17346 Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 93849 

(Dec. 22, 2021), 86 FR 74204 (Dec. 29, 2021 

(‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 94181, 

(Feb. 8, 2022), 87 FR 8305 (Feb. 14, 2022). 

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

7The ‘‘Auction Imbalance Freeze’’ is the period 

that begins before the scheduled time for an 

Auction. See NYSE Rule 7.35(a)(3). ‘‘Auction’’ 

means the process for the opening, reopening, or 

closing of the trading of Auction-Eligible Securities 

on the Exchange, and an ‘‘Auction-Eligible 

Security’’ is a security for which the Exchange is 

the primary listing market. See NYSE Rules 

7.35(a)(1) and 7.35(a)(2). The ‘‘Closing Auction’’ is 

the Auction that closes trading at the end of the 

Core Trading Session, and the ‘‘Closing Auction 

Imbalance Freeze Time’’ is 10 minutes before the 

scheduled end of Core Trading Hours. See NYSE 

Rules 7.35(a)(1)(C) and 7.35(a)(8). 

8A ‘‘MOC Order’’ or ‘‘Market-on-Close Order’’ is 

a Market Order that is to be traded only during a 

closing auction. See NYSE Rule 7.31(c)(2)(B). A 

‘‘LOC Order’’ or ‘‘Limit-on-Close Order’’ is a Limit 

Order that is to be traded only during a closing 

auction. See NYSE Rule 7.31(c)(2)(A). A ‘‘Closing 

IO Order’’ or ‘‘Closing Imbalance Offset Order’’ is 

a Limit Order to buy (sell) an in an Auction-Eligible 

Security that it to be traded only in a Closing 

Auction. See NYSE Rule 7.31(c)(2)(D). 

9 ‘‘Legitimate Error’’ means an error in any term 

of an order, such as price, number of shares, side 

of the transaction (buy or sell), or identification of 

the security. See NYSE Rule 7.35(a)(13). 

10NYSE Rule 7.35B(j)(2)(B) currently specifies 

the circumstances under which the Exchange may 

temporarily suspend the prohibition on canceling 

an MOC or LOC Order in connection with the 

Closing Auction. 

11 15 U.S.C. 78s(b)(2)(B). 

12 15 U.S.C. 78f(b)(5). 

13 15 U.S.C. 78f(b)(5). 

Parcel Select & Parcel Return Service 

Contract 14, Filed Under Seal; Filing 

Acceptance Date: March 22, 2022; Filing 

Authority: 39 CFR 3035.105; Public 

Representative: Katalin K. Clendenin; 

Comments Due: March 30, 2022. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–06482 Filed 3–25–22; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94483; File No. SR–NYSE– 

2021–74] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change To Amend the 

Provisions of NYSE Rule 7.35B 

March 22, 2022. 

I. Introduction 

On December 14, 2021, New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘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 to 

amend NYSE Rule 7.35B relating to the 

cancellation of MOC, LOC, and Closing 

IO Orders before the Closing Auction. 

The proposed rule change was 

published for comment in the Federal 

Register on December 29, 2021.3 On 

February 8, 2022, pursuant to Section 

19(b)(2) of the Act,4 the Commission 

extended the time period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to approve or disapprove the 

proposed change.5 The Commission has 

received no comment letters on the 

proposed rule change. 

This order institutes proceedings 

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

determine whether to approve or 

disapprove the proposed rule change. 

II. Description of the Proposal 

The Exchange proposes to modify 

NYSE Rule 7.35B(f)(2), which sets forth 

rules pertaining to the cancellation of 

MOC, LOC, and Closing IO Orders 

before the Closing Auction Imbalance 

Freeze, and to make conforming changes 

to NYSE Rule 7.35B(j)(2)(B). 

NYSE Rule 7.35B(f) provides that the 

Auction Imbalance Freeze for the 

Closing Auction will begin at the 

Closing Auction Imbalance Freeze Time 

and specifies how order entry and 

cancellation will be processed during 

the Closing Auction Imbalance Freeze.7

NYSE Rule 7.35B(f)(2)(A) currently 

provides that, between the beginning of 

the Auction Imbalance Freeze and two 

minutes before the scheduled end of the 

Core Trading Hours, MOC, LOC, and 

Closing IO Orders 8 may be canceled or 

reduced in size only to correct a 

Legitimate Error.9 NYSE Rule 

7.35B(f)(2)(B) currently specifies that, 

except as provided for in NYSE Rule 

7.35B(j)(2)(B),10 a request to cancel, 

cancel and replace, or reduce in size a 

MOC, LOC, or Closing IO Order entered 

two minutes or less before the 

scheduled end of the Core Trading 

Hours will be rejected. 

The Exchange proposes to modify 

NYSE Rule 7.35B(f)(2) to provide that 

any requests to cancel, cancel and 

replace, or reduce in size a MOC, LOC, 

or Closing IO Order that are entered 

between the beginning of the Auction 

Imbalance Freeze and the scheduled 

end of Core Trading Hours would be 

rejected. As proposed, requests to 

cancel, replace, and/or reduce in size a 

MOC, LOC, or Closing IO Order must be 

received prior to the beginning of the 

Auction Imbalance Freeze (i.e., 10 

minutes prior to the scheduled end of 

Core Trading Hours), even in the case of 

a Legitimate Error. 

