Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a New Historical Market Data Product To Be Known as the NYSE Options Open-Close Volume Summary, 54499-54502 [2021-21354]
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Federal Register / Vol. 86, No. 188 / Friday, October 1, 2021 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A) 13 of the Act and paragraph
(f)(2) of Rule 19b–4 14 thereunder,
because it establishes a due, fee, or other
charge imposed by the Exchange. At any
time within 60 days of the filing of such
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings under Section
19(b)(2)(B) 15 of the Act to determine
whether the proposed rule change
should be approved or disapproved.
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 will also 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–CboeEDGX–2021–040 and
should be submitted on or before
October 22, 2021.16
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
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 Number SR–
CboeEDGX–2021–040 on the subject
line.
SECURITIES AND EXCHANGE
COMMISSION
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–CboeEDGX–2021–040. 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
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, September 29,
[FR Doc. 2021–21352 Filed 9–30–21; 8:45 am]
BILLING CODE 8011–01–P
Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 86 FR 53355,
September 27, 2021.
2021 at 10:01 a.m.
The Closed
Meeting scheduled for Wednesday,
September 29, 2021 at 10:01 a.m., has
been cancelled.
CHANGES IN THE MEETING:
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: September 29, 2021.
Vanessa A. Countryman,
Secretary.
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
15 15 U.S.C. 78s(b)(2)(B).
18:04 Sep 30, 2021
[Release No. 34–93132; File No. SR–
NYSEArca–2021–82]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adopt a New
Historical Market Data Product To Be
Known as the NYSE Options OpenClose Volume Summary
September 27, 2021.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
September 14, 2021, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II 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 adopt a
new historical market data product to be
known as the NYSE Options Open-Close
Volume Summary. Proposed rule
change is available on the Exchange’s
website at www.nyse.com, 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
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
14 17
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COMMISSION
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BILLING CODE 8011–01–P
13 15
16 17
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Federal Register / Vol. 86, No. 188 / Friday, October 1, 2021 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to adopt a
new historical market data product to be
known as the NYSE Options Open-Close
Volume Summary, which will be
available to all subscribers. The
proposed NYSE Options Open-Close
Volume Summary is based on market
data products currently available on
most other options exchanges.4
The Exchange proposes to offer the
NYSE Options Open-Close Volume
Summary, which will be a volume
summary of trading activity on the
Exchange at the option level by origin
(Customer,5 Professional Customer,6
Firm,7 Broker-Dealer, and Market
Maker 8), side of the market (buy or sell),
contract volume, and transaction type
(opening or closing). The Customer,
Professional Customer, Firm, BrokerDealer, and Market Maker volume will
4 See Securities Exchange Act Release Nos. 89497
(August 6, 2020), 85 FR 48747 (August 12, 2020)
(SR–CboeBZX–2020–059); 89498 (August 6, 2020),
85 FR 48735 (August 12, 2020) (SR–Cboe–EDGX–
2020–36); 85817 (May 9, 2019), 84 FR 21863 (May
15, 2019) (SR–CBOE–2019–026); 89496 (August 6,
2020), 85 FR 48743 (August 12, 2020) (SR–C2–
2020–010); 89586 (August 17, 2020), 85 FR 51833
(August 21, 2020) (SR–C2–2020–012); 62887
(September 10, 2010), 75 FR 57092 (September 17,
2010) (SR–Phlx–2010–121); 65587 (October 18,
2011), 76 FR 65765 (October 24, 2011) (SR–
NASDAQ–2011–144); 61317 (January 8, 2010), 75
FR 2915 (January 19, 2010) (SR–ISE–2009–103);
81632 (September 15, 2017), 82 FR 44235
(September 21, 2017) (SR–GEMX–2017–42); 91963
(May 21, 2021), 86 FR 28662 (May 27, 2021) (SR–
EMERALD–2021–18); 91964 (May 21, 2012), 86 FR
28667 (May 27, 2021) (SR–PEARL–2021–24); and
91965 (May 21, 2021), 86 FR 28665 (May 27, 2021)
(SR–MIAX–2021–18).
