Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NOM's Pricing Schedule at Options 7, Section 2 and Options 7, Section 3, 82554-82557 [2020-27837]
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82554
Federal Register / Vol. 85, No. 244 / Friday, December 18, 2020 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90654; File No. SR–
NASDAQ–2020–084]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
NOM’s Pricing Schedule at Options 7,
Section 2 and Options 7, Section 3
December 14, 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 December
1, 2020, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘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 Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend The
NASDAQ Options Market LLC’s
(‘‘NOM’’) Pricing Schedule at Options 7,
Section 2, ‘‘Nasdaq Options Market Fees
and Rebates’’ and Options 7, Section 3,
‘‘Nasdaq Options Market—Ports and
Other Services.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/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 amend
NOM’s Pricing Schedule at Options 7,
Section 2, ‘‘Nasdaq Options Market Fees
and Rebates’’ and Options 7, Section 3,
‘‘Nasdaq Options Market—Ports and
Other Services.’’ Each change will be
described below.
Options 7, Section 2
Today, the Exchange pays certain
Rebates to Add Liquidity in Penny
Symbols according to the below table.
REBATES TO ADD LIQUIDITY IN PENNY SYMBOLS
Tier 1
Customer 1 8 9 10 ...............................................................
Professional 1 9 10 .............................................................
Broker-Dealer ...................................................................
Firm ..................................................................................
Non-NOM Market Maker ..................................................
NOM Market Maker 3 .......................................................
Specifically, NOM Market Maker
Rebates to Add Liquidity in Penny
Symbols are paid according to the below
tier qualifications.
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Monthly Volume
Tier 1: Participant adds NOM Market
Maker liquidity in Penny Symbols and/
or Non-Penny Symbols of up to 0.10%
of total industry customer equity and
ETF option average daily volume
(‘‘ADV’’) contracts per day in a month.
Tier 2: Participant adds NOM Market
Maker liquidity in Penny Symbols and/
or Non-Penny Symbols above 0.10% to
0.20% of total industry customer equity
and ETF option ADV contracts per day
in a month.
Tier 3: Participant: (a) Adds NOM
Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols
above 0.20% to 0.60% of total industry
customer equity and ETF option ADV
contracts per day in a month: Or (b)(1)
transacts in all securities through one or
more of its Nasdaq Market Center MPIDs
that represent 0.70% or more of
1 15
U.S.C. 78s(b)(1).
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22:22 Dec 17, 2020
Tier 3
($0.25)
($0.42)
($0.10)
($0.10)
($0.10)
($0.25)
PO 00000
Tier 4
($0.42)
($0.43)
($0.10)
($0.10)
($0.10)
4($0.30)
Consolidated Volume (‘‘CV’’) which
adds liquidity in the same month on
The Nasdaq Stock Market, (2) transacts
in Tape B securities through one or
more of its Nasdaq Market Center MPIDs
that represent 0.18% or more of CV
which adds liquidity in the same month
on The Nasdaq Stock Market, and (3)
executes greater than 0.01% of CV via
Market-on- Close/Limit-on-Close
(‘‘MOC/LOC’’) volume within The
Nasdaq Stock Market Closing Cross in
the same month.
Tier 4: Participant adds NOM Market
Maker liquidity in Penny Symbols and/
or Non-Penny Symbols of above 0.60%
to 0.90% of total industry customer
equity and ETF option ADV contracts
per day in a month.
Tier 5: Participant adds NOM Market
Maker liquidity in Penny Symbols and/
or Non-Penny Symbols of above 0.40%
of total industry customer equity and
ETF option ADV contracts per day in a
month and transacts in all securities
through one or more of its Nasdaq
Market Center MPIDs that represent
2 17
Jkt 253001
($0.20)
($0.25)
($0.10)
($0.10)
($0.10)
($0.20)
Tier 2
($0.43)
($0.45)
($0.10)
($0.10)
($0.10)
4($0.32)
Fmt 4703
Sfmt 4703
($0.45)
($0.48)
($0.10)
($0.10)
($0.10)
11($0.44)
Tier 6
7($0.48)
($0.10)
($0.10)
($0.10)
($0.48)
0.40% or more of Consolidated Volume
(‘‘CV’’) which adds liquidity in the same
month on The Nasdaq Stock Market.
