Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 85709 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes on December 1, 2020 (SR–CboeEDGX– 

2020–057). On December 9, 2020, the Exchange 

withdrew that filing and submitted this proposal. 

4See Cboe Global Markets U.S. Options Market 

Month-to-Date Volume Summary (November 23, 

2020), available at https://markets.cboe.com/us/ 

options/market_statistics/. 

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– 

EMERALD–2020–20 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–EMERALD–2020–20. 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–EMERALD–2020–20, and 

should be submitted on or before 

January 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28680 Filed 12–28–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90742; File No. SR– 

CboeEDGX–2020–062] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Relating To 

Amend Its Fees Schedule 

December 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 December 

10, 2020, Cboe EDGX Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGX’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) is filing with 

the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change to amend its Fee 

Schedule. The text of the proposed rule 

change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/edgx/), 

at the Exchange’s Office of the 

Secretary, 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 

Exchange 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 these 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

fee schedule for its equity options 

platform (‘‘EDGX Options’’) by 

removing certain fee codes related to 

routed orders, by updating certain fee 

codes in connection with routing orders 

in SPY options to Nasdaq PHLX LLC 

(‘‘PHLX’’), and removing certain fee 

codes in light of the recent delisting of 

XSP options on the Exchange.3

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 options venues to which market 

participants may direct their order flow. 

Based on publicly available information, 

no single options exchange has more 

than 16% of the market share and 

currently the Exchange represents 

approximately 4% of the market share.4

Thus, in such a low-concentrated and 

highly competitive market, no single 

options exchange, including the 

Exchange, possesses significant pricing 

power in the execution of option order 

flow. 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 to 

reduce use of certain categories of 

products, in response to fee changes. 

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 assesses fees in 

connection with orders routed away to 

various exchanges. Currently, under the 

Fee Codes and Associated Fees section 

of the Fee Schedule, fee codes D1, D2, 

D3 and D4 are appended to Members’ 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES
85710 Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 

5See Rule 21.9(a)(2)(D). 

6Fee code RN is appended to routed NonCustomer orders in Penny Pilot classes and assesses 

a charge of $0.90 per contract. 

7Fee code RO is appended to all routed NonCustomer orders in Non-Penny classes and assesses 

a charge of $1.25 per contract. 

8Fee code RP is appended to routed Customer 

orders to AMEX, BOX, BX, Cboe, ISE Mercury, 

MIAX or PHLX and assesses a charge of $0.25 per 

contract. 

9Fee code RQ is appended to routed Customer 

orders in Penny Pilot classes to ARCA, BZX 

Options, C2, ISE, ISE Gemini, MIAX Emerald, 

MIAX Pearl or NOM and assesses a charge of $0.85 

per contract. 

10Fee code RR is appended to routed Customer 

orders in Non-Penny classes to ARCA, BZX 

Options, C2, ISE, ISE Gemini, MIAX Emerald, 

MIAX Pearl or NOM and assesses a charge of $1.25 

per contract. 

11See Nasdaq Phlx Options 7 Pricing Schedule, 

Section 3 ‘‘Rebates and Fees for Adding and 

Removing Liquidity in SPY’’, Part A. 

12The Exchange notes that SPY options are part 

of the Penny Pilot Program. 

Directed ISOs, a routing option under 

which an intermarket sweep order 

(‘‘ISO’’) entered by a User bypasses the 

System and is sent by the System to 

another options exchange specified by 

the User.5 Specifically, these fee codes 

function as follows: 

• Fee code D1 is appended to 

Directed ISOs to Nasdaq Options Market 

LLC (‘‘NOM’’), NYSE Arca, Inc. 

(‘‘ARCA’’) or ISE Gemini, LLC (‘‘ISE 

Gemini’’) in Non-Penny classes and 

assesses a charge of $1.25 per contract; 

• fee code D2 is appended to NonCustomer Directed ISOs to Nasdaq BX 

Options (‘‘BX’’) in Non-Penny classes 

and assesses a charge of $0.95 per 

contract; 

• fee code D3 is appended to NonCustomer Directed ISOs to Cboe C2 

Exchange, Inc. (‘‘C2’’) or PHLX and 

assesses a charge of $0.95 per contract; 

and 

• fee code D4 is appended to Directed 

ISOs (unless otherwise specified in the 

Fee Schedule) and assesses a charge of 

$0.85 per contract. 

