Notice2025-22385
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule
Primary source
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Published
December 10, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 235 (Wednesday, December 10, 2025)</title>
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[Federal Register Volume 90, Number 235 (Wednesday, December 10, 2025)]
[Notices]
[Pages 57260-57263]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22385]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104333; File No. SR-NYSEARCA-2025-83]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Modify the
NYSE Arca Options Fee Schedule
December 5, 2025.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on December 1, 2025, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify the NYSE Arca Options Fee Schedule
(``Fee Schedule'') to (1) adopt a new pricing tier for Firm and Broker
Dealer posted interest in Penny Issues; and (2) adopt an additional
incentive for Market Makers to post liquidity in certain actively-
traded options classes. The Exchange proposes to implement the fee
changes effective December 1, 2025. The proposed rule change is
available on the Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a> and at the
principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to modify the Fee Schedule to (1)
adopt a new pricing tier for Firm and Broker Dealer posted interest in
Penny Issues, and (2) adopt an additional incentive for Market Makers
to post liquidity in certain actively-traded options classes, and more
specifically, in the iShares Russell 2000 ETF (``IWM''), the Invesco
QQQ Trust, Series 1 (``QQQ'') and the SPDR S&P 500 ETF Trust (``SPY'').
Firm and Broker Dealer Incentive
The Exchange has adopted an incentive program under which the
Exchange provides credits for posted Firm and Broker Dealer interest in
Penny Issues (the ``FBD Posting Incentive'').\4\ Under this incentive
program, the Exchange currently provides a base credit of $0.28 per
contract on electronic executions of Firm and Broker Dealer posted
interest in Penny Issues. Further, under current Tier 1 of the FBD
Posting Incentive, OTP Holders that execute at least 0.30% of Total
Customer Average Daily Volume (``TCADV'') \5\ from Firm and Broker
Dealer posted interest in all issues receive a credit of $0.35 per
contract.
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\4\ See Fee Schedule, FIRM AND BROKER DEALER PENNY POSTING
CREDIT TIERS (providing in the preamble that ``OTP Holders and OTP
Firms meeting the qualifications below will receive corresponding
credit on all electronic executions of Firm and Broker Dealer posted
interest in Penny Issues'').
\5\ TCADV includes OCC calculated Customer volume of all types,
including Complex Order Transactions and QCC transactions, in equity
and ETF options. See Fee Schedule, Endnote 8.
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The Exchange now proposes to adopt a new pricing tier under the FBD
Posting Incentive. Under proposed new Tier 1 of the FBD Posting
Incentive, OTP Holders that execute at least 0.20% of TCADV from Firm
and Broker Dealer posted interest in all issues would receive a credit
of $0.32 per contract.\6\ As is the case with current posting credit
tiers, OTP Holders may aggregate their volume with affiliated OTPs to
achieve the proposed credit under the new pricing tier.\7\
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\6\ With the proposed adoption of the new pricing tier as Tier
1, the Exchange proposes to rename current Tier 1 as Tier 2.
\7\ See Fee Schedule, Endnotes 8 (providing that the proposed
incentives will include the activity of affiliates) and 15 (defining
affiliates referenced in Endnote 8).
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The Exchange believes the proposed new pricing tier under the FBD
Posting Incentive is reasonable because OTP Holders (and their
affiliates) can bring a variety of order flow to the Exchange, which
may result in increased volume and liquidity. The Exchange's fees are
constrained by intermarket competition, as OTP Holders may direct their
order flow to any of the 18 options exchanges, including those with
similar posting incentives.\8\ The Exchange notes that all market
participants stand to benefit from increased transaction volume, which
promotes market depth, facilitates tighter spreads and enhances price
discovery, and may lead to a corresponding increase in order flow from
other market participants.
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\8\ See, e.g., MIAX Pearl Options Exchange, Fee Schedule,
available here, <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Options_Fee_Schedule_09232025_1.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Options_Fee_Schedule_09232025_1.pdf</a>
(setting forth volume tiers for Non-Priority Customer, Firm, Broker
Dealer and Non-MIAX Pearl Market Makers).
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The Exchange cannot predict with certainty whether any OTP Holders
would avail themselves of this proposed fee change by achieving the
requirement to qualify for the proposed new pricing tier under the FBD
Posting Incentive. The Exchange notes that whether or when an OTP
Holder qualifies for the various incentive tiers in a given month is
dependent on market activity and an OTP Holder's mix of order flow.
Thus, the Exchange cannot predict with any certainty the number of OTP
Holders that may qualify for the proposed new tier. However, given the
proposed new pricing tier may be achieved by meeting lesser volume
criteria, the Exchange believes that OTP Holders would be encouraged to
take advantage of the newly proposed pricing tier and its associated
credit.
