86632 Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 

21See supra note 15. 22See supra notes 12 and 13. The Exchange states 

that Prometric has also had to close some reopened 

test centers due to incidents of COVID–19 cases. 23See supra note 14. FINRA is considering 

making additional qualification examinations 

available remotely on a limited basis. 24The Exchange states that ETP Holders remain 

subject to the continued requirement to supervise 

the activities of these designated individuals and 

ensure compliance with federal securities laws and 

regulations, as well as NYSE National rules. 

25See supra note 4. 

26As noted above by NYSE National, this 

proposal is an extension of temporary relief 

provided in a prior filing where NYSE National also 

requested and the Commission granted a waiver of 

the 30-day operative delay. See supra note 10, 85 

FR at 65118. 

27For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

28 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

outbreak on ETP Holders’ operations by 

allowing them to keep principal 

positions filled and minimizing 

disruptions to client services and other 

critical responsibilities. The Exchange 

further stated that the ongoing 

extenuating circumstances of the 

COVID–19 pandemic make it 

impractical to ensure that individuals 

designated to act in these capacities are 

able to take and pass the appropriate 

qualification examination during the 

120-calendar day period required under 

the rules. The Exchange also explained 

that shelter-in-place orders, 

quarantining, restrictions on business 

and social activity and adherence to 

social distancing guidelines consistent 

with the recommendations of public 

officials remain in place in various 

states.21 In addition, the Exchange 

observed that, following a nationwide 

closure of all test centers earlier in the 

year, some test centers have re-opened, 

but are operating at limited capacity or 

are only delivering certain examinations 

that have been deemed essential by the 

local government.22 Although, as the 

Exchange noted, FINRA has launched 

an online test delivery service to help 

address this backlog, the General 

Securities Principal (Series 24) 

Examination is not available online.23

Nevertheless, the Exchange explained 

that the proposed rule change will 

provide needed flexibility to ensure that 

these positions remain filled and is 

tailored to address the constraints on 

ETP Holders’ operations during the 

COVID–19 pandemic without 

significantly compromising critical 

investor protection.24

The Commission observes that the 

Exchange’s proposal, like the FINRA 

Filing, provides only an extension to 

temporary relief from the requirement to 

pass certain qualification examinations 

within the 120-day period in the rules. 

As proposed, this relief would extend 

the 120-day period that certain 

individuals can function as principals 

through April 30, 2021. If a further 

extension of temporary relief from the 

rule requirements identified in this 

proposal beyond April 30, 2021 is 

required, the Exchange noted that it may 

submit a separate rule filing to extend 

the effectiveness of the temporary relief 

under these rules.25 For these reasons, 

the Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest.26 Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.27

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 shall institute proceedings 

to determine whether the proposed rule 

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– 

NYSENAT–2020–38 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–2020–38. 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 such 

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–2020–38 and 

should be submitted on or before 

January 20, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2020–28801 Filed 12–29–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90772; File No. SR– 

NASDAQ–2020–088] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Withdraw 

the Exchange’s QView Product From 

Sale 

December 22, 2020. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

14, 2020, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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. 

Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 86633 

3See Securities Exchange Act Release No. 65851 

(November 30, 2011), 76 FR 75924 (December 5, 

2011) (SR–Nasdaq–2011–157) (introducing the 

QView product); see also Securities Exchange Act 

Release No. 66636 (March 21, 2012), 77 FR 18280 

(March 27, 2012) (SR–NASDAQ–2012–035) 

(introducing QView fees). For additional technical 

details on QView as well as screen shots, see QView 

Order and Execution Management & Latency 

Optics, available at http://www.nasdaqtrader.com/ 

Trader.aspx?id=QView. 

4See Equity 7, Section 115(f). 

5The user of TradeInfo will be able to calculate 

these latencies for itself, as the underlying 

transaction information is timestamped. 

6See Securities Exchange Act Release No. 65851 

(November 30, 2011), 76 FR 75924 (December 5, 

2011) (SR–Nasdaq–2011–157) (introducing the 

QView product); see also Securities Exchange Act 

Release No. 66636 (March 21, 2012), 77 FR 18280 

(March 27, 2012) (SR–NASDAQ–2012–035) 

(introducing QView fees); Securities Exchange Act 

Release No. 68617 (January 10, 2013), 78 FR 3480 

(January 16, 2013) (SR–Nasdaq–2013–005) 

(introducing the Latency Optics add-on). 

