Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Notices 12991 

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

2 17 CFR 240.19b-4. 

3See Securities Exchange Act Release No. 90495 

(Nov. 24, 2020), 85 FR 77304 (Dec. 1, 2020) (SR– 

NYSE–2020–95) (‘‘Notice’’). 

4See Securities Exchange Act Release No. 90917 

(Jan. 13, 2021), 86 FR 6403 (Jan. 21, 2020). 

5See Notice, supra note 3, at 77305. 

6The term ‘‘Consolidated Last Sale Price’’ is 

defined in Rule 7.35 to mean the most recent 

consolidated last-sale eligible trade in a security on 

any market during Core Trading Hours on that 

trading day, and if none, the Official Closing Price 

from the prior trading day for that security. 

7See Notice, supra note 3, at 77305. 

8See id. 

9See Notice, supra note 3, at 77305–77306. 

10See Notice, supra note 3, at 77307. 

11See id. 

37116; June 19, 2020) was to inform the 

public of a meeting to discuss and 

accept comments on the PSDAR and 

DCE. The public comment period closed 

on October 19, 2020, was reopened on 

October 26, 2020 (85 FR 67780), to 

account for the restrictions associated 

with the Coronavirus Disease 2019 

public health emergency and closed 

again on February 19, 2021. 

The NRC has decided to once again 

reopen the public comment period on 

this document until August 19, 2021, to 

provide additional time for members of 

the public to develop and submit their 

comments, as well as to allow time for 

an in-person public meeting on the 

DAEC PSDAR. The NRC will hold a 

public meeting to discuss the PSDAR’s 

content and receive comments once 

restrictions associated with the 

Coronavirus Disease 2019 public health 

emergency are lifted. Members of the 

public interested in attending this 

meeting should monitor the NRC’s 

Public Meeting Schedule website at 

https://www.nrc.gov/pmns/mtg for 

additional information. 

Dated: March 2, 2021. 

For the Nuclear Regulatory Commission. 

Bruce Watson, 

Chief, Reactor Decommissioning Branch, 

Division of Decommissioning, Uranium 

Recovery, and Waste Programs, Office of 

Nuclear Material Safety and Safeguards. 

[FR Doc. 2021–04631 Filed 3–4–21; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91227; File No. SR–NYSE– 

2020–95] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change To Make 

Permanent Commentaries to Rule 

7.35A and Commentaries to Rule 7.35B 

and Make Related Changes to Rules 

7.32, 7.35C, 46B, and 47 

March 1, 2021. 

I. Introduction 

On November 13, 2020, New York 

Stock Exchange LLC (‘‘Exchange’’ or 

‘‘NYSE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b-4 thereunder,2 a 

proposed rule change to make 

permanent Commentaries .01(a) and (b) 

and .06 to Rule 7.35A (DMM-Facilitated 

Core Open and Trading Halt Auctions) 

and Commentaries .01 and .03 to Rule 

7.35B (DMM-Facilitated Closing 

Auctions) and to make related changes 

to Rules 7.32 (Order Entry), 7.35C 

(Exchange-Facilitated Closing 

Auctions), 46B (Regulatory Trading 

Official), and 47 (Floor Officials— 

Unusual Situations). The proposed rule 

change was published for comment in 

the Federal Register on December 1, 

2020.3

On January 13, 2020, the Commission 

extended to March 1, 2021, the time 

period in which to approve the 

proposal, disapprove the proposal, or 

institute proceedings to determine 

whether to approve or disapprove the 

proposal.4 The Commission has 

received no comments on the proposal. 

This order institutes proceedings under 

Section 19(b)(2)(B) of the Act to 

determine whether to approve or 

disapprove the proposal. 

II. Description of the Proposal 

Proposed Changes to Parameters for 

DMM-Facilitated Electronic Auctions 

The Exchange proposes to make 

permanent the parameters for DMMfacilitated electronic auctions that are 

currently in effect on a temporary basis 

during the Covid-19 pandemic, as set 

forth in Commentaries .01(a) and (b) to 

Rule 7.35A and Commentary .01 to Rule 

7.35B.5

Current Rules 7.35A(c)(1)(G) and (H) 

provide that a DMM may not effect a 

Core Open or Trading Halt Auction 

electronically if (i) the Auction Price 

will be more than 4% away from the 

Consolidated Last Sale Price,6 or (ii) the 

paired volume for the Auction will be 

more than 1,500 round lots for securities 

with an average opening volume of 

1,000 round lots or fewer in the 

previous calendar quarter, or 5,000 

round lots for securities with an average 

opening volume of over 1,000 round lots 

in the previous calendar quarter. Rule 

7.35A(c)(2) further provides that if, as of 

9:00 a.m., the E-mini S&P 500 Futures 

are +/- 2% from the prior day’s closing 

price of the E-mini S&P 500 Futures, or 

if the Exchange determines that it is 

necessary or appropriate for the 

maintenance of a fair and orderly 

market, a DMM may effect an opening 

or reopening electronically if the 

Auction Price will be up to 8% away 

from Consolidated Last Sale Price, 

without any volume limitations.7

Current Rule 7.35B(c)(1)(G) and (H) 

