Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 11031 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f)(2). 

23 15 U.S.C. 78s(b)(2)(B). 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

proposed change would not impose a 

disparate burden on competition among 

market participants on the Exchange. As 

such, the Exchange believes the 

proposed new pricing tier would not 

impose any burden on intramarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Exchange does 

not believe the proposed rule change 

places a burden on competition among 

participants that are not affiliated with 

an OTP Holder or OTP Firm with a 

market maker account on NYSE Arca 

Options because such participants can 

avail themselves to credits available 

under other Tape B pricing tiers that do 

not require participation on NYSE Arca 

Options. Additionally, the Exchange’s 

proposal to delete the phrases ‘‘to the 

Book,’’ ‘‘from the Book,’’ and ‘‘outside 

the Book’’ from the Fee Schedule will 

not place any undue burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because the 

proposed change does not impact any 

fees charged or credits provided by the 

Exchange. All ETP Holders would 

continue to be subject to the same fees 

and credits that currently apply to them. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. As noted above, the 

Exchange’s market share of intraday 

trading (i.e., excluding auctions) is 

currently less than 10%. In such an 

environment, the Exchange must 

continually adjust its fees and rebates to 

remain competitive with other 

exchanges and with off-exchange 

venues. Because competitors are free to 

modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

The Exchange believes that the 

proposed rule change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar order types 

and comparable transaction pricing, by 

encouraging additional orders to be sent 

to the Exchange for execution. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to 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) 21 of the Act and 

subparagraph (f)(2) of Rule 19b–4 22

thereunder, 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) 23 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– 

NYSEARCA–2021–12 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–NYSEARCA–2021–12 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–NYSEARCA–2021–12 and 

should be submitted on or before March 

16, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–03547 Filed 2–22–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91142; File No. SR–Phlx– 

2021–08] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 3304 

February 17, 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 February 

4, 2021, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

11032 Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 

3 15 U.S.C. 78f(b). 

4 15 U.S.C. 78f(b)(5). 

5 15 U.S.C. 78s(b)(3)(A). 

6 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

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 

Rule 3304 (Data Feeds Utilized) to 

change the primary and secondary 

source of quotation data of certain 

market centers in the list of proprietary 

and network processor feeds that the 

Exchange utilizes for the handling, 

routing, and execution of orders as well 

as regulatory compliance processes 

related to those functions. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/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 update and 

amend the data feeds table in Rule 3304, 

which sets forth on a market-by-market 

basis the specific proprietary and 

network processor feeds that the 

Exchange utilizes for the handling, 

routing, and execution of orders, and for 

performing the regulatory compliance 

processes related to each of those 

functions. Specifically, the table would 

be amended to reflect that the Exchange 

will receive a direct feed from MIAX 

PEARL, LLC (‘‘MIAX PEARL’’) and 

MEMX LLC (‘‘MEMX’’) as its primary 

quotation data source and CQS/UQDF 

will become its secondary data source 

for the handling, routing and execution 

of orders and for performing regulatory 

compliance processes related to each of 

those functions. The change to the 

primary sources reflects the Exchange’s 

effort to include an additional source 

and the use of secondary sources in the 

event the primary source is unable to 

provide data. 

The Exchange proposes to implement 

the proposed rule change no later than 

ninety (90) days following the effective 

date of the proposed rule change. The 

Exchange notes this additional time 

gives the Exchange time to configure its 

system accordingly. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,3 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,4

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. 

The Exchange believes that the 

proposed rule change removes 

impediments to and perfects the 

mechanism of a free and open market 

because updating its data feeds table of 

market centers for which the exchange 

consumes quotation data through a 

direct feed will provide clarity to market 

participants. Additionally, it is 

necessary and consistent with the 

public interest and the protection of 

investors to update the Exchange’s table 

of market centers in Rule 3304 in order 

to provide transparency with respect to 

all the direct proprietary and network 

processor feeds from which the 

Exchange obtains market data. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not designed to 

address any competitive issue; instead, 

its purpose is to enhance transparency 

with respect to the operation of the 

Exchange and its use of market data 

feeds. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 5 and Rule 19b– 

4(f)(6) thereunder.6

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 

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– 

Phlx–2021–08 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–Phlx–2021–08. 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 

Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 11033 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78f. 

