6694 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 

70 15 U.S.C. 78s(b)(3)(A). 

71 17 CFR 240.19b–4. 

72 15 U.S.C. 78s(b)(2)(B). 

73 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78ee. 

2 15 U.S.C. 78ee(b). 

3 15 U.S.C. 78ee(c). 

4 In some circumstances, the SEC also must make 

a mid-year adjustment to the fee rates applicable 

under Sections 31(b) and (c). 

5 15 U.S.C. 78ee(j)(1) (the Commission must 

adjust the rates under Sections 31(b) and (c) to a 

‘‘uniform adjusted rate that, when applied to the 

baseline estimate of the aggregate dollar amount of 

sales for such fiscal year, is reasonably likely to 

produce aggregate fee collections under [Section 31] 

(including assessments collected under [Section 

31(d)]) that are equal to the regular appropriation 

to the Commission by Congress for such fiscal 

year.’’). 

6 15 U.S.C. 78ee(g). 

7The sum of fees to be collected prior to the 

effective date of the new fee rate is determined by 

applying the current fee rate to the dollar amount 

of covered sales prior to the effective date of the 

new fee rate. The exchanges and FINRA have 

provided data on the dollar amount of covered sales 

through November, 2020. To calculate the dollar 

amount of covered sales from December, 2020 to the 

effective date of the new fee rate, the Commission 

is using the same methodology it used in fiscal year 

2020. This methodology is described in Appendix 

A of this order. 

8OneChicago, LLC, the only reporting entity for 

single stock futures, ceased operations in 

September, 2020; its last R–31 report was filed in 

October, 2020. Accordingly, the forecast for the 

assessments for all of fiscal year 2021 for single 

stock futures is the reported assessments on single 

stock futures from September, 2020 by OneChicago, 

LLC. 

9To estimate the aggregate dollar amount of 

covered sales for the remainder of fiscal year 2021 

following the effective date of the new fee rate, the 

Commission is using the same methodology it used 

previously. This methodology is described in 

Appendix A of this order. 

10The President signed into law the 

‘‘Consolidated Appropriations Act, 2021’’ on 

December 27, 2020. This legislation included an 

of the Act 70 and paragraph (f)(6) of Rule 

19b–4 thereunder.71 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 

under Section 19(b)(2)(B) 72 of the Act 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– 

IEX–2021–01 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–IEX–2021–01. 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 

offices 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–IEX–2021–01, and should 

be submitted on or before February 12, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.73

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01402 Filed 1–21–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90932/January 15, 2021] 

Order Making Fiscal Year 2021 Annual 

Adjustments to Transaction Fee Rates 

I. Background 

Section 31 of the Securities Exchange 

Act of 1934 (‘‘Exchange Act’’) requires 

each national securities exchange and 

national securities association to pay 

transaction fees to the Commission.1

Specifically, Section 31(b) requires each 

national securities exchange to pay to 

the Commission fees based on the 

aggregate dollar amount of sales of 

certain securities (‘‘covered sales’’) 

transacted on the exchange.2 Section 

31(c) requires each national securities 

association to pay to the Commission 

fees based on the aggregate dollar 

amount of covered sales transacted by or 

through any member of the association 

other than on an exchange.3

Section 31 of the Exchange Act 

requires the Commission to annually 

adjust the fee rates applicable under 

Sections 31(b) and (c) to a uniform 

adjusted rate.4 Specifically, the 

Commission must adjust the fee rates to 

a uniform adjusted rate that is 

reasonably likely to produce aggregate 

fee collections (including assessments 

on security futures transactions) equal 

to the regular appropriation to the 

Commission for the applicable fiscal 

year.5

The Commission is required to 

publish notice of the new fee rates 

under Section 31 not later than 30 days 

after the date on which an Act making 

a regular appropriation for the 

applicable fiscal year is enacted.6 On 

December 27, 2020, the President signed 

into law the Consolidated 

Appropriations Act, 2021, which 

includes total appropriations of 

$1,926,162,000 to the SEC for fiscal year 

2021. 

II. Fiscal Year 2021 Annual Adjustment 

to the Fee Rate 

The new fee rate is determined by (1) 

subtracting the sum of fees estimated to 

be collected prior to the effective date of 

the new fee rate 7 and estimated 

assessments on security futures 

transactions to be collected under 

Section 31(d) of the Exchange Act for all 

of fiscal year 2021 8 from an amount 

equal to the regular appropriation to the 

Commission for fiscal year 2021, and (2) 

dividing by the estimated aggregate 

dollar amount of covered sales for the 

remainder of the fiscal year following 

the effective date of the new fee rate.9

As noted above, the Consolidated 

Appropriations Act, 2021, includes total 

appropriations of $1,926,162,000 to the 

Commission for fiscal year 2021.10 The 


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appropriation of $1,894,835,000 to the SEC for 

fiscal year 2021 operations. The Act further directed 

that ‘‘[i]n addition to the foregoing appropriation, 

for move, replication, and related costs associated 

with a replacement lease for the Commission’s 

District of Columbia headquarters, not to exceed 

$18,650,000, to remain available until expended; 

and for move, replication, and related costs 

associated with a replacement lease for the 

Commission’s San Francisco Regional Office 

facilities, not to exceed $12,677,000, to remain 

available until expended.’’ The sum of these three 

amounts is $1,926,162,000. Finally, the Act further 

directed that ‘‘for purposes of calculating the fee 

rate under section 31(j) . . . all amounts 

appropriated under this heading shall be deemed to 

be the regular appropriation to the Commission for 

fiscal year 2021.’’ 

11Appendix A shows the process of calculating 

the fiscal year 2021 annual adjustment and includes 

the data used by the Commission in making this 

adjustment. 

12 15 U.S.C. 78ee(j)(4)(A). 

