Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reformat the Tier Rates Section of the NYSE Arca Equities Fees and Charges, 60672-60679 [2021-23925]
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60672
Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
to Rule 19b–4(f)(6)(iii),14 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative prior to 30 days after
the date of the filing. The Exchange
states that waiver of the operative delay
would be consistent with the protection
of investors and the public interest
because the proposed rule change, as
described above, would state that the
Exchange will not be open for business
on Juneteenth National Independence
Day, which is a federal holiday, and
would address what day would be taken
off if June 19 fell on a Saturday or
Sunday. The Exchange further states
that the proposed change does not raise
any new or novel issues. For these
reasons, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.15
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
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:
khammond on DSKJM1Z7X2PROD with NOTICES
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–
MIAX–2021–55 on the subject line.
CFR 240.19b–4(f)(6)(iii).
purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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–MIAX–2021–55. 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 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 available publicly. All
submissions should refer to File
Number SR–MIAX–2021–55, and
should be submitted on or before
November 24, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–23933 Filed 11–2–21; 8:45 am]
BILLING CODE 8011–01–P
14 17
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93450; File No. SR–
NYSEArca–2021–92]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Reformat the Tier
Rates Section of the NYSE Arca
Equities Fees and Charges
October 28, 2021.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on October
25, 2021, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. 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 reformat
the Tier rates section of the NYSE Arca
Equities Fees and Charges (‘‘Fee
Schedule’’) applicable to securities
priced at or above $1.00 and the rates
applicable to securities priced below
$1.00 without making any substantive
changes to the current fees and credits
for each group of securities. The
Exchange proposes to implement the
proposed rule change effective
immediately. The 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
16 17
PO 00000
CFR 200.30–3(a)(12).
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Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 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 reformat
the Tier rates section of the Fee
Schedule applicable to securities priced
at or above $1.00 and the rates
applicable to securities priced below
$1.00 without making any substantive
changes to the current fees and credits
for each group of securities. The
Exchange proposes to implement the
proposed rule change effective
immediately.4
The Exchange proposes the following
non-substantive changes to reorganize
the presentation of the Fee Schedule in
order to enhance its clarity and
transparency, thereby making the Fee
Schedule easier to navigate.
In connection with the proposed rule
change, the Exchange would add adopt
two new definitions that would apply
only for purposes of the fees and credits
on the Fee Schedule. The new
definitions would be added to current
section I titled ‘‘Definitions’’. As
proposed, section I would contain the
following two new definitions
applicable to Exchange Transactions:
• ‘‘ETP Holders’’ would mean ETP
Holders and Market Makers.
• ‘‘TCADV’’ would mean total
Customer equity and ETF option ADV
as reported by The Options Clearing
Corporation (OCC).
The Exchange proposes these
additional definitions to use consistent
terms throughout the Fee Schedule
relating to Exchange Transactions. By
consolidating definitions used in this
part of the Fee Schedule, the Exchange
would eliminate the need to separately
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4 The Exchange filed to amend the Fee Schedule
on September 30, 2021 (SR–NYSEArca–2021–83).
SR–NYSEArca–2021–83 was subsequently
withdrawn and replaced by SR–NYSEArca–2021–
88. SR–NYSEArca–2021–88 was subsequently
withdrawn and replaced by this filing.
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define these terms within the tables of
the Fee Schedule or in footnotes.
Additionally, the Exchange proposes
to streamline 3 definitions in current
Section I. Specifically, the Exchange
proposes to streamline the current
defined term ‘‘US CADV’’ by removing
reference to ‘‘US’’ 5 and adding an
additional sentence to the current
definition to reflect that when CADV is
preceded by reference to a specific
consolidated tape, i.e., Tape A, B or C,
or by reference to Sub-Dollar, then
CADV would refer to consolidated
average daily volume of transactions
reported to a SIP for all securities in that
Tape or to all Sub-Dollar securities. As
proposed, the revised definition of
‘‘CADV’’ would be as follows:
• ‘‘CADV’’ would mean ‘‘unless
otherwise stated, the United States
consolidated average daily volume of
transactions reported to a securities
information processor (‘‘SIP’’).
Transactions that are not reported to a
SIP are not included in the CADV. If
CADV is preceded by a reference to a
Tape or to Sub-Dollar, then CADV
would refer to all consolidated average
daily volume of transactions reported to
a SIP for all securities in that Tape or
to all Sub-Dollar securities.’’
Additionally, the Exchange proposes
to streamline the current defined terms
‘‘Adding Liquidity’’ and ‘‘Removing
Liquidity’’ by deleting the word
‘‘Liquidity’’ from both defined terms.
The Exchange believes reference to
liquidity is superfluous and market
participants understand that ‘‘Adding’’
and ‘‘Removing’’ refers to adding
liquidity and removing liquidity.6
5 With the proposal to rename ‘‘US CADV’’ to
‘‘CADV’’, in order to maintain consistency within
the Fee Schedule, the Exchange proposes to remove
reference to ‘‘US’’ from the second sentence of the
current definition and from the current table titled
Tape C Tiers for Adding Liquidity in Section VI on
the Fee Schedule.
6 In connection with this change, the Exchange
also proposes to delete the word ‘‘Liquidity’’ in the
current table titled Tape C Tiers for Adding
Liquidity in Section VI on the Fee Schedule. As
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60673
Next, the Exchange proposes to add
one additional bullet in current section
II titled ‘‘General’’ that would set forth
general information regarding the way
the Exchange has always interpreted
and applied fees and credits to
Exchange Transactions. As proposed,
section II would contain the following
new general information applicable to
Exchange Transactions:
• Tape A, Tape B and Tape C refers
to securities executions reported to the
Consolidated Tape A, Consolidated
Tape B, and Consolidated Tape C,
respectively.
Additionally, under section II, an
existing bullet states that ‘‘All fees and
credits and tier requirements apply to
ETP Holders and Market Makers.’’ With
the proposed adoption of ‘‘ETP
Holders’’ as a new definition that
includes Market Makers, the Exchange
proposes to delete the words ‘‘and
Market Makers’’ from the existing bullet
under current section II.
Next, the Exchange proposes a nonsubstantive change to the presentation
of the Tier rates applicable to securities
priced at or above $1.00. The Exchange
proposes a table presentation under
current section VI titled Tier Rates—
Round Lots and Odd Lots (Per Share
Price $1.00 or Above). The proposed
changes to section VI would appear in
the Fee Schedule in a number of tables.
First, the Exchange proposes to reformat
the current Tier 1, Tier 2 7 and Tier 3
requirements and rates in a table titled
‘‘Adding Tiers’’ which would appear on
the Fee Schedule as follows:
proposed, the revised title would say Tape C Tiers
for Adding. The Exchange similarly proposes to
delete the word ‘‘Liquidity’’ from the column in this
table titled Minimum Criteria for Tape C Adding
Liquidity. As proposed, the revised column would
say Minimum Criteria for Tape C Adding.
7 In connection with this change, the Exchange
propose to no longer reference the exclusion of mini
options in the calculation of the minimum
requirement to qualify for Tier 2 because mini
options no longer trade on NYSE Arca Options.
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Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
ADDING TIERS
Tier
Minimum requirement
Credit for adding
Tape A
Tier 1 .....................................
