Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt on a Permanent Basis the Pilot Program for Market-Wide Circuit Breakers in Rule 7.12, 55066-55067 [2021-21750]
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55066
Federal Register / Vol. 86, No. 190 / Tuesday, October 5, 2021 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93212; File No. SR–NYSE–
2021–40]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Instituting Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change To Adopt on a
Permanent Basis the Pilot Program for
Market-Wide Circuit Breakers in Rule
7.12
September 30, 2021.
I. Introduction
On July 2, 2021, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposal to make its rules
governing the operation of the MarketWide Circuit Breakers (‘‘MWCB’’)
mechanism permanent. The proposed
rule change was published for comment
in the Federal Register on July 22,
2021.3 On August 27, 2021, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to either approve the
proposed rule changes, disapprove the
proposed rule changes, or institute
proceedings to determine whether to
disapprove the proposed changes.5 The
Commission has received no comments
on the proposed rule change.
This order institutes proceedings
under Section 19(b)(2)(B) of the
Exchange Act 6 to determine whether to
approve or disapprove the proposed
rule changes.
II. Description of the Proposed Rule
Changes
MWCBs are coordinated, cross-market
trading halts designed to operate during
extreme market-wide declines to
provide opportunities for markets and
market participants to assess market
conditions and systemic stress.7 Each
cash equity exchange and options
exchange has rules that govern the
operation of these MWCBs. These rules
operate on a pilot basis. The current
lotter on DSK11XQN23PROD with NOTICES1
1 15
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 92428
(July 16, 2021), 86 FR 38776 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No.
92785A, 86 FR 50202 (September 7, 2021).
6 15 U.S.C. 78s(b)(2)(B).
7 See Notice, supra note 3 at 38777.
VerDate Sep<11>2014
18:56 Oct 04, 2021
Jkt 256001
pilot period was recently extended from
October 18, 2021 to March 18, 2022.8
The MWCB Pilot Rules provide for
trading halts in all cash equity securities
during a severe market decline as
measured by a single-day decline in the
S&P 500 Index (‘‘SPX’’).9 Under the
Pilot Rules, a market-wide trading halt
will be triggered if SPX declines in price
by specified percentages from the prior
day’s closing price of that index.10 The
triggers are set at three circuit breaker
thresholds: 7% (Level 1), 13% (Level 2),
and 20% (Level 3).11 A market decline
that triggers a Level 1 or Level 2 halt
after 9:30 a.m. and before 3:25 p.m.
would halt market-wide trading for 15
minutes, while a similar market decline
at or after 3:25 p.m. would not halt
market-wide trading.12 Level 1 and
Level 2 halts may occur only once a day.
A market decline that triggers a Level 3
halt at any time during the trading day
would halt market-wide trading for the
remainder of the trading day.13
The NYSE’s MWCB Pilot Rules also
require all designated Regulation SCI
firms to participate in at least one
MWCB test each year.14 Specifically,
Regulation SCI Firms must attest that
they are able to or have attempted to:
(A) Receive and process MWCB halt
messages from the securities
information processors (‘‘SIPs’’); (B)
receive and process resume messages
from the SIPs following a MWCB halt;
(C) receive and process market data
from the SIPs relevant to MWCB halts;
and (D) send orders following a Level 1
or Level 2 MWCB halt in a manner
consistent with their usual trading
behavior.15
The triggers provided for in the
MWCB Pilot Rules were triggered for the
first time in March 2020 when MWCB
Level 1 halts occurred on March 9, 12,
16, and 18, 2020. In response to these
events, a task force comprised of the
SROs reviewed the events and
concluded that the MWCBs had
performed as expected and
recommended that no changes be made
to the MWCB rules.16 Subsequently, at
the request of the Director of the
Commission’s Division of Trading and
Markets, the SROs and a ‘‘Working
Group’’ composed of SRO
representatives and industry advisers
that included members of the advisory
8 See Securities Exchange Act Release No. 93203
(September 30, 2021).
9 See Notice, supra note 3 at 38777.
10 See id.
11 See id.
12 See id.
13 See id.
14 See id. at 38786.
15 See id.
16 See id. at 38778.
PO 00000
Frm 00151
Fmt 4703
Sfmt 4703
committees to both the LULD Plan and
the NMS Plans prepared a study, which
includes a timeline of the MWCB events
in March 2020; a summary of the
analysis and recommendations of the
MWCB Task Force; an evaluation of the
operation of the Pilot Rules during the
March 2020 events; an evaluation of the
design of the current MWCB system;
and the Working Group’s conclusions
and recommendations.17
Based on the conclusions and
recommendations reached by the
Working Group after analyzing how the
MWCBs performed in March 2020, the
Exchange proposed to transition the
Pilot Rules to operate on a permanent
basis without substantive change.18
III. Proceedings To Determine Whether
To Disapprove SR–NYSE–2021–40 and
Grounds for Disapproval Under
Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act to determine
whether the proposal should be
approved or disapproved. Institution of
such proceedings is appropriate at this
time in view of the legal and policy
issues raised by the proposed rule
change, as discussed below. Institution
of disapproval proceedings does not
indicate that the Commission has
reached any conclusions with respect to
any of the issues involved.
