36796 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Fee Schedule, Endnote 8 (providing that 

TCADV ‘‘includes OCC calculated Customer 

volume of all types, including Complex Order 

Transactions and QCC transactions, in equity and 

ETF options’’). 

5 ‘‘Non-Customer’’ interest on the Exchange 

includes interest from Firms, Broker Dealers, and 

Market Makers. See Fee Schedule, NYSE Arca 

OPTIONS: TRADE-RELATED CHARGES FOR 

STANDARD OPTIONS (preamble). 

6See Fee Schedule, NYSE Arca OPTIONS: 

TRADE-RELATED CHARGES FOR STANDARD 

OPTIONS, TRANSACTION FEE FOR ELECTRONIC 

EXECUTIONS-PER CONTRACT (setting forth a per 

contract Take Fee of $1.10 for such non-Penny 

executions in Professional Customer, Firm, Broker 

Dealer, and Market Maker range as compared to a 

per contract take fee of $0.85 for such non-Penny 

executions in the Customer range). 

7The Exchange is not proposing to modify the 

(single) Take Fee Discount available to OTP Holders 

that achieve the minimum volume executions in 

non-Penny Issues. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92337; No. SR–NYSEArca– 

2021–58] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the NYSE Arca 

Options Fee Schedule 

July 7, 2021. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on July 1, 

2021, NYSE Arca, Inc. (‘‘NYSE Arca’’ or 

the ‘‘Exchange’’) 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 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 modify the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’) regarding incentive 

programs offered by the Exchange. The 

Exchange proposes to implement the fee 

change effective July 1, 2021. The 

proposed rule 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 purpose of this filing is to amend 

the Fee Schedule to make modifications 

to one of the Customer Posting Credit 

Tiers in Non-Penny Issues and to 

introduce an additional Discount in 

Take Liquidity Fees for Professional 

Customers and Non-Customer Liquidity 

Removing Interest, as described below. 

The Exchange proposes to implement 

the fee change effective July 1, 2021. 

Customer Posting Credit Tiers in NonPenny Issues (the ‘‘Non-Penny Tiers’’) 

The Non-Penny Tiers provide that 

OTP Holders and OTP Firms (‘‘OTP 

Holders’’) can qualify for per contract 

credits applied to electronic options 

transactions based on meeting certain 

minimum volume thresholds from 

Customer posting interest in non-Penny 

issues. The Exchange proposes to 

modify the Non-Penny Tiers by 

providing an alternative qualification 

method to achieve Non-Penny Tier F. 

The proposed alternative qualification 

for Non-Penny Tier F would offer the 

same ($1.02) per contract credit and 

would be available to OTP Holders that 

execute at least at least 2.00% of Total 

Industry Customer equity and ETF 

option average daily volume 

(‘‘TCADV’’) 4 from Customer posted 

interest in all issues and at least 2.00% 

of TCADV from Professional Customer 

and Non-Customer Liquidity Removing 

interest in all issues.5

The proposed alternative qualification 

to achieve Non-Penny Tier F is designed 

to continue to attract Customer order 

flow for all issues to the Exchange and 

also to reward posted liquidity, which 

provides benefits to all market 

participants by providing more trading 

opportunities, which in turn attracts 

Customers, Market Makers, and other 

Non-Customer interest. An increase in 

the activity of these market participants 

in turn facilitates tighter spreads, which 

may cause an additional corresponding 

increase in order flow from other market 

participants. 

Notwithstanding the proposed change 

to Non-Penny Tier F, OTP Holders are 

still eligible to qualify for the NonPenny Tier F per contract credit of 

($1.02) under the alternative (and 

unchanged) threshold, which requires 

that an OTP Holder execute at least 

1.00% of TCADV from Customer posted 

interest in all issues, plus executed ADV 

of 0.30% of U.S. Equity Market Share 

Posted and Executed on NYSE Arca 

Equity Market to achieve the ($1.02) per 

contract credit. By continuing to 

provide such alternative methods to 

qualify for a Non-Penny Tier, the 

Exchange believes the opportunities to 

qualify for credits is increased, which 

benefits all participants through 

increased volume to the Exchange. 

