46296 Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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

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

6 15 U.S.C. 78s(b)(3)(A)(iii). 

7 17 CFR 240.19b–4(f)(6). 

8 17 CFR 240.19b–4(f)(6)(iii). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92657; File No. SR– 

NYSEARCA–2021–71] 

Self-Regulatory Organizations; 

NYSEARCA, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 7.34–E 

August 12, 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 August 

4, 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 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 7.34–E (Trading Sessions) to begin 

accepting orders 90 minutes before the 

Early Trading Session begins. 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 

Rule 7.34–E (Trading Sessions) to begin 

accepting orders 90 minutes before the 

Early Trading Session begins. 

Currently, Rule 7.34–E(a)(1) provides 

that the Early Trading Session will 

begin at 4:00 a.m. Eastern Time and 

conclude at the commencement of the 

Core Trading Session. The Rule further 

provides that the Exchange will begin 

accepting orders 30 minutes before the 

Early Trading Session begins and that 

the Early Open Auction will begin the 

Early Trading Session. 

The Exchange proposes to amend 

Rule 7.34–E(a)(1) to provide that the 

Exchange would begin accepting orders 

90 minutes before the Early Trading 

Session begins, i.e., at 2:30 a.m. Eastern 

Time. The Exchange proposes to begin 

accepting orders earlier to compete with 

non-exchange trading venues that begin 

accepting orders before 3:30 a.m. 

Eastern Time. By moving the Exchange’s 

order acceptance time earlier, ETP 

Holders that route orders to multiple 

venues before 3:30 a.m. Eastern Time 

would be able to include the Exchange 

in their early morning routing 

determinations. The Exchange does not 

propose to change the time when the 

Early Trading Session would begin or 

make any other rule changes. 

Because of the technology changes 

required to implement this change, 

subject to effectiveness of this proposed 

rule change, the Exchange will 

announce via Trader Update when the 

Exchange would begin accepting orders 

90 minutes before the Early Trading 

Session begins, which the Exchange 

anticipates would be in August 2021. 

2. Statutory Basis 

For the reasons set forth above, the 

Exchange believes the proposed rule 

change is consistent with Section 6(b) of 

the Act 4 in general, and furthers the 

objectives of Sections 6(b)(5) of the Act,5

in that it is designed to 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. 

The Exchange believes that the 

proposed rule change would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system because it 

would not change any trading functions 

on the Exchange and would only move 

up the time when the Exchange would 

begin accepting order flow for trading in 

the Early Trading Session. In addition, 

an ETP Holder that opts to send in 

orders during this earlier time period 

could, as today, designate which trading 

session such orders would be eligible to 

trade, including per Rule 7.34–E(b), a 

trading session later in the trading day 

(‘‘an order designated for a later trading 

session will be accepted but not eligible 

to trade until the designated trading 

session begins’’) or choose to cancel 

such orders before they become eligible 

to trade. The Exchange further believes 

that the proposed rule change would 

promote competition among the 

Exchange and non-exchange venues 

because it would allow ETP Holders 

that currently route to non-exchange 

trading venues prior to 3:30 a.m. Eastern 

Time to include the Exchange in their 

early morning routing determinations. 

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 

rule change would promote intermarket 

competition between the Exchange and 

non-exchange trading venues that 

accept order flow before 3:30 a.m. 

Eastern Time. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 6 and Rule 

19b–4(f)(6) thereunder.7 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

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

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

The Exchange has asked the 

Commission to waive the 30-day 

operative delay.8 The Commission finds 

that waiving the 30-day operative delay 

is consistent with the protection of 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices 46297 

9For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. 15 U.S.C. 78c(f). 

10 15 U.S.C. 78s(b)(2)(B). 

11 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. 

investors and the public interest 

because waiver of the operative delay 

will allow ETP Holders that route orders 

to non-exchange venues that accept 

order flow before 3:30 a.m. Eastern Time 

the opportunity to include the Exchange 

in its early morning routing 

determinations. According to the 

Exchange, this proposed rule change 

will not change any Exchange trading 

functions, including when the Early 

Trading Session begins, and the 

technology to support this proposed 

rule change will be available less than 

30 days after filing. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.9

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) 10 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–2021–71 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–2021–71. 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–2021–71 and 

should be submitted on or before 

September 8, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17673 Filed 8–17–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92648; File No. SR– 

NYSEARCA–2021–70] 

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 

August 12, 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 August 2, 

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) modify the 

application of the per share fee for Tape 

B securities; (2) adopt increased credits 

and a cap applicable to the Step Up Tier 

4 credit in Tape B securities; (3) 

eliminate a requirement to qualify for 

the Tape B Tier 2 credit; (4) adopt 

increased credits and a cap applicable to 

the Tape B Step Up Tier; and (5) adopt 

a new pricing tier, MPID Adding Tier, 

applicable to Tape A and Tape C 

securities. The Exchange proposes to 

implement the fee changes effective 

August 2, 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule to (1) modify the 

application of the per share fee for Tape 

B securities; (2) adopt increased credits 

and a cap applicable to the Step Up Tier 

4 credit in Tape B securities; (3) 

eliminate a requirement to qualify for 

the Tape B Tier 2 credit; (4) adopt 

increased credits and a cap applicable to 

the Tape B Step Up Tier; and (5) adopt 

a new pricing tier, MPID Adding Tier, 

applicable to Tape A and Tape C 

securities. 


jbell on DSKJLSW7X2PROD with NOTICES