5 All defined terms are proposed to be defined in
Rule 1.1 once the Exchange transitions to the Pillar
trading platform. See infra, note 11. For options
traded on the Exchange, the term ‘‘Customer’’ does
not include a broker or dealer. See Rule 1.1,
Definitions.
6 For options traded on the Exchange, the term
‘‘Professional Customer’’ means an individual or
organization that (i) is not a broker or dealer, as
defined Sections 3(a)(4) and 3(a)(5) of the Exchange
Act and rules thereunder, and (ii) places more than
390 orders in listed options per day on average
during a calendar month for its own beneficial
account(s). See Rule 1.1, Definitions. See also
discussion, supra, note 5.
7 For options traded on the Exchange, the term
‘‘Firm’’ means a broker-dealer that is not registered
as a dealer-specialist or market maker on a
registered national securities exchange or
association. See Rule 1.1, Definitions. See also
discussion, supra, note 5.
8 With respect to options traded on the Exchange,
the term ‘‘Market Maker’’ refers to an OTP Holder
or OTP Firm that acts as a Market Maker pursuant
to Rule 6.32–O. For purposes of the NYSE Arca
rules, the term Market Maker includes Lead Market
Makers, unless the context otherwise indicates. See
Rule 1.1, Definitions. See also discussion, supra,
note 5.
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be further broken down into trade size
buckets (less than 100 contracts, 100–
199 contracts, greater than 199
contracts). The NYSE Options OpenClose Volume Summary is proprietary
Exchange trade data and does not
include trade data from any other
exchange. It is also a historical data
product and not a real-time data feed.
Specifically, the NYSE Options OpenClose Volume Summary would include
the following data: Aggregate number of
buy and sell transactions in the affected
series; aggregate volume traded
electronically on the Exchange in the
affected series; aggregate number of
trades effected on the Exchange to open
a position; 9 aggregate number of trades
effected on the Exchange to close a
position; 10 and origin of the orders and
quotes involved in trades on the
Exchange in the affected series during a
particular trading session, specifically
aggregated in the following categories of
participants: Customer, Professional
Customer, Firm, Broker-Dealer, and
Market Maker.
The Exchange anticipates a wide
variety of market participants to
purchase the NYSE Options Open-Close
Volume Summary, including, but not
limited to, individual customers, buyside investors, and investment banks.
The NYSE Options Open-Close Volume
Summary would provide subscribers
data that should enhance their ability to
analyze options trade and volume data,
and to create and test trading models
and analytical strategies. The Exchange
believes that NYSE Options Open-Close
Volume Summary will be a valuable
tool that subscribers can use to gain
comprehensive insight into the trading
activity in a particular options series.
The NYSE Options Open-Close Volume
Summary is a completely voluntary
product, in that the Exchange is not
required by any rule or regulation to
make this data available and that
potential subscribers may purchase it
only if they voluntarily choose to do so.
The Exchange proposes to offer two
versions of the NYSE Options OpenClose Volume Summary: End of Day
Volume Summary and Intra-Day
Volume Summary. The End of Day
Volume Summary will contain
historical data from the previous trading
day and would be available after the end
of each trading day, generally on a T+1
basis. The Intra-Day Volume Summary
would include ‘‘snapshots’’ taken every
9 An opening buy is a transaction that creates or
increases a long position and an opening sell is a
transaction that creates or increases a short
position.
10 A closing buy is a transaction made to close out
an existing position and a closing sell is a
transaction to reduce or eliminate a long position.
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10 minutes throughout the trading day
and would be available within five
minutes of the conclusion of each 10minute period. Each update would
represent combined data captured from
the current ‘‘snapshot’’ and all previous
‘‘snapshots’’ and thus would provide
open-close data on an aggregate basis.
The Exchange does not currently
intend to charge any fees to subscribe to
NYSE Options Open-Close Volume
Summary. The Exchange will submit a
proposed rule change to the
Commission when it determines to
charge fees associated with the receipt
of NYSE Options Open-Close Volume
Summary.
