Notice2024-19395
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
August 29, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 168 (Thursday, August 29, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 168 (Thursday, August 29, 2024)]
[Notices]
[Pages 70241-70246]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-19395]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100811; File No. SR-NYSEARCA-2024-67]
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
August 23, 2024.
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 August 14, 2024, NYSE Arca, Inc. (``NYSE Arca'' or the ``Exchange'')
filed with the Securities and Exchange Commission
[[Page 70242]]
(``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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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'') to adopt an alternative requirement to
qualify for the Tape B Tier 3 pricing tier and increase the cap of the
additional credit payable for providing liquidity under the Tape B
Tiers pricing tier. 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 to adopt an
alternative requirement to qualify for the Tape B Tier 3 pricing tier
and increase the cap of the additional credit payable for providing
liquidity under the Tape B Tiers pricing tier. The Exchange proposes to
implement the fee changes effective August 14, 2024.\3\
---------------------------------------------------------------------------
\3\ The Exchange originally filed to amend the Fee Schedule on
August 1, 2024 (SR-NYSEARCA-2024-64). SR-NYSEARCA-2024-64 was
subsequently withdrawn and replaced by this filing.
---------------------------------------------------------------------------
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.'' \4\
---------------------------------------------------------------------------
\4\ 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'').
---------------------------------------------------------------------------
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.'' \5\ Indeed, equity trading is currently dispersed across
16 exchanges,\6\ numerous alternative trading systems,\7\ and broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly available information, no single exchange currently
has more than 20% market share.\8\ Therefore, no exchange possesses
significant pricing power in the execution of equity order flow. More
specifically, the Exchange currently has less than 12% market share of
executed volume of equities trading.\9\
---------------------------------------------------------------------------
\5\ 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).
\6\ 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>.
\7\ 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>.
\8\ 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>.
\9\ See id.
---------------------------------------------------------------------------
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. 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 compel the Exchange to use exchange
transaction fees and credits because market participants can readily
trade on competing venues if they deem pricing levels at those other
venues to be more favorable.
Proposed Rule Change
Tape B Tier 3
Currently, under the Tape B Tier 3 pricing tier, an ETP Holder
could qualify for a credit of $0.0025 per share \10\ for adding
liquidity in Tape B Securities by meeting one of the following two
requirements. An ETP Holder could qualify for the current credit if
such ETP Holder (1) has Adding ADV of Tape B CADV that is equal to at
least 0.20% of the Tape B CADV and (2) has Market Maker Electronic
Posting Volume of TCADV of at least 0.50% by an OTP Holder or OTP Firm
affiliated with the ETP Holder. Alternatively, the ETP Holder could
qualify for the current credit if such ETP Holder has Adding ADV of
Tape B CADV that is equal to at least 0.15% over the ETP Holder's April
2020 Adding ADV taken as a percentage of Tape B CADV.\11\
---------------------------------------------------------------------------
\10\ Under Section III of the Fee Schedule--Standard Rates, ETP
Holders receive a credit of $0.0020 per share for orders that add
liquidity in Tape B securities. Additionally, in securities priced
at or above $1.00, an additional credit in Tape B securities may be
available to Lead Market Makers (``LMMs'') and to Market Makers
affiliated with LMMs that add displayed liquidity based on the
number of Less Active ETP Securities in which the LMM is registered
as the LMM. The applicable tiered-credits are noted on the Fee
Schedule under LMM Transaction Fees and Credits.
\11\ See Fee Schedule, Tier 3 under Tape B Tiers pricing table.
---------------------------------------------------------------------------
The Exchange proposes to adopt another alternative method that ETP
Holders could utilize to qualify for the Tape B Tier 3 credit. As
proposed, an ETP Holder could qualify for the Tape B Tier 3 credit of
$0.0025 per share for adding liquidity in Tape B securities if such ETP
Holder is registered as a Lead Market Maker \12\ or Market Maker \13\
in at
[[Page 70243]]
least 50 \14\ Less Active ETPs \15\ in which it meets at least two
Performance Metrics.\16\ The Exchange is not proposing any change to
the level of Tape B Tier 3 credits.\17\
---------------------------------------------------------------------------
\12\ The term ``Lead Market Maker'' is defined in Rule 1.1(w) to
mean a registered Market Maker that is the exclusive Designated
Market Maker in listings for which the Exchange is the primary
market.