The Exchange has observed a minimal 

amount of volume in recent months in 

orders yielding fee codes D1, D2, D3 or 

D4. The Exchange believes that, because 

so few Users elect to route their orders 

as Directed ISOs, the current demand 

does not warrant the infrastructure and 

ongoing Systems maintenance required 

to support separate fee codes 

specifically applicable to Directed ISOs. 

Therefore, the Exchange now proposes 

to delete fee codes D1, D2, D3 and D4 

in the Fee Schedule. The Exchange 

notes that Users will continue to be able 

to choose to route their orders as 

Directed ISOs and such orders will be 

assessed the fees currently in place for 

routed orders generally (i.e., fee codes 

RN,6 RO,7 RP,8 RQ 9 and RR10) as 

follows: 

• A Directed ISO to which fee code 

D1 would have prior been appended 

(routed to NOM, ARCA or ISE Gemini 

in a Non-Penny class) will yield fee 

code RR, if it is a Customer order, which 

is appended to Customer orders in NonPenny classes routed to NOM, ARCA or 

ISE Gemini (among other exchanges) 

and assesses a charge of $1.25 per 

contract, or will yield fee code RO, if it 

is a Non-Customer order, which is 

appended to routed Non-Customer 

orders in Non-Penny classes and also 

assesses a charge of $1.25 per contract; 

• a Directed ISO to which fee code D2 

would have prior been appended (NonCustomer to BX in a Non-Penny class) 

will yield fee code RO; 

• a Directed ISO to which fee code D3 

would have prior been appended (NonCustomer to C2 or PHLX) will yield fee 

code RN, if in a Penny Pilot class, which 

is appended to Non-Customer orders 

routed in Penny Pilot classes and 

assesses a charge of $0.90 per contract, 

or will yield fee code RO, if in a NonPenny class; and 

• a Directed ISO to which fee code D4 

would have prior been appended 

(unless otherwise specified) may yield 

any of fee codes RN, RO, RP, RQ and 

RR, depending on whether the order is 

a (1) routed Customer order in a Penny 

Pilot class (to which fee code RP, which 

assess a charge of $0.25 per contract, or 

RQ, which assesses a charge of $0.85 per 

contract, could apply depending on the 

away exchange), (2) a routed Customer 

order in a Non-Penny class (to which fee 

code RP or RR could apply depending 

on the away exchange), (3) is a routed 

Non-Customer order in a Penny Pilot 

class (to which fee code RN will apply), 

or (4) is a routed Non-Customer order in 

a Non-Penny Class (to which fee code 

RO will apply). 

The Exchange also proposes to update 

fee codes RP and RQ in connection with 

routed Customer orders in SPY options 

to PHLX. Currently, fee code RP is 

appended to routed Customer orders to 

NYSE American (‘‘AMEX’’), BOX 

Options Exchange (‘‘BOX’’), BX, Cboe 

Exchange, Inc. (‘‘Cboe’’), ISE Mercury, 

LLC (‘‘ISE Mercury’’), MIAX Options 

Exchange (‘‘MIAX’’) or PHLX and 

assesses a charge of $0.25 per contract. 

Fee code RQ is appended to routed 

Customer orders in Penny Pilot classes 

to ARCA, Cboe BZX Exchange, Inc. 