The Exchange plans to introduce the
NYSE Options Open-Close Volume
Summary when the Exchange
transitions to the Pillar trading platform,
anticipated for the fourth quarter of
2021.11 The Exchange will announce
the exact date that the NYSE Options
Open-Close Volume Summary will
become available through a NYSE
Trader Update.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 12 of the
Act, in general, and furthers the
objectives of Section 6(b)(5) 13 of the
Act, in particular, in that it is designed
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest, and it is not designed to
permit unfair discrimination among
customers, brokers, or dealers.
In adopting Regulation NMS, the
Commission granted self-regulatory
organizations and broker-dealers
increased authority and flexibility to
offer new and unique market data to
consumers of such data. It was believed
that this authority would expand the
amount of data available to users and
consumers of such data and also spur
innovation and competition for the
provision of market data. The Exchange
believes that the NYSE Options OpenClose Volume Summary options data
11 See Securities Exchange Act Release No. 92304
(June 30, 2021), 86 FR 36440 (July 9, 2021) (SR–
NYSE–Arca–2021–47) (Notice of Filing of Proposed
Rule Change for New Rules 6.1P–O, 6.37AP–O,
6.40P–O, 6.41P–O, 6.62P–O, 6.64P–O, 6.76P–O, and
6.76AP–O and Amendments to Rules 1.1, 6.1–O,
6.1A–O, 6.37–O, 6.65A–O and 6.96–O).
12 15 U.S.C. 78f(b).
13 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 86, No. 188 / Friday, October 1, 2021 / Notices
product proposed herein is precisely the
sort of market data product evolutions
that the Commission envisioned when it
adopted Regulation NMS. The proposed
rule change would benefit investors by
providing access to the NYSE Options
Open-Close Volume Summary, which
contains information regarding opening
and closing activity across different
options series during the trading day
that would provide investor sentiment
and thereby allow market participants to
make informed trading decisions
throughout the day. Subscribers to the
data may also be able to enhance their
ability to analyze options trade and
volume data and create and test trading
models and analytical strategies. The
Exchange believes the NYSE Options
Open-Close Volume Summary would
provide a valuable tool that subscribers
can use to gain comprehensive insight
into the trading activity in a particular
series, but also emphasizes such data is
not necessary for trading.
Moreover, other exchanges also offer
a substantially identical data product.14
Specifically, NASDAQ OMX PHLX
(‘‘PHLX’’) and the NASDAQ Stock
Market LLC (‘‘NASDAQ’’) offer the
PHLX Options Trade Outline
(‘‘PHOTO’’) and NASDAQ Options
Trade Outline (‘‘NOTO’’), respectively.
The Cboe Exchange, Inc. (‘‘Cboe’’), Cboe
C2 Exchange, Inc. (‘‘C2’’), Cboe BZX
Exchange, Inc. (‘‘BZX’’), Cboe EDGX
Exchange, Inc. (‘‘EDGX’’) all offer the
market data products called the End of
Day and Intraday Open-Close Data.
Additionally, Miami International
Securities Exchange, LLC (‘‘MIAX’’),
MIAX Emerald, LLC (‘‘Emerald’’) and
MIAX PEARL, LLC (‘‘PEARL’’) all offer
an End of Day Open-Close Report and
an Intra-Day Open-Close Report. The
Phlx, Nasdaq, Cboe, C2, BZX, EDGX,
MIAX, Emerald and PEARL products
provide substantially the same
information as that included in the
proposed NYSE Options Open-Close
Volume Summary. Like the proposed
product, the data is provided to
subscribers in the other exchange’s
market data products after the end of the
trading day and cumulatively every 10
minutes and provided within five
minutes of the conclusion of each 10minute period.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,15 the Exchange does not believe
that the proposed rule change will
impose any burden on competition that
is not necessary or appropriate in
14 See
15 15
supra note 4.
U.S.C. 78f(b)(8).
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furtherance of the purposes of the Act.
Rather, the Exchange believes that the
proposal will promote competition by
permitting the Exchange to offer a data
product similar to those offered by other
competitor options exchanges.16 The
market for proprietary data products is
currently competitive and inherently
contestable because there is fierce
competition for the inputs necessary to
the creation of proprietary data.
