51210 Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1.5(p). 

4Market share percentage calculated as of August 

30, 2021. The Exchange receives and processes data 

made available through consolidated data feeds 

(i.e., CTS and UTDF). 

5 Id. 

6As set forth on the Fee Schedule, ‘‘ADAV’’ 

means the average daily added volume calculated 

as the number of shares added per day, which is 

calculated on a monthly basis. 

7As set forth on the Fee Schedule, ‘‘TCV’’ 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. 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of 

FINRA. 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–FINRA– 

2021–022 and should be submitted on 

or before October 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19729 Filed 9–13–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92896; File No. SR–MEMX– 

2021–11] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Exchange’s Fee 

Schedule 

September 8, 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 August 

31, 2021, MEMX LLC (‘‘MEMX’’ 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 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 

The Exchange is filing with the 

Commission a proposed rule change to 

amend the Exchange’s fee schedule 

applicable to Members 3 (the ‘‘Fee 

Schedule’’) pursuant to Exchange Rules 

15.1(a) and (c). The Exchange proposes 

to implement the changes to the Fee 

Schedule pursuant to this proposal on 

September 1, 2021. The text of the 

proposed rule change is provided in 

Exhibit 5. 

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 purpose of the proposed rule 

change is to amend the Fee Schedule to: 

(i) Include an additional Liquidity 

Provision Tier applicable to the rebates 

for executions of orders in securities 

priced at or above $1.00 per share that 

add displayed liquidity to the Exchange 

(such orders, ‘‘Added Displayed 

Volume’’) and modify the required 

criteria under the existing Liquidity 

Provision Tier; (ii) introduce a tiered 

pricing structure for the Displayed 

Liquidity Incentive (‘‘DLI’’) by including 

an additional DLI Tier and reducing the 

rebate provided under the existing DLI; 

(iii) increase the fee under the Liquidity 

Removal Tier for executions of orders in 

securities priced at or above $1.00 per 

share that remove liquidity from the 

Exchange (such orders, ‘‘Removed 

Volume’’); and (iv) reduce the standard 

rebate for executions of Added 

Displayed Volume. 

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, 

to which market participants may direct 

their order flow. Based on publicly 

available information, no single 

registered equities exchange currently 

has more than approximately 16% of 

the total market share of executed 

volume of equities trading.4 Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow, 

and the Exchange currently represents 

approximately 3% of the overall market 

share.5 The Exchange in particular 

operates a ‘‘Maker-Taker’’ model 

whereby it provides rebates to Members 

that add liquidity to the Exchange and 

charges fees to Members that remove 

liquidity from the Exchange. The Fee 

Schedule sets forth the standard rebates 

and fees applied per share for orders 

that add and remove liquidity, 

respectively. Additionally, in response 

to the competitive environment, the 

Exchange also offers tiered pricing, 

which provides Members with 

opportunities to qualify for higher 

rebates or lower 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. 

Liquidity Provision Tiers 

Currently, the Exchange provides a 

standard rebate of $0.0031 per share for 

executions of Added Displayed Volume, 

which the Exchange is proposing to 

reduce to $0.0028 per share, as further 

described below. The Exchange also 

currently offers, in addition to other 

incentives, a Liquidity Provision Tier in 

which a Member may receive an 

enhanced rebate of $0.00335 per share 

for executions of Added Displayed 

Volume by achieving an ADAV 6 of at 

least 15,000,000 shares. Now, the 

Exchange proposes to rename the 

existing Liquidity Provision Tier to 

Liquidity Provision Tier 1, modify the 

required criteria under Liquidity 

Provision Tier 1, and add a new 

Liquidity Provision Tier 2. Specifically, 

the Exchange proposes to modify the 

required criteria under Liquidity 

Provision Tier 1 such that a Member 

would now qualify for Liquidity 

Provision Tier 1 by achieving an ADAV 

of at least 0.20% of the TCV.7 Members 

that qualify for Liquidity Provision Tier 

1 would continue to receive an 

enhanced rebate of $0.00335 per share 


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8The pricing for Liquidity Provision Tier 1 is 

referred to by the Exchange on the Fee Schedule 

under the new description ‘‘Added displayed 

volume, Liquidity Provision Tier 1’’ with a Fee 

Code of ‘‘B1’’, ‘‘D1’’ or ‘‘J1’’, as applicable, to be 

provided by the Exchange on the monthly invoices 

provided to Members. The Exchange notes that 

because the determination of whether a Member 

qualifies for a certain pricing tier for a particular 

month will not be made until after the month-end, 

the Exchange will provide the Fee Codes otherwise 

applicable to such transactions on the execution 

reports provided to Members during the month and 

will only designate the Fee Codes applicable to the 

achieved pricing tier on the monthly invoices, 

which are provided after such determination has 

been made, as the Exchange does for its tier-based 

pricing today. 

9The pricing for Liquidity Provision Tier 2 is 

referred to by the Exchange on the Fee Schedule 

under the new description ‘‘Added displayed 

volume, Liquidity Provision Tier 2’’ with a Fee 

Code of ‘‘B2’’, ‘‘D2’’ or ‘‘J2’’, as applicable, to be 

provided by the Exchange on the monthly invoices 

provided to Members. 

