https://markets.cboe.com/us/equities/market_share</a>. See generally
<a href="https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html">https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html</a>.
\8\ 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>.
\9\ 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>.
\10\ See id.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products. While it is not possible to know a firm's reason for shifting
order flow, the Exchange believes that one such reason is because of
fee changes at any of the registered exchanges or non-exchange venues
to which the firm routes order flow.
In response to this competitive environment, the Exchange has
established incentives for ETP Holders who submit orders that provide
and remove liquidity on the Exchange. The proposed fee change is
designed to attract additional order flow to the Exchange by
incentivizing ETP Holders to send additional adding and removing
liquidity to the Exchange to qualify for the liquidity adding and
removing tiers and corresponding higher credits and lower fees, as
follows.
Proposed Rule Change
Currently, for transactions in securities priced at or above $1.00,
other than transactions by eDMMs in assigned securities, the Exchange
offers the following tiered credits and fees for displayed and non-
displayed orders, including orders setting a new Exchange BBO, that add
and removed liquidity. The credits and fees are divided into Tier 1,
Tier 2, and Non-Tier rates.
[[Page 24255]]
Tier 1 Rates
Currently, ETP Holders that add liquidity to the Exchange with an
average daily volume (``ADV'') \11\ (``Adding ADV'') of at least
3,500,000 shares are eligible under Tier 1 for a fee of $0.0026 per
share for orders removing liquidity. The Exchange proposes to decrease
the fee to $0.0025 per share.
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\11\ As defined in the Fee Schedule, Adding ADV means an ETP
Holder's average daily volume of shares executed on the Exchange
that provided liquidity.
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The proposed lower fee, together with the increased fee under Tier
2 for removing liquidity discussed below, seeks to encourage ETP
Holders that are meeting or exceeding the minimum ADV requirement to
qualify for Tier 2 rates to send additional liquidity in order to meet
the higher Tier 1 requirement and therefore qualify for a lower fee.
Tier 2 Rates
Currently, ETP Holders with an Adding ADV of at least 700,000
shares are eligible for a credit of $0.0024 per share under Tier 2 for
orders adding liquidity that set a new BBO on the Exchange. The
Exchange proposes to decrease the credit to $0.0023 per share.
The Exchange determined that the current higher credit for setting
the Exchange BBO did not incentivize setting activity by ETP Holders as
expected and that lowering it was therefore reasonable. The Exchange
notes that the proposed lower credit would bring the Tier 2 credit for
setting the Exchange BBO into line with the current $0.0023 Tier 2
credit for adding displayed liquidity.
Similarly, ETP Holders with an Adding ADV of at least 700,000
shares are eligible for a fee of $0.0028 under Tier 2 for removing
liquidity orders. The Exchange proposes to increase the current fee to
$0.0029 per share.
In addition, as noted above, to seeking to encourage ETP Holders
that are meeting or exceeding the minimum ADV requirements under Tier 2
to send additional liquidity to the Exchange, the proposed change would
be consistent with the applicable rate on other marketplaces. For
instance, Nasdaq charges a $0.0029 per share fee for removing liquidity
for members meeting certain requirements; otherwise, its fee for
removing liquidity is $0.0030 per share.\12\ The Exchange's proposed
fee increase to $0.0029 for removing liquidity from the Exchange would
still be competitive with respect to Nasdaq PSX.
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\12\ See Nasdaq Pricing at <a href="https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2">https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2</a>.
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Non-Tier Rates
The Exchange's current Non-Tier rates are available to ETP Holders
that do not qualify for either Tier 1 or Tier 2. Currently, orders
adding displayed liquidity and orders adding liquidity that set a new
BBO on the Exchange are both eligible for a Non-Tier credit of $0.0020
per share. The Exchange proposes to decrease both credits to $0.0016.
The proposed change would encourage ETP Holders to send additional
liquidity in order to qualify for the minimum Tier 2 ADV requirements
and therefore qualify for a higher credit. In addition, the proposed
change would be consistent with the applicable rate on other
marketplaces.\13\
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\13\ Both Cboe BZX Equities and Cboe EDGX Equities, for
instance, offer a $0.0016 credit for adding displayed liquidity. See
<a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a> &
<a href="https://www.cboe.com/us/equities/membership/fee_schedule/edgx/">https://www.cboe.com/us/equities/membership/fee_schedule/edgx/</a>.