13To determine the availability of data, the 

Commission compares the date of the appropriation 

with the date the transaction data are due from the 

exchanges (10 business days after the end of the 

month). If the business day following the date of the 

appropriation is equal to or subsequent to the date 

the data are due from the exchanges, the 

Commission uses these data. The appropriation was 

signed on December 27, 2020. The first business 

day after this date was December 28, 2020. Data for 

November 2020 were due from the exchanges on 

December 14, 2020. As a result, the Commission 

used November 2020 and earlier data to forecast 

volume for December 2020 and later months. 

14Because the model uses a two period lag in the 

9-month trailing moving average of average daily 

covered sales, ten additional months of data are 

added to the table so that the model is estimated 

with 120 observations. 

Commission estimates that it will 

collect $1,514,646,590 in fees for the 

period prior to the effective date of the 

new fee rate and $494 in assessments on 

round turn transactions in security 

futures products during all of fiscal year 

2021. Using the methodology described 

in Appendix A, the Commission 

estimates that the aggregate dollar 

amount of covered sales for the 

remainder of fiscal year 2021 to be 

$81,081,356,203,186. 

The uniform adjusted rate is 

computed by dividing the residual fees 

to be collected of $411,514,917 by the 

estimated aggregate dollar amount of 

covered sales for the remainder of fiscal 

year 2021 of $81,081,356,203,186; this 

results in a uniform adjusted rate for 

fiscal year 2021 of $5.10 per million.11

III. Effective Date of the Uniform 

Adjusted Rate 

Under Section 31(j)(4)(A) of the 

Exchange Act, the fiscal year 2021 

annual adjustments to the fee rates 

applicable under Sections 31(b) and (c) 

of the Exchange Act shall take effect on 

the later of October 1, 2020, or 60 days 

after the date on which a regular 

appropriation to the Commission for 

fiscal year 2021 is enacted.12 The 

regular appropriation to the 

Commission for fiscal year 2021 was 

enacted on December 27, 2020, and 

accordingly, the new fee rates 

applicable under Sections 31(b) and (c) 

of the Exchange Act will take effect on 

February 25, 2021. 

IV. Conclusion 

Accordingly, pursuant to Section 31 

of the Exchange Act, 

It is hereby ordered that the fee rates 

applicable under Sections 31(b) and (c) 

of the Exchange Act shall be $5.10 per 

$1,000,000 effective on February 25, 

2021. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

Appendix A 

This appendix provides the methodology 

for determining the annual adjustment to the 

fee rates applicable under Sections 31(b) and 

(c) of the Exchange Act for fiscal year 2021. 

Section 31 of the Exchange Act requires the 

fee rates to be adjusted so that it is reasonably 

likely that the Commission will collect 

aggregate fees equal to its regular 

appropriation for fiscal year 2021. 

To make the adjustment, the Commission 

must project the aggregate dollar amount of 

covered sales of securities on the securities 

exchanges and certain over-the-counter 

(‘‘OTC’’) markets over the course of the year. 

The fee rate equals the ratio of the 

Commission’s regular appropriation for fiscal 

year 2021 (less the sum of fees to be collected 

during fiscal year 2021 prior to the effective 

date of the new fee rate and aggregate 

assessments on security futures transactions 

during all of fiscal year 2021) to the 

estimated aggregate dollar amount of covered 

sales for the remainder of the fiscal year 

following the effective date of the new fee 

rate. 

For 2021, the Commission has estimated 

the aggregate dollar amount of covered sales 

by projecting forward the trend established in 

the previous decade. More specifically, the 

dollar amount of covered sales was 

forecasted for months subsequent to 

November 2020, the last month for which the 

Commission has data on the dollar volume of 

covered sales.13

The following sections describe this 

process in detail. 

A. Baseline Estimate of the Aggregate Dollar 

Amount of Covered Sales for Fiscal Year 

2021 

First, calculate the average daily dollar 

amount of covered sales (‘‘ADS’’) for each 

month in the sample (February 2010– 

November 2020). The monthly total dollar 

amount of covered sales (exchange plus 

certain OTC markets) is presented in column 

C of Table A. 

The model forecasts the monthly moving 

average of the average daily dollar amount of 

covered sales. Each month’s average daily 

dollar amount of covered sales is calculated 

by dividing the total covered sales for that 

month (column C of Table A) by the number 

of trading days for that month (column B of 

Table A). These amounts are shown in 

column D of Table A. The moving average 

will span the same number of months 

required to be forecast for the remainder of 

the fiscal year. The trailing moving average 

used in the forecast model is presented in 

column E of Table A. 

To capture the recent trends in the 

monthly changes in the moving averages, 

calculate the 1-month and 2-month lags of 

the trailing moving average shown in column 

E in Table A. These amounts are shown in 

columns F and G, respectively, of Table A. 

Next, model the monthly trailing moving 

average of ADS as function of a constant term 

and the two lagged trailing moving averages 

using the ordinary least squares technique. 

Use the estimated model to forecast the 

trailing moving average of ADS of the first 

month after the last available monthly data. 

Estimate the trailing moving average of the 

second month using the forecasted value of 

the first month and the actual value of the 

month before that. Similarly, estimate the 

trailing moving average of the third month 

using the forecasted values of the two 

previous months. Continue in this fashion 

until the end of the fiscal year. 

The estimate of the trailing moving average 

ADS for the last applicable month in the 

fiscal year is a prediction of the moving 

average for those months that need to be 

predicted. This estimate is used as the 

predicted value of ADS for each month in the 

forecast period; to obtain the forecast total 

covered sales for each month, multiply the 

predicted ADS by the number of days in each 

month. 

The following is a more formal 

(mathematical) description of the procedure: 

1. Begin with the monthly data for total 

dollar volume of covered sales (column C). 

The sample spans ten years, from February 

2010–November 2020.14 Divide each month’s 

total dollar volume by the number of trading 

days in that month (column B) to obtain the 

average daily dollar volume (ADS, column 

D). 