7Staff Guidance on SRO Filings Related to Fees 

states that the Purpose section should include ‘‘the 

projected number of purchasers (including 

members, as well as non-members) of any new or 

modified product or service and the expected 

number of purchasers likely to be subject to a new 

fee or pricing tier, including members and nonmembers. . . .’’ See Division of Trading and 

Markets, U.S. Securities and Exchange Commission, 

‘‘Staff Guidance on SRO Filings Related to Fees’’ 

(May 21, 2019) (‘‘Staff Guidance’’), available at 

https://www.sec.gov/tm/staff-guidance-sro-rulefilings-fees. It also states that ‘‘[w]hen a Fee Filing 

changes an existing fee, the purpose section also 

should compare the projected number of purchasers 

likely to be subject to the proposed fee following 

the proposed fee change and the expected cost of 

the proposed fee for different types of firms. . . .’’ 

As indicated, there are 10 firms that currently 

purchase QView, of which two firms purchase the 

Latency Optics add-on service, and no new firms 

are projected to purchase this product, even if it 

were not withdrawn. 

8See Nasdaq Data News No. 2020–9 (October 14, 

2020), available at https://www.nasdaqtrader.com/ 

TraderNews.aspx?id=dn2020-9. 

9See supra note 5. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to withdraw 

the Exchange’s QView product from 

sale. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

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 purpose of the proposed rule 

change is to withdraw QView from sale 

due to low customer demand. 

QView 

QView is a web-based user interface 

that displays execution and open order 

information in a user-friendly format.3 It 

is a type of dashboard that displays 

information regarding the number of 

executions and their dollar value, 

executions by symbol, total volume, 

whether an order has been added or 

removed, whether the order is for a buy 

or a sell, whether an order is open, and 

information related to routing strategies. 

Information can be tracked in real-time 

and through historical order and 

execution summaries, and is available 

on a daily or a monthly basis. 

As a dashboard, QView presents 

information in a convenient and easy-toread format, and provides analytic tools 

to help the user understand that 

information. It is not, however, the only 

source for the underlying data, which is 

provided by TradeInfo.4 TradeInfo is 

also a web-based tool, and presents the 

member with detailed data on the status 

of orders, executions, cancels and 

breaks, generates reports for download, 

and allows the member to cancel or 

correct open orders. QView and 

TradeInfo are designed to work together. 

QView provides summary information, 

and TradeInfo provides the underlying 

data that supports that summary 

information. TradeInfo is 

complementary as part of the Nasdaq 

workstation, or may be purchased 

separately for a fee of $95 per user per 

month. 

QView is offered with the Latency 

Optics add-on service, which compares 

three types of latency to Nasdaq 

averages: (i) The roundtrip time between 

order entry and receipt of 

acknowledgement; (ii) roundtrip time 

between order entry and the time that 

the order appears on the TotalView 

ITCH multicast feed; and (iii) the 

roundtrip time between the entry of an 

order cancellation request and the time 

that the message in reply is received by 

the client device.5 Data is displayed 

graphically and in table format, and may 

be segregated by MPID or ports. 

Proposed Withdrawal 

Nasdaq proposes to withdraw QView 

because of low customer demand. 

QView was introduced in December 

2011,6 and, owing to the age of the 

product, the seventeen servers required 

to support QView will reach the end of 

their useful life at the end of this year. 

In light of low customer demand—only 

10 firms currently purchase QView, of 

which only two purchase the Latency 

Optics add-on service, and further sales 

do not appear to be forthcoming 7—the 

additional investment required to 

replace these servers is not 

economically viable. 

