Federal Register / Vol. 85, No. 248 / Monday, December 28, 2020 / Notices 84443 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See infra note 8 for the definition of ‘‘User.’’ 

4See Securities Exchange Act Release Nos. 89879 

(September 15, 2020), 85 FR 59361 (SR–NYSE– 

2020–73); 89880 (September 15, 2020), 85 FR 59365 

(SR–NYSEAMER–2020–66) (each, a ‘‘Notice’’). 

5See Securities Exchange Act Release Nos. 89884 

(September 16, 2020), 85 FR 59576 (SR–NYSENAT– 

2020–28); 89883 (September 16, 2020), 85 FR 59568 

(SR–NYSEArca-2020–82); 89886 (September 16, 

2020) 85 FR 59582 (SR–NYSECHX–2020–26) (each, 

a ‘‘Notice’’). For ease of reference, page citations to 

the Notices refer to the Notice for SR–NYSE–2020– 

73, supra note 4, as published in the Federal 

Register. 

6See Securities Exchange Act Release Nos. 90330 

(November 3, 2020), 85 FR 71364 (November 9, 

2020) (SR–NYSE–2020–73) and 90327 (November 3, 

2020), 5 FR 71373 (November 9, 2020) (SR– 

NYSEAMER–2020–66), in which the Commission 

designated December 20, 2020 as the date by which 

it should approve, disapprove, or institute 

proceedings to determine whether to disapprove 

these proposed rule changes; and Securities 

Exchange Act Release Nos. 90329 (November 3, 

2020) 85 FR 71381 (November 9, 2020) (SR– 

NYSENAT–2020–28); 90326 (November 3, 2020) 85 

FR 71365 (November 9, 2020) (SR–NYSEArca– 

2020–82); 90328 (November 3, 2020) 85 FR 71373 

(November 9, 2020) 85 FR 71384 (November 9, 

2020) (SR–NYSECHX–2020–26), in which the 

Commission designated December 21, 2020 as the 

date by which it should approve, disapprove, or 

institute proceedings to determine whether to 

disapprove these proposed rule changes. 

7Amendment No. 1 revises the proposals by: (i) 

Adding representations that the Exchanges are not 

presently in a situation where they cannot satisfy 

all User demand for cabinets; do not anticipate 

being so in the foreseeable future; and are currently 

working to expand the number of cabinets available 

in co-location; (ii) stating that the Cabinet 

Threshold level of 40 cabinets (chosen as a 

threshold not easily triggered) is offered as a 

reasonable buffer during which the Purchasing 

Limits would apply before the Cabinet Waitlist 

would become effective; (iii) clarifying that the 

determination of the whether the Cabinet Threshold 

is reached is not dependent on whether cabinets are 

configured to be subdivided into partial cabinets; 

(iv) specifying that if the Purchasing Limit of a 

maximum of four new dedicated cabinets applies, 

the maximum may be comprised of a mix of 

dedicated and partial cabinets, with two partial 

cabinets counting as one dedicated cabinet; (v) 

clarifying that if a User requests, in writing, a 

number of cabinets that, if provided, would cause 

the available cabinet inventory to be below 40 

cabinets, the Purchasing Limits would only apply 

to the portion of the User’s order below the Cabinet 

Threshold; and (vi) deleting the initially proposed 

8 kW power limit for new dedicated cabinets when 

the cabinet Purchasing Limits are in effect. 

Amendment No 1 for each filing is available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-nyse-2020-73/srnyse202073-8154095- 

226755.pdf; https://www.sec.gov/comments/srnyseamer-2020-66/srnyseamer202066-8154097- 

226756.pdf; https://www.sec.gov/comments/srnysenat-2020-28/srnysenat202028-8154096- 

226737.pdf; https://www.sec.gov/comments/srnysearca-2020-82/srnysearca202082-8154094- 

226736.pdf; https://www.sec.gov/comments/srnysechx-2020-26/srnysechx202026-8154093- 

226754.pdf. 

8For purposes of the Exchanges’ co-location 

services, a ‘‘User’’ means any market participant 

that requests to receive co-location services directly 

from the Exchange. See Securities Exchange Act 

Release No. 76008 (September 29, 2015), 80 FR 

60190 (October 5, 2015) (SR–NYSE–2015–40). A 

User that incurs co-location fees for a particular colocation service pursuant to any one Exchange’s colocation price list is not subject to co-location fees 

for the same co-location service charged by an 

affiliated SRO. See Notice, supra note 4 at n. 5. 