2. For each month t, calculate the 9-month 

trailing moving average of ADS (shown in 

column E). For example, the value for 

October, 2011 is the average of the 9 months 

ending in October, 2011, or February 2011 

through October 2011 inclusive. 

3. Calculate the 1-month and 2-month lags 

of the trailing moving average. For example, 

the 1-month lag of the 9-month trailing 

moving average for October, 2011 is equal to 

the 9-month trailing moving average for 

September, 2011. The 2-month lag of the 9- 

month trailing moving average for October, 

2011 is equal to the 9-month trailing moving 

average for August 2011. These are shown in 

columns F and G. 

4. Estimate the model using ordinary least 

squares: 

yt = a + b1 yt-1 + b2 yt-2 + ut

Where yt is the 9-month trailing moving 

average of the average daily sales for month 

t, and yt-1 and yt-2 are the 1-month and 2- 

month lags of yt, and ut representing the error 

term for month t. The model can be estimated 

using standard commercially available 


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15One obtains insignificantly different values 

using the rounded parameter estimates shown 

above. The predicted ADS values displayed above 

represents the full precision estimate. 

16OneChicago, LLC, the only reporting entity for 

single stock futures, ceased operations in 

September, 2020; its last R–31 report was filed in 

October, 2020. Accordingly, the forecast for the 

assessments for all of fiscal year 2021 for single 

stock futures is the reported assessments on single 

stock futures from September, 2020 by OneChicago, 

LLC. 

software. The estimated parameter values are 

a = ¥3,106,716,928, b1 = +1.574199, b2 = 

¥0.560507. The root-mean squared error 

(RMSE) of the regression is 6,022,194,076. 

5. The predicted value of the 9-month 

trailing moving average of the last month to 

be forecast represents the final forecast of 

covered sales for the entire prediction period. 

This value is shown in column H. This 

represents the prediction for August of 2021. 

To calculate this value from the model above, 

one needs the 1-month and 2-month lag of 

the 9-month trailing moving average ADS, 

i.e., the 9-month trailing moving average for 

June and July. The 9-month trailing moving 

average for July is obtained by using the 1- 

month and 2-month lags for July, that is, the 

9-month trailing moving averages for June 

and May. To arrive at all the necessary 

inputs, one begins with the first month to be 

forecast, in this case, December 2020, and 

iterates predictions forward until the last 

month is predicted. One then multiplies the 

final predicted 9-month trailing moving 

average ADS by the number of days in each 

month to arrive at the forecast total dollar 

amount of covered sales. This is shown in 

column I. 

6. For example, for December 2020, using 

the a, b1, and b2 parameter estimates shown 

above, along with the 1-month and twomonth lags in the 9-month trailing moving 

average ADS (representing the 9-month 

trailing moving average ADS for November 

and October 2020, respectively), one can 

estimate the forecast 9-month trailing moving 

average ADS for December: –3,106,716,928 + 

(1.574199 × 527,000,127,996) + (¥0.560507 × 

518,017,127,996) = 536,143,950,634. 

7. With the estimated 9-month trailing 

moving average ADS for December 2020 

calculated above, one can estimate the 9- 

month trailing moving average ADS for 

January, 2021. The estimate obtained from 

December becomes the 1-month lag for 

January, and the 1-month lag used in the 

December forecast becomes the 2-month lag 

for the January forecast. Thus, the predicted 

9-month trailing moving average ADS for 

January 2021 is calculated as: 

–3,106,716,928+ (1.574199 × 

536,143,950,634) + (¥0.560507 × 

527,000,127,996) = 545,503,592,273. 

8. Using the forecasts for December and 

January, one can estimate the value for 

February. Repeat this procedure for 

subsequent months, until the estimate for 

August 2021 is obtained. This value is 

618,941,650,406.15 This value is then used to 

calculate the final forecast total monthly 

covered sales for all 9 months from December 

2020 through August 2021. 

9. To obtain the estimate of total monthly 

covered sales for each month, multiply the 

number of trading days in the month, shown 

in column B in Table A, by the final forecast 

9-month trailing moving average ADS, shown 

in column H of Table A. This product is 

shown in column I of Table A, and these 

figures are used to calculate the new fee rate. 

B. Using the Forecasts From A To Calculate 

the New Fee Rate 

1. Use Table A to estimate fees collected 

for the period September 1, 2020 through 

February 24, 2021. The projected aggregate 

dollar amount of covered sales for this period 

is $68,536,044,778,746. Actual and projected 

fee collections at the current fee rate of 

$22.10 per million are $1,514,646,590. 

2. Estimate the amount of assessments on 

security futures products collected from 

September 1, 2020 through August 31, 2021. 

The only entity reporting assessable security 

futures products ceased operations in 

September, 2020.16 Consequently, the 

estimated amount of assessments on security 

futures products collected from September 

2020 through August 2021 is equal to the 

amount already reported, which is $493.87. 

3. Subtract the amounts $1,514,646,590 

and $493.87 from the target off-setting 

collection amount set by Congress of 

$1,926,162,000, leaving $411,514,917 to be 

collected on dollar volume for the period 

February 25, 2021 through August 31, 2021. 

4. Use Table A to estimate dollar volume 

for the period February 25, 2021 through 

August 31, 2021. The estimate is 

$81,081,356,203,186. Finally, compute the 

fee rate required to produce the additional 

$411,514,917 in revenue. This rate is 

$411,514,917 divided by 

$81,081,356,203,186 or 0.00000507533. 

5. Round the result to the seventh decimal 

point, yielding a rate of 0.0000051 (or $5.10 

per million). 

This table summarizes the estimates of the 

aggregate dollar amount of covered sales, by 

time period. The figures in this table can be 

used to determine the new fee rate. 

