Federal Register / Vol. 85, No. 243 / Thursday, December 17, 2020 / Notices 81999 

16 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–NYSEAMER– 

2020–82) and withdrew such filing on December 7, 

2020. 

5See generally Rule 971.2NY (regarding Complex 

CUBE Auctions). Unless otherwise specified, 

capitalized terms have the same meaning as the 

defined terms in Rule 971.2NY. 

6See Fee Schedule, Section I.G., CUBE Auction 

Fees & Credits. 

7See id., Complex CUBE Auction, note 2 (setting 

forth both the ACE Initiating Participant Rebate and 

the Alternative Initiating Participant Rebate). 

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–MIAX–2020–37, and 

should be submitted on or before 

January 7, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27719 Filed 12–16–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENTS: 85 FR 80875, 

December 14, 2020. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETINGS: Wednesday, December 

16, 2020 at 10:00 a.m. 

CHANGES IN THE MEETING: The following 

item will not be considered during the 

Open Meeting on Wednesday, December 

16, 2020: 

2. The Commission will consider 

whether to adopt amendments under 

the Investment Advisers Act of 1940 

(the ‘‘Advisers Act’’) to update rules that 

govern investment adviser marketing to 

accommodate the continual evolution 

and interplay of technology and advice, 

while preserving investor protections. 

The Commission will also consider 

whether to adopt amendments to Form 

ADV to provide the Commission with 

additional information about advisers’ 

marketing practices, and corresponding 

amendments to the books and records 

rule under the Advisers Act. 

In addition, the following previously 

scheduled matter will be considered on 

December 21, 2020, during the Open 

Meeting: 

3. The Commission will consider 

whether to approve a proposed rule 

change by New York Stock Exchange 

LLC to amend Chapter One of the Listed 

Company Manual to modify the 

provisions relating to direct listings. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact the 

Office of the Secretary at (202) 551– 

5400. 

Dated: December 14, 2020. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2020–27867 Filed 12–15–20; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90650; File No. SR– 

NYSEAMER–2020–84] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the NYSE 

American Options Fee Schedule 

December 11, 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 American LLC (‘‘NYSE 

American’’ 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 selfregulatory 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 amend the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) regarding credits and 

incentives relating to Complex 

Customer Best Execution Auctions. The 

Exchange proposes to implement the fee 

changes effective December 7, 2020.4

The proposed 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 purpose of this filing is to modify 

the Fee Schedule to (1) amend the 

criteria to qualify for a credit available 

to Initiating Participants in a Complex 

Customer Best Execution (‘‘CUBE’’) 

Auction,5 and (2) eliminate an unused 

incentive that had been designed to 

encourage the use of Complex CUBE 

Auctions. The Exchange proposes to 

implement the rule changes on 

December 7, 2020. 

Proposed Modifications to the Fee 

Schedule 

Volume Qualification for Alternative 

Initiating Participant Rebate 

Section I.G. of the Fee Schedule sets 

forth the rates for per contract fees and 

credits for executions associated with 

Single-Leg and Complex CUBE 

Auctions.6 To encourage participants to 

utilize Complex CUBE Auctions, the 

Exchange offers rebates and credits on 

certain initiating Complex CUBE 

volume. Currently, the Exchange offers 

Initiating Participant Rebates for the 

first 1,000 contracts per leg of a 

Complex CUBE Order executed in a 

Complex CUBE Auction.7 The Exchange 

offers an ACE Initiating Participant 

Rebate to ATP Holders that qualify for 

the American Customer Engagement 

82000 Federal Register / Vol. 85, No. 243 / Thursday, December 17, 2020 / Notices 

8See Fee Schedule, Section I.E., American 

Customer Engagement (‘‘ACE’’) Program. 

9See Fee Schedule, Section I.G., Complex CUBE 

Auction, note 2. 

10See proposed Fee Schedule, Section I.G., CUBE 

Auction Fees & Credits, Complex CUBE Auction, 

note 2. 