Nasdaq does not expect the 

withdrawal of QView to significantly 

impact any of its current customers. As 

noted, QView (including Latency 

Optics) is a dashboard that summarizes 

information in a convenient, userfriendly format, but the underlying data 

supporting the QView display will 

remain available on TradeInfo. Nasdaq 

has discussed its proposed withdrawal 

with each of the 10 current purchasers, 

and none indicated that it was essential 

for their business. Indeed, all 10 

purchasers indicated that their actual 

usage was low, and did not expect to 

continue using the product. Nasdaq 

publicly announced its intent to 

withdraw QView as of December 31, 

2020, in a Data News publication issued 

on October 14, 2020,8 and received no 

feedback concerning additional demand 

for the product. There will be no 

interruption in the ability of current 

customers to see the status of orders, 

executions, cancels and breaks, generate 

reports for download, or cancel or 

correct open orders, as all of the data 

presented in QView will remain 

available through TradeInfo. The 

‘‘dashboard’’ functions of QView that 

provide a user-friendly interface and 

summary statistics can be replaced by 

the member with any number of similar, 

commercially available dashboards or 

other products that summarize data. 

QView was designed to provide 

summary statistics on trade executions 

to broker-dealers in a convenient, userfriendly format. All of the data needed 

to generate that summary information, 

including the Latency Optics add-on 

service,9 will remain available to 

Nasdaq customers via TradeInfo, which 

allows users to generate reports and 

download the data using Microsoft 

Excel. Once the user has the data on 

Excel, the user would be able to use 

commercially available programs or 

proprietary software to generate the 

charts, graphs and summary statistics 

previously generated by QView. All of 

86634 Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 

10One of the two current purchasers of the 

Latency Optics add-on service indicated that it 

intends to obtain similar information through 

Trading Insights. Nasdaq Trading Insights is an 

optional market data service that employs advanced 

analytics and machine learning to analyze order 

activity. It is comprised of three active market data 

components: (a) Missed Opportunity—Liquidity; (b) 

Missed Opportunity—Latency; and (c) Peer 

Benchmarking. The Missed Opportunity—Liquidity 

component identifies when an order from a market 

participant could have been increased in size, 

resulting in the execution of additional shares. This 

component is designed to provide information to a 

market participant interested in gaining insight into 

hidden pockets of liquidity. The Missed 

Opportunity—Latency component identifies the 

amount of time by which an otherwise marketable 

order missed execution. This component is 

designed to provide information to market 

participants interested in optimizing their models 

and trading patterns. The Peer Benchmarking 

component ranks the quality of a market 

participant’s trading performance against its peers, 

allowing market participants to view their relative 

trading performance by port, with each port ranked 

independently by each metric against the ports of 

peer firms trading on the Exchange. See Equity 7, 

Section 146; Securities Exchange Act Release No. 

80856 (June 5, 2017), 82 FR 26820 (June 9, 2017) 

(SR–NASDAQ–2017–051). Trading Insights can be 

used by the customer to place the latency 

information that it calculates using TradeInfo in 

context by comparing its performance against 

others. 

11Staff Guidance also states that the Purpose 

section should identify ‘‘how the fee may apply 

differently (e.g., additional cost vs. additional 

discount) to different types of market participants 

(e.g., market makers, institutional brokers, retail 

brokers, vendors, etc.) and different sizes of market 

participants (e.g., large, medium or small 

entity. . . .’’ 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6)(iii). 

the 10 current QView customers already 

have access to TradeInfo.10

Withdrawal of QView will not have a 

different impact on different types of 

market participants.11 All of the basic 

data needed for current customers to 

replicate the product and manage 

trading activity and monitor latency is 

available through TradeInfo and Trading 

Insights. Current customers were 

unconcerned with withdrawal, and 

indicated that they did not intend to 

continue using the product. Brokerdealers that do not currently purchase 

QView will not be affected by its 

absence. No other market participants 

will be affected, as the product was 

designed exclusively for broker-dealers 

that manage order flow. 

Thus, Nasdaq proposes to withdraw 

QView based on lack of demand, and 

does not expect the withdrawal to 

negatively impact current customers, 

based on their feedback. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,12 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,13

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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 is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

QView was designed to facilitate the 

work of broker-dealers executing orders 

on the Exchange, and its usefulness 

depended on its effectiveness in helping 

the broker-dealer manage order flow. 

Nasdaq proposes to withdraw QView 

because low customer demand has 

rendered the product no longer 

economically viable. Withdrawing a 

product that has been determined to not 

be economically viable in a competitive 

marketplace promotes just and equitable 

principles of trade, removes 

impediments to and perfects the 

mechanism of a free and open market 

and a national market system, and, in 

general, protects investors and the 

public interest. 