Tier 6: Participant: (a)(1) Adds NOM
Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols
above 0.95% of total industry customer
equity and ETF option ADV contracts
per day in a month, (2) executes Total
Volume of 250,000 or more contracts
per day in a month, of which 30,000 or
more contracts per day in a month must
be removing liquidity, and (3) adds
Firm, Broker-Dealer and Non-NOM
Market Maker liquidity in Non-Penny
Symbols of 10,000 or more contracts per
day in a month; or (b)(1) adds NOM
Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols
above 1.50% of total industry customer
equity and ETF option ADV contracts
per day in a month, and (2) executes
Total Volume of 250,000 or more
contracts per day in a month, of which
15,000 or more contracts per day in a
month must be removing liquidity.
CFR 240.19b–4.
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Tier 5
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The Exchange proposes to amend
Penny Pilot NOM Market Maker Tier 4
which currently provides, ‘‘Participant
adds NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny
Symbols of above 0.60% to 0.90% of
total industry customer equity and ETF
option ADV contracts per day in a
month.’’ 3 The Exchange proposes to
amend Penny Pilot NOM Market Maker
Tier 4 to provide, ‘‘Participant adds
NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of
above 0.60% of total industry customer
equity and ETF option ADV contracts
per day in a month.’’ This proposed rule
change will not impact NOM’s pricing.
Today, NOM Market Maker Rebates to
Add Liquidity in Penny Symbols are
paid per the highest tier achieved.4
Current Penny Pilot NOM Market Maker
Tier 5 requires Participants to add NOM
Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of
above 0.40% of total industry customer
equity and ETF option ADV contracts
per day in a month and transact in all
securities through one or more of its
Nasdaq Market Center MPIDs that
represent 0.40% or more of
Consolidated Volume (‘‘CV’’) which
adds liquidity in the same month on
The Nasdaq Stock Market in order to
achieve a rebate.5 Therefore, a
Participant that adds NOM Market
Maker liquidity in Penny Symbols and/
or Non-Penny Symbols of above 0.60%
to 0.90% of total industry customer
equity and ETF option ADV contracts
per day in a month volume would
qualify for Penny Pilot NOM Market
Maker Tier 4 today, and may qualify for
Penny Pilot NOM Market Maker Tier 5
if the additional criteria was met. Penny
Pilot NOM Market Maker Tier 6
requires, among other things, that a
Participant adds NOM Market Maker
3 Penny Pilot NOM Market Maker Tier 4 pays a
rebate of $0.43 per contract to Customers and
Professionals, $0.10 per contract to Broker-Dealers,
Firms and Non-NOM Market Makers and $0.32 per
contract to NOM Market Makers. Further, pursuant
to footnote 4, Participants who achieve the NOM
Market Maker Tier 3 or Tier 4 Rebate to Add
Liquidity will receive $0.40 per contract to add
liquidity in the following symbols: AAPL, SPY,
QQQ, IWM, and VXX.
4 See note 3 of Options 7, Section 2.
5 Penny Pilot NOM Market Maker Tier 5 pays a
rebate of $0.45 per contract to Customers and
Professionals, $0.10 per contract to Broker-Dealers,
Firms and Non-NOM Market Makers and $0.44 per
contract to NOM Market Makers. Further, pursuant
to footnote 11, NOM Participants that qualify for the
Tier 5 NOM Market Maker Rebate to Add Liquidity
in Penny Symbols and add NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny
Symbols of above 0.50% of total industry customer
equity and ETF option ADV contracts per day in a
month, will receive a $0.46 per contract rebate to
add liquidity in Penny Symbols as Market Maker
in lieu of the Tier 5 rebate.
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22:22 Dec 17, 2020
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liquidity in Penny Symbols and/or NonPenny Symbols above 0.95% of total
industry customer equity and ETF
option ADV contracts per day in a
month.6
The Exchange believes that this
proposal will bring greater clarity to the
Penny Pilot NOM Market Maker tiers as
any volume above 0.60% would qualify
a Participant for Penny Pilot NOM
Market Maker Tier 4, as is the case
today unless the Participant qualified
for Penny Pilot NOM Market Maker
Tiers 5 or 6, as is also the case today.
Stating, ‘‘above 0.60%’’ within the rule
text will make the aforementioned
opportunities clearer for all Participants.
Options 7, Section 3
The Exchange proposes to amend
Options 7, Section 3, ‘‘Nasdaq Options
Market—Ports and Other Services,’’ to
remove obsolete text which reflects
timeframes which have passed.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,7 in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5)
of the Act,8 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 Exchange’s proposed changes to
its Pricing Schedule are reasonable in
several respects. 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 fact that this market
is competitive has long been recognized
by the courts. In NetCoalition v.