10See the Cboe BZX Exchange, Inc. (‘‘Cboe BZX’’) 

equities trading fee schedule on its public website 

(available at https://www.cboe.com/us/equities/ 

membership/fee_schedule/bzx/), which reflects 

rebates provided under ‘‘Add Volume Tiers’’—tiers 

based on a member achieving certain ADAV 

thresholds—ranging from $0.0025 to $0.0031 per 

share for adding displayed liquidity to the Cboe 

BZX exchange. 

11As set forth on the Fee Schedule, ‘‘quoting 

requirement’’ means the requirement that a 

Member’s NBBO Time be at least 25%. As set forth 

on the Fee Schedule, ‘‘NBBO Time’’ means the 

aggregate of the percentage of time during regular 

trading hours during which one of a Member’s 

market participant identifiers (‘‘MPIDs’’) has a 

displayed order of at least one round lot at the 

national best bid or the national best offer. 

12As set forth on the Fee Schedule, ‘‘DLI Target 

Securities’’ means a list of securities designated as 

such, the universe of which will be determined by 

the Exchange and published on the Exchange’s 

website. 

13As set forth on the Fee Schedule, ‘‘securities 

requirement’’ means the requirement that a Member 

meets the quoting requirement in the applicable 

number of securities per trading day. 

14See Securities Exchange Act Release No. 92150 

(June 10, 2021), 86 FR 32090 (June 16, 2021) (SR– 

MEMX–2021–07). 

15Under the existing DLI (which the Exchange is 

proposing to rename to DLI Tier 2), each of the 250 

securities requirement and the 75 DLI Target 

Securities requirement is a ‘‘securities requirement’’ 

as that term is used on the Fee Schedule for 

purposes of determining a Member’s qualification. 

16The pricing for DLI Tier 2 is referred to by the 

Exchange on the Fee Schedule under the new 

description ‘‘Added displayed volume, DLI Tier 2’’ 

with a Fee Code of ‘‘Bq2’’, ‘‘Dq2’’ or ‘‘Jq2’’, as 

applicable, to be provided by the Exchange on the 

monthly invoices provided to Members. 

for executions of Added Displayed 

Volume and a rebate of 0.05% of the 

total dollar value of the transaction for 

executions of orders in securities priced 

below $1.00 per share that add 

displayed liquidity to the Exchange.8

The Exchange believes that basing 

qualification for Liquidity Provision 

Tier 1 (and proposed new Liquidity 

Provision Tier 2, as described below) on 

an ADAV threshold that is a percentage 

of the TCV, rather than an ADAV 

threshold that is a specified number of 

shares, as it is today, is appropriate so 

that the threshold is variable based on 

overall volumes in the equities industry, 

which fluctuate from month to month. 

The Exchange further believes that 

several Members that currently qualify 

for Liquidity Provision Tier 1 would 

continue to qualify under the proposed 

new criteria, which the Exchange 

believes does not represent a significant 

departure from the criteria currently 

required under such tier based on 

overall equities volumes in recent 

months and that others may still qualify 

for an enhanced—albeit slightly lower— 

rebate under the proposed new 

Liquidity Provision Tier 2, as described 

below. 

The Exchange is also proposing to add 

a new Liquidity Provision Tier 2 in 

which it will provide an enhanced 

rebate of $0.0031 per share for 

executions of Added Displayed Volume 

for Members that qualify for Liquidity 

Provision Tier 2 by achieving an ADAV 

of at least 0.10% of the TCV.9 The 

Exchange proposes to provide Members 

that qualify for Liquidity Provision Tier 

2 a rebate of 0.05% of the total dollar 

volume of the transaction for executions 

of orders in securities priced below 

$1.00 per share that add displayed 

liquidity to the Exchange, which is the 

same rebate that is applicable to such 

executions for all Members (i.e., 

including those that do not qualify for 

any Liquidity Provision Tier). The 

proposed Liquidity Provision Tier 2 is 

designed to encourage Members to 

maintain or increase their orders that 

add liquidity on the Exchange in order 

to qualify for an enhanced rebate for 

executions of Added Displayed Volume, 

thereby contributing to a deeper and 

more liquid market to the benefit of all 

market participants and enhancing the 

attractiveness of the Exchange as a 

trading venue. Further, the proposed 

new Liquidity Provision Tier 2 would 

provide Members that would not qualify 

for Liquidity Provision Tier 1 with an 

opportunity to still qualify for an 

enhanced—albeit slightly lower—rebate 

for executions of Added Displayed 

Volume in a manner that, coupled with 

the higher enhanced rebate provided 

under Liquidity Provision Tier 1, 

provides increasingly higher benefits for 

satisfying increasingly more stringent 

criteria. 

The Exchange notes that the rebates 

provided for executions of Added 

Displayed Volume under the Liquidity 

Provision Tiers, including the current 

rebate under Liquidity Provision Tier 1 

(i.e., $0.00335 per share) and the 

proposed rebate under Liquidity 

Provision Tier 2 (i.e., $0.0031 per share), 

are comparable to, and competitive 

with, the rebates for executions of 

liquidity-adding displayed orders 

provided by at least one other exchange 

under similar volume-based tiers.10

The Exchange also proposes to amend 

the Fee Schedule to rename the 

‘‘Liquidity Provision Tier’’ heading to 

‘‘Liquidity Provision Tiers’’ to reflect 

the addition of a second tier and to 

reorganize the information related to 

such tiers, including the applicable 

rebates and required criteria, into a table 

format. The Exchange believes that 

utilizing a table format for its tiered 

pricing will make the Fee Schedule 

easier for Members to navigate and 

understand. 