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Overall, the proposed fee changes are designed to be available to
all ETP Holders on the Exchange and is intended to provide ETP Holders
a greater incentive to direct more orders to the Exchange.
As noted, the Exchange operates in a competitive environment,
particularly as it relates to attracting non-marketable orders, which
add liquidity to the Exchange. The Exchange does not know how much
order flow ETP Holders choose to route to other exchanges or to off-
exchange venues. The Exchange does not know how many ETP Holders could
qualify for the proposed credits and fees based on their current
trading profile on the Exchange and if they choose to direct order flow
to the Exchange. However, without having a view of ETP Holder's
activity on other exchanges and off-exchange venues, the Exchange has
no way of knowing whether this proposed rule change would result in any
ETP Holder directing more orders to the Exchange.
The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any significant problems
that market participants would have in complying with the proposed
changes.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\14\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\15\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities, is designed to prevent fraudulent and
manipulative acts and practices and to promote just and equitable
principles of trade, and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Fee Change Is Reasonable
As discussed above, the Exchange operates in a highly fragmented
and competitive market. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \16\
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\16\ See Regulation NMS, supra note 5, 70 FR at 37499.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow, or discontinue to reduce use of certain categories of
products, in response to fee changes. ETP Holders can choose from any
one of the 16 currently operating registered exchanges, and numerous
off-exchange venues, to route such order flow. Accordingly, competitive
forces constrain exchange transaction fees that relate to orders on an
exchange. Stated otherwise, changes to exchange transaction fees can
have a direct effect on the ability of an exchange to compete for order
flow.
In light of the competitive environment in which the Exchange
currently operates, the proposed rule change is a reasonable attempt to
increase liquidity on the Exchange and improve the Exchange's market
share relative to its competitors. The Exchange believes the proposed
change is also reasonable because it is designed to attract higher
volumes of orders transacted on the Exchange by ETP Holders, which
would benefit all market participants by offering greater price
discovery and an increased opportunity to trade on the Exchange.
More specifically, the Exchange believes that the proposed lower
Tier 1 fee, together with the increased Tier 2 fee, for liquidity
removing orders are
[[Page 24256]]
reasonable. The purpose of these changes, taken together, is to
encourage additional liquidity on the Exchange because market
participants benefit from the greater amounts of displayed liquidity
present on a public exchange. The Exchange believes that the proposed
fees will incentivize additional liquidity on a public exchange to
qualify for lower fees for removing liquidity, thereby promoting price
discovery and transparency and enhancing order execution opportunities
for ETP Holders. The proposal is thus reasonable because all ETP
Holders would benefit from such increased levels of liquidity.
The Exchange believes that the proposed changes to the credits
available for orders adding liquidity to the Exchange are also
reasonable.
The Exchange believes that lowering the Tier 2 credit for setting
the Exchange BBO is reasonable because the current higher credit did
not incentivize setting activity by ETP Holders and result in greater
liquidity as the Exchange had anticipated. The Exchange believes it is
reasonable to revise credits when such incentives become underutilized.
In addition, the Exchange believes the proposed credit is reasonable
because it would bring the credit into line with the current $0.0023
Tier 2 credit for adding displayed liquidity.
Finally, the proposed changes to Non-Tier credits for orders adding
displayed liquidity and orders adding liquidity that set a new Exchange
BBO are reasonable because the proposed change would encourage ETP
Holders to increase the liquidity-adding orders they send to the
Exchange to qualify for higher credits under Tier 2, which would
support the quality of price discovery on the Exchange and provide
additional liquidity for incoming orders. The Exchange notes that the
adding ADV requirement for Tier 2 is 700,000 shares, which the Exchange
believes is an achievable level for many member organizations, given
the higher requirements at other marketplaces. For example, the
requirement for the Cboe BZX Adding Tier 1 adding credit of $0.0020 is
5,000,000 shares or 0.05% of CADV. The Exchange believes that by
correlating the level of credits to the level of executed adding volume
on the Exchange, the Exchange's fee structure would encourage ETP
Holders to submit more liquidity-providing orders to the Exchange that
are likely to be executed, thereby increasing the potential for
incoming marketable orders submitted to the Exchange to receive an
execution. As noted above, the Exchange operates in a competitive
environment, particularly as it relates to attracting non-marketable
orders that add liquidity to the Exchange. In addition, the proposed
change would be consistent with the applicable rate on other
marketplaces.\17\
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\17\ See note 13, supra.