TABLE A—BASELINE ESTIMATE OF THE AGGREGATE DOLLAR AMOUNT OF SALES

Fee rate calculation 

a. Baseline estimate of the aggregate dollar amount of sales, 09/01/2020 to 01/31/2021 ($Millions) .............................................. $58,014,037 

b. Baseline estimate of the aggregate dollar amount of sales, 02/01/2021 to 02/24/2021 ($Millions) .............................................. 10,522,008 

c. Baseline estimate of the aggregate dollar amount of sales, 02/25/2021 to 02/28/2021 ($Millions) .............................................. 1,237,883 

d. Baseline estimate of the aggregate dollar amount of sales, 03/01/2021 to 08/31/2021 ($Millions) .............................................. 79,843,473 

e. Estimated collections in assessments on security futures products in fiscal year 2021 ($Millions) .............................................. 0.026 

f. Implied fee rate (($1,926,162,000 ¥ $22.10*(a + b)¥e)/(c + d) .................................................................................................... 5.0 

Month 

Number of trading 

days in 

month 

Total dollar 

amount of sales 

Average daily dollar 

amount of sales (ADS) 

9-Month trailing moving average 

ADS 

1 Month lag of 9-month 

trailing moving average ADS 

2 Month lag of 9-month 

trailing moving average ADS 

Forecast 9-month trailing 

moving average ADS 

Forecast total dollar 

amount of sales 

(A) (B) (C) (D) (E) (F) (G) (H) (I) 

Feb-10 ................................. 19 $4,969,848,578,023 $261,570,977,791 ........................................ ........................................ ........................................ ........................................ ........................................

Mar-10 ................................. 23 5,563,529,823,621 241,892,601,027 ........................................ ........................................ ........................................ ........................................ ........................................

Apr-10 ................................. 21 5,546,445,874,917 264,116,470,234 ........................................ ........................................ ........................................ ........................................ ........................................

May-10 ................................ 20 7,260,430,376,294 363,021,518,815 ........................................ ........................................ ........................................ ........................................ ........................................

Jun-10 ................................. 22 6,124,776,349,285 278,398,924,967 ........................................ ........................................ ........................................ ........................................ ........................................

Jul-10 .................................. 21 5,058,242,097,334 240,868,671,302 ........................................ ........................................ ........................................ ........................................ ........................................

Aug-10 ................................. 22 4,765,828,263,463 216,628,557,430 ........................................ ........................................ ........................................ ........................................ ........................................

Sep-10 ................................. 21 4,640,722,344,586 220,986,778,314 ........................................ ........................................ ........................................ ........................................ ........................................

Oct-10 ................................. 21 5,138,411,712,272 244,686,272,013 $259,130,085,766 ........................................ ........................................ ........................................ ........................................

Nov-10 ................................. 21 5,279,700,881,901 251,414,327,710 258,001,569,090 $259,130,085,766 ........................................ ........................................ ........................................

Dec-10 ................................. 22 4,998,574,681,208 227,207,940,055 256,369,940,093 258,001,569,090 $259,130,085,766 ........................................ ........................................

Jan-11 ................................. 20 5,043,391,121,345 252,169,556,067 255,042,505,186 256,369,940,093 258,001,569,090 ........................................ ........................................

Feb-11 ................................. 19 5,114,631,590,581 269,191,136,346 244,616,907,134 255,042,505,186 256,369,940,093 ........................................ ........................................

Mar-11 ................................. 23 6,499,355,385,307 282,580,668,926 245,081,545,351 244,616,907,134 255,042,505,186 ........................................ ........................................

Apr-11 ................................. 20 4,975,954,868,765 248,797,743,438 245,962,553,367 245,081,545,351 244,616,907,134 ........................................ ........................................

May-11 ................................ 21 5,717,905,621,053 272,281,220,050 252,146,182,547 245,962,553,367 245,081,545,351 ........................................ ........................................

Jun-11 ................................. 22 5,820,079,494,414 264,549,067,928 256,986,436,948 252,146,182,547 245,962,553,367 ........................................ ........................................

Jul-11 .................................. 20 5,189,681,899,635 259,484,094,982 258,630,639,500 256,986,436,948 252,146,182,547 ........................................ ........................................

Aug-11 ................................. 23 8,720,566,877,109 379,155,081,613 272,824,056,601 258,630,639,500 256,986,436,948 ........................................ ........................................

Sep-11 ................................. 21 6,343,578,147,811 302,075,149,896 281,142,635,472 272,824,056,601 258,630,639,500 ........................................ ........................................

Oct-11 ................................. 21 6,163,272,963,688 293,489,188,747 285,733,705,770 281,142,635,472 272,824,056,601 ........................................ ........................................

Nov-11 ................................. 21 5,493,906,473,584 261,614,593,980 284,891,867,729 285,733,705,770 281,142,635,472 ........................................ ........................................

Dec-11 ................................. 21 5,017,867,255,600 238,946,059,790 280,043,577,825 284,891,867,729 285,733,705,770 ........................................ ........................................

Jan-12 ................................. 20 4,726,522,206,487 236,326,110,324 278,657,840,812 280,043,577,825 284,891,867,729 ........................................ ........................................

Feb-12 ................................. 20 5,011,862,514,132 250,593,125,707 276,248,052,552 278,657,840,812 280,043,577,825 ........................................ ........................................

Mar-12 ................................. 22 5,638,847,967,025 256,311,271,228 275,332,741,808 276,248,052,552 278,657,840,812 ........................................ ........................................


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Month 

Number 

of 

trading 

days in 

month 

Total dollar 

amount of 

sales 

Average daily dollar 

amount of sales 

(ADS) 

9-Month trailing moving 

average 

ADS 

1 Month lag of 9-month 

trailing moving average 

ADS 

2 Month lag of 9-month 

trailing moving average 

ADS 

Forecast 9-month trailing 

moving average 

ADS 

Forecast total dollar 

amount of sales 

(A) (B) (C) (D) (E) (F) (G) (H) (I) 

Apr-12 ................................. 20 5,084,239,396,560 254,211,969,828 274,746,950,124 275,332,741,808 276,248,052,552 ........................................ ........................................