DLI Tiers 

The Exchange is also proposing to 

introduce a tiered pricing structure for 

the DLI by including an additional DLI 

Tier and reducing the rebate provided 

under the existing DLI. As noted in the 

Exchange’s proposal to adopt the DLI, 

the DLI is intended to encourage 

Members to promote price discovery 

and market quality by quoting at the 

NBBO for a significant portion of each 

day (i.e., through the applicable quoting 

requirement 11) in a large number of 

securities, generally, and in the DLI 

Target Securities,12 in particular (i.e., 

through the applicable securities 

requirements 13), thereby benefitting the 

Exchange and investors by providing 

improved trading conditions for all 

market participants through narrower 

bid-ask spreads and increased depth of 

liquidity available at the NBBO in a 

broad base of securities, including the 

DLI Target Securities, and committing 

capital to support the execution of 

orders.14

Currently, the Exchange provides an 

enhanced rebate of $0.0036 per share for 

executions of Added Displayed Volume 

for Members that qualify for the DLI by 

achieving an NBBO Time of at least 

25% in an average of at least 250 

securities, at least 75 of which must be 

DLI Target Securities, per trading day 

during the month.15 Now, the Exchange 

proposes to rename the existing DLI to 

DLI Tier 2, reduce the rebate provided 

under DLI Tier 2, and add a new DLI 

Tier 1. Specifically, the Exchange 

proposes to reduce the rebate provided 

under DLI Tier 2 for executions of 

Added Displayed Volume from $0.0036 

per share to $0.0035 per share.16 The 

Exchange does not propose to change 

the required criteria for a Member to 

qualify for DLI Tier 2 or the rebate 

provided under DLI Tier 2 for 

executions of orders in securities priced 


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51212 Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 

17Under the proposed new DLI Tier 1, each of the 

1,000 securities requirement and the 125 DLI Target 

Securities requirement is a ‘‘securities requirement’’ 

as that term is used on the Fee Schedule for 

purposes of determining a Member’s qualification. 

The pricing for DLI Tier 1 is referred to by the 

Exchange on the Fee Schedule under the new 

description ‘‘Added displayed volume, DLI Tier 1’’ 

with a Fee Code of ‘‘Bq1’’, ‘‘Bq1’’ or ‘‘Jq1’’, as 

applicable, to be provided by the Exchange on the 

monthly invoices provided to Members. 

18See supra note 14. 

19The pricing for Liquidity Removal Tier 1 is 

referred to by the Exchange on the Fee Schedule 

under the new description ‘‘Removed volume from 

MEMX Book, Liquidity Removal Tier 1’’ with a Fee 

Code of ‘‘R1’’ to be provided by the Exchange on 

the monthly invoices provided to Members. 

20See the Cboe EDGX Exchange, Inc. (‘‘Cboe 

EDGX’’) equities trading fee schedule on its public 

website (available at https://www.cboe.com/us/ 

equities/membership/fee_schedule/edgx/), which 

reflects a fee charged under ‘‘Remove Volume 

Tiers’’—tiers based on a member achieving certain 

step-up ADAV and ADV volume thresholds—of 

$0.00275 per share for removing volume from the 

Cboe EDGX exchange. 

21The standard pricing for executions of Added 

Displayed Volume is referred to by the Exchange on 

the Fee Schedule under the existing description 

below $1.00 per share that add 

displayed liquidity to the Exchange (i.e., 

0.05% of the total dollar value of the 

transaction). 

Additionally, the Exchange is 

proposing to add a new DLI Tier 1 in 

which it will provide an enhanced 

rebate of $0.0036 per share for 

executions of Added Displayed Volume 

for Members that qualify for DLI Tier 1 

by achieving an NBBO Time of at least 

25% in an average of at least 1,000 

securities, at least 125 of which must be 

DLI Target Securities, per trading day 

during the month.17 The Exchange 

proposes to provide Members that 

qualify for DLI Tier 1 a rebate of 0.05% 

of the total dollar volume of the 

transaction for executions of orders in 

securities priced below $1.00 per share 

that add displayed liquidity to the 

Exchange, which is the same rebate that 

is applicable to such executions for all 

Members (i.e., including those that do 

not qualify for any DLI Tier). The 

Exchange notes that the same 

definitions and notes currently set forth 

under the ‘‘Displayed Liquidity 

Incentive’’ heading on the Fee Schedule 

and the calculation methodologies that 

are applicable to the existing DLI 

(proposed to be renamed to DLI Tier 2) 