\13\ Pursuant to Rule 7.23-E(a)(1), all registered Market
Makers, including LMMs, have an obligation to maintain continuous,
two-sided trading interest in those securities in which the Market
Marker is registered to trade. In addition, pursuant to Rule 7.24-
E(b), LMMs are held to higher performance standards in the
securities in which they are registered as LMM. LMMs can earn
additional financial incentives for meeting the higher performance
standards specified from time to time in the Fee Schedule. Only one
LMM can be registered in a NYSE-Arca listed security, but that
security can have an unlimited number of registered Market Makers.
Market Makers can also be registered in securities that trade on an
unlisted trading privileges basis on the Exchange.
\14\ The number of Less Active ETPs for a billing month would be
calculated as the average number of Less Active ETPs in which an ETP
Holder is registered as a LMM or Market Maker on the first and last
business day of the previous month.
\15\ Pursuant to Section I under the LMM Transaction Fees and
Credits, the term ``Less Active ETPs'' means ETPs that have a CADV
in the prior calendar quarter that is the greater of either less
than 100,000 shares or less than 0.013% of Consolidated Tape B ADV.
The term ``ETP'' means Exchange Traded Product listed on NYSE Arca.
\16\ The applicable Performance Metrics are specified in Section
III under LMM Transaction Fees and Credits on the Fee Schedule.
\17\ With this proposed rule change, the Exchange also proposes
to reformat the Tape B Tiers table by adopting a new column titled
``NYSE Arca Listed Equities'' with a description in the new column
of the requirement as proposed in this filing.
---------------------------------------------------------------------------
The proposed rule change to adopt the proposed alternative method
to qualify for the existing credit is designed to incentivize ETP
Holders to increase liquidity-providing orders in NYSE Arca-listed
securities, including in lower volume securities, in which they are
registered as a LMM or Market Maker, that they send to the Exchange,
which would support the quality of price discovery on the Exchange and
provide additional liquidity for incoming orders for the benefit of all
market participants.
The Exchange notes that its listing business operates in a highly
competitive market in which market participants, including issuers of
securities, LMMs, and other liquidity providers, can readily transfer
their listings, or direct order flow to competing venues if they deem
fee levels, liquidity provision incentive programs, or other factors at
a particular venue to be insufficient or excessive. The proposed rule
change reflects the current competitive pricing environment and is
designed to incentivize market participants to participate as LMMs or
Market Makers, especially in Less Active ETPs, and thereby, further
enhance the market quality on such securities listed on the Exchange
and encourage issuers to list new products on the Exchange.
Tape B--Additional Credit
The Exchange currently provides an increased cap applicable under
the Tape B Tiers pricing table. Specifically, if an ETP Holder is
registered as a LMM or Market Maker in at least 100 Less Active ETPs in
which it meets at least two Performance Metrics, where the ETP Holder,
together with any affiliates, has Adding Tape B ADV that is an increase
of at least 60% over the ETP Holder's Adding ADV in Q3 2019, as a
percentage of Tape B CADV, then such ETP Holder receives a combined
credit of up to:
<bullet> $0.0033 per share if the ETP Holder, together with any
affiliates, has Tape B Adding ADV equal to at least 0.65% of Tape B
CADV, or
<bullet> $0.0034 per share if the ETP Holder, together with any
affiliates, has Tape B Adding ADV equal to at least 0.70% of Tape B
CADV.
The Exchange proposes to increase the combined credit, from $0.0034
per share to $0.0035 per share, if a qualifying ETP Holder that,
together with any affiliates, has Tape B Adding ADV equal to at least
0.70% of Tape B CADV.
The Exchange believes increasing the combined credit payable to ETP
Holders, from up to $0.0034 per share to up to $0.0035 per share would
provide an incentive to ETP Holders to register as LMMs or Market
Makers and incentivize such liquidity providers to increase the number
of orders sent 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,\18\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\19\ 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.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
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.'' \20\ As a
threshold matter, the Exchange is subject to significant competitive
forces in the market for equity securities transaction services that
constrain its pricing determinations in that market.
---------------------------------------------------------------------------
\20\ See Regulation NMS, supra note 4, 70 FR at 37499.
---------------------------------------------------------------------------
Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
equity security transaction services. The Exchange is only one of
several equity venues to which market participants may direct their
order flow. Competing equity exchanges offer similar tiered pricing
structures to that of the Exchange, including credits and fees that
apply based upon members achieving certain volume thresholds. The
Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, the Exchange's fees
are reasonably constrained by competitive alternatives and market
participants can readily trade on competing venues if they deem pricing
levels at those other venues to be more favorable.
