Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices 51687 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

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

2 17 CFR 240.19b–4. 

POSTAL REGULATORY COMMISSION 

[Docket No. CP2020–181] 

New Postal Product 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice. 

SUMMARY: The Commission is noticing a 

recent Postal Service filing for the 

Commission’s consideration concerning 

a negotiated service agreement. This 

notice informs the public of the filing, 

invites public comment, and takes other 

administrative steps. 

DATES: Comments are due: September 

20, 2021. 

ADDRESSES: Submit comments 

electronically via the Commission’s 

Filing Online system at http://

www.prc.gov. Those who cannot submit 

comments electronically should contact 

the person identified in the FOR FURTHER

INFORMATION CONTACT section by 

telephone for advice on filing 

alternatives. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the market dominant or 

the competitive product list, or the 

modification of an existing product 

currently appearing on the market 

dominant or the competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s): CP2020–181; Filing 

Title: Notice of the United States Postal 

Service of Filing Modification One to 

Global Reseller Expedited Package 2 

Negotiated Service Agreement; Filing 

Acceptance Date: September 10, 2021; 

Filing Authority: 39 CFR 3035.105; 

Public Representative: Gregory Stanton; 

Comments Due: September 20, 2021. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2021–20014 Filed 9–15–21; 8:45 am] 

BILLING CODE 7710–FW–P 

RAILROAD RETIREMENT BOARD 

Sunshine Act Meetings 

TIME AND DATE: 10:00 a.m., September 

23, 2021. 

PLACE: Members of the public wishing 

to attend the meeting must submit a 

written request at least 24 hours prior to 

the meeting to receive dial-in 

information. All requests must be sent 

to SecretarytotheBoard@rrb.gov. 

STATUS: This meeting will be open to the 

public. 

MATTERS TO BE CONSIDERED: 

(1) SCOTUS update 

(2) Re-Entry Plan update 

(3) Office of Legislative Affairs briefing 

(4) Budget briefing from CFO 

CONTACT PERSON FOR MORE INFORMATION: 

Stephanie Hillyard, Secretary to the 

Board, (312) 751–4920. 

Authority: 5 U.S.C. 552b. 

Dated: September 14, 2021. 

Stephanie Hillyard, 

Secretary to the Board. 

[FR Doc. 2021–20167 Filed 9–14–21; 4:15 pm] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92933; File No. SR– 

CboeBYX–2021–018] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

September 10, 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 BYX Exchange, 

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

‘‘Exchange’’ or ‘‘BYX’’) proposes to 

amend its Fee Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/byx/), 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 

51688 Federal Register / Vol. 86, No. 177 / Thursday, September 16, 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/. 

4Orders yielding Fee Code B are displayed orders 

that add liquidity to BYX (Tape B) and are assessed 

a standard fee of $0.00200. 

5Orders yielding Fee Code V are displayed orders 

that add liquidity to BYX (Tape A) and are assessed 

a standard fee of $0.00200. 

6Orders and orders yielding Fee Code Y are 

displayed orders that add liquidity to BYX (Tape C) 

and are assessed a standard fee of $0.00200. 

7 ‘‘ADAV’’ means average daily added volume 

calculated as the number of shares added per day. 

ADAV is calculated on a monthly basis. 

8 ‘‘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. 

9 15 U.S.C. 78f. 

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

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Fee Schedule to amend the criteria for 

Add Volume Tiers 1 through 4, 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, no single 

registered equities exchange has more 

than 16% of the market share.3 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 

‘‘Taker-Maker’’ model whereby it pays 

credits to members that remove 

liquidity and assesses fees to those that 

add liquidity. The Exchange’s Fee 

Schedule sets forth the standard rebates 

and rates applied per share for orders 

that remove and provide liquidity, 

respectively. Particularly, for securities 

at or above $1.00, the Exchange 

provides a standard rebate of $0.00020 

per share for orders that remove 

liquidity and assesses a fee of $0.00200 

per share for orders that add liquidity. 

For orders priced below $1.00, the 

Exchange does not assess a fee or 

provide a rebate for orders that add 

liquidity and assesses a fee of 0.10% of 

total dollar value for orders that remove 

liquidity. 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 discontinue to 

reduce use of certain categories of 

products, in response to fee changes. 

