Notice2023-22347
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule To Modify the Options Regulatory Fee
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 10, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 194 (Tuesday, October 10, 2023)</title>
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[Federal Register Volume 88, Number 194 (Tuesday, October 10, 2023)]
[Notices]
[Pages 69969-69973]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-22347]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98676; File No. SR-NYSEARCA-2023-68]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE
Arca Options Fee Schedule To Modify the Options Regulatory Fee
October 3, 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 September 29, 2023, 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 amend the NYSE Arca Options Fee Schedule
(``Fee Schedule'') regarding the Options Regulatory Fee (``ORF''). 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule to decrease the ORF
from $0.0055 per contract to $0.0038 per contract, effective on January
1, 2024, and to provide for a temporary waiver of the ORF for the three
months leading up to such change, from October 1, 2023 through December
31, 2023 (the ``Waiver Period'').\4\
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\4\ See proposed Fee Schedule, NYSE Arca GENERAL OPTIONS and
TRADING PERMIT (OTP) FEES, Regulatory Fees, Options Regulatory Fee
(``ORF''). The Exchange proposes to modify the Fee Schedule to
provide for a waiver of ORF from October 1, 2023 until December 31,
2023, and to provide that the ORF rate would be $0.0038 when the
Exchange resumes assessing ORF on January 1, 2024.
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Background
As a general matter, the Exchange may only use regulatory funds
such as the ORF ``to fund the legal, regulatory, and surveillance
operations'' of the Exchange.\5\ More specifically, the ORF is designed
to recover a material portion, but not all, of the Exchange's costs for
the supervision and regulation of OTP Holders and OTP Firms
(collectively, ``OTP Holders''), including the Exchange's regulatory
program and legal expenses associated with options regulation, such as
the costs related to in-house staff, third-party service providers, and
technology that facilitate regulatory functions such as surveillance,
investigation, examinations and enforcement (collectively, the ``ORF
Costs''). ORF funds may also be used for indirect expenses such as
human resources and other administrative costs. The Exchange monitors
the amount of revenue collected from the ORF to ensure that this
revenue, in combination with other regulatory fees and fines, does not
exceed regulatory costs.
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\5\ The Exchange considers surveillance operations part of
regulatory operations. The limitation on the use of regulatory funds
also provides that they shall not be distributed. See Bylaws of NYSE
Arca, Inc., Art. II, Sec. 2.03.
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The ORF is assessed on OTP Holders for options transactions that
are cleared by the OTP Holder through the Options Clearing Corporation
(``OCC'') in the Customer range regardless of the exchange on which the
transaction occurs and is collected from OTP Holder clearing firms by
the OCC on behalf of NYSE Arca.\6\ All options transactions must clear
via a clearing firm and such clearing firms can then choose to pass
through all, a portion, or none of the cost of the ORF to its
customers, i.e., the entering firms. The Exchange notes that the costs
relating to monitoring OTP Holders with respect to Customer trading
activity are generally higher than the costs associated with monitoring
OTP Holders that do not engage in Customer trading activity, which
tends to be more automated and less labor-intensive. By contrast,
regulating OTP Holders that engage in Customer trading activity is
generally more labor intensive and requires a greater expenditure of
human and technical resources as the Exchange needs to review not only
the trading activity on behalf of Customers, but also the OTP Holder's
relationship with its Customers via more labor-intensive exam-based
programs.\7\ As a result, the costs associated with administering the
customer component of the Exchange's overall regulatory program are
materially higher than the costs associated with administering the non-
customer component (e.g., OTP Holder proprietary transactions) of its
regulatory program.
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\6\ See Fee Schedule, NYSE Arca GENERAL OPTIONS and TRADING
PERMIT (OTP) FEES, Regulatory Fees, Options Regulatory Fee
(``ORF''). The Exchange uses reports from OCC when assessing and
collecting the ORF. The ORF is not assessed on outbound linkage
trades. An OTP Holder is not assessed the fee until it has satisfied
applicable technological requirements necessary to commence
operations on NYSE Arca. See id.
