17376 Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices 

15 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4A Pegged Order is a Limit Order that does not 

route with a working price that is pegged to a 

dynamic reference price. If the designated reference 

price is higher (lower) than the limit price of a 

Pegged Order to buy (sell), the working price will 

be the limit price of the order. See Rule 7.31–E(h). 

5NYSE Arca Rule 1.1 defines PBB as the highest 

Protected Bid and PBO as the lowest Protected 

Offer. Rule 1.1 also provides that ‘‘PBBO’’ means 

the Best Protected Bid and the Best Protected Offer. 

6The Exchange adopted Rule 7.31–E(h)(3) 

governing Discretionary Pegged Orders in 2016 but 

has not yet announced the implementation of the 

order type. See Securities Exchange Act Release No. 

78181 (June 28, 2016), 81 FR 43297 (July 1, 2016) 

(SR–NYSEArca–2016–44) (Notice of Filing of 

Amendment No. 1, and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 1, to Add a New Discretionary 

Pegged Order). Accordingly, the current quote 

stability coefficients have not been in operation on 

the Exchange. 

All submissions should refer to File 

Number SR–ICEEU–2022–007. 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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

regulation. 

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–ICEEU–2022–007 

and should be submitted on or before 

April 18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06384 Filed 3–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94490; File No. SR– 

NYSEArca–2022–13] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change To Amend Rule 7.31– 

E(h)(3) 

March 22, 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 March 9, 

2022, NYSE Arca, Inc. (‘‘NYSE Arca’’ or 

the ‘‘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 

Rule 7.31–E(h)(3) with respect to 

Discretionary Pegged Orders. 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 Exchange proposes to amend 

Rule 7.31–E(h)(3) to modify certain 

factors relevant to the quote instability 

calculation for Discretionary Pegged 

Orders. Specifically, the Exchange 

proposes to amend Rule 7.31– 

E(h)(3)(D)(i)(D)(1)(a), which sets forth 

the quote stability coefficients. Under 

Rule 7.31–E(h)(3)(D)(i)(D)(3), the 

Exchange may modify the quote 

stability coefficients at any time, subject 

to a filing of a proposed rule change. 

The Exchange proposes such changes in 

this rule filing. 

Discretionary Pegged Orders 

Rule 7.31–E(h)(3) provides for 

Discretionary Pegged Orders, which are 

Pegged Orders 4 that may exercise price 

discretion from their working price to a 

discretionary price in order to trade 

with contra-side orders on the NYSE 

Arca Book, except during periods of 

quote instability as defined in Rule 

7.31–E(h)(3)(D). 

Rule 7.31–E(h)(3)(D) provides that the 

Exchange uses a quote instability 

calculation to assess a security’s ‘‘quote 

instability factor,’’ or the probability of 

an imminent change to the current PBB 

to a lower price or PBO to a higher 

price.5 When quoting activity in a 

security meets predefined criteria and 

the quote instability factor calculated is 

greater than the Exchange’s defined 

‘‘quote instability threshold,’’ the 

Exchange treats the quote as unstable 

(‘‘quote instability’’ or a ‘‘crumbling 

quote’’). 

Rule 7.31–E(h)(3)(D)(i) provides that 

the Exchange determines a quote to be 

unstable when, among other factors, the 

quote instability factor result from the 

quote stability calculation is greater 

than the quote instability threshold. To 

perform the quote stability calculation 

and determine the quote instability 

factor, the Exchange employs a fixed 

formula utilizing the quote stability 

coefficients and quote stability variables 

set forth in Rule 7.31– 

E(h)(3)(D)(i)(D)(1)(a) and Rule 7.31– 

E(h)(3)(D)(i)(D)(1)(b), respectively. 

