Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 3635 

15 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. 

4The Exchange initially filed to adopt the fee 

waiver and waive the BTL fee in 2015. See 

Securities Exchange Act Release No. 74031 (January 

12, 2015), 80 FR 2462 (January 16, 2015) (SR– 

NYSE–2014–78). The Exchange has filed to extend 

the fee waiver and waive the BTL fee for each 

calendar year since 2017. See Securities Exchange 

Act Release Nos. 79710 (December 29, 2016), 82 FR 

1395 (January 5, 2017) (SR–NYSE–2016–89); 82418 

(December 28, 2017), 83 FR 568 (January 4, 2018) 

(SR–NYSE–2017–70); 84899 (December 20, 2018), 

83 FR 67395 (December 28, 2018) (SR–NYSE–2018– 

65); 87952 (January 13, 2020), 85 FR 3089 (January 

17, 2020) (SR–NYSE–2019–73); and 90891 (January 

11, 2021), 86 FR 4147 (January 15, 2021) (SR– 

NYSE–2021–03). 

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

6 15 U.S.C. 78f(b)(4), (5). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01218 Filed 1–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93992; File No. SR–NYSE– 

2022–01] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List To Extend a Waiver of New 

Firm Application Fees for Certain 

Applications and of Bond Trading 

License Fees 

January 18, 2022. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on January 

4, 2022, New York Stock Exchange LLC 

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

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory 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 its 

Price List to (1) extend a fee waiver for 

new firm application fees for applicants 

seeking only to obtain a bond trading 

license (‘‘BTL’’) for 2022; and (2) waive 

the BTL fee for 2022. The Exchange 

proposes to implement the fee changes 

effective January 3, 2022. 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 its 

Price List to (1) extend a fee waiver for 

new firm application fees for applicants 

seeking only to obtain a BTL for 2022; 

and (2) waive the BTL fee for 2022.4 The 

Exchange proposes to implement the fee 

changes effective January 3, 2022. 

The Exchange currently charges a 

New Firm Fee ranging from $2,000 to 

$4,000, depending on the type of firm, 

which is charged per application for any 

broker-dealer that applies to be 

approved as an Exchange member 

organization. The Exchange proposes to 

amend the Price List to waive the New 

Firm Fee for 2022 for new member 

organization applicants that are seeking 

only to obtain a BTL and not trade 

equities at the Exchange. The proposed 

waiver of the New Firm Fee would be 

available only to applicants seeking 

approval as a new member organization, 

including carrying firms, introducing 

firms, or non-public organizations, 

which would be seeking to obtain a BTL 

at the Exchange and not trade equities. 

Further, if a new firm that is approved 

as a member organization and has had 

the New Firm Fee waived converts a 

BTL to a full trading license within one 

year of approval, the New Firm Fee 

would be charged in full retroactively. 

The Exchange believes that charging the 

New Firm Fee retroactively within a 

year of approval is appropriate because 

it would discourage applicants to claim 

that they are applying for a BTL solely 

to avoid New Firm Fees. 

Additionally, the Exchange currently 

charges a BTL fee of $1,000 per year. 

The Exchange proposes to amend the 

Price List to waive the BTL fee for 2022 

for all member organizations. 

The Exchange believes that the 

proposed fee changes would provide 

increased incentives for bond trading 

firms that are not currently Exchange 

member organizations to apply for 

Exchange membership and a BTL. The 

Exchange believes that having more 

member organizations trading on the 

Exchange’s bond platform would benefit 

investors through the additional display 

of liquidity and increased execution 

opportunities in Exchange-traded bonds 

at the Exchange. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,5 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,6 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. 

The Exchange believes that it is 

reasonable to waive the New Firm Fee 

and the annual BTL fee for 2022 to 

provide an incentive for bond trading 

firms to apply for Exchange membership 

and a BTL. The Exchange believes that 

providing an incentive for bond trading 

firms that are not currently Exchange 

member organizations to apply for 

membership and a BTL would 

encourage market participants to 

become members of the Exchange and 

bring additional liquidity to a 

transparent bond market. To the extent 

the existing New Firm Fees or the BTL 

fee serves as a disincentive for bond 

trading firms to become Exchange 

member organizations, the Exchange 

believes that the proposed fee change 

could expand the number of firms 

eligible to trade bonds on the Exchange. 

The Exchange believes creating 

incentives for bond trading firms to 

trade bonds on the Exchange protects 

investors and the public interest by 

increasing the competition and liquidity 

on a transparent market for bond 

trading. The proposed waiver of the 

New Firm Fee and BTL fee is equitable 

and not unfairly discriminatory because 

it would be offered to all market 

participants that wish to trade at the 

Exchange the narrower class of debt 

securities only. 


jspears on DSK121TN23PROD with NOTICES1
3636 Federal Register / Vol. 87, No. 15 / Monday, January 24, 2022 / Notices 

7 15 U.S.C. 78f(b)(8). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(2). 

10 15 U.S.C. 78s(b)(2)(B). 

11 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)(iii). 

4 17 CFR 240.19b–4(f)(6). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,7 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. Debt 

securities typically trade in a 

decentralized over-the-counter (‘‘OTC’’) 

dealer market that is less liquid and 

transparent than the equities markets. 

The Exchange believes that the 

proposed change would increase 

competition with these OTC venues by 

reducing the cost of being approved as 

and operating as an Exchange member 

organization that solely trades bonds at 

the Exchange, which the Exchange 

believes will enhance market quality 

through the additional display of 

liquidity and increased execution 

opportunities in Exchange-traded bonds 

at the Exchange. 

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues that are not 

transparent. In such an environment, 

the Exchange must continually review, 

and consider adjusting its fees and 

rebates to remain competitive with other 

exchanges as well as with alternative 

trading systems and other venues that 

are not required to comply with the 

statutory standards applicable to 

exchanges. Because competitors are free 

to modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. As a result of all of these 

considerations, the Exchange does not 

believe that the proposed change will 

impair the ability of member 

organizations or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

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 foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 8 of the Act and 

subparagraph (f)(2) of Rule 19b–4 9

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 10 of the Act 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File No. SR– 

NYSE–2022–01 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 No. 

SR–NYSE–2022–01. 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 (http://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. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File No. 

SR–NYSE–2022–01, and should be 

submitted on or before February 14, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01224 Filed 1–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93988; SR–CboeBZX– 

2022–004] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Rule 

20.6 To Improve the Operation of the 

Rule 

January 18, 2022. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on January 

11, 2022, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 


jspears on DSK121TN23PROD with NOTICES1