[Federal Register Volume 85, Number 167 (Thursday, August 27, 2020)]
[Notices]
[Pages 53041-53045]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-18831]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89640; File No. SR-NYSENAT-2020-27]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its
Schedule of Fees and Rebates
August 21, 2020.
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 August 12, 2020, NYSE National, Inc. (``NYSE National'' 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Schedule of Fees and Rebates
(``Fee Schedule'') to (1) eliminate the fee currently charged for non-
tiered orders removing liquidity in securities priced at or above
$1.00; (2) modify the Adding Tiers; and (3) modify the Removing Tiers.
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.
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 amend its Fee Schedule to: (1) Eliminate
the fee currently charged for non-tiered orders removing liquidity in
securities priced at or above $1.00; (2) modify the Adding Tiers; and
(3) modify the Removing Tiers.
The proposed changes respond to the current competitive environment
where order flow providers have a choice of where to direct liquidity-
providing and liquidity-removing orders by offering further incentives
for ETP Holders to send additional displayed and non-displayed
liquidity to the Exchange. The proposed changes also respond to the
current volatile market environment that has resulted in unprecedented
average daily volumes, which is related to the ongoing spread of the
novel coronavirus (``COVID-19'').
The Exchange proposes to implement the rule change on August 12,
2020.\3\
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\3\ The Exchange originally filed to amend the Fee Schedule on
August 3, 2020 (SR-NYSENat-2020-25). SR-NYSENat-2020-25 was
subsequently withdrawn and replaced by this filing.
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Current Market and Competitive Environment
The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Specifically, 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.'' \4\
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\4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (S7-10-04) (Final Rule) (``Regulation
NMS'').
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As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\5\ Indeed, equity trading is currently dispersed across 13
exchanges,\6\ 31 alternative trading
[[Page 53042]]
systems,\7\ and numerous broker-dealer internalizers and wholesalers.
Based on publicly-available information, no single exchange has more
than 20% of the market share of executed volume of equity trades
(whether excluding or including auction volume).\8\ Therefore, no
exchange possesses significant pricing power in the execution of equity
order flow. More specifically, the Exchange's share of executed volume
of equity trades in Tapes A, B and C securities is less than 2%.\9\
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\5\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
\6\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
\7\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. Although 54
alternative trading systems were registered with the Commission as
of July 29, 2019, only 31 are currently trading. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
\8\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
\9\ See id.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain products, in
response to fee changes. While it is not possible to know a firm's
reason for moving order flow, the Exchange believes that one such
reason is because of fee changes at any of the registered exchanges or
non-exchange trading venues to which a firm routes order flow. These
fees vary month to month, and not all are publicly available. With
respect to non-marketable order flow that would provide liquidity on an
exchange, ETP Holders can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain the Exchange's transaction fees, and
market participants can readily trade on competing venues if they deem
pricing levels at those other venues to be more favorable.
The Exchange utilizes a ``taker-maker'' or inverted fee model to
attract orders that provide liquidity at the most competitive prices.
Under the taker-maker model, offering rebates for taking (or removing)
liquidity increases the likelihood that market participants will send
orders to the Exchange to trade with liquidity providers' orders. This
increased taker order flow provides an incentive for market
participants to send orders that provide liquidity. The Exchange
generally charges fees for order flow that provides liquidity. These
fees are reasonable due to the additional marketable interest (in part
attracted by the Exchange's rebate to remove liquidity) with which
those order flow providers can trade.
Proposed Rule Change
To respond to this competitive environment, the Exchange proposes
the following changes to its Fee Schedule designed to provide order
flow providers with incentives to route liquidity-providing order flow
to the Exchange. As described above, ETP Holders with liquidity-
providing order flow have a choice of where to send that order flow.
Elimination of Fee for Non-Tiered Orders Removing Liquidity
The Exchange proposes to eliminate the $0.0005 per share fee
currently charged for non-tiered orders removing liquidity in
securities priced at or above $1.00.\10\
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\10\ As noted, the Exchange previously charged a small fee as
opposed to offering a rebate for non-tiered orders removing
liquidity in securities priced at or above $1.00 but is now
proposing not to charge for non-tiered orders that remove liquidity.
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The Exchange believes that eliminating the per share charge for
orders that remove liquidity from the Exchange will incentivize ETP
Holders to send liquidity-removing orders to the Exchange, thereby
enhancing order execution opportunities to the benefit of all market
participants. In addition, by eliminating this charge in its General
Rates, the Exchange believes that ETP Holders may be more likely to
submit liquidity-removing orders to the Exchange even if they do not
qualify for a Removing Tier.