provide that a DMM may not effect a 

Closing Auction electronically if (i) the 

Auction Price will be more than a 

designated percentage away from the 

Exchange Last Sale Price, or (ii) the 

paired volume for the Closing Auction 

will be more than 1,000 round lots for 

such security.8

The Exchange proposes to make the 

price percentage parameter 10% and 

eliminate the volume restrictions for all 

DMM-facilitated Auctions. These 

parameters are currently in effect on a 

temporary basis pursuant to 

Commentaries .01(a) and (b) to Rule 

7.35A and Commentary .01 to Rule 

7.35B.9

Proposed Changes to Applicable Price 

Range for Pre-Opening Indications 

The Exchange proposes to make 

permanent that the Applicable Price 

Range for determining whether to 

publish a pre-opening indication would 

be 10% for securities with an Indication 

Reference Price higher than $3.00 and 

$0.30 for securities with an Indication 

Reference Price equal to or lower than 

$3.00, which are currently in effect on 

a temporary basis during the Covid-19 

pandemic, as set forth in Commentary 

.06 to Rule 7.35A.10

Rule 7.35A(d)(1)(A) currently 

provides that a DMM will publish a preopening indication before a security 

opens or reopens if the Core Open or 

Trading Halt Auction is anticipated to 

be a change of more than the 

‘‘Applicable Price Range,’’ as specified 

in Rule 7.35A(d)(3), from a specified 

‘‘Indication Reference Price,’’ as 

specified in Rule 7.35A(d)(2).11

Rule 7.35A(d)(3)(A) provides that the 

Applicable Price Range will be 5% for 

securities with an Indication Reference 

Price over $3.00 and $0.15 for securities 

with an Indication Reference Price equal 

to or lower than $3.00. Rule 

7.35A(d)(3)(B) further provides that, if 

as of 9:00 a.m., the E-mini S&P 500 

Futures are +/¥2% from the prior day’s 

closing price of the E-mini S&P 500 

Futures, when reopening trading 

following a market-wide trading halt 

under Rule 7.12, or if the Exchange 


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12992 Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Notices 

12See id. 

13See id. 

14See id. 

15See Notice, supra note 3, at 77307–77308. 

16See Notice, supra note 3, at 77308. 

17See id. 

18See Securities Exchange Act Release No. 88765 

(April 29, 2020), 85 FR 26771 (May 5, 2020) (SR– 

NYSE–2020–03) (‘‘RTO Approval Order’’). 

19See id. 

20RTOs were approved when the Trading Floor 

was temporarily closed. Id. Because Commentary 

.03 to Rule 7.35B was implemented when DMMs 

returned to the Trading Floor, there has not been 

any Floor Broker Interest for Closing Auctions since 

RTOs were created and therefore RTOs have not 

had to perform the functions as described in Rule 

46(b). 

21See id. 

22 15 U.S.C. 78s(b)(2)(B). 

23 15 U.S.C. 78f(b)(5). 

