Federal Register / Vol. 89, No. 18 / Friday, January 26, 2024 / Notices 5271 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

4See Securities Exchange Act Release No. 97768 

(June 20, 2023), 88 FR 41423 (‘‘Notice’’). 

5 15 U.S.C. 78s(b)(3)(C). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 98050, 

88 FR 53941 (August 9, 2023) (‘‘Order Instituting 

Proceedings’’). 

8 15 U.S.C. 78s(b)(2). 

9See Securities Exchange Act Release No. 99210, 

88 FR 89484 (December 27, 2023). The Commission 

designated February 21, 2024, as the date by which 

the Commission shall approve or disapprove the 

proposed rule change. 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Rule 1.1 (definitions of ETP & ETP Holder). 

4See Securities Exchange Act Release No. 67540 

(July 30, 2012), 77 FR 46539 (August 3, 2012) (SR– 

NYSEArca–2012–77). 

5See Securities Exchange Act Release No. 94121 

(February 1, 2022), 87 FR 6900 (February 7, 2022) 

(SR–NYSEARCA–2022–07). Rule 7.31–E(i)(4)(A) 

provides that an ‘‘order designated with a ‘‘retail’’ 

modifier is an agency order or a riskless principal 

order that meets the criteria of FINRA Rule 5320.03 

that originates from a natural person and is 

submitted to the Exchange by an ETP Holder, 

provided that no change is made to the terms of the 

order with respect to price or side of market and 

the order does not originate from a trading 

algorithm or any other computerized methodology.’’ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Dated: January 23, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01593 Filed 1–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99408; File No. SR–MIAX– 

2023–23] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Withdrawal of Proposed 

Rule Change To Increase Fees for the 

ToM Market Data Product and 

Establish Fees for the cToM Market 

Data Product 

January 22, 2024. 

On June 7, 2023, Miami International 

Securities Exchange, LLC (‘‘MIAX’’ or 

the ‘‘Exchange’’) 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 

(File Number SR–MIAX–2023–23) to 

increase fees for the MIAX Top of 

Market (‘‘ToM’’) market data product 

and establish fees for the MIAX 

Complex Top of Market (‘‘cToM’’) 

market data product. The proposed rule 

change was immediately effective upon 

filing with the Commission pursuant to 

section 19(b)(3)(A) of the Act.3 The 

proposed rule change was published for 

comment in the Federal Register on 

June 26, 2023.4 On August 3, 2023, the 

Commission issued an order 

temporarily suspending the proposed 

rule change pursuant to section 

19(b)(3)(C) of the Act 5 and 

simultaneously instituting proceedings 

under section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

On December 20, 2023, pursuant to 

section 19(b)(2) of the Exchange Act,8

the Commission designated a longer 

period within which to issue an order 

approving or disapproving the proposed 

rule change.9 On January 17, 2024, the 

Exchange withdrew the proposed rule 

change (SR–MIAX–2023–23). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01510 Filed 1–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99405; File No. SR– 

NYSEARCA–2024–04] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Equities Fees and Charges, Also NYSE 

Arca Rules 7.31–E, 7.34–E, 7.36–E, 

7.37–E and 7.38–E 

January 22, 2024. 

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 January 

10, 2024, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 

II 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 amend the 

NYSE Arca Equities Fees and Charges 

(‘‘Fee Schedule’’) to amend a rule 

reference related to the definition of 

Retail Orders. The Exchange is not 

proposing any change to fees and 

credits. The Exchange also proposes to 

amend NYSE Arca Rules 7.31–E, 7.34– 

E, 7.36–E, 7.37–E and 7.38–E. 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule to amend a rule reference 

related to the definition of Retail Orders. 

The Exchange is not proposing any 

change to fees and credits. The 

Exchange also proposes to amend NYSE 

Arca Rules 7.31–E, 7.34–E, 7.36–E, 

7.37–E and 7.38–E to delete references 

to an obsolete rule. 

