38372 Federal Register / Vol. 86, No. 136 / Tuesday, July 20, 2021 / Notices 

16 Id. 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

utilities, require participants to have 

sufficient financial resources and robust 

operational capacity to meet obligations 

arising from participation in the clearing 

agency, and monitor compliance with 

such participation requirements on an 

ongoing basis. ICC believes that the 

proposed rule change will ensure that 

the Committees carry out the functions 

required in their charters to ensure 

proper review and ongoing monitoring 

of CPs and FSPs, including by clarifying 

the responsibilities and interaction of 

the Committees and further defining the 

entities included as FSPs. As such, the 

proposed rule change will strengthen 

ICC’s ability to manage and mitigate the 

potential risks associated with its CPs 

and FSPs, thereby continuing to ensure 

that CPs and FSPs have sufficient 

financial resources and robust 

operational capacity to meet obligations 

and promoting ICC’s ability to monitor 

compliance with such requirements on 

an ongoing basis, consistent with Rule 

17Ad–22(e)(18).16

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition. 

The proposed changes to ICC’s 

Governance Playbook, Risk Management 

Framework, and Treasury Policy will 

apply uniformly across all market 

participants. Therefore, ICC does not 

believe the proposed rule change 

imposes any burden on competition that 

is inappropriate in furtherance of the 

purposes of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. ICC will notify the 

Commission of any written comments 

received by ICC. 

III. Date of Effectiveness of the 

Proposed Rule Change for Commission 

Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within 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 

such 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– 

ICC–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. 

All submissions should refer to File 

Number SR–ICC–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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s website at https://

www.theice.com/clear-credit/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–ICC–2021–015 and 

should be submitted on or before 

August 10, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15337 Filed 7–19–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92406; File No. SR– 

CboeBZX–2021–048] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule by Adopting a New 

Single Market Participant Identifier 

Investor Tier 

July 14, 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 July 1, 

2021, Cboe BZX Exchange, Inc. 

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

‘‘Exchange’’ or ‘‘BZX’’ or ‘‘BZX 

Equities’’) proposes to amend its 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/bzx/), 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 


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3See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (May 26, 2021), 

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

market_statistics/. 

4Fee code B is appended to displayed orders 

adding liquidity to BZX (Tape B), fee code V is 

appended to displayed orders adding liquidity to 

BZX (Tape A), and fee code V [sic] is appended to 

displayed orders adding liquidity to BZX (Tape C). 

Each is provided a rebate of $ 0.00180. 

5ADAV means average daily added volume 

calculated as the number of shares added per day. 

ADAV is calculated on a monthly basis. 

6TCV 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. 

7ADV means average daily volume calculated as 

the number of shares added or removed, combined, 

per day. ADV is calculated on a monthly basis. 

8 ‘‘Step-up ADV’’ means ADV in the relevant 

baseline month subtracted from current day ADV. 

9 15 U.S.C. 78f. 

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

11See generally NYSE Price List, Transaction 

Fees; Nasdaq Equity 7, Section 118(a)(1), Fees for 

Execution and Routing of Orders in Nasdaq-Listed 

Securities; and EDGX Equities Fee Schedule, 

Footnote 1, Add/Remove Volume Tiers. 

12See BZX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

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 by adopting a new Single 

Market Participant Identifier (‘‘MPID’’) 

Investor Tier under footnote 4 of the Fee 

Schedule, effective July 1, 2021. 

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,3 no single 

registered equities exchange has more 

than 16% 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 

‘‘Maker-Taker’’ model whereby it pays 

credits to Members that add liquidity 

and assesses fees to those that remove 

liquidity. The Exchange’s fee schedule 

sets forth the standard rebates and rates 

applied per share for orders that provide 

and remove liquidity, respectively. 

Particularly, for securities at or above 

$1.00, the Exchange provides a standard 

rebate of $0.0018 per share for orders 

that add liquidity and assesses a fee of 

$0.0030 per share for orders that remove 

liquidity. Additionally, in response to 

the competitive environment, the 

Exchange also 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. 