Proposed Rule Change 

The Exchange proposes to update the 

quote stability coefficients used in the 

quote instability calculation, which 

have not been modified since Rule 7.31– 

E(h)(3) was adopted.6 The proposed 

changes are intended to update the 

quote stability coefficients so that they 

are based on current market data and 

better calibrated to function on an 

exchange without an intentional delay 

mechanism and with deeper liquidity 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices 17377 

7The Exchange notes that its rules governing the 

Discretionary Pegged Order, including the formula 

for the quote instability calculation, are based on 

the Investors Exchange LLC (‘‘IEX’’) Discretionary 

Peg Order (‘‘D-Peg Order’’), which functions in 

conjunction with IEX’s speed bump. See id. The 

Exchange does not anticipate any issues in 

connection with the introduction of the order type, 

including because such orders would be processed 

similarly to Discretionary Pegged Orders on its 

affiliated exchange, NYSE American LLC (‘‘NYSE 

American’’). NYSE American, which also does not 

currently function with any intentional delay, offers 

a Discretionary Pegged Order as set forth in NYSE 

American Rule 7.31E(h)(3), which is substantially 

the same as NYSE Arca Rule 7.31–E(h)(3). 

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

9 15 U.S.C. 78f(b)(5). 

than other exchanges that offer similar 

functionality.7

The Exchange reviewed NYSE Arca 

market data from randomly selected 

days in the fourth quarter of 2021 to 

analyze the effectiveness of the quote 

stability coefficients in predicting 

changes to the PBBO. Specifically, the 

Exchange reviewed PBBO data, on a 

nanosecond level, for certain intervals 

throughout each randomly selected day 

to track changes to quotes on NYSE 

Arca and away markets. The Exchange 

used this data to generate and test the 

proposed quote stability coefficients, 

and based on its analysis, believes that 

modifying the quote stability 

coefficients would enable the Exchange 

to evaluate the quality of the PBBO 

more effectively. 

The Exchange proposes to modify the 

quote stability coefficients set forth in 

Rule 7.31–E(h)(3)(D)(i)(D)(1)(a)(i) 

through (v) as follows: 

Quote stability 

coefficient 

Current 

value 

Proposed 

value 

C0 ..................... ¥2.39515 ¥1.793885 

C1 ..................... ¥0.76504 ¥0.600796 

C2 ..................... 0.07599 0.0776515 

C3 ..................... 0.38374 0.492649 

C4 ..................... 0.14466 0.1631485 

The Exchange believes that its 

proposed modification of the quote 

stability coefficients, based on the 

market data analysis described above, 

would improve the accuracy of the fixed 

formula used to perform the quote 

instability calculation. Specifically, the 

Exchange believes that the proposed 

quote stability coefficients, which have 

been adjusted to reflect more recent 

activity on the Exchange, would 

improve the calibration of the quote 

instability calculation to activity on the 

Exchange, thereby improving the 

Exchange’s ability to predict whether 

there is quote instability and protect 

Discretionary Pegged Orders from 

exercising discretion when the PBBO is 

unstable. 

Because of the technology changes 

associated with this proposed rule 

change, the Exchange will announce the 

implementation date by Trader Update. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,8

in general, and furthers the objectives of 

Section 6(b)(5),9 in particular, because it 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 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. 

The Exchange believes that the 

proposed change 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 

protect investors and the public interest 

because it is designed to increase the 

effectiveness of the quote instability 

calculation used to determine whether a 

crumbling quote exists. As discussed 

above, the proposed change is based on 

the Exchange’s analysis of market data, 

which supports that the proposed 

change would improve the accuracy of 

the Exchange’s quote instability 

calculation. Accordingly, the Exchange 

believes that the proposed change 

would remove impediments to, and 

perfect the mechanism of, a free and 

open market and a national market 

system, as well as protect investors and 

the public interest, by enhancing the 

Exchange’s protection of Discretionary 

Pegged Orders. Specifically, because the 

proposed quote stability coefficients 

were derived through an analysis of 

more recent market data and are 

calibrated to reflect current activity on 

the Exchange (including to adapt them 

to function on an exchange without an 

intentional delay mechanism and with 

deeper liquidity than other exchanges 

that offer similar functionality), the 

Exchange believes that the proposed 

change would improve the effectiveness 

of the quote instability calculation in 

predicting periods of quote instability 

and thus enhance the extent to which 

Discretionary Pegged Orders would be 

protected from unfavorable executions. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

change would promote competition by 

improving the accuracy of the quote 

instability calculation, thereby 

enhancing the protection of 

Discretionary Pegged Orders from 

unfavorable executions during periods 

of quote instability. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or such longer period up to 90 

days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NYSEArca–2022–13 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–NYSEArca–2022–13. 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 


jspears on DSK121TN23PROD with NOTICES1
17378 Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices 