Pursuant to Section 19(b)(2)(B) of the
Act, the Commission is providing notice
of the grounds for disapproval under
consideration. The Commission is
instituting proceedings to allow for
additional analysis and input
concerning the proposed rule change’s
consistency with the Act 19 and, in
particular, with Section 6(b)(5) of the
Act, which requires, among other
things, that the rules of a national
securities exchanges be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, 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.20
Under the Commission’s Rule of
Practice, the ‘‘burden to demonstrate
that a proposed rule change is
consistent with the Exchange Act and
the rules and regulations issued
thereunder . . . is on the self-regulatory
organization [‘SRO’] that proposed the
17 See
id.
id.
19 15 U.S.C. 78s(b)(2)(B).
20 15 U.S.C. 78f(b)(5).
18 See
E:\FR\FM\05OCN1.SGM
05OCN1
lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 86, No. 190 / Tuesday, October 5, 2021 / Notices
rule change.’’ 21 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.22 Any
failure of the 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 applicable rules and
regulations.23
As discussed above, the Exchange is
proposing to make the current MWCB
Pilot Rules permanent, substantively
without change, including the provision
requiring systems testing by certain
market participants. Specifically, the
Exchange proposes to require
Designated Market Makers and
Supplemental Liquidity Providers that
have been determined by the Exchange
to contribute a meaningful percentage of
the Exchange’s overall volume,
measured on a quarterly or monthly
basis, to participate in MWCB testing,
though the Exchange may consider
other factors in determining the member
organizations that will be required to
participate in testing. These market
participants would be required to
participate in at least one MWCB test
each year and attest that they can send
and receive MWCB halt and resume
messages, as well as receive and process
market data from the SIPs relevant to
MWCBs and send orders following a
MWCB Level 1 or Level 2 event. The
proposed testing requirement, however,
does not contemplate an ongoing
assessment of whether the MWCB
design (e.g., trigger thresholds,
measurement criteria, and time of day
application) remains appropriate over
time, as the market structure evolves,
and under various threat scenarios, nor
does it require the Exchange to
participate in testing. The Commission
seeks comment on the following
questions and asks commenters to
submit data where appropriate to
support their views:
1. Do commenters believe that an
ongoing assessment of the MWCB
design should be conducted as market
structure evolves and under various
threat scenarios? If so, how could such
an assessment meaningfully be
conducted, understanding that it is
difficult to replicate or forecast how
market participants would behave
during an actual MWCB event? How
21 17
CFR 201.700(b)(3).
22 See id.
23 See id.
VerDate Sep<11>2014
18:56 Oct 04, 2021
Jkt 256001
frequently should such an assessment
be done?
2. Are commenters aware of ongoing
assessment methods in other contexts
(e.g., cybersecurity) that could inform
how an ongoing assessment of the
MWCB could be structured?
3. Should the Exchange be required to
participate in a coordinated fashion in
the operational test with the other SROs,
report the results of their operational
tests and periodic assessment of the
MWCB design to the Commission and
inform the Commission of any concerns
or proposed modifications concerning
the MWCBs?
For the reasons discussed above, the
Commission believes it is appropriate to
institute proceedings pursuant to
Section 19(b)(2)(B) of the Act to
determine whether the proposal should
be approved or disapproved.
IV. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the concerns
identified above, as well as any other
concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposed rule change is inconsistent
with Section 6(b)(5) or any other
provision of the Act, or the rules and
regulation thereunder. 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 or an
opportunity to make an oral
presentation.24
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposal should be approved or
disapproved by October 26, 2021. Any
person who wishes to file a rebuttal to
any other person’s submission must file
that rebuttal by November 9, 2021. The
Commission asks that commenters
address the sufficiency of the
Exchange’s statements in support of the
proposal which are set forth in the
Notice, in addition to any other
24 Section 19(b)(2) of the Act, as amended by the
Securities Act Amendments of 1975, Public Law
94–29 (June 4, 1975), 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 a self-regulatory
organization. See Securities Act Amendments of
1975, Senate Comm. on Banking, Housing and
Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess.
