81534 Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 

22 17 CFR 240.17Ad–22(e)(17)(i) and (ii). 

23 Id. 

24 Id. 

25 15 U.S.C 78s(b)(3)(A). 

26 17 CFR 240.19b–4(f). 

27 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the Fee 

Schedule on December 1, 2020 (SR–NYSEArca– 

2020–106) and withdrew such filing on December 

7, 2020. 

operational reliability, and adequate, 

scalable capacity.22

The Framework would be amended to 

include a description of the Clearing 

Agencies’ incident management 

procedures. As described above, these 

procedures address how the Clearing 

Agencies detect, identify, investigate 

and resolve incidents that affect the 

Clearing Agencies’ systems. These 

procedures are designed to help address 

the Clearing Agencies’ compliance with 

the requirements of Rule 17Ad– 

22(e)(17)(i) and (ii).23 Therefore, the 

Clearing Agencies believe that the 

proposed rule changes to include a 

description of these procedures in the 

Risk Management Framework is 

consistent with Rule 17Ad–22(e)(17)(i) 

and (ii).24

(B) Clearing Agencies’ Statement on 

Burden on Competition 

The Clearing Agencies do not believe 

that the proposed changes to the ORM 

Framework described above would have 

any impact, or impose any burden, on 

competition. As described above, the 

proposed rule changes would update 

the Framework and would improve the 

clarity and comprehensiveness of the 

descriptions of certain matters within 

the Framework. Therefore, the proposed 

changes are technical and non-material 

in nature, relating mostly to the 

operation of the ORM Framework rather 

than the risk management functions 

described therein. As such, the Clearing 

Agencies do not believe that the 

proposed rule changes would have any 

impact on competition. 

(C) Clearing Agencies’ Statement on 

Comments on the Proposed Rule 

Changes Received From Members, 

Participants, or Others 

The Clearing Agencies have not 

solicited or received any written 

comments relating to this proposal. The 

Clearing Agencies will notify the 

Commission of any written comments 

received by the Clearing Agencies. 

III. Date of Effectiveness of the 

Proposed Rule Changes, and Timing for 

Commission Action 

The foregoing rule changes have 

become effective pursuant to Section 

19(b)(3)(A) 25 of the Act and paragraph 

(f) 26 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule changes, the Commission 

summarily may temporarily suspend 

such rule changes 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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

changes are 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– 

DTC–2020–015, SR–FICC–2020–016, or 

SR–NSCC–2020–019 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–DTC–2020–015, SR–FICC– 

2020–016, or SR–NSCC–2020–019. 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 

changes that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule changes 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 Clearing Agencies and on 

DTCC’s website (http://dtcc.com/legal/ 

sec-rule-filings.aspx). 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–DTC–2020–015, SR–FICC– 

2020–016, or SR–NSCC–2020–019 and 

should be submitted on or before 

January 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27596 Filed 12–15–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90629; File No. SR– 

NYSEArca–2020–109] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Modifying the NYSE Arca 

Options Fee Schedule Regarding the 

Criteria To Qualify for the Market 

Maker Incentive for Penny Issues 

December 10, 2020. 

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 December 

7, 2020, 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 modify the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’) regarding the criteria to 

qualify for a Market Maker Incentive for 

Penny Issues. The Exchange proposes to 

implement the fee change effective 

December 7, 2020.4 The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, at the 

principal office of the Exchange, and at 


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Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 81535 

5TCADV includes OCC calculated Customer 

volume of all types, including Complex Order 

Transactions and QCC transactions, in equity and 

ETF options. See Endnote 8 to the Fee Schedule. 

6See Fee Schedule, NYSE Arca OPTIONS: 

TRADE–RELATED CHARGES FOR STANDARD 

OPTIONS, MARKET MAKER PENNY AND SPY 

POSTING CREDIT TIERS. 

7SPY is the trading acronym for SPDR S&P 500 

ETF Trust. 

8See proposed Fee Schedule, NYSE Arca 

OPTIONS: TRADE-RELATED CHARGES FOR 

STANDARD OPTIONS, Market Maker Incentive For 

Penny Issues. 

9The Exchange notes that there are separate 

incentives specifically related to Market Maker 

posted interest in SPY. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) and (5). 

12See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(S7–10–04) (‘‘Reg NMS Adopting Release’’). 

13The OCC publishes options and futures volume 

in a variety of formats, including daily and monthly 

volume by exchange, available at: https://

www.theocc.com/market-data/volume/default.jsp. 

14Based on OCC data, the Exchange’s market 

share in equity-based options was 9.59% for the 

month of August 2019 and 10.20% for the month 

of August 2020. See id. 

15See e.g., MIAX Pearl Fee Schedule, available at: 

https://www.miaxoptions.com/sites/default/files/ 

fee_schedule-files/MIAX_PEARL_Fee_Schedule_

11052020.pdf (regarding Market Maker Posting 

credits). 

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 modify the criteria 

to qualify for a Market Maker Incentive 

For Penny Issues. The Exchange 

proposes to implement the rule change 

on December 7, 2020. 