9See Notice, supra note 4 at 59362. See also, e.g., 

NYSE Price List, available at: https://

www.nyse.com/publicdocs/nyse/markets/nyse/ 

NYSE_Price_List.pdf. 

10See Notice, supra note 5 at 59362. 

11Partial cabinets are available in 8-rack units of 

space with power with options to purchase 1 kW 

(for $1,500 per month) or 2kW (for $2,700 per 

month) of power. A dedicated cabinet includes 

enough space for approximately four separate eightrack units and includes the following options to 

purchase power: 4–8 kW (for $1,200 per month), 9– 

20 kW (for $1,050 per month), 21–40 kW (for $950 

per month), and 41 or more kW (for $900 per 

month). See Securities Exchange Act Release Nos. 

70978 (December 4, 2013), 78 FR 77739, 77740 

(December 24, 2013) (SR–NYSE–2013–81); 71131 

(December 18, 2013), 78 FR 77750 (December 24, 

2013) (SR–NYSEMKT–2013–103); 71130 (December 

18, 2013), 78 FR 77765 (December 24, 2013) (SR– 

NYSEArca–2013–143); 83351 (May 31, 2018), 83 FR 

26314 (June 6, 2018) (SR–NYSENAT–2018– 

07);87408 (October 28, 2019), 84 FR 58778 

(November 1, 2019) (SR–NYSECHX–2019–12) 

(adding partial cabinets and related pricing). See 

Securities Exchange Act Release Nos. 62732 

(August 16, 2010), 75 FR 51512, 51513 (August 20, 

Continued 

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–2020–86, and 

should be submitted on or before 

January 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28510 Filed 12–23–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90732; File Nos. SR–NYSE– 

2020–73, SR–NYSEAMER–2020–66, SR– 

NYSENAT–2020–28, SR–NYSEArca–2020– 

82, SR–NYSECHX–2020–26] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; NYSE 

American LLC; NYSE National, Inc.; 

NYSE Arca, Inc.; NYSE Chicago, Inc.; 

Notice of Filings of Amendment No. 1 

and Order Granting Approval of 

Proposed Rule Changes, Each as 

Modified by Amendment No. 1, 

Amending the Exchanges’ Co-Location 

Services To Establish Procedures for 

the Allocation of Cabinets to CoLocated Users if Cabinet Inventory 

Falls Below Certain Thresholds 

December 18, 2020. 

I. Introduction 

On September 2, 2020, New York 

Stock Exchange LLC, NYSE American, 

LLC, NYSE National, Inc., NYSE Arca, 

Inc., and NYSE Chicago, Inc. (the 

‘‘Exchanges’’) each 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 a proposed rule change to 

establish procedures for the allocation 

of cabinets to co-located Users if the 

Exchange cannot satisfy all User 

demand for cabinets.3 Each proposed 

rule change was published for comment 

in the Federal Register on September 

21, 2020 4 or September 22, 2020.5 On 

November 3, 2020, the Commission 

extended the time period within which 

to approve, disapprove, or institute 

proceedings to determine whether to 

approve or disapprove the proposed 

rule changes.6 The Commission 

received no comments on the proposed 

rule changes. On December 16, 2020, 

each Exchange filed Amendment No. 1 

to its proposed rule change.7

Amendment No. 1 replaces and 

supersedes each of the original filings in 

their entirety. This order provides 

notice of the filings of Amendment No. 

1 to each of the proposed rule changes, 

and grants approval of the proposed rule 

changes, each as modified by 

Amendment No. 1, on an accelerated 

basis. 

II. Description of the Proposed Rule 

Changes, as Modified by Amendment 

No. 1. 

As more fully set forth in the Notices 

and their co-location fee schedules, the 

Exchanges offer co-location customers 

(‘‘Users’’) 8 options for purchasing 

cabinet space to house their servers and 

other equipment in co-location.9

Cabinets are offered as dedicated 

cabinets or partial cabinets, and 

currently made available on a firstcome, first-serve basis.10 Users are 

assessed an initial fee depending on 

type of cabinet purchased, and a 

monthly fee based on the power, in 

kilowatts (kW), they purchase with the 

cabinet.11 Users can also purchase 


tkelley on DSKBCP9HB2PROD with NOTICES
84444 Federal Register / Vol. 85, No. 248 / Monday, December 28, 2020 / Notices 

