Federal Register / Vol. 88, No. 162 / Wednesday, August 23, 2023 / Notices 57505 

76 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3This Proposal was initially filed by the 

Exchange on May 23, 2023. See Securities Exchange 

Act Release No. 97627 (May 31, 2023), 88 FR 37112 

(June 6, 2023) (SR–BX–2023–014). On July 7, 2023, 

that filing was withdrawn and replaced to provide 

supplemental information. See Securities Exchange 

Act Release No. 97946 (July 19, 2023), 88 FR 47937 

(July 25, 2023) (SR–BX–2023–016). On August 9, 

2023, the second filing was withdrawn and 

replaced with the instant filing, which provides 

additional information without changing the 

Proposal in substance. 

4See SR–BX–2023–011 (‘‘A proposal to offer 

field-programmable gate array (‘FPGA’) technology 

as an optional delivery mechanism for BX 

TotalView.’’), available at https://listingcenter.

nasdaq.com/rulebook/BX/rulefilings. A proposal to 

establish a fee schedule for the use of FPGA 

technology for the Phlx exchange is being filed 

concurrently with this proposal. 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeBZX–2023–058 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–CboeBZX–2023–058. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–CboeBZX–2023–058 and should be 

submitted on or before September 13, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.76

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–18103 Filed 8–22–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98158; File No. SR–BX– 

2023–020] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Set Fees for the 

Purchase of Field-Programmable Gate 

Array Technology as an Optional 

Delivery Mechanism for BX Totalview 

August 17, 2023. 

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 August 9, 

2023, 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 set fees for 

the purchase of field-programmable gate 

array (‘‘FPGA’’) technology as an 

optional delivery mechanism for BX 

TotalView. 

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 

The purpose of the proposed rule 

change is to establish a fee schedule for 

the purchase of field-programmable gate 

array (‘‘FPGA’’) technology as an 

optional delivery mechanism for BX 

TotalView (‘‘BX FPGA Service’’).3 This 

follows a recently-filed proposal to offer 

FPGA technology as an optional 

delivery mechanism for BX TotalView.4

FPGA 

FPGA is a hardware-based delivery 

mechanism that utilizes an integrated 

circuit that is programmed to reduce 

‘‘jitter’’—a technical term of art referring 

to the deviation in amplitude, phase 

timing or width of a signal pulse in a 

digital signal—that will allow data to be 

processed in a more predictable, or 

‘‘deterministic,’’ fashion. Reducing jitter 

can be useful for certain customers due 

to the variability in the timing of market 

data packets transmitted by an exchange 

over the course of the trading day. 

Orders, and therefore market data 

packets, typically accumulate in larger 

numbers at the beginning and end of the 

trading day, as well as during the peaks 

of activity that occur at random 

intervals during the day. These bursts of 

activity may alter the time interval 

between the delivery of data packets 

because software processes information 

at variable rates depending on load to 

the system. Processing times may 

increase at higher loads, and decrease 

during periods of lesser activity. FPGA 

technology processes data packets at a 

constant time interval, without regard to 

the number of packets processed. Higher 

levels of determinism mean less variable 

queuing, which improves the 

predictability of data transfer, 

particularly during times of peak market 

activity. 


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57506 Federal Register / Vol. 88, No. 162 / Wednesday, August 23, 2023 / Notices 

5Because software can be impacted by workload, 

FPGA technology in general can provide lower 

latency during periods of peak activity. The same 

FPGA technology that will support the BX FPGA 

Service is also broadly commercially available for 

purchase from third-party sellers unrelated to the 

Exchange. 

6See, e.g., Contrive Datum Insights, ‘‘FieldProgrammable Gate Array (FPGA) Market is 

expected to reach around USD 22.10 Billion by 

2030, Grow at a CAGR of 15.12% during Forecast 

Period 2023 to 2030,’’ (February 21, 2023), available 

at https://www.globenewswire.com/en/newsrelease/2023/02/21/2612772/0/en/FieldProgrammable-Gate-Array-FPGA-Market-IsExpected-To-Reach-around-USD-22-10-Billion-by2030-Grow-at-a-CAGR-Of-15-12-during-ForecastPeriod-2023-To-2030-Data-By-Contrive-DatumI.html (describing the general size and state of the 

FPGA market in 2023). 