Currently, the Exchange’s Fee 

Schedule provides specified fees and 

credits for agency orders that originate 

from a natural person and are submitted 

to the Exchange by an ETP Holder,3

provided that no change is made to the 

terms of the order with respect to price 

or side of market and the order does not 

originate from a trading algorithm or 

any other computerized methodology.4

The Exchange’s rules concerning such 

‘‘retail orders’’ are set out in Rule 7.31– 

E(i)(4).5 On the Fee Schedule, these 

orders are identified as Retail Orders. 

Specifically, under Section III. titled 


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5272 Federal Register / Vol. 89, No. 18 / Friday, January 26, 2024 / Notices 

6See Securities Exchange Act Release No. 98168 

(August 18, 2023), 88 FR 57980 (August 24, 2023) 

(SR–NYSEARCA–2023–55). There is no substantive 

difference between the definition of Retail Order 

under current Rule 7.31–E and how a Retail Order 

was defined under the now deleted Rule 7.44–E. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(4) and (5). 9 15 U.S.C. 78f(b)(8). 

10 15 U.S.C. 78s(b)(3)(A)(iii). 

11 17 CFR 240.19b–4(f)(6). 

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 the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

Standard Rates—Transactions, footnote 

(c) currently states that ‘‘Retail Order 

means an order as defined in Rule 7.44– 

E(a)(3).’’ 

In a recent rule filing that 

discontinued the Exchange’s Retail 

Liquidity Program, the Exchange 

deleted Rule 7.44–E in its entirety, 

including Rule 7.44–E(A)(3), which 

defined the term Retail Order.6 Given 

the discontinuance of the Retail 

Liquidity Program on the Exchange, and 

the subsequent deletion of Rule 7.44– 

E(a)(3), the Exchange proposes to amend 

footnote (c) under Section III. of the Fee 

Schedule to replace the cross-reference 

in the footnote from now deleted Rule 

7.44–E(A)(3) to Rule 7.31–E(i)(4). As 

proposed, footnote (c) would state that 

‘‘Retail Order means an order 

designated with a ‘‘retail’’ modifier as 

provided in Rule 7.31–E(i)(4).’’ 

Additionally, Rules 7.31–E, 7.34–E, 

7.36–E, 7.37–E and 7.38–E each 

currently contain a reference to Rule 

7.44–E, which, as noted above, was 

deleted when the Exchange 

discontinued its Retail Liquidity 

Program. The Exchange thus proposes to 

also delete reference to Rule 7.44–E 

from Rule 7.31–E, 7.34–E, 7.36–E, 7.37– 

E and 7.38–E. 

The Exchange believes the proposed 

change would delete reference to an 

obsolete rule from the Exchange’s rules 

and correct a rule reference in the Fee 

Schedule by replacing a cross-reference 

in the Fee Schedule from a rule that was 

recently deleted and is now obsolete to 

Rule 7.31–E(i)(4) which is currently in 

effect and which defines ‘‘retail orders.’’ 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any significant problems that market 

participants would have in complying 

with the proposed changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

section 6(b) of the Act,7 in general, and 

furthers the objectives of sections 6(b)(4) 

and(5) of the Act,8 in particular, because 

it provides for the equitable allocation 

of reasonable dues, fees, and other 

charges among its members, issuers and 

other persons using its facilities and 

does not unfairly discriminate between 

customers, issuers, brokers or dealers. 

In particular, the Exchange believes 

its proposal to replace Rule 7.44–E(a)(3) 

from footnote (c) under Section III. of 

the Fee Schedule with Rule 7.31–E(i)(4) 

to correct the cross-reference are 

consistent with the Act because the 

proposed change would update the 

Exchange’s rules to delete an obsolete 

rule and update the Fee Schedule to 

correct a cross-reference from a recently 

deleted rule to a current rule. The 

proposal otherwise involves no 

substantive change. Additionally, the 

proposed change would promote just 

and equitable principles of trade and is 

designed to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system as it would update the 

Exchange’s rules to delete reference to 

an obsolete rule and update the Fee 

Schedule by replacing a cross-reference 

from a rule that is now obsolete to a rule 

currently in effect. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with section 6(b)(8) of 

the Act,9 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intramarket Competition. The 

Exchange believes the proposed rule 

change does not impose any burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Specifically, 

the Exchange does not believe that its 

proposal to amend the Fee Schedule to 

correct a cross-reference from a rule that 

was recently deleted to a current rule 

will have any impact on competition as 

the change is intended to update 

obsolete rule references and involves no 

substantive change. 