Numerous exchanges compete with
each other for listings, trades, and
market data itself, providing virtually
limitless opportunities for entrepreneurs
who wish to produce and distribute
their own market data. The proposed
introduction of the NYSE Options
Open-Close Volume Summary is the
Exchange’s response to the many
competing products available in the
marketplace today. The Exchange
believes the proposed rule change
would contribute to the robust
competition among national securities
exchanges.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) Impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 17 and Rule 19b–
4(f)(6) thereunder.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 necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
16 See
supra note 4.
U.S.C. 78s(b)(3)(A).
18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
17 15
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54501
Commission shall institute proceedings
to determine whether the proposed rule
change 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
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 Number SR–
NYSEArca–2021–82 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–NYSEArca–2021–82. 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–NYSEArca–2021–82 and
should be submitted on or before
October 22, 2021.
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Federal Register / Vol. 86, No. 188 / Friday, October 1, 2021 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–21354 Filed 9–30–21; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 11546]
Bureau of Political-Military Affairs;
Rescission of Statutory Debarment of
Dennis Haag Under the International
Traffic in Arms Regulations
ACTION:
Notice.
Notice is hereby given that
the Department of State has rescinded
the statutory debarment of Dennis Haag
included in Federal Register notice of
April 25, 2018.
FOR FURTHER INFORMATION CONTACT: Jae
Shin, Director, Office of Defense Trade
Controls Compliance, Bureau of
Political-Military Affairs, Department of
State (202) 632–2107.
SUPPLEMENTARY INFORMATION: Section
38(g)(4) of the Arms Export Control Act
(AECA), 22 U.S.C. 2778(g)(4), prohibits
the issuance of licenses or other
approvals for the export of defense
articles or defense services where the
applicant, or any party to the export, has
been convicted of violating § 38 of the
AECA or certain other U.S. criminal
statues enumerated in § 38(g)(1) of the
AECA. In addition, § 127.7(b) of the
International Traffic in Arms
Regulations (ITAR) provides for the
statutory debarment of any person who
has been convicted of violating or
conspiring to violate the AECA. As
stated in this provision, it is the policy
of the Department not to consider
applications for licenses or requests for
approvals involving any person who has
been statutorily debarred. Persons
subject to statutory debarment are
prohibited from participating directly or
indirectly in any activities that are
subject to the ITAR.
Mr. Dennis Haag pleaded guilty to
violating § 38 of the AECA, and the
Department notified the public of the
resulting statutory debarment imposed
pursuant to ITAR 127.7(c) via notice on
April 25, 2018 (83 FR 18112). The
notice provided that he and other
debarred persons were ‘‘prohibited from
participating directly or indirectly in
activities that are regulated by the
ITAR.’’
In accordance with ITAR 127.7(b),
reinstatement may only be approved
SUMMARY:
19 17
CFR 200.30–3(a)(12).
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after submission of a request by the
debarred party. In response to such a
request from the debarred person for
reinstatement, the Department has
conducted a thorough review of the
circumstances surrounding his
conviction and has determined that he
has taken appropriate steps to address
the causes of the violations sufficient to
warrant rescission of his statutory
debarment. Therefore, pursuant to ITAR
127.7(b), the Department determines it
is no longer in the national security and
foreign policy interests of the United
States to maintain the policy as applied
to Mr. Dennis Haag, and the Department
hereby rescinds the notice of his
statutory debarment.
The Department notes that the
Federal Register notice of debarment for
the debarred party stated that
‘‘Department of State policy permits
debarred persons to apply to the
Director, Office of Defense Trade
Controls Compliance, for reinstatement
beginning one year after the date of the
debarment. Any decision to grant
reinstatement can be made only after the
statutory requirements of Section
38(g)(4) of the AECA have been
satisfied.’’ (See 83 FR 18112). The
Department is no longer requiring that
export privileges be reinstated pursuant
to ITAR 127.11 and § 38(g)(4) of the
AECA prior to the rescission of statutory
debarment. This change in policy
recognizes that the circumstances
warranting statutory debarment may be
different from those warranting the
revocation of export privileges. The
Department may find, as it does in this
instance, that the national security and
foreign policy interests of the United
States are not advanced by maintaining
the Department-imposed ITAR 127.7(b)
prohibition on persons convicted of
violating or conspiring to violate the
AECA from ‘‘participating directly or
indirectly in any activities that are
subject to the ITAR’’ and where the
debarred person may not meet the
requirements of ITAR 127.11(b)
(implementing the restrictions of
§ 38(g)(4) of the AECA).
