Notice2026-05559
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 2.4, 2.6, and 6.44-O To Eliminate Certain Outdated Publication Obligations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 23, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 55 (Monday, March 23, 2026)</title>
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[Federal Register Volume 91, Number 55 (Monday, March 23, 2026)]
[Notices]
[Pages 13898-13900]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05559]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105043; File No. SR-NYSEARCA-2026-29]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Rules
2.4, 2.6, and 6.44-O To Eliminate Certain Outdated Publication
Obligations
March 18, 2026.
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 March 12, 2026, 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 Rules 2.4, 2.6, and 6.44-O to
eliminate certain of the Exchange's publication obligations as outdated
and unnecessary. 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 Exchange proposes to amend Rules 2.4 (Application Procedures),
2.6 (Publication of Approved OTP Applications), and 6.44-O
(Registration of Floor Brokers) to eliminate certain of the Exchange's
publication obligations as outdated and unnecessary.
Rule 2.4 describes the procedures for applying to obtain an Options
Trading Permit (``OTP'') on the Exchange.\4\ Rule 2.4(b) provides that,
following receipt of an OTP application, the Exchange will post the
applicant's name for a period of three business days. The rule further
provides that applicants seeking to shorten or waive this period must
submit a written statement describing the basis for their request and
that the Exchange may shorten or waive the posting period if it
determines that extenuating circumstances so warrant. The Exchange
proposes to delete the posting requirement set forth in Rule 2.4(b)
(and designate the Rule as ``Reserved'') because the Exchange no longer
accepts comments from OTP Holders or OTP Firms in connection with the
OTP application process; instead, the Exchange's decisions regarding
such applications are based on objective criteria set forth in its
rules.\5\ Accordingly, the Exchange believes posting the names of not-
yet-approved OTP applicants is no longer necessary or relevant and
proposes to delete this requirement to eliminate an
[[Page 13899]]
unnecessary burden on Exchange resources.\6\
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\4\ The term ``OTP'' refers to an Options Trading Permit issued
by the Exchange for effecting approved securities transactions on
the Exchange's Trading Facilities. See Rule 1.1 (Definitions).
\5\ See, e.g., Rules 2.2 (Qualifications and Application of
Individual OTP Applicants) and 2.3 (Qualifications of Firm
Applicants).
\6\ The Exchange previously eliminated a similar requirement to
post the names of new ETP Holder applicants in the Weekly Bulletin
for 10 days and reduced the posting requirement with respect to OTP
Holder applicants from 10 days to three days. See Securities
Exchange Act Release Nos. 48532 (September 24, 2003), 68 FR 56369
(September 30, 2003) (SR-PCX-2003-43) (removing 10-day posting
requirement for new ETP Holder applicants); 48533 (September 24,
2003), 68 FR 56367 (September 30, 2003) (SR-PCX-2003-44)
(establishing three-day posting requirement for OTP Holder
applicants). The Exchange no longer believes it necessary to
maintain a distinction between ETP and OTP applicants in this
regard. The Exchange further notes that Cboe Exchange, Inc. (``Cboe
Options'') similarly no longer requires the publication of Trading
Permit Holder (``TPH'') applicants in its weekly bulletin or the
posting of such applicants on its bulletin board. See Securities
Exchange Act Release No. 71436 (January 29, 2014), 79 FR 6662
(February 4, 2014) (SR-CBOE-2014-009). The Exchange's affiliate,
NYSE American LLC (``NYSE American''), also previously filed to
delete references to a weekly bulletin in its rules where the
information that would have been reflected therein would be
available on NYSE American's website. See Securities Exchange Act
Release No. 56947 (December 12, 2007), 72 FR 72419 (December 20,
2007) (SR-Amex-2007-134).
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Rule 2.6 provides that, for each OTP that is issued, the Exchange
will promptly distribute a notice to all OTP Holders and OTP Firms by
publishing the name of each new OTP Holder or OTP Firm in the
Exchange's Weekly Bulletin. The Exchange currently maintains on its
website an up-to-date online directory listing the name and contact
information of each OTP Holder or OTP Firm (the ``Membership
Directory'').\7\ The Exchange believes that the Membership Directory,
which is publicly available, has rendered the requirement to separately
publish the names of newly approved OTP Holders and OTP Firms redundant
and inefficient. The Exchange therefore proposes to delete Rule 2.6,
and to designate it as ``Reserved,'' because its requirements are
unnecessary and unduly burdensome on the Exchange. In addition, with
the proposed elimination of the publication requirement and given that
the Exchange posts information relevant to market participants on its
publicly available website, the Exchange also proposes to discontinue
publication of the Weekly Bulletin and use of a physical bulletin board
on the Trading Floor.\8\
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\7\ See Membership Directory, available at: <a href="https://www.nyse.com/markets/arca-options/membership">https://www.nyse.com/markets/arca-options/membership</a>.
\8\ As noted above, both Cboe Options and NYSE American have
similarly eliminated requirements to publish or post information in
a weekly bulletin and/or on a physical bulletin board, based on the
availability of such information via the exchange's website. See
note 6, supra.