Market Maker Incentive
Currently, Market Makers receive a $0.28 per contract credit for
executions against Market Maker posted liquidity in Penny Pilot Issues
and Lead Market Makers (``LMMs'') may receive an additional $0.05 per
contract credit (for a total of $0.33 per contract credit) for posted
liquidity in Penny Pilot Issues.\9\ Similarly, Market Makers may
receive a $0.28 per contract credit for executions against their posted
liquidity in SPY
[[Page 57261]]
and LMMs may receive an additional $0.04 per contract credit (for a
total of $0.32 per contract credit) for posted liquidity in SPY if it
is in the LMM's appointment.\10\ The Exchange currently offers
additional incentives (i.e., enhanced credits) to Market Makers to post
liquidity.\11\
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\9\ See Fee Schedule, Transaction Fee for Electronic Executions,
Per Contract. See also Market Maker Monthly Penny and SPY Posting
Credit Tiers (the ``MM Credit Tiers'').
\10\ See Fee Schedule, the MM Credit Tiers, Base Rate.
\11\ See e.g., MM Credit Tiers, Super Tier (which provides a
$0.39 per contract credit for executions of Market Maker posted
interest in SPY provided the Market Maker achieves at least 0.55% of
TCADV from Market Maker posted interest in all issues, or at least
1.60% of TCADV from all interest in all issues, all account types,
with at least 0.15% TCADV from Market Maker posted interest in all
issues) and Super Select Tier (which provides a $0.40 per contract
credit for executions of Market Maker posted interest in SPY
provided the Market Maker achieves at least 0.25% of total combined
IWM, QQQ, and SPY industry ADV from Market Maker posted interest in
IWM, QQQ, and SPY, combined with an ETP Holder and Market Maker
posted volume in Tape B Adding ADV that is equal to at least 1.55%
of US Tape B CADV executed on NYSE Arca Equity Market).
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The Exchange also offers an incentive to encourage Market Makers to
post interest in SPY. A Market Maker that has posted interest of at
least 0.15% of TCADV in SPY during a calendar month currently receives
a per contract credit of $0.36 for electronic executions against such
posted interest. In addition, a Market Maker that has posted interest
of at least 0.20% of TCADV in SPY during a calendar month currently
receives a per contract credit of $0.45 for electronic executions
against such posted interest. Given the heightened trading in IWM, QQQ
and SPY, the Exchange proposes to add another incentive by offering any
Market Maker that has posted Market Maker interest in IWM, QQQ, and SPY
of at least 0.90% of total combined IWM, QQQ, and SPY industry ADV
during a calendar month, a per contract credit of $0.36 for electronic
executions against posted interest in IWM and QQQ, and a per contract
credit of $0.45 for electronic executions against posted interest in
SPY.\12\
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\12\ See proposed Fee Schedule, Market Maker Incentives for SPY
(including reference to Endnote 8, which sets forth the calculations
for monthly posting credits).
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As is the case today, a Market Maker that qualifies for more than
one available credit will always receive the highest rebate applicable
to a transaction. For example, a Market Maker that is eligible to
receive both the $0.40 per contract credit under the Super Select Tier
as well as the proposed $0.45 per contract credit via the Market Maker
Incentive for SPY would receive the latter (higher) credit.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\13\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\14\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed change is reasonable, equitable, and not unfairly
discriminatory. As a threshold matter, the Exchange is subject to
significant competitive forces in the market for options securities
transaction services that constrain its pricing determinations in that
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.'' \15\
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\15\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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There are currently 18 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\16\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity and ETF
options order flow. More specifically, in October 2025, the Exchange
had 10.09% market share of executed volume of multiply-listed equity
and ETF options trades.\17\ In such a low-concentrated and highly
competitive market, no single options exchange possesses significant
pricing power in the execution of option order flow. Within this
environment, market participants can freely and often do shift their
order flow among the Exchange and competing venues in response to
changes in their respective pricing schedules.
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\16\ 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>.
\17\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of ETF-based options, see
id., the Exchange's market share in multiply-listed equity and ETF
options decreased from 12.55% in October 2024 to 10.09% for the
month of October 2025.
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The Proposed Rule Change Is Reasonable
Firm and Broker Dealer Incentive
The Exchange believes the proposed new pricing tier under the FBD
Posting Incentive is a reasonable means to incent OTP Holders to
transact more options volume on the Exchange. The FBD Posting Incentive
is designed to encourage OTP Holders to increase the Firm and Broker
dealer volume sent to the Exchange for execution. The proposed new
pricing tier, which will be available to participants that qualify for
the FBD Posting Incentive, would encourage increased market
participation by OTP Holders and their affiliates. The Exchange
believes this should increase volume and liquidity on the Exchange to
the benefit of all market participants by providing more trading
opportunities and tighter spreads, and may lead to a corresponding
increase in order flow from other market participants. Further, the FBD
Posting Incentive is similar to and competitive with posting credits
tiers for Firm and Broker Dealer volume offered by other exchanges
[sic] \18\ and is designed to attract (and compete for) order flow to
the Exchange, which provides a greater opportunity for trading by all
market participants.