11A daily analysis of OPRA trade codes indicates 

that auction volume has increased from 19.2% of 

all options industry volume at the end of 2019 to 

23.4% at the end of June 2020. See, e.g., https://

www.nyse.com/data-insights/q2-2020-optionsreview. 

12See Fee Schedule, Section I.I., Firm Monthly 

Fee Cap. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(4) and (5). 

15See Securities Exchange Act Release No. 51808 

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

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

16The 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. 

17Based on OCC data, the Exchange’s market 

share in equity and ETF-based options increased 

from 7.73% for the month of August 2019 to 8.18% 

for the month of August 2020. See id. 

18See e.g., Cboe Exchange Inc. (‘‘Cboe’’), Fee 

Schedule, Volume Incentive Program, available at: 

https://cdn.cboe.com/resources/membership/Cboe_

FeeSchedule.pdf (providing per contract credits on 

orders executed electronically in AIM based on 

qualifying volume from simple and complex 

auctions). 

19See, e.g., supra notes 10 [sic] and 17 [sic] 

(regarding increase in industry-wide auction 

volumes and Cboe’s Volume Incentive Program, 

respectively). 

(‘‘ACE’’) Program 8 and an Alternative 

Initiating Participant Rebate (the 

‘‘Rebate’’) for ATP Holders that execute 

a minimum of 5,000 contracts ADV in 

the Professional range, as defined in 

Section I.H., and also increase their 

Initiating CUBE Orders in Single-Leg 

CUBE Auctions by the greater of 40% 

over their August 2019 volume or 

15,000 contracts ADV.9

The Exchange proposes to modify the 

Fee Schedule to amend the criteria for 

ATP Holders to qualify for the Rebate. 

Specifically, the Exchange proposes to 

require that ATP Holders execute both 

5,000 contracts ADV in the Professional 

range, as defined in Section I.H., and a 

minimum of 15,000 contracts ADV from 

Initiating CUBE Orders in Single-Leg 

and/or Complex CUBE Auctions.10

Because volume executed in Electronic 

auction mechanisms, such as the 

Complex CUBE, has increased across 

the industry, the Exchange believes that, 

with the proposed modification, the 

Rebate would encourage more ATP 

Holders to try to achieve this Rebate by 

directing more auction-eligible SingleLeg and Complex CUBE order flow to 

the Exchange.11

Elimination of the Complex CUBE Cap 

Incentive 

Currently, the Exchange offers an 

incentive for ATP Holders that achieve 

an increase over their January 2019 

Initiating Complex CUBE Volume of at 

least 0.15% of TCADV (the ‘‘Incentive’’). 

Specifically, Firms that meet that 

volume level may include Broker Dealer 

Manual transactions and Broker Dealer 

QCC transactions under the Firm Fee 

Monthly Cap.12

The Exchange adopted the Incentive 

as a voluntary program to encourage 

ATP Holders to use Complex CUBE 

Auctions. However, because the 

Incentive program is underutilized (and 

therefore did not achieve its intended 

effect), the Exchange proposes to 

eliminate the Incentive from the Fee 

Schedule. The Exchange also proposes 

to delete text in the Fee Schedule 

describing incremental service fees 

applicable to firms that qualify for the 

Incentive, as such fees would no longer 

be applicable following the elimination 

of the Incentive. 

The Exchange believes that the 

elimination of the Incentive would 

impact some firms that occasionally 

qualified for the Incentive and would no 

longer receive this benefit; however, 

given that the Incentive was 

underutilized, the Exchange believes 

that most ATP Holders would not be 

impacted by its removal. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,13 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,14 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.’’ 15

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.16

Therefore, no exchange currently 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in August 2020, the 

Exchange had less than 10% market 

share of executed volume of multiplylisted equity and ETF options trades.17

The Exchange’s fees are constrained 

by intermarket competition, as ATP 

Holders may direct their order flow to 

any of the 16 options exchanges, 

including those with similarly 

structured incentive programs for 

auction participants.18 Thus, ATP 

Holders have a choice of where they 

direct their order flow, including 

auction volume which, as noted above, 

has increased in the last year. The 

Exchange believes that the ever-shifting 

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 auction volume 

which, as noted above, has increased in 

the last year. 

