158 Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release Nos. 90421 

(Nov. 13, 2020), 85 FR 73826 (Nov. 19, 2020) (SR– 

CboeBYX–2020–032); 90420 (Nov. 13, 2020), 85 FR 

73832 (Nov. 19, 2020) (SR–CboeBZX–2020–083); 

90419 (Nov. 13, 2020), 85 FR 73829 (Nov. 19, 2020) 

(SR–CboeEDGA–2020–029); 90422 (Nov. 13, 2020), 

85 FR 73816 (Nov. 19, 2020) (SR–CboeEDGX–2020– 

055). The proposed rule changes are nearly 

identical. 

4See CboeBYX Rule 1.5(ee); CboeBZX Rule 

1.5(ee); CboeEDGA Rule 1.5(ii); CboeEDGX Rule 

1.5(ii). 

5See CboeBYX Rule 1.5(r); CboeBZX Rule 1.5(r); 

CboeEDGA Rule 1.5(s); CboeEDGX Rule 1.5(s). 

6See CboeBYX Rule 1.5(c); CboeBZX Rule 1.5(c); 

CboeEDGA Rule 1.5(r); CboeEDGX Rule 1.5(r). 

7 If NYSE lifts the halt, suspension, or pause in 

one of its listed securities during regular trading 

hours, existing rules of the Exchanges—which the 

Exchanges are not proposing to change—would 

apply. See CboeBYX Rule 11.23(e)(1); CboeBZX 

Rule 11.24(e)(1); CboeEDGA Rule 11.7(e)(1); 

CboeEDGX Rule 11.7(e)(1). 

8See CboeBYX Rule 11.23(e)(2); CboeBZX Rule 

11.24(e)(2); CboeEDGA Rule 11.7(e)(2); CboeEDGX 

Rule 11.7(e)(2). 

9See Email from Adrian Griffiths, Assistant 

General Counsel, Cboe Global Markets, to Michael 

Gaw, Kathleen Gross, and Marlene Olsen, Division 

of Trading and Markets, Commission (Dec. 14, 

2020). 

10See CboeBYX Rule 11.23(e)(2); CboeBZX Rule 

11.24(e)(2); CboeEDGA Rule 11.7(e)(2); CboeEDGX 

Rule 11.7(e)(2) (providing that, where neither of the 

conditions required for re-opening has occurred, the 

security may be opened for trading at the discretion 

of the Exchange). 

11 In approving these proposed rule changes, the 

Commission has considered the proposed rules’ 

impact on efficiency, competition, and capital 

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

12 15 U.S.C. 78f(b)(5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90804; File Nos. SR– 

CboeBYX–2020–032, SR–CboeBZX–2020– 

083, SRCboeEDGA–2020–029, SR– 

CboeEDGX–2020–055] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Cboe BZX 

Exchange, Inc.; Cboe EDGA Exchange, 

Inc.; Cboe EDGX Exchange, Inc.; Order 

Granting Approval of Proposed Rule 

Changes To Revise Each Exchange’s 

Process for Re-Opening Trading of 

NYSE-Listed Securities Outside of 

Regular Trading Hours 

December 28, 2020. 

I. Introduction 

On November 5, 2020, Cboe BYX 

Exchange, Inc. (‘‘CboeBYX’’), Cboe BZX 

Exchange, Inc. (‘‘CboeBZX’’), Cboe 

EDGA Exchange, Inc. (‘‘CboeEDGA’’) 

and Cboe EDGX Exchange, Inc. 

(‘‘CboeEDGX,’’ and collectively, the 

‘‘Exchanges’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 proposed rule changes to 

revise each Exchange’s process for reopening trading of a security listed on 

the New York Stock Exchange LLC 

(‘‘NYSE’’) outside of regular trading 

hours. The proposed rule changes were 

published for comment in the Federal 

Register on November 19, 2020.3 The 

Commission received no comments on 

the proposed rule changes. This order 

approves the proposed rule changes. 

