Federal Register / Vol. 87, No. 22 / Wednesday, February 2, 2022 / Notices 5923 

63 15 U.S.C. 78s(b)(3)(C). 

64 17 CFR 200.30–3(a)(57) and (58). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the Fee 

Schedule on December 29, 2021 (SR–NYSEAmer– 

2021–51), with an effective date of January 3, 2022, 

then withdrew such filing and amended the Fee 

Schedule on January 12, 2022 (SR–NYSEAmer– 

2022–03), which latter filing the Exchange 

withdrew on January 21, 2022. 

5See Fee Schedule, Section I.C., NYSE American 

Options Market Maker Sliding Scale—Electronic, 

available at: https://www.nyse.com/publicdocs/ 

nyse/markets/american-options/NYSE_American_

Options_Fee_Schedule.pdf. 

6 In calculating Market Maker Electronic monthly 

volumes, the Exchange will exclude any volumes 

attributable to QCC trades, CUBE Auctions, or 

Strategy Execution Fee Caps as these transactions 

are subject to separate pricing described in Sections 

I.F., I.G. and I.J. of the Fee Schedule, respectively. 

Id. 

7See Fee Schedule, Section I.D., Prepayment 

Program. 

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 

changes that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule changes 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 

filings also will be available for 

inspection and copying at the principal 

office of each 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 

Numbers SR–MIAX–2021–60 and SR– 

EMERALD–2021–43 and should be 

submitted on or before February 23, 

2022. Rebuttal comments should be 

submitted by March 9, 2022. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,63 that File 

Numbers SR–MIAX–2021–60 and SR– 

EMERALD–2021–43 be, and hereby are, 

temporarily suspended. In addition, the 

Commission is instituting proceedings 

to determine whether the proposed rule 

changes should be approved or 

disapproved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.64

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–02082 Filed 2–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94083; File No. SR– 

NYSEAMER–2022–07] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the NYSE 

American Options Fee Schedule 

January 27, 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 

21, 2022, NYSE American LLC (‘‘NYSE 

American’’ 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 the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) to modify certain 

Market Maker incentives. The Exchange 

proposes to implement the fee change 

effective January 21, 2022.4 The 

proposed 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 purpose of this filing is to modify 

certain incentives available to NYSE 

American Options Market Makers 

(‘‘Market Makers’’), as set forth below. 

Currently, Market Makers are entitled 

to reduced per contract rates for 

Electronic options transactions as set 

forth in Section I.C. of the Fee Schedule, 

NYSE American Options Market Maker 

Sliding Scale—Electronic (the ‘‘Sliding 

Scale’’).5 These lower per contract rates 

are applicable to monthly volume 

within a given tier (expressed as Market 

Maker Electronic ADV as a percentage 

of TCADV), such that the lower per 

contract rate applies to volume that falls 

within the range specified for each tier.6

The Exchange also offers a 

prepayment program to Market Makers, 

in which Market Maker firms may 

prepay a portion of the fees they incur 

on Electronic transactions, including 

CUBE transactions, ATP Fees, and other 

fees (the ‘‘Prepayment Program’’). 

Market Makers who participate in the 

Prepayment Program are entitled to 

further reduced rates on the Sliding 

Scale.7

The Exchange now proposes to 

modify the requirements to qualify for 

the Market Maker rates set forth in Tiers 

1 through 4 of the Sliding Scale and to 

adjust the Prepayment Program 

Participant Rate for non-take volume in 

Tier 1, as modified. The Exchange also 

proposes to eliminate Tier 5 of the 

Sliding Scale. These proposed changes 

are reflected in the table below with 

deletions in brackets and new text in 

italics. 


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5924 Federal Register / Vol. 87, No. 22 / Wednesday, February 2, 2022 / Notices 

8See Fee Schedule, Section I.A., Rates for 

Options transactions, note 6. 

9To effect this change, the Exchange also 

proposes to delete the references to footnote 6 in the 

‘‘Participant’’ column of the table in Section I.A. 

and to designate footnote 6 as ‘‘Reserved.’’ 

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

11 15 U.S.C. 78f(b)(4) and (5). 

12See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(S7–10–04) (‘‘Reg NMS Adopting Release’’). 

