Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 88201 

49 15 U.S.C. 78s(b)(3)(A)(ii). 

50 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. 

nearly universal among exchanges. The 

difference in value between internal and 

external distribution is also reflected in 

the current fee schedule, which has 

previously been shown to be consistent 

with the Exchange Act. 

* * * * * 

In summary, the proposal represents 

an equitable allocation of reasonable 

dues, fees and other charges because: (i) 

customers have a choice in trading 

venue, and will exercise that choice and 

trade at another venue if exchange fees 

are not set competitively; (ii) the top of 

book data sent in the TOPO feed are also 

sent to OPRA, and customers have the 

option of relying on OPRA data; (iii) the 

purchase of PHLX Orders is entirely 

optional as it is a low-cost alternative to 

the PHLX Depth of Market product; (iv) 

the proposed fees are comparable to 

those of other exchanges; (v) exchange 

fees have fallen in real terms while the 

amount of liquidity available on the 

exchange has increased, and (vi) 

external vendors receive additional 

value from distributing data to their 

own customers and typically charging 

for the service, and therefore charging 

higher fees for external distribution is 

fair and reasonable. 

No Unfair Discrimination 

The Proposal is not unfairly 

discriminatory. The three market data 

feeds at issue here—TOPO, PHLX 

Orders, and TOPO Plus Orders—are 

used by a variety of market participants 

for a variety of purposes. Users include 

regulators, market makers, competing 

exchanges, media, retail, academics, 

portfolio managers. Market data feeds 

will be available to members of all of 

these groups on a non-discriminatory 

basis. 

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. 

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 options exchanges 

to compete. PHLX fees are comparable 

to, and in some cases less than, those of 

other exchanges, as discussed above. 

Nothing in the Proposal burdens 

intra-market competition (the 

competition among consumers of 

exchange data) because PHLX market 

data is available to any customer under 

the same fee schedule as any other 

customer, and any market participant 

that wishes to purchase PHLX market 

data can do so on a non-discriminatory 

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.49

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– 

Phlx–2023–57 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–Phlx–2023–57. 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–Phlx–2023–57 and should be 

submitted on or before January 10, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.50

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27924 Filed 12–19–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99170; File No. SR– 

NYSEARCA–2023–85] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 6.62P–O 

December 14, 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 December 

8, 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. 


ddrumheller on DSK120RN23PROD with NOTICES1
88202 Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 

4See infra regarding the proposed nonsubstantive change to Rule 6.62P–O(d)(1) to remove 

the cross-reference to paragraph (d)(2)(A) of Rule 

6.62P–O and replace it with the specific text from 

that paragraph regarding how the working price for 

resting interest is adjusted. See proposed Rule 

6.62P–O(d)(1). 

5See Rule 6.62P–O(d)(1)(D)(i)–(ii) (providing that 

for a routable Reserve Order, ‘‘[i]f routing is 

required, the Exchange will route from reserve 

interest before publishing the display quantity’’ and 

that ‘‘[a]ny quantity of a Reserve Order that is 

returned unexecuted will join the working time of 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 6.62P–O to provide for the use of 

ALO Reserve Orders. 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 6.62P–O (Orders and Modifiers) 

(the ‘‘Rule’’) to provide for the use of 

ALO Reserve Orders. 

ALO Orders 

Rule 6.62P–O(e)(2) defines an ALO 

Order as a Non-Routable Limit Order 

that will not remove liquidity from the 

Consolidated Book. As described below, 

an ALO Order can be designated to be 

cancelled if it would be displayed at a 

price other than its limit price for any 

reason. 

As described in Rule 6.62P– 

O(e)(2)(A)(ii), an ALO Order to buy 

(sell) will be displayed at its limit price 

if it locks non-displayed orders or 

quotes to sell (buy) on the Consolidated 

Book. However, per Rule 6.62P– 

O(e)(2)(A), an ALO Order will not be 

displayed at a price that would: lock or 

cross the ABBO, would lock or cross 

displayed interest in the Consolidated 

Book, or would cross non-displayed 

interest in the Consolidated Book. 

Rule 6.62P–O(e)(2)(A)(i) provides that 

an ALO Order may be designated to 

cancel if it would be displayed at a price 

other than its limit price. If an ALO 

Order is not so designated, it will be 

repriced as follows (per Rules 6.62P–O 

(e)(2)(B)(i)–(iii)): 

• If the limit price of an ALO Order 

to buy (sell) would lock or cross 

displayed orders or quotes to sell (buy) 

on the Consolidated Book, it will be 

repriced to have a working price and 

display price one MPV below (above) 

the lowest (highest) priced displayed 

order or quote to sell (buy) on the 

Consolidated Book; 

• If the limit price of an ALO Order 

to buy (sell) would lock or cross the 

ABO (ABB), it will be repriced to have 

a working price equal to the ABO (ABB) 

and a display price one MPV below 

(above) that ABO (ABB); 

• If the limit price of an ALO Order 

to buy (sell) would cross non-displayed 

orders or quotes on the Consolidated 

Book, it will be repriced to have a 

working price and display price equal to 

the lowest (highest) priced nondisplayed order or quote to sell (buy) on 

the Consolidated Book. 