Securities and Exchange Commission,
the D.C. Circuit stated as follows: ‘‘[n]o
one disputes that competition for order
6 Penny Pilot NOM Market Maker Tier 6 provides,
‘‘Participant: (a)(1) Adds NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny
Symbols above 0.95% of total industry customer
equity and ETF option ADV contracts per day in a
month, (2) executes Total Volume of 250,000 or
more contracts per day in a month, of which 30,000
or more contracts per day in a month must be
removing liquidity, and (3) adds Firm, BrokerDealer and Non-NOM Market Maker liquidity in
Non-Penny Symbols of 10,000 or more contracts per
day in a month; or (b)(1) adds NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny
Symbols above 1.50% of total industry customer
equity and ETF option ADV contracts per day in a
month, and (2) executes Total Volume of 250,000
or more contracts per day in a month, of which
15,000 or more contracts per day in a month must
be removing liquidity.’’
7 15 U.S.C. 78 f(b).
8 15 U.S.C. 78f(b)(4) and (5).
PO 00000
Frm 00130
Fmt 4703
Sfmt 4703
82555
flow is ‘fierce.’ . . . As the SEC
explained, ‘[i]n the U.S. national market
system, buyers and sellers of securities,
and the broker-dealers that act as their
order-routing agents, have a wide range
of choices of where to route orders for
execution’; [and] ‘no exchange can
afford to take its market share
percentages for granted’ because ‘no
exchange possesses a monopoly,
regulatory or otherwise, in the execution
of order flow from broker
dealers’. . ..’’ 9
The Commission and the courts have
repeatedly expressed their preference
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets. In Regulation NMS, while
adopting a series of steps to improve the
current market model, 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.’’ 10
Numerous indicia demonstrate the
competitive nature of this market. For
example, clear substitutes to the
Exchange exist in the market for options
security transaction services. The
Exchange is only one of sixteen options
exchanges to which market participants
may direct their 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. As such,
the proposal represents a reasonable
attempt by the Exchange to increase its
liquidity and market share relative to its
competitors.
Options 7, Section 2
The Exchange’s proposal to amend
Penny Pilot NOM Market Maker Tier 4
to change the current volume
requirement from ‘‘Participant adds
NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of
above 0.60% to 0.90% of total industry
customer equity and ETF option ADV
contracts per day in a month’’ to
‘‘Participant adds NOM Market Maker
liquidity in Penny Symbols and/or NonPenny Symbols of above 0.60% of total
industry customer equity and ETF
option ADV contracts per day in a
9 NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir.
2010) (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782–83
(December 9, 2008) (SR–NYSEArca–2006–21)).
10 Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
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Federal Register / Vol. 85, No. 244 / Friday, December 18, 2020 / Notices
month,’’ is reasonable. This proposed
rule change will not impact NOM’s
pricing. Today, NOM Market Maker
Rebates to Add Liquidity in Penny
Symbols are paid per the highest tier
achieved.11 Current Penny Pilot NOM
Market Maker Tier 5 requires
Participants to add NOM Market Maker
liquidity in Penny Symbols and/or NonPenny Symbols of above 0.40% of total
industry customer equity and ETF
option ADV contracts per day in a
month and transact in all securities
through one or more of its Nasdaq
Market Center MPIDs that represent
0.40% or more of CV which adds
liquidity in the same month on The
Nasdaq Stock Market in order to achieve
a rebate.12 Therefore, a Participant that
adds NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny
Symbols of above 0.60% to 0.90% of
total industry customer equity and ETF
option ADV contracts per day in a
month volume would qualify for Penny
Pilot NOM Market Maker Tier 4 today,
and may qualify for Penny Pilot NOM
Market Maker Tier 5 if the additional
criteria was met. Penny Pilot NOM
Market Maker Tier 6 requires, among
other things, that a Participants adds
NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols
above 0.95% of total industry customer
equity and ETF option ADV contracts
per day in a month.13 This proposal will
make clear that any volume above
0.60% would qualify a Participant for
Penny Pilot NOM Market Maker Tier 4,
as is the case today, unless the
Participant qualified for Penny Pilot
NOM Market Maker Tiers 5 or 6, as is
also the case today. Any NOM Market
Maker may qualify for a NOM Market
Maker Penny Pilot rebate provided the
requisite criteria has been met.