May-12 ................................ 22 5,611,638,053,374 255,074,456,972 260,960,214,052 274,746,950,124 275,332,741,808 ........................................ ........................................

Jun-12 ................................. 21 5,121,896,896,362 243,899,852,208 254,496,292,087 260,960,214,052 274,746,950,124 ........................................ ........................................

Jul-12 .................................. 21 4,567,519,314,374 217,500,919,732 246,053,151,085 254,496,292,087 260,960,214,052 ........................................ ........................................

Aug-12 ................................. 23 4,621,597,884,730 200,939,038,467 239,311,422,695 246,053,151,085 254,496,292,087 ........................................ ........................................

Sep-12 ................................. 19 4,598,499,962,682 242,026,313,825 239,653,673,143 239,311,422,695 246,053,151,085 ........................................ ........................................

Oct-12 ................................. 21 5,095,175,588,310 242,627,408,967 240,353,817,437 239,653,673,143 239,311,422,695 ........................................ ........................................

Nov-12 ................................. 21 4,547,882,974,292 216,565,855,919 236,573,009,683 240,353,817,437 239,653,673,143 ........................................ ........................................

Dec-12 ................................. 20 4,744,922,754,360 237,246,137,718 234,454,661,515 236,573,009,683 240,353,817,437 ........................................ ........................................

Jan-13 ................................. 21 5,079,603,817,496 241,885,896,071 233,085,097,764 234,454,661,515 236,573,009,683 ........................................ ........................................

Feb-13 ................................. 19 4,800,663,527,089 252,666,501,426 232,817,547,148 233,085,097,764 234,454,661,515 ........................................ ........................................

Mar-13 ................................. 20 4,917,701,839,870 245,885,091,993 233,038,129,346 232,817,547,148 233,085,097,764 ........................................ ........................................

Apr-13 ................................. 22 5,451,358,637,079 247,789,028,958 236,403,474,816 233,038,129,346 232,817,547,148 ........................................ ........................................

May-13 ................................ 22 5,681,788,831,869 258,263,128,721 242,772,818,178 236,403,474,816 233,038,129,346 ........................................ ........................................

Jun-13 ................................. 20 5,623,545,462,226 281,177,273,111 247,122,924,765 242,772,818,178 236,403,474,816 ........................................ ........................................

Jul-13 .................................. 22 5,083,861,509,754 231,084,614,080 245,840,392,000 247,122,924,765 242,772,818,178 ........................................ ........................................

Aug-13 ................................. 22 4,925,611,193,095 223,891,417,868 246,654,343,327 245,840,392,000 247,122,924,765 ........................................ ........................................

Sep-13 ................................. 20 4,959,197,626,713 247,959,881,336 247,844,759,285 246,654,343,327 245,840,392,000 ........................................ ........................................

Oct-13 ................................. 23 5,928,804,028,970 257,774,088,216 249,610,113,968 247,844,759,285 246,654,343,327 ........................................ ........................................

Nov-13 ................................. 20 5,182,024,612,049 259,101,230,602 250,325,083,876 249,610,113,968 247,844,759,285 ........................................ ........................................

Dec-13 ................................. 21 5,265,282,994,173 250,727,761,627 250,863,158,280 250,325,083,876 249,610,113,968 ........................................ ........................................

Jan-14 ................................. 21 5,808,700,114,288 276,604,767,347 254,064,906,990 250,863,158,280 250,325,083,876 ........................................ ........................................

Feb-14 ................................. 19 6,018,926,931,054 316,785,627,950 260,567,406,904 254,064,906,990 250,863,158,280 ........................................ ........................................

Mar-14 ................................. 21 6,068,617,342,988 288,981,778,238 261,434,574,140 260,567,406,904 254,064,906,990 ........................................ ........................................

Apr-14 ................................. 21 6,013,948,953,528 286,378,521,597 267,578,341,642 261,434,574,140 260,567,406,904 ........................................ ........................................

May-14 ................................ 21 5,265,594,447,318 250,742,592,729 270,561,805,516 267,578,341,642 261,434,574,140 ........................................ ........................................

Jun-14 ................................. 21 5,159,506,989,669 245,690,809,032 270,309,686,371 270,561,805,516 267,578,341,642 ........................................ ........................................

Jul-14 .................................. 22 5,364,099,567,460 243,822,707,612 268,759,532,970 270,309,686,371 270,561,805,516 ........................................ ........................................

Aug-14 ................................. 21 5,075,332,147,677 241,682,483,223 266,824,116,595 268,759,532,970 270,309,686,371 ........................................ ........................................

Sep-14 ................................. 21 5,507,943,363,243 262,283,017,297 268,108,033,892 266,824,116,595 268,759,532,970 ........................................ ........................................

Oct-14 ................................. 23 7,796,638,035,879 338,984,262,430 275,039,088,901 268,108,033,892 266,824,116,595 ........................................ ........................................

Nov-14 ................................. 19 5,340,847,027,697 281,097,211,984 271,073,709,349 275,039,088,901 268,108,033,892 ........................................ ........................................

Dec-14 ................................. 22 6,559,110,068,128 298,141,366,733 272,091,441,404 271,073,709,349 275,039,088,901 ........................................ ........................................

Jan-15 ................................. 20 6,185,619,541,044 309,280,977,052 274,636,158,677 272,091,441,404 271,073,709,349 ........................................ ........................................

Feb-15 ................................. 19 5,723,523,235,641 301,238,065,034 280,246,766,711 274,636,158,677 272,091,441,404 ........................................ ........................................

Mar-15 ................................. 22 6,395,046,297,249 290,683,922,602 285,246,001,552 280,246,766,711 274,636,158,677 ........................................ ........................................

Apr-15 ................................. 21 5,625,548,298,004 267,883,252,286 287,919,395,405 285,246,001,552 280,246,766,711 ........................................ ........................................

