32298 Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices 

17 15 U.S.C. 78f(b)(8). 

18Regulation NMS, 70 FR at 37498–99. 

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), (59). 

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

2 17 CFR 240.19b–4. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,17 the Exchange believes that the 

proposed rule change would not 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 member organizations. 

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.’’ 18

Intramarket Competition. The 

proposed changes are designed to attract 

additional order flow to the Exchange. 

The Exchange believes that the 

proposed changes would continue to 

incentivize market participants to direct 

displayed and non-displayed order flow 

to the Exchange. Greater liquidity 

benefits all market participants on the 

Exchange by providing more trading 

opportunities and encourages member 

organizations to send orders, thereby 

contributing to robust levels of liquidity, 

which benefits all market participants 

on the Exchange. The current and 

proposed fees and credits would be 

available to all similarly situated market 

participants, and, as such, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. As noted, 

the proposal would apply to all 

similarly situated member organizations 

on the same and equal terms, who 

would benefit from the changes on the 

same basis. Accordingly, the proposed 

change 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 choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those 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 with offexchange venues. Because competitors 

are free to modify their own fees and 

credits in response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2021–35 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–2021–35. 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–2021–35, and 

should be submitted on or before July 8, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–12747 Filed 6–16–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92152; File No. SR– 

CboeEDGA–2021–015] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

June 11, 2021. 

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 June 9, 

2021, Cboe EDGA Exchange, Inc. (the 


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3The Exchange initially filed the proposed fee 

changes June 1, 2021 (SR–CboeEDGA–2021–014). 

On June 9, 2021 the Exchange withdrew that filing 

and submitted this proposal. 

4See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (May 24, 2021), 

available at https://markets.cboe.com/us/equities/ 

market_statistics/. 

5Orders yielding Fee Code ‘‘N’’ are removing 

liquidity from EDGA (Tape C). 

6Orders yielding Fee Code ‘‘W’’ are removing 

liquidity from EDGA (Tape A). 

7Orders yielding Fee Code ‘‘6’’ are removing 

liquidity from EDGA (All Tapes). 

8Orders yielding Fee Code ‘‘BB’’ are removing 

liquidity from EDGA (Tape B). 

9E.g., Nasdaq BX, Inc. (‘‘BX’’), which operates a 

‘‘Taker-Maker’’ model, charges a standard fee of 

$0.0007 for liquidity removing orders unless certain 

volume criteria is met, in which case BX provides 

a rebate ranging from $0.0004 up to $0.0018. 

10ADV means daily volume calculated as the 

number of shares added to, removed from, or routed 

by, the Exchange, or any combination or subset 

thereof, per day. ADV is calculated on a monthly 

basis. 

11TCV means total consolidated volume 

calculated as the volume reported by all exchanges 

and trade reporting facilities to a consolidated 

transaction reporting plan for the month for which 

the fees apply. 

‘‘Exchange’’ or ‘‘EDGA’’) 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 EDGA Exchange, Inc. (the 

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

the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change to amend the fee 

schedule. 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/ 

equities/regulation/rule_filings/edga/), 

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 its 

fee schedule as follows: (1) Decrease the 

standard liquidity adding rebate, (2) 

define the term ‘‘Step-Up ADV’’, and (3) 

rename the existing Remove Volume 

Tier 1 to Remove Volume Tier 2 and 

add new Remove Volume Tiers 1 and 

3.3

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues 

that do not have similar self-regulatory 

responsibilities under the Exchange Act, 

to which market participants may direct 

their order flow. Based on publicly 

available information,4 no single 

registered equities exchange has more 

than 15% of the market share. Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow. 

The Exchange in particular operates a 

‘‘Taker-Maker’’ model whereby it pays 

credits to Members that remove 

liquidity and assesses fees to those that 

add liquidity. The Exchange’s fee 

schedule sets forth the standard rebates 

and rates applied per share for orders 

that remove and provide liquidity, 

respectively. Particularly, for securities 

at or above $1.00, the Exchange 

provides a standard rebate of $0.0018 

per share for orders that remove 

liquidity and assesses a fee of $0.0030 

per share for orders that add liquidity. 

For order priced below $1.00, the 

Exchange does not assess any fees or 

provide any rebates for orders that add 

or remove liquidity. The Exchange 

believes that the ever-shifting market 

share among the exchanges from month 

to month demonstrates that market 

participants can shift order flow or 

discontinue to reduce use of certain 

categories of products, in response to fee 

changes. Accordingly, competitive 

forces constrain the Exchange’s 

transaction fees, and market participants 

can readily trade on competing venues 

if they deem pricing levels at those 

other venues to be more favorable. 

