Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc.; Suspension of and Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend the Fee Schedules Related to Co-Location, 26242-26245 [2021-10056]
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26242
Federal Register / Vol. 86, No. 91 / Thursday, May 13, 2021 / Notices
CMS Annual
Review of Operations for the Division of
Physics (1208).
DATE AND TIME: July 27–28, 2021; 10:30
a.m.–5:30 p.m.
PLACE: NSF, 2415 Eisenhower Avenue,
Alexandria, VA 22314 | Virtual.
TYPE OF MEETING: Part-Open.
CONTACT PERSON: Mark Coles, Program
Director, Division of Physics, National
Science Foundation, 2415 Eisenhower
Avenue, Room 9219, Alexandria, VA
22314; Telephone: (703) 292–4432.
PURPOSE OF MEETING: Evaluate a
proposal to fund operation,
maintenance, and associated activities
for the U.S. CMS collaboration.
NAME AND COMMITTEE CODE:
Agenda
Agenda (all times are Eastern Daylight
Time [EDT]): NSF will provide the Zoom
coordinates for each meeting.
July 20 (Tuesday)
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
a negotiated service agreement. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: May 17,
2021.
SUMMARY:
Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
10:30 a.m.–11:00 a.m. Executive
Session (Closed)
11:00 a.m.–5:00 p.m. Presentations
by CMS (with breaks)
5:00 p.m.–5:30 p.m. Executive
Session (Closed)
July 21 (Wednesday)
10:30 a.m.–11:00 a.m. Executive
Session (Closed)
11:00 a.m. –3:00 p.m. Homework
reporting, presentations, breakouts, with
breaks
3:00 p.m.–5:00 p.m. Executive
Session (Closed)
5:00 p.m.–5:30 p.m. Closeout report
by panel
REASON FOR CLOSING: The work being
reviewed during closed portions of the
virtual site visit include information of
a proprietary or confidential nature,
including technical information;
financial data, such as salaries and
personal information concerning
individuals associated with the project.
These matters are exempt under 5
U.S.C. 552b(c), (4) and (6) of the
Government in the Sunshine Act.
Dated: May 7, 2021.
Crystal Robinson,
Committee Management Officer.
[FR Doc. 2021–10083 Filed 5–12–21; 8:45 am]
BILLING CODE 7555–01–P
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2021–89 and CP2021–92]
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the market dominant or
the competitive product list, or the
modification of an existing product
currently appearing on the market
dominant or the competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
New Postal Products
Postal Regulatory Commission.
ACTION: Notice.
AGENCY:
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1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2021–89 and
CP2021–92; Filing Title: USPS Request
to Add Priority Mail & First-Class
Package Service Contract 193 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: May 7, 2021; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Kenneth R. Moeller; Comments Due:
May 17, 2021.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2021–10104 Filed 5–12–21; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91790; File Nos. SR–NYSE–
2021–15, SR–NYSEAMER–2021–13, SR–
NYSEArca–2021–15, SR–NYSECHX–2021–
04, SR–NYSENAT–2021–05]
Self-Regulatory Organizations; New
York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE
Chicago, Inc., and NYSE National, Inc.;
Suspension of and Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove Proposed Rule
Changes To Amend the Fee Schedules
Related to Co-Location
May 7, 2021.
I. Introduction
On March 10, 2021, New York Stock
Exchange LLC (‘‘NYSE’’), NYSE
American LLC (‘‘NYSE American’’),
NYSE Arca, Inc. (‘‘NYSE Arca’’), NYSE
Chicago, Inc. (‘‘NYSE Chicago’’), and
NYSE National, Inc. (‘‘NYSE National’’)
(collectively, the ‘‘Exchanges’’) each
filed with the Securities and Exchange
Commission (the ‘‘Commission’’),
pursuant to Section 19(b)(1) of the
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Federal Register / Vol. 86, No. 91 / Thursday, May 13, 2021 / Notices
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to provide Users
with access to the systems and
connectivity to the data feeds of several
third parties and establish associated
fees.3 Each proposed rule change was
immediately effective upon filing with
the Commission pursuant to Section
19(b)(3)(A) of the Act.4 The proposed
rule changes were published for
comment in the Federal Register on
March 29, 2021.5 The Commission
received no comment letters on the
proposals. Pursuant to Section
19(b)(3)(C) of the Act,6 the Commission
is hereby: (1) Temporarily suspending
File Nos. SR–NYSE–2021–15, SR–
NYSEAMER–2021–13, SR–NYSEArca–
2021–15, SR–NYSECHX–2021–04, and
SR–NYSENAT–2021–05; and (2)
instituting proceedings to determine
whether to approve or disapprove File
Nos. SR–NYSE–2021–15, SR–
NYSEAMER–2021–13, SR–NYSEArca–
2021–15, SR–NYSECHX–2021–04, and
SR–NYSENAT–2021–05.
II. Description of the Proposed Rule
Change
The Exchanges, as part of their colocation services, offer Users
connectivity to the execution systems of
third party markets and other content
service providers (‘‘Third Party
Systems’’), and data feeds from third
party markets and other content service
providers (‘‘Third Party Data Feeds’’).7
The Exchanges charge fees for
connectivity to Third Party Systems and
Third Party Data Feeds. The list of Third
Party Systems and Third Party Data
Feeds and associated fees for
connectivity thereto are set forth in the
Exchanges’ fee schedules.