0.70% Adding of CADV, or ..
Tier 2 .....................................
0.30% Adding of CADV, or ..
Tier 3 .....................................
84 million shares Adding
ADV.
0.25% Adding CADV, 0.40%
Tape B Remove of Tape B
CADV, and 0.25% Customer and Professional
Customer Electronic Posting Volume of TCADV on
NYSE Arca Options by
OTP Holder or OTP Firm
affiliated with the ETP
Holder.
0.20% Adding of CADV.
Tape B (a)
Tape C
($0.0031)
($0.0023)
($0.0032)
(0.0029)
(0.0022)
(0.0029)
* (0.0025)
(0.0022)
* (0.0025)
ETP Holders that qualify for Tier 1, Tier 2 or Tier 3 are subject to the following fees:
Routing ..................................
Removing in Tape B ..............
Closing Orders ......................
$0.0030
0.0029
0.0010
* ETP Holders that qualify for Tier 3 and add 0.05% of CADV above May 2019 receive an incremental credit of ($0.0002) for Tape A and C
Adding.
The Exchange notes that each of the
requirements and rates that currently
appear on the Fee Schedule under Tier
1, Tier 2 and Tier 3 have been relocated
in the table proposed above and in
proposed footnote (a). The Exchange
proposes to relocate certain rates in
footnotes because these rates do not
have a logical place in the proposed
table. The proposed footnote under the
proposed new ‘‘Adding Tiers’’ table
would be as follows:
(a) An additional credit in Tape B shall
apply to ETP Holders affiliated with
LMMs that add 8 displayed liquidity
based on the number of Less Active ETP
Securities in which the LMM is
registered as the LMM. The applicable
tiered-credits are noted below (See
LMM Transaction Fees and Credits).
Next, the Exchange proposes to
reformat the current Step Up Tier,9 Step
Up Tier 2 and Step Up Tier 3 10
requirements and rates in a table titled
‘‘Step Up Tiers’’ which would appear on
the Fee Schedule as follows:
STEP UP TIERS
Minimum requirement
Tier
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Step Up Tier 1 ....................
Step Up Tier 2 ....................
Step Up Tier 3 (b) ................
Adding ADV
of CADV
(%)
Adding
increase of
CADV(%)
0.45
0.22
........................
0.10
0.06
0.40
Credit for adding displayed liquidity
Adding
increase
baseline
Tape A
Q1 2018 ..............................
May 2018 ............................
September 2019 .................
($0.0030)
(0.0028)
(0.0033)
Tape B
($0.0023)
(0.0022)
(0.0034)
Tape C
($0.0031)
(0.0028)
(0.0033)
The Exchange notes that each of the
requirements and rates that currently
appear on the Fee Schedule under Step
Up Tier, Step Up Tier 2 and Step Up
Tier 3 have been relocated in the table
proposed above and in proposed
footnote (b). The Exchange proposes to
relocate certain rates in footnotes
because these rates do not have a logical
place in the proposed table. The
proposed footnote under the proposed
new ‘‘Step Up Tiers’’ table would be as
follows:
(b) ETP Holders that qualify for Step
Up Tier 3 shall not receive additional
Tape B Tier credits for adding displayed
liquidity, including any additional
credits associated with Less Active ETP
Securities, however, ETP Holders that
are registered as a LMM may receive up
to a combined credit of $0.0036 per
share on all its adding volume if that
ETP Holder, together with its affiliates,
executes Tape B adding ADV that is at
least 40% over the ETP Holder’s adding
ADV in Q3 2019, as a percentage of
Tape B CADV.
Next, the Exchange proposes to
reformat the current Cross-Asset Tier
requirements and credits in a table titled
‘‘Cross-Asset Tier’’ which would appear
on the Fee Schedule as follows:
8 The Exchange proposes to use the terms ‘‘add’’,
‘‘added’’ or ‘‘adding’’ instead of ‘‘provide’’,
‘‘provided’’ or ‘‘providing’’ to maintain consistency
throughout the Fee Schedule.
9 With this proposed rule change, the Exchange
proposes to rename current Step Up Tier as Step
Up Tier 1.
10 Under current Step Up Tier, to qualify for the
tier, ETP Holders are required to provide Adding
ADV of 0.45% or more of CADV but less than
0.70% of CADV. For Step Up Tier 2, ETP Holders
are required to provide Adding ADV of 0.22% or
more but less than 0.30% of CADV. In the proposed
Step Up Tiers table, for each of these tiers, the
Exchange proposes to only adopt the minimum
requirement of 0.45% and 0.22% for Step Up Tier
1 and Step Up Tier 2, respectively, because, as a
practical matter, once an ETP Holder reaches the
minimum requirement, the ETP Holder would
qualify for the tier regardless of the amount of
additional Adding ADV volume.
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Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
CROSS-ASSET TIER
Minimum requirement
Credit for adding
Option customer and professional customer
electronic posting volume of TCADV by OTP
holder or OTP firm affiliated with the ETP
holder
Equity volume
Tape A
Tape B
Tape C
All Issues
Non-penny issues
0.30% Adding of CADV ................................
0.30% Adding of CADV and 0.35% Adding
of Tape C CADV.
0.65% Adding of CADV ................................
0.80% of TCADV ......
0.80% of TCADV ......
0.20% of TCADV ......
0.20% of TCADV ......
($0.0030) ..................
n/a .............................
($0.0030) ..................
n/a .............................
($0.0030).
Additional ($0.0004).
0.80% of TCADV ......
0.20% of TCADV ......
Additional ($0.0002)
Additional ($0.0002)
n/a.
0.30% Adding of CADV and 0.40% Adding
and Removing of CADV above Q1 2020
Add and Remove.
0.80% of TCADV ......
0.20% of TCADV ......
The Exchange notes that each of the
requirements and credits that currently
appear on the Fee Schedule under
Additional ($0.0001) for Adding, All Tapes.
Cross-Asset Tier have been relocated in
the table proposed above.
Next, the Exchange proposes to
reformat the current MPID Adding Tier
requirements and credits in a table titled
‘‘MPID Adding Tier’’ which would
appear on the Fee Schedule as follows:
MPID ADDING TIER
Minimum requirement by MPID
Tier
Adding increase of CADV over Q2
2021, as a percentage of CADV
MPID Adding Tier .............................
Credit for MPIDs adding
Adding ADV
(million)
2 Times ............................................
2 Times ............................................
The Exchange notes that each of the
requirements and rates that currently
appear on the Fee Schedule under MPID
Tape A
4
9
Adding Tier have been relocated in the
table proposed above.
Next, the Exchange proposes to
reformat the current BBO Setter Tier
Tape B
($0.0028)
(0.0029)
Tape C
n/a
n/a
($0.0028)
(0.0029)
requirements and credits in a table titled
‘‘BBO Setter Tier’’ which would appear
on the Fee Schedule as follows:
BBO SETTER TIER
Credit for orders that set a new BBO (c)
Minimum requirement
Tier
BBO Setter Tier ...........
