Product Change-Priority Mail, First-Class Package Service & Parcel Select Negotiated Service Agreement, 31835 [2023-10581]
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Federal Register / Vol. 88, No. 96 / Thursday, May 18, 2023 / Notices
www.prc.gov, Docket Nos. MC2023–154,
CP2023–158.
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–10585 Filed 5–17–23; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail, FirstClass Package Service & Parcel Select
Negotiated Service Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: May 18,
2023.
FOR FURTHER INFORMATION CONTACT:
Sean C. Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on May 8, 2023, it
filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail, First-Class Package Service &
Parcel Select Contract 12 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2023–146,
CP2023–149.
SUMMARY:
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE Arca Equities Fees and Charges
(‘‘Fee Schedule’’) to amend the fee for
orders routed that remove liquidity in
away markets in Round Lots and Odd
Lots in Tapes A, B and C securities with
a per share price below $1.00, and
eliminate an incremental credit
associated with the Tier 4 pricing tier
under Adding Tiers. The Exchange
proposes to implement the fee changes
effective May 1, 2023. 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.
BILLING CODE 7710–12–P
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.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–10581 Filed 5–17–23; 8:45 am]
[Release No. 34–97504; File No. SR–
NYSEARCA–2023–36]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE Arca
Equities Fees and Charges
May 15, 2023.
lotter on DSK11XQN23PROD with NOTICES1
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 1,
2023, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
19:05 May 17, 2023
Jkt 259001
1. Purpose
The Exchange proposes to amend the
Fee Schedule to amend the fee for
orders routed that remove liquidity in
away markets in Round Lots and Odd
Lots in Tapes A, B and C securities with
a per share price below $1.00 (‘‘SubDollar Securities’’), and eliminate an
incremental credit associated with the
Tier 4 pricing tier under Adding Tiers.
The Exchange proposes to implement
the fee changes effective May 1, 2023.
Background
The Exchange operates in a highly
competitive market. The Commission
has repeatedly expressed its preference
for competition over regulatory
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31835
intervention in determining prices,
products, and services in the securities
markets. In Regulation NMS, the
Commission highlighted the importance
of market forces in determining prices
and SRO revenues and, also, recognized
that current regulation of the market
system ‘‘has been remarkably successful
in promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 3
While Regulation NMS has enhanced
competition, it has also fostered a
‘‘fragmented’’ market structure where
trading in a single stock can occur
across multiple trading centers. When
multiple trading centers compete for
order flow in the same stock, the
Commission has recognized that ‘‘such
competition can lead to the
fragmentation of order flow in that
stock.’’ 4 Indeed, equity trading is
currently dispersed across 16
exchanges,5 numerous alternative
trading systems,6 and broker-dealer
internalizers and wholesalers, all
competing for order flow. Based on
publicly available information, no single
exchange currently has more than 17%
market share.7 Therefore, no exchange
possesses significant pricing power in
the execution of equity order flow. More
specifically, the Exchange currently has
less than 10% market share of executed
volume of equities trading.8
The Exchange believes that the evershifting market share among the
exchanges from month to month
demonstrates that market participants
can move order flow, or discontinue or
reduce use of certain categories of
products. While it is not possible to
know a firm’s reason for shifting order
flow, the Exchange believes that one
such reason is because of fee changes at
any of the registered exchanges or nonexchange venues to which a firm routes
order flow. ETP Holders can choose
from any one of the 16 currently
operating registered exchanges to route
such order flow. Accordingly,
3 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(File No. S7–10–04) (Final Rule) (‘‘Regulation
NMS’’).
4 See Securities Exchange Act Release No. 61358,
75 FR 3594, 3597 (January 21, 2010) (File No. S7–
02–10) (Concept Release on Equity Market
Structure).
5 See Cboe U.S Equities Market Volume
Summary, available at https://markets.cboe.com/us/
equities/market_share.
6 See FINRA ATS Transparency Data, available at
https://otctransparency.finra.org/otctransparency/
AtsIssueData. A list of alternative trading systems
registered with the Commission is available at
https://www.sec.gov/foia/docs/atslist.htm.
7 See Cboe Global Markets U.S. Equities Market
Volume Summary, available at https://
markets.cboe.com/us/equities/market_share/.
8 See id.
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]]>Agencies
[Federal Register Volume 88, Number 96 (Thursday, May 18, 2023)]
[Notices]
[Page 31835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-10581]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--Priority Mail, First-Class Package Service &
Parcel Select Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: May 18, 2023.
FOR FURTHER INFORMATION CONTACT: Sean C. Robinson, 202-268-8405.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
May 8, 2023, it filed with the Postal Regulatory Commission a Request
of the United States Postal Service to Add Priority Mail, First-Class
Package Service & Parcel Select Contract 12 to Competitive Product
List. Documents are available at www.prc.gov, Docket Nos. MC2023-146,
CP2023-149.
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023-10581 Filed 5-17-23; 8:45 am]
BILLING CODE 7710-12-P
