Federal Register / Vol. 87, No. 24 / Friday, February 4, 2022 / Notices 6639 

14 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 originally filed to amend the Fee 

Schedule on December 29, 2021 (SR–NYSEAmer– 

2021–53), with an effective date of January 3, 2022, 

then withdrew such filing on January 12, 2022 (SR– 

NYSEAmer–2022–05), which latter filing the 

Exchange withdrew on January 21, 2022. 

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 

Number SR–NYSECHX–2022–01 and 

should be submitted on or before 

February 25, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–02315 Filed 2–3–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34491; 812–15276] 

John Hancock Asset-Based Lending 

Fund and John Hancock Investment 

Management LLC 

January 31, 2022. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘Act’’) for an exemption from 

sections 18(a)(2), 18(c) and 18(i) of the 

Act and for an order pursuant to section 

17(d) of the Act and rule 17d–1 under 

the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed end investment 

companies to issue multiple classes of 

shares of beneficial interest with varying 

sales loads and to impose asset-based 

distribution and/or service fees. 

APPLICANTS: John Hancock Asset-Based 

Lending Fund (the ‘‘Trust’’), and John 

Hancock Investment Management LLC 

(the ‘‘Advisor’’). 

FILING DATES: The application was filed 

on October 21, 2021, and amended on 

November 5, 2021, and January 10, 

2022. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the requested relief 

will be issued unless the Commission 

orders a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the relevant applicant with a copy of the 

request by email, if an email address is 

listed for the relevant applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

applicant below. 

Hearing requests should be received 

by the Commission by 5:30 p.m. on 

February 25, 2022, and should be 

accompanied by proof of service on 

applicants, in the form of an affidavit or, 

for lawyers, a certificate of service. 

Pursuant to rule 0–5 under the Act, 

hearing requests should state the nature 

of the writer’s interest, any facts bearing 

upon the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons who wish 

to be notified of a hearing may request 

notification by emailing the 

Commission’s Secretary. 

ADDRESSES: mark.goshko@klgates.com 

and pablo.man@klgates.com. 

FOR FURTHER INFORMATION CONTACT: Lisa 

Reid Ragen, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and condition, please refer to 

Applicants’ application, dated January 

10, 2022, which may be obtained via the 

Commission’s website by searching for 

the file number, using the Company 

name box, at http://www.sec.gov/ 

search/search.htm, or by calling (202) 

551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–02325 Filed 2–3–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94104; File No. SR– 

NYSEAMER–2022–09] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend the NYSE American 

Options Fee Schedule 

January 31, 2022. 

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 

21, 2022, NYSE American LLC (‘‘NYSE 

American’’ 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 self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) regarding incentives 

relating to Complex Customer Best 

Execution Auctions. 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. 


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6640 Federal Register / Vol. 87, No. 24 / Friday, February 4, 2022 / Notices 

5For purposes of this filing, ‘‘Professional’’ 

Electronic volume includes: Professional Customer, 

Broker Dealer, Non-NYSE American Options 

Market Maker, and Firm. 

6See Fee Schedule, Section I.E., American 

Customer Engagement (‘‘ACE’’) Program, available 

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

american-options/NYSE_American_Options_Fee_

Schedule.pdf. 

7See id. at Section I.G., CUBE Auction Fees and 

Credits, Complex CUBE Auction. 

8See id. 

9See id. 

10See, e.g., Fee Schedule, Section I.C., NYSE 

American Options Market Maker Sliding Scale— 

Electronic (excluding volumes attributable to QCC 

trades and CUBE Auctions from calculation of 

Market Maker Electronic monthly volumes); Section 

I.E., American Customer Engagement (‘‘ACE’’) 

Program (excluding volume resulting from QCC 

trades and volume attributable to orders routed to 

another exchange from calculation of an OFP’s 

Electronic volume); Section I.H., Professional StepUp Incentive (excluding volumes from CUBE 

Auctions and QCC transactions from the calculation 

of base volume and qualifying volume for the 

incentive). 

11See Fee Schedule, Sections I.F. (setting forth 

fees and credits for QCC trades) and I.G. (setting 

forth fees and credits for CUBE Auctions). Volume 

from orders routed to another exchange would be 

subject to pricing set forth by such exchange. 

12See Fee Schedule, Section I.H. In calculating an 

OFP’s Electronic volume, the Exchange will include 

the activity of either (i) Affiliates of the OFP, such 

as when an OFP has an Affiliated NYSE American 

Options Market Making firm, or (ii) an Appointed 

MM of such OFP. 