(‘‘BZX Options’’), C2, Nasdaq ISE 

(‘‘ISE’’), ISE Gemini, MIAX Emerald 

Exchange (‘‘MIAX Emerald’’), MIAX 

Pearl Exchange (‘‘MIAX Pearl’’), or 

NOM and assesses a charge of $0.85 per 

contract. The Exchange notes that its 

current approach to routing fees is to set 

forth in a simple manner certain subcategories of fees that approximate the 

cost of routing to other options 

exchanges based on the cost of 

transaction fees assessed by each venue 

as well as costs to the Exchange for 

routing (i.e., clearing fees, connectivity 

and other infrastructure costs, 

membership fees, etc.) (collectively, 

‘‘Routing Costs’’). The Exchange then 

monitors the fees charged as compared 

to the costs of its routing services and 

adjusts its routing fees and/or subcategories to ensure that the Exchange’s 

fees do indeed result in a rough 

approximation of overall Routing Costs, 

and are not significantly higher or lower 

in any area. Currently, PHLX assesses a 

charge of $0.42 per contract for 

Customer orders in SPY options that 

remove liquidity.11 As described above, 

the Exchange currently assesses a flat 

routing fee of $0.25 for Customer orders 

routed to PHLX which yield fee code 

RP. This structure does not currently 

take into account the $0.42 per contract 

fee assessed by PHLX for Customer 

orders in SPY options. Therefore, in 

order to assess fees more in line with 

the Exchange’s current approach to 

routing fees, that is, in a manner that 

approximates the cost of routing to 

Customer orders in SPY options to 

PHLX, along with other away options 

exchanges, based on the general cost of 

transaction fees assessed by the subcategory of away options exchanges for 

such orders (as well as the Exchange’s 

Routing Costs), the Exchange proposes 

to exclude Customer orders in SPY 

options routed to PHLX from orders that 

yield fee code RP and are assessed a 

charge of $0.25 per contract and, 

instead, add Customer orders routed to 

PHLX in SPY options only to orders that 

yield fee code RQ 12 and are assessed a 

charge of $0.85 per contract. 

The Exchange also proposes to 

eliminate fee codes associated with 

orders in XSP options as the Exchange 

recently delisted XSP options for 

trading on the Exchange. Specifically, 

under the Fees and Associated Fee 

Codes section of the Fee Schedule, the 

proposed rule change removes fees 

codes XB, XC, XD, XF, XL, XM, XN, XO, 

XP, XR, XS, XT and XV, all of which 

were appended to various orders in XSP 

options. The proposed rule change also 

removes references to fee codes 

associated with orders in XSP options 

from the Step Up Mechanism (‘‘SUM’’) 

Auction Pricing Tier in footnote 3 and 

AIM and SAM Pricing in footnote 6. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 85711 

13 15 U.S.C. 78f. 

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

15 15 U.S.C. 78f(b)(5). 

16See e.g., NYSE Arca Options Fees and Charges, 

‘‘Routing Fees’’, which provides routing fees of 

‘‘$0.11 per contract on orders routed and executed 

on another exchange, plus (i) any transaction fees 

assessed by the away exchange (calculated on an 

order-by-order basis since different away exchanges 

charge different amounts) or (ii) if the actual 

transaction fees assessed by the away exchange(s) 

cannot be determined prior to the execution, the 

highest per contract charge assessed by the away 

exchange(s) for the relevant option class and type 

of market participant (e.g., Customer, Firm, Broker/ 

Dealer, Professional Customer or Market Maker).’’ 17See supra notes 6–10. 

18See supra notes 6–10. 

19See supra note 16. 

20See supra note 4. 

the objectives of Section 6 of the Act,13

in general, and furthers the objectives of 

Section 6(b)(4),14 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

issuers and other persons using its 

facilities. The Exchange also believes 

that the proposed rule change is 

consistent with the objectives of Section 

6(b)(5) 15 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

As described above, the Exchange 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. The 

proposed rule change reflects a 

competitive pricing structure designed 

to incentivize market participants to 

direct their order flow to the Exchange, 

which the Exchange believes would 

enhance market quality to the benefit of 

all Members. The Exchange notes that 

other options exchanges currently 

approximate routing fees in a similar 

manner as the Exchange’s current 

approach.16

In particular, the Exchange believes 

the proposed rule change to remove fee 

codes D1, D2, D3 and D4 is reasonable 

as the Exchange has observed a minimal 

amount of volume in orders yielding fee 

codes D1, D2, D3 or D4 and, therefore, 

the current use of Directed ISO orders 

does not warrant the infrastructure and 

ongoing Systems maintenance required 

to support separate fee codes 

specifically applicable to Directed ISOs, 

a type of routing option Users may elect 

for their orders. As such, the Exchange 

also believes that is reasonable and 

equitable to assess Directed ISO orders 

as it already does for all other routed 

orders, as applicable (i.e., fee codes RN, 

RO, RP, RQ and RR).17 The Exchange 

notes that the use of Directed ISOs, as 

well as routing through the Exchange, is 

optional. The Exchange believes that the 

proposed rule change is equitable and 

not unfairly discriminatory because 

Users will continue to have the option 

to elect to route their orders as Directed 

ISOs and such routed orders will be 

automatically and uniformly assessed 

the applicable charges already in place 

for all other routed orders. 