Rule 6.62P–O(e)(2)(C) provides that, 

once resting on the Consolidated Book, 

the display price of an ALO Order to 

buy (sell) that has been repriced will be 

repriced higher (lower) only one 

additional time. If, after that repricing, 

the display price could be repriced 

higher (lower) again, the order can be 

designated to either remain at its last 

working price and display price or be 

cancelled, provided that a resting ALO 

Order that is a quote cannot be 

designated to be cancelled. 

• Per Rule 6.62P–O(e)(2)(C)(i), if the 

limit price of an ALO Order to buy (sell) 

that has been repriced no longer locks 

or crosses displayed orders or quotes in 

the Consolidated Book, locks or crosses 

the ABBO, or crosses non-displayed 

orders or quotes in the Consolidated 

Book, it will be assigned a working price 

and display price equal to its limit 

price. 

Rule 6.62P–O(e)(2)(D) provides that 

the working price of a resting ALO 

Order to buy (sell) that has been 

repriced will be adjusted to be equal to 

its display price, if: 

• the ABO (ABB) re-prices to be equal 

to or lower (higher) than the display 

price of the resting ALO Order to buy 

(sell) (per Rule 6.62P–O(e)(2)(D)(i)); or 

• an ALO Order or Day ISO ALO to 

sell (buy) is displayed on the 

Consolidated Book at a price equal to 

the working price of the resting ALO 

Order to buy (sell) (per Rule 6.62P– 

O(e)(2)(D)(ii)). 

Rule 6.62P–O(e)(2)(E) provides that 

when the working price and display 

price of an ALO Order to buy (sell) are 

the same, the working price will be 

adjusted higher (lower) only if the 

display price of the order is adjusted. 

Finally, per Rule 6.62P–O(e)(2)(F), the 

ALO designation will be ignored for 

ALO Orders that participate in an 

Auction. 

Reserve Orders 

Rule 6.62P–O(d)(1) provides for 

Reserve Orders, which are Limit Orders 

with a quantity of the size displayed 

and with a reserve quantity of the size 

(‘‘reserve interest’’) that is not 

displayed. The displayed quantity of a 

Reserve Order is ranked Priority 2— 

Display Orders, and the reserve interest 

is ranked Priority 3—Non-Display 

Orders. Both the display quantity and 

the reserve interest of an arriving 

marketable Reserve Order are eligible to 

trade with resting interest in the 

Consolidated Book or to route to Away 

Markets, unless they are designated as a 

Non-Routable Limit Order. The working 

price of the reserve interest of a resting 

Reserve Order to buy (sell) will be 

adjusted in the same manner as a NonDisplayed Limit Order, as provided for 

in paragraph (d)(2)(A) of this Rule, 

provided that it will never be priced 

higher (lower) than the working price of 

the display quantity of the Reserve 

Order.4

• Rule 6.62P–O(d)(1)(A) provides that 

the displayed portion of a Reserve Order 

will be replenished when the display 

quantity is decremented to zero. The 

replenish quantity will be the minimum 

display size of the order or the 

remaining quantity of the reserve 

interest if it is less than the minimum 

display quantity. 

• Rule 6.62P–O(d)(1)(B) provides that 

each time the display quantity of a 

Reserve Order is replenished from 

reserve interest, a new working time 

will be assigned to the replenished 

quantity. 

• Rule 6.62P–O(d)(1)(C) provides that 

a Reserve Order may be designated as a 

Non-Routable Limit Order. If so 

designated, the reserve interest that 

replenishes the display quantity will be 

assigned a display price and working 

price consistent with the instructions 

for the order. 

• Rule 6.62P–O(d)(1)(D) provides that 

a routable Reserve Order will be 

evaluated for routing both on arrival and 

each time the display quantity is 

replenished.5


ddrumheller on DSK120RN23PROD with NOTICES1
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the reserve interest. If there is no reserve interest 

to join, the returned quantity will be assigned a new 

working time’’, respectively.)’’ 

6See proposed Rule 6.62P–O(d)(1)(C) (providing 

that for Reserve Orders designated as Non-Routable 

Limit Orders (inclusive of ALO Orders), ‘‘the 

reserve interest that replenishes the display 

quantity will be assigned a display price and 

working price consistent with the instructions for 

the order, as provided for in paragraphs (e)(1)(A) 

and (e)(2)(A)–(B) of this Rule.’’ (emphasis added). 