\7\ The Exchange notes that many of the Exchange's market
surveillance programs require the Exchange to look at and evaluate
activity across all options markets, such as surveillance for
position limit violations, manipulation, front-running and contrary
exercise advice violations/expiring exercise declarations. The
Exchange and other options SROs are parties to a 17d-2 agreement
allocating among the SROs regulatory responsibilities relating to
compliance by the common members with rules for expiring exercise
declarations, position limits, OCC trade adjustments, and Large
Option Position Report reviews. See, e.g., Securities Exchange Act
Release No. 85097 (February 11, 2019), 84 FR 4871 (February 19,
2019).
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ORF Collections and Monitoring of ORF
Exchange rules establish that market participants must be notified
of any
[[Page 69970]]
change in the ORF via Trader Update at least 30 calendar days prior to
the effective date of the change.\8\
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\8\ See Fee Schedule, supra note 6.
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Because the ORF is based on options transactions volume, the amount
of ORF collected is variable. For example, if options transactions
reported to OCC in a given month increase, the ORF collected from OTP
Holders will likely increase as well. Similarly, if options
transactions reported to OCC in a given month decrease, the ORF
collected from OTP Holders will likely decrease as well. Accordingly,
the Exchange monitors the amount of ORF collected to ensure that it
does not exceed the ORF Costs. If the Exchange determines the amount of
ORF collected exceeds ORF Costs, the Exchange will adjust the ORF by
submitting a fee change filing to the Securities and Exchange
Commission (the ``Commission'').
Reduction of ORF and Temporary ORF Waiver
The Exchange currently assesses an ORF of $0.0055 per contract.
Based on the Exchange's recent review of regulatory costs, ORF
collections, and options transaction volume, the Exchange proposes to
decrease the ORF from the current rate of $0.0055 per contract to
$0.0038 per contract effective January 1, 2024 and, in concert with the
proposed reduction of the ORF, to waive the ORF from October 1, 2023
through December 31, 2023 in order to help ensure that the amount
collected from the ORF, in combination with other regulatory fees and
fines, does not exceed the Exchange's total regulatory costs. The
Exchange notified OTP Holders of the proposed temporary waiver of the
ORF via Trader Update on September 1, 2023 (which was at least 30
calendar days prior to the proposed operative date of the waiver,
October 1, 2023) \9\ and will also notify OTP Holders of the proposed
change to the ORF rate via Trader Update at least 30 days prior to the
proposed operative date of the new rate, January 1, 2024. The Exchange
believes such notices will ensure that market participants have
sufficient opportunity to configure their systems to account properly
for both the ORF waiver and revised ORF.
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\9\ See <a href="https://www.nyse.com/trader-update/history#110000672056">https://www.nyse.com/trader-update/history#110000672056</a>.
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The proposed modification of the ORF and accompanying waiver are
informed by the Exchange's analysis of recent options volumes. The
Exchange proposes to reduce the ORF because it believes that options
transaction volume has increased to a level that if the ORF is not
adjusted, the ORF revenue to the Exchange year-over-year could exceed a
material portion of the Exchange's ORF Costs.\10\ The options industry
has continued to experience extremely high options trading volumes and
volatility, as illustrated in the table below reflecting industry data
from OCC for 2021, 2022, and 2023: \11\
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\10\ The Exchange notes that it last modified the ORF rate in
February 2014. See Securities Exchange Act Release No. 71409
(January 27, 2014), 79 FR 5499 (January 31, 2014) (SR-NYSEArca-2014-
06). The Exchange also previously filed to waive the ORF from
November 1, 2022 through January 31, 2023. See Securities Exchange
Act Release No. 96374 (November 22, 2022), 87 FR 73372 (November 29,
2022) (SR-NYSEARCA-2022-78).
\11\ 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>.
The volume discussed in this filing is based on a compilation of OCC
data for monthly volume of equity-based options and monthly volume
of ETF-based options, in contract sides.
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2021 2022 2023
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Customer ADV.................................................... 34,730,276 34,091,409 35,957,560
Total ADV....................................................... 74,339,870 76,488,459 81,483,685
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For example, although customer average daily volume decreased
slightly from 2021 to 2022, both total average daily volume and
customer average daily volume in 2023 increased over the already
elevated levels in 2021 and 2022.