13The OCC publishes options and futures volume 

in a variety of formats, including daily and monthly 

volume by exchange, available here: https://

www.theocc.com/Market-Data/Market-DataReports/Volume-and-Open-Interest/MonthlyWeekly-Volume-Statistics. 

14Based on a compilation of OCC data for 

monthly volume of equity-based options and 

monthly volume of ETF-based options, see id., the 

Exchange’s market share in multiply-listed equity 

and ETF options the Exchange’s market share in 

equity-based options decreased from 9.09% for the 

month of November 2020 to 7.06% for the month 

of November 2021. 

15See CBOE Options Exchange Fee Schedule, 

Liquidity Provider Sliding Scale and footnote 10, 

available at: https://www.cboe.com/publish/ 

feeschedule/CBOEFeeSchedule.pdf (providing 

liquidity providers that prepay monthly fees with 

reduced transaction rates). 

Tier Market Maker Electronic ADV as a 

% of TCADV 

Rate per contract 

for non-take 

volume 1

Rate per contract 

for take volume 1

Prepayment Program Participant 

Rates 

Rate per contract 

for non-take 

volume 1

Rate per contract 

for take volume 1

1 ................................ 0.00% to [0.20] 0.25% ..................... $0.25 $0.25 [$0.22] $0.21 $0.24 

2 ................................ >[0.20% to 0.65%] 0.25% to 0.70% 0.22 0.24 0.18 0.22 

3 ................................ >[0.65% to 1.40%] 0.70% to 1.50% 0.12 0.17 0.09 0.13 

4 ................................ >[1.40% to 2.00%] 1.50% ................ 0.09 0.14 0.06 0.10 

[5 ............................... >2.00% ............................................. 0.06 0.09 0.03 0.06] 

The Exchange believes that the 

proposed changes will continue to 

encourage Market Makers to direct 

orders and quotes to the Exchange and 

to incent Market Makers to participate 

in the Prepayment Program to receive 

reduced rates on Electronic options 

transactions, among other benefits. 

Although the Exchange proposes slight 

increases to the ranges covered by each 

of Tiers 1 through 4, the Exchange 

believes that the Sliding Scale, as 

modified, would continue to offer a 

significant reduction in overall 

transaction rates for Market Makers, as 

well as additional reductions for Market 

Makers that participate in the 

Prepayment Program. The Exchange 

further believes that the proposed 

reduction to the Tier 1 rate per contract 

for non-take volume for Prepayment 

Program participants will likewise 

continue to encourage those Market 

Makers to participate in the program 

and to direct orders and quotes to the 

Exchange to benefit from the reduced 

rates under the program. Finally, the 

Exchange proposes to eliminate Tier 5 

on the Sliding Scale because it has not 

successfully incented Market Makers to 

achieve the requisite volume to earn the 

corresponding per contract rates. 

Currently, the Exchange also offers 

Market Makers that participate in the 

Prepayment Program a reduced rate on 

Manual transactions, as set forth in 

Section I.A. of the Fee Schedule at 

footnote 6.8 Specifically, for each 

contract transacted manually, Market 

Makers receive a $0.02 per contract 

discount, and NYSE American Options 

Specialists/e-Specialists receive a $0.01 

per contract discount. The Exchange 

proposes to eliminate these reduced 

rates on Manual transactions for 

participants in the Prepayment Program 

because this incentive has not impacted 

their participation in Manual 

transactions.9

The Exchange proposes to implement 

these changes effective January 12 [sic], 

2022. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,10 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,11 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 Proposed Rule Change Is 

Reasonable 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, the 

Commission highlighted the importance 

of market forces in determining prices 

and SRO revenues and, also, recognized 

that current regulation of the market 

system ‘‘has been remarkably successful 

in promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 12

There are currently 16 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than 16% of the market share of 

executed volume of multiply-listed 

equity and ETF options trades.13

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in November 2021, the 

Exchange had less than 8% market 

share of executed volume of multiplylisted equity and ETF options trades.14

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, in response to fee changes. 

Accordingly, competitive forces 

constrain options exchange transaction 

fees. Stated otherwise, changes to 

exchange transaction fees can have a 

direct effect on the ability of an 

exchange to compete for order flow. 