2010) (SR–NYSE–2010–56); 62960 (September 21, 

2010), 75 FR 59310 (September 27, 2010) (SR– 

NYSE–2010–56); 65237 (August 31, 2011), 76 FR 

55432 (September 7, 2011) (SR–NYSE–2011–46); 

62731 (August 16, 2010), 75 FR 51515 (August 20, 

2010) (SR–NYSEAmex–2010–80); 62961 

(September 21, 2010), 75 FR 59299 (September 27, 

2010) (SR–NYSEAmex-2010–80); 65240 (August 31, 

2011), 76 FR 55434 (September 7, 2011) (SR– 

NYSEAmex-2011–65); 63275 (November 8, 2010), 

75 FR 70048 (November 16, 2010) (SR–NYSEArca– 

2010–100); 65236 (August 31, 2011), 76 FR 55437 

(September 7, 2011) (SR–NYSEArca–2011–65); 

83351 (May 31, 2018), 83 FR 26314 (June 6, 2018) 

(SR–NYSENAT–2018–07);87408 (October 28, 2019), 

84 FR 58778 (November 1, 2019) (SR–NYSECHX– 

2019–12) (adding dedicated cabinets and related 

pricing). 

12PNU cabinets are available at a monthly charge 

of $360 per kW allocated to the PNU cabinet. See 

Securities Exchange Act Release Nos. 70913 

(November 21, 2013), 78 FR 70987, 70988 

(November 27, 2013) (SR–NYSE–2013–74); 70914 

(November 21, 2013), 78 FR 71000 (November 27, 

2013) (SR–NYSEMKT–2013–93); 70916 (November 

21, 2013), 78 FR 70989 (November 27, 2013) (SR– 

NYSEArca–2013–124); 83351 (May 31, 2018), 83 FR 

26314 (June 6, 2018) (SR–NYSENAT–2018–07); 

87408 (October 28, 2019), 84 FR 58778 (November 

1, 2019) (SR–NYSECHX–2019–12). 

13See Notice, supra note 4 at 59362. 

14See Amendment No. 1. 

15See Notice, supra note 4 at 59362 and 

Amendment No. 1. 

16See Notice, supra note 4, at 59363. 

17See id. and Amendment No. 1 (specifying that 

the maximum may be comprised of a mix of 

dedicated and partial cabinets, with two partial 

cabinets counting as one dedicated cabinet.) In the 

original Notices, the proposed that when the 

Purchasing Limits were in effect, Users would be 

limited to purchasing 8 kW of power when 

purchasing a new dedicated cabinet. In Amendment 

No. 1, the Exchanges deleted this proposed 

limitation. Noting that the they makes dedicated 

cabinets available with standard power allocation of 

either 4 kW or 8 kW, and that partial cabinets are 

available in increments of eight-rack units of space, 

and each eight-rack unit may be allocated up to 2 

kW, the Exchanges also noted that currently a User 

may request power upgrades to dedicated cabinets 

beyond 8 kW. See Securities Exchange Act Release 

Nos. 70978 (December 18, 2013), 78 FR 77739 

(December 24, 2013) (SR–NYSE–2013–81); 71131 

(December 18, 2013), 78 FR 77750 (December 24, 

2013) (SR–NYSEMKT–2013–103); 71130 (December 

18, 2013), 78 FR 77765 (December 24, 2014) (SR– 

NYSEArca–2013–143); 83351 (May 31, 2018), 83 FR 

26314 (June 6, 2018) (SR–NYSENAT–2018–07); and 

87408 (October 28, 2019), 84 FR 58778 (November 

1, 2019) (SR–NYSECHX–2019–12). 

18See Amendment No. 1. For example, if the 

Exchange had 50 available cabinets and a User 

requested to purchase 20 cabinets, the Purchasing 

Limits would not apply to the User’s purchase of 

the first 10 cabinets. Once the available inventory 

reached 40 cabinets, the Purchasing Limits would 

be activated, limiting the User’s purchase of 

additional cabinets to 4 cabinets. In all, the User 

would be permitted to purchase a total of 14 

cabinets out of its original order of 20 cabinets. Id. 

19See Notice, supra note 4, at 59363. 

20 Id. 

21 Id. 

22 Id. 23 Id. 24 Id. 25 Id. 26 Id. 27 Id. 28 Id. 29 Id. 30 In approving this proposed rule change, as 

modified by Amendment No. 1, the Commission 

notes that it has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 31 15 U.S.C. 78f(b)(5). 