The below industry data from OCC demonstrates the high options
trading volumes and volatility that the industry has continued to
experience in 2023:
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April 2023 May 2023 June 2023 July 2023 August 2023
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Customer ADV.................... 32,498,578 34,535,662 37,028,394 35,965,918 35,387,029
Total ADV....................... 73,005,006 78,571,791 83,362,815 80,391,999 81,381,473
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The persisting increased options volumes have, in turn, impacted
the amount of ORF collected. To determine whether ORF fees should be
adjusted, the Exchange reviewed options transaction volume from 2021
through August 2023. Based on the Exchange's review and analysis of
historical options transaction volume and predictions regarding future
options transaction volume, the Exchange projects that options
transaction volume is likely to continue to remain high into 2024.
The Exchange believes that it has sufficient information based on
recent options transaction volume to determine how to adjust the ORF
for 2024. Taking into consideration both the sustained increase in
options transaction volume, which has persisted into 2023 (and which
has translated to increased ORF collection), the Exchange proposes to
decrease the ORF from $0.0055 to $0.0038 per contract. The Exchange
further proposes to make this change effective on January 1, 2024 and
to not assess any ORF during the Waiver Period, rather than further
adjusting the ORF for the duration of the Waiver Period, as the
Exchange believes this proposal would most efficiently accomplish the
goals of ensuring that ORF collection does not exceed ORF Costs for
2023 and modifying the ORF rate so that the Exchange may assess an ORF
that is designed to recover a material portion, but not all, of the
Exchange's projected ORF Costs when the Exchange resumes assessing ORF
on January 1, 2024.
The proposed decrease in ORF is based on the Exchange's estimated
projections for its regulatory costs, balanced with the observed
increase in options volumes. The Exchange cannot predict whether
options volume will remain at the current level going forward and
projections for future regulatory costs are estimated, preliminary, and
may change. However, the Exchange believes that amounts collected from
assessment of the ORF (as modified) will continue to cover a material
portion, but not all, of the
[[Page 69971]]
Exchange's ORF Costs. In addition, because of the sustained impact of
the elevated trading volumes that have persisted into 2023, along with
the difficulty of predicting when volumes may return to more normal
levels, the Exchange believes that waiving ORF from October 1, 2023 to
December 31, 2023 and implementing the reduced ORF rate of $0.0038 on
January 1, 2024 (rather than reducing ORF more drastically in the
interim) would lessen the potential for generating excess funds and
help ensure that the ORF is designed to recover a material portion, but
not all, of the Exchange's projected ORF Costs. The Exchange will
continue monitoring ORF Costs in advance of the resumption of the ORF
and when it resumes assessing ORF on January 1, 2024, and, if the
Exchange determines that, in light of projected volumes and ORF Costs,
the ORF rate should be further modified to help ensure that ORF
collections would not exceed a material portion of ORF Costs, adjust
the ORF by submitting a proposed rule change and notifying OTP Holders
of such change by Trader Update.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \12\ of the Act, in general, and
Section 6(b)(4) and (5) \13\ of the Act, in particular, in that it is
designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among its members 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 Proposal Is Reasonable
The Exchange believes the proposed reduction of ORF and
accompanying temporary waiver of the ORF is reasonable because it would
help ensure that collections from the ORF do not exceed a material
portion of the Exchange's ORF Costs. As noted above, the ORF is
designed to recover a material portion, but not all, of the Exchange's
ORF Costs.
