11024 Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 

11 Id. 

12 15 U.S.C. 78s(b)(3)(A). 

13 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. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16See supra note 5. 

17For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

18 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is designed to 

enhance competition by expanding the 

number of registered brokers-dealers 

that would be eligible to become 

Trading Permit holders and trade on the 

Exchange by aligning Exchange Rule 

200(d) with that of other national 

securities exchanges.11

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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 12 and Rule 19b– 

4(f)(6) thereunder.13

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 14 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 15

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative 

immediately. The Exchange states that 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because it will allow the Exchange to 

immediately expand the number of 

registered broker-dealers that would be 

eligible to become Trading Permit 

holders on the Exchange and align its 

membership requirements more closely 

with those of other national securities 

exchanges.16 For this reason, and 

because the proposal does not raise any 

novel regulatory issues, the Commission 

believes that waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the operative delay and 

designates the proposed rule change 

operative upon filing.17

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– 

PEARL–2021–03 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–PEARL–2021–03. 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–PEARL–2021–03 and 

should be submitted on or before March 

16, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–03543 Filed 2–22–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91143; File No. SR–NYSE– 

2021–13] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Amending Rule 

7.35C To Change the Auction 

Reference Price for ExchangeFacilitated Core Open Auctions 

February 17, 2021. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on February 

8, 2021, New York Stock Exchange LLC 

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

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 11025 

4See Rule 7.35C(b)(2). 

5See Rule 7.35C(b)(3)(A)(i). Pursuant to Rule 

7.35A(e)(3), the Imbalance Reference Price for a 

Core Open Auction is the Consolidated Last Sale 

Price, unless a pre-opening indication has been 

published. Pursuant to Rule 7.35(a)(11)(A), the term 

‘‘Consolidated Last Sale Price’’ means the most 

recent consolidated last-sale eligible trade in a 

security during Core Trading Hours on that trading 

day, and if none, the Official Closing Price from the 

prior trading day for that security. 

6See Securities Exchange Act Release No. 89059 

(June 12, 2020), 85 FR 36911 (June 18, 2020) (SR– 

NYSE–2020–50) (amending Rule 7.35C to add 

Commentary .04) (‘‘Rule 7.35C Filing’’). 

Commentary .04 is in effect for a temporary period 

that began on June 4, 2020 and ends on the earlier 

of a full reopening of the Trading Floor facilities to 

DMMs or after the Exchange closes on April 30, 

2021. 

7 In the Rule 7.35C Filing, id., the Exchange 

explained that for the period while the Trading 

Floor had been temporarily closed preceding that 

filing, the Exchange had facilitated 2.35% of the 

Core Open Auctions and that approximately 30% 

of the Exchange-facilitated Core Open Auctions had 

an Indicative Match Price that was subject to an 

Auction Collar, and approximately 50% of these 

collared Exchange-facilitated Core Open Auctions 

were in securities trading at prices under $10.00. 

The Exchange further noted that if Auction Collars 

had not been applied to these securities priced 

under $10.00, they would have opened at a price 

between $0.15 and $1.00 away from the Auction 

Reference Price. 

8Because SPY is priced based on the securities 

included in the S&P 500 Index, the Exchange 

believes that SPY’s price as compared to its prior 

day’s closing price is indicative of the scope of 

market-wide volatility leading into the open of the 

Core Trading Session. 

9See NYSE Arca Rule 7.35–E(a)(5) and NYSE 

American Rule 7.35E(a)(5). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 7.35C (Exchange-Facilitated 

Auctions) to change the Auction 

Reference Price for Exchange-facilitated 

Core Open Auctions. The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Rule 7.35C (Exchange-Facilitated 

Auctions) to change the Auction 

Reference Price for Exchange-facilitated 

Core Open Auctions. 

For Exchange-facilitated Auctions, the 

Exchange determines an Auction Price 

based on the Indicative Match Price for 

a security, which is bound by Auction 

Collars.4 Rule 7.35C(b)(1) specifies the 

Auction Reference Price that is used for 

determining Auction Collars for 

Exchange-facilitated Core Open 

Auctions, which is the Imbalance 

Reference Price, as determined under 

Rule 7.35A(e)(3).5 Currently, the 

Auction Collars for the Core Open 

Auction are at a price that is the greater 

of $0.15 or 10% away from the Auction 

Reference Price. 

On June 4, 2020, the Exchange added 

Commentary .04 to Rule 7.35C to 

provide that the Auction Collars for 

Exchange-facilitated Core Open 

Auctions would be the greater of $1.00 

or 10% away from the Auction 

Reference Price.6 The Exchange added 

this Commentary to reduce the number 

of securities subject to a collared 

Exchange-facilitated Core Open 

Auction.7 The Exchange observed that 

from June 4, 2020 up to June 17, 2020, 

when DMMs returned staff to the 

Trading Floor, even with the widened 

Auction Collars, if there were significant 

overnight market-wide volatility, 

Exchange-facilitated Core Open 

Auctions had a greater likelihood of 

being subject to an Auction Collar. For 

example, for that same June 4–June 16 

period, when the price of the SPDR S&P 

500 ETF Trust (‘‘SPY’’) 8 moved over 1% 

from the prior day’s close, 1.4% of the 

Exchange-facilitated Core Open 

Auctions were subject to an Auction 

Collar, as compared to only .5% of the 

Exchange-facilitated Core Open 

Auctions being subject to an Auction 

Collar when SPY moved less than 1% 

from the prior day’s close. 