Proposed Changes to Adding Tiers
The Exchange proposes to modify the Adding Tiers by (1) creating a
new Adding Tier 1 for adding displayed and non-displayed liquidity in
Tape A, Tape B, and Tape C securities; (2) increasing the current
Adding Rates for the current Adding Tier 1 and Adding Tier 2; (3)
modifying the requirements to qualify for current Adding Tier 2; and
(4) and renumbering the Adding Tiers, as follows (proposed additions
underlined, deletions bracketed):
------------------------------------------------------------------------
Tier requirement Adding rate
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Adding Tier 1:
At least 0.25% or more Adding ADV as Displayed liquidity: Tapes A,
a % of US CADV. B and C: $0.0020 Non-
Displayed liquidity: Tapes A,
B and C: $0.0024
Adding Tier 2 [1]:
At least 0.15% or more Adding ADV as Displayed liquidity: Tapes A,
a % of US CADV. B and C: $0.0022 [20]
Adding Tier 3 [2]:
At least 0.075% [0.10%] or more Displayed liquidity: Tapes A,
Adding ADV as a % of US CADV and at B and C: $0.0025 [24]
least 0.15% or more Adding ADV and
Removing ADV combined as a % of US
CADV.
Adding Tier 4 [3]:
At least 0.05% or more Adding ADV as Displayed liquidity: Tapes A,
a % of US CADV. B and C: $0.0026
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The Exchange does not propose any changes to the Adding MPL Rate
for the Adding Tiers, and the proposed rate for MPL Orders under the
new Adding Tier 1 would also be no charge.
The Exchange believes that the addition of new proposed Adding Tier
1 with a higher ADV requirement than the current Adding Tier 1 will
incentivize ETP Holders to submit additional liquidity to the Exchange
to qualify for the Exchange's lowest fees for adding displayed
liquidity and non-displayed liquidity. This in turn would support the
quality of price discovery on the Exchange and provide additional price
improvement opportunities for incoming orders. The Exchange believes
that by correlating the amount of the fee to the level of orders sent
by an ETP Holder that add liquidity, the Exchange's fee structure would
incentivize ETP Holders to submit more orders that add liquidity to the
Exchange, thereby increasing the potential for price improvement to
incoming marketable orders submitted to the Exchange.
Similarly, the Exchange believes that increasing the current Adding
Rates for current Adding Tier 1 and Adding Tier 2 while lowering the
Adding ADV requirement to qualify for current Adding Tier 2 and adding
a second requirement of at least 0.15% or more Adding ADV and Removing
ADV
[[Page 53043]]
combined as a percentage of US CADV, more ETP Holders will choose to
route their liquidity-providing order flow to the Exchange in order to
qualify for those tiers. The Exchange also believes that adding the
proposed second requirement to current Adding Tier 2 of a combination
of Adding and Removing ADV will expand the ADV eligible to qualify for
the tier, thereby allowing greater number of ETP Holders to potentially
qualify for the tier.
For example, in a month where US CADV was 10 billion shares, assume
ETP Holder A has an Adding ADV of 12 million shares for an Adding ADV
of 0.12% of US CADV. On that basis alone, ETP Holder A would qualify
for the proposed Adding Tier 4, which has an Adding ADV requirement of
0.05% of US CADV. Further assume in that same billing month, ETP Holder
A has Removing ADV of 5 million shares, for a Removing ADV of 0.05% of
US CADV. ETP Holder A would have an Adding and Removing ADV combined of
0.17% (12 million Adding shares plus 5 million Removing shares
combined, divided by US CADV of 10 billion shares). ETP Holder A would
thereby qualify for proposed Adding Tier 3, which has requirements of
0.075% or more Adding ADV as a percentage of US CADV and 0.15% Adding
ADV and Removing ADV combined as a percentage of US CADV.
As noted above, the Exchange operates in a competitive environment,
particularly as it relates to attracting non-marketable orders, which
add liquidity to the Exchange. Since the proposed Adding Tier 1 would
be new, no member organization currently qualifies for it. Also,
currently five ETP Holders qualify for current Adding Tiers 1 and 2
(revised Adding Tiers 2 and 3). The Exchange does not know how much
order flow ETP Holders choose to route to other exchanges or to off-
exchange venues. There are approximately five additional ETP Holders
that could qualify for the revised Adding Tiers 2 and 3 based on their
current trading profile on the Exchange if they so choose. However,
without having a view of ETP Holder's activity on other exchanges and
off-exchange venues, the Exchange has no way of knowing whether this
proposed rule change would result in any member organization directing
orders to the Exchange in order to qualify for the new tier credits.