determines that it is necessary or 

appropriate for the maintenance of a fair 

and order market, the Applicable Price 

Range for determining whether to 

publish a pre-opening indication will be 

10% for securities with an Indication 

Reference Price over $3.00 and $0.30 for 

securities with an Indication Reference 

Price equal to or lower than $3.00.12

Current Rule 7.35A(1)(A) further 

provides that a DMM may not effect a 

Core Open or Trading Halt Auction 

electronically if a pre-opening 

indication has been published for the 

Core Open Auction. The Exchange notes 

that if a DMM chooses to facilitate a 

Core Open Auction or Trading Halt 

Auction manually (i.e., if there is less 

than a 10% price movement), a DMM 

could still choose to publish a preopening indication in connection with 

such Auction, even if the Applicable 

Price Range has not been triggered.13

Proposed Changes to Floor Broker 

Interest for the Closing Auction 

The Exchange proposes to make 

permanent that Floor Broker Interest 

would not be eligible to participate in 

the Closing Auction, as set forth in 

Commentary .03 to Rule 7.35B. The 

term ‘‘Floor Broker Interest’’ is defined 

in Rule 7.35(a)(9) to mean orders 

represented orally by a Floor broker at 

the point of sale.14

Rule 7.35B(a)(1) currently provides 

that Floor Broker Interest is eligible to 

participate in the Closing Auction 

provided that the Floor broker has 

electronically entered such interest 

before the Auction Processing Period for 

the Closing Auction begins. The Rule 

further provides that for such interest to 

be eligible to participate in the Closing 

Auction, a Floor broker must first, by 

the end of, but not after, Core Trading 

Hours, orally represent Floor Broker 

Interest at the point of sale, including 

symbol, side, size, and limit price, and 

then second, electronically enter such 

interest after the end of Core Trading 

Hours. Current Rules 7.35B(a)(1)(B) and 

(C) set forth additional requirements 

relating to electronic acceptance of such 

interest by the DMM and circumstances 

when such interest can be cancelled.15

To effect this change, the Exchange 

proposes to amend Rule 7.35B(a)(1) to 

provide that Floor Broker Interest would 

not be eligible to participate in the 

Closing Auction. The Exchange further 

proposes to provide that Floor brokers 

must enter any orders for the Closing 

Auction, as defined in Rule 7.31, 

electronically during Core Trading 

Hours. The Exchange states that the 

cross-reference to Rule 7.31 in the Rule 

would provide notice to Floor brokers 

and their customers of which order 

types are available for electronic entry 

by Floor brokers for the Closing 

Auction, which include both AuctionOnly Orders described in Rule 7.31(c) 

and other orders that may be resting on 

the Exchange Book that are eligible to 

participate in the Closing Auction. The 

Exchange also proposes to delete 

Commentary .03 to Rule 7.35B.16

The Exchange proposes to make 

related changes by deleting the clause 

‘‘and Floor Broker Interest intended for 

the Closing Auction as defined in Rule 

7.35B(a)(1)’’ from Rule 7.32. Similarly, 

the Exchange proposes to delete the text 

set forth in Rule 7.35C(a)(2) relating to 

Floor Broker Interest that provides that 

‘‘Floor Broker Interest that has been 

electronically accepted by the DMM and 

that has not been cancelled as provided 

for in Rule 7.35B(a)(1)(C) will be eligible 

to participate in an Exchange-facilitated 

Closing Auction.’’ 17

In addition, the Exchange proposes to 

delete Rule 46B and amend Rule 47(b). 

Under Rule 47, Floor Officials have the 

authority to ‘‘supervise and regulate 

active openings and unusual situations 

that may arise in connection with the 

making of bids, offers or transactions on 

the Floor.’’ The Exchange recently 

amended its rules to add Regulatory 

Trading Officials (‘‘RTO’’), which are 

defined in Rule 46B.18 The Exchange 

amended Rule 47 to add subparagraph 

(b), which provides that RTOs, instead 

of Floor Officials, would be responsible 

for supervising and regulating situations 

regarding whether a verbal bid or verbal 

offer is eligible for inclusion in the 

Closing Auction by the DMM.19

In connection with eliminating verbal 

bids or verbal offers for the Closing 

Auction, the Exchange proposes to 

delete the last clause of Rule 47(a) and 

subparagraph (b) to Rule 47.20

According to the Exchange, as proposed, 

Rule 47 would revert to the rule text in 

effect prior to the RTO Approval Order 

and would provide that ‘‘Floor Officials 

shall have power to supervise and 

regulate active openings and unusual 

situations that may arise in connection 

with the making of bids, offers or 

transactions on the Floor.’’ According to 

the Exchange, with this proposed 

change, RTOs would no longer have a 

role under Exchange rules, and it 

therefore proposes to delete Rule 46B.21

The Exchange also proposes to delete 

Commentary .02 to Rule 7.35B. 

According to the Exchange, this 

Commentary is obsolete because it has 

not been in effect since May 22, 2020. 

III. Proceedings To Determine Whether 

To Disapprove SR–NYSE–2020–95 and 

Grounds for Disapproval Under 

Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 22 to determine 

whether the proposal should be 

disapproved. Institution of such 

proceedings is appropriate at this time 

in view of the legal and policy issues 

raised by the proposal, as discussed 

below. Institution of disapproval 

proceedings does not indicate that the 

Commission has reached any 

conclusions with respect to any of the 

issues involved. Rather, as described in 

greater detail below, the Commission 

seeks and encourages interested persons 

to provide additional comment on the 

proposal. 

Pursuant to Section 19(b)(2)(B) of the 

Act, the Commission is providing notice 

of the grounds for disapproval under 

consideration. The Commission is 

instituting proceedings to allow for 

additional analysis of the proposed rule 

change’s consistency with Section 

6(b)(5) of the Act,23 which requires that 

the rules of an exchange be designed, 

among other things, to prevent 

fraudulent and manipulative acts and 

practices, 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. In addition, Section 

6(b)(5) of the Act prohibits the rules of 

an exchange from being designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

Under the proposal, the Exchange 

seeks to amend Rules 7.35A and 7.35B 

to widen the price parameters to 10% 

for DMM-facilitated electronic Core 

Open, Trading Halt, and Closing 

Auctions. Accordingly, the Commission 

seeks public comment on the proposed 

price parameters for DMM-facilitated 


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Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Notices 12993 

24 15 U.S.C. 78f(b)(5). 

