Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule To Delete Text That Is No Longer in Effect, 20922-20924 [2023-07265]
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Federal Register / Vol. 88, No. 67 / Friday, April 7, 2023 / Notices
20,000 hours (16,000 reporting + 4,000
recordkeeping).
10. Abstract: Part of the NRC’s
function is to license and regulate the
operation of commercial nuclear power
plants to ensure protection of public
health and safety and the environment
in accordance with the Atomic Energy
Act of 1954 as amended. In order for the
NRC to carry out these responsibilities,
licensees must report significant events
in accordance with 10 CFR 50.73, so
that the NRC can evaluate the events to
determine what actions, if any, are
warranted to ensure protection of public
health and safety or the environment.
Section 50.73 requires reporting on NRC
Forms 366, 366A, and 366B.
III. Specific Requests for Comments
The NRC is seeking comments that
address the following questions:
1. Is the proposed collection of
information necessary for the NRC to
properly perform its functions? Does the
information have practical utility?
Please explain your answer.
2. Is the estimate of the burden of the
information collection accurate? Please
explain your answer.
3. Is there a way to enhance the
quality, utility, and clarity of the
information to be collected?
4. How can the burden of the
information collection on respondents
be minimized, including the use of
automated collection techniques or
other forms of information technology?
Dated: April 4, 2023.
For the Nuclear Regulatory Commission.
David C. Cullison,
NRC Clearance Officer, Office of the Chief
Information Officer.
[FR Doc. 2023–07299 Filed 4–6–23; 8:45 am]
BILLING CODE 7590–01–P
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2023–129 and CP2023–132]
New Postal Products
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
a negotiated service agreement. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: April 11,
2023.
ddrumheller on DSK120RN23PROD with NOTICES1
SUMMARY:
Submit comments
electronically via the Commission’s
Filing Online system at https://
ADDRESSES:
VerDate Sep<11>2014
19:11 Apr 06, 2023
Jkt 259001
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the Market Dominant or
the Competitive product list, or the
modification of an existing product
currently appearing on the Market
Dominant or the Competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern Market Dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
Competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2023–129 and
CP2023–132; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail, First-Class Package Service &
Parcel Select Contract 111 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: April 3, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative: Arif
Hafiz; Comments Due: April 11, 2023.
This Notice will be published in the
Federal Register.
Mallory Richards,
Attorney-Advisor.
[FR Doc. 2023–07332 Filed 4–6–23; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97241; File No. SR–
NYSEARCA–2023–26]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify the NYSE Arca
Options Fee Schedule To Delete Text
That Is No Longer in Effect
April 3, 2023.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March
29, 2023, 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 and II
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 modify the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’) to delete text relating to
pricing that is no longer in effect. The
Exchange proposes to implement the fee
changes effective March 29, 2023. The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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Federal Register / Vol. 88, No. 67 / Friday, April 7, 2023 / Notices
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
ddrumheller on DSK120RN23PROD with NOTICES1
1. Purpose
The purpose of this filing is to amend
the Fee Schedule to delete text relating
to discontinued or expired pricing. The
Exchange proposes to implement the
rule change on March 20, 2023.
The Exchange proposes to remove text
relating to now-expired pricing
programs that were implemented in
connection with the Exchange’s
migration to the Pillar trading platform
(the ‘‘Pillar Migration’’), which
completed in July 2022. First, the
Exchange proposes to remove outdated
NYSE Arca Market Maker OTP fees from
the Fee Schedule, which fees are no
longer effective following the
restructuring of Market Maker OTP fees
in connection with the Pillar
Migration.4 The Exchange also proposes
to eliminate text providing for a
temporary cap on fees for Order/Quote
Entry Ports, Quote Takedown Ports, and
Drop Copy Ports (collectively, ‘‘Port
Fees’’); the cap on Port Fees was only
effective during the period of the Pillar
Migration and no longer applies to any
OTP Holders.5 The Exchange further
proposes to modify the table setting
forth Port Fees to eliminate fees for
Quote Takedown Ports altogether, as
4 See Securities Exchange Act Release No. 95142
(June 23, 2022), 87 FR 38786 (June 29, 2022) (SR–
NYSEArca–2022–36) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend the NYSE Arca Options Fee Schedule)
(providing for new Market Maker OTP fees, which
became effective August 1, 2022).