Discount in Take Liquidity Fees for 

Professional Customers and NonCustomer Liquidity Removing Interest 

(Each a ‘‘Take Fee Discount’’) 

If an OTP Holder executes a 

transaction that removes or ‘‘takes’’ 

liquidity on the Exchange, the OTP 

Holder is charged a ‘‘Take Liquidity’’ fee 

(referred to herein as ‘‘Take Fees’’) and 

such liquidity may be referred to as 

‘‘Liquidity Removing’’ or liquidity 

taking.6 To offset such costs and to 

encourage market participants to direct 

order flow to the Exchange, the 

Exchange offers, among other 

incentives, the Take Fee Discounts for 

executions in Penny Issues.7

The Exchange proposes to add an 

additional means of qualifying for a 

Take Fee Discount for executions in 

Penny Issues. As proposed, the 

Exchange would offer a new Take Fee 

Discount, which would provide an 

additional $0.03 per contract discount 

on Take Fees for OTP Holders that 

executed at least 2.00% of TCADV from 

Customer posted interest in all issues 

and at least 2.00% of TCADV from 

Professional Customer and NonCustomer Liquidity Removing interest 

in all issues. The Exchange also 

proposes to add text to the Fee Schedule 

making clear that only one of the three 

alternative Take Fee Discounts for 

executions in Penny Issues would apply 

to an OTP Holder’s activities. 

The Exchange believes this proposed 

change would incent OTP Holders to 

increase the amount of Customer posted 

volume executed on the Exchange 


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Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 36797 

8The Exchange notes that it currently offers a 

$0.02 per contract Take Fee Discount for executions 

in Penny Issues provided an OTP Holder execute 

at least 1.00% TCADV from Customer posted 

interest in all issues OR at least 2.00% of TCADV 

from Professional Customer and Non-Customer 

Liquidity Removing interest in all issues. 

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

10 15 U.S.C. 78f(b)(4) and (5). 

11See Securities Exchange Act Release No. 51808 

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

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

12The 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. 

13Based on OCC data for monthly volume of 

equity-based options and monthly volume of ETFbased options, see id., the Exchange’s market share 

in equity-based options decreased from 11.17% for 

the month of May 2020 to 9.28% for the month of 

May 2021. 

(while maintaining the same level of 

Liquidity Removing volume required 

under one of the existing Take Fee 

Discounts), which activity may result in 

tighter spreads and more trading making 

the Exchange a more attractive trading 

venue to the benefit of all participants.8

The proposed new Take Fee Discount 

is designed to attract additional 

Customer order flow and to continue to 

attract a broad spectrum of liquiditytaking volume, which provides benefits 

for all market participants by providing 

more trading opportunities, which 

attracts Customers, Market Makers, and 

other Non-Customer interest. An 

increase in the activity of these market 

participants in turn facilitates tighter 

spreads, which may cause an additional 

corresponding increase in order flow 

from other market participants. The 

Exchange believes this proposed Take 

Fee Discount would encourage OTP 

Holders to achieve this additional 

discount with increased activity from a 

variety of business interest. By 

providing an incentive for take liquidity 

activity, the Exchange in turn provides 

more opportunities for execution of 

posted interest. 

The Exchange notes that an OTP 

Holder that qualifies for the new 

alternative volume threshold under 

Non-Penny Tier F would also qualify for 

the new Take Fee Discount, as both 

incentives consist of the same minimum 

volume threshold and the same mix of 

business activity. The Exchange notes 

that new Take Fee Discount does not 

apply to credits associated with the 

Non-Penny Tiers, and is designed to 

encourage OTP Holders to direct a 

variety of business to the Exchange, 

including liquidity-taking business, 

which in turn encourages posted 

interest. To the extent that the proposed 

incentives operate as intended, the 

anticipated result would be that the 

Exchange would be a more attractive 

execution venue for all options 

business. 

Notwithstanding the proposed new 

Take Fee Discount, the Exchange notes 

that OTP Holders are still eligible to 

qualify for the existing alternative (and 

unchanged) Take Fee Discounts for 

executions in Penny Issues. By 

continuing to provide such alternative 

methods to qualify for Take Fee 

Discounts, the Exchange believes the 

opportunities to qualify for credits is 

increased, which benefits all 

participants through increased volume 

to the Exchange. 

