77376 Federal Register / Vol. 88, No. 216 / Thursday, November 9, 2023 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 97938 

(July 18, 2023), 88 FR 47536 (July 24, 2023) 

(NYSEAmer–2023–35) (proposing, on an 

immediately effective basis, new Pillar Rule 

971.1NYP (Single-Leg Electronic Cross 

Transactions), which will govern single-leg CUBE 

Auctions on Pillar) (the ‘‘Pillar Single-Leg CUBE 

Filing’’). Beginning on October 23, 2023, the 

Exchange implemented Rule 971.1NYP in 

connection with the migration to the Exchange’s 

Pillar trading platform pursuant to the scheduled 

rollout of underlying symbols as announced by 

Trader Update. See e.g., Trader Update, October 20, 

2023 (announcing that Pillar Migration Tranche 1 

will include underlying symbol Range: H, I), 

available here: https://www.nyse.com/traderupdate/history#110000748106; and Trader Update, 

January 30, 2023 (announcing Pillar Migration 

Launch date of October 23, 2023, for the Exchange), 

available here: https://www.nyse.com/traderupdate/history#110000530919 (the ‘‘Pillar Trader 

Updates’’). The Exchange notes that, other than the 

rule change proposed herein, all Pillar-related rules 

(i.e., with a ‘‘P’’ modifier) have either been 

approved or are currently operative and, beginning 

on October 23, 2023, will apply to options traded 

on underlying symbols that have been migrated to 

Pillar. 

5See generally Rule 971.1NY(Single-Leg 

Electronic Cross Transactions). 

6Rule 935NY requires, among other things, that 

a User’s agency orders be exposed for at least one 

(1) second before such orders may be executed 

against the User’s principal orders, unless such 

agency order is afforded an exemption pursuant to 

Rule 935NY(iii). See Rule 935NY(iii). 

7See generally Rule 971.1NYP(Single-Leg 

Electronic Cross Transactions). 

8See supra note 4, Pillar Single-Leg CUBE Filing. 

88 FR 47536, at 47538 (stating that on Pillar, per 

benefits paid for days of sickness within 

a benefit year shall not exceed an 

employee’s compensation in the base 

year. In determining an employee’s base 

year compensation, any money 

remuneration in a month not in excess 

of an amount that bears the same ratio 

to $775 as the monthly compensation 

base for that year bears to $600 shall be 

taken into account. 

The calendar year 2024 monthly 

compensation base is $1,985. The ratio 

of $1,985 to $600 is 3.30833333. 

Multiplying 3.30833333 by $775 

produces $2,564. Accordingly, the 

amount determined under section 2(c) is 

$2,564 for months in calendar year 

2024. 

Maximum Daily Benefit Rate 

Section 2(a)(3) contains a formula for 

determining the maximum daily benefit 

rate for registration periods beginning 

after June 30, 1989, and after each June 

30 thereafter. Legislation enacted on 

October 9, 1996, revised the formula for 

indexing maximum daily benefit rates. 

Under the prescribed formula, the 

maximum daily benefit rate increases by 

approximately two-thirds of the 

cumulative growth in average national 

wages since 1984. The maximum daily 

benefit rate for registration periods 

beginning after June 30, 2024, shall be 

equal to 5 percent of the monthly 

compensation base for the base year 

immediately preceding the beginning of 

the benefit year. Section 2(a)(3) further 

provides that if the amount so computed 

is not a multiple of $1, it shall be 

rounded down to the nearest multiple of 

$1. 

The calendar year 2023 monthly 

compensation base is $1,895. 

Multiplying $1,895 by 0.05 yields 

$94.75. Accordingly, the maximum 

daily benefit rate for days of 

unemployment and days of sickness 

beginning in registration periods after 

June 30, 2024, is determined to be $94. 

By Authority of the Board. 

Stephanie Hillyard, 

Secretary to the Board. 

[FR Doc. 2023–24786 Filed 11–8–23; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98853; File No. SR– 

NYSEAMER–2023–54] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change Amending Rule 935NY 

November 3, 2023. 

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 October 

27, 2023, NYSE American LLC 

(‘‘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 935NY (Order Exposure 

Requirements) to include reference to 

Rule 971.1NYP (Single-Leg Electronic 

Cross Transactions) to exempt orders 

submitted to the Customer Best 

Execution (‘‘CUBE’’) Auction on Pillar 

from the order exposure requirements. 