5 See Securities Exchange Act Release No. 94017
(January 20, 2022), 87 FR 4095 (January 26, 2022)
(SR–NYSEArca–2022–03) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend the NYSE Arca Options Fee Schedule To
Cap Certain Port Fees) (providing that Port Fees
would be capped for the month of July 2022).
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such ports no longer exist following the
Pillar Migration.6 Finally, the Exchange
proposes to delete the last sentence of
Endnote 8, which currently sets forth
pricing intended to provide OTP
Holders with certainty regarding their
eligibility for certain tiers, incentives,
and discounts during the Pillar
Migration and which was effective only
for the month during which the Pillar
Migration occurred.7
The Exchange next proposes to amend
the Fee Schedule to remove text relating
to certain other pricing that is no longer
in effect. First, the Exchange proposes to
eliminate text that provided for a waiver
of the Options Regulatory Fee from
November 1, 2022 to January 31, 2023,
as the waiver period has now ended.8
The Exchange also proposes to
eliminate the section of the Fee
Schedule setting forth NYSE FANG+
Index (‘‘FAANG’’) transaction fees and
FAANG credits for Market Makers,9 as
6 The Fee Schedule currently provides that, for
each order/quote entry port utilized, NYSE Arca
Market Makers may utilize, free of charge, one port
dedicated to quote cancellation or ‘‘quote
takedown.’’ Any such port(s) are not included in
the count of order/quote entry ports utilized, but
any quote takedown port in excess of the number
of order/quote entry ports utilized will be counted
and charged as an order/quote entry port. See Fee
Schedule, PORT FEES. The Exchange proposes to
delete this text, as well as the reference to quote
takedown ports in connection with how the
Exchange would aggregate ports of affiliates for
purposes of calculating the number of ports
utilized. The Exchange notes that it began offering
dedicated quote takedown ports to minimize
latency for quote takedown. See Securities
Exchange Act Release No. 74841 (April 29, 2015),
80 FR 25758 (May 5, 2015) (SR–NYSEARCA–2015–
32) (Notice of Filing and Immediate Effectiveness of
Proposed Rule Change Modifying its Rules to
Provide for the Use of Ports that Provide
Connectivity to the Exchange’s Trading Systems
Solely for the Cancellation or ‘‘Takedown’’ of
Quotes and Changes to the NYSE Arca Options Fee
Schedule Related to Quote Takedown Service).
Order/quote entry ports on Pillar process more
efficiently than their pre-Pillar counterparts because
the Pillar trading platform is designed to optimize
throughput and provide minimal latency;
accordingly, Market Makers can use their Pillar
order/quote entry ports to readily accomplish both
order/quote entry and quote takedown, thereby
eliminating the need to obtain additional ports to
effect the prompt cancellation of quotes.
7 See Securities Exchange Act Release No. 94125
(February 1, 2022), 87 FR 6910 (February 7, 2022)
(SR–NYSEArca–2022–05) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend the NYSE Arca Options Fee Schedule)
(providing for continuity of eligibility for certain
tiers, incentives, and discounts for the month of
July 2022).
8 See Securities Exchange Act Release No. 96374
(November 22, 2022), 87 FR 73372 (November 29,
2022) (SR–NYSEARCA–2022–78) (Notice of Filing
and Immediate Effectiveness of Proposed Rule
Change To Amend the NYSE Arca Options Fee
Schedule Concerning the Options Regulatory Fee).
9 The Fee Schedule currently provides that NonCustomers and Professional Customers incur a
$0.35 per contract fee for FAANG transactions and
that Customers and Market Makers do not incur a
fee for FAANG transactions. The Fee Schedule also
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Fmt 4703
Sfmt 4703
20923
FAANG options were delisted in
February 2023, and these fees and
credits are no longer applicable to any
OTP Holders.10 Lastly, the Exchange
proposes to delete the text of current
Endnote 14 relating to Binary Return
Derivatives (‘‘ByRDs’’) transactions, as
the last ByRDs expired in April 2018,
and to designate Endnote 14 as
Reserved.