The Exchange’s proposal to amend
Penny Pilot NOM Market Maker Tier 4
to change the current volume
requirement from ‘‘Participant adds
NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of
above 0.60% to 0.90% of total industry
customer equity and ETF option ADV
contracts per day in a month’’ to
‘‘Participant adds NOM Market Maker
liquidity in Penny Symbols and/or NonPenny Symbols of above 0.60% of total
industry customer equity and ETF
option ADV contracts per day in a
month,’’ is equitable and not unfairly
discriminatory as all NOM Market
Makers may uniformly qualify for these
NOM Market Maker Penny Pilot rebates,
provided they submit the requisite
note 3 of Options 7, Section 2.
note 5.
13 See note 6.
qualifying criteria. NOM Market Makers
add value through continuous quoting 14
and are subject to additional
requirements and obligations 15 that
other market participants are not.
Incentivizing Market Makers to provide
greater liquidity benefits all market
participants through the quality of order
interaction.
Options 7, Section 3
The Exchange’s proposal to amend
Options 7, Section 3, ‘‘Nasdaq Options
Market—Ports and Other Services,’’ is
reasonable, equitable and not unfairly
discriminatory as the rule text is
obsolete in that the text reflects
timeframes which have passed.
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 not
necessary or appropriate in furtherance
of the purposes of the Act.
Inter-Market Competition
The proposal does not impose an
undue burden on inter-market
competition. The Exchange believes its
proposal remains competitive with
other options markets and will offer
market participants another choice of
where to transact options. The Exchange
notes that it operates in a highly
competitive market in which market
participants can readily favor competing
venues if they deem fee levels at a
particular venue to be excessive, or
rebate opportunities available at other
venues to be more favorable. In such an
environment, the Exchange must
continually adjust its fees to remain
competitive with other exchanges that
have been exempted from compliance
with the statutory standards applicable
to exchanges. Because competitors are
free to modify their own fees in
response, and because market
participants may readily adjust their
order routing practices, the Exchange
believes that the degree to which fee
changes in this market may impose any
burden on competition is extremely
limited.
Intra-Market Competition
The proposed amendments do not
impose an undue burden on intramarket competition.
The Exchange’s proposal to amend
Penny Pilot NOM Market Maker Tier 4
to change the current volume
requirement from ‘‘Participant adds
NOM Market Maker liquidity in Penny
11 See
12 See
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22:22 Dec 17, 2020
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Symbols and/or Non-Penny Symbols of
above 0.60% to 0.90% of total industry
customer equity and ETF option ADV
contracts per day in a month’’ to
‘‘Participant adds NOM Market Maker
liquidity in Penny Symbols and/or NonPenny Symbols of above 0.60% of total
industry customer equity and ETF
option ADV contracts per day in a
month,’’ does not impose an undue
burden on competition as all NOM
Market Makers may uniformly qualify
for these NOM Market Maker Penny
Pilot rebates, provided they submit the
requisite qualifying criteria. NOM
Market Makers add value through
continuous quoting 16 and are subject to
additional requirements and
obligations 17 that other market
participants are not. Incentivizing
Market Makers to provide greater
liquidity benefits all market participants
through the quality of order interaction.
Options 7, Section 3
The Exchange’s proposal to amend
Options 7, Section 3, ‘‘Nasdaq Options
Market—Ports and Other Services,’’
does not impose an undue burden on
competition as the rule text is obsolete
in that the text reflects timeframes
which have passed.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.18
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: (i) Uecessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
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
16 See
14 See
Options 2, Section 5.
15 See Options 2, Section 4.
PO 00000
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Options 2, Section 5.
Options 2, Section 4.
18 15 U.S.C. 78s(b)(3)(A)(ii).
17 See
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Federal Register / Vol. 85, No. 244 / Friday, December 18, 2020 / Notices
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
[Release No. 34–90660; File No. SR–MEMX–
2020–15]
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2020–084 on the subject line.
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change to Amend the Exchange’s Fee
Schedule
Paper Comments
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
4, 2020, MEMX LLC (‘‘MEMX’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘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.
• 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–NASDAQ–2020–084. 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2020–084 and
should be submitted on or before
January 8, 2021.
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SECURITIES AND EXCHANGE
COMMISSION
For the Commission, by the Division of
Trading and Markets, pursuant todelegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–27837 Filed 12–17–20; 8:45 am]
BILLING CODE 8011–01–P
December 14, 2020.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing with the
Commission a proposed rule change to
amend the fee schedule applicable to
Members 3 pursuant to Exchange Rules
15.1(a) and (c) in order to modify its
pricing for transactions in securities
priced below $1.00 per share that are
executed on the Exchange. The text of
the proposed rule change is provided in
Exhibit 5.
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 modify its
fee schedule to modify the fees and
1 15
U.S.C. 78s(b)(1).