would similarly apply to the proposed 

new DLI Tier 1.18

As is the case through the applicable 

quoting requirement and securities 

requirements under the existing DLI 

Tier 2, the proposed new DLI Tier 1 is 

designed to enhance market quality both 

in a broad manner with respect to all 

securities traded on the Exchange, 

through the 1,000 securities 

requirement, and in a targeted manner 

with respect to certain designated 

securities in which the Exchange 

specifically seeks to inject additional 

quoting competition (i.e., the DLI Target 

Securities), through the 125 DLI Target 

Securities requirement. The purpose of 

reducing the rebate provided under the 

existing DLI Tier 2 (i.e., from $0.0036 

per share to $0.0035 per share) and 

providing a higher rebate under the 

proposed new DLI Tier 1—which is the 

same as the current rebate provided 

under the existing DLI Tier 2 (i.e., 

$0.0036 per share)—is to incentivize 

Members that consistently quote on the 

Exchange to strive to do so in a larger 

number of securities, generally, and in 

a larger number of DLI Target Securities, 

in particular, in a manner that provides 

increasingly higher benefits for 

satisfying increasingly more stringent 

criteria. Thus, the DLI Tiers are not 

dissimilar from volume-based 

incentives that have been widely 

adopted by exchanges, including the 

Exchange, in that the DLI Tiers are 

designed to encourage Members that 

quote on the Exchange to maintain or 

increase their quoting activity on the 

Exchange by providing an incremental 

incentive for Members to strive for 

higher tier levels, thereby contributing 

to a deeper and more liquid market to 

the benefit of all market participants 

and enhancing the attractiveness of the 

Exchange as a trading venue. Through 

the enhanced rebates provided to 

Members that qualify for the DLI Tiers, 

the Exchange hopes to provide 

improved trading conditions for all 

market participants through narrower 

bid-ask spreads and increased depth of 

liquidity available at the NBBO for a 

large number of securities, generally, 

including the DLI Target Securities, in 

particular. 

The Exchange also proposes to amend 

the Fee Schedule to rename the 

‘‘Displayed Liquidity Incentive’’ 

heading to ‘‘Displayed Liquidity 

Incentive Tiers’’ to reflect the 

introduction of a tiered pricing structure 

for the DLI and the addition of a second 

tier and to reorganize the information 

related to such tiers, including the 

applicable rebates and required criteria, 

into a table format. As noted above, the 

Exchange believes that utilizing a table 

format for its tiered pricing will make 

the Fee Schedule easier for Members to 

navigate and understand. 

Increased Fee Under Liquidity Removal 

Tier 

Currently, the Exchange charges a 

standard fee of $0.0028 per share for 

executions of Removed Volume. The 

Exchange also currently offers a 

Liquidity Removal Tier in which 

qualifying Members are charged a lower 

fee of $0.00265 per share for executions 

of Removed Volume. Now, the 

Exchange proposes to rename the 

existing Liquidity Removal Tier to 

Liquidity Removal Tier 1 and to 

increase the fee charged under Liquidity 

Removal Tier 1 for executions of 

Removed Volume to $0.0027 per 

share.19 The Exchange does not propose 

to change the required criteria for a 

Member to qualify for Liquidity 

Removal Tier 1 or the fee charged under 

Liquidity Removal Tier 1 for executions 

of orders in securities priced below 

$1.00 per share that remove liquidity 

from the Exchange (i.e., 0.05% of the 

total dollar value of the transaction). 

The purpose of increasing the fee 

charged for executions of Removed 

Volume under Liquidity Removal Tier 1 

is for business and competitive reasons, 

as the Exchange believes that increasing 

such fee as proposed would generate 

additional revenue to offset some of the 

costs associated with the Exchange’s 

current pricing structure, which 

provides various rebates for liquidityadding orders, and the Exchange’s 

operations generally, in a manner that is 

consistent with the Exchange’s overall 

pricing philosophy of encouraging 

added liquidity. The Exchange notes 

that despite the modest increase 

proposed herein, the proposed fee 

charged under Liquidity Removal Tier 1 

for executions of Removed Volume (i.e., 

$0.0027 per share) remains lower than, 

and competitive with, the fee charged 

for executions of liquidity-removing 

orders charged by at least one other 

exchange under similar volume-based 

tiers.20

The Exchange also proposes to amend 

the Fee Schedule to reorganize the 

information related to Liquidity 

Removal Tier 1, including the 

applicable rebate and required criteria, 

into a table format. As noted above, the 

Exchange believes that utilizing a table 

format for its tiered pricing will make 

the Fee Schedule easier for Members to 

navigate and understand. 

Reduced Standard Rebate for Added 

Displayed Volume 

Lastly, the Exchange proposes to 

reduce the standard rebate for 

executions of Added Displayed Volume. 

Currently, the Exchange provides a 

standard rebate of $0.0031 per share for 

executions of Added Displayed Volume. 

The Exchange now proposes to reduce 

the standard rebate for executions of 

Added Displayed Volume to $0.0028 

per share.21 The Exchange notes that 


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‘‘Added displayed volume’’ with a Fee Code of ‘‘B’’, 

‘‘D’’ or ‘‘J’’, as applicable, on the execution reports 

provided to Members. 

22See, e.g., the Nasdaq PSX equities trading fee 

schedule on its public website (available at http:// 

www.nasdaqtrader.com/Trader.aspx?id=PSX_

Pricing), which reflects a standard rebate of $0.0020 

per share to add displayed liquidity in securities 

priced at or above $1.00 per share; the NYSE Arca 

equities trading fee schedule on its public website 

(available at https://www.nyse.com/publicdocs/ 

nyse/markets/nyse-arca/NYSE_Arca_Marketplace_

Fees.pdf)), which reflects a standard rebate of 

$0.0020 per share to add displayed liquidity in 

securities priced at or above $1.00 per share. 