The Exchange believes the proposed
change would improve the clarity of Fee
Schedule by removing obsolete text,
thereby obviating potential confusion
regarding pricing currently in effect.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,11 in general, and
furthers the objectives of sections 6(b)(4)
and (5) of the Act,12 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
The Proposed Rule Change Is
Reasonable
The Exchange believes the proposed
elimination of text in the Fee Schedule
describing pricing that is no longer
applicable to any OTP Holders is
reasonable because it would improve
the clarity of the Fee Schedule and
reduce confusion as to which fees and
credits are applicable on the Exchange.
The Exchange believes that amending
the Fee Schedule to remove obsolete
pricing would further the protection of
investors and the public interest by
promoting clarity and transparency in
the Fee Schedule and making the Fee
Schedule easier to navigate and
understand.
The Proposal Is an Equitable Allocation
of Fees and Credits
The Exchange believes the proposed
change supports an equitable allocation
of fees and credits among its market
provides for certain credits to NYSE Arca Options
Market Makers and LMMs that execute a minimum
number of total monthly contract sides that open a
position in FAANG on the Exchange. See Fee
Schedule, NYSE FANG+ Index (FAANG)
Transaction Fees.
10 The Exchange also proposes to delete
references to FAANG in Endnote 2 (which currently
provides that the Lead Market Maker Rights Fee
does not apply to FAANG options) and Endnote 8
(which currently provides that options on FAANG
would be included in calculations to qualify for
volume-based incentives), which no longer have
application following the delisting of FAANG
options.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(4) and (5).
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Federal Register / Vol. 88, No. 67 / Friday, April 7, 2023 / Notices
participants because it would eliminate
obsolete text from the Fee Schedule
describing pricing programs that are no
longer applicable to any market
participants. Accordingly, the Exchange
believes the proposal would impact all
similarly situated OTP Holders on an
equal basis. The Exchange also believes
that the proposed change would
promote investor protection and the
public interest because the deletion of
expired or discontinued pricing
programs from the Fee Schedule would
enhance the clarity of the Fee Schedule
and reduce confusion regarding fees and
credits currently applicable to market
participants who transact on the
Exchange.
ddrumheller on DSK120RN23PROD with NOTICES1
The Proposal is Not Unfairly
Discriminatory
The Exchange believes that the
proposal is not unfairly discriminatory
because it neither targets nor will it
have a disparate impact on any category
of market participant. The proposed
elimination of obsolete pricing would
affect all market participants on an
equal and non-discriminatory basis, as
the programs with which such pricing is
associated are no longer available to any
market participants. The Exchange also
believes that the proposed change
would protect investors and the public
interest because the deletion of expired
or discontinued pricing programs would
facilitate market participants’
understanding of the pricing currently
applicable on the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with section 6(b)(8) of
the Act, the Exchange does not believe
that the proposed rule change would
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
Instead, as discussed above, the
proposed change relates solely to the
elimination of obsolete pricing
associated with discontinued or expired
pricing and, accordingly, would not
have any impact on intramarket or
intermarket competition. The proposed
change is designed to ensure that the
Fee Schedule accurately reflects pricing
currently effective on the Exchange,
thereby adding clarity to the Fee
Schedule to the benefit of all market
participants.
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.
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19:11 Apr 06, 2023
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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) 13 of the Act and
subparagraph (f)(2) of Rule 19b–4 14
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under section 19(b)(2)(B) 15 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEARCA–2023–26 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–2023–26. 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
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
15 15 U.S.C. 78s(b)(2)(B).
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–2023–
26, and should be submitted on or
before April 28, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–07265 Filed 4–6–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97240; File No. SR–CBOE–
2023–016]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend its Fees
Schedule
April 3, 2023.
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 March 21,
2023, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
13 15
16 17
14 17
1 15
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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]]>Agencies
[Federal Register Volume 88, Number 67 (Friday, April 7, 2023)]
[Notices]
[Pages 20922-20924]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07265]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97241; File No. SR-NYSEARCA-2023-26]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE
Arca Options Fee Schedule To Delete Text That Is No Longer in Effect
April 3, 2023.
Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on March 29, 2023, 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 and II
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 modify the NYSE Arca Options Fee Schedule
(``Fee Schedule'') to delete text relating to pricing that is no longer
in effect. The Exchange proposes to implement the fee changes effective
March 29, 2023. The proposed rule change is available on the Exchange's
website at www.nyse.com, at
[[Page 20923]]
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend the Fee Schedule to delete
text relating to discontinued or expired pricing. The Exchange proposes
to implement the rule change on March 20, 2023.
The Exchange proposes to remove text relating to now-expired
pricing programs that were implemented in connection with the
Exchange's migration to the Pillar trading platform (the ``Pillar
Migration''), which completed in July 2022. First, the Exchange
proposes to remove outdated NYSE Arca Market Maker OTP fees from the
Fee Schedule, which fees are no longer effective following the
restructuring of Market Maker OTP fees in connection with the Pillar
Migration.\4\ The Exchange also proposes to eliminate text providing
for a temporary cap on fees for Order/Quote Entry Ports, Quote Takedown
Ports, and Drop Copy Ports (collectively, ``Port Fees''); the cap on
Port Fees was only effective during the period of the Pillar Migration
and no longer applies to any OTP Holders.\5\ The Exchange further
proposes to modify the table setting forth Port Fees to eliminate fees
for Quote Takedown Ports altogether, as such ports no longer exist
following the Pillar Migration.\6\ Finally, the Exchange proposes to
delete the last sentence of Endnote 8, which currently sets forth
pricing intended to provide OTP Holders with certainty regarding their
eligibility for certain tiers, incentives, and discounts during the
Pillar Migration and which was effective only for the month during
which the Pillar Migration occurred.\7\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 95142 (June 23,
2022), 87 FR 38786 (June 29, 2022) (SR-NYSEArca-2022-36) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
the NYSE Arca Options Fee Schedule) (providing for new Market Maker
OTP fees, which became effective August 1, 2022).
\5\ See Securities Exchange Act Release No. 94017 (January 20,
2022), 87 FR 4095 (January 26, 2022) (SR-NYSEArca-2022-03) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the NYSE Arca Options Fee Schedule To Cap Certain Port Fees)
(providing that Port Fees would be capped for the month of July
2022).
\6\ The Fee Schedule currently provides that, for each order/
quote entry port utilized, NYSE Arca Market Makers may utilize, free
of charge, one port dedicated to quote cancellation or ``quote
takedown.'' Any such port(s) are not included in the count of order/
quote entry ports utilized, but any quote takedown port in excess of
the number of order/quote entry ports utilized will be counted and
charged as an order/quote entry port. See Fee Schedule, PORT FEES.
The Exchange proposes to delete this text, as well as the reference
to quote takedown ports in connection with how the Exchange would
aggregate ports of affiliates for purposes of calculating the number
of ports utilized. The Exchange notes that it began offering
dedicated quote takedown ports to minimize latency for quote
takedown. See Securities Exchange Act Release No. 74841 (April 29,
2015), 80 FR 25758 (May 5, 2015) (SR-NYSEARCA-2015-32) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Modifying
its Rules to Provide for the Use of Ports that Provide Connectivity
to the Exchange's Trading Systems Solely for the Cancellation or
``Takedown'' of Quotes and Changes to the NYSE Arca Options Fee
Schedule Related to Quote Takedown Service). Order/quote entry ports
on Pillar process more efficiently than their pre-Pillar
counterparts because the Pillar trading platform is designed to
optimize throughput and provide minimal latency; accordingly, Market
Makers can use their Pillar order/quote entry ports to readily
accomplish both order/quote entry and quote takedown, thereby
eliminating the need to obtain additional ports to effect the prompt
cancellation of quotes.
\7\ See Securities Exchange Act Release No. 94125 (February 1,
2022), 87 FR 6910 (February 7, 2022) (SR-NYSEArca-2022-05) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the NYSE Arca Options Fee Schedule) (providing for continuity
of eligibility for certain tiers, incentives, and discounts for the
month of July 2022).