Adding ADV of
CADV
ETP ID adding
ADV of CADV
ETP ID setting
the Arca best
bid or offer of
CADV
0.70%
0.20%
0.10%
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The Exchange notes that each of the
requirements and rates that currently
appear on the Fee Schedule under the
BBO Setter Tier have been relocated in
the table proposed above and in
proposed footnote (c). The Exchange
proposes to relocate certain rates in
footnotes because these rates do not
have a logical place in the proposed
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ETP ID setting
the Arca best
bid or offer as
percent of
ETP ID adding
ADV
Tape A
Tape B
Tape C
40%
($0.0004)
($0.0002)
($0.0004)
table. The proposed footnote under the
proposed new ‘‘BBO Setter Tier’’ table
would be as follows:
(c) This credit shall be in addition to
the ETP Holder’s Tiered or Standard
Rate credit(s), and for Tape B and Tape
C, the credit shall be in addition to any
capped credit.
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Next, the Exchange proposes to
reformat the current Retail Order Tier,
Retail Order Step-Up Tier 1, Retail
Order Step-Up Tier 2 and Retail Order
Step-Up Tier 3 requirements and rates
in a table titled ‘‘Retail Tiers’’ which
would appear on the Fee Schedule as
follows:
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RETAIL TIERS
Tier
Retail
Retail
Retail
Retail
Order
Order
Order
Order
Minimum requirement of CADV
Tier .....................................................
Step-Up Tier 1 (d) (e) ............................
Step-Up Tier 2 (e) ................................
Step-Up Tier 3 (e) ................................
The Exchange notes that each of the
requirements and rates that currently
appear on the Fee Schedule under the
Retail Order Tier, Retail Order Step-Up
Tier 1, Retail Order Step-Up Tier 2 and
Retail Order Step-Up Tier 3 have been
relocated in the table proposed above
and in proposed footnotes (d) through
(f). The Exchange proposes to relocate
certain rates in footnotes because these
rates do not have a logical place in the
proposed table. The proposed footnotes
under the proposed new ‘‘Retail Tiers’’
table would be as follows:
Rates for retail orders
Retail adding
ADV
(%)
Retail orders with a
time-in-force of day
that add and
remove that is an
increase over April
2018
(%)
Adding ADV
(%)
0.15
........................
........................
........................
................................
0.40
0.10
0.20
........................
1.00
........................
........................
(d) ETP Holders that qualify for Retail
Order Step-Up Tier 1 are subject to the
following rates in Tape C:
• ($0.0035) for Adding displayed
liquidity.
• $0.0027 for Removing.
• Additional ($0.0002) for Adding
non-displayed liquidity.
(e) ETP Holders that qualify for Retail
Order Step-Up Tier 1, Retail Order StepUp Tier 2 and Retail Order Step-Up Tier
3 are subject to the following rates:
• No fee charged or credit paid for
Retail Orders where each side of the
Fee for retail
removing with a
time-in-force of
day
Credit for retail
adding
($0.0033)
(f) (0.0038)
(f) (0.0035)
(f) (0.0036)
No Fee.
No Fee.
No Fee.
executed order (1) shares the same
MPID and (2) is a Retail Order with a
time-in-force of Day.
(f) This credit applies for Adding
displayed liquidity.
Next, the Exchange proposes to
reformat the current MPL Orders Tier,
MPL Orders Step Up Tier 1 and MPL
Orders Step Up Tier 2 requirements and
credits in a table titled ‘‘MPL Orders
Tiers’’ which would appear on the Fee
Schedule as follows:
MPL ORDER TIERS
Minimum requirement
Tier
MPL Orders ................................................................
MPL Orders Step Up Tier 1 ........................................
MPL Orders Step Up Tier 2 ........................................
The Exchange notes that each of the
requirements and credits that currently
appear on the Fee Schedule under MPL
Orders Tier, MPL Orders Step Up Tier
Credit for MPL adding
MPL adding ADV
MPL adding ADV increase over May 2019
3.0 Million .........................
1.5 Million .........................
..........................................
..........................................
..........................................
..........................................
2 Million ............................
1 Million ............................
1 and MPL Orders Step Up Tier 2 have
been relocated in the table proposed
above.
Next, the Exchange proposes to
reformat the current Limit Non-
Tape B and
Tape C
Tape A
($0.0015)
(0.0015)
(0.0026)
(0.0025)
($0.0020)
(0.0015)
(0.0026)
(0.0025)
Displayed Step Up Tier requirements
and credits in a table titled ‘‘Limit NonDisplayed Step Up Tier’’ which would
appear on the Fee Schedule as follows:
LIMIT NON-DISPLAY STEP UP TIER
Tier
Minimum CADV
requirement
Credit for limit nondisplayed orders
adding
Limit-nondisplay and MPL
order combined
ADV increase over
July 2020
(%)
All tapes
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Limit Non-Display Order Step Up Tier ....................................................................................................
The Exchange notes that each of the
requirements and credits that currently
appear on the Fee Schedule under Limit
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Non-Displayed Step Up Tier have been
relocated in the table proposed above.
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0.02
0.05
0.10
0.15
($0.0004)
(0.0010)
(0.0015)
(0.0020)
Next, the Exchange proposes to
reformat the current Tracking Order Tier
1 requirement and credit in a table titled
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‘‘Tracking Order Tier’’ which would
appear on the Fee Schedule as follows:
TRACKING ORDER TIER
Credit for tracking
orders that result in
executions
Tier
Minimum ADV requirement
Tracking Order Tier 1 .............................................................
1 Million ..................................................................................
The Exchange notes that the
requirement and credit that currently
appears on the Fee Schedule under
Tracking Order Tier 1 have been
relocated in the table proposed above.
Next, the Exchange proposes to
reformat the current Tape B Tier 1, Tape
($0.0010)
B Tier 2, Tape B Tier 3 and Tape B Step
Up Tier requirements and credits in a
table titled ‘‘Tape B Tiers’’ which would
appear on the Fee Schedule as follows:
TAPE B TIERS
Minimum requirement for tape B
Tier
Adding ADV of tape B CADV
Tier 1 (h) ..........
Tier 2 (h) ..........
Tier 3 (h) ..........
Step Up ..........
1.50%
1.00%
0.25%
0.20%
0.50%
0.50%
0.50%
.....................................
or .................................
above April 2020 .........
.....................................
.....................................
.....................................
.....................................
khammond on DSKJM1Z7X2PROD with NOTICES
The Exchange notes that each of the
requirements and credits that currently
appear on the Fee Schedule under the
Tape B Tier 1, Tape B Tier 2, Tape B
Tier 3 and Tape B Step Up Tier have
been relocated in the table proposed
above and in proposed footnotes (g) and
(h). The Exchange proposes to relocate
certain rates in footnotes because these
rates do not have a logical place in the
proposed table. The proposed footnotes
under the proposed new ‘‘Tape B Tiers’’
table would be as follows:
(g) This credit shall be in addition to
the ETP Holder’s Tiered or Standard
credit(s); provided, however, that such
combined credit(s) in Tape B shall not
exceed $0.0032, unless the ETP Holder’s
Adding Tape B ADV increases at least
VerDate Sep<11>2014
17:01 Nov 02, 2021
Jkt 256001
Minimum
requirement for NYSE
arca options
Adding
increase in
tape B of tape
B CADV
Adding
increase
baseline
Market maker electronic
posting volume of
TCADV by OTP holder
or OTP firm affiliated
with the ETP holder
(%)
........................