‘‘PNU cabinets,’’ which are cabinets in 

which power is not utilized. PNU 

cabinets are reserved cabinet space that 

may be converted to a dedicated cabinet 

when the User requests it.12

The Exchanges propose to amend 

their co-location rules to add new 

General Notes 7 and 8 to each fee 

schedule setting forth procedures for 

allocating cabinet space if, in the future, 

a situation arises where the Exchanges 

cannot fully satisfy User demand for the 

purchase of new cabinets.13 The 

Exchanges represent that they are not 

presently in such a situation, do not 

anticipate being so in the foreseeable 

future, and are currently working to 

expand the number of cabinets available 

in co-location, but believe that it would 

be prudent to have cabinet allocation 

procedures in place to address demand 

for the purchase of new cabinets if 

needed.14

As further described below, if cabinet 

inventory falls to 40 cabinets or fewer 

(the ‘‘Cabinet Threshold’’), certain limits 

(‘‘Purchasing Limits’’) would apply to 

the purchase of new cabinets and 

remain in effect until unallocated 

cabinet inventory is more than 40 

cabinets. Further, if the available 

cabinet inventory is zero, the Exchanges 

would create and maintain a waitlist 

(‘‘Cabinet Waitlist’’) until unallocated 

cabinet inventory is more than 10 

cabinets. 

If unallocated cabinet inventory is at 

or below 40 cabinets, whether or not 

such cabinets are configured to be 

subdivided into partial cabinets, the 

following Purchasing Limits would 

apply: 15 (i) A User with PNU cabinets 

would be required to either convert its 

PNU cabinets into dedicated cabinets or 

relinquish its PNU cabinets before being 

permitted to purchase new cabinets; 16

(ii) a User’s purchase of new cabinets 

(dedicated and partial) would be limited 

to a maximum of four dedicated 

cabinets, which maximum may be 

comprised of a mix of dedicated and 

partial cabinets, with two partial 

cabinets counting as one dedicated 

cabinet; 17 (iii) If a User requests, in 

writing, a number of cabinets that, if 

provided, would cause the available 

cabinet inventory to be below 40 

cabinets, the Purchasing Limits would 

only apply to the portion of the User’s 

order below the Cabinet Threshold; 18

(iv) a User purchasing new cabinets 

would be required to wait 30 days from 

the date of its signed order form before 

purchasing new cabinets again; 19 and 

(v) new PNU cabinets would not be 

offered.20 These Purchasing Limits 

would be discontinued when the 

unallocated cabinet inventory is more 

than 40 cabinets.21

If the available cabinet inventory is 

zero, or a User submits a written request 

for a number of cabinets that, if 

provided, would cause the available 

cabinet inventory to be zero, the 

Exchanges would create and maintain a 

Cabinet Waitlist, as follows: 22 (i) A User 

with PNU cabinets would be placed on 

the waitlist for the portion of its new 

cabinet request that exceeds its existing 

PNU cabinets (subject to the Purchasing 

Limits), and the User would not be 

placed on the waitlist if it could meet 

its request by converting its PNU 

cabinets to dedicated cabinets; 23 (ii) a 

User would be placed on the waitlist 

based on the date its signed order is 

received and may only have one order 

for new cabinets that is subject to the 

Purchasing Limits on the waitlist at a 

time; (iii) as cabinets become available, 

the Exchanges would offer them to the 

User at the top of the waitlist.24

In addition, a User would be removed 

from the Cabinet Waitlist when its order 

is completed and would remain at the 

top of the Cabinet Waitlist if its order is 

not completed.25 A User would be 

removed from the Cabinet Waitlist (a) at 

the User’s request or (b) if the User turns 

down an offer of a cabinet of the same 

size it requested in its order.26 The User 

may turn down an Exchange’s offer of 

a cabinet of a different size than the 

User requested in its order and remain 

at the top of the waitlist until its order 

is completed.27 A User that is removed 

from the Cabinet Waitlist but 

subsequently submits a new written 

order for cabinets would be added to the 

bottom of the Cabinet Waitlist.28 The 

Exchanges would cease use of the 

Cabinet Waitlist when unallocated 

cabinet inventory is more than 10 

cabinets.29

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule changes, 

each as modified by Amendment No. 1, 

are consistent with the requirements of 

the Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.30 In particular, the 

Commission finds that the proposed 

rule changes, each is modified by 

Amendment No. 1, are consistent with 

Section 6(b)(5) of the Act,31 which 

requires that the rules of a national 

securities exchange be designed, among 


tkelley on DSKBCP9HB2PROD with NOTICES
Federal Register / Vol. 85, No. 248 / Monday, December 28, 2020 / Notices 84445 

other things, to prevent fraudulent and 

manipulative acts and practices, 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 

not be designed to permit unfair 

discrimination between customers, 

issuers, brokers or dealers. 