7See Securities Exchange Act Release No. 67297 

(June 28, 2012), 77 FR 39752 (July 5, 2012) (SR– 

Nasdaq–2012–063) (introducing FPGA technology); 

see also Nasdaq Data News 2012–13, available at 

http://www.nasdaqtrader.com/TraderNews.

aspx?id=dn2012-13 (introducing TotalView FPGA 

service as of August 1, 2012); Securities Exchange 

Act Release No. 74745 (April 16, 2015), 80 FR 

22588 (April 22, 2015) (SR–Nasdaq–2015–035) 

(establishing FPGA for the Nasdaq Options Market); 

The Nasdaq Stock Market LLC Rules, Equity 7, 

Section 126(c) (Hardware-Based Delivery of Nasdaq 

Depth data). 

8See Securities Exchange Act Release No. 90610, 

86 FR 18596, 18647 (April 9, 2021) (File No. S7– 

03–20) (listing field programmable gate array 

services as an example of a technological 

innovation that could be employed by competing 

consolidators as part of the Market Data 

Infrastructure rule). 

9See Nasdaq BX, Inc. Rules, Equity 7, Section 123 

(BX TotalView); see also Securities Exchange Act 

Release No. 59307 (January 28, 2009), 74 FR 6069 

(February 4, 2009) (establishing fees for BX 

TotalView). 

10The difference in amount for external and 

external distribution reflects Nasdaq’s experience 

that the Exchange’s FPGA hardware is best 

employed at the point of ingestion, as the utility of 

FPGA technology falls as the data moves farther 

from the source. 

11See Nasdaq BX, Inc. Rules, Equity 7, Section 

119. 

12See Id., Section 123. 

13See Id., Section 126. 

14See The Nasdaq Stock Market LLC Rules, 

Equity 7 (Pricing Schedule), Section 126(c) 

(Hardware-based delivery of Nasdaq depth data). 

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

16 15 U.S.C. 78f(b)(4) and (5). 

The benefits of determinism depend 

on the use case of the customer, as well 

as the customer’s specific system 

architecture. 

Higher determinism does not 

necessarily mean lower latency. The 

concepts of determinism and latency are 

related, but distinct. Determinism refers 

to predictability in the rate of data 

transmission; latency refers to the time 

required to process data or transport it 

from one location to another. Low 

latency is not necessarily deterministic, 

and higher determinism does not 

necessarily mean low latency. As such, 

use of FPGA technology will increase 

determinism, but does not guarantee 

lower latency at all times.5

Among customers that seek a higher 

degree of determinism, the benefits of 

FPGA technology vary, as FPGA 

technology is one possible solution, 

among a catalog of possible solutions, 

for increasing the consistency and 

predictability of message throughput 

over the course of the trading day. Some 

customers are able to adequately control 

jitter without using FPGA technology; 

other customers address jitter using 

specialized software, coding or other 

design solutions in conjunction with 

FPGA; still others use FPGA alone. The 

specific choice depends on a complex 

analysis of the customer’s information 

technology systems in the context of 

their particular use cases. 

FPGA is a broadly-available, 

commonly-used type of programmable 

circuit that can be modified to suit 

different use cases. It is used in a wide 

spectrum of industries, including the 

consumer electronics, automotive, and 

aerospace, as well as in a variety of 

industrial applications. It is not unique 

to the financial services industry,6 or to 

the Exchange. 

FPGA technology has been offered by 

the Nasdaq Stock Exchange for over a 

decade, and the Nasdaq Options Market 

for nearly as long,7 and has been cited 

by the SEC as an example of a 

technology useful in the distribution of 

market data products.8

The Exchange proposes to offer the 

BX FPGA Service in conjunction with 

the Exchange’s depth of book feed, BX 

TotalView. BX TotalView is a real-time 

market data product that provides full 

order depth using a series of order 

messages to track the life of customer 

orders in the BX market, as well as trade 

data for BX executions and 

administrative messages such as 

Trading Action messages, Symbol 

Directory, and Event Control messages.9

Customers that choose to purchase BX 

TotalView without the BX FPGA 

Service will receive the same data as 

customers that elect to purchase BX 

TotalView with the BX FPGA Service. 