The Exchange believes the proposed 

rule change to amend fee codes RP and 

RQ to account for PHLX’s current 

assessment of fees for Customer orders 

in SPY options is reasonable because it 

is reasonably designed to assess routing 

fees in line with the Exchange’s current 

approach to routing fees. That is, the 

proposed rule change is intended to 

include Customer orders in SPY options 

routed to PHLX in the most appropriate 

sub-category of fees that approximates 

the cost of routing to a group of away 

options exchanges (including PHLX) 

based on the cost of transaction fees 

assessed by each venue as well as 

Routing Costs to the Exchange. The 

Exchange believes that the proposed 

rule change is equitable and not unfairly 

discriminatory because all Members’ 

Customer orders in SPY routed to PHLX 

will automatically yield fee code RQ 

and uniformly be assessed the 

corresponding fee. 

The Exchange believes that it is 

reasonable and equitable to remove fee 

codes associated with orders in XSP 

options, as well as references in the Fee 

Schedule to such orders, because the 

Exchange no longer lists XSP options for 

trading. Therefore, the proposed rule 

change is reasonably designed to update 

the Fee Schedule to accurately reflect 

the Exchange’s current product 

offerings. The Exchange believes that 

the proposed rule change is equitable 

and not unfairly discriminatory because 

all Members are equally unable to 

submit orders in the delisted product, 

and the removal of references to orders 

in XSP options merely updates the Fee 

Schedule to reflect this. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the proposed 

rule change will impose any burden on 

intramarket competition because all 

Members Directed ISO order will 

automatically and uniformly be assessed 

the current fees already in place for 

routed orders, as applicable (i.e., fee 

codes RN, RO, RP, RQ and RR).18

Likewise, all Members’ Customer orders 

in SPY routed to PHLX will 

automatically yield fee code RQ and 

uniformly be assessed the 

corresponding fee. The Exchange 

believes that the proposed rule change 

to remove fee codes associated with and 

references to orders in XSP options 

merely updates the Fee Schedule to 

reflect that the product have been 

delisted. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Exchange notes that other options 

exchange approximate routing costs in a 

similar manner as the Exchange’s 

current approach.19 Also, as previously 

discussed, the Exchange operates in a 

highly competitive market. Members 

have numerous alternative venues that 

they may participate on and director 

their order flow, including 15 other 

options exchanges and off-exchange 

venues. Additionally, the Exchange 

represents a small percentage of the 

overall market. Based on publicly 

available information, no single options 

exchange has more than 16% of the 

market share.20 Therefore, no exchange 

possesses significant pricing power in 

the execution of option order flow. 

Indeed, participants can readily choose 

to send their orders to other exchange 

and off-exchange venues if they deem 

fee levels at those other venues to be 

more favorable. Moreover, 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 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES
85712 Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 

21See Securities Exchange Act Release No. 51808 

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

22NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

23 15 U.S.C. 78s(b)(3)(A). 

24 17 CFR 240.19b–4(f). 25 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. 

investors and listed companies.’’ 21 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers.’. . .’’22 Accordingly, the 

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 23 and paragraph (f) of Rule 

19b–4 24 thereunder, because it 

establishes a due, fee, or other charge 

imposed by the Exchange. 

At any time within 60 days of the 

filing of the 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 will institute proceedings 

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– 

CboeEDGX–2020–062 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–CboeEDGX–2020–062. 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

CboeEDGX–2020–062 and should be 

submitted on or before January 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28670 Filed 12–28–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90744; File No. SR–NYSE– 

2020–102] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List 

December 21, 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 

15, 2020, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Price List to extend the waiver of 

equipment and related service charges 

and trading license fees for NYSE 

Trading Floor-based member 

organizations. The Exchange proposes 

to implement the fee changes effective 

January 1, 2021. 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