Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 4163 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Located in the ‘‘MSCI LMM Incentive Program’’ 

table in the Fees Schedule. 

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– 

CboeBZX–2020–094 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–CboeBZX–2020–094. 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– 

CboeBZX–2020–094 and should be 

submitted on or before February 5, 2021. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00822 Filed 1–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90896; File No. SR–CBOE– 

2021–001] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Relating To Amend its 

Fees Schedule With Respect to 

Expiring Fee Waivers and Incentive 

Programs 

January 11, 2021. 

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 January 4, 

2021, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule with respect to 

expiring fee waivers and incentive 

programs. 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://www.cboe.com/ 

AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), 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 

Fees Schedule to (1) amend the MSCI 

EAFE Index (‘‘MXEA’’) options and 

MSCI Emerging Markets Index 

(‘‘MXEF’’) options Lead Market Maker 

(‘‘LMM’’) Incentive Program, (2) amend 

the Global Trading Hours (‘‘GTH’’) S&P 

500 Index (‘‘SPX’’) options and SPX 

Weekly (‘‘SPXW’’) options LMM 

Incentive Program and (3) remove 

reference to the FTSE 100 Mini Index 

(‘‘UKXM’’) options Designated Primary 

Market-Maker (‘‘DPM’’) Incentive 

Program. The Exchange proposes to 

implement these amendments to its 

Fees Schedule on January 4, 2021. 

MXEA and MXEF LMM Incentive 

Program 

The Exchange proposes to amend its 

financial program for LMMs quoting in 

Regular Trading Hours (‘‘RTH’’) 

appointed in MXEA and MXEF options 

(i.e., the MSCI LMM Incentive Program). 

Currently, if the appointed LMM in 

MXEA and MXEF provides continuous 

electronic quotes during RTH that meet 

or exceed the heightened quoting 

standards 3 in at least 90% of the MXEA 

and MXEF series 80% of the time in a 

given month, the LMM will receive a 

payment for that month in the amount 

of $20,000 per class, per month. That is, 

an appointed LMM may reach the 

heightened quoting standards for the 

given percentage of series and time, 

measured across both the MXEF and 

MXEA series, in a given month to 

receive the $20,000 payment per class 

per month. Additionally, the Exchange 

notes that an LMM in MSCI options is 

not currently obligated to satisfy the 

heightened quoting standards described 

in the table above. Rather, an LMM is 

eligible to receive the rebate if it 

satisfies the heightened quoting 

standards, which the Exchange believes 

encourages LMMs to provide liquidity 

during GTH. The Exchange may also 

consider other exceptions to this 

quoting standard based on demonstrated 

legal or regulatory requirements or other 

mitigating circumstances. 

Specifically, the Exchange proposes to 

amend certain near-term widths 

contained in the MSCI LMM Incentive 

Program’s heightened quoting 

standards. Currently, for MXEA and 

MXEF options expiring in the near term 

(8 days to 60 days) the appointed LMM 

4164 Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 

4The Exchange notes that an LMM appointed in 

SPX also holds an appointment in SPXW. 

5Located in the ‘‘GTH SPX/SPXW LLM Incentive 

Program’’ table in the Fees Schedule. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78f(b)(4). 

must meet a heightened quoting 

standard of a $1.50 width for 20 size, a 

$3.00 width for 15 size, and a $7.50 

width for a 10 size. The proposed rule 

change updates these widths to a $1.20 

width for a quote with a size of 20 

contracts, a $2.50 width for a quote with 

a size of 15 contracts, and a $5.00 width 

for a quote with a size of 10 contracts. 

The Exchange notes that these tighter 

heightened quoting standards for certain 

near-term sizes are more closely aligned 

with those heightened standards for 

comparable sizes in near term options 

under the GTH SPX/SPXW LMM and 

GTH VIX/VIXW programs. The 

Exchange believes that the proposed 

rule change will incentivize LMMs in 

MSCI options classes to meet tighter 

heightened quoting standards in orders 

to receive the rebate offered under the 

MSCI LMM Incentive Program. Tighter 

spreads generally signal an increase in 

activity from other market participants, 

contributing to overall deeper, more 

liquid markets, price discovery and 

transparency, and a robust market 

ecosystem to the benefit of all market 

participants. 