In the instant filings, the Exchanges
propose to offer and charge fees for
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See also infra note 11.
4 15 U.S.C. 78s(b)(3)(A).
5 See Securities Exchange Act Release Nos. 91386
(March 23, 2021), 86 FR 16410 (March 29, 2021)
(SR–NYSE–2021–15); 91387 (March 23, 2021), 86
FR 16417 (March 29, 2021) (SR–NYSEAMER–2021–
13); 91388 (March 23, 2021), 86 FR 16433 (March
29, 2021) (SR–NYSEArca–2021–15); 91390 (March
23, 2021), 86 FR 16424 (March 29, 2021) (SR–
NYSECHX–2021–04) (each, a ‘‘Notice). For ease of
reference, page citations are to the Notice for
NYSE–2021–15.
6 15 U.S.C. 78s(b)(3)(C).
7 See Notice, supra note 5, at 16410. For purposes
of the Exchanges’ co-location services, a ‘‘User’’
means any market participant that requests to
receive co-location services directly from one or
more of the Exchanges, and a User that incurs
colocation fees for a particular co-location service
charged by one Exchange would not be subject to
co-location fees for the same co-location service
charged by the Exchange’s affiliates. See id. at
16410 n.5.
2 17
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connectivity to several additional Third
Party Systems and Third Party Data
Feeds. Specifically, the Exchanges
propose to expand their offerings to
include connectivity to the systems of
Long Term Stock Exchange, Members
Exchange (‘‘MEMX’’), MIAX Emerald,
MIAX PEARL Equities, Morgan Stanley,
and TD Ameritrade, and (‘‘Proposed
Third Party Systems’’).8 The fees
associated with these connections
would be determined by the bandwidth
a User chooses.9 The Exchanges also
propose to expand their offerings to
include connectivity to the data feeds of
MEMX, MIAX Emerald, MIAX PEARL
Equities, and ICE Data Services—ICE
TMC (‘‘Proposed Third Party Data
Feeds).’’ 10 The Exchanges propose to
charge the following monthly
connectivity fees for each of the
Proposed Third Party Data Feeds:
$3,000 for Members Exchange, $3,500
for MIAX Emerald, and $2,500 for MIAX
PEARL Equities, and $200 for ICE Data
Services—ICE TMC.11
III. Suspension of the Proposed Rule
Change
Pursuant to Section 19(b)(3)(C) of the
Act,12 at any time within 60 days of the
date of filing of an immediately effective
proposed rule change pursuant to
Section 19(b)(1) of the Act,13 the
Commission summarily may
8 See
Notice, supra note 5, at 16410–11.
Exchanges’ fee schedules set forth the
current monthly recurring fees per connection to
Third Party Systems based on the bandwidth of the
connection: $200 for 1 Mb, $400 for 3 Mb, $500 for
5 Mb, $800 for 10 Mb, $1,200 for 25 Mb, $1,800 for
50 Mb, $2,500 for 100 Mb, $3,000 for 200 Mb,
$3,500 for 1 Gb.
10 Notice, supra note 5, at 16411. The Exchange
represents that the Proposed ICE TMC Third Party
Data Feed is generated by ICE Bonds, an indirect
subsidiary of ICE, and includes market data for the
ICE TMC alternative trading system and that it does
not include market data of the Exchange or Affiliate
SROs. Id. at 16411 n.7.
11 Id. at 16411. The Exchanges also propose to
amend the fee schedules to change the name of the
‘‘Miami International Securities Exchange’’ Third
Party System to ‘‘MIAX Options,’’ to change the
name of the ‘‘MIAX PEARL’’ Third Party System to
‘‘MIAX PEARL Options,’’ and to combine MIAX
Options, MIAX PEARL Options, MIAX PEARL
Equities, and MIAX Emerald as a single Third Party
System on the fee schedules. The Exchanges further
propose to remove obsolete rule text from their colocation fee schedules: (i) The reference to the ICE
Data Global Index from the list of Third Party Data
Feeds available for connectivity in the fee schedules
and to remove the text noting that the Exchanges
would inform customers that it would cease
offering connectivity to the ICE Data Global Index
once it was unavailable; and (ii) the reference in fee
schedule indicating waiver of the Hot Hands fees
from the date of the closing of the data center in
Mahwah, New Jersey, through the date of the
reopening of the data center (which occurred on
October 1, 2020). See Notice, supra note 5, at
16411–16413.
12 15 U.S.C. 78s(b)(3)(C).
13 15 U.S.C. 78s(b)(1).
9 The
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26243
temporarily suspend the change in the
rules of a self-regulatory organization
(‘‘SRO’’) 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. As discussed below, the
Commission believes a temporary
suspension of the proposed rule changes
is necessary and appropriate to allow for
additional analysis of the proposed rule
changes’ consistency with the Act and
the rules thereunder.