The Exchange currently provides 

several incentives for OTP Holders and 

OTP Firms (collectively, ‘‘OTPs’’) 

designed to encourage OTPs to direct 

additional order flow to the Exchange to 

achieve more favorable pricing and 

higher credits. Among these incentives 

are enhanced posted liquidity credits 

based on achieving certain percentages 

of Total Industry Customer equity and 

ETF option average daily volume 

(‘‘TCADV’’).5

Currently, Market Maker orders in 

Penny Issues that post liquidity and are 

executed on the Exchange earn a base 

credit of ($0.28) per contract, and may 

be eligible for increased credits based on 

the participant’s activity. The Fee 

Schedule provides for three Penny 

Credit Tiers for Market Makers, with 

increasing minimum volume thresholds 

(as well as increasing credits) associated 

with each tier, ranging from per contract 

credits of ($0.32) to ($0.42) for Market 

Makers that achieve the Select Tier up 

to Super Tier II, respectively.6 The 

Exchange also offers various incentives 

that increase the possible posting credit 

applied to a Market Maker’s orders, 

such as cross asset incentives for 

activity on the NYSE Arca Equity 

Market. One such incentive is the 

Market Maker Incentive For Penny 

Issues (the ‘‘Incentive’’). 

Currently, there are two components 

to the qualification for the Incentive, the 

first being at least 0.75% of TCADV 

from affiliated or appointed Order Flow 

Provider Customer posted interest in all 

issues. The second component of the 

qualification currently is an ADV from 

Market Maker posted interest equal to 

0.70% of TCADV. 

The Exchange proposes to modify the 

qualifying criteria for the Incentive to 

(1) lower the minimum volume 

threshold of the Market Maker posted 

interest component from 0.70% to 

0.40% of TCADV, and (2) specify that 

volume from SPY 7 would be excluded 

from the qualifying volume for the 

credit.8 The amount of the credit will 

remain the same, ($0.41) per contract. 

The Exchange believes that the 

proposed change to exclude volume 

from SPY but lower the minimum 

volume threshold to qualify for the 

Incentive would still encourage OTPs to 

achieve the Incentive with increased 

Market Maker posted interest in issues 

other than SPY,9 which would bring 

increased liquidity and order flow to the 

Exchange for the benefit of all market 

participants. 

The Exchange cannot predict with 

certainty whether any OTPs would 

qualify for the incentive under the 

modified criteria; however, the 

Exchange believes that the proposed 

Incentive would continue to encourage 

OTPs to increase Market Maker posted 

volume in issues other than SPY to 

qualify for this Incentive. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,10 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,11 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 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. 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.’’ 12

There are currently 16 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than 16% of the market share of 

executed volume of multiply-listed 

equity and ETF options trades.13

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in August 2020, the 

Exchange had slightly more than 10% 

market share of executed volume of 

multiply-listed equity and ETF options 

trades.14

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, in response to fee changes. 

Accordingly, competitive forces 

constrain options exchange transaction 

fees. Stated otherwise, changes to 

exchange transaction fees and rebates 

can have a direct effect on the ability of 

an exchange to compete for order flow, 

including with options exchanges that 

offer similar posting credits on Market 

Maker executions.15

The Exchange believes that the 

proposed modification to the criteria to 

qualify for the Incentive is reasonably 

designed to continue to incent OTPs to 


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81536 Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 

16See supra note 5. 

17See Reg NMS Adopting Release, supra note 9, 

at 37499. 

18The OCC publishes options and futures volume 

in a variety of formats, including daily and monthly 

volume by exchange, available at: https://

www.theocc.com/market-data/volume/default.jsp. 

19Based on OCC data, the Exchange’s market 

share in equity-based options was 9.59% for the 

month of August 2019 and 10.20% for the month 

of August 2020. See id. 

increase the amount and type of Market 

Maker posted interest sent to the 

Exchange. The Exchange notes that 

Market Makers are still eligible to 

qualify for Market Maker Penny and 

SPY Posting Credit Tiers based on a 

specified benchmark in posted interest 

in all issues from Market Maker posted 

interest.16 By continuing to provide 

alternative methods to qualify for 

enhanced Penny posting credits, the 

Exchange believes OTPs will have 

increased opportunities to qualify for 

credits, which benefits all participants 

through increased volume to the 

Exchange. 

To the extent that the proposed 

change attracts to the Exchange more 

Market Maker posted interest in both 

Penny and non-Penny issues, this 

increased order flow would continue to 

make the Exchange a more competitive 

venue for order execution, which, in 

turn, promotes just and equitable 

principles of trade and removes 

impediments to and perfects the 

mechanism of a free and open market 

and a national market system. 

The Exchange cannot predict with 

certainty whether any Market Makers 

would qualify for the Incentive under 

the modified criteria; however, the 

Exchange believes that OTPs would 

continue to be encouraged to increase 

Market Maker posted volume to qualify 

for this Incentive. 