30 (1975).
PO 00000
Frm 00152
Fmt 4703
Sfmt 9990
55067
comments they may wish to submit
about the proposed change.
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–
NYSE–2021–40 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–NYSE–2021–40. 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–NYSE–2021–40 and should
be submitted on or before October 26,
2021. Rebuttal comments should be
submitted byNovember 9, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–21750 Filed 10–4–21; 8:45 am]
BILLING CODE 8011–01–P
25 17
E:\FR\FM\05OCN1.SGM
CFR 200.30–3(a)(57).
05OCN1
]]>Agencies
[Federal Register Volume 86, Number 190 (Tuesday, October 5, 2021)]
[Notices]
[Pages 55066-55067]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-21750]
[[Page 55066]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93212; File No. SR-NYSE-2021-40]
Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Adopt on a Permanent Basis the Pilot Program
for Market-Wide Circuit Breakers in Rule 7.12
September 30, 2021.
I. Introduction
On July 2, 2021, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposal to make its rules governing the operation of the Market-Wide
Circuit Breakers (``MWCB'') mechanism permanent. The proposed rule
change was published for comment in the Federal Register on July 22,
2021.\3\ On August 27, 2021, pursuant to Section 19(b)(2) of the
Act,\4\ the Commission designated a longer period within which to
either approve the proposed rule changes, disapprove the proposed rule
changes, or institute proceedings to determine whether to disapprove
the proposed changes.\5\ The Commission has received no comments on the
proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (``Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 92785A, 86 FR 50202
(September 7, 2021).
---------------------------------------------------------------------------
This order institutes proceedings under Section 19(b)(2)(B) of the
Exchange Act \6\ to determine whether to approve or disapprove the
proposed rule changes.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
II. Description of the Proposed Rule Changes
MWCBs are coordinated, cross-market trading halts designed to
operate during extreme market-wide declines to provide opportunities
for markets and market participants to assess market conditions and
systemic stress.\7\ Each cash equity exchange and options exchange has
rules that govern the operation of these MWCBs. These rules operate on
a pilot basis. The current pilot period was recently extended from
October 18, 2021 to March 18, 2022.\8\
---------------------------------------------------------------------------
\7\ See Notice, supra note 3 at 38777.
\8\ See Securities Exchange Act Release No. 93203 (September 30,
2021).
---------------------------------------------------------------------------
The MWCB Pilot Rules provide for trading halts in all cash equity
securities during a severe market decline as measured by a single-day
decline in the S&P 500 Index (``SPX'').\9\ Under the Pilot Rules, a
market-wide trading halt will be triggered if SPX declines in price by
specified percentages from the prior day's closing price of that
index.\10\ The triggers are set at three circuit breaker thresholds: 7%
(Level 1), 13% (Level 2), and 20% (Level 3).\11\ A market decline that
triggers a Level 1 or Level 2 halt after 9:30 a.m. and before 3:25 p.m.
would halt market-wide trading for 15 minutes, while a similar market
decline at or after 3:25 p.m. would not halt market-wide trading.\12\
Level 1 and Level 2 halts may occur only once a day. A market decline
that triggers a Level 3 halt at any time during the trading day would
halt market-wide trading for the remainder of the trading day.\13\
---------------------------------------------------------------------------
\9\ See Notice, supra note 3 at 38777.
\10\ See id.
\11\ See id.
\12\ See id.
\13\ See id.
---------------------------------------------------------------------------
The NYSE's MWCB Pilot Rules also require all designated Regulation
SCI firms to participate in at least one MWCB test each year.\14\
Specifically, Regulation SCI Firms must attest that they are able to or
have attempted to: (A) Receive and process MWCB halt messages from the
securities information processors (``SIPs''); (B) receive and process
resume messages from the SIPs following a MWCB halt; (C) receive and
process market data from the SIPs relevant to MWCB halts; and (D) send
orders following a Level 1 or Level 2 MWCB halt in a manner consistent
with their usual trading behavior.\15\
---------------------------------------------------------------------------
\14\ See id. at 38786.
\15\ See id.
---------------------------------------------------------------------------
The triggers provided for in the MWCB Pilot Rules were triggered
for the first time in March 2020 when MWCB Level 1 halts occurred on
March 9, 12, 16, and 18, 2020. In response to these events, a task
force comprised of the SROs reviewed the events and concluded that the
MWCBs had performed as expected and recommended that no changes be made
to the MWCB rules.\16\ Subsequently, at the request of the Director of
the Commission's Division of Trading and Markets, the SROs and a
``Working Group'' composed of SRO representatives and industry advisers
that included members of the advisory committees to both the LULD Plan
and the NMS Plans prepared a study, which includes a timeline of the
MWCB events in March 2020; a summary of the analysis and
recommendations of the MWCB Task Force; an evaluation of the operation
of the Pilot Rules during the March 2020 events; an evaluation of the
design of the current MWCB system; and the Working Group's conclusions
and recommendations.\17\
---------------------------------------------------------------------------
\16\ See id. at 38778.