Proposed Changes to Removing Tiers
The Exchange proposes to modify the Removing Tiers by (1) revising
the requirements for the current removing tier fees (for current
Removing Tier 1 and Removing Tier 2); (2) creating a new Removing Tier
3; (3) decreasing the removing rate for current Removing Tier 3; and
(4) renumbering the Removing Tiers, as follows (proposed additions
underlined, deletions in brackets):
------------------------------------------------------------------------
Tier requirement Removing rate
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Removing Tier 1:
At least 0.20% [0.10%] Adding ADV and Removing ADV ($0.0030)
combined as a % of US CADV and 250,000 Adding ADV..
Removing Tier 2:
At least 0.10% [0.04%] Removing ADV as a % of US ($0.00275)
CADV and 100,000 Adding ADV........................
Removing Tier 3:
At least 0.02% Removing ADV as a % of US CADV and ($0.0023)
50,000 Adding ADV..................................
Removing Tier 4 [3]:
At least 50,000 Adding ADV.......................... ($0.0015 [25])
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The Exchange does not propose any changes to the Removing Rate for
Orders that Execute at a Price Better than Contra-Side NBBO for the
Removing Tiers, and the proposed rate for such orders under the new
Removing Tier 3 would also be no charge.
The Exchange believes that these changes to the Removing Tiers will
incentivize ETP Holders to remove additional liquidity from the
Exchange to qualify for the Exchange's lowest fees for removing
liquidity. This is turn would support the quality of price discovery on
the Exchange and provide additional liquidity for incoming orders.
Specifically, the Exchange believes that requiring a higher Adding
ADV and Removing ADV combined for Removing Tier 1, increasing the
Removing ADV requirement for Removing Tier 2, introducing a new
Removing Tier 3, and lowering the corresponding credit for current
Removing Tier 3 (now Removing Tier 4) will incentivize more ETP Holders
to route liquidity removing order flow to the Exchange to meet the
higher requirements. Further, the Exchange also believes that adding
the proposed second requirement to current Removing Tier 1 of a
combination of Adding and Removing ADV will expand the ADV eligible to
qualify for the tier, thereby allowing greater number of ETP Holders to
potentially qualify for it by giving them the flexibility of meeting
the requirement using Adding ADV, Removing ADV, or both. Finally, the
Exchange believes that the proposed new Removing Tier 3 will encourage
additional removing order flow to the Exchange by offering an
intermediate credit for half the amount of Removing ADV as current
Removing Tier 2 and 50,000 Adding ADV requirement. The Exchange
believes that the combination of removing and adding requirements for
the proposed new tier will allow greater number of ETP Holders to
potentially qualify for the tier.
As described above, ETP Holders with liquidity-removing order flow
have a choice of where to send that order flow. The Exchange believes
that as a result of the proposed changes to the removing tiers, more
ETP Holders will choose to route their liquidity-removing order flow to
the Exchange in order to interact with the increased liquidity-
providing order flow the Exchange anticipates from its proposed changes
to the Adding Tiers.
The Exchange does not know how much order flow ETP Holders choose
to route to other exchanges or to off-exchange venues. There are
currently 25 ETP Holders that qualify for the current fees for current
Removing Tiers 1, 2, and 3 for removing liquidity based on their
current trading profile on the Exchange. Since the proposed Removing
Tier 3 would be new, no ETP Holder currently qualifies for it. The
Exchange believes that many ETP Holders could qualify for proposed
modified Removing Tiers if they so choose. However, without having a
view of ETP Holder's activity on other exchanges and off-exchange
venues, the Exchange has no way of knowing whether this proposed rule
change would result in any ETP Holders directing orders to the Exchange
in order to qualify for the modified Removing Tiers.
The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any problems that ETP
Holders would have in complying with the proposed changes.
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 6(b)(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) & (5).
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[[Page 53044]]
The Proposed Change Is Reasonable
As discussed above, the Exchange operates in a highly fragmented
and competitive market. The Exchange believes that the ever-shifting
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, in response to fee changes. 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
one of the registered exchanges or non-exchange trading venues that a
firm routes order flow to, which vary month to month, and not all of
which are publicly known. With respect to non-marketable order flow
that would provide liquidity on an Exchange, ETP Holders can choose
from any one of the 13 currently operating registered exchanges to
route such order flow. Accordingly, competitive forces constrain
exchange transaction fees that relate to orders that would provide
liquidity on an exchange.
Given the current competitive environment, the Exchange believes
that the proposal represents a reasonable attempt to attract additional
order flow to the Exchange. Specifically, eliminating the fee currently
charged for non-tiered orders removing liquidity in securities priced
at or above $1.00, as described above, is reasonable because ETP
Holders will have an incentive to route additional liquidity-removing
orders to the Exchange without incurring any transaction fees, thereby
increasing the opportunity for contra-side order flow to receive price
improvement. In addition, the Exchange believes that the proposed
changes to the Adding Tiers and Removing Tiers are reasonable because
they would promote execution opportunities for ETP Holders routing
order flow to the Exchange.