May-15 ................................ 20 5,521,351,972,386 276,067,598,619 291,739,963,782 287,919,395,405 285,246,001,552 ........................................ ........................................

Jun-15 ................................. 22 6,005,521,460,806 272,978,248,218 292,928,322,773 291,739,963,782 287,919,395,405 ........................................ ........................................

Jul-15 .................................. 22 6,493,670,315,390 295,166,832,518 288,059,719,450 292,928,322,773 291,739,963,782 ........................................ ........................................

Aug-15 ................................. 21 6,963,901,249,270 331,614,345,203 293,672,734,252 288,059,719,450 292,928,322,773 ........................................ ........................................

Sep-15 ................................. 21 6,434,496,770,897 306,404,608,138 294,590,872,186 293,672,734,252 288,059,719,450 ........................................ ........................................

Oct-15 ................................. 22 6,592,594,708,082 299,663,395,822 293,522,252,049 294,590,872,186 293,672,734,252 ........................................ ........................................

Nov-15 ................................. 20 5,822,824,015,945 291,141,200,797 292,400,378,245 293,522,252,049 294,590,872,186 ........................................ ........................................

Dec-15 ................................. 22 6,384,337,478,801 290,197,158,127 292,346,293,303 292,400,378,245 293,522,252,049 ........................................ ........................................

Jan-16 ................................. 19 6,696,059,796,055 352,424,199,792 301,739,731,915 292,346,293,303 292,400,378,245 ........................................ ........................................

Feb-16 ................................. 20 6,659,878,908,747 332,993,945,437 308,064,881,562 301,739,731,915 292,346,293,303 ........................................ ........................................

Mar-16 ................................. 22 6,161,943,754,542 280,088,352,479 308,854,893,146 308,064,881,562 301,739,731,915 ........................................ ........................................

Apr-16 ................................. 21 5,541,076,988,322 263,860,808,968 305,376,446,085 308,854,893,146 308,064,881,562 ........................................ ........................................

May-16 ................................ 21 5,693,520,415,112 271,120,019,767 298,654,854,370 305,376,446,085 308,854,893,146 ........................................ ........................................

Jun-16 ................................. 22 6,317,212,852,759 287,146,038,762 296,515,013,328 298,654,854,370 305,376,446,085 ........................................ ........................................

Jul-16 .................................. 20 5,331,797,261,269 266,589,863,063 292,840,176,355 296,515,013,328 298,654,854,370 ........................................ ........................................

Aug-16 ................................. 23 5,635,976,607,786 245,042,461,208 287,718,094,178 292,840,176,355 296,515,013,328 ........................................ ........................................

Sep-16 ................................. 21 5,942,072,286,976 282,955,823,189 286,913,501,407 287,718,094,178 292,840,176,355 ........................................ ........................................

Oct-16 ................................. 21 5,460,906,573,682 260,043,170,175 276,648,942,561 286,913,501,407 287,718,094,178 ........................................ ........................................

Nov-16 ................................. 21 6,845,287,809,886 325,966,086,185 275,868,069,311 276,648,942,561 286,913,501,407 ........................................ ........................................

Dec-16 ................................. 21 6,208,579,880,985 295,646,660,999 277,596,770,257 275,868,069,311 276,648,942,561 ........................................ ........................................

Jan-17 ................................. 20 5,598,200,907,603 279,910,045,380 279,380,018,748 277,596,770,257 275,868,069,311 ........................................ ........................................

Feb-17 ................................. 19 5,443,426,609,533 286,496,137,344 281,088,476,256 279,380,018,748 277,596,770,257 ........................................ ........................................

Mar-17 ................................. 23 6,661,861,914,530 289,646,170,197 281,366,268,638 281,088,476,256 279,380,018,748 ........................................ ........................................

Apr-17 ................................. 19 5,116,714,033,499 269,300,738,605 281,667,477,031 281,366,268,638 281,088,476,256 ........................................ ........................................

May-17 ................................ 22 6,305,822,460,672 286,628,293,667 286,288,125,082 281,667,477,031 281,366,268,638 ........................................ ........................................

Jun-17 ................................. 22 6,854,993,097,601 311,590,595,346 289,469,766,433 286,288,125,082 281,667,477,031 ........................................ ........................................

Jul-17 .................................. 20 5,394,333,070,522 269,716,653,526 290,544,597,917 289,469,766,433 286,288,125,082 ........................................ ........................................

Aug-17 ................................. 23 6,206,204,906,864 269,834,995,951 284,307,810,113 290,544,597,917 289,469,766,433 ........................................ ........................................

Sep-17 ................................. 20 5,939,886,169,525 296,994,308,476 284,457,548,721 284,307,810,113 290,544,597,917 ........................................ ........................................

Oct-17 ................................. 22 6,134,529,538,894 278,842,251,768 284,338,904,987 284,457,548,721 284,307,810,113 ........................................ ........................................

Nov-17 ................................. 21 6,289,748,560,897 299,511,836,233 285,785,093,752 284,338,904,987 284,457,548,721 ........................................ ........................................

Dec-17 ................................. 20 6,672,181,323,001 333,609,066,150 290,669,859,969 285,785,093,752 284,338,904,987 ........................................ ........................................

Jan-18 ................................. 21 7,672,288,677,308 365,347,079,872 301,341,675,665 290,669,859,969 285,785,093,752 ........................................ ........................................

Feb-18 ................................. 19 8,725,420,462,639 459,232,655,928 320,519,938,139 301,341,675,665 290,669,859,969 ........................................ ........................................

Mar-18 ................................. 21 8,264,755,011,030 393,559,762,430 329,627,623,370 320,519,938,139 301,341,675,665 ........................................ ........................................

Apr-18 ................................. 21 7,490,308,402,446 356,681,352,497 339,290,367,701 329,627,623,370 320,519,938,139 ........................................ ........................................

May-18 ................................ 22 7,242,077,467,361 329,185,339,426 345,884,850,309 339,290,367,701 329,627,623,370 ........................................ ........................................