GTH SPX/SPXW LMM Program 

The Exchange also currently offers a 

financial incentive program for LMMs 

quoting in GTH appointed in SPX/ 

SPXW (i.e., the GTH SPX/SPXW LMM 

Incentive Program).4 Currently, under 

the GTH SPX/SPXW LMM Incentive 

Program, if an LMM in SPX/SPXW 

provides continuous electronic quotes 

during GTH that meet or exceed the 

heightened quoting standards 5 in at 

least 85% of each of the SPX and SPXW 

series, 90% of the time in a given 

month, the LMM will receive a rebate 

for that month in the amount of $10,000 

for SPX and $10,000 for SPXW. Like 

with the MSCI LMM Incentive Program, 

a GTH LMM in SPX/SPXW is not 

currently obligated to satisfy the 

heightened quoting standards described 

in the table above, but instead is eligible 

to receive the rebate if they satisfy the 

heightened quoting standards above, 

which are also designed to encourage 

LMMs to provide liquidity during GTH. 

The Exchange may also consider other 

exceptions to this quoting standard 

based on demonstrated legal or 

regulatory requirements or other 

mitigating circumstances. 

The Exchange proposes to increase 

the rebate amount received for SPX and 

SPXW to $20,000 for SPX and $30,000 

for SPXW, for meeting the heighten 

quoting standards in a given month. The 

proposed increase in the rebate amounts 

is designed to further encourage GTH 

LMMs to provide significant liquidity in 

SPX/SPXW options during GTH. The 

Exchange notes that the amounts are 

comparable to the amount currently 

offered under the MSCI LMM Program 

($20,000 per each class) and to the 

amount currently offered under the RTH 

SPESG LMM Incentive Program, which 

offers a compensation pool of $50,000 

that is split among LMMs that reach the 

program’s heightened quoting standards 

(e.g., if two LMMs were to meet the 

heightened quoting standards, they 

would each receive $25,000). 

Removal of Expiring UKXM DPM 

Incentive Program 

The Exchange currently has a 

compensation plan in place for the 

DPM(s) appointed in UKXM, which 

expires on December 31, 2020. Pursuant 

to footnote 43 in the Fees Schedule, the 

DPM appointed for an entire month in 

UKXM will receive a payment of $5,000 

per month through December 31, 2020. 

As the program expires December 31, 

2020, the proposed rule change 

eliminates footnote 43 and also removes 

references to footnote 43 in Rate Table— 

Underlying Symbol List A in the Fees 

Schedule. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.6 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 7 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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,8 which 

requires that Exchange rules provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

Trading Permit Holders and other 

persons using its facilities. 

MXEA and MXEF LLM Incentive 

Program 

The Exchange believes that it is 

reasonable, equitable and not unfairly 

discriminatory to amend certain widths 

in the heightened quoting standards 

under the MSCI LMM Incentive 

Program. The Exchange believes it is 

reasonable to tighten the widths for 

certain quote sizes with near-term 

expiry in the heightened quoting 

standards as it is reasonably designed to 

facilitate tighter quotes from LMMs in 

MXEA and MXEF options in order to 

meet the heightened quoting standards 

and receive the payment offered under 

the incentive program. Tighter quotes 

tend to signal additional corresponding 

increase in order flow from other market 

participants, which benefits all 

investors by deepening the Exchange’s 

liquidity pool, potentially providing 

even greater execution incentives and 

opportunities, offering additional 

flexibility for all investors to enjoy cost 

savings, supporting the quality of price 

discovery, promoting market 

transparency and improving investor 

protection. As noted, the MSCI LMM 

Incentive Program, overall, is intended 

to continue incentivizing the LMM(s) in 

MSCI options classes to continue to 

provide key liquidity and active markets 

in these products. The Exchange also 

believes that the proposed widths are 

reasonable because they are generally 

aligned with the corresponding 

heightened standards for comparable 

sizes in near term options under the 

GTH SPX/SPXW LMM and GTH VIX/ 

VIXW programs. 

The Exchange believes that it is 

equitable and not unfairly 

discriminatory to amend the near-term 

quoting widths for select sizes within 

the program’s heightened quoting 

standards, because such widths will 

equally apply to any and all LMMs with 

appointments in MXEF and MXEA 

options that seeks to meet the 

heightened quoting standards in order 

to receive the rebate offered under the 

MSCI LMM Incentive Program. The 

Exchange notes that, if a MSCI LMM 

does not satisfy the heightened quoting 

standards, then it simply will not 

receive the offered per class payment for 

that month. 