Intermarket Competition. The 

Exchange believes the proposed rule 

changes does not impose any burden on 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive market. ETP Holders have 

numerous alternative venues that they 

may participate on and direct their 

order flow, including other equities 

exchanges, off-exchange venues, and 

alternative trading systems. By 

amending the cross-reference, as 

proposed herein, the Exchange is 

updating obsolete rule references to its 

rules and to the Fee Schedule. 

Accordingly, the Exchange does not 

believe its proposed change imposes 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to section 

19(b)(3)(A)(iii) of the Act 10 and Rule 

19b–4(f)(6) thereunder.11 Because the 

proposed rule change does not: (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to section 19(b)(3)(A) 

of the Act 12 and Rule 19b–4(f)(6) 

thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),15 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 proposed 

rule change may become operative 

immediately. The Exchange states that 

the proposed change will not adversely 

impact investors and will permit the 

Exchange to amend the cross reference 

from an obsolete rule to a current rule 

in order to alleviate potential investor or 

public confusion. Based on the 

foregoing, the Commission believes that 

waiving the 30-day operative delay is 


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Federal Register / Vol. 89, No. 18 / Friday, January 26, 2024 / Notices 5273 

16For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

4See Securities Exchange Act Release No. 97767 

(June 20, 2023), 88 FR 41442 (‘‘Notice’’). 

5 15 U.S.C. 78s(b)(3)(C). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 98051, 

88 FR 53937 (August 9, 2023) (‘‘Order Instituting 

Proceedings’’). 

8 15 U.S.C. 78s(b)(2). 

9See Securities Exchange Act Release No. 99209, 

88 FR 89485 (December 27, 2023). The Commission 

designated February 21, 2024, as the date by which 

the Commission shall approve or disapprove the 

proposed rule change. 

10 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. 

consistent with the protection of 

investors and the public interest. For 

this reason, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.16

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEARCA–2024–04 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–2024–04. 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–2024– 

04, and should be submitted on or 

before February 16, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01507 Filed 1–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99407; File No. SR– 

EMERALD–2023–13] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Withdrawal of 

Proposed Rule Change To Increase 

Fees for the ToM Market Data Product 

and Establish Fees for the cToM 

Market Data Product 

January 22, 2024. 

On June 7, 2023, MIAX Emerald, LLC 

(‘‘MIAX Emerald’’ or the ‘‘Exchange’’) 

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 (File Number SR–EMERALD– 

2023–13) to increase fees for the MIAX 

Emerald Top of Market (‘‘ToM’’) market 

data product and establish fees for the 

MIAX Emerald Complex Top of Market 

(‘‘cToM’’) market data product. The 

proposed rule change was immediately 

effective upon filing with the 

Commission pursuant to section 

19(b)(3)(A) of the Act.3 The proposed 

rule change was published for comment 

in the Federal Register on June 26, 

2023.4 On August 3, 2023, the 

Commission issued an order 

temporarily suspending the proposed 

rule change pursuant to section 

19(b)(3)(C) of the Act 5 and 

simultaneously instituting proceedings 

under section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

On December 20, 2023, pursuant to 

section 19(b)(2) of the Exchange Act,8

the Commission designated a longer 

period within which to issue an order 

approving or disapproving the proposed 

rule change.9 On January 17, 2024, the 

Exchange withdrew the proposed rule 

change (SR–EMERALD–2023–13). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01509 Filed 1–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99409; File No. SR– 

NYSEARCA–2024–05] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change To List and Trade Shares 

of the COtwo Advisors Physical 

European Carbon Allowance Trust 

Under NYSE Arca Rule 8.201–E 

(Commodity-Based Trust Shares) 

January 22, 2024. 

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 January 

10, 2024, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 


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