This notice rescinds the statutory
debarment of Dennis Haag but does not
provide notice of reinstatement of
export privileges pursuant to the
statutory requirements of § 38(g)(4) of
the AECA and ITAR 127.11. As required
by the statute, the Department may not
issue a license directly to any debarred
persons except as may be determined on
a case-by-case basis after interagency
consultations, a thorough review of the
circumstances surrounding the
conviction, and a finding that
appropriate steps have been taken to
mitigate any law enforcement concerns.
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Any determination by the Department
regarding the reinstatement of export
privileges with respect to any debarred
persons will be made in accordance
with the statutory and regulatory
requirements and will be the subject of
a separate notice. All otherwise eligible
persons may engage in exports of
defense articles manufactured by him,
or that incorporate any of his
manufactured items into defense articles
for export, or otherwise engage in
transactions subject to the ITAR without
providing prior written notification of
his involvement as otherwise required
by ITAR 127.1(d) and the transaction
exception requirements of the Federal
Register notice of statutory debarment.
Timothy Betts,
Acting Assistant Secretary, Bureau of
Political-Military Affairs.
[FR Doc. 2021–21372 Filed 9–30–21; 8:45 am]
BILLING CODE 4710–25–P
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[Federal Register Volume 86, Number 188 (Friday, October 1, 2021)]
[Notices]
[Pages 54499-54502]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-21354]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93132; File No. SR-NYSEArca-2021-82]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Adopt a New
Historical Market Data Product To Be Known as the NYSE Options Open-
Close Volume Summary
September 27, 2021.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on September 14, 2021, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to adopt a new historical market data product
to be known as the NYSE Options Open-Close Volume Summary. Proposed
rule change is available on the Exchange's website at www.nyse.com, 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 self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
[[Page 54500]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to adopt a new historical market data product
to be known as the NYSE Options Open-Close Volume Summary, which will
be available to all subscribers. The proposed NYSE Options Open-Close
Volume Summary is based on market data products currently available on
most other options exchanges.\4\
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\4\ See Securities Exchange Act Release Nos. 89497 (August 6,
2020), 85 FR 48747 (August 12, 2020) (SR-CboeBZX-2020-059); 89498
(August 6, 2020), 85 FR 48735 (August 12, 2020) (SR-Cboe-EDGX-2020-
36); 85817 (May 9, 2019), 84 FR 21863 (May 15, 2019) (SR-CBOE-2019-
026); 89496 (August 6, 2020), 85 FR 48743 (August 12, 2020) (SR-C2-
2020-010); 89586 (August 17, 2020), 85 FR 51833 (August 21, 2020)
(SR-C2-2020-012); 62887 (September 10, 2010), 75 FR 57092 (September
17, 2010) (SR-Phlx-2010-121); 65587 (October 18, 2011), 76 FR 65765
(October 24, 2011) (SR-NASDAQ-2011-144); 61317 (January 8, 2010), 75
FR 2915 (January 19, 2010) (SR-ISE-2009-103); 81632 (September 15,
2017), 82 FR 44235 (September 21, 2017) (SR-GEMX-2017-42); 91963
(May 21, 2021), 86 FR 28662 (May 27, 2021) (SR-EMERALD-2021-18);
91964 (May 21, 2012), 86 FR 28667 (May 27, 2021) (SR-PEARL-2021-24);
and 91965 (May 21, 2021), 86 FR 28665 (May 27, 2021) (SR-MIAX-2021-
18).
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The Exchange proposes to offer the NYSE Options Open-Close Volume
Summary, which will be a volume summary of trading activity on the
Exchange at the option level by origin (Customer,\5\ Professional
Customer,\6\ Firm,\7\ Broker-Dealer, and Market Maker \8\), side of the
market (buy or sell), contract volume, and transaction type (opening or
closing). The Customer, Professional Customer, Firm, Broker-Dealer, and
Market Maker volume will be further broken down into trade size buckets
(less than 100 contracts, 100-199 contracts, greater than 199
contracts). The NYSE Options Open-Close Volume Summary is proprietary
Exchange trade data and does not include trade data from any other
exchange. It is also a historical data product and not a real-time data
feed.