Jun-18 ................................. 21 7,936,783,802,579 377,942,085,837 354,879,047,793 345,884,850,309 339,290,367,701 ........................................ ........................................

Jul-18 .................................. 21 6,807,593,326,456 324,171,110,784 359,915,587,684 354,879,047,793 345,884,850,309 ........................................ ........................................

Aug-18 ................................. 23 7,363,115,477,823 320,135,455,558 362,207,100,942 359,915,587,684 354,879,047,793 ........................................ ........................................

Sep-18 ................................. 19 6,781,988,459,996 356,946,761,052 364,800,178,154 362,207,100,942 359,915,587,684 ........................................ ........................................

Oct-18 ................................. 23 10,133,514,482,168 440,587,586,181 373,160,234,410 364,800,178,154 362,207,100,942 ........................................ ........................................

Nov-18 ................................. 21 8,414,847,862,204 400,707,041,057 366,657,388,314 373,160,234,410 364,800,178,154 ........................................ ........................................

Dec-18 ................................. 19 9,075,221,733,736 477,643,249,144 375,999,997,948 366,657,388,314 373,160,234,410 ........................................ ........................................

Jan-19 ................................. 21 7,960,664,643,749 379,079,268,750 378,488,655,310 375,999,997,948 366,657,388,314 ........................................ ........................................

Feb-19 ................................. 19 6,676,391,653,247 351,389,034,381 380,955,732,527 378,488,655,310 375,999,997,948 ........................................ ........................................

Mar-19 ................................. 21 7,828,979,311,928 372,808,538,663 380,385,338,397 380,955,732,527 378,488,655,310 ........................................ ........................................

Apr-19 ................................. 21 6,907,923,076,080 328,948,717,909 380,916,183,633 380,385,338,397 380,955,732,527 ........................................ ........................................

May-19 ................................ 22 7,895,053,976,747 358,866,089,852 385,219,587,443 380,916,183,633 380,385,338,397 ........................................ ........................................

Jun-19 ................................. 20 7,070,583,442,058 353,529,172,103 384,839,855,338 385,219,587,443 380,916,183,633 ........................................ ........................................

Jul-19 .................................. 22 6,792,811,319,721 308,764,150,896 370,192,806,973 384,839,855,338 385,219,587,443 ........................................ ........................................

Aug-19 ................................. 22 8,059,527,400,976 366,342,154,590 366,374,486,254 370,192,806,973 384,839,855,338 ........................................ ........................................

Sep-19 ................................. 20 6,958,132,871,506 347,906,643,575 351,959,307,858 366,374,486,254 370,192,806,973 ........................................ ........................................

Oct-19 ................................. 23 7,235,982,824,882 314,607,948,908 344,795,827,875 351,959,307,858 366,374,486,254 ........................................ ........................................

Nov-19 ................................. 20 6,784,888,230,209 339,244,411,510 343,446,425,334 344,795,827,875 351,959,307,858 ........................................ ........................................

Dec-19 ................................. 21 7,252,856,724,647 345,374,129,745 340,398,157,677 343,446,425,334 344,795,827,875 ........................................ ........................................

Jan-20 ................................. 21 8,178,172,797,805 389,436,799,895 347,119,055,675 340,398,157,677 343,446,425,334 ........................................ ........................................

Feb-20 ................................. 19 8,951,554,790,521 471,134,462,659 359,593,319,320 347,119,055,675 340,398,157,677 ........................................ ........................................

Mar-20 ................................. 22 16,218,726,536,159 737,214,842,553 402,225,060,481 359,593,319,320 347,119,055,675 ........................................ ........................................

Apr-20 ................................. 21 10,289,596,902,933 489,980,804,902 422,360,244,260 402,225,060,481 359,593,319,320 ........................................ ........................................

May-20 ................................ 20 9,435,524,799,540 471,776,239,977 434,075,142,636 422,360,244,260 402,225,060,481 ........................................ ........................................

Jun-20 ................................. 22 12,093,857,552,130 549,720,797,824 456,498,937,553 434,075,142,636 422,360,244,260 ........................................ ........................................

Jul-20 .................................. 22 10,355,334,352,448 470,697,016,020 473,842,167,232 456,498,937,553 434,075,142,636 ........................................ ........................................

Aug-20 ................................. 21 9,763,364,099,611 464,922,099,981 487,806,354,840 473,842,167,232 456,498,937,553 ........................................ ........................................

Sep-20 ................................. 21 11,545,568,415,944 549,788,972,188 510,519,115,111 487,806,354,840 473,842,167,232 ........................................ ........................................

Oct-20 ................................. 22 10,052,383,756,890 456,926,534,404 518,017,974,501 510,519,115,111 487,806,354,840 ........................................ ........................................

Nov-20 ................................. 20 11,039,476,882,364 551,973,844,118 527,000,127,996 518,017,974,501 510,519,115,111 ........................................ ........................................

Dec-20 ................................. 22 ........................................ ........................................ ........................................ 527,000,127,996 518,017,974,501 $618,941,650,406 $13,616,716,308,932 

Jan-21 ................................. 19 ........................................ ........................................ ........................................ ........................................ 527,000,127,996 618,941,650,406 11,759,891,357,714 

Feb-21 ................................. 19 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 11,759,891,357,714 


jbell on DSKJLSW7X2PROD with NOTICES
6698 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 

Month 

Number 

of 

trading 

days in 

month 

Total dollar 

amount of 

sales 

Average daily dollar 

amount of sales 

(ADS) 

9-Month trailing moving 

average 

ADS 

1 Month lag of 9-month 

trailing moving average 

ADS 

2 Month lag of 9-month 

trailing moving average 

ADS 

Forecast 9-month trailing 

moving average 

ADS 

Forecast total dollar 

amount of sales 

(A) (B) (C) (D) (E) (F) (G) (H) (I) 

Mar-21 ................................. 23 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 14,235,657,959,338 

Apr-21 ................................. 21 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 12,997,774,658,526 

May-21 ................................ 20 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 12,378,833,008,120 

Jun-21 ................................. 22 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 13,616,716,308,932 

Jul-21 .................................. 21 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 12,997,774,658,526 

Aug-21 ................................. 22 ........................................ ........................................ ........................................ ........................................ ........................................ 618,941,650,406 13,616,716,308,932 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 6699 


jbell on DSKJLSW7X2PROD with NOTICESEN22JA21.008</GPH>
6700 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Lead Market Maker’’ or (‘‘LMM’’) 

applies to a registered BX Options Market Maker 

that is approved pursuant to Options 2, Section 3 

to be the LMM in an options class (options classes). 