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 

the Fee Schedule regarding the 

qualifications for (1) the Alternative 

Initiating Participant Rebate, as set forth 

in Section I.G. (the ‘‘Rebate’’), and (2) 

the credit on Customer Electronic 

Simple and Complex executions set 

forth in Section I.H (the ‘‘Credit’’). 

As further discussed below, the 

proposed changes are designed to 

encourage ATP Holders to initiate 

Complex Customer Best Execution 

(‘‘CUBE’’) Auctions while also 

maintaining levels of both Customer and 

Professional Electronic volume.5

The Exchange proposes to implement 

this fee change on January 21, 2022. 

Proposed Rule Change 

Alternative Initiating Participant Rebate 

Section I.G. of the Fee Schedule sets 

forth the per contract fees and credits 

for executions associated with SingleLeg and Complex CUBE Auctions. To 

encourage participation in Complex 

CUBE Auctions, the Exchange offers 

rebates on certain initiating Complex 

CUBE volume. Currently, the Exchange 

offers the ACE Initiating Participant 

Rebate to ATP Holders that also qualify 

for the American Customer Engagement 

(‘‘ACE’’) Program 6 and an Alternative 

Initiating Participant Rebate (the 

‘‘Rebate’’) for ATP Holders that do not 

qualify for the ACE program.7 Both the 

ACE Initiating Participant Rebate and 

the Rebate for Complex CUBE orders 

provide for a rebate of $0.10 per 

contract, and an ATP Holder that 

qualifies for both rebates is entitled to 

only the greater of the two.8

Currently, to qualify for the Rebate, an 

ATP Holder must execute a minimum of 

5,000 contracts ADV in the Professional 

range (as defined in Section I.H. of the 

Fee Schedule) and execute a minimum 

of 15,000 contracts ADV from Initiating 

CUBE Orders in Single-Leg and/or 

Complex CUBE Auctions.9

The Exchange proposes to modify the 

qualifications to earn the Rebate by 

decreasing the required volume in 

Initiating CUBE Orders from 15,000 

ADV from Initiating CUBE Orders in 

Single-Leg and/or Complex CUBE 

Auctions to 10,000 ADV in Initiating 

CUBE orders from Complex CUBE 

Auctions only. The Exchange proposes 

to modify this qualification to be based 

only on Initiating CUBE Orders in 

Complex CUBE Auctions in order to 

encourage increased participation in 

Complex CUBE Auctions. The Exchange 

also proposes to delete the requirement 

to execute a minimum of 5,000 contracts 

ADV in the Professional range and 

proposes two additional qualifications 

to earn the Rebate. The Exchange 

proposes these changes to align the 

requirements for this incentive with 

those for the Credit (as further discussed 

below). Specifically, the Exchange 

proposes to require, in addition to the 

volume requirement with respect to 

Initiating CUBE Orders in Complex 

CUBE Auctions, that an ATP Holder 

also achieve Customer Electronic 

executions of 0.05% of TCADV 

(excluding CUBE Auctions, QCC 

Transactions, and volume from orders 

routed to another exchange) and 

Professional (as defined in Section I.H. 

of the Fee Schedule) Electronic 

executions of 0.03% of TCADV 

(excluding CUBE Auctions, QCC 

Transactions, and volume from orders 

routed to another exchange). The 

Exchange proposes to exclude CUBE 

Auctions, QCC Transactions, and 

volume from orders routed to another 

exchange from the calculations of 

Customer Electronic and Professional 

Electronic volume, consistent with 

exclusions set forth elsewhere in the Fee 

Schedule.10 The Exchange proposes to 

exclude volume from CUBE Auctions, 

QCC Transactions, and orders routed to 

another exchange because volume from 

such transactions would be subject to 

separate pricing.11 The Exchange does 

not propose to modify the amount of the 

Rebate (which will remain at $0.10 per 

contract), and an ATP Holder that 

qualifies for both the ACE Initiating 

Participant Rebate and the Rebate will 

continue to be entitled only to the 

greater of the two rebates. 

Credit on Customer Electronic Simple 

and Complex Executions 

The Exchange also proposes to modify 

the qualifications to earn the Credit. 