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\18\ See supra, note 8.
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The Exchange believes that the proposed change to adopt a new
pricing tier under the existing FBD Posting Incentive would incent OTP
Holders to increase the number and variety orders sent to the Exchange
for execution. Further, the Exchange notes that it continues to provide
OTP Holders alternative methods (and thus increased opportunities) to
qualify for posting credits, resulting in favorable rates for a variety
of order types. As such, OTP Holders would be encouraged to increase
their participation on the Exchange, thereby improving the quoted
markets and attracting more order flow to the Exchange. To the extent
that the proposed change attracts more order flow to the Exchange, this
increased order flow would continue to make the Exchange a more
competitive venue for order execution, which, in turn, promotes just
and equitable principles of trade and removes impediments to and
perfects the mechanism of a free
[[Page 57262]]
and open market and a national market system.
Finally, to the extent the proposed change continues to attract
greater volume and liquidity, the Exchange believes the proposed change
would improve the Exchange's overall competitiveness and strengthen its
market quality for all market participants. In the backdrop of the
competitive environment in which the Exchange operates, the proposed
rule change is a reasonable attempt by the Exchange to increase the
depth of its market and improve its market share relative to its
competitors.
Market Maker Incentive
The Exchange believes that providing an additional incentive for
executions against posted liquidity in IWM, QQQ, and SPY is a
reasonable means to encourage greater participation in these three
actively-traded options classes, which are consistently the most active
options issues nationally. The proposed incentive would also provide an
additional means for Market Makers to qualify for increased credits for
posting volume on the Exchange. By encouraging activity in these
options classes, the Exchange believes that opportunities to qualify
for other rebates are increased, which benefits all participants
through increased Market Maker activity. The Exchange also believes
that encouraging a higher level of trading volume in IWM, QQQ, and SPY
should increase opportunities for OTP Holders and OTP Firms to achieve
credits available through existing incentive programs, such as the MM
Credit Tiers, which provides OTP Holders and OTP Firms the ability to
achieve per contract credit for electronic executions of posted Market
Maker interest in IWM, QQQ, and SPY by combining the volume of the OTP
Holder and OTP Firm with volume of their affiliates or Appointed Market
Maker. To the extent that order flow, which adds liquidity, is
increased by the proposal, OTP Holders and OTP Firms will be encouraged
to compete for the opportunity to trade on the Exchange, including by
sending additional order flow to the Exchange to achieve higher tiers
or enhanced rebates. The resulting increased volume and liquidity would
benefit all Exchange participants by providing more trading
opportunities and tighter spreads.
The Exchange also notes that the proposed additional incentive for
posting in IWM, QQQ, and SPY is reasonable as it is consistent with
credits offered to Market Makers by other options exchanges [sic].\19\
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\19\ See, e.g., MIAX Pearl Fee Schedule, Section 1.a.,
Transaction Rebates/Fees, Exchange Rebates/Fees--Add/Remove Tiered
Rebates/Fees, available here, <a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Options_Fee_Schedule_09232025_1.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Options_Fee_Schedule_09232025_1.pdf</a>.
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The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
and Is Not Unfairly Discriminatory
Firm and Broker Dealer Incentive
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits, and is not unfairly discriminatory,
as it applies equally to all similarly-situated market participants on
an equal and non-discriminatory basis.
The proposal is based on the amount and type of business transacted
on the Exchange and OTP Holders can opt to avail themselves of the
incentives or not. Moreover, the proposal is designed to encourage OTP
Holders to submit orders from all account types to the Exchange as a
primary execution venue. To the extent that the proposed change
attracts more Firm and Broker Dealer orders to the Exchange, this
increased order flow would continue to make the Exchange a more
competitive venue for order execution. Thus, the Exchange believes the
proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more order
flow to the Exchange thereby improving market-wide quality and price
discovery.
The Exchange believes it is not unfairly discriminatory to
introduce a new pricing tier as it would be available to all similarly
situated market participants on an equal and non-discriminatory basis.