4See Securities Exchange Act Release No. 84891 

(December 20, 2018), 83 FR 67421 (December 28, 

2018) (File No. 10–233) (order approving 

application of MIAX Emerald, LLC for registration 

as a national securities exchange). 5See Securities Exchange Act Release No. 85393 

(March 21, 2019), 84 FR 11599 (March 27, 2019) 

(SR–EMERALD–2019–15) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

To Establish the MIAX Emerald Fee Schedule). 6 ‘‘Member’’ means an individual or organization 

approved to exercise the trading rights associated 

with a Trading Permit. Members are deemed 

‘‘members’’ under the Exchange Act. See Exchange 

Rule 100 and the Definitions Section of the Fee 

Schedule. 7 ‘‘Waiver Period’’ means, for each applicable fee, 

the period of time from the initial effective date of 

the MIAX Emerald Fee Schedule until such time 

that the Exchange has an effective fee filing 

establishing the applicable fee. The Exchange will 

issue a Regulatory Circular announcing the 

establishment of an applicable fee that was subject 

to a Waiver Period at least fifteen (15) days prior 

to the termination of the Waiver Period and 

effective date of any such applicable fee. See the 

Definitions Section of the Fee Schedule. 

8See MIAX Emerald Regulatory Circular 2020–41 

available at https://www.miaxoptions.com/sites/ 

default/files/circular-files/MIAX_Emerald_RC_

2020_41.pdf. 

9See SR–EMERALD–2020–10 (the ‘‘First 

Proposed Rule Change’’). 

10See Securities Exchange Act Release No. 90274 

(October 27, 2020), 85 FR 69371 (November 2, 2020) 

(SR–EMERALD–2020–13) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

To Amend Its Fee Schedule To Establish Market 

Data Fees) (the ‘‘Second Proposed Rule Change’’). 

11See Comment Letter from Joseph W. Ferraro III, 

SVP, Deputy General Counsel, the Exchange, dated 

November 20, 2020, notifying the Commission that 

the Exchange will withdraw the Second Proposed 

Rule Change. 

12See Securities Exchange Act Release No. 90612 

(December 9, 2020), 85 FR 81242 (December 15, 

2020) (SR–EMERALD–2020–16) (the ‘‘Third 

Proposed Rule Change’’). 

13See Comment Letter from Joseph W. Ferraro III, 

SVP, Deputy General Counsel, the Exchange, dated 

January 19, 2021, notifying the Commission that the 

Exchange will withdraw the Third Proposed Rule 

Change. 

14See SR–EMERALD–2021–04 (the ‘‘Fourth 

Proposed Rule Change’’). 

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–Phlx–2021–08 and should 

be submitted on or before March 16, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–03544 Filed 2–22–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91145; File No. SR– 

EMERALD–2021–05] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fee 

Schedule To Establish Market Data 

Fees 

February 17, 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 February 

4, 2021, MIAX Emerald, LLC (‘‘MIAX 

Emerald’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by 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 is filing a proposal to 

amend the MIAX Emerald Fee Schedule 

(the ‘‘Fee Schedule’’) to establish market 

data fees. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/emerald, at MIAX’s principal 

office, 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 the 

Fee Schedule to establish market data 

fees. MIAX Emerald commenced 

operations as a national securities 

exchange registered under Section 6 of 

the Act 3 on March 1, 2019.4 The 

Exchange adopted its transaction fees 

and certain of its non-transaction fees in 

its filing SR–EMERALD–2019–15.5 In 

that filing, the Exchange expressly 

waived, among others, market data fees 

to provide an incentive to prospective 

market participants to become 

Members 6 of the Exchange. At that 

time, the Exchange waived market data 

fees for the Waiver Period 7 and stated 

that it would provide notice to market 

participants when the Exchange 

intended to terminate the Waiver 

Period. 

On September 15, 2020, the Exchange 

issued a Regulatory Circular which 

announced, among other things, that the 

Exchange would be ending the Waiver 

Period for market data fees, beginning 

October 1, 2020.8

On October 1, 2020, the Exchange 

filed its proposal to assess fees for its 

market data products, MIAX Emerald 

Top of Market (‘‘ToM’’), Administrative 

Information Subscriber (‘‘AIS’’) feed, 

and MIAX Order Feed (‘‘MOR’’).9 On 

October 14, 2020, the Exchange 

withdrew the First Proposed Rule 

Change and refiled its proposal in order 

to provide more description regarding 

the difference in pricing for internal 

distributors and external distributors.10

On November 25, 2020, the Exchange 

withdrew the Second Proposed Rule 

Change 11 and refiled its proposal to 

assess fees for its ToM, AIS and MOR 

products in order to provide additional 

information.12 On January 22, 2021, the 

Exchange withdrew the Third Proposed 

Rule Change 13 and refiled its proposal 

in order to provide a cost-based 

justification for its market data fees.14

On February 4, 2021, the Exchange 

withdrew the Fourth Proposed Rule 

Change and refiled this proposal. 

A more detailed description of the 

ToM, AIS and MOR products can be