Currently, the Credit provides that ATP 

Holders are eligible to receive a credit 

of $0.10 per contract on Customer 

Electronic Simple and Complex 

executions, excluding CUBE Auctions, 

QCC Transactions, and volume from 

orders routed to another exchange, by 

meeting each of the following monthly 

qualification levels: (a) 15,000 contracts 

ADV from Initiating CUBE Orders in 

Complex CUBE Auctions; (b) Customer 

Electronic executions of 0.05% of 

TCADV, excluding CUBE Auctions, 

QCC Transactions, and volume from 

orders routed to another exchange; and 

(c) Professional Electronic executions of 

0.03% of TCADV.12

The Exchange proposes to decrease 

the required volume in Initiating 

Complex CUBE Orders from 15,000 to 

10,000 ADV, which, as discussed above, 

would align the qualifying bases for the 

Credit with the proposed requirements 

for the Rebate. While the Exchange is 

not proposing any changes to the 

qualifying requirements with respect to 

Customer or Professional Electronic 

executions or to the amount of the 

Credit, which will remain $0.10 per 

contract, the Exchange proposes to 

modify the Fee Schedule to clarify the 

Professional Electronic volume 

requirement. Specifically, the Exchange 

proposes to specify that qualifying 

Professional Electronic volume, like 

Customer Electronic qualifying volume, 

excludes CUBE Auctions, QCC 

Transactions, and volume from orders 

routed to another exchange. The 

Exchange proposes this change to 

improve the clarity of the Fee Schedule 

by providing additional detail regarding 

how qualifying volume for the Credit is 

currently determined. 

* * * * * 

The proposed changes are designed to 

incent ATP Holders to direct order flow 

to the Exchange and to encourage ATP 

Holders to engage in a variety of 

transactions on the Exchange. In 

particular, the Exchange notes that 

volume executed in auctions has 

increased across the industry and thus 

believes the proposed change would 


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13The Exchange’s analysis of OPRA data 

indicates that auction volume has fluctuated from 

19.2% of all options industry volume at the end of 

2019, to as high as 23.4% in June 2020, to a current 

level of 19.7% in November 2021. 

14See, e.g., Cboe Exchange Inc. Fee Schedule, 

Volume Incentive Program, available at: https://

cdn.cboe.com/resources/membership/Cboe_

FeeSchedule.pdf (providing comparable per 

contract credits for Customer orders based on 

volume from a variety of executions, including 

auction volume, volume from various account 

types, and volume from both simple and complex 

executions). 

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

16 15 U.S.C. 78f(b)(4) and (5). 

17See Securities Exchange Act Release No. 51808 

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

(S7–10–04) (‘‘Reg NMS Adopting Release’’). 18The 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. 

19Based 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 decreased from 9.09% for the 

month of November 2020 to 7.06% for the month 

of November 2021. 

20See supra note 14. 

21See supra notes 10 & 11. 

encourage ATP Holders to direct more 

auction-eligible order flow (and, in 

particular, Initiating CUBE Orders in 

Complex CUBE auctions) to the 

Exchange to qualify for the Rebate and 

Credit.13 To the extent that the proposed 

changes to the Rebate and Credit 

achieve their intended purpose, the 

increased liquidity on the Exchange 

would result in enhanced market 

quality for all participants. 

The Exchange’s fees are constrained 

by intermarket competition, as ATP 

Holders may direct their order flow to 

any of the 16 options exchanges, 

including one with an incentive 

program similar to the Rebate and 

Credit.14 Thus, ATP Holders have a 

choice of where they direct their order 

flow. The proposed modifications to the 

qualifications for the Rebate and Credit 

are designed to encourage the 

submission of Complex CUBE Orders, 

which should maximize price 

improvement opportunities. In addition, 

because both the Rebate and Credit will 

also have requirements based on 

Customer Electronic executions and 

Professional Electronic order flow, as 

modified, the Exchange believes all 

market participants stand to benefit 

from increased order flow, which 

promotes market depth, facilitates 

tighter spreads, and enhances price 

discovery. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,15 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,16 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.’’ 17

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.18

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.19

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 and rebates 

can have a direct effect on the ability of 

an exchange to compete for order flow. 

The proposed rule change is designed 

to continue to incent ATP Holders to 

direct liquidity to the Exchange in a 

variety of forms and from a variety of 

sources, thereby promoting market 

depth, price discovery, and price 

improvement and enhancing order 

execution opportunities for market 

participants. In particular, the Exchange 

believes it is reasonable to provide ATP 

Holders with a rebate or credit for 

achieving certain volume goals in 

different types of executions, consistent 

with credits offered through a similarly 

structured program on a competing 

options exchange.20 The Exchange also 

believes that the proposed exclusions 

applicable to qualifying volume for the 

Rebate are reasonable because they are 

consistent with exclusions set forth 

elsewhere in the Fee Schedule, based on 

CUBE Auctions, QCC trades, and 

volume from orders routed to another 

exchange being subject to separate fees 

and credits.21

The Exchange also believes that the 

proposed modifications to the 

qualifications for the Rebate and the 

Credit are reasonably designed because 

they would encourage ATP Holders to 

execute a variety of orders on the 

Exchange and, in particular, make 

greater use of Complex CUBE Auctions. 