The proposal is based on the amount and type of business transacted on
the Exchange and OTP Holders are not obligated to try to achieve the
qualifications for the proposed new pricing tier, nor are they
obligated to execute Firm and Broker Dealer orders. Rather, the
proposal is designed to encourage OTP Holders to utilize the Exchange
as a primary trading venue for Firm and Broker Dealer executions (if
they have not done so previously) or increase volume sent to the
Exchange. To the extent that the proposed change attracts more Firm and
Broker Dealer orders to the Exchange, this increased order flow would
continue to make the Exchange a more competitive venue for, among other
things, order execution. Thus, the Exchange believes the proposed rule
change would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery. The
resulting increased volume and liquidity would provide more trading
opportunities and tighter spreads to all market participants and thus
would promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
Market Maker Incentive
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits, and is not unfairly discriminatory,
as it applies equally to all similarly-situated market participants on
an equal and non-discriminatory basis.
The proposal is based on the amount and type of business transacted
on the Exchange and OTP Holders can opt to avail themselves of the
incentives or not. Moreover, the proposal is designed to encourage OTP
Holders to submit orders in IWM, QQQ, and SPY to the Exchange as a
primary execution venue. To the extent that the proposed change
attracts more Market Maker orders to the Exchange, this increased order
flow would continue to make the Exchange a more competitive venue for
order execution. Thus, the Exchange believes the proposed rule change
would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery.
The Exchange believes that providing an additional incentive for
executions against posted liquidity in IWM, QQQ, and SPY is not
unfairly discriminatory. The proposed incentive is not unfairly
discriminatory to non-Market Markers (i.e., Customers, Professionals
Customers, Firms and Broker-Dealers) because such market participants
are not subject to the burdens and heightened obligations that apply to
Market Makers, such as burdensome quoting obligations and costs related
to market making activities. The Exchange believes the proposed
incentive is reasonable, equitable and not unfairly discriminatory
because encouraging Market Makers to direct more volume to the Exchange
would also contribute to the Exchange's depth of book as well as to the
top of book liquidity.
[[Page 57263]]
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed change to adopt a new pricing tier and additional
incentives for trading in IWM, QQQ and SPY are each a response to the
competitive environment in which the Exchange operates, and the
proposed credits are consistent with incentives offered by the
Exchange's competitors. As a result, the Exchange believes that the
proposed changes further 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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\20\ See Reg NMS Adopting Release, supra note 15, at 37499.
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Intramarket Competition. The proposed change to adopt a new pricing
tier is designed to attract additional order flow (particularly Firm
and Broker Dealer orders) to the Exchange. The Exchange believes that
the proposed changes to the FBD Posting Incentive would continue to
encourage market participants to direct a variety of order flow to the
Exchange, including Firm and Broker Dealer execution volume to the
Exchange. Greater liquidity benefits all market participants on the
Exchange and increased Firm and Broker Dealer transactions would
increase opportunities for execution of other trading interest. The
proposed change would be available to all similarly-situated market
participants (including those that handle Firm and Broker Dealer order
flow), and, as such, the proposed change would not impose a disparate
burden on competition among market participants on the Exchange.
The Exchange believes that the proposed change to adopt an
additional incentive for Market Makers would encourage competition,
including by attracting additional liquidity to the Exchange, which
would continue to make the Exchange a more competitive venue for, among
other things, order execution and price discovery. The Exchange does
not believe that the proposed change would impair the ability of any
market participants or competing order execution venues to maintain
their competitive standing in the financial markets. Further, the
incentive would not impose an unfair burden on non-Market Markers
because such market participants are not subject to the burdens and
heightened obligations that apply to Market Makers.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 17 other competing option exchanges if they deem fee levels at a
particular venue to be excessive.
In such an environment, the Exchange must continually adjust its
fees and credits to remain competitive with other exchanges and to
attract order flow to the Exchange. Based on publicly-available
information, and excluding index-based options, no single exchange has
more than 16% of the market share of executed volume of multiply-listed
equity and ETF options trades.\21\ Therefore, currently no exchange
possesses significant pricing power in the execution of multiply-listed
equity and ETF options order flow. More specifically, in October 2025,
the Exchange had 10.09% market share of executed volume of multiply-
listed equity and ETF options trades.\22\
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\21\ 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>.
\22\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of ETF-based options, see
id., the Exchange's market share in multiply-listed equity and ETF
options decreased from 12.55% in October 2024 to 10.09% for the
month of October 2025.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 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) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 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#7705021b125a14181a1a121903043704121459101801"><span class="__cf_email__" data-cfemail="c8babda4ade5aba7a5a5ada6bcbb88bbadabe6afa7be">[email protected]</span></a>. Please include
file number SR-NYSEARCA-2025-83 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSEARCA-2025-83. 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 filing 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-2025-83 and should be submitted
on or before December 31, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-22385 Filed 12-9-25; 8:45 am]
BILLING CODE 8011-01-P
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