Proposed Fees 

BX proposes internal distribution fees 

of $3,500 per month and external 

distribution fees of $350 for the BX 

FPGA Service; customers that elect to 

use the BX FPGA Service for both 

internal and external distribution will 

pay both fees.10 These fees are in 

addition to Market Data Distributor 

Fees,11 fees for BX TotalView,12 and 

other fees for Distribution Models.13

Customers that elect to receive BX depth 

of book data without using the BX FPGA 

Service will pay no fee in addition to 

the underlying fees listed above. 

The proposed fees for the BX FPGA 

Service are substantially lower than fees 

for the Nasdaq FPGA Service, which are 

set at $25,000 per Distributor for 

internal only distribution, $2,500 for 

external only, and $27,500 for internal 

and external distribution.14 The 

difference is based, in part, on a 

comparison of peak activity at the two 

exchanges. As noted above, high levels 

of determinism are particularly valuable 

during periods of peak activity. 

Although there is considerable 

variation in the number of messages at 

various peaks, as well as the duration of 

peak activity, the proposed fees are 

roughly comparable to the differences in 

average peak activity at the BX exchange 

relative to the Nasdaq exchange. 

Exchange staff have also discussed the 

proposed fees with customers, and 

believe, based on those discussions and 

their own business judgment, that the 

proposed fees fairly reflect the value of 

the BX FPGA Service. A number of 

customers provisionally agree with this 

assessment, and have indicated that 

they are interested in testing it. 

No other exchange currently offers 

FPGA technology as a separate service 

in conjunction with the delivery of a 

proprietary data feed, and therefore 

there are no other fees for comparison. 

If BX is incorrect in its determination 

that the proposed fees reflect the 

underlying value of the BX FPGA 

Service, customers will not purchase the 

product. The BX FPGA Service is not 

necessary for a customer to ingest and 

process depth of book information, and 

those customers that seek a higher 

degree of determinism have a number of 

options at their disposal to reduce jitter 

without using the BX FPGA Service. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with section 6(b) 

of the Act,15 in general, and furthers the 

objectives of sections 6(b)(4) and 6(b)(5) 

of the Act,16 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Proposal is reasonable and 

unlikely to burden the market because 

the purchase of the BX FPGA Service is 

optional for all categories of customers. 

No customer and no category of 

customers (such as, for example, 

vendors, proprietary trading firms, 

banks, hedge funds, market makers, or 

high frequency trading firms) are 

required to purchase the BX FPGA 


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Federal Register / Vol. 88, No. 162 / Wednesday, August 23, 2023 / Notices 57507 

17Not all customers of depth of book information 

process at sufficiently high speeds for jitter to 

become a concern. Neither FPGA hardware nor its 

substitutes are required to ingest depth of book 

information. 

18The 3% figure represents the percentage of 

designated market makers by market participant 

identifier (‘‘MPID’’) that currently purchase the 

Nasdaq FPGA Service relative to all MPIDs on the 

Nasdaq Market Center. The MPID is a unique fourletter mnemonic assigned to each Participant in the 

Nasdaq Market Center. A Participant may have one 

or more than one MPID. See The Nasdaq Stock 

Market LLC Rules, Equity 1, Section 1(a)(11). 

Service for either legal or technological 

reasons—even a customer that seeks to 

reduce jitter.17

The Nasdaq exchange has over ten 

years of experience in selling the 

Nasdaq FPGA Service. That experience 

has shown that the vast majority of 

Nasdaq depth customers do not find 

value in the Nasdaq FPGA Service. The 

Exchange expects customers that do not 

find value in the Nasdaq FPGA Service 

to make a similar decision with respect 

to the BX FPGA Service, and continue 

to ingest BX TotalView as they do now. 