The proposed rule change to modify 

the qualifying criteria for the Rebate is 

designed to continue to incent ATP 

Holders to direct liquidity to the 

Exchange in Electronic executions, 

similar to other exchange programs with 

competitive pricing programs, thereby 

promoting market depth, price 

discovery and improvement, and 

enhancing order execution 

opportunities for market participants. In 

particular, the Exchange believes it is 

reasonable to adjust the qualification 

criteria for the Rebate for Complex 

CUBE orders, as the incentive structure 

underlying the Rebate remains similar 

to credits and rebates offered by 

competing options exchanges for 

initiating auction participants and 

account for the increase in auction 

volume since late 2019.19

The proposed change is also 

reasonably designed to continue to 

encourage ATP Holders to participate in 

Complex CUBE Auctions and to 

continue to incent their Professional 

volume and their initiating Single-Leg 

Federal Register / Vol. 85, No. 243 / Thursday, December 17, 2020 / Notices 82001 

20See Reg NMS Adopting Release, supra note 14 

[sic], at 37499. 

and Complex CUBE Orders to qualify 

for the Rebate. The Exchange believes 

that modifying the qualification bases to 

achieve the Rebate will continue to 

encourage greater use of CUBE Auctions 

by all ATP Holders, which may lead to 

greater opportunities to trade—and for 

price improvement—for all participants. 

In addition, because ATP Holders 

would be required to execute a 

minimum volume of 5,000 contracts 

ADV in the Professional range and also 

15,000 contracts from Initiating CUBE 

Orders in Single-Leg and/or Complex 

CUBE Auctions to qualify for the 

proposed Rebate, the Exchange believes 

the proposed change would continue to 

incent providers of order flow to direct 

that order flow to the Exchange to 

receive the Rebate, thereby enabling the 

Exchange to improve its overall 

competitiveness and strengthen its 

market quality for all market 

participants. To the extent that the 

proposed modification continues to 

encourage the submission of Complex 

CUBE Orders, all market participants 

stand to benefit from increased 

liquidity, opportunities for price 

improvement, and increased order flow, 

which promotes market depth, 

facilitates tighter spreads, and enhances 

price discovery. 

The Exchange believes that the 

proposed rule change to eliminate the 

Incentive is reasonable because this 

program is underutilized and has 

generally not served to encourage ATP 

Holders to bring liquidity or increase 

Broker-Dealer Manual and QCC order 

executions on the Exchange. 

Against the backdrop of the 

competitive environment in which the 

Exchange operates, the Exchange 

believes that the proposed rule changes 

are a reasonable attempt by the 

Exchange to maintain its market share 

relative to its competitors. 

The Proposed Rule Change Is an 

Equitable Allocation of Fees and 

Rebates 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and credits. The proposed 

modification of the requirements to 

qualify for the Rebate is based on the 

amount and type of business transacted 

on the Exchange, and ATP Holders can 

opt to avail themselves of these 

incentives or not. Moreover, the 

proposal is designed to encourage ATP 

Holders to aggregate their executions at 

the Exchange as a primary execution 

venue. To the extent that the proposed 

change continues to attract more 

Complex CUBE (and Professional) 

volume to the Exchange, this increased 

order flow would continue to make the 

Exchange a more competitive venue for 

order execution. The proposed 

elimination of the Incentive is based on 

the underutilization of the Incentive to 

date. Accordingly, the Exchange 

believes that most ATP Holders would 

not be impacted, and the elimination of 

the Incentive program would make it 

unavailable to all ATP Holders alike. 

Thus, the Exchange believes the 

proposed rule change would improve 

market quality for all market 

participants on the Exchange and, as a 

consequence, continue to 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 

proposal is not unfairly discriminatory 

because the proposed modifications 

would be available to and impact all 

similarly situated market participants 

on an equal and non-discriminatory 

basis. 