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 935NY (Order Exposure 

Requirements) to include reference to 

the recently-adopted Rule 971.1NYP 

(Single-Leg Electronic Cross 

Transactions) to exempt orders 

submitted to the CUBE Auction on 

Pillar from the order exposure 

requirements.4

Rule 971.1NY describes the CUBE 

Auction, which is an electronic crossing 

mechanism for single-leg orders with a 

price improvement auction on the 

Exchange (the ‘‘CUBE’’).5 Agency orders 

(or ‘‘CUBE Orders) submitted to the 

CUBE are exempt from the one-second 

order exposure requirement set forth in 

Rule 935NY.6

In connection with the Exchange’s 

migration to the Pillar trading platform, 

which began on October 23, 2023, the 

Exchange adopted Rule 971.1NYP to 

describe the operation of the CUBE on 

Pillar (the ‘‘Pillar CUBE’’).7 Pillar CUBE 

offers certain enhancements to the 

existing CUBE Auction but the core 

functionality of Pillar CUBE is 

substantively identical to the existing 

CUBE Auction.8


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Federal Register / Vol. 88, No. 216 / Thursday, November 9, 2023 / Notices 77377 

Rule 971.1NYP, ‘‘the Exchange is not proposing to 

change the core functionality of CUBE Auctions’’). 

9See proposed Rule 935NY(iii) (excluding from 

the order exposure requirement agency orders 

submitted to ‘‘the Customer Best Execution Auction 

(‘CUBE Auction’) pursuant to Rules 971.1NY, 

971.1NYP, or 971.2NY’’) (emphasis added). 

10See Rule 971.1NYP(c)(1)(B) (regarding a 

Response Time Interval of no less than 100 

milliseconds). 

11See Rule 935NY, Commentary .01 (‘‘Rule 

935NY prevents a User from executing agency 

orders to increase its economic gain from trading 

against the order without first giving other trading 

interest on the Exchange an opportunity to either 

trade with the agency order or to trade at the 

execution price when the User was already bidding 

or offering on the book’’). 

12See Rule 971.1NY(c)(2)(C) (providing that 

‘‘[a]ny ATP Holder may respond to the RFR, 

provided such response is properly marked 

specifying price, size and side of the market (‘RFR 

Response’))’’; Rule 971.1NY(c)(1)(C) (same). 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

15See Rule 971.1NYP(c)(1)(B) (regarding a 

Response Time Interval of no less than 100 

milliseconds). 

16See Rule 935NY, Commentary .01 (‘‘Rule 

935NY prevents a User from executing agency 

orders to increase its economic gain from trading 

against the order without first giving other trading 

interest on the Exchange an opportunity to either 

trade with the agency order or to trade at the 

execution price when the User was already bidding 

or offering on the book’’). 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires the Exchange 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. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

Accordingly, the Exchange believes 

that it would be consistent with the Act 

to exempt orders submitted to Pillar 

CUBE from the one-second order 

exposure requirement.9 This proposed 

handling would result in consistent 

treatment of CUBE Orders whether 

submitted to the existing CUBE or to 

Pillar CUBE. Like the existing CUBE 

Auction, Pillar CUBE provides ATP 

Holders a minimum of 100 milliseconds 

to respond to CUBE Orders, which 

should promote timely executions, 

while ensuring adequate exposure of the 

CUBE Order seeking price 

improvement.10 Further, consistent with 

Rule 935NY, Commentary .01, the ATP 

Holders that submit CUBE Orders— 

whether to the existing CUBE Auction 

or to Pillar CUBE—would do so only 

when there is a genuine intention to 

execute a bona fide transaction.11

Furthermore, as with the existing CUBE 

Auction, any User on the Exchange can 

respond to a Pillar CUBE which is the 

same as the existing CUBE Auction.12

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),13 in general, and furthers the 

objectives of Section 6(b)(5),14 in 

particular, because 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, 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 adding a 

cross-reference to newly-adopted Rule 

971.1NYP and thus extending the 

exe4mption from the one-second order 

exposure requirement set forth in Rule 

935NY to include the Pillar CUBE 

would remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. Pillar CUBE was adopted in 

connection with the Exchange’s 

migration to the Pillar trading platform 

and offers features that are substantively 

identical to the existing CUBE Auction. 