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Rule 6.44-O(a) requires that an applicant for registration as a
Floor Broker must file an application in writing with the Exchange on
such form or forms as the Exchange may prescribe and must pass a Floor
Broker examination prescribed by the Exchange. The rule further
provides that, before a registration becomes effective, the Exchange
will post the name of the applicant on the bulletin board on the Floor
of the Exchange for three business days. The Exchange proposes to
delete the posting requirement as set forth in Rule 6.44-O(a) because
the Exchange no longer accepts comments in connection with Floor Broker
applications; instead, the Exchange's decisions regarding such
applications are based solely upon objective criteria set forth in its
rules.\9\ Accordingly, the Exchange believes the posting of the names
of not-yet-approved Floor Broker applicants is no longer necessary or
relevant.\10\ The Exchange therefore proposes to delete the portion of
Rule 6.44-O(a) noted above, for the same reasons as noted for the
proposed deletion of Rule 2.4(b). The Exchange further notes that, as
with OTP Holders and OTP Firms, the Exchange currently maintains an up-
to-date list of Floor Brokers in the Membership Directory on its
website, which includes the names of each Floor Broker firm and contact
information.\11\
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\9\ Per Rule 6.44-O(a), in addition to submitting a written
application with the Exchange on such form or forms as the Exchange
may prescribe, prospective Floor Brokers must pass a Floor Broker
examination prescribed by the Exchange, which objective standard
must be met for registration approval.
\10\ The Exchange notes that it has consulted the Floor Broker
registration rules of other options exchanges that have a physical
trading floor and determined that none include a similar posting
requirement. See, e.g., Nasdaq Phlx LLC, Options 8, Section 6
(Registration of Floor Brokers); Cboe Options Rule 3.50(b) (Floor
Brokers, Registration); BOX Exchange LLC Rule 7550 (Registration of
Floor Brokers); MIAX Sapphire Options Exchange Rule 2020
(Registration of Floor Brokers).
\11\ See note 7, supra.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act'',\12\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\13\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to 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,
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change would remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system because it eliminates publication and
posting requirements that are outdated, unduly burdensome, and
redundant of information publicly available on the Exchange's website.
With respect to the posting requirements for OTP and Floor Broker
applicants, as set forth in Rules 2.4(b) and 6.44-O, respectively, the
Exchange believes that the original rationale for posting such
information--to put market participants on notice of certain
applications and provide them an opportunity to submit comments to the
Exchange regarding such applications--is no longer relevant, given that
the Exchange no longer accepts such comments. Instead, as noted above,
the Exchange evaluates OTP Holder, OTP Firm, and Floor Broker
applications based on objective criteria set forth in Exchange rules.
The Exchange thus believes that eliminating these requirements would
streamline Exchange rules, while promoting clarity and transparency as
to the Exchange's practices with respect to evaluating such
applications. The Exchange also believes that the elimination of the
requirement, as set forth in Rule 2.6, to publish new OTP Holders and
OTP Firms in the Exchange's Weekly Bulletin is similarly unnecessary
given that the Exchange maintains an up-to-date Membership Directory on
its website, which makes publicly available to market participants the
names of approved OTP Holders and OTP Firms. Thus, the Exchange
believes the proposed change would likewise streamline Exchange rules
by removing unnecessary and outdated requirements. Finally, the
Exchange believes that the proposed change to discontinue publication
of the Weekly Bulletin and use of a physical bulletin board on the
Trading Floor would similarly remove impediments to, and perfect the
mechanism of, a free and open market and a national market system
because it would reduce an administrative burden on the Exchange
without impacting the continued availability of relevant information to
market participants regarding OTP Holders, OTP Firms, and Floor Broker
firms via the Exchange's website.
[[Page 13900]]
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. The Exchange believes that
the proposed rule change will not impose an undue burden on intramarket
competition because the changes will impact all similarly situated
market participants equally. The Exchange believes that the proposed
rule change will not impose an undue burden on intermarket competition
because it is intended to streamline Exchange rules by removing
unnecessary and outdated requirements that other exchanges have
similarly eliminated or otherwise do not have in their rules.\14\
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\14\ See notes 6 & 10, supra.
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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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \15\ and Rule 19b-4(f)(6) thereunder.\16\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \17\ and Rule 19b-
4(f)(6) \18\ thereunder.
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\15\ 15 U.S.C. 78s(b)(3)(A)(iii).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ 15 U.S.C. 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at lease five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\20\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\19\ 17 CFR 240.19b-4(f)(6).
\20\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange requested that the Commission waive the 30-day
operative delay so that the proposal may become operative immediately
upon filing. The Exchange states that waiver of the operative delay is
consistent with the protection of investors and the public interest
because it would allow the Exchange to remove outdated, overly
burdensome obligations without delay, which it believes will result in
a more streamlined rule set to the benefit of market participants.
According to the Exchange, other exchanges have similarly eliminated or
do not have similar requirements and the Exchange believes these
posting and publication requirements are no longer relevant or
necessary based on the Exchange's current processes for evaluating OTP
and Floor Broker applications. The Commission believes that waiving the
30-day operative delay is consistent with the protection of investors
and the public interest because the proposal does not raise any novel
regulatory issues and will allow the Exchange to streamline its rules
by removing outdated and redundant processes. Accordingly, the
Commission hereby waives the operative delay and designates the
proposed rule change to be operative upon filing.\21\
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\21\ For the purposes only of waiving the 30-day operative
delay, the Commission also has considered the proposed rule's impact
on efficiency, competion, and capital formation. See 15 U.S.C.
78c(f).
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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. If the Commission
takes such action, the Commission shall institute proceduings to
determine whether the proposed rule change should be approved or
disapproved.
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#b4c6c1d8d199d7dbd9d9d1dac0c7f4c7d1d79ad3dbc2"><span class="__cf_email__" data-cfemail="3644435a531b55595b5b535842457645535518515940">[email protected]</span></a>. Please include
file number SR-NYSEARCA-2026-29 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-2026-29. 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-2026-29 and should be submitted
on or before April 13, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-05559 Filed 3-20-26; 8:45 am]
BILLING CODE 8011-01-P
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