Pursuant to footnote 4 of the Fee 

Schedule, the Exchange currently offers 

three Single MPID Investor Tiers that 

provide Members an opportunity to 

receive incrementally greater enhanced 

rebates from the standard rebate for 

liquidity adding orders that yield fee 

codes B, V and Y 4 where Members (by 

MPID) meet certain incrementally more 

difficult volume-based criteria. For 

example, Single MPID Investor Tier 1 

currently provides an enhanced rebate 

of $0.0031 per share for qualifying 

orders (i.e., yield fee code B, V and Y) 

where an MPID has (1) an ADAV 5 as a 

percentage of TCV 6 greater than or 

equal to 0.30%, and (2) an ADAV as a 

percentage of ADV 7 greater than or 

equal to 90%. Single MPID Investor Tier 

2 provides an enhanced rebate of 

$0.0032 per share for qualifying orders 

where an MPID has (1) an ADAV as a 

percentage of TCV greater than or equal 

to 0.75%, and (2) an ADAV as a 

percentage of ADV greater than or equal 

to 80% and Single MPID Investor Tier 

3 provides an enhanced rebate of 

$0.0032 per share for Tape B securities 

or $0.00033 [sic] per share for Tapes A 

and C securities for qualifying orders 

where an MPID has (1) a Step-Up ADV 8

as a percentage of TCV greater than or 

equal to 0.10% from May 2021; or MPID 

has a Step-Up ADV≥8,000,000 from May 

2021, and (2) an ADAV as a percentage 

of TCV greater than or equal to 0.55%; 

or an ADAV greater than or equal to 

50,000,000. 

The Exchange proposes to offer a new 

Single MPID Investor Tier 1 (and, 

subsequently update the titles of current 

Tier 1 to Tier 2, current Tier 2 to Tier 

3 and current Tier 3 to Tier 4). New Tier 

1 provides a proposed enhanced rebate 

$0.0030 for a Member’s qualifying 

orders where an MPID has (1) a Step-Up 

ADV from May 2021 greater than or 

equal to 0.10% of TCV, or a Step-Up 

ADV greater than or equal to 8,000,000 

from May 2021, and (2) adds a Step-Up 

ADAV from May 2021 greater than or 

equal to 0.05% of TCV. Members that 

achieve the proposed Single MPID 

Investor Tier 1 must therefore increase 

the amount of overall liquidity, both 

add and remove volume, that they 

provide on BZX over a baseline amount, 

thereby contributing to a deeper and 

more liquid market. More specifically, 

incentivizing an increase in both 

liquidity adding volume and in liquidity 

removing volume, through additional 

criteria and enhanced rebate 

opportunities, encourages liquidity 

adding Members on the Exchange to 

contribute to a deeper, more liquid 

market, and to increase transactions and 

take execution opportunities provided 

by such increased liquidity, together 

providing for overall enhanced price 

discovery and price improvement 

opportunities on the Exchange. As such, 

increased overall order flow benefits all 

Members by contributing towards a 

robust and well-balanced market 

ecosystem. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,9

in general, and furthers the objectives of 

Section 6(b)(4) and 6(b)(5),10 in 

particular, as it is designed to provide 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

Members, issuers and other persons 

using its facilities. 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 changes reflect 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 notes that 

volume-based rebates such as that 

proposed herein have been widely 

adopted by exchanges,11 including the 

Exchange,12 and are equitable because 

they are open to all Members on an 

equal basis and provide additional 

benefits or discounts that are reasonably 

related to: (i) The value to an exchange’s 


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13See supra note 3. 

14See Securities Exchange Act Release No. 51808 

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

market quality; (ii) associated higher 

levels of market activity, such as higher 

levels of liquidity provision and/or 

growth patterns; and (iii) introduction of 

higher volumes of orders into the price 

and volume discovery processes. 

In particular, the Exchange believes 

the proposed Single MPID Investor Tier 

1 is a reasonable means to encourage 

Members to increase their relative add 

and remove liquidity on the Exchange 

each month over a predetermined 

baseline by offering Members’ an 

additional opportunity to meet criteria 

to receive an enhanced rebate. More 

specifically, the Exchange notes that 

greater add volume order flow may 

provide for deeper, more liquid markets 

and execution opportunities at 

improved prices, and greater remove 

volume order flow may increase 

transactions on the Exchange, which the 

Exchange believes incentivizes liquidity 

providers to submit additional liquidity 

and execution opportunities. 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. 

Further, the Exchange believes that 

proposed Tier 1 is reasonable as it does 

not represent a significant departure 

from the criteria or corresponding 

enhanced rebates currently offered in 

the Fee Schedule, including other 

Single MPID Investor Tiers, and that the 

proposed enhanced rebate is 

commensurate with the new criteria. 

Particularly, the proposed rebate is 

reasonably based on the difficulty of 

satisfying the tier’s proposed criteria as 

compared to the existing Single MPID 

Investor Tiers, which provide higher 

rebates for more stringent criteria. 

Indeed, the proposed criteria in new 

Tier 1 includes smaller volume 

threshold percentages that Members can 

achieve than Tier 2 (current Tier 1), and, 

as a result, a lesser enhanced rebate of 

$0.0030, as proposed, than the 

enhanced rebate offered in Tier 2 

($0.0031). 