Tape B Tier 3
The Exchange believes that the proposal to adopt an alternative
method to qualify for the Tape B Tier 3 credit is reasonable because it
provides an additional opportunity for ETP Holders to receive an
existing rebate on qualifying orders in a manner that incentivizes
order flow on the Exchange. The Exchange believes the proposed
alternative method to qualify for the Tape B Tier 3 pricing tier is
reasonable because it provides ETP Holders with an additional way to
qualify for the pricing tier's credit by incentivizing ETP Holders to
increase liquidity-providing orders in NYSE Arca-listed securities,
including in lower volume securities, in which they are registered as a
LMM or Market Maker, that they send to the Exchange, which would
support the quality of price discovery on the Exchange and provide
additional liquidity for incoming orders for the benefit of all market
participants. The Exchange also believes it is reasonable to require
ETP Holders to register as a LMM or Market Maker in a minimum number of
Less Active ETPs and to meet at least two Performance Metrics in such
securities as the Exchange believes this requirement would enhance
market
[[Page 70244]]
quality in Less Active ETPs and support the quality of price discovery
in such securities.
The Exchange believes the proposed change to adopt an alternative
method to qualify for existing credits is reasonable as these changes
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 existing credit, thereby contributing to depth
and market quality on the Exchange. As noted above, the Exchange
operates in a highly competitive environment, particularly for
attracting order flow that provides displayed 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.
The Exchange believes that the proposal to adopt an alternative
method to qualify for the Tape B Tier 3 credit represents an equitable
allocation of fees and credits and is not unfairly discriminatory
because it would apply uniformly to all ETP Holders, in that all ETP
Holders would be eligible for the existing credit and have the
opportunity to meet the tier's criteria by registering as a LMM or
Market Maker in a Less Active ETP and meeting the market quality
metrics. The Exchange believes that the proposal to offer rebates tied
to market quality metrics represents an equitable allocation of
payments because LMMs and Market Makers would be required to not only
meet their Rule 7.23-E obligations, but also meet prescribed quoting
requirements in order to qualify for the credit. Further, all LMMs and
Market Makers on the Exchange are eligible to participate and could do
so by simply registering in a Less Active ETP and meeting the proposed
market quality metrics.
Under the proposal, the existing rebate would apply automatically
and uniformly to all ETP Holders that register as a LMM or Market Maker
in at least 50 Less Active ETPs in which it meets at least two
Performance Metrics.
While the Exchange has no way of knowing whether the proposed
alternative method to qualify for the Tape B Tier 3 pricing tier would
definitively result in any particular ETP Holder qualifying for the
existing credit, the Exchange anticipates a number of ETP Holders will
seek to qualify for the rebate by registering as a LMM or Market Maker
in at least 50 Less Active ETPs and meet the required performance
metrics.
The Exchange believes it is not unfairly discriminatory to provide
an alternative way to qualify for the per share credit under the Tape B
Tier 3 pricing tier, as the credit would be provided on an equal basis
to all ETP Holders that meet the proposed requirement. Further, the
Exchange believes the proposed alternative method would incentivize ETP
Holders to register in Less Active ETPs and send more order to the
Exchange to qualify for the Tape B Tier 3 credit.
The Exchange believes that the proposed alternative method to
qualify for the Tape B Tier 3 credit is not unfairly discriminatory
because it would be available to all ETP Holders on an equal and non-
discriminatory basis. In this regard, the Exchange notes that ETP
Holders that do not meet the proposed alternative criteria would
continue to have the opportunity to qualify for the Tape B Tier 3
credit by satisfying the two current requirements, which would not
change as a result of this proposal.
The Exchange also believes that the proposed rule change is not
unfairly discriminatory because it is reasonably related to the value
to the Exchange's market quality associated with higher volumes. The
Exchange believes that increased liquidity and higher volumes improves
market quality on the Exchange, which increases the likelihood of
orders being executed at prices desired by ETP Holders and thereby
incentivizing ETP Holders to direct more order flow to the Exchange.
The Exchange places a higher value on displayed liquidity because the
Exchange believes that displayed liquidity is a public good that
benefits investors generally by providing greater price transparency
and enhancing price discovery on a public exchange, which ultimately
lead to substantial reductions in transaction costs.
The proposed change to the Tape B Tier 3 pricing tier is designed
as an incentive to ETP Holders interested in meeting the tier criteria
to submit additional order flow to the Exchange and each will receive
the existing rebate if the tier criteria is met. The Exchange also
notes that the proposed rule change will not adversely impact any ETP
Holder's pricing or its ability to qualify for other tiers. Rather,
should an ETP Holder not meet the Tape B Tier 3 pricing tier's
criteria, the ETP Holder will merely not receive the corresponding
rebate.