23 15 U.S.C. 78f. 

24 15 U.S.C. 78f(b)(4) and (5). 

25Securities Exchange Act Release No. 51808 

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

executions of orders in securities priced 

below $1.00 per share that add 

displayed liquidity to the Exchange will 

continue to receive the standard rebate 

applicable to such executions (i.e., 

0.05% of the total dollar value of the 

transaction). 

The purpose of reducing the standard 

rebate for executions of Added 

Displayed Volume is also for business 

and competitive reasons, as the 

Exchange believes the reduction of such 

rebate would decrease the Exchange’s 

expenditures with respect to transaction 

pricing in a manner that is still 

consistent with the Exchange’s overall 

pricing philosophy of encouraging 

added displayed liquidity. The 

Exchange notes that despite the modest 

reduction proposed herein, the 

proposed standard rebate for executions 

of Added Displayed Volume (i.e., 

$0.0028 per share) remains higher than, 

and competitive with, the standard 

rebates provided by other exchanges for 

executions of orders in securities priced 

at or above $1.00 per share that add 

displayed liquidity.22

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,23

in general, and with Sections 6(b)(4) and 

6(b)(5) of the Act,24 in particular, in that 

it provides for the equitable allocation 

of reasonable dues, fees and other 

charges among its Members and other 

persons using its facilities and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

As discussed above, the Exchange 

operates in a highly fragmented and 

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, and the Exchange 

represents only a small percentage of 

the overall market. The Commission and 

the courts have repeatedly expressed 

their 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.’’ 25

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 to 

reduce use of certain categories of 

products, in response to new or 

different pricing structures being 

introduced into the market. 

Accordingly, competitive forces 

constrain the Exchange’s transaction 

fees and rebates, and market 

participants can readily trade on 

competing venues if they deem pricing 

levels at those other venues to be more 

favorable. The Exchange believes the 

proposal reflects a reasonable and 

competitive pricing structure designed 

to incentivize market participants to 

direct their order flow to the Exchange 

and to enhance market quality to the 

benefit of all Members and market 

participants. 

The Exchange believes the proposed 

Liquidity Provision Tier 2 is reasonable 

because it would provide Members with 

an additional incentive to achieve a 

certain volume threshold on the 

Exchange. The Exchange notes that 

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 benefits or discounts 

that are reasonably related to: (i) The 

value to an exchange’s market quality; 

(ii) associated higher levels of market 

activity, such as high levels of liquidity 

provision and/or growth patterns; and 

(iii) the introduction of higher volumes 

of orders into the price and volume 

discovery processes. The Exchange 

believes the proposed Liquidity 

Provision Tier 2 is equitable and not 

unfairly discriminatory for these same 

reasons, as it is available to all Members 

and is designed to encourage Members 

to maintain or increase their orders that 

add liquidity on the Exchange, thereby 

contributing to a deeper and more liquid 

market to the benefit of all market 

participants and enhancing the 

attractiveness of the Exchange as a 

trading venue. Moreover, the Exchange 

believes the proposed Liquidity 

Provision Tier 2 is a reasonable means 

to incentivize such increased activity, as 

it provides Members with an additional 

opportunity to qualify for an enhanced 

rebate for executions of Added 

Displayed Volume with less stringent 

criteria than Liquidity Provision Tier 1. 

Additionally, the Exchange believes 

the proposed enhanced rebate for 

executions of Added Displayed Volume 

under Liquidity Provision Tier 2 (i.e., 

$0.0031 per share) is reasonable, in that 

it represents only a modest increase 

from the proposed standard rebate for 

such executions (i.e., $0.0028 per share) 

and is the same as the current standard 

rebate for such executions. Thus, the 

Exchange believes that it is reasonable, 

consistent with an equitable allocation 

of fees, and not unfairly discriminatory 

to provide an enhanced rebate for 

executions of Added Displayed Volume 

to Members that qualify for the 

Liquidity Provision Tier 2 in 

comparison with the standard rebate for 

such executions in recognition of the 

benefits that such Members provide to 

the Exchange and market participants, 

as described above, particularly as the 

magnitude of the enhanced rebate is not 

unreasonably high and is, instead, 

reasonably related to the enhanced 

market quality it is designed to achieve. 

The Exchange believes the proposed 

change to modify the required criteria 

for Liquidity Provision Tier 1 from an 

ADAV of at least 15,000,000 shares to an 

ADAV of at least 0.20% of the TCV is 

reasonable because, as noted above, the 

Exchange believes that basing 

qualification for the Liquidity Provision 

Tiers on an ADAV threshold that is a 

percentage of the TCV, rather than an 

ADAV threshold that is a specified 

number of shares, is appropriate so that 

the threshold is variable based on 

overall volumes in the equities industry, 

which fluctuate from month to month. 