CFR 240.19b-4.
3 See Exchange Rule 1.5(p).
2 17
19 17
CFR 200.30–3(a)(12).
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82557
rebates applicable to transactions in
securities priced below $1.00 per share
(‘‘Sub-Dollar Securities’’) that are
executed on the Exchange, effective as
of December 4, 2020.
The Exchange first notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive or
incentives to be insufficient. More
specifically, the Exchange is only one of
16 registered equities exchanges, as well
as a number of alternative trading
systems and other off-exchange venues,
to which market participants may direct
their order flow. Based on publicly
available information, no single
registered equities exchange currently
has more than approximately 16% of
the total market share of executed
volume of equities trading.4 Thus, in
such a low-concentrated and highly
competitive market, no single equities
exchange possesses significant pricing
power in the execution of order flow.
The Exchange recently adopted a
proposal 5 to charge a standard fee of
0.30% of the total dollar value of any
transaction in Sub-Dollar Securities that
removes liquidity from the Exchange
(‘‘Removed Sub-Dollar Volume’’).6 The
Exchange also adopted pricing to
provide a standard rebate of 0.30% of
the total dollar value of any transaction
in Sub-Dollar Securities that adds
liquidity, displayed or non-displayed, to
the Exchange (‘‘Added Sub-Dollar
Volume’’).7
The current rebate for executions of
Added Sub-Dollar Volume was adopted
to increase order flow in Sub-Dollar
Securities to the Exchange by
incentivizing Members to increase the
liquidity-providing orders in Sub-Dollar
Securities they submit to the Exchange,
which would support price discovery
on the Exchange and provide additional
liquidity for incoming orders. The
current fee for executions of Removed
Sub-Dollar Volume, in turn, was
intended to be a direct offset of the
4 Market share percentage calculated as of
December 3, 2020. The Exchange receives and
processes data made available through consolidated
data feeds (i.e., CTS and UTDF).
5 See Securities Exchange Act Release No. 90555
(December 3, 2020) (SR–MEMX–2020–13) [sic].
6 This pricing is referred to by the Exchange on
the fee schedule under the existing description
‘‘Removed volume from MEMX Book’’ with a fee
code of ‘‘RB’’ or ‘‘RrB’’, as applicable, assigned by
the Exchange.
7 This pricing is referred to by the Exchange on
the fee schedule under ‘‘Added displayed volume’’,
‘‘Added non-displayed volume’’ or ‘‘Added
displayed volume, Retail Order’’, as applicable,
with a fee code of ‘‘BB’’, ‘‘BrB’’, ‘‘DB’’, ‘‘DrB’’, ‘‘JB’’,
‘‘JrB’’, ‘‘HB’’, ‘‘HrB’’, ‘‘MB’’ or ‘‘MrB’’, as applicable,
assigned by the Exchange.
E:\FR\FM\18DEN1.SGM
18DEN1
]]>Agencies
[Federal Register Volume 85, Number 244 (Friday, December 18, 2020)]
[Notices]
[Pages 82554-82557]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27837]
[[Page 82554]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-90654; File No. SR-NASDAQ-2020-084]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend NOM's Pricing Schedule at Options 7, Section 2 and Options 7,
Section 3
December 14, 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 December 1, 2020, The Nasdaq Stock Market LLC (``Nasdaq'' or
``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 Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 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 The NASDAQ Options Market LLC's
(``NOM'') Pricing Schedule at Options 7, Section 2, ``Nasdaq Options
Market Fees and Rebates'' and Options 7, Section 3, ``Nasdaq Options
Market--Ports and Other Services.''
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/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 amend NOM's Pricing Schedule at Options 7,
Section 2, ``Nasdaq Options Market Fees and Rebates'' and Options 7,
Section 3, ``Nasdaq Options Market--Ports and Other Services.'' Each
change will be described below.
Options 7, Section 2
Today, the Exchange pays certain Rebates to Add Liquidity in Penny
Symbols according to the below table.
Rebates To Add Liquidity in Penny Symbols
----------------------------------------------------------------------------------------------------------------
Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6
----------------------------------------------------------------------------------------------------------------
Customer \1\ \8\ \9\ \10\......... ($0.20) ($0.25) ($0.42) ($0.43) ($0.45) \7\($0.48)
Professional \1\ \9\ \10\......... ($0.25) ($0.42) ($0.43) ($0.45) ($0.48)
Broker-Dealer..................... ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10)
Firm.............................. ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10)
Non-NOM Market Maker.............. ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10)
NOM Market Maker \3\.............. ($0.20) ($0.25) \4\($0.30) \4\($0.32) \11\($0.44) ($0.48)
----------------------------------------------------------------------------------------------------------------
Specifically, NOM Market Maker Rebates to Add Liquidity in Penny
Symbols are paid according to the below tier qualifications.