10 17 CFR 200.30–3(a)(12). 

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–NYSEArca–2022–13 and 

should be submitted on or before April 

18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06388 Filed 3–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–789, OMB Control No. 

3235–0731] 

Submission for OMB Review; 

Comment Request; Extension for 

Generic ICR: Generic Clearance for the 

Collection of Qualitative Feedback on 

Agency Service Delivery 

Upon Written Request Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

The information collection activity 

will garner qualitative customer and 

stakeholder feedback in an efficient, 

timely manner, in accordance with the 

Administration’s commitment to 

improving service delivery. By 

qualitative feedback we mean 

information that provides useful 

insights on perceptions and opinions, 

but are not statistical surveys that yield 

quantitative results that can be 

generalized to the population of study. 

This feedback will provide insights into 

customer or stakeholder perceptions, 

experiences and expectations, provide 

an early warning of issues with service, 

or focus attention on areas where 

communication, training or changes in 

operations might improve delivery of 

products or services. These collections 

will allow for ongoing, collaborative and 

actionable communications between the 

SEC and its customers and stakeholders. 

It will also allow feedback to contribute 

directly to the improvement of program 

management. 

Feedback collected under this generic 

clearance will provide useful 

information, but it will not yield data 

that can be generalized to the overall 

population. This type of generic 

clearance for qualitative information 

will not be used for quantitative 

information collections that are 

designed to yield reliably actionable 

results, such as monitoring trends over 

time or documenting program 

performance. Depending on the degree 

of influence the results are likely to 

have, such collections may still be 

eligible for submission for other generic 

mechanisms that are designed to yield 

quantitative results. 

Below is the projected average annual 

estimates each year for the next three 

years: 

Expected Annual Number of 

activities: [20]. 

Respondents: [20,000]. 

Annual responses: [20,000]. 

Frequency of Response: Once per 

request. 

Average minutes per response: [10]. 

Annual burden hours: [3,500]. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

An agency may not conduct or sponsor, 

and a person is not required to respond 

to, a collection of information unless it 

displays a currently valid OMB control 

number. 

The public may view the background 

documentation for this information 

collection at the following website, 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: 

Lindsay.M.Abate@omb.eop.gov and 

Alex.W.Goodenough@omb.eop.gov; and 

(ii) David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. Comments must be 

submitted to OMB within 30 days of 

this notice April 27, 2022. 

Dated: March 23, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06420 Filed 3–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

STATE DEPARTMENT 

[Public Notice 11660] 

Overseas Security Advisory Council 

(OSAC) Meeting Notice; Closed 

Meeting 

The Department of State announces 

meetings of the U.S. State Department’s 

Overseas Security Advisory Council on 

June 8, and November 15, 2022. 

Pursuant to Section 10(d) of the Federal 

Advisory Committee Act (5 U.S.C. 

Appendix), 5 U.S.C. 552b(c)(4), and 5 

U.S.C. 552b(c)(7)(E), it has been 

determined that the meetings will be 

closed to the public. The meetings will 

focus on an examination of corporate 

security policies and procedures and 

will involve extensive discussion of 

trade secrets and proprietary 

commercial information that is 

privileged and confidential, and will 

discuss law enforcement investigative 

techniques and procedures. The agendas 

will include updated committee reports, 

global threat overviews, and other 

matters relating to private sector 

security policies and protective 

programs and the protection of U.S. 

business information overseas. 


jspears on DSK121TN23PROD with NOTICES1