Board of Governors; Sunshine Act Meeting, 59834 [2020-21064]

Download as PDF 59834 Federal Register / Vol. 85, No. 185 / Wednesday, September 23, 2020 / Notices POSTAL SERVICE Board of Governors; Sunshine Act Meeting September 14, 2020, at 2:30 p.m. PLACE: Washington, DC. STATUS: Closed. MATTERS TO BE CONSIDERED: 1. Administrative Issues. 2. Strategic Issues. On September 14, 2020, a majority of the members of the Board of Governors of the United States Postal Service voted unanimously to hold and to close to public observation a special meeting in Washington, DC, via teleconference. The Board determined that no earlier public notice was practicable. General Counsel Certification: The General Counsel of the United States Postal Service has certified that the meeting may be closed under the Government in the Sunshine Act. CONTACT PERSON FOR MORE INFORMATION: Katherine Sigler, Acting Secretary of the Board, U.S. Postal Service, 475 L’Enfant Plaza SW, Washington, DC 20260–1000. Telephone: (202) 268–4800. TIME AND DATE: Michael J. Elston, Secretary. [FR Doc. 2020–21064 Filed 9–21–20; 11:15 am] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–89913; File No. SR–Phlx– 2020–45] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange’s Transaction Credits at Equity 7, Section 3 khammond on DSKJM1Z7X2PROD with NOTICES September 17, 2020. 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 September 10, 2020, Nasdaq PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘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 2 15 U.S.C. 78s(b)(1). 17 CFR 240.19b–4. VerDate Sep<11>2014 18:02 Sep 22, 2020 Jkt 250001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange’s transaction credits at Equity 7, Section 3, as described further below. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/phlx/rules, 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 Exchange 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 these 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 aspects 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 revise its schedule of order execution and routing credits, at Equity 7, Section 3, to add three new credits for member organizations with non-displayed orders that provide liquidity to the Exchange. Presently, the Exchange already provides one such credit—a $0.0023 per share executed credit for all orders with midpoint pegging that provide liquidity. For all other non-display orders that provide liquidity, it presently provides no credits. Going forward, the Exchange proposes to add the following new credits for member organizations with non-displayed orders that provide liquidity to the Exchange: • A $0.0004 per share executed credit for orders entered by a member organization that provides 0.01% or more of total Consolidated Volume 3 during the month through nondisplayed orders (other than midpoint orders) that provide liquidity; • A $0.0007 per share executed credit for orders entered by a member 3 As used in this Rule, the term ‘‘Consolidated Volume’’ shall mean the total consolidated volume reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month in equity securities, excluding executed orders with a size of less than one round lot. See Equity 7, Section 3. PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 organization that provides 0.02% or more of total Consolidated Volume during the month through nondisplayed orders (other than midpoint orders) that provide liquidity; and • A $0.0012 per share executed credit for orders entered by a member organization that provides 0.05% or more of total Consolidated Volume during the month through nondisplayed orders (other than midpoint orders) that provide liquidity. The Exchange believes that the addition of these three new credits will incentivize member organizations to add non-displayed liquidity to the Exchange. Moreover, the proposal broadens the availability of credits to member organizations that add nondisplayed liquidity other than midpoint pegging orders. In incentivizing member organizations to increase the extent of their non-displayed liquidity adding activity on the Exchange, the Exchange intends to improve the overall quality and attractiveness of the PSX market. Impact of the Changes Those participants that act as significant providers of non-displayed liquidity to the Exchange will benefit directly from the proposed addition of the new credits. Other participants will also benefit from the new credits insofar as any increase in liquidity adding activity on the Exchange will improve the overall quality of the market, to the benefit of all member organizations. The Exchange notes that its proposal is not otherwise targeted at or expected to be limited in its applicability to a specific segment of market participants nor will it apply differently to different types of market participants. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,4 in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,5 in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The proposal is also consistent with Section 11A of the Act relating to the establishment of the national market system for securities. The Proposal Is Reasonable The Exchange’s proposed changes to its schedule of credits are reasonable in 4 5 15 U.S.C. 78f(b). 15 U.S.C. 78f(b)(4) and (5). E:\FR\FM\23SEN1.SGM 23SEN1

Agencies

[Federal Register Volume 85, Number 185 (Wednesday, September 23, 2020)]
[Notices]
[Page 59834]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21064]



[[Page 59834]]

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POSTAL SERVICE


Board of Governors; Sunshine Act Meeting

TIME AND DATE: September 14, 2020, at 2:30 p.m.

PLACE: Washington, DC.

STATUS: Closed.

MATTERS TO BE CONSIDERED: 
    1. Administrative Issues.
    2. Strategic Issues.
    On September 14, 2020, a majority of the members of the Board of 
Governors of the United States Postal Service voted unanimously to hold 
and to close to public observation a special meeting in Washington, DC, 
via teleconference. The Board determined that no earlier public notice 
was practicable.
    General Counsel Certification: The General Counsel of the United 
States Postal Service has certified that the meeting may be closed 
under the Government in the Sunshine Act.

CONTACT PERSON FOR MORE INFORMATION: Katherine Sigler, Acting Secretary 
of the Board, U.S. Postal Service, 475 L'Enfant Plaza SW, Washington, 
DC 20260-1000. Telephone: (202) 268-4800.

Michael J. Elston,
Secretary.
[FR Doc. 2020-21064 Filed 9-21-20; 11:15 am]
BILLING CODE 7710-12-P
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