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