Federal Register / Vol. 87, No. 64 / Monday, April 4, 2022 / Notices 19549 

37 15 U.S.C. 78s(b)(3)(A). 

38 17 CFR 240.19b–4(f)(2). 39 15 U.S.C. 78s(b)(2)(B). 

40 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 92570 

(August 5, 2021), 86 FR 44482 (August 12, 2021) 

(SR–NSCC–2021–010). NSCC also filed the proposal 

contained in the Proposed Rule Change as advance 

notice SR–NSCC–2021–803 (‘‘Advance Notice’’) 

with the Commission pursuant to Section 806(e)(1) 

of the Dodd-Frank Wall Street Reform and 

Consumer Protection Act entitled the Payment, 

Clearing, and Settlement Supervision Act of 2010 

(‘‘Clearing Supervision Act’’). 12 U.S.C. 5465(e)(1); 

17 CFR 240.19b–4(n)(1)(i). Notice of filing of the 

Advance Notice was published for comment in the 

Federal Register on August 12, 2021. Securities 

Exchange Act Release No. 92568 (August 5, 2021), 

86 FR 44530 (August 12, 2021) (SR–NSCC–2021– 

803). The proposal contained in the Proposed Rule 

Change and the Advance Notice shall not take effect 

until all regulatory actions required with respect to 

the proposal are completed. 

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

5Securities Exchange Act Release No. 92860 

(September 2, 2021), 86 FR 50569 (September 9, 

2021) (SR–NSCC–2021–010). 

can impose any burden on intermarket 

competition. 

Finally, as previously noted, the 

Exchange operates in a highly 

competitive market for MOC Orders in 

which market participants can readily 

favor competing venues if they deem fee 

levels at a particular venue to be 

excessive or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges and non-exchange 

trading venues that are not subject to the 

same transparency or statutory 

standards applicable to exchanges 

relating to setting fees. Because 

competitors are free to modify their own 

fees and credits in response, some 

without the requirement of making a 

filing with the Commission, and 

because market participants may readily 

adjust their order routing practices, the 

Exchange believes that any degree to 

which fee changes in this market may 

impose any burden on competition 

would be extremely limited. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar order types 

and comparable transaction pricing, 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) 37 of the Act and 

subparagraph (f)(2) of Rule 19b–4 38

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) 39 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 Number SR– 

NYSE–2022–16 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–2022–16. 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–NYSE–2022–16 and should 

be submitted on or before April 25, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.40

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06980 Filed 4–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34 94537; File No. SR–NSCC– 

2021–010] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Withdrawal of a 

Proposed Rule Change To Establish 

the Securities Financing Transaction 

Clearing Service and Make Other 

Changes 

March 29, 2022. 

On July 22, 2021, National Securities 

Clearing Corporation (‘‘NSCC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–NSCC–2021–010 

(‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder.2 The Proposed Rule 

Change was published for comment in 

the Federal Register on August 12, 

2021.3

On September 2, 2021, pursuant to 

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

Commission designated a longer period 

within which to approve, disapprove, or 

institute proceedings to determine 

whether to approve or disapprove the 

Proposed Rule Change.5 On November 

5, 2021, the Commission instituted 

proceedings pursuant to Section 


khammond on DSKJM1Z7X2PROD with NOTICES
19550 Federal Register / Vol. 87, No. 64 / Monday, April 4, 2022 / Notices 

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

7Securities Exchange Act Release No. 93532 

(November 5, 2021), 86 FR 62851 (November 12, 

2021) (SR–NSCC–2021–010). 

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

9Securities Exchange Act Release No. 94168 

(February 7, 2022), 87 FR 8062 (February 11, 2022) 

(SR–NSCC–2021–010). 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes on January 3, 2022 (SR–CboeEDGX–2022– 

002). On March 3, 2022 the Exchange withdrew that 

filing and refiled (SR–CboeEDGX–2022–012). On 

March 15, 2022, the Exchange withdrew that filing 

and refiled (SR–CboeEDGX–2022–016). On March 

16, 2022 the Exchange withdrew that filing and 

submitted this proposal. 

4See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37495, 37499 (June 29, 2005) 

(S7–10–04) (Final Rule) (‘‘Regulation NMS 

Adopting Release’’). 