The Exchange further believes that 

implementing the same criteria to 

qualify for the Rebate or Credit should 

encourage greater use of the Exchange 

by all ATP Holders, which may lead to 

greater opportunities to trade—and for 

price improvement—for all participants. 

The Exchange notes that all market 

participants stand to benefit from 

increased transaction volume, as such 

increase promotes market depth, 

facilitates tighter spreads and enhances 

price discovery, and may lead to a 

corresponding increase in order flow 

from other market participants. 

The Exchange believes that the 

proposed modification of the Fee 

Schedule regarding qualifying 

Professional Electronic volume for the 

Credit is reasonable because it will 

provide additional clarity regarding the 

current method of calculating qualifying 

volume for the Credit. 

The Exchange cannot predict with 

certainty whether any ATP Holders 

would seek to qualify for the Rebate or 

the Credit, as modified, but believes that 

the proposed qualifying bases for the 

Rebate and Credit, which lower the 

volume of CUBE Orders necessary to 

qualify and align the volume 

requirements in Customer and 

Professional Electronic executions 

across the two incentives, are achievable 

for ATP Holders and would continue to 

incent ATP Holders to direct volume to 

the Exchange. 

Finally, to the extent the proposed 

changes attract greater volume and 

liquidity, the Exchange believes the 

proposed changes would improve the 

Exchange’s overall competitiveness and 

strengthen its market quality for all 

market participants. In the backdrop of 

the competitive environment in which 

the Exchange operates, the proposed 

rule changes are a reasonable attempt by 


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22See supra note 11. 

23See supra notes 10 & 11. 24See supra notes 10 & 11. 

25See Reg NMS Adopting Release, supra note 17, 

at 37499. 

the Exchange to increase the depth of its 

market and improve its market share 

relative to its competitors. 

The Proposed Rule Change Is an 

Equitable Allocation of Fees and 

Rebates 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and rebates. The proposal is 

based on the amount and type of 

business transacted on the Exchange, 

and ATP Holders can seek to qualify for 

these incentives or not. The Exchange 

further believes that the proposed 

exclusion of CUBE Auctions, QCC 

trades, and volume routed to another 

exchange from the qualifying Customer 

Electronic and Professional Electronic 

volume for the Rebate is equitable 

because volume from such transactions 

is subject to separate pricing.22

Moreover, because ATP Holders would 

need to meet requirements based on 

Initiating CUBE Orders, Customer 

Electronic executions, and Professional 

Electronic executions in order to qualify 

for either the Rebate or Credit, as 

modified, the Exchange believes that the 

proposed changes are designed to 

encourage ATP Holders to aggregate 

their executions at the Exchange as a 

primary execution venue. To the extent 

that the proposed changes attract more 

volume to the Exchange (and, in 

particular, more Complex CUBE auction 

volume), this increased order flow 

would continue to make the Exchange a 

more competitive venue for order 

execution. Thus, the Exchange believes 

the proposed rule changes would 

improve market quality for all market 

participants on the Exchange and, as a 

consequence, attract more order flow to 

the Exchange thereby improving marketwide quality and price discovery. 

The Exchange also believes that the 

proposed change to specify that CUBE 

Auctions, QCC trades, and volume 

routed to another exchange are excluded 

from the calculation of qualifying 

Professional Electronic volume for the 

Credit is an equitable allocation of fees 

and rebates because the proposed 

exclusion is consistent with exclusions 

set forth elsewhere in the Fee Schedule 

and such transactions are subject to 

separate pricing.23 The Exchange also 

believes that the proposed change 

promotes an equitable allocation of fees 

and rebates by ensuring that the Fee 

Schedule reflects the current method of 

calculating qualifying volume for the 

Credit. 

The Proposed Rule Change Is not 

Unfairly Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory 

because the proposed modifications 

would apply to all similarly-situated 

market participants on an equal and 

non-discriminatory basis. The proposed 

changes are based on the amount and 

type of business transacted on the 

Exchange, and ATP Holders are not 

obligated to try to achieve either 

incentive. Rather, the proposals are 

designed to encourage participants to 

utilize the Exchange as a primary 

trading venue (if they have not done so 

previously) and increase auction, 

Customer Electronic, and Professional 

Electronic volume sent to the Exchange. 