For those customers that may seek to 

increase determinism, the purchase of 

FPGA technology from the BX exchange 

will be only one of several options 

available. FPGA technology is not 

unique to the Exchange or even the 

financial services industry. Third-party 

data vendors offer FPGA technology 

services. Customers may also install 

their own FPGA hardware for internal 

use. All of these are viable options; the 

benefits of any particular option will 

depend on the particular customer’s 

systems and use cases. 

Customers may also choose not to 

address jitter using FPGA technology at 

all. As noted above, FPGA technology 

processes the data at a consistently 

predictable rate relative to software. 

This predictability in the rate of 

processing may not be advantageous or 

optimal for all systems receiving the 

exchange data feed. 

The design of data processing 

architecture is complex. The ingestion 

of data from an exchange is just one step 

in the life-cycle of trading. Customers 

must also generate and submit orders, 

evaluate trades, and then generate new 

orders while interacting with multiple 

exchanges. All of these steps are part of 

a single trading system. Changing any 

one step in the process—by, for 

example, purchasing the BX FPGA 

Service when other exchanges may not 

offer FPGA—often results in the need 

for changes to other aspects of the 

process. As such, the decision to buy 

the BX FPGA Service will be based on 

whether the service is compatible with 

the customer’s trading system as a 

whole, not just on whether it may 

facilitate the processing of data from a 

single exchange. The appropriateness of 

any particular solution will depend on 

the customer’s system architecture, and 

the specific use cases for the market 

data consumed. 

To illustrate the choice faced by 

exchange customers, consider the 

decisions made by the two consolidated 

data processors, the UTP and CTA 

Plans, two different systems that use 

dissimilar means to achieve an optimal 

solution. Both perform the same task— 

combining quotes and trades from all 

U.S. exchanges into a consolidated data 

feed with relatively low jitter. Yet only 

one processor—the CTA Plan—uses 

FPGA hardware, while the other—the 

UTP Plan—does not. 

This is because the UTP Plan’s design, 

coding and hardware achieve the 

desired level of determinism without 

FPGA technology. The CTA Plan, by 

contrast, elected to incorporate FPGA 

technology into its system design. 

Notwithstanding these different design 

decisions, both plans achieve broadly 

similar levels of performance. FPGA 

technology is therefore not essential to 

addressing jitter, but rather is one 

option among many to address the 

issue. 

Market data customers face an array of 

choices to optimize determinism, much 

like the UTP and CTA Plans. For 

example, a customer may purchase and 

deploy its own FPGA hardware, without 

purchasing the proposed FPGA 

technology service from the Exchange, 

after receiving data from the Exchange. 

Another customer may find use of the 

BX FPGA Service, which lowers the 

level of jitter prior to the customer’s 

receipt of the data, to be a better fit for 

its system architecture. The solution 

chosen will vary based on the needs and 

design choices of the customer. 

The experience of the Nasdaq 

exchange in offering the Nasdaq FPGA 

Service shows that customers sensitive 

to jitter often avail themselves of 

substitutes for FPGA technology, a 

decision that can change over time. 

Over the past decade, a total of 21 

current or potential users of the Nasdaq 

FPGA Service—all of which sought a 

higher degree of determinism— 

substituted the Nasdaq FPGA Service 

with an alternative solution. Six of these 

customers were in the process of 

developing and testing the Nasdaq 

FPGA Service, but ultimately decided 

not to purchase it before completing this 

process. The remaining 15 customers 

purchased the Nasdaq FPGA Service, 

only to cancel it after using it. Because 

all of these customers continued to 

utilize the underlying data, these 

cancelations demonstrate that the BX 

FPGA Service, like the Nasdaq FPGA 

Service, will be an optional service, 

even for those customers that seek to 

reduce jitter. 

Moreover, as noted above, no other 

exchange currently offers FPGA 

technology in conjunction with their 

proprietary data feeds as a separate 

service, notwithstanding the fact that it 

is a widely available technology, 

providing further evidence that 

customers have multiple options at their 

disposal to address jitter. 