Although there can be no assurance that the Exchange's final costs
for 2023 will not differ materially from its expectations and prior
practice, nor can the Exchange predict with certainty whether options
volume will remain at current or similar levels going forward, the
Exchange believes that the amount collected based on the current ORF
rate, when combined with regulatory fees and fines, may result in
collections in excess of the estimated ORF Costs for the year and going
forward. Particularly, as noted above, the options market has continued
to experience elevated volumes and volatility in 2023, thereby
resulting in substantially higher ORF collections than projected. The
Exchange therefore believes that it would be reasonable to decrease the
ORF from $0.0055 per contract to $0.0038 per contract effective January
1, 2024, and, in connection with that change, to waive ORF from October
1, 2023 through December 31, 2023. The Exchange believes the proposed
change is reasonable because it would help the Exchange ensure that ORF
collection does not exceed a material portion of the ORF Costs for 2023
and facilitate the efficient implementation of a revised ORF rate
designed to recover a material portion, but not all, of the Exchange's
projected ORF Costs. The Exchange proposes to make the new ORF rate
effective on January 1, 2024 and to not assess any ORF during the
Waiver Period, rather than further adjusting the ORF for the duration
of the Waiver Period, as the Exchange believes this proposal would most
efficiently accomplish these objectives. The Exchange believes that not
assessing ORF during the Waiver Period and taking into account all of
the Exchange's other regulatory fees and fines would allow the Exchange
to continue covering a material portion of ORF Costs, while lessening
the potential for generating excess funds that may otherwise occur
using the current rate. The Exchange also believes that it is
reasonable to resume ORF at the decreased rate of $0.0038 on January 1,
2024. The proposed rate of $0.0038 per contract is based on the
Exchange's estimated projections for its regulatory costs, balanced
with the increase in options volumes that has persisted into 2023 and
that is likely to continue into 2024; the Exchange thus believes that
resumption of the ORF at this rate on January 1, 2024 is reasonable
because it would permit the Exchange to resume assessing an ORF that is
designed to recover a material portion, but not all, of the Exchange's
projected ORF Costs. The Exchange would continue monitoring ORF Costs
in advance of the resumption of the ORF and when it resumes assessing
ORF on January 1, 2024 and, if the Exchange determines that, in light
of projected volumes and ORF Costs, the ORF rate should be further
modified to help ensure that ORF collections would not exceed a
material portion of ORF Costs, further adjust the ORF by submitting a
proposed rule change and notifying OTP Holders of such change by Trader
Update.
The Proposal Is an Equitable Allocation of Fees
The Exchange believes its proposal is an equitable allocation of
fees among its market participants. The Exchange believes that the
proposed waiver would not place certain market participants at an
unfair disadvantage because all options transactions must clear via a
clearing firm. Such clearing firms can then choose to pass through all,
a portion, or none of the cost of the ORF to its customers, i.e., the
entering firms. As noted above, the ORF is collected from OTP Holder
clearing firms by the OCC on behalf of NYSE Arca and is assessed on all
options transactions that are cleared at the OCC in the Customer range.
In addition, the Exchange notes that the costs relating to monitoring
OTP Holders with respect to Customer trading activity are generally
higher than the costs associated with monitoring OTP Holders that do
not engage in Customer trading activity, which tends to be more
automated and less labor-intensive. By contrast, regulating OTP Holders
that engage in Customer trading activity is generally more labor
intensive and requires a greater expenditure of human and technical
resources as the Exchange needs to review not only the trading activity
on behalf of Customers, but also the OTP Holder's relationship with its
Customers via more labor-intensive exam-based programs. As a result,
the costs associated with administering the customer component of the
Exchange's overall regulatory program are materially higher than the
costs associated with administering the non-customer component (e.g.,
OTP Holder proprietary transactions) of its regulatory program. The
Exchange believes that the proposed reduction of ORF from $0.0055 per
contract to $0.0038 per contract effective January 1, 2024, along with
a temporary waiver of the ORF for the three months prior to such
change, is an equitable allocation of fees because the new ORF rate
would apply equally to all OTP Holders on all their transactions that
clear in the Customer range at the OCC, and the Exchange would not
assess the ORF on any such transactions during the Waiver Period. The
proposed change also would permit the Exchange to efficiently adjust
the ORF, which is applicable to all OTP Holders' transactions that
clear in the Customer range at the OCC, to an amount designed to
recover a material portion, but not all, of the Exchange's projected
ORF Costs. The Exchange also believes
[[Page 69972]]
that recommencing the ORF at the decreased rate of $0.0038 per contract
effective January 1, 2024, unless the Exchange determines it necessary
to further adjust the ORF to ensure that ORF collections do not exceed
a material portion of ORF Costs, is equitable because the ORF would
resume applying equally to all OTP Holders on options transactions in
the Customer range, at a rate designed to recover a material portion,
but not all, of the Exchange's projected ORF Costs.