7See Securities Exchange Act Release Nos.; 98892 

(November 8, 2023), 88 FR 78398 (November 15, 

2023) (SR–NYSEAmer–2023–56) (adopting ALO 

Reserve Orders on immediately effective basis); 

98899 (November 9, 2023), 88 FR 78413 ((November 

15, 2023) SR–NYSEArca–2023–77) (same); and 

98891 (November 8, 2023), 88 FR 78407 (November 

15, 2023) (SR–NYSE–2023–40) (same); 98893 

(November 9, 2023), 88 FR 78401(November 15, 

2023) (SR–NYSENAT–2023–25) (same); 98901 

(November 9, 2023), 88 FR 78422 (November 15, 

2023) (SR–NYSECHX–2023–21) (same). See, e.g., 

MEMX Rules 11.8(b)(4) and (7) (providing that a 

Limit Order may include a reserve quantity and 

may be designated with a Post Only instruction); 

see also MEMX User Manual, available at https:// 

info.memxtrading.com/wp-content/uploads/2023/ 

03/MEMX-User-Manual-03.10.23.pdf, at p. 9 

(providing that a Limit Order designated Day may 

have both reserve quantity and Post Only 

instructions). 

8See proposed Rule 6.62P–O(d)(1) (providing, in 

relevant part, that ‘‘[t]he working price of the 

reserve interest of a resting Reserve Order to buy 

(sell) will be adjusted to be the lower (higher) of the 

limit price, or the NBO (NBB), provided that it will 

never be priced higher (lower) than the working 

price of the display quantity of the Reserve Order.). 

(emphasis added). 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(5). 

11See note 7, supra (citing to equities markets 

that offer this functionality). 

• Rule 6.62P–O(d)(1)(E) provides that 

a request to reduce the size of a Reserve 

Order will cancel the reserve interest 

before cancelling the display quantity. 

• Finally, Rule 6.62P–O(d)(1)(F) 

provides that a Reserve Order may be 

designated Day or GTC; this provision 

also currently provides that a Reserve 

Order may not be designated as an ALO 

Order. 

Proposed ALO Reserve Orders 

The Exchange proposes to amend 

Rule 6.62P–O to provide for the use of 

ALO Reserve Orders. The proposed 

change is not intended to introduce any 

new functionality or modify any current 

functionality, but rather to facilitate the 

combination of two order types 

currently offered by the Exchange. As 

proposed, ALO Reserve Orders would 

operate consistent with current Rule 

6.62P–O (d)(1) regarding Reserve Orders 

and current Rule 6.62P–O(e)(2) 

regarding ALO Orders. To allow for the 

use of ALO Reserve Orders, the 

Exchange first proposes to amend Rule 

6.62P–O(d)(1)(F) to delete the clause in 

the latter half of the sentence of such 

rule, which currently provides that a 

Reserve Order may not be designated as 

an ALO Order. 

The proposed change is intended to 

allow ALO Orders, as described in Rule 

6.62P–O(e)(2) and the paragraphs 

thereunder, to have a displayed 

quantity, along with non-displayed 

reserve interest, as described in Rule 

6.62P–O(d)(1). The display quantity of 

an ALO Reserve Order would be 

replenished as provided in Rule 6.62P– 

O(d)(1)(A) and (B). For an ALO Reserve 

Order that is designated as a NonRoutable-Limit Order, per Rule 6.62P– 

O(d)(1)(C), the replenish quantity of 

such non-routable ALO Reserve Order 

would be assigned a display price and 

working price consistent with the 

behavior of ALO Orders as described in 

current Exchange rules. The Exchange 

proposes to modify Rule 6.62P– 

O(d)(1)(C) to add a cross reference to the 

paragraphs (i.e., to paragraphs (e)(1)(A) 

and (e)(2)(A)-(B) of the Rule) that 

describe how the working price and 

display price of Non-Routable Limit 

Orders and ALO Orders—which are a 

subset of Non-Routable Limit Orders are 

assigned, which would benefit investors 

by making the rule easier to navigate 

and comprehend.6

The proposed change is intended to 

facilitate the combined use of two 

existing order types available on the 

Exchange, thereby providing OTP 

Holders and OTP Firms with enhanced 

flexibility and optionality when trading 

on the Exchange. The proposed change 

could also promote increased liquidity 

and trading opportunities on the 

Exchange, to the benefit of all market 

participants. The Exchange also believes 

the proposed change would permit the 

Exchange to offer functionality already 

available on the Exchange’s affiliated 

(five) equities exchanges and at least 

one other (non-NYSE) equities 

exchange, thereby promoting uniformity 

in order types/functionality across our 

equity and options markets.7

Because of the technology changes 

associated with this proposed rule 

change, the Exchange will announce the 

implementation date by Trader Update, 

which, subject to effectiveness of this 

proposed rule change, will be in the 

fourth quarter of 2023. 