The Proposed Rule Change Is an 

Equitable Allocation of Credits and Fees 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and credits. The proposal is 

based on the amount and type of 

business transacted on the Exchange, 

and OTPs can opt to avail themselves of 

the modified criteria to qualify for the 

Incentive or not. Moreover, the proposal 

is designed to incent OTPs to aggregate 

all Customer posting interest and 

Market Maker interest at the Exchange 

as a primary execution venue. To the 

extent that the proposed change attracts 

more Market Maker posting interest to 

the Exchange, this increased order flow 

would continue to make the Exchange a 

more competitive venue for, among 

other things, order execution. Thus, the 

Exchange believes the proposed rule 

change would improve market quality 

for all market participants on the 

Exchange and, therefore, attract more 

order flow to the Exchange, thereby 

improving market-wide quality and 

price discovery. 

The Proposed Rule Change Is Not 

Unfairly Discriminatory 

The Exchange believes that the 

proposed rule change is not unfairly 

discriminatory because all similarlysituated market participants would be 

eligible to qualify for the Incentive 

pursuant to the modified criteria on an 

equal and non-discriminatory basis. 

The proposal is based on the amount 

and type of business transacted on the 

Exchange, and Market Makers are not 

obligated to try to qualify for the 

Incentive, as modified, nor are they 

obligated to execute posted interest. 

Rather, the proposal is designed to 

encourage OTPs to utilize the Exchange 

as a primary trading venue for Customer 

posted interest and Market Maker 

posted interest (if they have not done so 

previously) or increase volume sent to 

the Exchange. To the extent that the 

proposed change attracts to the 

Exchange more Market Maker interest, 

including posted interest, this increased 

order flow would continue to make the 

Exchange a more competitive venue for 

order execution. Thus, the Exchange 

believes the proposed rule change 

would improve market quality for all 

market participants on the Exchange 

and, as a consequence, attract more 

order flow to the Exchange, thereby 

improving market-wide quality and 

price discovery. The resulting increased 

volume and liquidity would provide 

more trading opportunities and tighter 

spreads to all market participants and 

thus would promote just and equitable 

principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest. 

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. 

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 

Exchange believes that the proposed 

change would encourage the submission 

of additional liquidity to a public 

exchange, thereby promoting market 

depth, price discovery and 

transparency, and enhancing order 

execution opportunities for all market 

participants. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

integrated competition among orders, 

which promotes ‘‘more efficient pricing 

of individual stocks for all types of 

orders, large and small.’’ 17

Intramarket Competition. The 

proposed change is designed to attract 

additional order flow (particularly 

Market Maker posted interest) to the 

Exchange. The Exchange believes that 

the proposed modification to the 

Incentive would continue to incent 

Market Makers to direct their posted 

interest to the Exchange. Greater 

liquidity benefits all market participants 

on the Exchange, and increased Market 

Maker interest would increase 

opportunities for execution of other 

trading interest. The proposed 

modification would be available to all 

similarly-situated market participants 

that execute Customer posted interest 

and also make markets, and, 

accordingly, would not impose a 

disparate burden on competition among 

market participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily favor one of the 

16 competing option exchanges if they 

deem fee levels at a particular venue to 

be excessive. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow to 

the Exchange. Based on publiclyavailable information, and excluding 

index-based options, no single exchange 

has more than 16% of the market share 

of executed volume of multiply-listed 

equity and ETF options trades.18

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in August 2020, the 

Exchange had slightly more than 10% 

market share of executed volume of 

multiply-listed equity and ETF options 

trades.19

The Exchange believes that the 

proposed modification to the criteria to 

qualify for the Incentive reflects this 

competitive environment because it 

modifies the Exchange’s fees in a 

manner designed to encourage Market 


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Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 81537 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(2). 

22 15 U.S.C. 78s(b)(2)(B). 23 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

Makers to continue to direct trading 

interest (particularly Market Maker 

posted interest) to the Exchange, 

provide liquidity, and attract order flow. 

To the extent that this purpose is 

achieved, all the Exchange’s market 

participants should benefit from the 

improved market quality and increased 

opportunities for price improvement. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar Market 

Maker posting credits, 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) 20 of the Act and 

subparagraph (f)(2) of Rule 19b–4 21

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) 22 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2020–109 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–2020–109. 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–NYSEArca–2020–109, and 

should be submitted on or before 

January 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27598 Filed 12–15–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90624; File No. SR– 

NYSENAT–2020–36] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Shorten the Time 

Period Before a Letter of Acceptance, 

Waiver, and Consent Under Rule 

10.9216 and an Uncontested Offer of 

Settlement Under Rule 10.9270(f) 

December 10, 2020. 

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 December 

3, 2020, NYSE National, Inc. (‘‘NYSE 

National’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II, 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 shorten the 

time period before a letter of acceptance, 

waiver, and consent under Rule 10.9216 

and an uncontested offer of settlement 

under Rule 10.9270(f) becomes final and 

the corresponding time period to 

request review of these settlements 

under Rule 10.9310 from 25 days to 10 

days. 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. 


khammond on DSKJM1Z7X2PROD with NOTICES