The Proposal is not designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

Broker-dealers that currently utilize the 

product did not express concern that the 

withdrawal will negatively impact their 

business, and did not expect to continue 

using the product. These customers will 

still have access to the underlying 

information, and will remain able to 

summarize that information through 

their own dashboards or other similar 

products. Broker-dealers that do not 

currently utilize the product will not be 

affected. The Proposal therefore does 

not permit unfair discrimination. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intermarket Competition 

The withdrawal of QView will have 

no impact on intermarket competition 

(the competition among SROs). Indeed, 

the Proposal may generate competitive 

responses from other exchanges by, for 

example, introducing their own versions 

of QView, although, as is evident from 

Nasdaq’s experience, this type of 

product does not appear to be subject to 

high customer demand. 

Intramarket Competition 

The Proposal will not cause any 

unnecessary or inappropriate burden on 

intramarket competition (competition 

among exchange customers). As 

explained in our discussion of unfair 

discrimination above, broker-dealers 

that currently utilize the product did 

not indicate that they would be 

adversely impacted in any way. Such 

broker-dealers would still have access to 

the underlying information, and would 

remain able to summarize that 

information through their own 

dashboards or other similar products. 

Broker-dealers that do not currently 

utilize the product would not be 

affected in any way. The Proposal 

therefore will not cause any 

unnecessary or inappropriate burden on 

intramarket competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 14 and Rule 19b– 

4(f)(6) thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative for 30 days after the 

date of the filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),17 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay. 

According to the Exchange, current 

QView customers and other market 

participants have already been notified 

of the end-of-year withdrawal; each 

customer that currently purchases 

QView has been individually notified, 

and other market participants have been 

notified through a Nasdaq Data News 

item published on October 14, 2020. 

Because QView and Latency Optics are 

Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 86635 

18For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release Nos. 65249 

(September 2, 2011), 76 FR 55956 (September 9, 

2011) (SR–NYSEArca–2011–63) (Notice of Filing of 

Proposed Rule Change To List and Trade Shares of 

the United States Metals Index Fund, the United 

States Agriculture Index Fund and the United 

States Copper Index Fund Under NYSE Arca 

Equities Rule 8.200) (‘‘Prior Notice’’); 65601 

(October 20, 2011), 76 FR 66339 (October 26, 2011) 

(SR–NYSEArca–2011–63) (Order Approving a 

Proposed Rule Change To List and Trade Shares of 

the United States Metals Index Fund, the United 

States Agriculture Index Fund and the United 

States Copper Index Fund Under NYSE Arca 

Equities Rule 8.200) (‘‘Prior Order’’ and, together 

with the Prior Notice, the ‘‘Prior Releases’’). 

4On December 1, 2020 the Trust filed with the 

Commission an amended registration statement on 

Form S–1 under the Securities Act of 1933 relating 

Continued 

both charged as monthly fees, waiver of 

the operative delay would allow the 

Exchange to withdraw these products at 

the end of the calendar month on 

December 31, 2020, which would 

provide for a more orderly withdrawal 

for both the Exchange and current 

customers. For these reasons, the 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission waives the 30-day 

operative delay and designates the 

proposal operative upon filing.18

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 shall 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– 

NASDAQ–2020–088 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–NASDAQ–2020–088. 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–NASDAQ–2020–088 and 

should be submitted on or before 

January 20, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2020–28802 Filed 12–29–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90791; File No. SR– 

NYSEArca–2020–113] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Reflect a Change to 

the Index Underlying the United States 

Copper Index 

December 23, 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 

18, 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 and II 

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 

The Exchange proposes to reflect a 

change to the index underlying the 

United States Copper Index Fund, 

shares of which are currently listed and 

traded on the Exchange under NYSE 

Arca Rule 8.200–E. 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 Commission has approved a 

proposed rule change relating to listing 

and trading on the Exchange of ‘‘Units’’ 

of the United States Copper Index Fund 

for listing and trading on the Exchange 

under NYSE Arca Rule 8.200–E (‘‘Trust 

Issued Receipts’’).3 The Exchange 

proposes to reflect a change to the 

SummerHaven Copper Index Total 

Return (the ‘‘Index’’), which is the index 

underlying the Units.4