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\5\ All defined terms are proposed to be defined in Rule 1.1
once the Exchange transitions to the Pillar trading platform. See
infra, note 11. For options traded on the Exchange, the term
``Customer'' does not include a broker or dealer. See Rule 1.1,
Definitions.
\6\ For options traded on the Exchange, the term ``Professional
Customer'' means an individual or organization that (i) is not a
broker or dealer, as defined Sections 3(a)(4) and 3(a)(5) of the
Exchange Act and rules thereunder, and (ii) places more than 390
orders in listed options per day on average during a calendar month
for its own beneficial account(s). See Rule 1.1, Definitions. See
also discussion, supra, note 5.
\7\ For options traded on the Exchange, the term ``Firm'' means
a broker-dealer that is not registered as a dealer-specialist or
market maker on a registered national securities exchange or
association. See Rule 1.1, Definitions. See also discussion, supra,
note 5.
\8\ With respect to options traded on the Exchange, the term
``Market Maker'' refers to an OTP Holder or OTP Firm that acts as a
Market Maker pursuant to Rule 6.32-O. For purposes of the NYSE Arca
rules, the term Market Maker includes Lead Market Makers, unless the
context otherwise indicates. See Rule 1.1, Definitions. See also
discussion, supra, note 5.
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Specifically, the NYSE Options Open-Close Volume Summary would
include the following data: Aggregate number of buy and sell
transactions in the affected series; aggregate volume traded
electronically on the Exchange in the affected series; aggregate number
of trades effected on the Exchange to open a position; \9\ aggregate
number of trades effected on the Exchange to close a position; \10\ and
origin of the orders and quotes involved in trades on the Exchange in
the affected series during a particular trading session, specifically
aggregated in the following categories of participants: Customer,
Professional Customer, Firm, Broker-Dealer, and Market Maker.
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\9\ An opening buy is a transaction that creates or increases a
long position and an opening sell is a transaction that creates or
increases a short position.
\10\ A closing buy is a transaction made to close out an
existing position and a closing sell is a transaction to reduce or
eliminate a long position.
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The Exchange anticipates a wide variety of market participants to
purchase the NYSE Options Open-Close Volume Summary, including, but not
limited to, individual customers, buy-side investors, and investment
banks. The NYSE Options Open-Close Volume Summary would provide
subscribers data that should enhance their ability to analyze options
trade and volume data, and to create and test trading models and
analytical strategies. The Exchange believes that NYSE Options Open-
Close Volume Summary will be a valuable tool that subscribers can use
to gain comprehensive insight into the trading activity in a particular
options series. The NYSE Options Open-Close Volume Summary is a
completely voluntary product, in that the Exchange is not required by
any rule or regulation to make this data available and that potential
subscribers may purchase it only if they voluntarily choose to do so.
The Exchange proposes to offer two versions of the NYSE Options
Open-Close Volume Summary: End of Day Volume Summary and Intra-Day
Volume Summary. The End of Day Volume Summary will contain historical
data from the previous trading day and would be available after the end
of each trading day, generally on a T+1 basis. The Intra-Day Volume
Summary would include ``snapshots'' taken every 10 minutes throughout
the trading day and would be available within five minutes of the
conclusion of each 10-minute period. Each update would represent
combined data captured from the current ``snapshot'' and all previous
``snapshots'' and thus would provide open-close data on an aggregate
basis.
The Exchange does not currently intend to charge any fees to
subscribe to NYSE Options Open-Close Volume Summary. The Exchange will
submit a proposed rule change to the Commission when it determines to
charge fees associated with the receipt of NYSE Options Open-Close
Volume Summary.
The Exchange plans to introduce the NYSE Options Open-Close Volume
Summary when the Exchange transitions to the Pillar trading platform,
anticipated for the fourth quarter of 2021.\11\ The Exchange will
announce the exact date that the NYSE Options Open-Close Volume Summary
will become available through a NYSE Trader Update.