4The term ‘‘BX Options Market Maker’’ or (‘‘M’’) 

is a Participant that has registered as a Market 

Maker on BX Options pursuant to Options 2, 

Section 1, and must also remain in good standing 

pursuant to Options 2, Section 9. In order to receive 

Market Maker pricing in all securities, the 

Participant must be registered as a BX Options 

Market Maker in at least one security. 

5See Options 3, Section 8. 

6A Non-Customer includes a Professional, 

Broker-Dealer and Non-BX Options Market Maker. 

7The term ‘‘Firm’’ or (‘‘F’’) applies to any 

transaction that is identified by a Participant for 

clearing in the Firm range at OCC. 

8See Options 7, Section 2(1), note 2. 

9The term ‘‘Customer’’ or (‘‘C’’) applies to any 

transaction that is identified by a Participant for 

clearing in the Customer range at The Options 

Clearing Corporation (‘‘OCC’’) which is not for the 

account of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Options 

1, Section 1(a)(48)). 

[FR Doc. 2021–01341 Filed 1–21–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90936; File No. SR–BX– 

2021–001] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the BX 

Options Pricing Schedule 

January 15, 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 4, 

2021, Nasdaq BX, Inc. (‘‘BX’’ 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 

BX Options Pricing Schedule at Options 

7. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/bx/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 

Today, Lead Market Makers 

(‘‘LMMs’’) 3 are assessed the same fees 

and rebates in Options 7, Section 2 as 

BX Options Market Makers.4 The 

purpose of the proposed rule change is 

to amend Options 7, Section 2 to (i) 

increase the LMM Rebate to Add 

Liquidity, (ii) decrease the LMM Fee to 

Add Liquidity, and (iii) restructure the 

existing pricing schedules to add 

separate pricing for LMMs, which will 

apply in each case to LMMs in their 

specifically appointed options classes. 

As described in detail below, while the 

Exchange is proposing to add separate 

pricing for LMMs in the existing 

schedules, LMMs will continue to be 

assessed the same BX Options Market 

Makers fees and rebates in their 

specifically allocated options classes 

under this proposal except with respect 

to the proposed LMM Rebate to Add 

Liquidity and proposed LMM Fee to 

Add Liquidity. The Exchange also 

proposes to amend its Opening Cross 5

pricing provisions in Options 7, Section 

2(2) to correct an inadvertent omission. 

Lastly, the Exchange proposes various 

technical, non-substantive changes 

throughout Options 7, including to 

update cross-cites to obsolete rules. 

The proposed changes respond in part 

to the current competitive environment 

where market participants have a choice 

of where to direct order flow by 

incentivizing LMMs to increase their 

liquidity provision on the Exchange. 

LMM Rebate To Add Liquidity 

Today, as set forth in Options 7, 

Section 2(1), LMMs are provided the 

$0.10 per contract BX Options Market 

Maker Rebate to Add Liquidity in Penny 

Symbols in their specifically allocated 

options classes. This rebate is provided 

only when the LMM is contra to a NonCustomer,6 Firm,7 or BX Options Market 

Maker (including LMMs).8

The Exchange now proposes to 

increase this rebate to $0.11 per contract 

for LMMs only. This rebate will apply 

to LMMs in their specifically allocated 

options classes, and will have the same 

qualifications as the existing BX 

Options Market Maker rebate in that the 

incentive will only be provided to 

LMMs that are contra to Non-Customers, 

Firms, BX Options Market Makers, or 

LMMs. To effect this change, the 

Exchange proposes to set forth the LMM 

Rebate to Add Liquidity in Penny 

Symbols in a separate pricing column in 

Options 7, Section 2(1). The Exchange 

will also amend the rebate qualifications 

in note 2 of Options 7, Section 2(1) to 

include LMMs. As amended, note 2 will 

provide that the Rebate to Add Liquidity 

will be paid to a BX Options Market 

Maker or a Lead Market Maker only 

when the BX Options Market Maker or 

Lead Market Maker is contra to a NonCustomer, Firm, BX Options Market 

Maker, or Lead Market Maker. 

LMM Fee To Add Liquidity 

Today, as set forth in Options 7, 

Section 2(1), LMMs are charged the 

$0.39 per contract BX Options Market 

Maker Fee to Add Liquidity in Penny 

Symbols in their specifically allocated 

options classes. Pursuant to note 3 of 

Options 7, Section 2(1), this fee is 

assessed only when the LMM is contra 

to a Customer.9

The Exchange now proposes to 

decrease this fee to $0.38 per contract 

for LMMs only. This fee will apply to 

LMMs in their specifically allocated 

options classes, and will have the same 

qualifications as the existing BX 

Options Market Maker fee in that the fee 

only will be assessed to LMMs that are 

contra to Customers. To effect this 

change, the Exchange proposes to set 

forth the LMM Fee to Add Liquidity in 

Penny Symbols in a separate pricing 

column in Options 7, Section 2(1). The 

Exchange will also amend the fee 

qualifications in note 3 of Options 7, 

Section 2(1) to include LMMs. As 

amended, note 3 will provide that the 

Fee to Add Liquidity will be assessed to 

a BX Options Market Maker or a Lead 


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