Finally, NYSE proposes to make the 

following conforming changes to make 

NYSE Rule 7.35B(j)(2)(B) consistent 

with the proposed changes described 

above: (1) Replace the reference to ‘‘two 

minutes before the scheduled end of 

Core Trading Hours’’ with ‘‘the 

beginning of the Auction Imbalance 

Freeze,’’ and (2) replace the reference to 

‘‘paragraph (f)(2)(B)’’ with ‘‘paragraph 

(f)(2).’’ Thus, NYSE Rule 7.35B(j)(2)(B), 

as amended, would provide that the 

Exchange may temporarily suspend the 

prohibition on cancelling an MOC or 

LOC Order after the beginning of the 

Auction Imbalance Freeze (as such 

prohibition would be set forth in NYSE 

Rule 7.35B(f)(2), as amended). 

III. Proceedings To Determine Whether 

To Disapprove SR–NYSE–2021–74 and 

Grounds for Disapproval Under 

Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act to determine 

whether the proposal should be 

approved or disapproved. Institution of 

such proceedings is appropriate at this 

time in view of the legal and policy 

issues raised by the proposal. Institution 

of disapproval proceedings does not 

indicate that the Commission has 

reached any conclusions with respect to 

any of the issues involved. Rather, the 

Commission encourages interested 

persons to provide additional comment 

on the proposal. 

Pursuant to Section 19(b)(2)(B) of the 

Act, the Commission is providing notice 

of the grounds for disapproval under 

consideration. The Commission is 

instituting proceedings to allow for 

additional analysis of the proposed rule 

change’s consistency with the Act 11

and, in particular, with Section 6(b)(5) 

of the Act, which requires, among other 

things, that the rules of a national 

securities exchanges be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest.12 In addition, Section 

6(b)(5) of the Act 13 prohibits the rules 


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Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices 17347 

14 15 U.S.C. 78f(b)(8). 

15See Securities Exchange Act Release No. 93037 

(Sept. 16, 2021), 86 FR 52719 (Sept. 22, 2021) (SR– 

NYSE–2021–44) (Notice); Securities Exchange Act 

Release No. 93809 (Dec. 17, 2021), 86 FR 73060 

(Dec. 23, 2021) (Order Instituting Proceedings). 

16 17 CFR 240.19b–4. 

17Rule 700(c)(2) of the Commission’s Rules of 

Practice provides that ‘‘[t]he Commission, in its sole 

discretion, may determine whether any issues 

relevant to approval or disapproval would be 

facilitated by the opportunity for an oral 

presentation of views.’’ 17 CFR 201.700(c)(2). 

18 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

of an exchange from being designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

Further, Section 6(b)(8) of the Act 

requires that the rules of an exchange 

not impose any burden on competition 

that is not necessary or appropriate 

under the Act.14

The Exchange’s proposal would 

change how cancellation of MOC, LOC, 

and Closing IO Orders would be 

handled under NYSE Rule 7.35(B)(f)(2) 

with respect to the NYSE Closing 

Auction. The Commission notes that the 

Exchange has separately proposed a 

different set of changes to its Closing 

Auction process and that the other 

proposal is currently in proceedings 

before the Commission.15 The 

Commission believes that it is 

appropriate to institute proceedings to 

allow for additional analysis and input 

concerning the instant proposed rule 

change’s consistency with requirements 

of the Act and to evaluate this proposed 

rule change in light of other pending 

proposed changes to the Closing 

Auction. 

IV. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposal is consistent with Section 

6(b)(5) or any other provision of the Act, 

or the rules and regulation thereunder. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 19b–4 under 

the Act,16 any request for an 

opportunity to make an oral 

presentation.17

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposal should be approved or 

disapproved by April 18, 2022. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by May 2, 2022. The 

Commission asks that commenters 

address the sufficiency of the 

Exchange’s statements in support of the 

proposal which are set forth in the 

Notice, in addition to any other 

comments they may wish to submit 

about the proposed change. 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– 

NYSE–2021–74 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–NYSE–2021–74. 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 proposal that are 

filed with the Commission, and all 

written communications relating to the 

proposal 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 such 

filings 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–NYSE–2021–74 and should 

be submitted on or before April 18, 

2022. Rebuttal comments should be 

submitted by May 2, 2022. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06382 Filed 3–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94489; File No. SR– 

EMERALD–2022–11] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Make a Formatting 

Change to Exchange Rule 531, 

Reports, Market Data Products and 

Services 

March 22, 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 March 11, 

2022, MIAX Emerald, LLC (‘‘MIAX 

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

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III 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 make an 

administrative, immaterial change to 

update the subparagraph lettering in 

Exchange Rule 531. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/emerald at MIAX Emerald’s 

principal office, 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 

Exchange 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 these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 


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