The Exchange believes that adjusting 

the Auction Reference Price to align 

more closely with the anticipated price 

of the Core Open Auction, rather than 

widening the Auction Collars, would 

reduce the potential for an Exchangefacilitated Core Open Auction to be 

subject to an Auction Collar on all 

trading days, including when there is 

significant overnight market-wide 

volatility. Accordingly, rather than 

providing for a wider Auction Collar, as 

set forth in Commentary .04 to Rule 

7.35C, the Exchange proposes to amend 

Rule 7.35C to update how the Auction 

Reference Price for Exchange-facilitated 

Core Open Auctions would be 

determined. Specifically, the Exchange 

proposes to determine Auction 

Reference Prices for Exchangefacilitated Core Open Auctions in the 

same manner that the Exchange’s 

affiliates, NYSE Arca, Inc. (‘‘NYSE 

Arca’’) and NYSE American LLC 

(‘‘NYSE American’’), determine the 

Auction Reference Price for their 

electronic Core Open Auctions. 

NYSE Arca Rule 7.35–E(a)(8)(A) and 

NYSE American Rule 7.35E(a)(8)(A) 

both provide that the Auction Reference 

Price for Core Open Auctions on those 

exchanges is, ‘‘[t]he midpoint of the 

Auction NBBO or, if the Auction NBBO 

is locked, the locked price. If there is no 

Auction NBBO, the prior day’s Official 

Closing Price.’’ The NYSE Arca and 

NYSE American rules define the term 

‘‘Auction NBBO’’ to mean: 

An NBBO that is used for purposes of 

pricing an auction. An NBBO is an Auction 

NBBO when (i) there is an NBB above zero 

and NBO for the security and (ii) the NBBO 

is not crossed. In addition, for the Core Open 

Auction, an NBBO is an Auction NBBO when 

the midpoint of the NBBO when multiplied 

by a designated percentage, is greater than or 

equal to the spread of that NBBO. The 

designated percentage will be determined by 

the Exchange from time to time upon prior 

notice to ETP Holders.9

The Exchange proposes to amend 

Rule 7.35C(b)(1) to provide that the 

Auction Reference Price for an 

Exchange-facilitated Core Open Auction 

would be: ‘‘The midpoint of the Auction 

NBBO or, if the Auction NBBO is 

locked, the locked price. If there is no 

Auction NBBO, the Official Closing 

Price from the prior trading day.’’ This 

rule text is based on NYSE Arca Rule 

7.35–E(a)(8)(A) and NYSE American 

Rule 7.35E(a)(8)(A) without any 

differences. 

The Exchange further proposes to 

amend Rule 7.35(a) to add a definition 

for the term ‘‘Auction NBBO,’’ which 

would similarly be based on the 

definition of that term in the NYSE Arca 

and NYSE American rules without any 

substantive differences, as follows: 

‘‘Auction NBBO’’ means an NBBO that is 

used for purposes of pricing an auction. An 

NBBO is an Auction NBBO when (i) there is 

an NBB above zero and NBO for the security 

and (ii) the NBBO is not crossed. In addition, 

for the Core Open Auction, an NBBO is an 

Auction NBBO when the midpoint of the 

NBBO when multiplied by a designated 

percentage, is greater than or equal to the 

spread of that NBBO. The designated 

percentage will be determined by the 

Exchange from time to time upon prior notice 

to member organizations. 

11026 Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). 

14 15 U.S.C. 78s(b)(3)(A)(iii). 

15 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 complied with this requirement. 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6)(iii). 

18The proposal was originally included in SR– 

NYSE–2020–89, and published for public notice 

and comment on November 5, 2020. See Securities 

The Exchange proposes to add the 

term ‘‘Auction NBBO’’ as Rule 7.35(a)(5) 

and make non-substantive changes to 

renumber the definitions currently set 

forth in Rules 7.35(a)(5)–(12) as Rules 

7.35(a)(6)–(13). 

Because there are technology changes 

associated with this proposed rule 

change, the Exchange proposes to 

announce the implementation date of 

this change by Trader Update. The 

Exchange anticipates that the Exchange 

will implement this technology change 

in the first quarter of 2021. 