The Exchange believes the proposed 

modifications to the Sliding Scale tier 

requirements for Market Makers and the 

rates available to Prepayment Program 

participants are reasonable because they 

would continue to incent Market 

Makers, including Prepayment Program 

participants, to direct orders and quotes 

to the Exchange and because the Sliding 

Scale fee structure, as modified, would 

remain in line with a similarly 

structured program on another options 

exchange.15 The Exchange also believes 

the elimination of Tier 5 of the Sliding 

Scale and the reduced Manual rates for 

Prepayment Program participants is 

reasonable, as neither incentive has 

fulfilled its intended purpose to date. 

To the extent the proposed change 

continues to attract greater volume and 

liquidity to the Exchange, the Exchange 

believes the proposed change would 

improve the Exchange’s overall 

competitiveness and strengthen its 

market quality for all market 


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Federal Register / Vol. 87, No. 22 / Wednesday, February 2, 2022 / Notices 5925 

16See Reg NMS Adopting Release, supra note 12, 

at 37499. 

participants. In the backdrop of the 

competitive environment in which the 

Exchange operates, the proposed rule 

change is a reasonable attempt by the 

Exchange to increase the depth of its 

market and improve its market share 

relative to its competitors. 

While the Exchange cannot predict 

the extent to which Market Makers 

would choose to participate in the 

Prepayment Program or seek to achieve 

the Sliding Scale tiers, the Exchange 

believes that Market Makers would 

continue to be encouraged to take 

advantage of the favorable rates 

available in the Sliding Scale tiers and 

through the Prepayment Program, 

thereby increasing order flow to the 

Exchange and promoting market quality 

for all market participants. 

The Proposed Rule Change is an 

Equitable Allocation of Credits and Fees 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and credits. The proposal is 

based on the amount and type of 

business transacted on the Exchange, 

and Market Makers can opt to 

participate in the Prepayment Program 

or not, and to achieve one of the tiers 

on the Sliding Scale, or not. Moreover, 

to the extent the proposal is designed to 

continue to encourage Market Makers to 

commit capital to the Exchange as a 

demonstration of long-term 

participation on the Exchange as a 

primary execution venue, the Exchange 

believes that the proposed modifications 

to incent Market Maker participation in 

the Prepayment Program are an 

equitable allocation of fees and credits. 

In addition, to the extent that the 

proposed change continues to incent 

Market Makers to increase volume on 

the Exchange in order to qualify for the 

Sliding Scale rates, the resulting 

increased order flow would continue to 

make the Exchange a more competitive 

venue for, among other things, order 

execution. 

The Exchange believes that 

eliminating Tier 5 of the Sliding Scale 

and the reduced Manual rates for 

Prepayment Program participants is an 

equitable allocation of fees and credits 

because these incentives have not 

successfully encouraged the intended 

Market Maker activity. 

Thus, the Exchange believes the 

proposed rule change would improve 

market quality for all market 

participants on the Exchange and, as a 

consequence, attract more order flow to 

the Exchange, thereby improving 

market-wide quality and price 

discovery. 

The Proposed Rule Change Is Not 

Unfairly Discriminatory 

The Exchange believes the proposed 

modifications are not unfairly 

discriminatory because they would 

apply and be available to all similarlysituated market participants on an equal 

and non-discriminatory basis. 

Specifically, the proposal is based on 

the amount and type of business 

transacted on the Exchange, and Market 

Makers are not obligated to participate 

in the Prepayment Program or try to 

achieve any of the Sliding Scale tiers 

that would provide for reduced rates. In 

addition, because Market Makers have 

increased obligations with respect to 

trading on the Exchange, the Exchange 

believes that the proposed changes are 

not unfairly discriminatory to nonMarket Makers and further believes that 

the proposed change would continue to 

incent Market Makers to both 

participate in the Prepayment Program 

and increase orders and quotes directed 

to the Exchange. To the extent that the 

proposed change attracts a variety of 

transactions to the Exchange, this 

increased order flow would continue to 

make the Exchange a more competitive 

venue for order execution. Thus, the 

Exchange believes the proposed rule 

change would improve market quality 

for all market participants on the 

Exchange and, as a consequence, attract 

more order flow to the Exchange, 

thereby improving market-wide quality 

and price discovery. The resulting 

increased volume and liquidity would 

provide more trading opportunities and 

tighter spreads to all market participants 

and thus would promote just and 

equitable principles of trade, 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 further believes that the 

elimination of Sliding Scale Tier 5 and 

the reduced Manual rates for 

Prepayment Program participants is not 

unfairly discriminatory because the 

reduced rates have not been effective in 

incenting Market Makers to execute 

sufficient volume to qualify for the tier 

or to execute Manual transactions, as 

applicable. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

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, the Exchange does not believe 

that the proposed rule change would 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Instead, as discussed above, the 