The Proposed Fee Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory. The Exchange believes that the proposed waiver of the
ORF would not place certain market participants at an unfair
disadvantage because all options transactions must clear via a clearing
firm. Such clearing firms can then choose to pass through all, a
portion, or none of the cost of the ORF to its customers, i.e., the
entering firms. As noted above, the ORF is collected from OTP Holder
clearing firms by the OCC on behalf of NYSE Arca and is assessed on
options transactions that are cleared at the OCC in the Customer range.
In addition, the Exchange notes that the costs relating to monitoring
OTP Holders with respect to Customer trading activity are generally
higher than the costs associated with monitoring OTP Holders that do
not engage in Customer trading activity, which tends to be more
automated and less labor-intensive. By contrast, regulating OTP Holders
that engage in Customer trading activity is generally more labor
intensive and requires a greater expenditure of human and technical
resources as the Exchange needs to review not only the trading activity
on behalf of Customers, but also the OTP Holder's relationship with its
Customers via more labor-intensive exam-based programs. As a result,
the costs associated with administering the customer component of the
Exchange's overall regulatory program are materially higher than the
costs associated with administering the non-customer component (e.g.,
OTP Holder proprietary transactions) of its regulatory program. Thus,
the Exchange believes the proposed reduction of ORF and accompanying
temporary waiver of the ORF is not unfairly discriminatory because the
changes would apply to all OTP Holders subject to the ORF and the
Exchange would provide all such OTP Holders with 30 days' advance
notice of planned changes to the ORF. The Exchange also believes that
recommencing the ORF on January 1, 2024 at $0.0038, unless the Exchange
determines it necessary to further adjust the ORF to ensure that ORF
collections do not exceed a material portion of ORF Costs, is not
unfairly discriminatory because the Exchange would resume assessing an
ORF designed to recover a material portion, but not all, of the
Exchange's projected ORF Costs, and the ORF would resume applying
equally to all OTP Holders based on their transactions that clear in
the Customer range at the OCC.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
Intramarket Competition. The Exchange believes the proposed change
would not impose an undue burden on intramarket competition because the
ORF is charged to all OTP Holders on all their transactions that clear
in the Customer range at the OCC; thus, the amount of ORF imposed is
based on the amount of Customer volume transacted. The Exchange
believes that the proposed reduction of the ORF rate and temporary
waiver of the ORF would not place certain market participants at an
unfair disadvantage because all options transactions must clear via a
clearing firm. Such clearing firms can then choose to pass through all,
a portion, or none of the cost of the ORF to its customers, i.e., the
entering firms. The ORF is collected from OTP Holder clearing firms by
the OCC on behalf of NYSE Arca and is assessed on all options
transactions cleared at the OCC in the Customer range. The Exchange
also believes recommencing the ORF on January 1, 2024 at $0.0038
(unless the Exchange determines it necessary at that time to adjust the
ORF to ensure that ORF collections do not exceed a material portion of
ORF Costs) would not impose an undue burden on competition because the
proposed decreased rate would apply equally to all OTP Holders subject
to ORF and would permit the Exchange to resume assessing an ORF that is
designed to recover a material portion, but not all, of the Exchange's
projected ORF Costs and the ORF would, as currently, apply to all OTP
Holders on their options transactions that clear in the Customer range
at the OCC. The Exchange will continue to provide advance notice of
changes to the ORF to all OTP Holders via Trader Update to provide OTP
Holders with sufficient opportunity to configure their systems to
account properly for both the Waiver Period and resumption of ORF at a
new, lower rate on January 1, 2024.
Intermarket Competition. The proposed fee change is not designed to
address any competitive issues. Rather, the proposed change is designed
to help the Exchange adequately fund its regulatory activities while
seeking to ensure that total collections from regulatory fees do not
exceed total regulatory costs.
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) \14\ of the Act and subparagraph (f)(2) of Rule
19b-4 \15\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 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) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\16\ 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5123243d347c323e3c3c343f2522112234327f363e27"><span class="__cf_email__" data-cfemail="ec9e998089c18f8381818982989fac9f898fc28b839a">[email protected]</span></a>. Please include
file number SR-NYSEARCA-2023-68 on the subject line.
[[Page 69973]]
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-2023-68. 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NYSEARCA-2023-68 and should
be submitted on or before October 31, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-22347 Filed 10-6-23; 8:45 am]
BILLING CODE 8011-01-P
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