Monthly Volume
Tier 1: Participant adds NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of up to 0.10% of total industry
customer equity and ETF option average daily volume (``ADV'') contracts
per day in a month.
Tier 2: Participant adds NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols above 0.10% to 0.20% of total industry
customer equity and ETF option ADV contracts per day in a month.
Tier 3: Participant: (a) Adds NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols above 0.20% to 0.60% of total industry
customer equity and ETF option ADV contracts per day in a month: Or
(b)(1) transacts in all securities through one or more of its Nasdaq
Market Center MPIDs that represent 0.70% or more of Consolidated Volume
(``CV'') which adds liquidity in the same month on The Nasdaq Stock
Market, (2) transacts in Tape B securities through one or more of its
Nasdaq Market Center MPIDs that represent 0.18% or more of CV which
adds liquidity in the same month on The Nasdaq Stock Market, and (3)
executes greater than 0.01% of CV via Market-on- Close/Limit-on-Close
(``MOC/LOC'') volume within The Nasdaq Stock Market Closing Cross in
the same month.
Tier 4: Participant adds NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of above 0.60% to 0.90% of total
industry customer equity and ETF option ADV contracts per day in a
month.
Tier 5: Participant adds NOM Market Maker liquidity in Penny
Symbols and/or Non-Penny Symbols of above 0.40% of total industry
customer equity and ETF option ADV contracts per day in a month and
transacts in all securities through one or more of its Nasdaq Market
Center MPIDs that represent 0.40% or more of Consolidated Volume
(``CV'') which adds liquidity in the same month on The Nasdaq Stock
Market.
Tier 6: Participant: (a)(1) Adds NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny Symbols above 0.95% of total industry
customer equity and ETF option ADV contracts per day in a month, (2)
executes Total Volume of 250,000 or more contracts per day in a month,
of which 30,000 or more contracts per day in a month must be removing
liquidity, and (3) adds Firm, Broker-Dealer and Non-NOM Market Maker
liquidity in Non-Penny Symbols of 10,000 or more contracts per day in a
month; or (b)(1) adds NOM Market Maker liquidity in Penny Symbols and/
or Non-Penny Symbols above 1.50% of total industry customer equity and
ETF option ADV contracts per day in a month, and (2) executes Total
Volume of 250,000 or more contracts per day in a month, of which 15,000
or more contracts per day in a month must be removing liquidity.
[[Page 82555]]
The Exchange proposes to amend Penny Pilot NOM Market Maker Tier 4
which currently provides, ``Participant adds NOM Market Maker liquidity
in Penny Symbols and/or Non-Penny Symbols of above 0.60% to 0.90% of
total industry customer equity and ETF option ADV contracts per day in
a month.'' \3\ The Exchange proposes to amend Penny Pilot NOM Market
Maker Tier 4 to provide, ``Participant adds NOM Market Maker liquidity
in Penny Symbols and/or Non-Penny Symbols of above 0.60% of total
industry customer equity and ETF option ADV contracts per day in a
month.'' This proposed rule change will not impact NOM's pricing.
Today, NOM Market Maker Rebates to Add Liquidity in Penny Symbols are
paid per the highest tier achieved.\4\ Current Penny Pilot NOM Market
Maker Tier 5 requires Participants to add NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny Symbols of above 0.40% of total industry
customer equity and ETF option ADV contracts per day in a month and
transact in all securities through one or more of its Nasdaq Market
Center MPIDs that represent 0.40% or more of Consolidated Volume
(``CV'') which adds liquidity in the same month on The Nasdaq Stock
Market in order to achieve a rebate.\5\ Therefore, a Participant that
adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny
Symbols of above 0.60% to 0.90% of total industry customer equity and
ETF option ADV contracts per day in a month volume would qualify for
Penny Pilot NOM Market Maker Tier 4 today, and may qualify for Penny
Pilot NOM Market Maker Tier 5 if the additional criteria was met. Penny
Pilot NOM Market Maker Tier 6 requires, among other things, that a
Participant adds NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.95% of total industry customer equity and ETF
option ADV contracts per day in a month.\6\
---------------------------------------------------------------------------
\3\ Penny Pilot NOM Market Maker Tier 4 pays a rebate of $0.43
per contract to Customers and Professionals, $0.10 per contract to
Broker-Dealers, Firms and Non-NOM Market Makers and $0.32 per
contract to NOM Market Makers. Further, pursuant to footnote 4,
Participants who achieve the NOM Market Maker Tier 3 or Tier 4
Rebate to Add Liquidity will receive $0.40 per contract to add
liquidity in the following symbols: AAPL, SPY, QQQ, IWM, and VXX.