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The Exchange next proposes to amend the Fee Schedule to remove text
relating to certain other pricing that is no longer in effect. First,
the Exchange proposes to eliminate text that provided for a waiver of
the Options Regulatory Fee from November 1, 2022 to January 31, 2023,
as the waiver period has now ended.\8\ The Exchange also proposes to
eliminate the section of the Fee Schedule setting forth NYSE FANG+
Index (``FAANG'') transaction fees and FAANG credits for Market
Makers,\9\ as FAANG options were delisted in February 2023, and these
fees and credits are no longer applicable to any OTP Holders.\10\
Lastly, the Exchange proposes to delete the text of current Endnote 14
relating to Binary Return Derivatives (``ByRDs'') transactions, as the
last ByRDs expired in April 2018, and to designate Endnote 14 as
Reserved.
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\8\ See Securities Exchange Act Release No. 96374 (November 22,
2022), 87 FR 73372 (November 29, 2022) (SR-NYSEARCA-2022-78) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the NYSE Arca Options Fee Schedule Concerning the Options
Regulatory Fee).
\9\ The Fee Schedule currently provides that Non-Customers and
Professional Customers incur a $0.35 per contract fee for FAANG
transactions and that Customers and Market Makers do not incur a fee
for FAANG transactions. The Fee Schedule also provides for certain
credits to NYSE Arca Options Market Makers and LMMs that execute a
minimum number of total monthly contract sides that open a position
in FAANG on the Exchange. See Fee Schedule, NYSE FANG+ Index (FAANG)
Transaction Fees.
\10\ The Exchange also proposes to delete references to FAANG in
Endnote 2 (which currently provides that the Lead Market Maker
Rights Fee does not apply to FAANG options) and Endnote 8 (which
currently provides that options on FAANG would be included in
calculations to qualify for volume-based incentives), which no
longer have application following the delisting of FAANG options.
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The Exchange believes the proposed change would improve the clarity
of Fee Schedule by removing obsolete text, thereby obviating potential
confusion regarding pricing currently in effect.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\11\ in general, and furthers the
objectives of sections 6(b)(4) and (5) of the Act,\12\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable
The Exchange believes the proposed elimination of text in the Fee
Schedule describing pricing that is no longer applicable to any OTP
Holders is reasonable because it would improve the clarity of the Fee
Schedule and reduce confusion as to which fees and credits are
applicable on the Exchange. The Exchange believes that amending the Fee
Schedule to remove obsolete pricing would further the protection of
investors and the public interest by promoting clarity and transparency
in the Fee Schedule and making the Fee Schedule easier to navigate and
understand.
The Proposal Is an Equitable Allocation of Fees and Credits
The Exchange believes the proposed change supports an equitable
allocation of fees and credits among its market
[[Page 20924]]
participants because it would eliminate obsolete text from the Fee
Schedule describing pricing programs that are no longer applicable to
any market participants. Accordingly, the Exchange believes the
proposal would impact all similarly situated OTP Holders on an equal
basis. The Exchange also believes that the proposed change would
promote investor protection and the public interest because the
deletion of expired or discontinued pricing programs from the Fee
Schedule would enhance the clarity of the Fee Schedule and reduce
confusion regarding fees and credits currently applicable to market
participants who transact on the Exchange.
The Proposal is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory because it neither targets nor will it have a disparate
impact on any category of market participant. The proposed elimination
of obsolete pricing would affect all market participants on an equal
and non-discriminatory basis, as the programs with which such pricing
is associated are no longer available to any market participants. The
Exchange also believes that the proposed change would protect investors
and the public interest because the deletion of expired or discontinued
pricing programs would facilitate market participants' understanding of
the pricing currently applicable on the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the proposed change
relates solely to the elimination of obsolete pricing associated with
discontinued or expired pricing and, accordingly, would not have any
impact on intramarket or intermarket competition. The proposed change
is designed to ensure that the Fee Schedule accurately reflects pricing
currently effective on the Exchange, thereby adding clarity to the Fee
Schedule to the benefit of all market participants.
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) \13\ of the Act and subparagraph (f)(2) of Rule
19b-4 \14\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
section 19(b)(2)(B) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(2)(B).
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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-2023-26 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-2023-26. 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-2023-
26, and should be submitted on or before April 28, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-07265 Filed 4-6-23; 8:45 am]
BILLING CODE 8011-01-P