Additionally, in response to the 

competitive environment, the Exchange 

offers tiered pricing which provides 

Members opportunities to qualify for 

higher rebates or reduced fees where 

certain volume criteria and thresholds 

are met. Tiered pricing provides an 

incremental incentive for Members to 

strive for higher tier levels, which 

provides increasingly higher benefits or 

discounts for satisfying increasingly 

more stringent criteria. 

Standard Liquidity Rebate 

As stated above, the Exchange 

currently provides a standard rebate of 

$0.0018 per share for liquidity removing 

orders (i.e., those yielding fee codes N,5

W,6 6,7 and BB8) in securities priced at 

or above $1.00. Orders in securities 

priced below $1.00 that remove 

liquidity are provided no rebate and 

assessed no fee. The Exchange now 

proposes to reduce the standard rebate 

for liquidity removing orders to $0.0016 

per share. Although this proposed 

standard rebate for liquidity removing 

orders is lower than the current base 

rebate for such orders, the proposed 

rebate is in line with or superior to 

similar rebates for liquidity removing 

orders in place on other ‘‘Taker-Maker’’ 

exchanges.9

Definition and Remove Volume Tiers 

The Exchange proposes to adopt a 

new definition for the term ‘‘Step-Up 

ADV’’. Specifically, as proposed ‘‘Stepup ADV’’ means ADV 10 in the relevant 

baseline month subtracted from current 

ADV. Such definition would be 

referenced in the proposed Remove 

Volume Tier 3, as discussed below. 

Pursuant to footnote 7 of the fee 

schedule, the Exchange currently offers 

a Remove Volume Tier that provides a 

rebate to Members meeting a certain 

volume threshold. Specifically, Tier 1 

currently provides an opportunity for 

Members to receive an enhanced rebate 

of $0.0022 per share for qualifying 

liquidity removing orders (i.e., yielding 

fee codes N, W, 6, and BB), where a 

Member adds or removes an ADV 

greater than or equal to 0.05% of the 

TCV.11 Now, the Exchange proposes to 

rename existing Tier 1 of the Remove 

Volume Tiers to Tier 2, and add 

additional Tiers 1 and 3. Specifically, 

proposed Tier 1 would provide a rebate 

of $0.0018 per share to Members that 

add or remove an ADV of greater than 

or equal to 0.02% of the TCV. Proposed 

Tier 3 would provide a rebate of $0.0024 

to Members that (1) add or remove a 

Step-Up ADV from May 2021 greater 


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32300 Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices 

12 15 U.S.C. 78f. 

13 15 U.S.C. 78f(b)(4). 

14 15 U.S.C. 78f.(b)(5). 15Supra note 8. 

than or equal to 0.05% of the TCV or 

add or remove a Step-Up ADV from May 

2021 greater than or equal to 3,000,000 

shares; and (2) add an ADV greater than 

or equal to 0.05% or add an ADV of 

greater than or equal to 3,000,000 

shares. 

The Exchange notes that the Remove 

Volume Tiers, as modified, will 

continue to be available to all Members 

and provide Members an opportunity to 

receive enhanced rebates. Moreover, the 

proposed changes are designed to 

encourage Members to increase both 

adding and removing liquidity on the 

Exchange, which further contributes to 

a deeper, more liquid market and 

provides even more execution 

opportunities for active market 

participants. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,12

in general, and furthers the objectives of 

Section 6(b)(4),13 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

issuers and other persons using its 

facilities. The Exchange also believes 

that the proposed rule change is 

consistent with the objectives of Section 

6(b)(5) 14 requirements that the rules of 

an exchange be 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 regulating, clearing, settling, 

processing information with respect to, 

and 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, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily direct order 

flow to competing venues if they deem 

fee levels at a particular venue to be 

excessive or incentives to be 

insufficient. The proposed rule change 

reflects a competitive pricing structure 

designed to incentivize market 

participants to direct their order flow to 

the Exchange, which the Exchange 

believes would enhance market quality 

to the benefit of all Members. 

In particular, the Exchange believes 

that the proposed amendment to reduce 

the standard liquidity removing rebate 

is reasonable because the proposed 

change represents a modest rebate 

decrease and Members will continue to 

receive a rebate on all liquidity 

removing orders, albeit at a lower 

amount. The proposed change is also 

equitable and non-discriminatory as 

such rebates are equally applicable to all 

Members of the Exchange. Additionally, 

the proposed rebates for liquidity 

removing orders are in-line with rebates 

offered at other exchanges for similar 

transactions.15

The Exchange also believes the 

proposal to define the term ‘‘Step-Up 

ADV’’ is reasonable as it will clarify 

terminology used in the fee schedule, to 

the benefit of all Members. Further, the 

Exchange believes the proposed changes 

to the Remove Volume Tiers are 

reasonable because each tier, as 

modified, will be available to all 

Members and provide Members an 

opportunity to receive an enhanced 

rebate. The Exchange next notes that 

relative volume-based incentives and 

discounts have been widely adopted by 

exchanges, including the Exchange, and 

are reasonable, equitable, and nondiscriminatory because they are open to 

all Members on an equal basis and 

provide additional discounts that are 

reasonably related to (i) the value to an 

exchange’s market quality and (ii) 

associated with higher levels of market 

activity, such as higher levels of 

liquidity provision and/or growth 

patterns. The Exchange also believes 

that the proposed and existing rebates 

under the Remove Volume Tiers are 

commensurate with the respective 

proposed and existing criteria. That is, 

the rebates reasonably reflect the 

difficulty in achieving the 

corresponding criteria. 