5See Securities Exchange Act Release No. 84875, 

84 FR 5202, 5253 (February 20, 2019) (File No. S7– 

05–18) (Transaction Fee Pilot for NMS Stocks Final 

Rule) (‘‘Transaction Fee Pilot’’). 

6See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/ 

AtsData. A list of alternative trading systems 

registered with the Commission is available at 

https://www.sec.gov/foia/docs/atslist.htm. 

7See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (December 10, 

2021) available at http://markets.cboe.com/us/ 

equities/market_share/. 

8Competing top-of-book products include, 

Nasdaq Basic, BX Basic, PSX Basic, NYSE BQT, 

NYSE BBO/Trades, NYSE Arca BQT, NYSE Arca 

BBO/Trades, NYSE American BBO/Trades, NYSE 

Chicago BBO/Trades, IEX TOPS, MIAX PEARL 

Equities Top of Market Feed, and MEMX MEMOIR 

Top. 

9For example, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’) offers ‘‘Nasdaq Basic’’ which is a realtime market data product that offers best bid and 

offer and last sale information for all U.S. exchangelisted securities based on liquidity within the 

Nasdaq market center and trades reported to the 

FINRA/Nasdaq Trade Reporting Facility (‘‘Nasdaq 

TRF’’). See Nasdaq Equity Rules, Equity 7, Pricing 

Schedule, Section 147(a). The type of information 

contained on the EDGX Top Feed is substantially 

similar to that offered through Nasdaq Basic, except 

that the Exchange disseminates information about 

19(b)(2)(B) of the Act,6 to determine 

whether to approve or disapprove the 

Proposed Rule Change.7 On February 7, 

2022, pursuant to Section 19(b)(2) of the 

Act,8 the Commission designated a 

longer period for Commission action on 

the proceedings to determine whether to 

approve or disapprove the Proposed 

Rule Change.9

On March 25, 2022, NSCC withdrew 

the Proposed Rule Change (SR–NSCC– 

2021–010). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06982 Filed 4–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94539; File No. SR– 

CboeEDGX–2022–018] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend the 

Fees Applicable to Various Market 

Data Products 

March 29, 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 March 16, 

2022, Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) 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 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 

Cboe EDGX Exchange, Inc. (‘‘EDGX’’ 

or the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to amend the fees applicable to 

various market data products. The text 

of the proposed rule change is provided 

in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/edgx/), 

at the Exchange’s Office of the 

Secretary, 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 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Market Data section applicable to its 

equities trading platform (‘‘EDGX 

Equities’’). Particularly, the Exchange 

proposes to (i) increase the External 

Distribution fee applicable to EDGX 

Top, (ii) modify the External Subscriber 

fees applicable to EDGX Top Derived 

Data API Service, (iii) adopt a New 

External Distributor Credit applicable to 

Cboe One Premium, (iv) extend the New 

External Distributor Credit applicable to 

EDGX Summary Depth Feed from one 

(1) month to three (3) months, and (v) 

eliminate the waiver of EDGX Top and 

EDGX Last Sale External Distribution 

fees for External Distributors of EDGX 

Depth.3

Market Background 

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.’’ 4 As 

the Commission itself recognized, the 

market for trading services in NMS 

stocks has become ‘‘more fragmented 

and competitive.’’ 5

Equity trading is currently dispersed 

across sixteen exchanges, more than 50 

alternative trading systems,6 and 

numerous broker-dealer internalizers 

and wholesalers, all competing fiercely 

for order flow. Based on publiclyavailable information, no single U.S. 

equities exchange has more than 17% 

market share.7 In turn, the market for 

top-of-book quotation and transaction 

data is highly competitive as national 

securities exchanges compete vigorously 

with each other to provide efficient, 

reliable, and low-cost data to a wide 

range of investors and market 

participants. In fact, there are twelve 

competing products offered by other 

national securities exchanges today,8

not counting products offered by the 

Exchange’s affiliates, and each of the 

Exchange’s affiliated U.S. equities 

exchanges also offers similar top-ofbook data. Each of those exchanges offer 

top-of-book quotation and last sale 

information based on their own 

quotation and trading activity that is 

substantially similar to the information 

provided by the Exchange through the 

EDGX Top Feed.9 Exchange top-of-book 


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