The Exchange further believes the 

proposed new criteria is equitable and 

non-discriminatory because all 

Members will continue to be eligible to 

qualify for Liquidity Provision Tier 1 

and have the opportunity to receive the 

corresponding enhanced rebate if such 

criteria is achieved. Additionally, as 

noted above, the Exchange believes that 

several Members that currently qualify 

for Liquidity Provision Tier 1 would 

continue to qualify under the proposed 

new criteria, which the Exchange 

believes does not represent a significant 

departure from the criteria currently 

required under such tier based on 

overall equities volumes in recent 

months. The Exchange notes that should 


tkelley on DSK125TN23PROD with NOTICES
51214 Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 

26See supra note 10. 

a Member not meet the proposed new 

criteria for Liquidity Provision Tier 1, 

such Member would merely not receive 

that corresponding enhanced rebate, 

and such Member would still have an 

opportunity to qualify for an 

enhanced—albeit slightly lower—rebate 

for executions of Added Displayed 

Volume under the proposed Liquidity 

Provision Tier 2, which has less 

stringent criteria, as described above. 

The Exchange further believes that the 

proposed new criteria for Liquidity 

Provision Tier 1 and the proposed 

criteria and rebate for Liquidity 

Provision Tier 2 are reasonable, in that 

the proposed new criteria for Liquidity 

Provision Tier 1 is incrementally more 

difficult to achieve than that for 

Liquidity Provision Tier 2, and thus, 

Liquidity Provision Tier 1 appropriately 

offers a higher rebate commensurate 

with the corresponding higher volume 

threshold. Therefore, the Exchange 

believes the Liquidity Provision Tiers, 

as proposed, are consistent with an 

equitable allocation of fees and rebates, 

as the more stringent criteria correlates 

with the corresponding tier’s higher 

rebate. The Exchange further believes 

that the rebates provided under the 

Liquidity Provision Tiers, as proposed, 

including the current rebate for 

Liquidity Provision Tier 1 (i.e., $0.00335 

per share) and the proposed rebate for 

Liquidity Provision Tier 2 (i.e., $0.0031 

per share), are reasonable because, as 

noted above, such rebates are 

comparable to, and competitive with, 

the rebates for executions of liquidityadding displayed orders provided by at 

least one other exchange under similar 

volume-based tiers.26

The Exchange also believes that it is 

reasonable, consistent with an equitable 

allocation of fees and rebates, and not 

unfairly discriminatory to provide 

Members that qualify for the proposed 

Liquidity Provision Tier 2 a rebate of 

0.05% of the total dollar value of the 

transaction for executions of orders in 

securities priced below $1.00 per share 

that add liquidity to the Exchange, as 

this is the same rebate that would be 

applicable to such executions for all 

Members (i.e., including those that do 

not qualify for any Liquidity Provision 

Tier), which is also the case under the 

Exchange’s current pricing. 

As noted above, the DLI Tiers are not 

dissimilar from volume-based 

incentives that have been widely 

adopted by exchanges, including the 

Exchange’s Liquidity Provision Tiers 

described above, in that the DLI Tiers 

are designed to encourage Members that 

quote on the Exchange to maintain or 

increase their quoting activity on the 

Exchange by providing an incremental 

incentive for Members to strive for 

higher tier levels by achieving the 

applicable quoting requirement in a 

larger number of securities, generally, 

and in a larger number of DLI Target 

Securities, in particular, in a manner 

that provides increasingly higher 

benefits for satisfying increasingly more 

stringent criteria. Thus, the Exchange 

believes the proposed new DLI Tier 1 is 

equitable and not unfairly 

discriminatory for the same reasons 

described above with respect to the 

Liquidity Provision Tiers, as it is 

available to all Members and is designed 

to encourage Members to promote price 

discovery and market quality both in a 

broad manner with respect to all 

securities traded on the Exchange, 

through the 1,000 securities 

requirement, and in a targeted manner 

with respect to certain designated 

securities in which the Exchange 

specifically seeks to inject additional 

quoting competition (i.e., the DLI Target 

Securities), through the 125 DLI Target 

Securities requirement, thereby 

benefitting the Exchange and investors 

by providing improved trading 

conditions for all market participants 

through narrower bid-ask spreads and 

increased depth of liquidity available at 

the NBBO in a broad base of securities, 

including the DLI Target Securities, and 

committing capital to support the 

execution of orders. Moreover, the 

Exchange believes the addition of 

proposed DLI Tier 1 is a reasonable 

means to incentivize such increased 

activity, as it provides Members with an 

additional opportunity to qualify for an 

enhanced rebate for executions of 

Added Displayed Volume. 

The Exchange further believes that the 

proposed reduced rebate for DLI Tier 2 

and the proposed criteria and rebate for 

DLI Tier 1 are reasonable, in that the 

proposed criteria for DLI Tier 1 is 

incrementally more difficult than that 

for DLI Tier 2, and thus, appropriately 

offers a higher rebate commensurate 

with the more stringent securities 

requirements. Therefore, the Exchange 

believes the DLI Tiers, as proposed, are 

consistent with an equitable allocation 

of fees and rebates, as the more stringent 

criteria correlates with the 

corresponding tier’s higher rebate. 

Additionally, the Exchange believes 

that it is reasonable, consistent with an 

equitable allocation of fees, and not 

unfairly discriminatory to provide an 

enhanced rebate for executions of 

Added Displayed Volume to Members 

that qualify for the DLI Tier 1 in 

comparison with the standard rebate for 

such executions in recognition of the 

benefits that such Members provide to 

the Exchange and market participants, 

as described above, particularly as the 

magnitude of the enhanced rebate is not 

unreasonably high and is, instead, 

reasonably related to the enhanced 

market quality it is designed to achieve. 