The Exchange believes that the proposal as a whole represents a
reasonable effort to promote price improvement and enhanced order
execution opportunities for ETP Holders. All ETP Holders would benefit
from the greater amounts of liquidity on the Exchange, which would
represent a wider range of execution opportunities.
The Proposal Is an Equitable Allocation of Fees
The Exchange believes its proposed change equitably allocates its
fees among its market participants. The proposed change would continue
to encourage ETP Holders to both submit additional liquidity to the
Exchange and execute orders on the Exchange, thereby contributing to
robust levels of liquidity, to the benefit of all market participants.
The Exchange believes that eliminating the fee currently charged
for non-tiered orders removing liquidity in securities priced at or
above $1.00 and modifying the Adding Tiers and Removing Tiers would
encourage the submission and removal of additional liquidity from the
Exchange, thus enhancing order execution opportunities for ETP Holders
from the substantial amounts of liquidity present on the Exchange. All
ETP Holders would benefit from the greater amounts of liquidity that
would be present on the Exchange, which would provide greater execution
opportunities.
The Exchange believes the proposed rule change would also improve
market quality for all market participants seeking to remove liquidity
on the Exchange and, as a consequence, attract more liquidity to the
Exchange, thereby improving market-wide quality. The proposal neither
targets nor will it have a disparate impact on any particular category
of market participant.
Specifically, the Exchange believes that the proposal constitutes
an equitable allocation of fees because all similarly situated ETP
Holders and other market participants would be eligible for the same
general and tiered rates and would be eligible for the same fees and
credits. Moreover, the proposed change is equitable because the revised
fees would apply equally to all similarly situated ETP Holders.
The Proposal Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, ETP Holders
are free to disfavor the Exchange's pricing if they believe that
alternatives offer them better value.
Moreover, the proposal neither targets nor will it have a disparate
impact on any particular category of market participant. The Exchange
believes that the proposal does not permit unfair discrimination
because the proposal would be applied to all similarly situated ETP
Holders and all ETP Holders would be subject to the same modified
Adding Tiers and Removing Tiers. Similarly, all ETP Holders would
benefit from the elimination of the fee currently charged for non-
tiered orders removing liquidity in securities priced at or above
$1.00. Accordingly, no ETP Holder already operating on the Exchange
would be disadvantaged by the proposed allocation of fees.
The Exchange further believes that the proposed changes would not
permit unfair discrimination among ETP Holders because the general and
tiered rates are available equally to all ETP Holders. As described
above, in today's competitive marketplace, order flow providers have a
choice of where to direct liquidity-providing order flow, and the
Exchange believes there are additional ETP Holders that could qualify
if they chose to direct their order flow to the Exchange.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
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,\13\ 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. Instead, as discussed above, the Exchange believes
that the proposed change would encourage the submission of additional
liquidity and order flow to a public exchange, thereby enhancing order
execution opportunities for ETP Holders. As a result, the Exchange
believes that the proposed change furthers the Commission's goal in
adopting Regulation NMS of fostering competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \14\
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\13\ 15 U.S.C. 78f(b)(8).
\14\ Regulation NMS, 70 FR at 37498-99.
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Intramarket Competition. The proposed change is designed to attract
additional order flow to the Exchange. As described above, the Exchange
believes that the proposed changes would provide additional incentives
for market participants to route liquidity providing and liquidity
removing orders to the Exchange. Greater liquidity benefits all market
participants on the Exchange by providing more trading opportunities
and encourages ETP Holders to send orders, thereby contributing to
robust levels of liquidity. The proposed revised fees would be
available to all similarly-situated market participants, and thus, the
proposed change would not impose a disparate burden on competition
among market participants on the Exchange.
Intermarket Competition. The Exchange operates in a highly
[[Page 53045]]
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. As noted
above, the Exchange's market share of intraday trading in Tapes A, B
and C securities is less than 2%. In such an environment, the Exchange
must continually adjust its fees and rebates to remain competitive with
other exchanges and off-exchange venues. Because competitors are free
to modify their own fees and credits in response, and because market
participants may readily adjust their order routing practices, the
Exchange does not believe its proposed fee change can impose any burden
on intermarket competition.
The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar order types and comparable
transaction pricing, by encouraging additional orders to be sent to the
Exchange for execution.
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.
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 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) \17\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\17\ 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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSENAT-2020-27 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-NYSENAT-2020-27. 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 (http://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-NYSENAT-2020-27 and should be submitted
on or before September 17, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-18831 Filed 8-26-20; 8:45 am]
BILLING CODE 8011-01-P