7148 Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 

13See U.S. Securities and Exchange Commission 

Alternative Trading Systems (‘‘ATS’’) List 

(December 4, 2020), available at https://

www.sec.gov/foia/docs/atslist.htm. 

14See supra note 4. 

15See e.g., supra note 10. 

16See supra note 11. 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(2). 

19 15 U.S.C. 78s(b)(2)(B). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

alternative venues that they may 

participate on, including 15 other 

equities exchanges, as well as offexchange venues, including over 50 

alternative trading systems.13 The 

Exchange represents a small percentage 

of the overall market. Based on publicly 

available information, no single equities 

exchange has more than 16% market 

share.14 Indeed, participants can readily 

choose to submit their order flow to 

other exchange and off-exchange venues 

if they deem fee levels at those other 

venues to be more favorable.15 In 

addition to this the Exchange notes that 

at least one other exchange currently 

has MPID fees in place,16 which have 

been previously filed with the 

Commission. Moreover, the Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

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

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) of the Act 17 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder,18 because it establishes a 

due, fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) of the Act 19 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 No. SR– 

CboeBYX–2021–004 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 No. 

SR–CboeBYX–2021–004. 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 No. 

SR–CboeBYX–2021–004, and should be 

submitted on or before February 16, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01583 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90952; File No. SR– 

NASDAQ–2020–082] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Offer Certain Listed 

Companies Access to a 

Complimentary Board Recruiting 

Solution To Help Advance Diversity on 

Company Boards 

January 19, 2021. 

On December 1, 2020, The Nasdaq 

Stock Market LLC (‘‘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 offer certain listed companies 

Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 7149 

3See Securities Exchange Act Release No. 90571 

(December 4, 2020), 85 FR 79556. Comments 

received on the proposed rule change are available 

on the Commission’s website at: https://

www.sec.gov/comments/sr-nasdaq-2020-082/ 

srnasdaq2020082.htm. 

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

5Additionally, the Exchange consented to 

extending to March 10, 2021 the date by which the 

Commission must either approve, disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. See letter 

from Jeffrey S. Davis, Senior Vice President and 

Senior Deputy General Counsel, Exchange, to 

Vanessa A. Countryman, Secretary, Commission, 

dated January 8, 2021. 

6 15 U.S.C. 78s(b)(2). 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3Pursuant to Equity 7, Section 118(a), the term 

‘‘Consolidated Volume’’ means the total 

consolidated volume reported to all consolidated 

transaction reporting plans by all exchanges and 

trade reporting facilities during a month in equity 

securities, excluding executed orders with a size of 

less than one round lot. For purposes of calculating 

Consolidated Volume and the extent of a member’s 

trading activity the date of the annual reconstitution 

of the Russell Investments Indexes is excluded from 

both total Consolidated Volume and the member’s 

trading activity. 

access to a complimentary board 

recruiting solution to help advance 

diversity on company boards. The 

proposed rule change was published for 

comment in the Federal Register on 

December 10, 2020.3

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

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory 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 this 

proposed rule change is January 24, 

2021. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds it 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 and 

the comment letters.5

Accordingly, pursuant to Section 

19(b)(2) of the Act,6 the Commission 

designates March 10, 2021 as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NASDAQ–2020–082). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01590 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90954; File No. SR– 

NASDAQ–2021–003] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Transaction Credits at 

Equity 7, Section 118 

January 19, 2021. 

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 January 

12, 2021, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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 

The Exchange proposes to amend the 

Exchange’s transaction credits at Equity 

7, Section 118, as described further 

below. 

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 Exchange proposes to amend its 

schedule of credits at Equity 7, Section 

118, to add a new credit for executing 

orders in securities in all three Tapes. 

Presently, the Exchange offers a 

member a credit of $0.0030 per share of 

displayed orders/quotes (other than 

Supplemental Orders or Designated 

Retail Orders) to the extent such 

member has shares of liquidity provided 

in all securities through one or more of 

its Nasdaq Market Center MPIDs that 

represent 1.30% or more of 

Consolidated Volume 3 during the 

month, which includes shares of 

liquidity provided with respect to 

securities that are listed on exchanges 

other than Nasdaq or NYSE that 

represent 0.40% or more of 

Consolidated Volume. The purpose of 

this credit is to incentivize members to 

add substantial liquidity to the 

Exchange, and to do so to a significant 

extent by adding liquidity in securities 

listed on exchanges other than Nasdaq 

or NYSE. 

The Exchange now proposes to add a 

new, lower credit for members that meet 

similar criteria, albeit with less stringent 

volume requirements. Specifically, the 

Exchange proposes to provide a new 

credit of $0.00295 per share of 

displayed orders/quotes (other than 

Supplemental Orders or Designated 

Retail Orders) that provide liquidity for 

a member with shares of liquidity 

provided in all securities through one or 

more of its Nasdaq Market Center MPIDs 

that represent 0.90% or more of 

Consolidated Volume during the month, 

which includes shares of liquidity 

provided with respect to securities that 

are listed on exchanges other than 

Nasdaq or NYSE that represent 0.25% or 

more of Consolidated Volume. 

By proposing to add this new tier, the 

Exchange will provide a new means for 

its members to qualify for a credit for 

adding significant liquidity to the 

Exchange in securities listed on 

exchanges other than Nasdaq and NYSE. 

This new credit will be lower than the 

existing credit for such activity, but 

members will also qualify for it by 

satisfying less stringent criteria. By 

providing an additional incentive for 

members to add liquidity to the 

Exchange in securities listed on 

exchanges other than Nasdaq and NYSE, 

the Exchange intends to improve the