Exchange believes that the proposed 

changes would encourage the 

submission of additional liquidity to a 

public exchange, thereby promoting 

market depth, price discovery and 

transparency and enhancing order 

execution opportunities for all market 

participants. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

integrated competition among orders, 

which promotes ‘‘more efficient pricing 

of individual stocks for all types of 

orders, large and small.’’ 16

Intramarket Competition. The 

proposed change is designed to attract 

additional order flow to the Exchange 

by offering competitive rates based on 

increased volumes on the Exchange, 

including further reduced rates for 

Market Makers that participate in the 

Prepayment Program. The Exchange 

believes that the proposed modifications 

to the Sliding Scale and other incentives 

available to Market Makers would 

continue to incent Market Makers to 

direct additional volume to the 

Exchange. Greater liquidity benefits all 

market participants on the Exchange, 

and increased volume from Market 

Makers would increase opportunities for 

execution of other trading interest. The 

proposed modifications would apply to 

all similarly-situated Market Makers 

and, because Market Makers have 

increased obligations with respect to 

trading on the Exchange, are not 

unfairly discriminatory to non-Market 

Makers, and thus would not impose a 

disparate burden on competition among 

market participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily favor one of the 

16 competing option exchanges if they 

deem fee levels at a particular venue to 

be excessive. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow to 

the Exchange. Based on publiclyavailable information, and excluding 

index-based options, no single exchange 

has more than 16% of the market share 

of executed volume of multiply-listed 


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5926 Federal Register / Vol. 87, No. 22 / Wednesday, February 2, 2022 / Notices 

17See supra note 13. 

18Based on a compilation of OCC data for 

monthly volume of equity-based options and 

monthly volume of ETF-based options, see id., the 

Exchange’s market share in multiply-listed equity 

and ETF options the Exchange’s market share in 

equity-based options decreased from 9.09% for the 

month of November 2020 to 7.06% for the month 

of November 2021. 

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

20 17 CFR 240.19b–4(f)(2). 21 15 U.S.C. 78s(b)(2)(B). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Citations herein to the Nasdaq Rule 4000 Series 

shall refer to Equity 4. 

equity and ETF options trades.17

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, in November 2021, the 

Exchange had less than 8% market 

share of executed volume of multiplylisted equity and ETF options trades.18

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because it 

modifies the Exchange’s fees in a 

manner designed to continue to 

encourage Market Makers to direct 

trading interest to the Exchange, to 

provide liquidity and to attract order 

flow. Specifically, the Exchange 

believes that the modifications to the 

Sliding Scale would continue to offer a 

significant reduction in overall 

transaction rates for Market Makers, as 

well as additional reductions for Market 

Makers that participate in the 

Prepayment Program. To the extent that 

this purpose is achieved, all the 

Exchange’s market participants should 

benefit from the improved market 

quality and increased opportunities for 

price improvement. 

The Exchange also believes that the 

proposed change would promote 

competition between the Exchange and 

other execution venues, by encouraging 

additional orders to be sent to the 

Exchange for execution. 

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) 19 of the Act and 

subparagraph (f)(2) of Rule 19b–4 20

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) 21 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEAMER–2022–07 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–2022–07. 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. 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 

Number SR–NYSEAMER–2022–07, and 

should be submitted on or before 

February 23, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–02080 Filed 2–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94076; File No. SR– 

NASDAQ–2022–006] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Enable Exchange Members To Enter 

Midpoint Extended Life Orders and M– 

ELO Plus Continuous Book Orders 

With an Immediate-or-Cancel Time-inForce Instruction 

January 27, 2022. 

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 

19, 2022, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘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 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 enable 

Exchange members to enter Midpoint 

Extended Life Orders (‘‘M–ELOs’’) and 

M–ELO Plus Continuous Book (‘‘M– 

ELO+CB’’) Orders with an immediateor-cancel (‘‘IOC’’) Time-in-Force (‘‘TIF’’) 

instruction.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 


jspears on DSK121TN23PROD with NOTICES1