The Exchanges provide various
arguments in support of the proposed
fees for connections to the Proposed
Third Party Data Systems and Proposed
Third Party Data Feeds. With respect to
whether the proposed fees are
reasonable, the Exchanges argue that the
market for access to Third Party Data
Systems and Third Party Data Feeds is
competitive, and that the availability of
substitutes is a check on their ability to
charge unreasonable fees for these
services.14 The Exchanges also maintain
that fees charged for co-location are
constrained by active competition for
order flow of, and other business from,
such market participants.15 The
Exchanges state that they compete with
other providers, including other
colocation providers and market data
vendors, which may include Hosting
Users.16 They state that they understand
that at least one other vendor currently
offers the Proposed MIAX Third Party
Data Feeds, and that they are aware of
no impediment to third parties offering
substitute services.17 The Exchanges
also state that if one or more third
parties presently offer, or in the future
opt to offer, access and connectivity to
Third Party Systems and Third Party
Data Feeds to Users, a User may utilize
the IDS network, a third party
telecommunication network, a cross
connect, or a combination thereof to
access such services and products
through a connection to an access center
outside the data center (which could be
an IDS access center, a third-party
access center, or both), another User, or
a third party vendor.18 The Exchanges
also state that the fees are reasonable
because they allow the Exchanges to
defray or cover the costs of the data
center facility hardware and technology
infrastructure necessary to provide
connectivity to Users.19 Regarding
differences in fees for the Proposed
14 See
Notice, supra note 5, at 16414.
id. at 16414 and 16416.
16 See id.
17 See id. at 16414.
18 See id. at 16415.
19 See id. at 16414.
15 See
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Federal Register / Vol. 86, No. 91 / Thursday, May 13, 2021 / Notices
Third Party Data Feeds, the Exchanges
state that they can charge the ICE TMC
Third Party Data Feed a lower price
because they can offer the feed over
their established connection with less
effort, since they already offer several
Third Party Data Feeds supplied by ICE
Data Service.20 They state that they
must establish and maintain
connections to the exchanges for the
other proposed Third Party Data
Feeds,21 and that MIAX charges separate
fees to the Exchange to become a
distributor of each of its data feed
products, and that the distribution fees
that the Exchange must pay to MIAX are
higher for the proposed MIAX Emerald
Third Party Data Feed than for the
proposed MIAX PEARL Equities Third
Party Data Feed.22
In addition, the Exchanges state that
the proposed fees are equitably
allocated and not unfairly
discriminatory because they would
apply to all Users equally, the proposed
services are voluntary, and Users would
only be charged if they opted to use
them.23 Further, the Exchanges state
that the proposals do not impose a
burden on competition that is not
necessary or appropriate because they
offer choice and reflects the competitive
environment.24
When exchanges file their proposed
rule changes with the Commission,
including fee filings, they are required
to provide a statement supporting the
proposal’s basis under the Act and the
rules and regulations thereunder
applicable to the exchange.25 The
instructions to Form 19b–4, on which
exchanges file their proposed rule
changes, specify that such statement
‘‘should be sufficiently detailed and
specific to support a finding that the
proposed rule change is consistent with
[those] requirements’’ 26
Section 6 of the Act, including
Sections 6(b)(4), (5), and (8), require the
rules of an exchange to: (1) Provide for
the equitable allocation of reasonable
fees among members, issuers, and other
persons using the exchange’s
facilities; 27 (2) perfect the mechanism of
a free and open market and a national
market system, protect investors and the
public interest, and not be designed to
permit unfair discrimination between
20 See
id.
id.
22 See id.
23 See id. at 16415.
24 See id. at 16416.
25 See 17 CFR 240.19b–4 (Item 3 entitled ‘‘SelfRegulatory Organization’s Statement of the Purpose
of, and Statutory Basis for, the Proposed Rule
Change’’).
26 See id.
27 15 U.S.C. 78f(b)(4).
21 See
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customers, issuers, brokers, or
dealers; 28 and (3) not impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act.29
In temporarily suspending the
Exchanges’ proposed rule changes, the
Commission intends to further consider
whether the proposed fees for
connections to the Proposed Third Party
Data Systems and the Proposed Third
Party Data Feeds are consistent with the
statutory requirements applicable to a
national securities exchange under the
Act. In particular, the Commission will
consider whether the proposed rule
changes satisfy the standards under the
Act and the rules thereunder requiring,
among other things, that an exchange’s
rules provide for the equitable
allocation of reasonable fees among
members, issuers, and other persons
using its facilities; are designed to
perfect the operation of a free and open
market and a national market system,
and to protect investors and the public
interest; are not designed to permit
unfair discrimination between
customers, issuers, brokers or dealers;
and do not impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act.30
Therefore, the Commission finds that
it is appropriate in the public interest,
for the protection of investors, and
otherwise in furtherance of the purposes
of the Act, to temporarily suspend the
proposed rule changes.31
IV. Proceedings To Determine Whether
To Approve or Disapprove the
Proposed Rule Changes
In addition to temporarily suspending
the proposals, the Commission also
hereby institutes proceedings pursuant
to Sections 19(b)(3)(C) 32 and 19(b)(2)(B)
of the Act 33 to determine whether the
Exchanges proposed rule changes
should be approved or disapproved.
Institution of proceedings does not
indicate that the Commission has
reached any conclusions with respect to
any of the issues involved. Rather, the
28 15
U.S.C. 78f(b)(5).
U.S.C. 78f(b)(8).
30 See 15 U.S.C. 78f(b)(4), (5), and (8),
respectively.