In the experience of the Nasdaq 

exchange, the Nasdaq FPGA Service is 

purchased by vendors, proprietary 

trading firms, banks, high-frequency 

trading firms, hedge funds, and market 

makers. The Nasdaq exchange is aware 

of no systematic differences within any 

of these categories among market 

participants that choose to use or not to 

use the Nasdaq FPGA Service. 

Few customers of Nasdaq TotalView 

purchase the Nasdaq FPGA Service. 

This is because the bulk of customers 

consume Nasdaq TotalView for display 

(i.e., human) usage. FPGA technology 

impacts performance at a speed that a 

human cannot process, and there is no 

need for FPGA technology for such 

usage. 

Of the customers that receive Nasdaq 

TotalView from Nasdaq (either through 

a direct feed or an extranet connection), 

and are in a position to utilize the 

Nasdaq FPGA Service, only about 15 

percent purchase it. 

Most strikingly, only approximately 

3% of market makers at Nasdaq 

purchase the Nasdaq FPGA Service.18

This may seem a surprising result, given 

that market makers, by definition, trade 

throughout the day and during periods 

of peak activity, but, as noted above, 

customers have several options: 

purchase FPGA services from a thirdparty vendor, implement FPGA 

technology on their own, or configure 

their systems to process data during 

peaks without the use of FPGA. The fact 

that only about 3% of market makers at 

the Nasdaq exchange purchase the 

Nasdaq FPGA Service demonstrates that 

most customers make use of alternative 

solutions. As such, the determining 

factor in whether to purchase the 

Nasdaq FPGA Service is not the 

category of customer, but rather the 

compatibility of that service with the 

customer’s specific systems architecture 

and technical requirements, which can 

and do change over time as systems are 

modified, replaced or updated. 

For all of these reasons, customers can 

discontinue the use of the BX FPGA 

Service at any time, or decide not to 

purchase it, for any reason, including 

the level of fees. 


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57508 Federal Register / Vol. 88, No. 162 / Wednesday, August 23, 2023 / Notices 

19 15 U.S.C. 78s(b)(3)(A)(ii). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Customers that choose not to 

purchase the BX FPGA Service are not 

impacted by the proposal. 

The BX FPGA Service will be 

available to all customers on a nondiscriminatory basis, and therefore the 

proposed fees are not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

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. 

This Proposal, a response to customer 

demand, is a product of a competitive 

marketplace. To date, lower levels of 

peak activity at the BX Exchange 

relative to the Nasdaq exchange have 

been associated with low levels of 

customer interest in this product. 

Recently, however, BX has heard from 

customers interested in using FPGA 

technology for BX TotalView. To 

address this customer demand, and to 

drive liquidity to the BX Exchange by 

making it a more attractive trading 

venue, BX has decided to offer this 

product. 

Approval of this Proposal will further 

promote competition by providing 

market participants additional choices 

in the transmission of depth of book 

data. 

Nothing in the Proposal burdens 

inter-market competition (the 

competition among self-regulatory 

organizations) because approval of the 

Proposal does not impose any burden 

on the ability of other exchanges to 

compete. As noted above, FPGA 

technology is generally available and 

any exchange has the ability to offer it 

if it so chooses. 

Nothing in the Proposal burdens 

intra-market competition (the 

competition among consumers of 

exchange data) because the BX FPGA 

Service will be available to any 

customer under the same fee schedule 

as any other customer, and any market 

participant that wishes to purchase the 

BX FPGA Service can do so on a nondiscriminatory basis. 

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 

The foregoing rule change has become 

effective pursuant to section 

19(b)(3)(A)(ii) of the Act.19

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: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BX–2023–020 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–BX–2023–020. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–BX–2023–020 and should be 

submitted on or before September 13, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–18104 Filed 8–22–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98169; File No. SR– 

NYSENAT–2023–17] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 7.44 

August 18, 2023. 

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 August 8, 

2023, NYSE National, Inc. (‘‘NYSE 

National’’ or the ‘‘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 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 

Rule 7.44 to provide for a Retail 

Liquidity Program. 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. 


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