The Exchange notes that the proposed 

enhanced rebate provided under the DLI 

Tier 1 is the same as the current rebate 

provided under the existing DLI Tier 2 

(i.e., $0.0036 per share), and thus, is 

reasonable. The Exchange further notes 

that Members that do not meet the 

proposed DLI Tier 1’s requirements may 

still qualify for an enhanced rebate that 

is higher than the standard rebate for 

executions of Added Displayed Volume 

through the existing DLI Tier 2, which 

has less stringent securities 

requirements, or the Liquidity Provision 

Tiers, which do not require a Member 

to consistently quote at the NBBO across 

a broad range of securities. 

The Exchange believes that it is 

reasonable, consistent with an equitable 

allocation of fees and rebates, and not 

unfairly discriminatory to provide 

Members that qualify for the proposed 

new DLI Tier 1 a rebate of 0.05% of the 

total dollar value of the transaction for 

executions of orders in securities priced 

below $1.00 per share that add liquidity 

to the Exchange, as this is the same 

rebate that would be applicable to such 

executions for all Members (i.e., 

including those that do not qualify for 

any DLI Tier), which is also the case 

under the Exchange’s current pricing. 

The Exchange believes that the 

proposed changes to increase the fee 

charged under Liquidity Removal Tier 1 

for executions of Removed Volume and 

to reduce the standard rebate for 

executions of Added Displayed Volume 

are reasonable, equitable, and consistent 

with the Act because such changes are 

designed to generate additional revenue 

and decrease the Exchange’s 

expenditures with respect to transaction 

pricing in order to offset some of the 

costs associated with the Exchange’s 

current pricing structure, which 

provides various rebates for liquidityadding orders, and the Exchange’s 

operations generally, in a manner that is 

consistent with the Exchange’s overall 

pricing philosophy of encouraging 

added liquidity, as described above. 

The Exchange further believes that the 

proposed increased fee charged under 

Liquidity Removal Tier 1 for executions 

of Removed Volume (i.e., $0.0027 per 

share) is reasonable and appropriate 

because it continues to provide an 

opportunity for Members to qualify for 

a fee that is lower than the standard fee 

for executions of Removed Volume, it 

represents only a modest increase from 


tkelley on DSK125TN23PROD with NOTICES
Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 51215 

27See supra note 20. 

28See supra note 22. 

29 15 U.S.C. 78f(b)(4) and (5). 30See supra note 25. 

the current fee charged under Liquidity 

Removal Tier 1 for executions of 

Removed Volume (i.e., $0.00265 per 

share) and, as noted above, remains 

lower than, and competitive with, the 

fee charged for executions of liquidityremoving orders charged by at least one 

other exchange under similar volumebased tiers.27 Additionally, the 

Exchange believes that such proposed 

fee is equitably allocated and not 

unfairly discriminatory because it will 

continue to apply equally to all 

Members, in that all Members will 

continue to have the opportunity to 

achieve the tier’s required criteria, 

which the Exchange is not proposing to 

modify with this proposal, and in turn, 

qualify for a lower fee for executions of 

Removed Volume. 

Similarly, the Exchange believes that 

the proposed reduced standard rebate 

for executions of Added Displayed 

Volume (i.e., $0.0028 per share) is 

reasonable and appropriate because it 

represents only a modest decrease from 

the current standard rebate for 

executions of Added Displayed Volume 

(i.e., $0.0031 per share) and, as noted 

above, remains higher than, and 

competitive with, the standard rebates 

provided by other exchanges for 

executions of orders in securities priced 

at or above $1.00 per share that add 

displayed liquidity.28 The Exchange 

further believes that the proposed 

increased fee charged under Liquidity 

Removal Tier 1 for executions of 

Removed Volume and the proposed 

reduced standard rebate for executions 

of Added Displayed Volume are 

equitably allocated and not unfairly 

discriminatory because they both will 

apply equally to all Members. 

Lastly, the Exchange believes that the 

proposed changes to rename the 

Exchange’s pricing tiers and section 

headings on the Fee Schedule to reflect 

tier numbering and the addition of new 

tiers, and to reorganize the information 

related to the Exchange’s tiered pricing, 

including the applicable rebates and 

required criteria, into a table format are 

reasonable, equitable, and nondiscriminatory because such changes 

are designed to ensure the Fee Schedule 

clearly reflects the Exchange’s pricing 

structure and to make the Fee Schedule 

easier for Members to navigate and 

understand. 