To provide continuity, the Exchange 

further proposes to amend Commentary 

.04 to Rule 7.35C to provide that such 

Commentary would end on the earlier of 

when the Exchange implements its 

technology change to use the midpoint 

of the Auction NBBO as the Auction 

Reference Price for the Core Open 

Auction or after the Exchange closes on 

April 30, 2020. With this proposed rule 

change, the widened Auction Collars 

specified in that Commentary would 

continue to be operative until such time 

that the proposed changes to the 

Auction Reference Price for Exchangefacilitated Core Open Auctions are 

operative and implemented. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,10 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,11

in particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, and to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

The Exchange believes that the 

proposal to change the Auction 

Reference Price for Exchange-facilitated 

Core Open Auctions would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system because it 

would reduce the potential number of 

securities that would be subject to a 

collared Exchange-facilitated Core Open 

Auction, including when there is 

significant overnight market-wide 

volatility. Commentary .04 to Rule 

7.35C sought to achieve this goal by 

widening the Auction Collars, but as 

noted above, these temporary widened 

Auction Collars would not prevent an 

Exchange-facilitated Core Open Auction 

from being subject to an Auction Collar 

when there has been significant 

overnight market-wide volatility. The 

Exchange believes that aligning the 

Auction Reference Price more closely 

with the anticipated opening price by 

using the midpoint of the Auction 

NBBO as the Auction Reference Price 

(or Official Closing Price of the prior 

Trading Day if no Auction NBBO) 

would reduce the potential for an 

Exchange-facilitated Core Open Action 

to be subject to an Auction Collar on all 

trading days, including when there is 

significant overnight market-wide 

volatility. The Exchange further believes 

that this proposed rule change would 

reduce the potential number of 

securities that would open at a price 

that may not represent the current value 

of the security due to unfilled 

marketable auction interest, while still 

preserving investor protections by 

preventing significantly dislocated 

openings. This proposed rule change 

would therefore promote the fair and 

orderly operation of Exchangefacilitated Core Open Auctions by 

allowing such securities to open at a 

price that is consistent with the buy and 

sell interest in the security, which 

would also allow more buy and sell 

interest to participate in such Auction. 

The Exchange notes that this 

proposed change is not novel and is 

based on how NYSE Arca and NYSE 

American determine the Auction 

Reference Price for their respective 

electronic Core Open Auctions. 

Accordingly, this proposed change 

would align how Auction Reference 

Prices are determined for electronic 

Exchange-facilitated Auctions across 

NYSE, NYSE Arca, and NYSE 

American. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not designed to 

address any competitive issues but 

rather is designed to provide the 

Exchange with additional tools for when 

it facilitates an Auction, including by 

aligning the Auction Reference Price for 

an Exchange-facilitated Core Open 

Auction with the Auction Reference 

Price used for NYSE Arca and NYSE 

American electronic Core Open 

Auctions. The proposed rule change 

does not implicate any intermarket 

competition concerns because it relates 

to how the Exchange would facilitate 

Auctions in Exchange-listed securities. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 12 and Rule 

19b–4(f)(6) thereunder.13 Because the 

proposed rule change does not (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; or (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 14 and Rule 

19b–4(f)(6)(iii) thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),17 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The Exchange 

has represented that the technology to 

implement this proposed rule change 

will be available in less than 30 days 

from filing and that a waiver of the 

operative delay would allow the 

Exchange to implement this proposed 

rule change as soon as the technology is 

available. The Commission notes that 

the proposal was previously included in 

another filing and afforded a public 

comment period under that filing of 

greater than 30 days.18 The Commission 

Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 11027 

Exchange Act Release No. 90363 (Nov. 5, 2020), 85 

FR 71964 (Nov. 12, 2020). The comment period for 

SR–NYSE–2020–89 was extended to February 10, 

2021. See Securities Exchange Act Release No. 

90726 (Dec. 18, 2020), 85 FR 84431 (Dec. 28, 2020). 

The Exchange amended SR–NYSE–2020–89 on 

February 5, 2021 to remove the proposal from that 

filing, see Securities Exchange Act Release No. 

91095 (Feb. 10, 2021), 86 FR 9978 (Feb. 17, 2021), 

and then subsequently filed the proposal as SR– 

NYSE–2021–13 on February 13, 2021. The 

Commission notes that it received no comments on 

the proposal under SR–NYSE–2020–89. 

19For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

20 15 U.S.C. 78s(b)(2)(B). 

21 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

believes that a waiver of the operative 

delay is consistent with the protection 

of investors and the public interest 

because the proposal was published 

previously for a substantial period time 

for public comment and no comments 

were received on the proposal, and 

because a waiver will allow the 

proposed rules to become effective in 

time for the Exchange to implement its 

related technological changes. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.19

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) 20 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– 

NYSE–2021–13 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–NYSE–2021–13. 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–NYSE–2021–13 and should 

be submitted on or before March 16, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–03545 Filed 2–22–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91147; File No. SR– 

NYSEARCA–2021–12] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Equities Fees and Charges 

February 17, 2021. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b 4 thereunder,3

notice is hereby given that, on February 

10, 2021, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘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 self-regulatory 

organization. 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 

NYSE Arca Equities Fees and Charges 

(‘‘Fee Schedule’’) to adopt a new pricing 

tier, Tape B Tier 3, and make nonsubstantive changes to the Fee 

Schedule. The Exchange proposes to 

implement the fee changes effective 

February 10, 2021. The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to adopt a 

new pricing tier, Tape B Tier 3, and 

make non-substantive changes to the 

Fee Schedule. 

The proposed change to adopt a new 

pricing tier responds to the current 

competitive environment where order 

flow providers have a choice of where 

to direct liquidity-providing orders by 

offering further incentives for ETP