The Exchanges propose rational, 

objective procedures for allocating 

cabinet space in a situation in which all 

User demand cannot fully be satisfied, 

and particularly for responding to User 

demand for new cabinets when 

inventory falls and remains below 

specified thresholds. As noted above, 

the Exchanges represent that they are 

not presently in such a situation, do not 

anticipate being so in the foreseeable 

future, and are currently working to 

expand the number of cabinets available 

in co-location. 

The proposed cabinet allocation 

procedures, establishing a Purchasing 

Limit on order size for new cabinet 

space when the Cabinet Threshold is 

reached and a Cabinet Waitlist when 

inventory falls to zero, are measures 

designed to respond to increasing 

demand for cabinets and facilitate an 

equitable distribution of new cabinet 

purchases if cabinet inventory becomes 

limited. The Commission notes the 

Exchanges’ representation that the 

proposed Cabinet Threshold of 40 

cabinets would not be easily triggered, 

yet would establish a reasonable buffer 

before the Cabinet Waitlist is effective. 

Because the Purchasing Limits provide 

a method for making limited cabinet 

space available to Users requesting new 

cabinets that is transparent, as well as 

reasonably designed to accommodate 

Users’ needs while mitigating the 

potential for some Users to seek to 

obtain additional cabinet space resulting 

in limitations on other Users, the 

Commission believes the Purchasing 

Limits would promote just and 

equitable principles of trade and protect 

investors and the public interest and are 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers or dealers. 

Further, the Commission believes that 

the establishment of the Cabinet Waitlist 

based on the date of receipt of signed 

orders, limiting the size and number of 

orders a User may have on the waitlist 

at any one time, and removing a User 

from the waitlist if it turns down a 

cabinet that is the size that it requested, 

should prevent Users from utilizing the 

waitlist as a method to obtain a greater 

portion of the cabinets available, 

thereby facilitating a more equitable 

distribution of cabinets. Similarly, a 30- 

day delay before a User subject to the 

Purchasing Limits could purchase 

cabinets again, is reasonably designed to 

prevent a User from obtaining a greater 

portion of the cabinets available. 

For the foregoing reasons, 

Commission finds that the proposals, 

each as modified by Amendment No. 1, 

are consistent with the Act. 

IV. Solicitation of Comments on 

Amendment No. 1 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether Amendment No. 1 to 

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 Numbers 

SR–NYSE–2020–73, SR–NYSEAMER– 

2020–66, SR–NYSENAT–2020–28, SR– 

NYSEArca–2020–82, SR–NYSECHX– 

2020–26 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 

Numbers SR–NYSE–2020–73, SR– 

NYSEAMER–2020–66, SR–NYSENAT– 

2020–28, SR–NYSEArca–2020–82, SR– 

NYSECHX–2020–26. 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 

Numbers SR–NYSE–2020–73, SR– 

NYSEAMER–2020–66, SR–NYSENAT– 

2020–28, SR–NYSEArca–2020–82, SR– 

NYSECHX–2020–26 and should be 

submitted on or before January 19, 2021. 

V. Accelerated Approval of Proposed 

Rule Changes, Each as Modified by 

Amendment No. 1 

The Commission finds good cause to 

approve the proposed rule changes, 

each as modified by Amendment No. 1, 

prior to the 30th day after the date of 

publication of notice of Amendment No. 

1 in the Federal Register. As noted 

above, Amendment No. 1. revises the 

proposals by: (i) Adding the Exchanges’ 

representations that they are not 

presently in a situation where they 

cannot satisfy all User demand for 

cabinets, do not anticipate being so in 

the foreseeable future, and are currently 

working to expand the number of 

cabinets available in co-location; (ii) 