Proposed Non-Substantive Change To 

Reserve Orders 

The Exchange proposes to modify 

Rule 6.62P–O(d)(1) to add rule text 

specifying how the reserve interest of a 

resting Reserve Order to buy (sell) will 

be adjusted, which text would replace 

the existing text that directs the reader 

to another rule provision. Specifically, 

Rule 6.62P–O(d)(1) states that ‘‘[t]he 

working price of the reserve interest of 

a resting Reserve Order to buy (sell) will 

be adjusted in the same manner as a 

Non-Displayed Limit Order, as provided 

for in paragraph (d)(2)(A) of this Rule, 

provided that it will never be priced 

higher (lower) than the working price of 

the display quantity of the Reserve 

Order.’’ The Exchange proposes to 

replace the cross reference to 

‘‘paragraph (d)(2)(A) of the Rule’’ with 

the relevant text from that paragraph 

(i.e., that the working price for the 

reserve interest of a resting Reserve 

Order to buy (sell) will be adjusted ‘‘to 

be the lower (higher) of the limit price, 

or the NBO (NBB) . . . .’’ 8 The 

Exchange deems this proposed change 

as non-substantive because it merely 

copies the text that is being crossreferenced in the approved rule without 

any changes. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,9

in general, and furthers the objectives of 

Section 6(b)(5),10 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 the 

proposed rule change is designed to 

remove impediments to and perfect the 

mechanism of a free and open market 

because it would allow for the 

combined use of two existing order 

types available on the Exchange and 

permit the Exchange to offer 

functionality similar to that already 

available on the Exchange’s (five) 

affiliated equities exchanges and at least 

one other (non-NYSE) equities 

exchange.11 The Exchange believes that 

offering ALO Reserve Orders on the 

Exchange would promote uniformity in 

order types and functionality across the 

NYSE equity and options markets. OTP 

Holders and OTP Firms would be free 

to choose to use the proposed ALO 

Reserve Order type or not, and the 

proposed change would not otherwise 

impact the operation of the Reserve 

Order or ALO Order as described in 

current Exchange rules. The Exchange 

also believes that the proposed rule 

change would remove impediments to 

and perfect the mechanism of a free and 

open market, as well as protect investors 

and the public interest, by expanding 

the options available to OTP Holders 


ddrumheller on DSK120RN23PROD with NOTICES1
88204 Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 

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)(iii). 

15For 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). 16 17 CFR 200.30–3(a)(12). 

and OTP Firms when trading on the 

Exchange and promoting increased 

liquidity and additional trading 

opportunities for all market 

participants. 

The proposed non-substantive change 

to Rule 6.62P–O(d)(1) to specify how the 

working price of the reserve interest of 

a resting Reserve Order is adjusted 

would add clarity and transparency to 

Exchange rules to the benefit of 

investors. 

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. Specifically, 

the Exchange’s proposal to adopt 

Reserve ALO Orders—which combine 

two existing orders available on the 

Exchange—would not impose a burden 

on intramarket competition because the 

proposed ALO Reserve Order is 

available to all market participants that 

trade on the Exchange. 

The Exchange believes that the 

proposed change would enhance intermarket competition as other options 

exchanges that do not currently offer 

this functionality are free to do so. The 

Exchange also believes that, to the 

extent the proposed change increases 

opportunities for order execution, the 

proposed change would promote 

competition by making the Exchange a 

more attractive venue for order flow and 

enhancing market quality for all market 

participants. 

The Exchange believes the proposed 

non-substantive change to Rule 6.62P– 

O(d)(1) to specify how the working price 

of the reserve interest of a resting 

Reserve Order is adjusted, would not 

impose an undue burden on 

competition. This proposed change is 

not meant to be competitive but is 

instead designed to add clarity, 

transparency, and internal consistency 

to Exchange rules. 

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 12 and Rule 19b– 

4(f)(6) thereunder.13

A proposed rule change filed 

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

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 14 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 requested 

that the Commission waive the 30-day 

operative delay so that it may 

implement the ALO Reserve order type 

without delay. The Commission 

believes that waiver of the operative 

delay is consistent with the protection 

of investors and the public interest 

because the proposal raises no novel or 

controversial issues in permitting the 

proposed combination of two order 

types already in use on the Exchange, as 

well as replacing a cross-reference to 

improve clarity in the Exchange’s rules. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.15

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– 

NYSEARCA–2023–85 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NYSEARCA–2023–85. 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–NYSEARCA–2023–85 and should be 

submitted on or before January 10, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27913 Filed 12–19–23; 8:45 am] 

BILLING CODE 8011–01–P 


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