Accordingly, the Exchange believes that 

it would promote just and equitable 

principles of trade to exempt orders 

submitted to Pillar CUBE from the onesecond order exposure requirement, 

particularly because this would result in 

consistent treatment of CUBE Orders 

whether submitted to the existing CUBE 

or to Pillar CUBE. Like the existing 

CUBE Auction, Pillar CUBE provides 

ATP Holders a minimum of 100 

milliseconds to respond to CUBE 

Orders, which should promote timely 

executions, while ensuring adequate 

exposure of Pillar CUBE Orders.15

Further, consistent with Rule 935NY, 

Commentary .01, the ATP Holders 

submitting CUBE Orders—to the 

existing CUBE or to Pillar CUBE— 

would do so only when there is a 

genuine intention to execute a bona fide 

transaction.16

In addition, the proposed rule change 

would promote clarity and transparency 

of which rules would be eligible for the 

exception specified in Rule 935NY. 

Finally, adding the reference to Pillar 

CUBE would promote internal 

consistency in Exchange rules and 

would ensure that CUBE Orders 

submitted to Pillar CUBE are afforded 

the same treatment as CUBE Orders 

submitted to the existing CUBE. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that its 

proposed rule change will impose any 

burden on intra-market competition 

because any User on the Exchange may 

utilize Pillar CUBE and all orders 

submitted to Pillar CUBE would be 

treated in the same manner for purposes 

of Rule 935NY (i.e., such orders would 

be exempt from the one-second order 

exposure requirement). 

The Exchange does not believe that its 

proposed rule change will impose any 

burden on inter-market competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because other options exchanges are free 

to adopt (if they haven’t already done 

so) electronic crossing mechanisms with 

price improvement auctions and to seek 

to have orders submitted to such 

mechanisms exempt from order 

exposure requirements. 

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 

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 17 and Rule 19b– 

4(f)(6) thereunder.18

A proposed rule change filed under 

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

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),20 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 states that waiver 

of the operative delay would allow the 

Exchange to update Exchange Rule 

935NY without delay to include the 

Pillar CUBE, in addition to the existing 

CUBE Auction, as an exception to the 

one-second exposure requirement in 


ddrumheller on DSK120RN23PROD with NOTICES1
77378 Federal Register / Vol. 88, No. 216 / Thursday, November 9, 2023 / Notices 

21For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 22 17 CFR 200.30–3(a)(12), (59). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

Exchange Rule 935NY. The Exchange 

states that the Pillar CUBE Auction 

offers features that are substantively 

identical to the Exchange’s existing 

CUBE Auction. 

The Commission finds that it is 

consistent with the protection of 

investors and the public interest to 

waive the 30-day operative delay. 

Exchange Rule 935NY currently allows 

Users to utilize the CUBE Auction to 

satisfy the requirement in Exchange 

Rule 935NY that a User expose an 

agency order on the Exchange for at 

least one second before trading with the 

agency order as principal. The proposal 

would amend Exchange Rule 935NY to 

allow Users to utilize the Pillar CUBE 

Auction in Exchange Rule 971.1NYP for 

the same purpose. As discussed above, 

the Exchange states that the Pillar CUBE 

Auction offers features that are 

substantively identical to the existing 

CUBE Auction. The Commission 

believes that the proposal does not raise 

new or novel regulatory issues and that 

waiver of the operative delay will allow 

the Exchange to immediately provide 

consistent treatment, for purposes of 

Exchange Rule 935NY, of agency orders 

submitted to the CUBE and the Pillar 

CUBE Auctions. Accordingly, the 

Commission waives the 30-day 

operative delay and designates the 

proposal operative upon filing.21

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. 

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– 

NYSEAMER–2023–54 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–NYSEAMER–2023–54. 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–NYSEAMER–2023–54 and should 

be submitted on or before November 30, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–24760 Filed 11–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98857; File No. SR– 

NYSEARCA–2023–73] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 7.37–E 

November 3, 2023. 

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 October 

25, 2023, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 7.37–E to specify the Exchange’s 

source of data feeds from MIAX PEARL 

LLC (‘‘MIAX PEARL’’) for purposes of 

order handling, order execution, order 

routing, and regulatory compliance. 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 update and 

amend the use of data feeds table in 


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