II. Description of the Proposed Rule 

Changes 

Outside of regular trading hours, the 

Exchanges’ operate extra-hours sessions 

from 7:00 a.m. to 8:00 a.m. Eastern Time 

(‘‘ET’’),4 8:00 a.m. to 9:30 a.m. ET,5 and 

from 4:00 p.m. to 8:00 p.m. ET.6 The 

Exchanges have proposed to change the 

manner by which they re-open trading 

of an NYSE-listed security on their 

respective markets if NYSE lifts the halt, 

suspension, or pause in that security 

during an extra-hours session.7 Under 

the Exchanges’ current rules and 

procedures, the only way to re-open 

trading in an extra-hours session of an 

NYSE-listed security that has been 

halted, suspended, or paused by NYSE 

is for Exchange staff to manually reopen the market for that security.8 The 

Exchanges have represented that, under 

their current procedures, Exchange staff 

would have the authority to re-open 

their markets for trading an NYSE-listed 

security during an extra-hours session if 

two conditions are met: (1) NYSE lifts 

the halt, suspension, or pause in that 

security; and (2) one or more other 

exchanges resumes quoting the 

security.9 Furthermore, under current 

procedures, Exchange staff would 

ascertain whether these two conditions 

had been met and, if so, re-open the 

market manually. The Exchanges 

believe that this manual process is 

inefficient, and state that members have 

requested that the Exchanges replace 

this process with a more efficient 

automated process. 

The Exchanges have proposed to 

reconfigure their systems such that, 

when NYSE has halted, suspended, or 

paused trading in one of its listed 

securities and subsequently lifts the 

halt, suspension, or pause during an 

extra-hours session, the Exchanges 

would re-open their respective markets 

in that security automatically when 

those two conditions are present, 

thereby eliminating the need for manual 

intervention. The Exchanges are not 

proposing any changes to the conditions 

for re-opening their markets, only the 

mechanism for doing so. The new 

automated procedures would 

automatically resume trading after one 

second has passed following the 

Exchanges’ receipt of the first NBBO 

following the resumption of trading 

after the halt, suspension, or pause. This 

change would allow each Exchange to 

avoid the need for its staff to monitor for 

resumption messages, and would allow 

members’ orders to be automatically 

reflected in the market, while 

continuing to ensure that the Exchanges’ 

re-opening is tied to the existence of a 

market in the security on one or more 

national securities exchanges. 

If there is no available NBBO in the 

security, the proposed automated 

procedures would not resume trading 

on the Exchanges. However, each 

Exchange would retain the ability to 

manually resume trading at its 

discretion pursuant to an existing rule.10

Each Exchange also has proposed to 

amend the existing rule to specifically 

provide that that discretion exists only 

when a security has not otherwise been 

re-opened for trading on the Exchange 

pursuant to the new automated 

procedures. The Exchanges believe that 

modifying the rules in this manner 

would increase transparency by 

specifically identifying the times when 

this discretion is not relevant due to the 

fact that the Exchange has successfully 

re-opened the security using its 

automated procedures. The Exchanges 

have represented that these additional 

changes would not substantively modify 

the scope of the discretion provided 

under the existing rules. 

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule changes are 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.11 In particular, the 

Commission finds that the proposed 

rule changes are consistent with Section 

6(b)(5) of the Act,12 which requires, 

among other things, that the rules of a 

national securities 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 

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. 

As noted above, the Exchanges have 

proposed to reconfigure their systems 

such that, when NYSE has halted, 

suspended, or paused trading in one of 

its listed securities and subsequently 

Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices 159 

13 15 U.S.C. 78s(b)(2). 

14 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. 

4See note 5, infra. 

5See Securities Exchange Act Release No. 90216 

(October 16, 2020), 85 FR 67401 (October 22, 2020) 

(SR–NYSEArca–2020–59) (Notice of Filing of 

Amendment No. 3 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 3, To Amend NYSE Arca Rule 

8.201–E (Commodity-Based Trust Shares) and To 

Permit the Listing and Trading of Shares of the 

Wilshire wShares Enhanced Gold Trust Under 

Amended NYSE Arca Rule 8.201–E) (‘‘Prior 

Order’’). 

6On November 18, 2020 the Trust filed with the 

Commission an amended registration statement on 

Form S–1 under the Securities Act of 1933 relating 

to the Trust (File No. 333–235913) (‘‘Registration 

Statement’’). The description of the operation of the 

Trust herein is based, in part, on the Prior Order. 

The procedures described in this proposed rule 

change will not be implemented until this proposed 

rule change is effective and operative. 