........................
........................
........................
20
30
40
........................
........................
........................
........................
Q3 2019 .........
Q3 2019 .........
Q3 2019 .........
........................................
........................................
........................................
0.50
........................................
........................................
........................................
150% over the ETP Holder’s Adding
ADV in Q3 2019, as a percentage of
Tape B CADV, in which case the ETP
Holder can receive a combined credit of
up to:
• $0.0033 per share if the ETP Holder
is registered as a Lead Market Maker or
Market Maker in at least 150 Less Active
ETPs in which it meets at least two
Performance Metrics, and has Tape B
Adding ADV equal to at least 0.65% of
Tape B CADV, or
• $0.0034 per share if the ETP Holder
is registered as a Lead Market Maker or
Market Maker in at least 200 Less Active
ETPs in which it meets at least two
Performance Metrics, and has Tape B
Adding ADV equal to at least 0.70% of
Tape B CADV.
PO 00000
Frm 00065
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Credit for tape B adding
Tape B credit
Tape B
additional
credit (g)
($0.0030)
(0.0028)
........................
(0.0025)
........................
........................
........................
........................
........................
........................
........................
($0.0002)
(0.0003)
(0.0004)
(h) LMMs
cannot qualify for this Tier.
Next, the Exchange proposes a nonsubstantive change to the presentation
of the Tier rates applicable to securities
with a per share price below $1.00. The
Exchange proposes a table presentation
under current section VII titled Tier
Rates—Round Lots and Odd Lots (Per
Share Price below $1.00). The proposed
change to section VII would appear in
the Fee Schedule in one table. More
specifically, the Exchange proposes to
reformat the current Sub-Dollar Adding
Step Up Tier requirements and credits
in a proposed new table titled ‘‘SubDollar Adding Step Up Tier’’ which
would appear on the Fee Schedule as
follows:
E:\FR\FM\03NON1.SGM
03NON1
60678
Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
SUB-DOLLAR ADDING STEP UP TIER
Tier
Minimum
requirement
Credit for sub-dollar adding
orders of total dollar value
1 Million adding ADV with a per
share price below $1.00
(‘‘sub-dollar adding orders’’) and
adding increase of CADV in
sub-dollar adding orders over
July 2020, as a percentage of
CADV with a per share price
below $1.00
(%)
All tapes
(%)
khammond on DSKJM1Z7X2PROD with NOTICES
Sub-Dollar Adding Step Up Tier ......................................................................
The Exchange notes that the
requirements and credits that currently
appear on the Fee Schedule under SubDollar Adding Step Up Tier have been
relocated in the table proposed above.
Finally, Section VI of the Fee
Schedule currently states that the
Exchange does not provide any credit
for Indications of Interest (‘‘IOI’’). The
Exchange proposes to relocate the
reference to no credit for IOIs to Section
IV of the Fee Schedule titled ‘‘Other
Standard Rates for Securities with a Per
Share Price $1.00 or Above’’.
Specifically, the Exchange proposes to
revise the first bullet under Section IV.
As proposed, the revised bullet would
be as follows:
• No fee or credit for Non-Displayed
Limit Orders that add liquidity or for
executions resulting from IOIs.
The Exchange believes relocating the
pricing related to executions from IOIs
to Section IV is appropriate because the
pricing for IOI is not tiered.
Additionally, since the Exchange does
not charge a fee or provide a credit, the
Exchange believes adding reference to
IOIs to the existing bullet would add
clarity to the Fee Schedule and facilitate
market participants’ understanding of
the fees charged for services currently
offered by the Exchange.
As noted above, the Exchange is not
proposing any substantive change to any
current fee or credit. The purpose of the
proposed rule change is to make a nonsubstantive change to reorganize the
presentation of the Fee Schedule in
order to enhance its clarity and
transparency, thereby making the Fee
Schedule easier to navigate.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
VerDate Sep<11>2014
17:01 Nov 02, 2021
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0.20
0.50
0.75
1.00
Section 6(b) of the Act.11 Specifically,
the Exchange believes the proposed rule
change is consistent with Section 6(b)(4)
of the Act,12 which provides that
Exchange rules may provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
members and other persons using its
facilities. Additionally, the Exchange
believes the proposed rule change is
consistent with the Section 6(b)(5) 13
requirement that the rules of an
exchange not be designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes that the
proposed changes are reasonable and
equitable because they are clarifying,
and non-substantive and the Exchange
is not changing any current fees or
credits that apply to trading activity on
the Exchange. Further, the changes are
designed to make the Fee Schedule
easier to read and make it more userfriendly to better display the allocation
of fees and credits among Exchange
members. The Exchange believes that
this proposed format will provide
additional transparency of Exchange
fees and credits. The Exchange also
believes that the proposal is nondiscriminatory because it applies
uniformly to all ETP Holders, and again,
the Exchange is not making any changes
to existing fees and credits. The
Exchange also believes that the
proposed change would protect
investors and the public interest
because the reformatted Fee Schedule
would make the Fee Schedule more
accessible and transparent and facilitate
market participants’ understanding of
the rates applicable for services
currently offered by the Exchange.
Finally, the Exchange believes that the
reformatted Fee Schedule, as proposed
11 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
13 15 U.S.C. 78f(b)(5).
herein, will be clearer and less
confusing for investors and will
eliminate potential investor confusion,
thereby removing impediments to and
perfecting the mechanism of a free and
open market and a national market
system, and, in general, protecting
investors and the public interest.
The Exchange believes that the
proposed reformatted the Fee Schedule
is equitable and not unfairly
discriminatory because the resulting
streamlined Fee Schedule would
continue to apply to ETP Holders as it
does currently because the Exchange is
not adopting any new fees or credits or
removing any current fees or credits
from the Fee Schedule that impact ETP
Holders. All ETP Holders would
continue to be subject to the same fees
and credits that currently apply to them.
For the foregoing reasons, the
Exchange believes that the proposal is
consistent with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,14 the Exchange believes that the
proposed rule change would not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
Intramarket Competition. The
Exchange’s proposal to reformat its Fee
Schedule will not place any undue
burden on intramarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act
because all ETP Holders would continue
to be subject to the same fees and credits
that currently apply to them. The
Exchange notes that the proposal does
not change the amount of any current
fees or rebates, but rather makes
clarifying and formatting changes, and
therefore does not raise any competitive
issues. To the extent the proposed rule
12 15
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14 15
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0.100
0.125
0.150
E:\FR\FM\03NON1.SGM
U.S.C. 78f(b)(8).
03NON1
Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
change places a burden on competition,
any such burden would be outweighed
by the fact that a streamlined Fee
Schedule would promote clarity and
reduce confusion with respect to the
fees and credits that ETP Holders would
be subject to.
Intermarket Competition. The
Exchange believes the proposed rule
change does not impose any burden on
intermarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange operates in a highly
competitive market in which market
participants can readily choose to send
their orders to other exchanges and offexchange venues if they deem fee levels
at those other venues to be more
favorable. Market share statistics
provide ample evidence that price
competition between exchanges is
fierce, with liquidity and market share
moving freely from one execution venue
to another in reaction to pricing
changes.