\4\ See note 3 of Options 7, Section 2.
\5\ Penny Pilot NOM Market Maker Tier 5 pays a rebate of $0.45
per contract to Customers and Professionals, $0.10 per contract to
Broker-Dealers, Firms and Non-NOM Market Makers and $0.44 per
contract to NOM Market Makers. Further, pursuant to footnote 11, NOM
Participants that qualify for the Tier 5 NOM Market Maker Rebate to
Add Liquidity in Penny Symbols and add NOM Market Maker liquidity in
Penny Symbols and/or Non-Penny Symbols of above 0.50% of total
industry customer equity and ETF option ADV contracts per day in a
month, will receive a $0.46 per contract rebate to add liquidity in
Penny Symbols as Market Maker in lieu of the Tier 5 rebate.
\6\ Penny Pilot NOM Market Maker Tier 6 provides, ``Participant:
(a)(1) Adds NOM Market Maker liquidity in Penny Symbols and/or Non-
Penny Symbols above 0.95% of total industry customer equity and ETF
option ADV contracts per day in a month, (2) executes Total Volume
of 250,000 or more contracts per day in a month, of which 30,000 or
more contracts per day in a month must be removing liquidity, and
(3) adds Firm, Broker-Dealer and Non-NOM Market Maker liquidity in
Non-Penny Symbols of 10,000 or more contracts per day in a month; or
(b)(1) adds NOM Market Maker liquidity in Penny Symbols and/or Non-
Penny Symbols above 1.50% of total industry customer equity and ETF
option ADV contracts per day in a month, and (2) executes Total
Volume of 250,000 or more contracts per day in a month, of which
15,000 or more contracts per day in a month must be removing
liquidity.''
---------------------------------------------------------------------------
The Exchange believes that this proposal will bring greater clarity
to the Penny Pilot NOM Market Maker tiers as any volume above 0.60%
would qualify a Participant for Penny Pilot NOM Market Maker Tier 4, as
is the case today unless the Participant qualified for Penny Pilot NOM
Market Maker Tiers 5 or 6, as is also the case today. Stating, ``above
0.60%'' within the rule text will make the aforementioned opportunities
clearer for all Participants.
Options 7, Section 3
The Exchange proposes to amend Options 7, Section 3, ``Nasdaq
Options Market--Ports and Other Services,'' to remove obsolete text
which reflects timeframes which have passed.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\8\ 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.
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\7\ 15 U.S.C. 78 f(b).
\8\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange's proposed changes to its Pricing Schedule are
reasonable in several respects. 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 fact that this market is competitive
has long been recognized by the courts. In NetCoalition v. Securities
and Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . ..'' \9\
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\9\ NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------
The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, 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.'' \10\
---------------------------------------------------------------------------
\10\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------
Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
options security transaction services. The Exchange is only one of
sixteen options exchanges to which market participants may direct their
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. As such,
the proposal represents a reasonable attempt by the Exchange to
increase its liquidity and market share relative to its competitors.
Options 7, Section 2
The Exchange's proposal to amend Penny Pilot NOM Market Maker Tier
4 to change the current volume requirement from ``Participant adds NOM
Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of
above 0.60% to 0.90% of total industry customer equity and ETF option
ADV contracts per day in a month'' to ``Participant adds NOM Market
Maker liquidity in Penny Symbols and/or Non-Penny Symbols of above
0.60% of total industry customer equity and ETF option ADV contracts
per day in a
[[Page 82556]]
month,'' is reasonable. This proposed rule change will not impact NOM's
pricing. Today, NOM Market Maker Rebates to Add Liquidity in Penny
Symbols are paid per the highest tier achieved.\11\ Current Penny Pilot
NOM Market Maker Tier 5 requires Participants to add NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny Symbols of above 0.40% of
total industry customer equity and ETF option ADV contracts per day in
a month and transact in all securities through one or more of its
Nasdaq Market Center MPIDs that represent 0.40% or more of CV which
adds liquidity in the same month on The Nasdaq Stock Market in order to
achieve a rebate.\12\ Therefore, a Participant that adds NOM Market
Maker liquidity in Penny Symbols and/or Non-Penny Symbols of above
0.60% to 0.90% of total industry customer equity and ETF option ADV
contracts per day in a month volume would qualify for Penny Pilot NOM
Market Maker Tier 4 today, and may qualify for Penny Pilot NOM Market
Maker Tier 5 if the additional criteria was met. Penny Pilot NOM Market
Maker Tier 6 requires, among other things, that a Participants adds NOM
Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols above
0.95% of total industry customer equity and ETF option ADV contracts
per day in a month.\13\ This proposal will make clear that any volume
above 0.60% would qualify a Participant for Penny Pilot NOM Market
Maker Tier 4, as is the case today, unless the Participant qualified
for Penny Pilot NOM Market Maker Tiers 5 or 6, as is also the case
today. Any NOM Market Maker may qualify for a NOM Market Maker Penny
Pilot rebate provided the requisite criteria has been met.