7As stated in the Prior Order, the LBMA Gold 

Price PM is the price of Physical Gold obtained 

from auctions conducted in the afternoon (London 

time) by ICE Benchmark Administration (‘‘IBA’’), a 

benchmark administrator appointed by the LBMA. 

lifts the halt, suspension, or pause 

during an extra-hours session, the 

Exchanges would re-open their markets 

in that security automatically when the 

two aforementioned conditions are met, 

thereby eliminating the need for manual 

intervention. The Exchanges have 

narrowly tailored this new automated 

process to be invoked only when both 

conditions are met. The Exchanges have 

stated that, currently, Exchange 

personnel would confirm that the 

security is no longer halted and identify 

that there are quotes in the security 

available on other exchanges, and that 

the Exchanges believe that an automated 

process would be more consistent and 

reliable. By setting forth a clear, rulesbased approach to re-opening trading in 

a narrow set of circumstances, the 

proposals are reasonably designed to 

increase the consistency and efficiency 

of the re-opening process in these 

circumstances. Therefore, the 

Commission finds that the proposals are 

consistent with the Act. As noted above, 

the Commission received no comments 

opposing the proposed rule changes. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule changes (SR–CboeBYX– 

2020–032, SR–CboeBZX–2020–083, SR– 

CboeEDGA–2020–029, and SR– 

CboeEDGX–2020–055) be, and hereby 

are, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29021 Filed 12–31–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90807; File No. SR– 

NYSEArca–2020–114] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Reflect a Change in 

the Time of Calculation and 

Publication of the Wilshire Gold Index 

Applicable to Shares of the Wilshire 

wShares Enhanced Gold Trust 

December 28, 2020. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

21, 2020, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ 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 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 reflect a 

change in the time of calculation and 

publication of the Wilshire Gold Index 

applicable to shares of the Wilshire 

wShares Enhanced Gold Trust 

(‘‘Trust’’). Shares of the Trust have been 

approved by the Commission for listing 

and trading on the Exchange under 

NYSE Arca Rule 8.201–E.4 The Trust’s 

shares have not commenced trading on 

the Exchange. 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 shares 

(‘‘Shares’’) of the Wilshire wShares 

Enhanced Gold Trust (‘‘Trust’’) for 

listing and trading on the Exchange 

under NYSE Arca Rule 8.201–E 

(‘‘Commodity-Based Trust Shares’’).5

The Exchange proposes to reflect a 

change in the time of calculation and 

publication of the Wilshire Gold Index 

(‘‘Index’’) applicable to Shares of the 

Trust. The Trust’s Shares have not 

commenced trading on the Exchange.6

According to the Registration 

Statement and the Prior Order, the 

investment objective of the Trust is for 

the Shares to closely reflect the Index, 

which will be published by Solactive 

AG (the Index Calculation Agent), less 

the Trust’s liabilities and expenses. The 

Trust will have no assets other than (a) 

physical gold bullion (‘‘Physical Gold’’) 

in proportions that seek to closely 

replicate the Index and (b) cash. 

The Prior Order stated that the Index 

value using the London Bullion Market 

Association (‘‘LBMA’’) Gold Price PM 7

will be calculated and published daily 

each business day at approximately 5:00 

p.m. (Eastern time (‘‘E.T.’’)) on the 

Trust’s website. The Exchange proposes 

to change this representation to state 

that the Index value using the LBMA 

Gold Price PM will be calculated and 

published daily each business day by 

approximately 7:00 p.m. E.T. on the 

Trust’s website. The revised time is 

being proposed as a result of certain 

contractual licensing restrictions which 

prevents the publication of the Index 

value prior to 7:00 p.m. E.T. 

The Exchange believes that modifying 

the representation regarding when the 

Index value using the LBMA Gold Price 

PM is published to reflect that such 

Index value would be published each 

business day by approximately 7:00 

p.m. E.T. would have no impact on the 

Trust’s shareholders. During the 

proposed two hour extension from 

approximately 5:00 p.m. E.T. to 

approximately 7:00 p.m. E.T., the value 

of the Trust’s holdings and net asset 

value (‘‘NAV’’) will be available, which 

will provide investors and authorized 

participants (‘‘APs’’) with a basis to 

determine whether Shares during the