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.
khammond on DSKJM1Z7X2PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 15 of the Act and
subparagraph (f)(2) of Rule 19b–4 16
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) 17 of the Act 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,
U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(2).
17 15 U.S.C. 78s(b)(2)(B).
17:01 Nov 02, 2021
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–2021–92 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–2021–92. 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–2021–92 and
should be submitted on or before
November 24, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93449; File No. SR–ISE–
2021–23]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the
Exchange’s Nonstandard Expirations
Pilot Program
October 28, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
20, 2021, Nasdaq ISE, LLC (‘‘ISE’’ or
‘‘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 extend the
pilot period for the Exchange’s
nonstandard expirations pilot program,
currently set to expire on November 4,
2021.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/ise/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
[FR Doc. 2021–23925 Filed 11–2–21; 8:45 am]
BILLING CODE 8011–01–P
15 15
VerDate Sep<11>2014
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
1 15
18 17
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CFR 200.30–3(a)(12).
Frm 00067
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60679
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\03NON1.SGM
03NON1
]]>Agencies
[Federal Register Volume 86, Number 210 (Wednesday, November 3, 2021)]
[Notices]
[Pages 60672-60679]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23925]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93450; File No. SR-NYSEArca-2021-92]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Reformat the
Tier Rates Section of the NYSE Arca Equities Fees and Charges
October 28, 2021.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on October 25, 2021, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to reformat the Tier rates section of the
NYSE Arca Equities Fees and Charges (``Fee Schedule'') applicable to
securities priced at or above $1.00 and the rates applicable to
securities priced below $1.00 without making any substantive changes to
the current fees and credits for each group of securities. The Exchange
proposes to implement the proposed rule change effective immediately.
The 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 60673]]
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 reformat the Tier rates section of the Fee
Schedule applicable to securities priced at or above $1.00 and the
rates applicable to securities priced below $1.00 without making any
substantive changes to the current fees and credits for each group of
securities. The Exchange proposes to implement the proposed rule change
effective immediately.\4\
---------------------------------------------------------------------------
\4\ The Exchange filed to amend the Fee Schedule on September
30, 2021 (SR-NYSEArca-2021-83). SR-NYSEArca-2021-83 was subsequently
withdrawn and replaced by SR-NYSEArca-2021-88. SR-NYSEArca-2021-88
was subsequently withdrawn and replaced by this filing.
---------------------------------------------------------------------------
The Exchange proposes the following non-substantive changes to
reorganize the presentation of the Fee Schedule in order to enhance its
clarity and transparency, thereby making the Fee Schedule easier to
navigate.
In connection with the proposed rule change, the Exchange would add
adopt two new definitions that would apply only for purposes of the
fees and credits on the Fee Schedule. The new definitions would be
added to current section I titled ``Definitions''. As proposed, section
I would contain the following two new definitions applicable to
Exchange Transactions:
``ETP Holders'' would mean ETP Holders and Market Makers.
``TCADV'' would mean total Customer equity and ETF option
ADV as reported by The Options Clearing Corporation (OCC).
The Exchange proposes these additional definitions to use
consistent terms throughout the Fee Schedule relating to Exchange
Transactions. By consolidating definitions used in this part of the Fee
Schedule, the Exchange would eliminate the need to separately define
these terms within the tables of the Fee Schedule or in footnotes.
Additionally, the Exchange proposes to streamline 3 definitions in
current Section I. Specifically, the Exchange proposes to streamline
the current defined term ``US CADV'' by removing reference to ``US''
\5\ and adding an additional sentence to the current definition to
reflect that when CADV is preceded by reference to a specific
consolidated tape, i.e., Tape A, B or C, or by reference to Sub-Dollar,
then CADV would refer to consolidated average daily volume of
transactions reported to a SIP for all securities in that Tape or to
all Sub-Dollar securities. As proposed, the revised definition of
``CADV'' would be as follows:
---------------------------------------------------------------------------
\5\ With the proposal to rename ``US CADV'' to ``CADV'', in
order to maintain consistency within the Fee Schedule, the Exchange
proposes to remove reference to ``US'' from the second sentence of
the current definition and from the current table titled Tape C
Tiers for Adding Liquidity in Section VI on the Fee Schedule.
---------------------------------------------------------------------------
``CADV'' would mean ``unless otherwise stated, the United
States consolidated average daily volume of transactions reported to a
securities information processor (``SIP''). Transactions that are not
reported to a SIP are not included in the CADV. If CADV is preceded by
a reference to a Tape or to Sub-Dollar, then CADV would refer to all
consolidated average daily volume of transactions reported to a SIP for
all securities in that Tape or to all Sub-Dollar securities.''
Additionally, the Exchange proposes to streamline the current
defined terms ``Adding Liquidity'' and ``Removing Liquidity'' by
deleting the word ``Liquidity'' from both defined terms. The Exchange
believes reference to liquidity is superfluous and market participants
understand that ``Adding'' and ``Removing'' refers to adding liquidity
and removing liquidity.\6\
---------------------------------------------------------------------------
\6\ In connection with this change, the Exchange also proposes
to delete the word ``Liquidity'' in the current table titled Tape C
Tiers for Adding Liquidity in Section VI on the Fee Schedule. As
proposed, the revised title would say Tape C Tiers for Adding. The
Exchange similarly proposes to delete the word ``Liquidity'' from
the column in this table titled Minimum Criteria for Tape C Adding
Liquidity. As proposed, the revised column would say Minimum
Criteria for Tape C Adding.
---------------------------------------------------------------------------
Next, the Exchange proposes to add one additional bullet in current
section II titled ``General'' that would set forth general information
regarding the way the Exchange has always interpreted and applied fees
and credits to Exchange Transactions. As proposed, section II would
contain the following new general information applicable to Exchange
Transactions:
Tape A, Tape B and Tape C refers to securities executions
reported to the Consolidated Tape A, Consolidated Tape B, and
Consolidated Tape C, respectively.
Additionally, under section II, an existing bullet states that
``All fees and credits and tier requirements apply to ETP Holders and
Market Makers.'' With the proposed adoption of ``ETP Holders'' as a new
definition that includes Market Makers, the Exchange proposes to delete
the words ``and Market Makers'' from the existing bullet under current
section II.
Next, the Exchange proposes a non-substantive change to the
presentation of the Tier rates applicable to securities priced at or
above $1.00. The Exchange proposes a table presentation under current
section VI titled Tier Rates--Round Lots and Odd Lots (Per Share Price
$1.00 or Above). The proposed changes to section VI would appear in the
Fee Schedule in a number of tables. First, the Exchange proposes to
reformat the current Tier 1, Tier 2 \7\ and Tier 3 requirements and
rates in a table titled ``Adding Tiers'' which would appear on the Fee
Schedule as follows:
---------------------------------------------------------------------------
\7\ In connection with this change, the Exchange propose to no
longer reference the exclusion of mini options in the calculation of
the minimum requirement to qualify for Tier 2 because mini options
no longer trade on NYSE Arca Options.