GTH SPX/SPXW Incentive Programs 

The Exchange believes that it is 

reasonable, equitable and not unfairly 

discriminatory to increase the rebate per 

class received under the GTH SPX/ 

SPXW LMM Incentive Program. The 

Exchange believes that the proposed 

Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 4165 

9The Exchange notes that trading in MXEF and 

MXEA options is not currently available during 

GTH. 

10See Cboe Global Markets, U.S. Options Market 

Volume Summary by Month (December 28, 2020), 

available at http://markets.cboe.com/us/options/ 

market_share/. 

rebate amounts are reasonably designed 

to continue to incentivize an appointed 

LMM to meet the GTH quoting 

standards for SPX/SPXW, thereby 

providing liquid and active markets, 

which facilitates tighter spreads, 

increased trading opportunities, and 

overall enhanced market quality to the 

benefit of all market participants. As 

with the MSCI LMM Incentive Program, 

the GTH SPX/SPXW Incentive Program 

is intended, overall, to incentivize 

LMMs to continue to provide key 

liquidity and active markets in these 

products. The Exchange further believes 

that the proposed rule change to 

increase the rebate received for SPX 

($20,000) and SPXW ($30,000) is 

reasonable because it is comparable to 

the rebates offered for products under 

similar LMM incentive programs in the 

Fees Schedule. For example, the MSCI 

LMM Program currently offers $20,000 

per each class in which the heightened 

quoting standards are met in a given 

month and the RTH SPESG LMM 

Incentive Program offers a 

compensation pool of $50,000 that is 

split among LMMs that reach that 

program’s heightened quoting standards 

in a given month (e.g., if two LMMs 

were to meet the heightened quoting 

standards, they would each receive 

$25,000). 

The Exchange believes the proposed 

rebates are equitable and not unfairly 

discriminatory because they equally 

apply to any TPH that is appointed as 

a GTH SPX/SPXW LMM. Additionally, 

if a GTH LMM does not satisfy the 

heightened quoting standard in SPX/ 

SPXW for any given month, then it 

simply will not receive the offered 

payment for that month. 

Regarding both the MSCI and SPX/ 

SPXW LMM incentive programs 

generally, the Exchange believes it is 

equitable and not unfairly 

discriminatory to continue to offer these 

financial incentives, including as 

amended, to GTH SPX/SPXW LMMs 

and MSCI LMMs, because it benefits all 

market participants trading SPX/SPXW 

during GTH and trading MXEF and 

MXEA during RTH.9 These incentive 

programs encourage the LMMs to satisfy 

the heightened quoting standards, 

which may increase liquidity and 

provide more trading opportunities and 

tighter spreads. Indeed, the Exchange 

notes that LMMs serve a crucial role in 

providing quotes and the opportunity 

for market participants to trade SPX/ 

SPXW and MSCI options, which can 

lead to increased volume, providing for 

robust markets. The Exchange 

ultimately wishes to sufficiently 

incentive LMMs to provide liquid and 

active markets in SPX/SPXW during 

GTH and MXEF and MXEA during RTH 

to encourage liquidity. The Exchange 

believes that these programs, as 

amended, will continue to encourage 

increased quoting to add liquidity in 

SPX/SPXW and in MXEF and MXEA, 

thereby protecting investors and the 

public interest. The Exchange also notes 

that an LMM may have added costs each 

month that it needs to undertake in 

order to satisfy that heightened quoting 

standards (e.g., having to purchase 

additional logical connectivity). 

Removal of Expiring UKXM DPM 

Incentive Program 

The Exchange believes the proposed 

rule change to remove references to an 

expiring incentive program is 

reasonable equitable and not unfairly 

discriminatory. The Exchange believes 

it is reasonable to remove the UKXM 

DPM incentive program as it will expire 

on December 31, 2020. The proposed 

removal of the UKXM DPM incentive 

program is not unfairly discriminatory 

and is equitable because it will no 

longer be applicable, as scheduled, to 

any DPMs in UKXM. 