\17\ See id.
---------------------------------------------------------------------------
Based on the conclusions and recommendations reached by the Working
Group after analyzing how the MWCBs performed in March 2020, the
Exchange proposed to transition the Pilot Rules to operate on a
permanent basis without substantive change.\18\
---------------------------------------------------------------------------
\18\ See id.
---------------------------------------------------------------------------
III. Proceedings To Determine Whether To Disapprove SR-NYSE-2021-40 and
Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act to determine whether the proposal should be
approved or disapproved. Institution of such proceedings is appropriate
at this time in view of the legal and policy issues raised by the
proposed rule change, as discussed below. Institution of disapproval
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved.
Pursuant to Section 19(b)(2)(B) of the Act, the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis and input concerning the proposed rule change's consistency
with the Act \19\ and, in particular, with Section 6(b)(5) of the Act,
which requires, among other things, that the rules of a national
securities exchanges be designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
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.\20\
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78s(b)(2)(B).
\20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Under the Commission's Rule of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the Exchange
Act and the rules and regulations issued thereunder . . . is on the
self-regulatory organization [`SRO'] that proposed the
[[Page 55067]]
rule change.'' \21\ 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.\22\
Any failure of the 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 applicable
rules and regulations.\23\
---------------------------------------------------------------------------
\21\ 17 CFR 201.700(b)(3).
\22\ See id.
\23\ See id.
---------------------------------------------------------------------------
As discussed above, the Exchange is proposing to make the current
MWCB Pilot Rules permanent, substantively without change, including the
provision requiring systems testing by certain market participants.
Specifically, the Exchange proposes to require Designated Market Makers
and Supplemental Liquidity Providers that have been determined by the
Exchange to contribute a meaningful percentage of the Exchange's
overall volume, measured on a quarterly or monthly basis, to
participate in MWCB testing, though the Exchange may consider other
factors in determining the member organizations that will be required
to participate in testing. These market participants would be required
to participate in at least one MWCB test each year and attest that they
can send and receive MWCB halt and resume messages, as well as receive
and process market data from the SIPs relevant to MWCBs and send orders
following a MWCB Level 1 or Level 2 event. The proposed testing
requirement, however, does not contemplate an ongoing assessment of
whether the MWCB design (e.g., trigger thresholds, measurement
criteria, and time of day application) remains appropriate over time,
as the market structure evolves, and under various threat scenarios,
nor does it require the Exchange to participate in testing. The
Commission seeks comment on the following questions and asks commenters
to submit data where appropriate to support their views:
1. Do commenters believe that an ongoing assessment of the MWCB
design should be conducted as market structure evolves and under
various threat scenarios? If so, how could such an assessment
meaningfully be conducted, understanding that it is difficult to
replicate or forecast how market participants would behave during an
actual MWCB event? How frequently should such an assessment be done?
2. Are commenters aware of ongoing assessment methods in other
contexts (e.g., cybersecurity) that could inform how an ongoing
assessment of the MWCB could be structured?
3. Should the Exchange be required to participate in a coordinated
fashion in the operational test with the other SROs, report the results
of their operational tests and periodic assessment of the MWCB design
to the Commission and inform the Commission of any concerns or proposed
modifications concerning the MWCBs?
For the reasons discussed above, the Commission believes it is
appropriate to institute proceedings pursuant to Section 19(b)(2)(B) of
the Act to determine whether the proposal should be approved or
disapproved.
IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
concerns identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule change
is inconsistent with Section 6(b)(5) or any other provision of the Act,
or the rules and regulation thereunder. 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 or an
opportunity to make an oral presentation.\24\
---------------------------------------------------------------------------
\24\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), 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 a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing and Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------
Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by October 26, 2021. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
November 9, 2021. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal
which are set forth in the Notice, in addition to any other comments
they may wish to submit about the proposed change.
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-NYSE-2021-40 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-NYSE-2021-40. 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-NYSE-2021-40 and
should be submitted on or before October 26, 2021. Rebuttal comments
should be submitted by November 9, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------
\25\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21750 Filed 10-4-21; 8:45 am]
BILLING CODE 8011-01-P