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Because the proposal involves the introduction of new fee and
credit levels, the Exchange does not know how many more ETP Holders
could qualify for the new fees and credits based on their current
trading profile on the Exchange and if they choose to direct order flow
to the Exchange. As previously noted, without a view of ETP Holder
activity on other exchanges and off-exchange venues, the Exchange has
no way of knowing whether the proposed rule change would result in any
ETP Holder directing additional liquidity to qualify for a better tier,
and corresponding higher credit, or lower fee. The Exchange believes
the proposed changes are reasonable as it would provide an incentive
for ETP Holders to direct their order flow to the Exchange and provide
meaningful added levels of liquidity in order to qualify for the
credits, thereby contributing to depth and market quality on the
Exchange.
The Proposed Change Is an Equitable Allocation of Fees and Credits
The Exchange believes its proposal equitably allocates its fees and
credits among its market participants by fostering liquidity provision
and stability in the marketplace.
The Exchange believes the proposal equitably allocates fees and
credits among its market participants because all ETP Holders that
participate on the Exchange may qualify for the proposed fees and
credits. The Exchange believes that the proposed changes, taken
together, will incentivize ETP Holders to send additional liquidity to
achieve lower fees when removing liquidity from the Exchange, thereby
increasing the number of orders that are executed on the Exchange,
promoting price discovery and transparency and enhancing order
execution opportunities and improving overall liquidity on a public
exchange. The Exchange also believes that the proposed change is
equitable because it would apply to all similarly situated ETP Holders
that add or remove liquidity. The proposed change also is equitable
because it would be consistent with the applicable rate on other
marketplaces.\18\
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\18\ See notes 12-13, supra.
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As previously noted, the Exchange operates in a competitive
environment, particularly as it relates to attracting orders that 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. Because the proposed introduces new fees and credits, the
Exchange does not know how many ETP Holders could qualify for the new
rates based on their current trading profiles on the Exchange and if
they choose to direct order flow to the Exchange. Without having a view
of ETP Holder's activity on other exchanges and off-exchange venues,
the Exchange has no way of knowing whether this proposed rule change
would result in any ETP Holder directing orders to the Exchange. The
Exchange anticipates that ETP Holders would endeavor to send more of
their orders for execution on the Exchange in order to earning higher
credits and lower fees.
The Exchange further believes that the proposed change is equitable
because it is reasonably related to the value to the Exchange's market
quality associated with higher volume in orders. The Exchange believes
that the proposed pricing adjustments would attract order flow to the
Exchange, thereby contributing to price discovery on the Exchange and
benefiting investors generally.
The Exchange believes that the proposed rule change is equitable
because maintaining or increasing the proportion of orders in exchange-
listed securities that are executed on a registered national securities
exchange (rather than relying on certain available off-exchange
execution methods) would contribute to investors' confidence in the
fairness of their transactions and would benefit all investors by
deepening the Exchange's liquidity pool, supporting the quality of
price discovery, promoting market transparency, and improving investor
protection.
The proposal neither targets nor will it have a disparate impact on
any particular category of market participant. All ETP Holders would be
eligible to qualify for the proposed fees and credits. The Exchange
believes that offering fees for removing liquidity and credits for
providing liquidity will continue to attract order flow and liquidity
to the Exchange, thereby providing additional price improvement
opportunities on the Exchange and benefiting investors generally. As to
those market participants that do not presently meet the Adding ADV
requirements to qualify for the Exchange's best prices, the proposal
would not adversely impact the ability of those ETP Holders to qualify
for other credits or fees provided by the Exchange
[[Page 24257]]
and in fact would encourage them to increase the orders sent to the
Exchange in order to qualify for the Exchange's best prices.