31 For purposes of temporarily suspending the
proposed rule change, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
32 15 U.S.C. 78s(b)(3)(C). Once the Commission
temporarily suspends a proposed rule change,
Section 19(b)(3)(C) of the Act requires that the
Commission institute proceedings under Section
19(b)(2)(B) to determine whether a proposed rule
change should be approved or disapproved.
33 15 U.S.C. 78s(b)(2)(B).
Commission seeks and encourages
interested persons to provide additional
comment on the proposed rule changes
to inform the Commission’s analysis of
whether to approve or disapprove the
proposed rule changes.
Pursuant to Section 19(b)(2)(B) of the
Act,34 the Commission is providing
notice of the grounds for possible
disapproval under consideration:
• Whether the Exchanges have
demonstrated how the proposed fees are
consistent with Section 6(b)(4) of the
Act, which requires that the rules of a
national securities exchange ‘‘provide
for the equitable allocation of reasonable
dues, fees, and other charges among its
members and issuers and other persons
using its facilities’’; 35
• Whether the Exchanges have
demonstrated how the proposed fees are
consistent with Section 6(b)(5) of the
Act, which requires, among other
things, that the rules of a national
securities exchange not be ‘‘designed to
permit unfair discrimination between
customers, issuers, brokers, or
dealers’’; 36 and
• Whether the Exchanges have
demonstrated how the proposed fees are
consistent with Section 6(b)(8) of the
Act, which requires that the rules of a
national securities exchange ‘‘not
impose any burden on competition not
necessary or appropriate in furtherance
of the purposes of [the Act].’’ 37
As discussed in Section III above, the
Exchanges argue that the fees proposed
for connectivity to the Proposed Third
Party Data Systems and Proposed Third
Party Data Feeds are constrained by
competition, and allow the Exchanges to
defray or cover the costs of offering the
services. The Commission believes that
there are questions as to whether the
Exchanges have provided sufficient
information to demonstrate that the
proposals, including in particular the
fees for connectivity to the Proposed
Third Party Systems and Proposed
Third Party Data Feeds, are consistent
with the Act.
Under the Commission’s Rules of
Practice, the ‘‘burden to demonstrate
that a proposed rule change is
consistent with the [Act] and the rules
29 15
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34 15 U.S.C. 78s(b)(2)(B). Section 19(b)(2)(B) of the
Act also provides that proceedings to determine
whether to disapprove a proposed rule change must
be concluded within 180 days of the date of
publication of notice of the filing of the proposed
rule change. See id. The time for conclusion of the
proceedings may be extended for up to 60 days if
the Commission finds good cause for such
extension and publishes its reasons for so finding,
or if the exchange consents to the longer period. See
id.
35 15 U.S.C. 78f(b)(4).
36 15 U.S.C. 78f(b)(5).
37 15 U.S.C. 78f(b)(8).
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Federal Register / Vol. 86, No. 91 / Thursday, May 13, 2021 / Notices
and regulations issued thereunder . . .
is on the [SRO] that proposed the rule
change.’’ 38 The description of a
proposed rule change, its purpose and
operation, its effect, and a legal analysis
of its consistency with applicable
requirements must all be sufficiently
detailed and specific to support an
affirmative Commission finding,39 and
any failure of an SRO to provide this
information may result in the
Commission not having a sufficient
basis to make an affirmative finding that
a proposed rule change is consistent
with the Act and the applicable rules
and regulations.40
The Commission is instituting
proceedings to allow for additional
consideration and comment on the
issues raised herein, including as to
whether the proposed fees are
consistent with the Act, and
specifically, with its requirements that
the rules of a national securities
exchange provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers, and other persons using its
facilities; are designed to perfect the
operation of a free and open market and
a national market system, and to protect
investors and the public interest; are not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers; and do not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act;
as well as any other provision of the
Act, or the rules and regulations
thereunder.
V. Commission’s Solicitation of
Comments
The Commission requests written
views, data, and arguments with respect
to the concerns identified above as well
as any other relevant concerns. Such
comments should be submitted by June
3, 2021. Rebuttal comments should be
submitted by June 17, 2021. Although
there do not appear to be any issues
relevant to approval or disapproval
which would be facilitated by an oral
presentation of views, data, and
arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.41
38 17
CFR 201.700(b)(3).
id.
40 See id.
41 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act
grants the Commission flexibility to determine what
type of proceeding—either oral or notice and
opportunity for written comments—is appropriate
for consideration of a particular proposal by an
SRO. See Securities Acts Amendments of 1975,
Report of the Senate Committee on Banking,
39 See
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16:52 May 12, 2021
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The Commission asks that
commenters address the sufficiency and
merit of the Exchange’s statements in
support of the proposals, in addition to
any other comments they may wish to
submit about the proposed rule changes.
Interested persons are invited to
submit written data, views, and
arguments concerning the proposed rule
changes, including whether the
proposed rule 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 rule-comments@
sec.gov. Please include File Nos. SR–
NYSE–2021–15, SR–NYSEAMER–2021–
13, SR–NYSEArca–2021–15, SR–
NYSECHX–2021–04, and SR–
NYSENAT–2021–05 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
Nos. SR–NYSE–2021–15, SR–
NYSEAMER–2021–13, SR–NYSEArca–
2021–15, SR–NYSECHX–2021–04, and
SR–NYSENAT–2021–05. The 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 such
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
Housing and Urban Affairs to Accompany S. 249,
S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).