The Exchange cannot predict with 

certainty whether any OTP Holders will 

avail themselves of the proposed 

changes to the Non-Penny Tiers or Take 

Fee Discounts. At present, whether or 

when an OTP Holder would qualify for 

the enhanced credit varies month-tomonth. Thus, the Exchange cannot 

predict with any certainty the number of 

OTP Holders that may qualify for the 

proposed new qualifications, but 

believes that OTP Holders would be 

encouraged to increase volume to take 

advantage of the proposed incentive 

credits/discounts. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,9 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,10 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.’’ 11

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.12

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity & 

ETF options order flow. More 

specifically, in May 2021, the Exchange 

had less than 10% market share of 

executed volume of multiply-listed 

equity & ETF options trades.13

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. In response to this competitive 

environment, the Exchange has 

established incentives, such as the NonPenny Tiers and the Take Fee Discount. 

The Exchange believes that the 

proposed modification to the NonPenny Tier F—to provide an alternative 

qualification basis through a mix of 

Customer posted interest and 

Professional Customer and NonCustomer liquidity-taking interest—is 

reasonably designed to continue to 

incent OTP Holders to increase the 

amount and type of Customer interest 

sent and to also to reward posted 

liquidity. An increase in Customer 

volume would create more trading 

opportunities, which, in turn attracts 

Market Makers. A resulting increase in 

Market-Maker activity may facilitate 

tighter spreads, which may lead to an 

additional increase of order flow from 

other market participants, further 

contributing to a deeper, more liquid 

market to the benefit of all market 

participants by creating a more robust 

and well-balanced market ecosystem. 

With regard to Professional Customer 

and Non-Customer liquidity-taking 

interest, the Exchange believes that the 

proposed Tier F is reasonably designed 

to incent OTP Holders to increase 

trading activity in all issues and in a 

variety of account types on the 

Exchange, which increased liquidity 

benefits all market participants because 

of increased trading opportunities and 

price discovery. Moreover, to the extent 

that the proposed change to Non-Penny 

Tier F results in an increase in both 

posted Customer interest and 

Professional Customer and NonCustomer liquidity-taking interest, this 

increased volume benefits all market 

participants as it may result in tighter 

spreads and more trading making the 

Exchange a more attractive trading 

venue to the benefit of all participants. 


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36798 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 

14See Reg NMS Adopting Release, supra note 11, 

at 37499. 

The proposed new Take Fee Discount 

has a minimum volume threshold 

identical to proposed threshold required 

under new Non-Penny Tier F and 

similarly includes a take liquidity 

volume requirement. As stated before, 

this discount is reasonably designed to 

increase the amount and type of 

Professional Customer and NonCustomer interest sent to the Exchange, 

especially posted and liquidity-taking 

interest, which benefits all market 

participants by providing more trading 

opportunities, which attracts Customers, 

Market Makers, and Non-Customer 

interest. An increase in the activity of 

these market participants in turn 

facilitates tighter spreads, which may 

cause an additional corresponding 

increase in order flow from other market 

participants. The Exchange believes that 

this proposed new Take Fee Discount 

would encourage OTP Holders to 

achieve the alternative discount with 

trading activity from a variety of market 

participants, which would make the 

Exchange a more attractive execution 

venue. 

To the extent the proposed rule 

change continues to attract greater 

volume and liquidity by encouraging 

OTP Holders (and their affiliates) to 

increase their options volume on the 

Exchange in an effort to achieve credits 

through the Non-Penny Tiers as well as 

the Take Fee Discount, the Exchange 

believes the proposed change 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 

change is a reasonable attempt by the 

Exchange to increase the depth of its 

market and improve its market share 

relative to its competitors. 

The proposed additional text to the 

Take Fee discount making clear that 

only one of the three Take Fee 

Discounts (for executions in Penny 

Issues) is available to OTP Holders is 

reasonably designed to add clarity and 

transparency to the Fee Schedule 

making it easier to navigate and 

comprehend. 

The Proposed Rule Change is an 

Equitable Allocation of Credits and Fees 

The Exchange believes the proposed 

rule change is an equitable allocation of 

its fees and credits. The proposal is 

based on the amount and type of 

business transacted on the Exchange 

and OTP Holders can opt to avail 

themselves of the credits and discounts 

or not. Moreover, the proposal is 

designed to incent OTP Holders to 

aggregate all Customer posting interest 

and Professional Customer and NonCustomer Take Liquidity interest at the 

Exchange as a primary execution venue. 

To the extent that the proposed change 

attracts more Customer posting interest 

and more Professional Customer and 

Non-Customer liquidity-taking interest, 

this increased order flow would 

continue to make the Exchange a more 

competitive venue for order execution. 