25 17 CFR 240.19b–4. 

26Rule 700(c)(2) of the Commission’s Rules of 

Practice provides that ‘‘[t]he Commission, in its sole 

discretion, may determine whether any issues 

relevant to approval or disapproval would be 

facilitated by the opportunity for an oral 

presentation of views.’’ 17 CFR 201.700(c)(2). 

27 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

electronic auctions. Specifically, the 

Commission seeks public comment on 

the following topics: 

1. The NYSE proposal for Trading 

Halt Auctions facilitated electronically 

by DMMs would differ from other 

primary listing markets’ reopening 

processes after limit-up/limit-down 

(LULD) pauses and market-wide circuit 

breaker (MWCB) halts in that it would 

permit a fully automated reopening of 

trading at prices up to 10% away from 

the auction reference price immediately 

after a trading pauses or halts, whereas 

Nasdaq, NYSE Arca, and Cboe BZX 

establish 5% price bands for reopening 

and then widen those price bands in 

increments of 5%, with additional 

auction extension messages associated 

with each widening, until market 

interest can be satisfied. Should the 

primary listing exchanges harmonize 

their respective processes for reopening 

trading by fully automated auction after 

an LULD pause or a Level 1 or Level 2 

MWCB halt, and if so, why? If so, which 

aspects of the reopening processes 

following LULD pauses and MWCB 

halts should be harmonized (e.g., period 

of auction order entry, type of auction 

information disseminated, length of 

dissemination period, frequency of 

dissemination, auction reference price, 

determination of auction match price, 

width of permitted price bands, or 

expansions of permitted price bands) 

and what are the appropriate 

parameters? Should NYSE further 

harmonize its proposed Trading Halt 

Auction process for fully automated 

auctions facilitated electronically by 

DMMs to align with Nasdaq, NYSE 

Arca, and Cboe BZX regarding the 

establishment of permitted price bands, 

and/or the limit (or lack thereof) on 

price band adjustments? 

2. Is it appropriate for the Exchange 

to permit a DMM to reopen a security 

up to 10% away from the reference 

price immediately after an LULD pause 

or MWCB halt without human 

intervention? Are there any specific 

data, statistics, or studies to support the 

Exchange’s proposed price parameters 

within which a DMM can electronically 

facilitate a Trading Halt Auction? 

3. Are there characteristics of the 

NYSE market structure that warrant 

divergence from the price parameters in 

place for other exchanges’ fully 

automated reopening auctions 

immediately following an LULD pause 

or MWCB halt? For example, does the 

nature of DMM participation in a 

Trading Halt Auction, whether the 

DMM participates manually or 

electronically, justify the ability of the 

NYSE to conducted a fully automated 

reopening auction 10% away from the 

reference price immediately after an 

LULD pause or MWCB halt, rather than 

5% away, as at other primary listing 

exchanges? 

4. Should the price parameters within 

which DMMs are permitted to 

electronically facilitate auctions be the 

same for Core Open Auctions, Trading 

Halt Auctions, and Closing Auctions? 

IV. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposal is consistent with Section 

6(b)(5) 24 of the Act or any other 

provision of the Act, or the rules and 

regulations thereunder. Although there 

do not appear to be any issues relevant 

to approval or disapproval that would 

be facilitated by an oral presentation of 

views, data, and arguments, the 

Commission will consider, pursuant to 

Rule 19b–4 under the Act,25 any request 

for an opportunity to make an oral 

presentation.26

Interested persons are invited to 

submit written data, views and 

arguments regarding whether the 

proposal should be disapproved by 

March 26, 2021. Any person who 

wishes to file a rebuttal to any other 

person’s submission must file that 

rebuttal by April 9, 2021. 

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–2020–95 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 

Numbers SR–NYSE–2020–95. The 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 proposal that are 

filed with the Commission, and all 

written communications relating to the 

proposal 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 such 

filings also will be available for 

inspection and copying at the principal 

office of the Exchanges. 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–2020–95 and should 

be submitted on or before March 26, 

2021. Rebuttal comments should be 

submitted by April 9, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04530 Filed 3–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91231; File No. SR– 

CboeEDGX–2021–011] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposal To Permit the Exchange To 

Look Back Only to July 2020 To 

Correct Certain Billing Errors Which 

Were Discovered in October 2020 

March 1, 2021. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

18, 2021, Cboe EDGX Exchange, Inc. 

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


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