PO 00000
Frm 00044
Fmt 4703
Sfmt 4703
26245
personal identifying information from
comment submissions. You should
submit only information that you wish
to make publicly available. All
submissions should refer to File Nos.
SR–NYSE–2021–15, SR–NYSEAMER–
2021–13, SR–NYSEArca–2021–15, SR–
NYSECHX–2021–04, and SR–
NYSENAT–2021–05 and should be
submitted on or before June 3, 2021.
Rebuttal comments should be submitted
by June 17, 2021.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(3)(C) of the Act,42 that File
Nos. SR–NYSE–2021–15, SR–
NYSEAMER–2021–13, SR–NYSEArca–
2021–15, SR–NYSECHX–2021–04, and
SR–NYSENAT–2021–05, be and hereby
are, temporarily suspended. In addition,
the Commission is instituting
proceedings to determine whether the
proposed rule changes should be
approved or disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.43
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–10056 Filed 5–12–21; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2021–0004]
Privacy Act of 1974; System of
Records
AGENCY:
Social Security Administration
(SSA).
ACTION:
Notice of a modified system of
records.
In accordance with the
Privacy Act, we are issuing public
notice of our intent to modify an
existing system of records entitled, Mass
Emergency Notification System (MENS)
(60–0386), last published on April 15,
2019. This notice publishes details of
the modified system as set forth below
under the caption, SUPPLEMENTARY
INFORMATION.
DATES: The system of records notice
(SORN) is applicable upon its
publication in today’s Federal Register,
with the exception of the new routine
use, which is effective June 14, 2021.
We invite public comment on the
routine use or other aspects of this
SORN. In accordance with the Privacy
Act of 1974, the public is given a 30-day
period in which to submit comments.
SUMMARY:
42 15
43 17
E:\FR\FM\13MYN1.SGM
U.S.C. 78s(b)(3)(C).
CFR 200.30–3(a)(57) and (58).
13MYN1
]]>Agencies
[Federal Register Volume 86, Number 91 (Thursday, May 13, 2021)]
[Notices]
[Pages 26242-26245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10056]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-91790; File Nos. SR-NYSE-2021-15, SR-NYSEAMER-2021-13,
SR-NYSEArca-2021-15, SR-NYSECHX-2021-04, SR-NYSENAT-2021-05]
Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National,
Inc.; Suspension of and Order Instituting Proceedings To Determine
Whether To Approve or Disapprove Proposed Rule Changes To Amend the Fee
Schedules Related to Co-Location
May 7, 2021.
I. Introduction
On March 10, 2021, New York Stock Exchange LLC (``NYSE''), NYSE
American LLC (``NYSE American''), NYSE Arca, Inc. (``NYSE Arca''), NYSE
Chicago, Inc. (``NYSE Chicago''), and NYSE National, Inc. (``NYSE
National'') (collectively, the ``Exchanges'') each filed with the
Securities and Exchange Commission (the ``Commission''), pursuant to
Section 19(b)(1) of the
[[Page 26243]]
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to provide Users with access to
the systems and connectivity to the data feeds of several third parties
and establish associated fees.\3\ Each proposed rule change was
immediately effective upon filing with the Commission pursuant to
Section 19(b)(3)(A) of the Act.\4\ The proposed rule changes were
published for comment in the Federal Register on March 29, 2021.\5\ The
Commission received no comment letters on the proposals. Pursuant to
Section 19(b)(3)(C) of the Act,\6\ the Commission is hereby: (1)
Temporarily suspending File Nos. SR-NYSE-2021-15, SR-NYSEAMER-2021-13,
SR-NYSEArca-2021-15, SR-NYSECHX-2021-04, and SR-NYSENAT-2021-05; and
(2) instituting proceedings to determine whether to approve or
disapprove File Nos. SR-NYSE-2021-15, SR-NYSEAMER-2021-13, SR-NYSEArca-
2021-15, SR-NYSECHX-2021-04, and SR-NYSENAT-2021-05.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See also infra note 11.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ See Securities Exchange Act Release Nos. 91386 (March 23,
2021), 86 FR 16410 (March 29, 2021) (SR-NYSE-2021-15); 91387 (March
23, 2021), 86 FR 16417 (March 29, 2021) (SR-NYSEAMER-2021-13); 91388
(March 23, 2021), 86 FR 16433 (March 29, 2021) (SR-NYSEArca-2021-
15); 91390 (March 23, 2021), 86 FR 16424 (March 29, 2021) (SR-
NYSECHX-2021-04) (each, a ``Notice). For ease of reference, page
citations are to the Notice for NYSE-2021-15.
\6\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change
The Exchanges, as part of their co-location services, offer Users
connectivity to the execution systems of third party markets and other
content service providers (``Third Party Systems''), and data feeds
from third party markets and other content service providers (``Third
Party Data Feeds'').\7\ The Exchanges charge fees for connectivity to
Third Party Systems and Third Party Data Feeds. The list of Third Party
Systems and Third Party Data Feeds and associated fees for connectivity
thereto are set forth in the Exchanges' fee schedules.