For the reasons discussed above, the 

Exchange submits that the proposal 

satisfies the requirements of Sections 

6(b)(4) and 6(b)(5) of the Act 29 in that 

it provides for the equitable allocation 

of reasonable dues, fees and other 

charges among its Members and other 

persons using its facilities and is not 

designed to unfairly discriminate 

between customers, issuers, brokers, or 

dealers. As described more fully below 

in the Exchange’s statement regarding 

the burden on competition, the 

Exchange believes that its transaction 

pricing is subject to significant 

competitive forces, and that the 

proposed fees and rebates described 

herein are appropriate to address such 

forces. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposal will result in any burden 

on competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. Instead, as 

discussed above, the proposal is 

intended to enhance market quality on 

the Exchange in a large number of 

securities, generally, and in the DLI 

Target Securities, in particular, and to 

encourage Members to maintain or 

increase their order flow on the 

Exchange, thereby promoting price 

discovery and contributing to a deeper 

and more liquid market to the benefit of 

all market participants. As a result, the 

Exchange believes the proposal would 

enhance its competitiveness as a market 

that attracts actionable orders, thereby 

making it a more desirable destination 

venue for its customers. For these 

reasons, the Exchange believes that the 

proposal 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.’’ 30

Intramarket Competition 

The Exchange believes that the 

proposal would incentivize Members to 

promote price discovery and market 

quality by quoting at the NBBO for a 

significant portion of each day in a large 

number of securities, including the DLI 

Target Securities, to and maintain or 

increase their order flow on the 

Exchange, thereby contributing to a 

deeper and more liquid market to the 

benefit of all market participants and 

enhancing the attractiveness of the 

Exchange as a trading venue, which the 

Exchange believes, in turn, would 

continue to encourage market 

participants to direct additional order 

flow to the Exchange. Greater liquidity 

benefits all Members by providing more 

trading opportunities and encourages 

Members to send additional orders to 

the Exchange, thereby contributing to 

robust levels of liquidity, which benefits 

all market participants. The opportunity 

to qualify for the Liquidity Provision 

Tiers and the DLI Tiers, and thus 

receive the corresponding enhanced 

rebate for executions of Added 

Displayed Volume, would be available 

to all Members that meet the associated 

requirements in any month. Further, as 

noted above, the Exchange believes that 

the proposed new criteria for Liquidity 

Provision Tier 1, as well as the proposed 

new Liquidity Provision Tier 2 which 

has less stringent criteria, are attainable 

for several Members and that the 

respective enhanced rebates provided 

under such tiers are reasonably related 

to the enhanced market quality that 

such tiers are designed to promote. 

Similarly, the Exchange believes that 

the proposed DLI Tier 1’s requirements, 

as well as the existing DLI Tier 2’s 

requirements, are attainable for several 

Members that actively quote on 

exchanges and that the respective 

enhanced rebates provided under such 

tiers are reasonably related to the 

enhanced market quality that such tiers 

are designed to promote. Additionally, 

the proposed increased fee charged 

under Liquidity Removal Tier 1 for 

executions of Removed Volume and the 

proposed reduced standard rebate for 

executions of Added Displayed Volume 

would apply equally to all Members. As 

such, the Exchange believes the 

proposed changes would not impose 

any burden on intramarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Intermarket Competition 

As noted above, 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. Members 

have numerous alternative venues that 

they may participate on and direct their 

order flow to, including 15 other 

equities exchanges and numerous 

alternative trading systems and other 

off-exchange venues. As noted above, no 

single registered equities exchange 

currently has more than approximately 

16% of the total market share of 

executed volume of equities trading. 

Thus, in such a low-concentrated and 

highly competitive market, no single 

equities exchange possesses significant 

pricing power in the execution of order 

flow. Moreover, 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 


tkelley on DSK125TN23PROD with NOTICES
51216 Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 

31See supra notes 10, 20 and 22. 

32See supra note 25. 

33NetCoalition 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–NYSE–2006–21)). 

34 15 U.S.C. 78s(b)(3)(A)(ii). 

35 17 CFR 240.19b–4(f)(2). 36 17 CFR 200.30–3(a)(12). 

discontinue to reduce use of certain 

categories of products, in response to 

new or different pricing structures being 

introduced into the market. 

Accordingly, competitive forces 

constrain the Exchange’s transaction 

fees and rebates, including with respect 

to executions of Added Displayed 

Volume and Removed Volume, and 

market participants can readily choose 

to send their orders to other exchange 

and off-exchange venues if they deem 

fee levels at those other venues to be 

more favorable. As described above, the 

proposed changes are competitive 

proposals through which the Exchange 

is seeking to encourage additional order 

flow and quoting activity on the 

Exchange and to promote market quality 

through pricing incentives that are 

comparable to, and competitive with, 

pricing programs in place at other 

exchanges with respect to executions of 

Added Displayed Volume and Removed 

Volume,31 as well as to generate 

additional revenue to offset some of the 

costs associated with the Exchange’s 

current pricing structure and its 

operations generally. Accordingly, the 

Exchange believes the proposal would 

not burden, but rather promote, 

intermarket competition by enabling it 

to better compete with other exchanges 

that offer similar incentives to market 

participants that enhance market quality 

and/or achieve certain volume criteria 

and thresholds. 

Additionally, 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.’’ 32 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. SEC, 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’ . . . .’’.33 Accordingly, the 

Exchange does not believe its proposed 

pricing changes impose 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)(ii) of the Act 34 and Rule 

19b–4(f)(2) 35 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 shall 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– 

MEMX–2021–11 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–MEMX–2021–11. 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–MEMX–2021–11 and 

should be submitted on or before 

October 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19728 Filed 9–13–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #17153 and #17154; 

Louisiana Disaster Number LA–00116] 

Presidential Declaration of a Major 

Disaster for Public Assistance Only for 

the State of Louisiana 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Louisiana (FEMA–461–DR), 

dated 09/07/2021. 

Incident: Hurricane Ida. 


tkelley on DSK125TN23PROD with NOTICES