The Proposed Fee Change Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, ETP Holders
are free to disfavor the Exchange's pricing if they believe that
alternatives offer them better value. The Exchange believes it is not
unfairly discriminatory to provide the proposed fees and credits for
ETP Holders that add or remove liquidity because the proposed fees and
credits would be provided on an equal basis to all ETP Holders.
Further, the Exchange believes the proposed fees and credits would
incentivize ETP Holders to send more orders to the Exchange to qualify
for the revised fees and credits, thereby promoting price discovery and
transparency and enhancing order execution opportunities for ETP
Holders. Since the proposed fees and credits would be new, no ETP
Holder currently qualifies for them. As noted, without a view of ETP
Holder activity on other exchanges and off-exchange venues, the
Exchange has no way of knowing whether this proposed rule change would
result in any ETP Holders qualifying for the proposed adding tiers. The
Exchange believes the proposal is reasonable as it would provide an
incentive for ETP Holders to direct their order flow to the Exchange
and provide meaningful added levels of liquidity in order to qualify
for the credits, thereby contributing to depth and market quality on
the Exchange.
In addition, the Exchange believes that the proposal is not
unfairly discriminatory because it neither targets nor will it have a
disparate impact on any particular category of market participant. All
ETP Holders would be eligible to qualify for the proposed credits if
they meet the proposed Adding ADV requirements for each proposed tier.
The proposal does not permit unfair discrimination because the proposed
rates would be applied to all similarly situated ETP Holders and other
market participants, who would all be eligible for the same rates on an
equal basis. Accordingly, no ETP Holder already operating on the
Exchange would not be disadvantaged by the proposed allocation of fees
and credits. The Exchange believes that offering credits for providing
liquidity will continue to attract order flow and liquidity to the
Exchange, thereby providing additional price improvement opportunities
on the Exchange and benefiting investors generally. As to those market
participants that do not presently qualify for the revised fees and
credits, the proposal will not adversely impact their ability to
qualify for other credits provided by the Exchange. Finally, the
submission of orders is optional for ETP Holders in that they could
choose whether to submit orders to the Exchange and, if they do, they
can choose the extent of their activity in this regard. The Exchange
believes that it is subject to significant competitive forces, as
described above and 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,\19\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed fee change would encourage the submission of
additional liquidity to a public exchange, thereby promoting market
depth, price discovery, and transparency and enhancing order execution
opportunities for 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.'' \20\
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\19\ 15 U.S.C. 78f(b)(8).
\20\ See Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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Intramarket Competition. The Exchange believes the proposed change
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
change is designed to attract additional orders to the Exchange. The
Exchange believes that the proposed changes would incentivize market
participants to direct orders to the Exchange. Greater overall order
flow, trading opportunities, and pricing transparency benefit all
market participants on the Exchange by enhancing market quality and
continuing to encourage ETP Holders to send orders, thereby
contributing towards a robust and well-balanced market ecosystem.
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 currently has less than 1% market share of executed
volume of equities trading. In such an environment, the Exchange must
continually adjust its fees and credits to remain competitive with
other exchanges and with off-exchange venues. Because competitors are
free to modify their own fees and credits in response, and because
market participants may readily adjust their order routing practices,
the Exchange does not believe its proposed fee change can impose any
burden on intermarket competition.
The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar order types and comparable
transaction pricing, by encouraging additional orders to be sent to the
Exchange for execution.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \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
[[Page 24258]]
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#aedcdbc2cb83cdc1c3c3cbc0daddeeddcbcd80c9c1d8"><span class="__cf_email__" data-cfemail="c4b6b1a8a1e9a7aba9a9a1aab0b784b7a1a7eaa3abb2">[email protected]</span></a>. Please include
File Number SR-NYSEAMER-2023-25 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-2023-25. 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 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-2023-25, and should be
submitted on or before May 10, 2023.
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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08226 Filed 4-18-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 19, 2023.
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