Notice2026-09476
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Price List
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
May 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 92 (Wednesday, May 13, 2026)</title>
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[Federal Register Volume 91, Number 92 (Wednesday, May 13, 2026)]
[Notices]
[Pages 27113-27114]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09476]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105422; File No. SR-NYSE-2026-21]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend Its Price List
May 8, 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 April 30, 2026, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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 its Price List to eliminate
underutilized tiered credits for providing displayed liquidity to the
Exchange in Tape A, B and C securities. 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.
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 its Price List to eliminate
underutilized tiered credits for providing displayed liquidity to the
Exchange in Tape A, B and C securities. Specifically, the Exchange
proposes to delete Step Up Tiers 4 and 5 Adding Credits in Tape A
securities and the associated adding step up tier adding credits for
Tapes B and C securities.
The Exchange proposes to implement the fee changes effective May 1,
2026.
Background and Proposed Rule Change
The Exchange adopted the Step Up 4 Adding Credit in July 2020.\4\
The Step Up 4 Adding Credit provides an incremental $0.0015 credit in
Tape A securities for all orders for all orders, other than MPL and
Non-Displayed Limit Orders, that (1) has an Adding average daily volume
(``ADV'') that is at least 0.20% of NYSE consolidated ADV (``CADV''),
and (2) has an Adding ADV, excluding any liquidity added by a DMM, that
is at least 0.05% of NYSE CADV over that member organization's November
2020 adding liquidity taken as a percentage of NYSE CADV.
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\4\ See Securities Exchange Act Release No. 89324 (July 15,
2020), 85 FR 44129 (July 21, 2020) (SR-NYSE-2020-59) (Notice).
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The Step Up 5 Adding Credit was added in February 2021.\5\ The Step
Up Tier 5 Adding Credit provides incremental credits in Tape A
securities for all orders, other than MPL and Non-Displayed Limit
Orders, from a qualifying member organization's market participant
identifier (``MPID'') or mnemonic if the member organization has Adding
ADV, excluding any liquidity added by a Designated Market Maker
(``DMM''), that is at least 1.00% of Tape A CADV, and if the MPID or
mnemonic has an Adding ADV as a percentage of Tape A CADV, excluding
any liquidity added by a DMM, that is (1) at least two times more than
that MPID's or mnemonic's Adding ADV in January 2021 as a percentage of
Tape A CADV, and (2) at least 0.10% of Tape A CADV over that MPID's or
mnemonic's Adding ADV in in January 2021 as a percentage of Tape A
CADV. Member organizations that qualify for this tier would receive an
incremental credit of $0.0001 for an increase of at least 0.10% of Tape
A CADV, or an incremental credit of $0.0002 for an increase of at least
0.175% of Tape A CADV.
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\5\ See Securities Exchange Act Release No. 91123 (Feb. 12,
2021), 86 FR 10368 (Feb. 19, 2021) (SR-NYSE-2021-11) (Notice).
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Finally, the adding credit for providing displayed liquidity to the
Exchange in Tape B and C Securities was added in 2022.\6\ The Exchange
offers a $0.0029 credit for providing displayed liquidity in Tape B and
C securities in Tape B and C Securities for a qualifying member
organization's MPID or mnemonic that has providing volume in Tape A
Securities of at least 1.0% of Tape A CADV, and the MPID or mnemonic
has providing volume in Tape A Securities that is (1) at least two
times more than that MPID's or mnemonic's baseline in January 2021 as a
percentage of Tape A CADV, and (2) at least 0.10% of Tape A CADV over
that MPID's or mnemonic's Adding ADV in January 2021 baseline as a
percentage of Tape A CADV, and (3) at least 0.25% of Tape A CADV over
that MPID's or mnemonic's Adding ADV in January 2021 as a percentage of
Tape A CADV.
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\6\ See Securities Exchange Act Release No. 94933 (May 17,
2022), 87 FR 31280 (May 23, 2022) (SR-NYSE-2022-22) (Notice).
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The Exchange proposes to eliminate and remove all three credits in
their entirety. The fees have been underutilized by member
organizations insofar as they have not encouraged member organizations
to increase their adding liquidity volume in response to these credits
as the Exchange had anticipated since the fees were adopted. The
Exchange does not anticipate that any additional member organization in
the near future would qualify for any of the credits that are the
subject of this proposed rule change.
The proposed change is not otherwise intended to address 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,\7\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\8\ 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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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4) & (5).
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The Proposed Change Is Reasonable
The Exchange believes that the proposed elimination of the
underutilized adding tier credits is reasonable because member
organizations have underutilized these credits. As noted, member
organizations have not increased adding liquidity since they were
adopted as the Exchange had anticipated. The Exchange does not
anticipate that any
[[Page 27114]]
additional member organization in the near future would qualify for the
tiered credits that are the subject of this proposed rule change. The
Exchange believes it is reasonable to eliminate fees when such
incentives become underutilized. The Exchange also believes eliminating
underutilized incentives would add clarity and transparency to the
Price List.
The Proposal Is an Equitable Allocation of Credits
The Exchange believes the proposal equitably allocates credits
among its market participants because the underutilized credits that
the Exchange proposes to eliminate would be eliminated in their
entirety, and would no longer be available to any member organization
in any form. Similarly, the Exchange believes the proposal equitably
allocates credits among its market participants because elimination of
the underutilized credits would apply to all similarly-situated member
organizations that remove liquidity from the Exchange on an equal
basis. All such member organizations would continue to be subject to
the same fee structure, and access to the Exchange's market would
continue to be offered on fair and nondiscriminatory terms.
The Proposal Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory because it neither targets nor will it have a disparate
impact on any particular category of market participant. The Exchange
believes that eliminating credits that are underutilized and
ineffective would no longer be available to any member organization on
an equal basis. The Exchange believes that the proposal is not unfairly
discriminatory because the proposed elimination of the underutilized
credits would affect all similarly situated market participants on an
equal and non-discriminatory basis. The Exchange also believes that the
proposed change would protect investors and the public interest because
the deletion of underutilized credits would make the Price List more
accessible and transparent.
Finally, 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,\9\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the proposal relates
to the elimination of an underutilized credits and, as such, would not
have any impact on intra- or inter-market competition because the
proposed change is solely designed to accurately reflect the services
that the Exchange currently offers, thereby adding clarity to the Price
List.
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\9\ 15 U.S.C. 78f(b)(8).
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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
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\10\ and Rule 19b-
4(f)(2) thereunder \11\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed on any
person, whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing. 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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4.
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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#c6b4b3aaa3eba5a9ababa3a8b2b586b5a3a5e8a1a9b0"><span class="__cf_email__" data-cfemail="f88a8d949dd59b9795959d968c8bb88b9d9bd69f978e">[email protected]</span></a>. Please include
file number SR-NYSE-2026-21 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-NYSE-2026-21. 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-NYSE-2026-21 and should be submitted on
or before June 3, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-09476 Filed 5-12-26; 8:45 am]
BILLING CODE 8011-01-P
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