---------------------------------------------------------------------------
\7\ See Notice, supra note 5, at 16410. For purposes of the
Exchanges' co-location services, a ``User'' means any market
participant that requests to receive co-location services directly
from one or more of the Exchanges, and a User that incurs colocation
fees for a particular co-location service charged by one Exchange
would not be subject to co-location fees for the same co-location
service charged by the Exchange's affiliates. See id. at 16410 n.5.
---------------------------------------------------------------------------
In the instant filings, the Exchanges propose to offer and charge
fees for connectivity to several additional Third Party Systems and
Third Party Data Feeds. Specifically, the Exchanges propose to expand
their offerings to include connectivity to the systems of Long Term
Stock Exchange, Members Exchange (``MEMX''), MIAX Emerald, MIAX PEARL
Equities, Morgan Stanley, and TD Ameritrade, and (``Proposed Third
Party Systems'').\8\ The fees associated with these connections would
be determined by the bandwidth a User chooses.\9\ The Exchanges also
propose to expand their offerings to include connectivity to the data
feeds of MEMX, MIAX Emerald, MIAX PEARL Equities, and ICE Data
Services--ICE TMC (``Proposed Third Party Data Feeds).'' \10\ The
Exchanges propose to charge the following monthly connectivity fees for
each of the Proposed Third Party Data Feeds: $3,000 for Members
Exchange, $3,500 for MIAX Emerald, and $2,500 for MIAX PEARL Equities,
and $200 for ICE Data Services--ICE TMC.\11\
---------------------------------------------------------------------------
\8\ See Notice, supra note 5, at 16410-11.
\9\ The Exchanges' fee schedules set forth the current monthly
recurring fees per connection to Third Party Systems based on the
bandwidth of the connection: $200 for 1 Mb, $400 for 3 Mb, $500 for
5 Mb, $800 for 10 Mb, $1,200 for 25 Mb, $1,800 for 50 Mb, $2,500 for
100 Mb, $3,000 for 200 Mb, $3,500 for 1 Gb.
\10\ Notice, supra note 5, at 16411. The Exchange represents
that the Proposed ICE TMC Third Party Data Feed is generated by ICE
Bonds, an indirect subsidiary of ICE, and includes market data for
the ICE TMC alternative trading system and that it does not include
market data of the Exchange or Affiliate SROs. Id. at 16411 n.7.
\11\ Id. at 16411. The Exchanges also propose to amend the fee
schedules to change the name of the ``Miami International Securities
Exchange'' Third Party System to ``MIAX Options,'' to change the
name of the ``MIAX PEARL'' Third Party System to ``MIAX PEARL
Options,'' and to combine MIAX Options, MIAX PEARL Options, MIAX
PEARL Equities, and MIAX Emerald as a single Third Party System on
the fee schedules. The Exchanges further propose to remove obsolete
rule text from their co-location fee schedules: (i) The reference to
the ICE Data Global Index from the list of Third Party Data Feeds
available for connectivity in the fee schedules and to remove the
text noting that the Exchanges would inform customers that it would
cease offering connectivity to the ICE Data Global Index once it was
unavailable; and (ii) the reference in fee schedule indicating
waiver of the Hot Hands fees from the date of the closing of the
data center in Mahwah, New Jersey, through the date of the reopening
of the data center (which occurred on October 1, 2020). See Notice,
supra note 5, at 16411-16413.
---------------------------------------------------------------------------
III. Suspension of the Proposed Rule Change
Pursuant to Section 19(b)(3)(C) of the Act,\12\ at any time within
60 days of the date of filing of an immediately effective proposed rule
change pursuant to Section 19(b)(1) of the Act,\13\ the Commission
summarily may temporarily suspend the change in the rules of a self-
regulatory organization (``SRO'') 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. As discussed below, the Commission believes a temporary
suspension of the proposed rule changes is necessary and appropriate to
allow for additional analysis of the proposed rule changes' consistency
with the Act and the rules thereunder.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(C).
\13\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
The Exchanges provide various arguments in support of the proposed
fees for connections to the Proposed Third Party Data Systems and
Proposed Third Party Data Feeds. With respect to whether the proposed
fees are reasonable, the Exchanges argue that the market for access to
Third Party Data Systems and Third Party Data Feeds is competitive, and
that the availability of substitutes is a check on their ability to
charge unreasonable fees for these services.\14\ The Exchanges also
maintain that fees charged for co-location are constrained by active
competition for order flow of, and other business from, such market
participants.\15\ The Exchanges state that they compete with other
providers, including other colocation providers and market data
vendors, which may include Hosting Users.\16\ They state that they
understand that at least one other vendor currently offers the Proposed
MIAX Third Party Data Feeds, and that they are aware of no impediment
to third parties offering substitute services.\17\ The Exchanges also
state that if one or more third parties presently offer, or in the
future opt to offer, access and connectivity to Third Party Systems and
Third Party Data Feeds to Users, a User may utilize the IDS network, a
third party telecommunication network, a cross connect, or a
combination thereof to access such services and products through a
connection to an access center outside the data center (which could be
an IDS access center, a third-party access center, or both), another
User, or a third party vendor.\18\ The Exchanges also state that the
fees are reasonable because they allow the Exchanges to defray or cover
the costs of the data center facility hardware and technology
infrastructure necessary to provide connectivity to Users.\19\
Regarding differences in fees for the Proposed
[[Page 26244]]
Third Party Data Feeds, the Exchanges state that they can charge the
ICE TMC Third Party Data Feed a lower price because they can offer the
feed over their established connection with less effort, since they
already offer several Third Party Data Feeds supplied by ICE Data
Service.\20\ They state that they must establish and maintain
connections to the exchanges for the other proposed Third Party Data
Feeds,\21\ and that MIAX charges separate fees to the Exchange to
become a distributor of each of its data feed products, and that the
distribution fees that the Exchange must pay to MIAX are higher for the
proposed MIAX Emerald Third Party Data Feed than for the proposed MIAX
PEARL Equities Third Party Data Feed.\22\
---------------------------------------------------------------------------
\14\ See Notice, supra note 5, at 16414.