specifying that the Cabinet Threshold 

level of 40 cabinets (chosen as a 

threshold not easily triggered) is offered 

as a reasonable buffer during which the 

Purchasing Limits would apply before 

the Cabinet Waitlist would become 

effective; (iii) clarifying that the 

determination of the whether the 

Cabinet Threshold is reached is not 

dependent on whether cabinets are 

configured to be subdivided into partial 

cabinets, (iv) specifying that if the 

Purchasing Limit of a maximum of four 

new dedicated cabinets applies, the 

maximum may be comprised of a mix of 

dedicated and partial cabinets, with two 

partial cabinets counting as one 

dedicated cabinet; (v) clarifying that if a 

User requests, in writing, a number of 

cabinets that, if provided, would cause 

the available cabinet inventory to be 

below 40 cabinets, the Purchasing 

Limits would only apply to the portion 

of the User’s order below the Cabinet 

Threshold; and (vi) deleting the initially 

proposed 8 kW power limit for new 

dedicated cabinets when the cabinet 

Purchasing Limits are in effect. The 

Commission believes that Amendment 

No. 1 provides additional clarity and 

detail to the rule text and additional 

analysis and examples of aspects of the 

proposal, thereby facilitating the 

Commission’s ability to make the 


tkelley on DSKBCP9HB2PROD with NOTICES
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32 15 U.S.C. 78s(b)(2). 

33See id. 

34 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 No. 90387 

(Nov. 10, 2020), 85 FR 73322 (Nov.17, 2020) (SR– 

NYSE–2020–93). 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

findings set forth above to approve the 

proposal. 

Accordingly, pursuant to Section 

19(b)(2) of the Exchange Act,32 the 

Commission finds good cause to 

approve the proposed rule changes, 

each as modified by Amendment No. 1, 

on an accelerated basis. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,33 that the 

proposed rule changes (SR–NYSE– 

2020–73, SR–NYSEAMER–2020–66, 

SR–NYSENAT–2020–28, SR– 

NYSEArca–2020–82, SR–NYSECHX– 

2020–26), each as modified by 

Amendment No. 1 be, and hereby are, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28512 Filed 12–23–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90723; File No. SR–NYSE– 

2020–93] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC, Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change to Amend Rules 7.35 and 

7.35A 

December 18, 2020. 

On November 3, 2020, New York 

Stock Exchange LLC (‘‘NYSE’’ or the 

‘‘Exchange’’) 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 a proposed rule change to 

(1) amend Rule 7.35 to make permanent 

that the Exchange would disseminate 

Auction Imbalance Information if a 

security is an IPO or Direct Listing and 

has not had its IPO Auction or Direct 

Listing Auction; and (2) amend Rule 

7.35A regarding consultations in 

connection with an IPO or Direct 

Listing. The proposed rule change was 

published for comment in the Federal 

Register on November 17, 2020.3 The 

Commission has received no comment 

letters on the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a propose rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it find such longer period to 

be appropriate and published its reasons 

for so finding or as to which the selfregulatory organization consents, the 

Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the Notice for the 

proposed rule change is January 1, 2021. 

The Commission is extending this 45- 

day period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change. Accordingly, pursuant to 

Section 19(b)(2) of the Act,5 the 

Commission designates February 15, 

2021, as the date by which the 

Commission shall either approve or 

disapprove, or institute proceedings to 

determine whether to approve or 

disapprove, the proposed rule change 

(File No. SR–NYSE–2020–93). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28508 Filed 12–23–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90728; File No. SR–FINRA– 

2020–044] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify Securities 

Transaction Credits Applicable to 

FINRA/Nasdaq TRF Participants 

December 18, 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 Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by FINRA. FINRA 

has designated the proposed rule change 

as ‘‘establishing or changing a due, fee 

or other charge’’ under Section 

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

4(f)(2) thereunder,4 which renders the 

proposal effective upon receipt of this 

filing by the Commission. 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 

FINRA is proposing to amend FINRA 

Rule 7610A to modify the securities 

transaction credits applicable to nonRetail Participants that use the FINRA/ 

Nasdaq Trade Reporting Facility 

Carteret (the ‘‘FINRA/Nasdaq TRF 

Carteret’’) and the FINRA/Nasdaq Trade 

Reporting Facility Chicago (the ‘‘FINRA/ 

Nasdaq TRF Chicago’’) (collectively, the 

‘‘FINRA/Nasdaq TRF’’). 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 FINRA/Nasdaq TRF is a facility 

of FINRA that is operated by Nasdaq, 

Inc. (‘‘Nasdaq’’). In connection with the 

establishment of the FINRA/Nasdaq 

TRF, FINRA and Nasdaq entered into a 

limited liability company agreement 

(the ‘‘LLC Agreement’’). Under the LLC 

Agreement, FINRA, the ‘‘SRO Member,’’ 

has sole regulatory responsibility for the 


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