The Exchange also believes that the 

proposed rule change represents an 

equitable allocation of fees and rebates 

and is not unfairly discriminatory 

because all Members are eligible for new 

Single MPID Investor Tier 1 and have 

the opportunity to meet the tier’s 

criteria and receive the applicable 

enhanced rebate if such criteria is met. 

Without having a view of activity on 

other markets and off-exchange venues, 

the Exchange has no way of knowing 

whether this proposed rule change 

would definitely result in any Members 

qualifying for the proposed tier. While 

the Exchange has no way of predicting 

with certainty how the proposed tier 

will impact Member activity, the 

Exchange anticipates that at least six 

Members will be able to satisfy the 

criteria proposed under the new tier. 

The Exchange also notes that the 

proposed tier will not adversely impact 

any Member’s ability to qualify for 

reduced fees or enhanced rebate offered 

under other tiers. Should a Member not 

meet the proposed new criteria, the 

Member will merely not receive the 

corresponding proposed enhanced 

rebate. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. Rather, as 

discussed above, the Exchange believes 

that the proposed change would 

encourage the submission of additional 

order flow to a public exchange, thereby 

promoting market depth, execution 

incentives and enhanced execution 

opportunities, as well as price discovery 

and transparency for all Members. As a 

result, the Exchange believes that the 

proposed change furthers the 

Commission’s goal in adopting 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 

The Exchange believes the proposed 

rule change does not impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Particularly, 

the proposed new Single MPID Investor 

Tier applies to all Members equally in 

that all Members are eligible for these 

tiers, have a reasonable opportunity to 

meet the tiers’ criteria and will receive 

the enhanced rebate on their qualifying 

orders if such criteria is met. The 

Exchange does not believe the proposed 

change to adopt a new Single MPID 

Investor Tier burdens competition, but 

rather, enhances competition as it is 

intended to increase the 

competitiveness of BZX by adopting an 

additional pricing incentive in order to 

attract order flow and incentivize 

participants to increase their 

participation on the Exchange, 

providing for additional execution 

opportunities for market participants 

and improved price transparency. 

Greater overall order flow, trading 

opportunities, and pricing transparency 

benefits all market participants on the 

Exchange by enhancing market quality 

and continuing to encourage Members 

to send orders, thereby contributing 

towards a robust and well-balanced 

market ecosystem. 

Next, 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 purposes of the Act. 

As previously discussed, the Exchange 

operates in a highly competitive market. 

In such an environment, the Exchange 

must continually review, and consider 

adjusting, its fees and rebates to remain 

competitive with other exchanges. 

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.13

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.’’ 14 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 


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Federal Register / Vol. 86, No. 136 / Tuesday, July 20, 2021 / Notices 38375 

15NetCoalition v. SEC, 615 F.3d 525, 539 (DC Cir. 

2010) (quoting Securities Exchange Act Release No. 

59039 (December 2, 2008), 73 FR 74770, 74782–83 

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

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f). 

18 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. 

4An additional credit applies to ETP Holders and 

Market Makers affiliated with LMMs that provide 

displayed liquidity to the Book based on the 

number of Less Active ETP Securities in which the 

LMM is registered as the LMM. See LMM 

Continued 

dealers’. . . .’’.15 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 16 and paragraph (f) of Rule 

19b–4 17 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– 

CboeBZX–2021–048 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–CboeBZX–2021–048. 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–CboeBZX–2021–048 and 

should be submitted on or before 

August 10, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15341 Filed 7–19–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92400; File No. SR– 

NYSEARCA–2021–60] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Equities Fees and Charges 

July 14, 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 amend the 

NYSE Arca Equities Fees and Charges 

(‘‘Fee Schedule’’) to (1) eliminate an 

alternative credit applicable under Tier 

2 pricing tier, and (2) eliminate the 

Tracking Order Tier 1 and Tracking 

Order Tier 2 pricing tiers. The Exchange 

proposes to implement the fee changes 

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 Exchange proposes to amend the 

Fee Schedule to (1) eliminate an 

alternative credit applicable under Tier 

2 pricing tier, and (2) eliminate the 

Tracking Order Tier 1 and Tracking 

Order Tier 2 pricing tiers. The Exchange 

proposes to implement the fee changes 

effective July 1, 2021. 

Currently, a Tier 2 credit of $0.0029 

per share for orders in Tape A and Tape 

C Securities that provide liquidity to the 

Book, and a credit of $0.0022 per share 

for orders in Tape B Securities 4 that 


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