The Exchange’s proposed 

modification to the Rebate is designed 

to continue to encourage greater use of 

the Complex CUBE Auctions, which 

may lead to greater opportunities to 

trade—and for price improvement—for 

all participants. The Exchange believes 

that the proposal is not unfairly 

discriminatory because it is based on 

the amount and type of business 

transacted by ATP Holders on the 

Exchange, and all ATP Holders are 

eligible for the Rebate if they meet the 

qualifying criteria but are under no 

obligation to achieve the Rebate. Rather, 

the proposal is designed to continue to 

encourage participants to utilize the 

Exchange as a primary trading venue (if 

they have not done so previously) or 

increase Electronic volume sent to the 

Exchange. To the extent that the 

proposed change continues to attract 

more executions to the Exchange, 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 continue to 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 volume and 

liquidity would continue to 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. 

The Exchange also believes that 

eliminating the Incentive program from 

the Fee Schedule is equitable and not 

unfairly discriminatory because the 

program would be eliminated in its 

entirety and would no longer be 

available to any ATP Holders. 

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 

changes would continue to 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 changes 

further 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.’’ 20

Intramarket Competition. The 

proposed change to modify the criteria 

to qualify for the Rebate is designed to 

continue to attract order flow to the 

Exchange by offering competitive rates 

and credits based on increased volumes 

on the Exchange, which would enhance 

the quality of quoting and may increase 

the volumes of contracts traded on the 

Exchange. To the extent that this 

purpose is achieved, all of the 

Exchange’s market participants should 

benefit from the continued market 

liquidity. Enhanced market quality and 

increased transaction volume that 

results from the increase in order flow 

directed to the Exchange will benefit all 

market participants and improve 

competition on the Exchange. 

The Exchange believes that the 

proposed change to eliminate the 

Incentive would not affect intramarket 

competition because it has been 

underutilized, and thus most ATP 

Holders would not be impacted by its 

removal. Moreover, because only Firms 

that achieved a certain volume increase 

82002 Federal Register / Vol. 85, No. 243 / Thursday, December 17, 2020 / Notices 

21See supra note 15 [sic]. 

22Based on OCC data, the Exchange’s market 

share in equity-based options increased from 7.73% 

for the month of August 2019 to 8.18% for the 

month of August 2020. See supra note 16 [sic]. 

23See, e.g., supra note 17 [sic]. 

24 15 U.S.C. 78s(b)(3)(A). 

25 17 CFR 240.19b–4(f)(2). 

26 15 U.S.C. 78s(b)(2)(B). 27 17 CFR 200.30–3(a)(12). 

were eligible for the Incentive, the 

proposed elimination of the Incentive 

would remove a potential burden on 

competition in that it would level the 

playing field for all Firms operating 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 

currently has more than 16% of the 

market share of executed volume of 

multiply-listed equity and ETF options 

trades.21 Therefore, no exchange 

currently possesses significant pricing 

power in the execution of multiplylisted equity and ETF options order 

flow. More specifically, in August 2020, 

the Exchange had less than 10% market 

share of executed volume of multiplylisted equity and ETF options trades.22

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because it 

modifies the Exchange’s fees and rebates 

in a manner designed to encourage ATP 

Holders to direct trading interest to the 

Exchange, to provide liquidity and to 

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 also 

believes that the proposed rule change 

reflects this competitive environment 

because it removes an underutilized 

Incentive that did not achieve its 

intended purpose of attracting order 

flow. 

The Exchange believes that the 

proposed changes could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar pricing 

incentives, by encouraging additional 

orders to be sent to the Exchange for 

execution.23

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) 24 of the Act and 

subparagraph (f)(2) of Rule 19b–4 25

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) 26 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– 

NYSEAMER–2020–84 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–NYSEAMER–2020–84. 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–NYSEAMER–2020–84, and 

should be submitted on or before 

January 7, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27729 Filed 12–16–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90646; File No. SR–FINRA– 

2020–034] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Order Approving 

Proposed Rule Change To Modify 

TRACE Dissemination Protocols for 

Agency Pass-Through MBS or SBABacked ABS Traded in Specified Pool 

Transactions 

December 11, 2020. 

I. Introduction 

On October 15, 2020, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934