Tape B--Additional Credit
The Exchange believes the proposed rule change to increase the
combined credit, from up to $0.0034 per share to up to $0.0035 per
share, payable to ETP Holders if an ETP Holder, together with any
affiliates, has Tape B Adding ADV equal to at least 0.70% of Tape B
CADV is a reasonable means of attracting additional liquidity to the
Exchange. The Exchange believes the increased financial incentive,
which is among the highest paid by the Exchange, would encourage ETP
Holders to submit additional liquidity to a national securities
exchange and receive the proposed higher rebate. The Exchange believes
it is reasonable to require ETP Holders to meet the applicable volume
threshold to qualify for the increased credit, given the higher
combined credit up to of $0.0035 per share that the Exchange would pay
if the tier criteria were met.
The Exchange believes that submission of increased liquidity to the
Exchange would promote price discovery and transparency and enhance
order execution opportunities for ETP Holders from the substantial
amounts of liquidity present on the Exchange. The Exchange also
believes it is reasonable to require ETP Holders to register as a LMM
or Market Maker in a minimum number of Less Active ETPs and to meet at
least two Performance Metrics in such securities as the Exchange
believes this requirement would enhance market quality in Less Active
ETPs and support the quality of price discovery in such securities.
The Exchange believes the proposed rule change to increase the
combined credit, from up to $0.0034 per share to up to $0.0035 per
share, payable to ETP Holders if a ETP Holder, together with any
affiliates, has Tape B Adding ADV equal to at least 0.70% of Tape B
CADV equitably allocates its fees and credits among market participants
because it is reasonably related to the value of the Exchange's market
quality associated with higher equities volumes. The Exchange believes
that increased liquidity and higher volumes improves market quality on
the Exchange, which increases the likelihood of orders being executed
at prices desired by ETP Holders and thereby incentivizing ETP Holders
to direct more order flow to the Exchange. The Exchange places a higher
value on displayed liquidity because the Exchange believes that
displayed liquidity is a public good that benefits investors generally
by providing greater price transparency and enhancing price discovery
on a public exchange, which ultimately lead to substantial reductions
[[Page 70245]]
in transaction costs. As proposed, the Exchange would continue to
provide qualifying ETP Holders with some of the highest credits payable
by the Exchange provided they continue to participate as LMMs or Market
Makers and continue to provide increased Tape B adding ADV. The more an
ETP Holder participates, the greater the credit that ETP Holder would
receive. The Exchange believes the proposed increase credit would
encourage ETP Holders to continue to send orders that add liquidity to
the Exchange, thereby contributing to robust levels of liquidity, which
would benefit all market participants.
The Exchange believes it is not unfairly discriminatory to increase
the combined credit payable to ETP Holders because the increased
credits would be paid to all ETP Holders that qualify for the credit on
an equal basis. Additionally, the proposed rule change to increase the
combined credit payable to qualifying ETP Holders neither targets nor
will it have a disparate impact on any particular category of market
participant.
On the backdrop of the competitive environment in which the
Exchange currently operates, the proposed rule change is a reasonable
attempt by the Exchange to maintain, if not improve its market share
relative to its competitors.
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,\21\ 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.
---------------------------------------------------------------------------
\21\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intramarket Competition. The Exchange believes the proposed
amendment 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 change is designed to
attract additional order flow to the Exchange, in particular with
respect to Tape B securities. The Exchange believes that the proposed
adoption of an alternative method to qualify for an established credit
under the Tape B Tier 3 pricing tier would incentivize market
participants to participate as LMMs or Market Makers and direct
liquidity adding order flow to the Exchange, bringing with it
additional execution opportunities for market participants and improved
price transparency. Greater overall order flow, trading opportunities,
and pricing transparency would benefit all market participants on the
Exchange by enhancing market quality and would continue to encourage
ETP Holders to send orders to the Exchange, 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 exchanges 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 12%. In such an environment, the
Exchange must continually review, and consider adjusting 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, 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 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) \22\ 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.
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------
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#90e2e5fcf5bdf3fffdfdf5fee4e3d0e3f5f3bef7ffe6"><span class="__cf_email__" data-cfemail="becccbd2db93ddd1d3d3dbd0cacdfecddbdd90d9d1c8">[email protected]</span></a>. Please include
file number SR-NYSEARCA-2024-67 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSEARCA-2024-67. 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
10:00 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. 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
[[Page 70246]]
obscene or subject to copyright protection. All submissions should
refer to file number SR-NYSEARCA-2024-67, and should be submitted on or
before September 19, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------
\23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-19395 Filed 8-28-24; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on August 29, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.