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 believes the proposed 

rule change does impose any burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Particularly, 

the proposed changes to existing 

incentive programs will apply to all 

LMMs appointed to the applicable 

classes (i.e. MXEF, MXEA, SPX, and 

SPXW) in a uniform manner. To the 

extent these LMMs receive a benefit that 

other market participants do not, as 

stated, LMMs have different obligations 

and are held to different standards. For 

example, LMMs play a crucial role in 

providing active and liquid markets in 

their appointed products, thereby 

providing a robust market which 

benefits all market participants. Such 

Market-Makers also have obligations 

and regulatory requirements that other 

participants do not have. The Exchange 

also notes that an LMM may have added 

costs each month that it needs to 

undertake in order to satisfy that 

heightened quoting standards (e.g., 

having to purchase additional logical 

connectivity). The Exchange also notes 

that the incentive programs are designed 

to attract additional order flow to the 

Exchange, wherein greater liquidity 

benefits all market participants by 

providing more trading opportunities, 

tighter spreads, and added market 

transparency and price discovery, and 

signals to other market participants to 

direct their order flow to those markets, 

thereby contributing to robust levels of 

liquidity. 

The Exchange notes the proposed 

change to remove footnote 43 is not 

intended to address any competitive 

issue, but rather to eliminate an expiring 

incentive program that the Exchange 

does not intend to extend. 

The Exchange believes the proposed 

rule change does not impose any burden 

on intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed changes in connection with 

the incentive programs only affect 

trading on Cboe Options, as the 

incentive programs apply to 

transactions in products exclusively 

listed on Cboe Options. Additionally, as 

noted above, the incentive programs are 

designed to attract additional order flow 

to the Exchange, wherein greater 

liquidity benefits all market participants 

by providing more trading 

opportunities, tighter spreads, and 

added market transparency and price 

discovery, and signals to other market 

participants to direct their order flow to 

those markets, thereby contributing to 

robust levels of liquidity. The Exchange 

notes it operates in a highly competitive 

market. In addition to Cboe Options, 

TPHs have numerous alternative venues 

that they may participate on and 

director their order flow, including 15 

other options exchanges, as well as offexchange venues, where competitive 

products are available for trading. Based 

on publicly available information, no 

single options exchange has more than 

15% of the market share of executed 

volume of options trades.10 Therefore, 

no exchange possesses significant 

pricing power in the execution of option 

order flow. 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 

4166 Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 

11See Securities Exchange Act Release No. 51808 

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

12NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 

2010) (quoting Securities Exchange Act Release No. 

59039 (December 2, 2008), 73 FR 74770, 74782–83 

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

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f). 

15 17 CFR 200.30–3(a)(12). 

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

2See Securities Exchange Act Release No. 90466 

(November 20, 2020), 85 FR 76129 (‘‘Notice’’). 

3See Section 907.00 of the Manual. 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 11 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’. . .’’.12 Accordingly, the 

Exchange does not believe its proposed 

changes to the incentive programs 

impose 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 13 and paragraph (f) of Rule 

19b–4 14 thereunder. 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–CBOE–2021–001 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–CBOE–2021–001. 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–CBOE–2021–001 and 

should be submitted on or before 

February 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00816 Filed 1–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90893; File No. SR–NYSE– 

2020–94] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Granting Approval of Proposed Rule 

Change To Amend Section 907.00 of 

the Manual To Extend the Period of 

Time for the Entitlement of Certain 

Eligible Issuers To Receive 

Complimentary Products and Services 

Under That Rule 

January 11, 2021. 

I. Introduction 

On November 6, 2020, New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘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 

amend Section 907.00 of the NYSE 

Listed Company Manual (‘‘Manual’’) to 

extend the period of time for certain 

eligible issuers to be entitled to receive 

complimentary products and services 

under the rule. The proposed rule 

change was published in the Federal 

Register on November 27, 2020.2 The 

Commission received no comments on 

the proposal. This order grants approval 

of the proposed rule change. 

II. Description of the Proposal 

As set forth in Section 907.00 of the 

Manual, the Exchange offers certain 

complimentary products and services 

and access to discounted third-party 

products and services through the NYSE 

Market Access Center to currently and 

newly listed issuers, as described on the 

Exchange’s website. In addition, the 

Exchange provides all listed issuers 

with complimentary access to 

whistleblower hotline services (with a 

commercial value of approximately 

$4,000 annually) for a period of 24 

calendar months.3 The Exchange also 

provides additional complimentary 

products and services to certain