[[Page 60674]]
Adding Tiers
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Tier Minimum requirement
Credit for adding
-----------------------------------------------
Tape A Tape B \(a)\ Tape C
----------------------------------------------------------------------------------------------------------------
Tier 1....................... 0.70% Adding of 84 million ($0.0031) ($0.0023) ($0.0032)
CADV, or. shares Adding
ADV.
Tier 2....................... 0.30% Adding of 0.25% Adding (0.0029) (0.0022) (0.0029)
CADV, or. CADV, 0.40%
Tape B Remove
of Tape B
CADV, and
0.25% Customer
and
Professional
Customer
Electronic
Posting Volume
of TCADV on
NYSE Arca
Options by OTP
Holder or OTP
Firm
affiliated
with the ETP
Holder.
-----------------------------------
Tier 3....................... 0.20% Adding of CADV. * (0.0025) (0.0022) * (0.0025)
----------------------------------------------------------------------------------------------------------------
ETP Holders that qualify for Tier 1, Tier 2 or Tier 3 are subject to the following fees:
----------------------------------------------------------------------------------------------------------------
Routing...................... $0.0030
Removing in Tape B........... 0.0029
Closing Orders............... 0.0010
----------------------------------------------------------------------------------------------------------------
* ETP Holders that qualify for Tier 3 and add 0.05% of CADV above May 2019 receive an incremental credit of
($0.0002) for Tape A and C Adding.
The Exchange notes that each of the requirements and rates that
currently appear on the Fee Schedule under Tier 1, Tier 2 and Tier 3
have been relocated in the table proposed above and in proposed
footnote (a). The Exchange proposes to relocate certain rates in
footnotes because these rates do not have a logical place in the
proposed table. The proposed footnote under the proposed new ``Adding
Tiers'' table would be as follows:
\(a)\ An additional credit in Tape B shall apply to ETP Holders
affiliated with LMMs that add \8\ displayed liquidity based on the
number of Less Active ETP Securities in which the LMM is registered as
the LMM. The applicable tiered-credits are noted below (See LMM
Transaction Fees and Credits).
---------------------------------------------------------------------------
\8\ The Exchange proposes to use the terms ``add'', ``added'' or
``adding'' instead of ``provide'', ``provided'' or ``providing'' to
maintain consistency throughout the Fee Schedule.
---------------------------------------------------------------------------
Next, the Exchange proposes to reformat the current Step Up
Tier,\9\ Step Up Tier 2 and Step Up Tier 3 \10\ requirements and rates
in a table titled ``Step Up Tiers'' which would appear on the Fee
Schedule as follows:
---------------------------------------------------------------------------
\9\ With this proposed rule change, the Exchange proposes to
rename current Step Up Tier as Step Up Tier 1.
\10\ Under current Step Up Tier, to qualify for the tier, ETP
Holders are required to provide Adding ADV of 0.45% or more of CADV
but less than 0.70% of CADV. For Step Up Tier 2, ETP Holders are
required to provide Adding ADV of 0.22% or more but less than 0.30%
of CADV. In the proposed Step Up Tiers table, for each of these
tiers, the Exchange proposes to only adopt the minimum requirement
of 0.45% and 0.22% for Step Up Tier 1 and Step Up Tier 2,
respectively, because, as a practical matter, once an ETP Holder
reaches the minimum requirement, the ETP Holder would qualify for
the tier regardless of the amount of additional Adding ADV volume.
Step Up Tiers
--------------------------------------------------------------------------------------------------------------------------------------------------------
Minimum requirement Credit for adding displayed liquidity
-------------------------------------------------------------------------------------------------------------
Tier Adding
Adding ADV of increase of Adding increase baseline Tape A Tape B Tape C
CADV (%) CADV(%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Step Up Tier 1............................ 0.45 0.10 Q1 2018..................... ($0.0030) ($0.0023) ($0.0031)
Step Up Tier 2............................ 0.22 0.06 May 2018.................... (0.0028) (0.0022) (0.0028)
Step Up Tier 3 \(b)\...................... .............. 0.40 September 2019.............. (0.0033) (0.0034) (0.0033)
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and rates that
currently appear on the Fee Schedule under Step Up Tier, Step Up Tier 2
and Step Up Tier 3 have been relocated in the table proposed above and
in proposed footnote (b). The Exchange proposes to relocate certain
rates in footnotes because these rates do not have a logical place in
the proposed table. The proposed footnote under the proposed new ``Step
Up Tiers'' table would be as follows:
\(b)\ ETP Holders that qualify for Step Up Tier 3 shall not receive
additional Tape B Tier credits for adding displayed liquidity,
including any additional credits associated with Less Active ETP
Securities, however, ETP Holders that are registered as a LMM may
receive up to a combined credit of $0.0036 per share on all its adding
volume if that ETP Holder, together with its affiliates, executes Tape
B adding ADV that is at least 40% over the ETP Holder's adding ADV in
Q3 2019, as a percentage of Tape B CADV.
Next, the Exchange proposes to reformat the current Cross-Asset
Tier requirements and credits in a table titled ``Cross-Asset Tier''
which would appear on the Fee Schedule as follows:
[[Page 60675]]
Cross-Asset Tier
--------------------------------------------------------------------------------------------------------------------------------------------------------
Minimum requirement Credit for adding
--------------------------------------------------------------------------------------------------------------------------------------------------------
Option customer and professional customer
electronic posting volume of TCADV by OTP
holder or OTP firm affiliated with the ETP
Equity volume holder Tape A Tape B Tape C
------------------------------------------------
All Issues Non-penny issues
--------------------------------------------------------------------------------------------------------------------------------------------------------
0.30% Adding of CADV............... 0.80% of TCADV........ 0.20% of TCADV........ ($0.0030)............ ($0.0030)............ ($0.0030).
0.30% Adding of CADV and 0.35% 0.80% of TCADV........ 0.20% of TCADV........ n/a.................. n/a.................. Additional ($0.0004).
Adding of Tape C CADV.
0.65% Adding of CADV............... 0.80% of TCADV........ 0.20% of TCADV........ Additional ($0.0002). Additional ($0.0002). n/a.
--------------------------------------------------------------------
0.30% Adding of CADV and 0.40% 0.80% of TCADV........ 0.20% of TCADV........ Additional ($0.0001) for Adding, All Tapes.
Adding and Removing of CADV above
Q1 2020 Add and Remove.
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and credits that
currently appear on the Fee Schedule under Cross-Asset Tier have been
relocated in the table proposed above.
Next, the Exchange proposes to reformat the current MPID Adding
Tier requirements and credits in a table titled ``MPID Adding Tier''
which would appear on the Fee Schedule as follows:
MPID Adding Tier
----------------------------------------------------------------------------------------------------------------
Minimum requirement by MPID Credit for MPIDs adding
---------------------------------------------------------------------------------
Adding increase
Tier of CADV over Q2
2021, as a Adding ADV Tape A Tape B Tape C
percentage of (million)
CADV
----------------------------------------------------------------------------------------------------------------
MPID Adding Tier.............. 2 Times......... 4 ($0.0028) n/a ($0.0028)
2 Times......... 9 (0.0029) n/a (0.0029)
----------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and rates that
currently appear on the Fee Schedule under MPID Adding Tier have been
relocated in the table proposed above.
