Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 50919 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The changes are 

being proposed in order to update the 

Delivery Procedures in connection with 

the listing of the Contract for trading on 

the ICE Endex market. ICE Clear Europe 

believes that such contracts would 

provide opportunities for interested 

market participants to engage in trading 

activity in the Austrian VTP Natural Gas 

market. ICE Clear Europe does not 

believe the amendments would 

adversely affect competition among 

Clearing Members, materially affect the 

cost of clearing, adversely affect access 

to clearing in Contracts for Clearing 

Members or their customers, or 

otherwise adversely affect competition 

in clearing services. Accordingly, ICE 

Clear Europe does not believe that the 

amendments would impose any impact 

or burden on competition that is not 

appropriate in furtherance of the 

purpose 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 amendments have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any comments received 

with respect to the proposed rule 

change. 

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 and paragraph (f) of Rule 

19b–4 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. 

III. 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– 

ICEEU–2021–016 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–ICEEU–2021–016. 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 Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

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–ICEEU–2021–016 

and should be submitted on or before 

October 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19611 Filed 9–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92892; File No. SR– 

CboeEDGX–2021–038] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend its 

Fee Schedule 

September 7, 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 

September 1, 2021, Cboe EDGX 

Exchange, Inc. (the ‘‘Exchange’’ or 

‘‘EDGX’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’ or ‘‘EDGX 

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/ 

options/regulation/rule_filings/edgx/) 

[sic], at the Exchange’s Office of the 

Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 


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50920 Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 

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

Volume Summary, Month-to-Date (August 30, 

2021), available at https://markets.cboe.com/us/ 

equities/market_statistics/. 

4B is appended to orders that add liquidity to 

EDGX in Tape B securities, V is appended to order 

that add liquidity to EDGX in Tape A securities, Y 

is appended to orders that add liquidity to EDGX 

in Tape C securities, 3 is appended to orders that 

add liquidity to EDGX in pre and post market in 

Tape A or C securities, and 4 is appended to orders 

that add liquidity to EDGX in pre and post market 

in Tape A [sic] or C [sic] securities. Each is 

provided the standard rebate of $0.00160. 

5ADV means average daily volume calculated as 

the number of shares added to, removed from, or 

routed by, the Exchange, or any combination or 

subset thereof, per day. ADV is calculated on a 

monthly basis. 

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. 

7Step-Up Add TCV means ADAV as a percentage 

of TCV in the relevant baseline month subtracted 

from current ADAV as a percentage of TCV. 

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

baseline month subtracted from current ADAV. 

9 15 U.S.C. 78f. 

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

11 15 U.S.C. 78f.(b)(5). 

12See 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 BZX Equities Fee Schedule, 

Footnote 1, Add/Remove Volume Tiers. 

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 applicable to its equities 

trading platform (‘‘EDGX Equities’’) to 

modify Growth Tier, effective 

September 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 

rebates 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. 

Currently, for orders in securities priced 

at or above $1.00, the Exchange 

provides a standard rebate of $0.00160 

per share for orders that add liquidity 

and assesses a fee of $0.00285 per share 

for orders that remove liquidity. For 

orders in securities priced below $1.00, 

the Exchange provides a standard rebate 

of $0.00009 per share for orders that add 

liquidity and assesses a fee of 0.30% of 

total dollar value 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. 

Under footnote 1 of the Fee Schedule 

the Exchange currently offers various 

Add/Remove Volume Tiers. In 

particular, the Exchange offers three 

Growth Tiers that each provide an 

enhanced rebate for Members’ 

qualifying orders yielding fee codes B, 

V, Y, 3 and 4,4 where a Member reaches 

certain add volume-based criteria, 

including ‘‘growing’’ its volume over a 

certain baseline month. Currently, 

Growth Tier 1 provides an enhanced 

rebated of $0.0026 per share on 

qualifying orders (i.e., orders yielding 

fee code B, V, Y, 3 and 4) where a 

Member (1) adds an ADV 5 of greater 

than or equal to 0.20% of the TCV,6 and 

(2) has a Step-Up Add TCV 7 from 

March 2019 that is greater than or equal 

to 0.10%. The Exchange proposes to 

amend the second prong of Growth Tier 

1 to update the baseline month and 

provide an alternative threshold that 

Members may meet to satisfy the second 

prong criteria. More specifically, the 

Exchange proposes to require that in 

addition to a Member needing to add an 

ADV of greater than or equal to 0.20% 

of the TCV, the Member must (i) have 

a Step-Up Add TCV from August 2021 

greater than or equal to 0.10% or (ii) 

must add a Step-Up ADAV 8 from 

August 2021 greater than or equal to 

8,000,000. Overall, the Growth tiers, 

including Growth Tier 1 as amended, 

are designed to provide Members with 

an additional opportunity to receive an 

enhanced rebate by increasing their 

order flow to the Exchange, which 

further contributes to a deeper, more 

liquid market and provides even more 

execution opportunities for active 

market participants. Incentivizing an 

increase in liquidity adding volume, 

through enhanced rebate opportunities, 

encourages liquidity adding Members 

on the Exchange to contribute to a 

deeper, more liquid market, and 

liquidity executing Members on the 

Exchange 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),10 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

issuers and other persons using its 

facilities. The Exchange also believes 

that the proposed rule change is 

consistent with the objectives of Section 

6(b)(5) 11 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest, and, 

particularly, is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

As described 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. 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. Additionally, the 