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\11\ See Securities Exchange Act Release No. 92304 (June 30,
2021), 86 FR 36440 (July 9, 2021) (SR-NYSE-Arca-2021-47) (Notice of
Filing of Proposed Rule Change for New Rules 6.1P-O, 6.37AP-O,
6.40P-O, 6.41P-O, 6.62P-O, 6.64P-O, 6.76P-O, and 6.76AP-O and
Amendments to Rules 1.1, 6.1-O, 6.1A-O, 6.37-O, 6.65A-O and 6.96-O).
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \12\ of
the Act, in general, and furthers the objectives of Section 6(b)(5)
\13\ of the Act, in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest, and it is not designed to permit
unfair discrimination among customers, brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations and broker-dealers increased authority and flexibility to
offer new and unique market data to consumers of such data. It was
believed that this authority would expand the amount of data available
to users and consumers of such data and also spur innovation and
competition for the provision of market data. The Exchange believes
that the NYSE Options Open-Close Volume Summary options data
[[Page 54501]]
product proposed herein is precisely the sort of market data product
evolutions that the Commission envisioned when it adopted Regulation
NMS. The proposed rule change would benefit investors by providing
access to the NYSE Options Open-Close Volume Summary, which contains
information regarding opening and closing activity across different
options series during the trading day that would provide investor
sentiment and thereby allow market participants to make informed
trading decisions throughout the day. Subscribers to the data may also
be able to enhance their ability to analyze options trade and volume
data and create and test trading models and analytical strategies. The
Exchange believes the NYSE Options Open-Close Volume Summary would
provide a valuable tool that subscribers can use to gain comprehensive
insight into the trading activity in a particular series, but also
emphasizes such data is not necessary for trading.
Moreover, other exchanges also offer a substantially identical data
product.\14\ Specifically, NASDAQ OMX PHLX (``PHLX'') and the NASDAQ
Stock Market LLC (``NASDAQ'') offer the PHLX Options Trade Outline
(``PHOTO'') and NASDAQ Options Trade Outline (``NOTO''), respectively.
The Cboe Exchange, Inc. (``Cboe''), Cboe C2 Exchange, Inc. (``C2''),
Cboe BZX Exchange, Inc. (``BZX''), Cboe EDGX Exchange, Inc. (``EDGX'')
all offer the market data products called the End of Day and Intraday
Open-Close Data. Additionally, Miami International Securities Exchange,
LLC (``MIAX''), MIAX Emerald, LLC (``Emerald'') and MIAX PEARL, LLC
(``PEARL'') all offer an End of Day Open-Close Report and an Intra-Day
Open-Close Report. The Phlx, Nasdaq, Cboe, C2, BZX, EDGX, MIAX, Emerald
and PEARL products provide substantially the same information as that
included in the proposed NYSE Options Open-Close Volume Summary. Like
the proposed product, the data is provided to subscribers in the other
exchange's market data products after the end of the trading day and
cumulatively every 10 minutes and provided within five minutes of the
conclusion of each 10-minute period.
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\14\ See supra note 4.
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B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\15\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act. Rather, the Exchange believes that the
proposal will promote competition by permitting the Exchange to offer a
data product similar to those offered by other competitor options
exchanges.\16\ The market for proprietary data products is currently
competitive and inherently contestable because there is fierce
competition for the inputs necessary to the creation of proprietary
data. Numerous exchanges compete with each other for listings, trades,
and market data itself, providing virtually limitless opportunities for
entrepreneurs who wish to produce and distribute their own market data.
The proposed introduction of the NYSE Options Open-Close Volume Summary
is the Exchange's response to the many competing products available in
the marketplace today. The Exchange believes the proposed rule change
would contribute to the robust competition among national securities
exchanges.
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\15\ 15 U.S.C. 78f(b)(8).
\16\ See supra note 4.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) Impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \17\ and Rule 19b-
4(f)(6) thereunder.\18\
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change 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
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-NYSEArca-2021-82 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-NYSEArca-2021-82. 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-NYSEArca-2021-82 and should be submitted
on or before October 22, 2021.
[[Page 54502]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21354 Filed 9-30-21; 8:45 am]
BILLING CODE 8011-01-P