Next, the Exchange proposes to reformat the current BBO Setter Tier
requirements and credits in a table titled ``BBO Setter Tier'' which
would appear on the Fee Schedule as follows:
BBO Setter Tier
--------------------------------------------------------------------------------------------------------------------------------------------------------
Minimum requirement Credit for orders that set a new BBO \(c)\
----------------------------------------------------------------------------------------------------------------------
ETP ID setting
Tier ETP ID setting the Arca best
Adding ADV of ETP ID adding the Arca best bid or offer as Tape A Tape B Tape C
CADV ADV of CADV bid or offer of percent of ETP
CADV ID adding ADV
--------------------------------------------------------------------------------------------------------------------------------------------------------
BBO Setter Tier.................. 0.70% 0.20% 0.10% 40% ($0.0004) ($0.0002) ($0.0004)
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and rates that
currently appear on the Fee Schedule under the BBO Setter Tier have
been relocated in the table proposed above and in proposed footnote
(c). The Exchange proposes to relocate certain rates in footnotes
because these rates do not have a logical place in the proposed table.
The proposed footnote under the proposed new ``BBO Setter Tier'' table
would be as follows:
\(c)\ This credit shall be in addition to the ETP Holder's Tiered
or Standard Rate credit(s), and for Tape B and Tape C, the credit shall
be in addition to any capped credit.
Next, the Exchange proposes to reformat the current Retail Order
Tier, Retail Order Step-Up Tier 1, Retail Order Step-Up Tier 2 and
Retail Order Step-Up Tier 3 requirements and rates in a table titled
``Retail Tiers'' which would appear on the Fee Schedule as follows:
[[Page 60676]]
Retail Tiers
--------------------------------------------------------------------------------------------------------------------------------------------------------
Tier Minimum requirement of CADV Rates for retail orders
--------------------------------------------------------------------------------------------------------------------------------------------------------
Retail orders with
a time-in-force
of day that add
Retail adding and remove that Adding ADV (%) Credit for Fee for retail removing with a time-
ADV (%) is an increase retail adding in-force of day
over April 2018
(%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Retail Order Tier............................ 0.15 .................. .............. ($0.0033) .....................................
Retail Order Step-Up Tier 1 \(d)\ \(e)\...... .............. 0.40 1.00 \(f)\ (0.0038) No Fee.
Retail Order Step-Up Tier 2 \(e)\............ .............. 0.10 .............. \(f)\ (0.0035) No Fee.
Retail Order Step-Up Tier 3 \(e)\............ .............. 0.20 .............. \(f)\ (0.0036) No Fee.
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and rates that
currently appear on the Fee Schedule under the Retail Order Tier,
Retail Order Step-Up Tier 1, Retail Order Step-Up Tier 2 and Retail
Order Step-Up Tier 3 have been relocated in the table proposed above
and in proposed footnotes (d) through (f). The Exchange proposes to
relocate certain rates in footnotes because these rates do not have a
logical place in the proposed table. The proposed footnotes under the
proposed new ``Retail Tiers'' table would be as follows:
\(d)\ ETP Holders that qualify for Retail Order Step-Up Tier 1 are
subject to the following rates in Tape C:
($0.0035) for Adding displayed liquidity.
$0.0027 for Removing.
Additional ($0.0002) for Adding non-displayed liquidity.
\(e)\ ETP Holders that qualify for Retail Order Step-Up Tier 1,
Retail Order Step-Up Tier 2 and Retail Order Step-Up Tier 3 are subject
to the following rates:
No fee charged or credit paid for Retail Orders where each
side of the executed order (1) shares the same MPID and (2) is a Retail
Order with a time-in-force of Day.
\(f)\ This credit applies for Adding displayed liquidity.
Next, the Exchange proposes to reformat the current MPL Orders
Tier, MPL Orders Step Up Tier 1 and MPL Orders Step Up Tier 2
requirements and credits in a table titled ``MPL Orders Tiers'' which
would appear on the Fee Schedule as follows:
MPL Order Tiers
----------------------------------------------------------------------------------------------------------------
Minimum requirement Credit for MPL adding
-----------------------------------------------------------------------------
Tier MPL adding ADV
MPL adding ADV increase over May Tape A Tape B and
2019 Tape C
----------------------------------------------------------------------------------------------------------------
MPL Orders........................ 3.0 Million.......... ..................... ($0.0015) ($0.0020)
1.5 Million.......... ..................... (0.0015) (0.0015)
MPL Orders Step Up Tier 1......... ..................... 2 Million............ (0.0026) (0.0026)
MPL Orders Step Up Tier 2......... ..................... 1 Million............ (0.0025) (0.0025)
----------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and credits that
currently appear on the Fee Schedule under MPL Orders Tier, MPL Orders
Step Up Tier 1 and MPL Orders Step Up Tier 2 have been relocated in the
table proposed above.
Next, the Exchange proposes to reformat the current Limit Non-
Displayed Step Up Tier requirements and credits in a table titled
``Limit Non-Displayed Step Up Tier'' which would appear on the Fee
Schedule as follows:
Limit Non-Display Step Up Tier
------------------------------------------------------------------------
Minimum CADV Credit for limit
requirement non-displayed
-------------------- orders adding
Limit-non- display -------------------
Tier and MPL order
combined ADV
increase over July All tapes
2020 (%)
------------------------------------------------------------------------
Limit Non-Display Order Step Up 0.02 ($0.0004)
Tier...........................
0.05 (0.0010)
0.10 (0.0015)
0.15 (0.0020)
------------------------------------------------------------------------
The Exchange notes that each of the requirements and credits that
currently appear on the Fee Schedule under Limit Non-Displayed Step Up
Tier have been relocated in the table proposed above.
Next, the Exchange proposes to reformat the current Tracking Order
Tier 1 requirement and credit in a table titled
[[Page 60677]]
``Tracking Order Tier'' which would appear on the Fee Schedule as
follows:
Tracking Order Tier
------------------------------------------------------------------------
Credit for
Minimum ADV tracking orders
Tier requirement that result in
executions
------------------------------------------------------------------------
Tracking Order Tier 1........... 1 Million......... ($0.0010)
------------------------------------------------------------------------
The Exchange notes that the requirement and credit that currently
appears on the Fee Schedule under Tracking Order Tier 1 have been
relocated in the table proposed above.
Next, the Exchange proposes to reformat the current Tape B Tier 1,
Tape B Tier 2, Tape B Tier 3 and Tape B Step Up Tier requirements and
credits in a table titled ``Tape B Tiers'' which would appear on the
Fee Schedule as follows:
Tape B Tiers
--------------------------------------------------------------------------------------------------------------------------------------------------------
Minimum requirement for tape B Minimum requirement for Credit for tape B adding
------------------------------------------------------------- NYSE arca options -------------------------------
-------------------------
Adding Market maker electronic
Tier Adding ADV of tape B increase in Adding increase posting volume of TCADV Tape B
CADV tape B of tape baseline by OTP holder or OTP Tape B credit additional
B CADV firm affiliated with credit \(g)\
the ETP holder (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Tier 1 \(h)\...................... 1.50%................ .............. .................... ....................... ($0.0030) ..............
Tier 2 \(h)\...................... 1.00% or............. .............. .................... ....................... (0.0028) ..............