\15\ See id. at 16414 and 16416.
\16\ See id.
\17\ See id. at 16414.
\18\ See id. at 16415.
\19\ See id. at 16414.
\20\ See id.
\21\ See id.
\22\ See id.
---------------------------------------------------------------------------
In addition, the Exchanges state that the proposed fees are
equitably allocated and not unfairly discriminatory because they would
apply to all Users equally, the proposed services are voluntary, and
Users would only be charged if they opted to use them.\23\ Further, the
Exchanges state that the proposals do not impose a burden on
competition that is not necessary or appropriate because they offer
choice and reflects the competitive environment.\24\
---------------------------------------------------------------------------
\23\ See id. at 16415.
\24\ See id. at 16416.
---------------------------------------------------------------------------
When exchanges file their proposed rule changes with the
Commission, including fee filings, they are required to provide a
statement supporting the proposal's basis under the Act and the rules
and regulations thereunder applicable to the exchange.\25\ The
instructions to Form 19b-4, on which exchanges file their proposed rule
changes, specify that such statement ``should be sufficiently detailed
and specific to support a finding that the proposed rule change is
consistent with [those] requirements'' \26\
---------------------------------------------------------------------------
\25\ See 17 CFR 240.19b-4 (Item 3 entitled ``Self-Regulatory
Organization's Statement of the Purpose of, and Statutory Basis for,
the Proposed Rule Change'').
\26\ See id.
---------------------------------------------------------------------------
Section 6 of the Act, including Sections 6(b)(4), (5), and (8),
require the rules of an exchange to: (1) Provide for the equitable
allocation of reasonable fees among members, issuers, and other persons
using the exchange's facilities; \27\ (2) perfect the mechanism of a
free and open market and a national market system, protect investors
and the public interest, and not be designed to permit unfair
discrimination between customers, issuers, brokers, or dealers; \28\
and (3) not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\29\
---------------------------------------------------------------------------
\27\ 15 U.S.C. 78f(b)(4).
\28\ 15 U.S.C. 78f(b)(5).
\29\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
In temporarily suspending the Exchanges' proposed rule changes, the
Commission intends to further consider whether the proposed fees for
connections to the Proposed Third Party Data Systems and the Proposed
Third Party Data Feeds are consistent with the statutory requirements
applicable to a national securities exchange under the Act. In
particular, the Commission will consider whether the proposed rule
changes satisfy the standards under the Act and the rules thereunder
requiring, among other things, that an exchange's rules provide for the
equitable allocation of reasonable fees among members, issuers, and
other persons using its facilities; are designed to perfect the
operation of a free and open market and a national market system, and
to protect investors and the public interest; are not designed to
permit unfair discrimination between customers, issuers, brokers or
dealers; and do not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\30\
---------------------------------------------------------------------------
\30\ See 15 U.S.C. 78f(b)(4), (5), and (8), respectively.
---------------------------------------------------------------------------
Therefore, the Commission finds that it is appropriate in the
public interest, for the protection of investors, and otherwise in
furtherance of the purposes of the Act, to temporarily suspend the
proposed rule changes.\31\
---------------------------------------------------------------------------
\31\ For purposes of temporarily suspending the proposed rule
change, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
IV. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Rule Changes
In addition to temporarily suspending the proposals, the Commission
also hereby institutes proceedings pursuant to Sections 19(b)(3)(C)
\32\ and 19(b)(2)(B) of the Act \33\ to determine whether the Exchanges
proposed rule changes should be approved or disapproved. Institution of
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, the
Commission seeks and encourages interested persons to provide
additional comment on the proposed rule changes to inform the
Commission's analysis of whether to approve or disapprove the proposed
rule changes.
---------------------------------------------------------------------------
\32\ 15 U.S.C. 78s(b)(3)(C). Once the Commission temporarily
suspends a proposed rule change, Section 19(b)(3)(C) of the Act
requires that the Commission institute proceedings under Section
19(b)(2)(B) to determine whether a proposed rule change should be
approved or disapproved.
\33\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
Pursuant to Section 19(b)(2)(B) of the Act,\34\ the Commission is
providing notice of the grounds for possible disapproval under
consideration:
---------------------------------------------------------------------------
\34\ 15 U.S.C. 78s(b)(2)(B). Section 19(b)(2)(B) of the Act also
provides that proceedings to determine whether to disapprove a
proposed rule change must be concluded within 180 days of the date
of publication of notice of the filing of the proposed rule change.