The Exchange believes that the 

changes to the Remove Volume Tiers, 

will benefit all market participants by 

incentivizing continuous liquidity and, 

thus, deeper more liquid markets as 

well as increased execution 

opportunities. Particularly, the 

proposed changes to the Remove 

Volume Tiers are designed to 

incentivize both adding and removing 

liquidity, which further contributes to a 

deeper, more liquid market and provide 

even more execution opportunities for 

active market participants at improved 

prices. This overall increase in activity 

deepens the Exchange’s liquidity pool, 

offers additional cost savings, supports 

the quality of price discovery, promotes 

market transparency and improves 

market quality, for all investors. 

The Exchange also believes that the 

proposed amendments to the Remove 

Volume Tiers represent an equitable 

allocation of rebates and are not unfairly 

discriminatory because all Members are 

eligible for the Remove Volume Tiers 

and would have the opportunity to meet 

the tiers’ criteria and would receive the 

proposed rebate if such criteria is met. 

The Exchange also notes that the 

proposed changes will not adversely 

impact any Member’s ability to qualify 

for other reduced fee or enhanced rebate 

tiers. Should a Member not meet the 

proposed criteria under any of the 

proposed tiers, the Member will merely 

not receive that corresponding 

enhanced rebate. A number of Members 

have a reasonable opportunity to satisfy 

proposed Remove Volume Tiers 1 and 3, 

which the Exchange believes are less 

and more stringent than existing Tier 1, 

respectively. While the Exchange has no 

way of knowing whether this proposed 

rule change would definitively result in 

any particular Member qualifying for 

the proposed tiers, the Exchange 

anticipates at least seven Members to 

compete for and reasonably achieve 

proposed tier 1 and five Members to 

compete for and reasonably achieve 

proposed tier 3. However, the proposed 

tiers are open to any Member that 

satisfies the applicable tier’s criteria. 

The Exchange believes the proposed 

tiers could provide an incentive for 

other Members to submit additional 

liquidity on the Exchange to qualify for 

the proposed enhanced rebate. 

As noted above, the Exchange 

operates in a highly competitive market. 

The Exchange is only one of 16 equity 

venues to which market participants 

may direct their order flow, and it 

represents a small percentage of the 

overall market. It is also only one of 

several taker-maker exchanges. 

Competing equity exchanges offer 

similar rates and tiered pricing 

structures to that of the Exchange, 

including schedules of rebates and fees 

that apply based upon members 

achieving certain volume thresholds. 

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. Particularly, 

the proposed standard rebate reduction 

applies to all liquidity removing orders 

equally, and thus applies to all Members 

equally. Similarly, all Members have the 

opportunity to meet the tiers’ criteria 

and would receive the proposed rebate 


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Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices 32301 

16Supra note 3. 17See Securities Exchange Act Release No. 51808 

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

18NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

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

20 17 CFR 240.19b–4(f). 

21 17 CFR 200.30–3(a)(12). 

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

if such criteria is met. The Exchange 

believes the proposed rule change does 

not impose any burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purpose of the Act. 

As previously discussed, the 

Exchange operates in a highly 

competitive market. Members have 

numerous alternative venues that they 

may participate on and direct their 

order flow, including other equities 

exchanges, off-exchange venues, and 

alternative trading systems. 

Additionally, the Exchange represents a 

small percentage of the overall market. 

Based on publicly available information, 

no single equities exchange has more 

than 15% of the market share.16

Therefore, no exchange possesses 

significant pricing power in the 

execution of order flow. Indeed, 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Moreover, the Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, 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 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[N]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’.18 Accordingly, the 

Exchange does not believe its proposed 

fee changes imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 19 and paragraph (f) of Rule 

19b–4 20 thereunder. At any time within 

60 days of the filing of the 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 will institute proceedings 

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– 

CboeEDGA–2021–015 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–CboeEDGA–2021–015. 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–CboeEDGA–2021–015 and 

should be submitted on or before July 8, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–12745 Filed 6–16–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92154; File No. SR–NYSE– 

2020–96] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

To Amend Its Rules Establishing 

Maximum Fee Rates To Be Charged by 

Member Organizations for Forwarding 

Proxy and Other Materials to Beneficial 

Owners 

June 11, 2021. 

On December 2, 2020, 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 


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