0.25% above April .............. .................... ....................... .............. ..............
2020.
Tier 3 \(h)\...................... 0.20%................ .............. .................... 0.50 (0.0025) ..............
Step Up........................... 0.50%................ 20 Q3 2019............. ....................... .............. ($0.0002)
0.50%................ 30 Q3 2019............. ....................... .............. (0.0003)
0.50%................ 40 Q3 2019............. ....................... .............. (0.0004)
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Exchange notes that each of the requirements and credits that
currently appear on the Fee Schedule under the Tape B Tier 1, Tape B
Tier 2, Tape B Tier 3 and Tape B Step Up Tier have been relocated in
the table proposed above and in proposed footnotes (g) and (h). The
Exchange proposes to relocate certain rates in footnotes because these
rates do not have a logical place in the proposed table. The proposed
footnotes under the proposed new ``Tape B Tiers'' table would be as
follows:
\(g)\ This credit shall be in addition to the ETP Holder's Tiered
or Standard credit(s); provided, however, that such combined credit(s)
in Tape B shall not exceed $0.0032, unless the ETP Holder's Adding Tape
B ADV increases at least 150% over the ETP Holder's Adding ADV in Q3
2019, as a percentage of Tape B CADV, in which case the ETP Holder can
receive a combined credit of up to:
$0.0033 per share if the ETP Holder is registered as a
Lead Market Maker or Market Maker in at least 150 Less Active ETPs in
which it meets at least two Performance Metrics, and has Tape B Adding
ADV equal to at least 0.65% of Tape B CADV, or
$0.0034 per share if the ETP Holder is registered as a
Lead Market Maker or Market Maker in at least 200 Less Active ETPs in
which it meets at least two Performance Metrics, and has Tape B Adding
ADV equal to at least 0.70% of Tape B CADV.
\(h)\ LMMs cannot qualify for this Tier.
Next, the Exchange proposes a non-substantive change to the
presentation of the Tier rates applicable to securities with a per
share price below $1.00. The Exchange proposes a table presentation
under current section VII titled Tier Rates--Round Lots and Odd Lots
(Per Share Price below $1.00). The proposed change to section VII would
appear in the Fee Schedule in one table. More specifically, the
Exchange proposes to reformat the current Sub-Dollar Adding Step Up
Tier requirements and credits in a proposed new table titled ``Sub-
Dollar Adding Step Up Tier'' which would appear on the Fee Schedule as
follows:
[[Page 60678]]
Sub-Dollar Adding Step Up Tier
----------------------------------------------------------------------------------------------------------------
Minimum requirement Credit for sub-dollar adding
------------------------------- orders of total dollar value
1 Million adding ADV with a ------------------------------
per share price below $1.00
(``sub-dollar adding
Tier orders'') and adding increase
of CADV in sub-dollar adding All tapes (%)
orders over July 2020, as a
percentage of CADV with a per
share price below $1.00 (%)
----------------------------------------------------------------------------------------------------------------
Sub-Dollar Adding Step Up Tier.................... 0.20 0.050
0.50 0.100
0.75 0.125
1.00 0.150
----------------------------------------------------------------------------------------------------------------
The Exchange notes that the requirements and credits that currently
appear on the Fee Schedule under Sub-Dollar Adding Step Up Tier have
been relocated in the table proposed above.
Finally, Section VI of the Fee Schedule currently states that the
Exchange does not provide any credit for Indications of Interest
(``IOI''). The Exchange proposes to relocate the reference to no credit
for IOIs to Section IV of the Fee Schedule titled ``Other Standard
Rates for Securities with a Per Share Price $1.00 or Above''.
Specifically, the Exchange proposes to revise the first bullet under
Section IV. As proposed, the revised bullet would be as follows:
No fee or credit for Non-Displayed Limit Orders that add
liquidity or for executions resulting from IOIs.
The Exchange believes relocating the pricing related to executions
from IOIs to Section IV is appropriate because the pricing for IOI is
not tiered. Additionally, since the Exchange does not charge a fee or
provide a credit, the Exchange believes adding reference to IOIs to the
existing bullet would add clarity to the Fee Schedule and facilitate
market participants' understanding of the fees charged for services
currently offered by the Exchange.
As noted above, the Exchange is not proposing any substantive
change to any current fee or credit. The purpose of the proposed rule
change is to make a non-substantive change to reorganize the
presentation of the Fee Schedule in order to enhance its clarity and
transparency, thereby making the Fee Schedule easier to navigate.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\12\ which provides that Exchange rules may provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members and other persons using its facilities.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \13\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4).
\13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed changes are reasonable and
equitable because they are clarifying, and non-substantive and the
Exchange is not changing any current fees or credits that apply to
trading activity on the Exchange. Further, the changes are designed to
make the Fee Schedule easier to read and make it more user-friendly to
better display the allocation of fees and credits among Exchange
members. The Exchange believes that this proposed format will provide
additional transparency of Exchange fees and credits. The Exchange also
believes that the proposal is non-discriminatory because it applies
uniformly to all ETP Holders, and again, the Exchange is not making any
changes to existing fees and credits. The Exchange also believes that
the proposed change would protect investors and the public interest
because the reformatted Fee Schedule would make the Fee Schedule more
accessible and transparent and facilitate market participants'
understanding of the rates applicable for services currently offered by
the Exchange. Finally, the Exchange believes that the reformatted Fee
Schedule, as proposed herein, will be clearer and less confusing for
investors and will eliminate potential investor confusion, thereby
removing impediments to and perfecting the mechanism of a free and open
market and a national market system, and, in general, protecting
investors and the public interest.
The Exchange believes that the proposed reformatted the Fee
Schedule is equitable and not unfairly discriminatory because the
resulting streamlined Fee Schedule would continue to apply to ETP
Holders as it does currently because the Exchange is not adopting any
new fees or credits or removing any current fees or credits from the
Fee Schedule that impact ETP Holders. All ETP Holders would continue to
be subject to the same fees and credits that currently apply to them.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\14\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intramarket Competition. The Exchange's proposal to reformat its
Fee Schedule will not place any undue burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act because all ETP Holders would continue to be subject to the
same fees and credits that currently apply to them. The Exchange notes
that the proposal does not change the amount of any current fees or
rebates, but rather makes clarifying and formatting changes, and
therefore does not raise any competitive issues. To the extent the
proposed rule
[[Page 60679]]
change places a burden on competition, any such burden would be
outweighed by the fact that a streamlined Fee Schedule would promote
clarity and reduce confusion with respect to the fees and credits that
ETP Holders would be subject to.
Intermarket Competition. The Exchange believes the proposed rule
change does not impose any burden on intermarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
The Exchange operates in a highly competitive market in which market
participants can readily choose to send their orders to other exchanges
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. Market share statistics provide ample evidence
that price competition between exchanges is fierce, with liquidity and
market share moving freely from one execution venue to another in
reaction to pricing changes.
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
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \15\ of the Act and subparagraph (f)(2) of Rule
19b-4 \16\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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) \17\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-2021-92 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-2021-92. 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-2021-92 and should be submitted
on or before November 24, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23925 Filed 11-2-21; 8:45 am]
BILLING CODE 8011-01-P