See id. The time for conclusion of the proceedings may be extended
for up to 60 days if the Commission finds good cause for such
extension and publishes its reasons for so finding, or if the
exchange consents to the longer period. See id.
---------------------------------------------------------------------------
Whether the Exchanges have demonstrated how the proposed
fees are consistent with Section 6(b)(4) of the Act, which requires
that the rules of a national securities exchange ``provide for the
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using its facilities''; \35\
---------------------------------------------------------------------------
\35\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
Whether the Exchanges have demonstrated how the proposed
fees are consistent with Section 6(b)(5) of the Act, which requires,
among other things, that the rules of a national securities exchange
not be ``designed to permit unfair discrimination between customers,
issuers, brokers, or dealers''; \36\ and
---------------------------------------------------------------------------
\36\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Whether the Exchanges have demonstrated how the proposed
fees are consistent with Section 6(b)(8) of the Act, which requires
that the rules of a national securities exchange ``not impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of [the Act].'' \37\
---------------------------------------------------------------------------
\37\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
As discussed in Section III above, the Exchanges argue that the
fees proposed for connectivity to the Proposed Third Party Data Systems
and Proposed Third Party Data Feeds are constrained by competition, and
allow the Exchanges to defray or cover the costs of offering the
services. The Commission believes that there are questions as to
whether the Exchanges have provided sufficient information to
demonstrate that the proposals, including in particular the fees for
connectivity to the Proposed Third Party Systems and Proposed Third
Party Data Feeds, are consistent with the Act.
Under the Commission's Rules of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the [Act]
and the rules
[[Page 26245]]
and regulations issued thereunder . . . is on the [SRO] that proposed
the rule change.'' \38\ The description of a proposed rule change, its
purpose and operation, its effect, and a legal analysis of its
consistency with applicable requirements must all be sufficiently
detailed and specific to support an affirmative Commission finding,\39\
and any failure of an SRO to provide this information may result in the
Commission not having a sufficient basis to make an affirmative finding
that a proposed rule change is consistent with the Act and the
applicable rules and regulations.\40\
---------------------------------------------------------------------------
\38\ 17 CFR 201.700(b)(3).
\39\ See id.
\40\ See id.
---------------------------------------------------------------------------
The Commission is instituting proceedings to allow for additional
consideration and comment on the issues raised herein, including as to
whether the proposed fees are consistent with the Act, and
specifically, with its requirements that the rules of a national
securities exchange provide for the equitable allocation of reasonable
dues, fees, and other charges among its members, issuers, and other
persons using its facilities; are designed to perfect the operation of
a free and open market and a national market system, and to protect
investors and the public interest; are not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers; and do
not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act; as well as any
other provision of the Act, or the rules and regulations thereunder.
V. Commission's Solicitation of Comments
The Commission requests written views, data, and arguments with
respect to the concerns identified above as well as any other relevant
concerns. Such comments should be submitted by June 3, 2021. Rebuttal
comments should be submitted by June 17, 2021. Although there do not
appear to be any issues relevant to approval or disapproval which would
be facilitated by an oral presentation of views, data, and arguments,
the Commission will consider, pursuant to Rule 19b-4, any request for
an opportunity to make an oral presentation.\41\
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\41\ 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by an SRO. See Securities
Acts Amendments of 1975, Report of the Senate Committee on Banking,
Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th
Cong., 1st Sess. 30 (1975).
---------------------------------------------------------------------------
The Commission asks that commenters address the sufficiency and
merit of the Exchange's statements in support of the proposals, in
addition to any other comments they may wish to submit about the
proposed rule changes.
Interested persons are invited to submit written data, views, and
arguments concerning the proposed rule changes, including whether the
proposed rule 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 Nos. SR-NYSE-2021-15, SR-NYSEAMER-2021-13, SR-NYSEArca-2021-15,
SR-NYSECHX-2021-04, and SR-NYSENAT-2021-05 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 Nos. SR-NYSE-2021-15, SR-NYSEAMER-
2021-13, SR-NYSEArca-2021-15, SR-NYSECHX-2021-04, and SR-NYSENAT-2021-
05. The 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 such 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 publicly available. All
submissions should refer to File Nos. SR-NYSE-2021-15, SR-NYSEAMER-
2021-13, SR-NYSEArca-2021-15, SR-NYSECHX-2021-04, and SR-NYSENAT-2021-
05 and should be submitted on or before June 3, 2021. Rebuttal comments
should be submitted by June 17, 2021.
VI. Conclusion
It is therefore ordered, pursuant to Section 19(b)(3)(C) of the
Act,\42\ that File Nos. SR-NYSE-2021-15, SR-NYSEAMER-2021-13, SR-
NYSEArca-2021-15, SR-NYSECHX-2021-04, and SR-NYSENAT-2021-05, be and
hereby are, temporarily suspended. In addition, the Commission is
instituting proceedings to determine whether the proposed rule changes
should be approved or disapproved.
---------------------------------------------------------------------------
\42\ 15 U.S.C. 78s(b)(3)(C).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
---------------------------------------------------------------------------
\43\ 17 CFR 200.30-3(a)(57) and (58).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-10056 Filed 5-12-21; 8:45 am]
BILLING CODE 8011-01-P