Exchange notes that relative volumebased incentives and discounts have 

been widely adopted by exchanges,12


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Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 50921 

13See EDGX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 

14A Member must also meet the second prong 

under Growth Tier 2 which requires the Member to 

have a total remove ADV of greater than or equal 

to 0.70% of TCV. See EDGX Equities Fees Schedule, 

Footnote 1. 

15Supra note 4. 

16See Securities Exchange Act Release No. 51808 

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

including the Exchange,13 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 

and (ii) associated higher levels of 

market activity, such as higher levels of 

liquidity provision and/or growth 

patterns. Competing equity exchanges 

offer similar tiered pricing structures, 

including schedules of rebates and fees 

that apply based upon members 

achieving certain volume and/or growth 

thresholds, as well as assess similar fees 

or rebates for similar types of orders, to 

that of the Exchange. 

In particular, the Exchange believes 

the proposed changes to Growth Tier 1 

is reasonable because the Tier will 

continue to be available to all Members 

and provide all Members with an 

additional opportunity to receive an 

enhanced rebate, albeit using slightly 

modified criteria and providing an 

alternative criteria Members may satisfy. 

The Exchange further believes the 

Growth Tier 1, even as amended, 

continues to provide a reasonable means 

to encourage overall growth in 

Members’ order flow to the Exchange 

and to incentivize Members to continue 

to provide liquidity adding volume to 

the Exchange by offering them an 

additional opportunity to receive an 

enhanced rebate on qualifying orders. 

An overall increase in activity would 

deepen the Exchange’s liquidity pool, 

offers additional cost savings, support 

the quality of price discovery, promote 

market transparency and improve 

market quality, for all investors. 

Further, the Exchange believes that 

the proposed changes are reasonable as 

it does not represent a significant 

departure from the criteria currently 

offered in the Fee Schedule. For 

example, the Exchange notes similar 

criteria is offered under the first prong 

of Growth Tier 2 which provides an 

enhanced rebate where a Member adds 

a Step-Up ADAV from June 2021 of 

greater than or equal to 0.10% of the 

TCV or adds a Step-Up ADAV from June 

2021 greater than or equal to 

8,000,000.14 Additionally, the Exchange 

believes that the proposed enhanced 

rebate under Growth Tier 1, which is 

not being changed, continues to be 

commensurate with the new criteria. 

The Exchange also believes that the 

proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory because all 

Members continue to be eligible for 

Growth Tier 1 and have the opportunity 

to meet the Tier’s criteria and receive 

the corresponding 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 

Growth Tier 1, as amended. While the 

Exchange has no way of predicting with 

certainty how the proposed changes will 

impact Member activity, the Exchange 

anticipates that at least one Member will 

be able to satisfy the criteria proposed 

under the Tier (currently, two Members 

satisfy Growth Tier 1). The Exchange 

also notes that proposed changes will 

not adversely impact any Member’s 

ability to qualify for reduced fees or 

enhanced rebates offered under other 

tiers. Should a Member not meet the 

proposed new criteria, the Member will 

merely not receive that corresponding 

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 changes to Growth Tier 1 

applies to all Members equally in that 

all Members are eligible for the Tier, 

have a reasonable opportunity to meet 

the Tier’s criteria and will receive the 

enhanced rebate on their qualifying 

orders if such criteria is met. The 

Exchange does not believe the proposed 

changes burdens competition, but 

rather, enhances competition as it is 

intended to increase the 

competitiveness of EDGX by amending 

an existing 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. 

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 16% of the market share.15

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.’’ 16 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 brokerVerDate Sep<11>2014 17:39 Sep 10, 2021 Jkt 253001 PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 E:\FR\FM\13SEN1.SGM 13SEN1

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50922 Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices 

17NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

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

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

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f). 20 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. 

dealers 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’ . . . .’’.17 Accordingly, the 

Exchange does not believe its proposed 

fee change 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 18 and paragraph (f) of Rule 

19b–4 19 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– 

CboeEDGX–2021–038 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–CboeEDGX–2021–038. 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–CboeEDGX–2021–038 and 

should be submitted on or before 

October 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19613 Filed 9–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92882; File No. SR– 

NYSEArca–2021–74] 

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 

September 7, 2021. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that, on August 

23, 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 eliminate the per 

share credit associated with certain 

Retail Orders that add and remove 

liquidity. The Exchange proposes to 

implement the fee change effective 

August 23, 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. 


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