In addition, the proposed modifications 

to the requirements to qualify for the 

Rebate and Credit are designed to align 

the requirements for the two incentives 

and to encourage greater use of Complex 

CUBE Auctions by ATP Holders, which 

may lead to greater opportunities to 

trade—and for price improvement—for 

all participants. The Exchange believes 

that the proposed exclusions from 

qualifying volume for the Rebate are not 

unfairly discriminatory because they are 

consistent with exclusions set forth 

elsewhere in the Fee Schedule and 

account for CUBE Auctions, QCC trades, 

and volume routed to another exchange 

being subject to separate pricing.24

To the extent that the proposed 

changes attract more executions 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 changes would 

improve market quality for all market 

participants on the Exchange and, as a 

consequence, attract more order flow to 

the Exchange thereby improving marketwide 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 

proposed change to specify that CUBE 

Auctions, QCC trades, and volume 

routed to another exchange are excluded 

from the calculation of qualifying 

Professional Electronic volume for the 

Credit is not unfairly discriminatory 

because it would update the Fee 

Schedule to provide additional clarity 

regarding the current method of 

calculating qualifying volume for the 

Credit. 

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 changes 

further 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.’’ 25

Intramarket Competition. The 

proposed change is designed to 

continue to attract increased and diverse 

order flow to the Exchange by offering 

competitive credits and rebates, which 

would enhance the quality of quoting 

and may increase the volume of 

contracts traded on the Exchange. 

Specifically, the Exchange believes the 

proposed rule change, by specifying 

requirements in auction, Customer 

Electronic, and Professional Electronic 

volume, would incent ATP Holders to 

participate in a variety of types of 

executions on the Exchange to qualify 

for the Rebate or Credit. To the extent 

that this purpose is achieved, all of the 

Exchange’s market participants should 

benefit from the improved market 

liquidity. Enhanced market quality and 

increased transaction volume resulting 

from the anticipated increase in order 

flow directed to the Exchange would 

benefit all market participants and 

improve competition on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily favor one of the 


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26See supra note 18. 

27Based 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 decreased from 9.09% for the 

month of November 2020 to 7.06% for the month 

of November 2021. 

28 15 U.S.C. 78s(b)(3)(A). 

29 17 CFR 240.19b–4(f)(2). 30 17 CFR 200.30–3(a)(12). 

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 

currently has more than 16% of the 

market share of executed volume of 

multiply-listed equity and ETF options 

trades.26 Therefore, no exchange 

currently possesses significant pricing 

power in the execution of multiplylisted equity and ETF options order 

flow. More specifically, in November 

2021, the Exchange had less than 8% 

market share of executed volume of 

multiply-listed equity and ETF options 

trades.27

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because it 

modifies the Exchange’s fees and rebates 

in a manner designed to encourage ATP 

Holders to direct trading interest to the 

Exchange, to provide liquidity and to 

attract order flow. Specifically, the 

Exchange believes that the proposed 

change would encourage ATP Holders 

to direct increased volume to the 

Exchange, thereby increasing the 

number of executions (and executions of 

varying types) on the Exchange. The 

Exchange further believes that 

harmonizing the requirements for the 

Rebate and Credit could make the 

incentives more achievable for ATP 

Holders and would thus continue to 

make the Exchange a more attractive 

and competitive venue for order 

execution. 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. 

Thus, the Exchange believes that the 

proposed changes could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar pricing 

incentives, 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) 28 of the Act and 

subparagraph (f)(2) of Rule 19b–4 29

thereunder. 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEAMER–2022–09 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–2022–09. 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 

Number SR–NYSEAMER–2022–09 and 

should be submitted on or before 

February 25, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–02314 Filed 2–3–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 11646] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Exhibition—Determinations: ‘‘Alberto 

Giacometti: Toward the Ultimate 

Figure’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to an 

agreement with their foreign owner or 

custodian for temporary display in the 

exhibition ‘‘Alberto Giacometti: Toward 

the Ultimate Figure’’ at the Cleveland 

Museum of Art, Cleveland, Ohio; the 

Seattle Art Museum, Seattle, 

Washington; the Museum of Fine Arts, 

Houston, in Houston, Texas; the NelsonAtkins Museum of Art, Kansas City, 

Missouri; and at possible additional 

exhibitions or venues yet to be 

determined, are of cultural significance, 

and, further, that their temporary 

exhibition or display within the United 

States as aforementioned is in the 

national interest. I have ordered that 

Public Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: Chi 

D. Tran, Program Administrator, Office 

of the Legal Adviser, U.S. Department of 


lotter on DSK11XQN23PROD with NOTICES1