Thus, the Exchange believes the 

proposed rule change 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 Proposed Rule Change Is Not 

Unfairly Discriminatory 

The Exchange believes the proposed 

modifications to the Non-Penny Tier F 

and the Take Fee Discount are not 

unfairly discriminatory because the 

proposed modifications would be 

available to all similarly-situated market 

participants on an equal and nondiscriminatory basis. 

The proposal is based on the amount 

and type of business transacted on the 

Exchange and OTP Holders are not 

obligated to try to achieve the proposed 

qualification basis for Non-Penny Tier F 

or the new Take Fee Discount, nor are 

OTP Holders obligated to execute 

posted interest. Rather, the proposal is 

designed to encourage OTP Holders to 

utilize the Exchange as a primary 

trading venue (if they have not done so 

previously) for both Customer posted 

interest and liquidity-taking interest 

from Professional Customers and NonCustomers. To the extent that the 

proposed change attracts more Customer 

interest, including posted and liquiditytaking interest 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 

change would improve market quality 

for all market participants on the 

Exchange and, as a consequence, attract 

more order flow to the Exchange thereby 

improving market-wide 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. 

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. 

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 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.’’ 14

Intramarket Competition. The 

proposed change is designed to attract 

additional order flow (particularly 

Customer posted interest and 

Professional Customer and NonCustomer liquidity-taking interest) to 

the Exchange. The Exchange believes 

that the proposed modification to NonPenny Tier F and the new Take Fee 

Discount would incent OTP Holders to 

direct their Customer order flow and 

their take liquidity order flow from 

other market participants to the 

Exchange. Greater liquidity benefits all 

market participants on the Exchange 

and increased Customer order flow and 

Professional Customer and NonCustomer liquidity-taking interest 

would increase opportunities for 

execution of other trading interest. The 

proposed modifications to Non-Penny 

Tier F and the new Take Fee Discount 

would be available to all similarlysituated market participants that 

execute electronic Customer posted 

interest and Professional Customer and 

Non-Customer liquidity-taking interest, 

and, as such, 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 favor one of the 

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 


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15See supra note 12. 

16Based on OCC data for monthly volume of 

equity-based options and monthly volume of ETFbased options, see id., the Exchange’s market share 

in equity-based options decreased from 11.17% for 

the month of May 2020 to 9.28% for the month of 

May 2021. 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(2). 

19 15 U.S.C. 78s(b)(2)(B). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 

has more than 16% of the market share 

of executed volume of multiply-listed 

equity and ETF options trades.15

Therefore, currently no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity & 

ETF options order flow. More 

specifically, in May 2021, the Exchange 

had less than 10% market share of 

executed volume of multiply-listed 

equity & ETF options trades.16

The Exchange believes that the 

proposed rule change reflects this 

competitive environment because it 

modifies the Exchange’s fees and credits 

in a manner that is competitive and 

designed to incent OTP Holders to 

direct trading interest (particularly 

Customer posted interest and 

Professional Customer and NonCustomer liquidity-taking interest) to 

the Exchange, to provide liquidity and 

to attract order flow. 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. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues as OTP Holders 

(and their affiliates) may direct their 

order flow to any of the 16 options 

exchanges, including those that offer 

similar pricing incentives and 

discounts. The Exchange also believes 

that the proposed change is designed to 

provide the public and investors with a 

Fee Schedule that is clear and 

consistent, thereby reducing burdens on 

the marketplace and facilitating investor 

protection. 

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) 17 of the Act and 

subparagraph (f)(2) of Rule 19b–4 18

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) 19 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– 

NYSEArca–2021–58 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–2021–58. 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–NYSEArca–2021–58, and 

should be submitted on or before 

August 3, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–14794 Filed 7–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92341; File No. SR–FICC– 

2021–004] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing of Proposed Rule Change 

Relating to Confidential Information, 

Market Disruption Events, and Other 

Changes 

July 7, 2021. 

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 June 25, 

2021, Fixed Income Clearing 

Corporation (‘‘FICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. The Commission 

is publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

modifications to FICC’s Government 

Securities Division (‘‘GSD’’) Rulebook 

(the ‘‘GSD Rules’’), Mortgage-Backed 

Securities Division (‘‘MBSD’’) Clearing 

Rules (the ‘‘MBSD Clearing Rules’’) and 


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