---------------------------------------------------------------------------
\11\ See note 3 of Options 7, Section 2.
\12\ See note 5.
\13\ See note 6.
---------------------------------------------------------------------------
The Exchange's proposal to amend Penny Pilot NOM Market Maker Tier
4 to change the current volume requirement from ``Participant adds NOM
Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of
above 0.60% to 0.90% of total industry customer equity and ETF option
ADV contracts per day in a month'' to ``Participant adds NOM Market
Maker liquidity in Penny Symbols and/or Non-Penny Symbols of above
0.60% of total industry customer equity and ETF option ADV contracts
per day in a month,'' is equitable and not unfairly discriminatory as
all NOM Market Makers may uniformly qualify for these NOM Market Maker
Penny Pilot rebates, provided they submit the requisite qualifying
criteria. NOM Market Makers add value through continuous quoting \14\
and are subject to additional requirements and obligations \15\ that
other market participants are not. Incentivizing Market Makers to
provide greater liquidity benefits all market participants through the
quality of order interaction.
---------------------------------------------------------------------------
\14\ See Options 2, Section 5.
\15\ See Options 2, Section 4.
---------------------------------------------------------------------------
Options 7, Section 3
The Exchange's proposal to amend Options 7, Section 3, ``Nasdaq
Options Market--Ports and Other Services,'' is reasonable, equitable
and not unfairly discriminatory as the rule text is obsolete in that
the text reflects timeframes which have passed.
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 not necessary or appropriate in
furtherance of the purposes of the Act.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition. The Exchange believes its proposal remains competitive
with other options markets and will offer market participants another
choice of where to transact options. The Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges that have been exempted from compliance with the statutory
standards applicable to exchanges. Because competitors are free to
modify their own fees in response, and because market participants may
readily adjust their order routing practices, the Exchange believes
that the degree to which fee changes in this market may impose any
burden on competition is extremely limited.
Intra-Market Competition
The proposed amendments do not impose an undue burden on intra-
market competition.
The Exchange's proposal to amend Penny Pilot NOM Market Maker Tier
4 to change the current volume requirement from ``Participant adds NOM
Market Maker liquidity in Penny Symbols and/or Non-Penny Symbols of
above 0.60% to 0.90% of total industry customer equity and ETF option
ADV contracts per day in a month'' to ``Participant adds NOM Market
Maker liquidity in Penny Symbols and/or Non-Penny Symbols of above
0.60% of total industry customer equity and ETF option ADV contracts
per day in a month,'' does not impose an undue burden on competition as
all NOM Market Makers may uniformly qualify for these NOM Market Maker
Penny Pilot rebates, provided they submit the requisite qualifying
criteria. NOM Market Makers add value through continuous quoting \16\
and are subject to additional requirements and obligations \17\ that
other market participants are not. Incentivizing Market Makers to
provide greater liquidity benefits all market participants through the
quality of order interaction.
---------------------------------------------------------------------------
\16\ See Options 2, Section 5.
\17\ See Options 2, Section 4.
---------------------------------------------------------------------------
Options 7, Section 3
The Exchange's proposal to amend Options 7, Section 3, ``Nasdaq
Options Market--Ports and Other Services,'' does not impose an undue
burden on competition as the rule text is obsolete in that the text
reflects timeframes which have passed.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\18\
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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: (i)
Uecessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule 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
[[Page 82557]]
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NASDAQ-2020-084 on the subject line.
Paper Comments
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-NASDAQ-2020-084. 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 (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2020-084 and should be submitted
on or before January 8, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant todelegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-27837 Filed 12-17-20; 8:45 am]
BILLING CODE 8011-01-P