Accordingly, competitive forces 

constrain the Exchange’s transaction 

fees, and market participants can readily 

trade on competing venues if they deem 

pricing levels at those other venues to 

be more favorable. 

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. For example, the 

Exchange currently offers various Add/ 

Remove Volume Tiers under footnote 1 

of the Fee Schedule, which offer various 

enhanced rebates and reduced fees for 

reaching certain, incrementally more 

challenging volume-based thresholds. 

The Exchange proposes to amend the 

criteria for Add Volume Tiers 1 through 

4 under footnote 1 of the Fee Schedule, 

which tiers currently provide Members 

an opportunity to qualify for reduced 

fees for orders yielding fee codes B,4 V,5

and Y 6 where a Member meets certain 

required volume-based criteria. 

Specifically, Add Volume Tiers 1 

through 4 are as follows: 

• Tier 1 provides a reduced fee of 

$0.0017 per share to a Member that has 

an ADAV 7 as a percentage of TCV 8

greater than or equal to 0.25%. 

• Tier 2 provides a reduced fee of 

$0.0014 per share to a Member that has 

an ADAV as a percentage of TCV greater 

than or equal to 0.30%. 

• Tier 3 provides a reduced fee of 

$0.0013 per share to a Member that has 

an ADAV as a percentage of TCV greater 

than or equal to 0.45%. 

• Tier 4 provides a reduced fee of 

$0.0012 per share to a Member that has 

an ADAV as a percentage of TCV greater 

than or equal to 1.00%. 

Now, the Exchange proposes to 

modify these tiers to reduce the ADAV 

as a percentage of TCV thresholds. The 

proposed Add Volume Tiers are as 

follows: 

• To meet the proposed criteria in 

Tier 1, a Member must have an ADAV 

as a percentage of TCV equal to or 

greater than 0.20% (instead of 25%). 

• To meet the proposed criteria in 

Tier 2, a Member must have an ADAV 

as a percentage of TCV equal to or 

greater than 0.25% (instead of 30%). 

• To meet the proposed criteria in 

Tier 3, a Member must have an ADAV 

as a percentage of TCV equal to or 

greater than 0.30% (instead of 45%). 

• To meet the proposed criteria in 

Tier 4, a Member must have an ADAV 

as a percentage of TCV equal to or 

greater than 0.60% (instead of 1.00%). 

The proposed changes to these tiers 

are designed to make each tier’s criteria 

easier to reach by lowering the volumebased criteria (i.e., the ADAV as a 

percentage of TCV thresholds). The 

Exchange believes that by easing the 

tiers’ criteria difficulty it will encourage 

those Members who could not 

previously achieve these Tiers to 

increase their order flow as a means to 

receive the Tiers’ proffered fee 

reductions. The Exchange does not 

propose any changes to the 

corresponding reduced fee under each 

tier and notes that it believes the current 

rates remain commensurate with each 

tier’s criteria, even as amended. The 

Exchange also believes the Add Volume 

Tiers, as amended, continue to provide 

liquidity providing Members on the 

Exchange additional opportunities to 

receive discounted rates. The Add 

Volume Tiers are designed to provide 

Members that submit displayed 

liquidity on the Exchange incentives to 

contribute to a deeper, more liquid 

market, in turn, providing additional 

execution opportunities at transparent 

prices as a result of such increased, 

displayed liquidity. The Exchange 

believes that this benefits all Members 

by enhancing overall market quality and 

contributing towards a robust and wellbalanced market ecosystem. The 

Exchange notes the modified tiers are 

available to all Members. 

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 

Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices 51689 

12See e.g., Nasdaq BX, Equity 7 Pricing Schedule, 

Section 118. 

13See BYX Equities Fee Schedule, Footnote 1, 

Add/Remove Volume Tiers. 14See supra note 3. 

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. Also, as described above, 

the Exchange notes that relative volumebased incentives and discounts have 

been widely adopted by exchanges,12

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 ease the 

volume-based criteria under Add 

Volume Tiers 1 through 4 is a 

reasonable means to encourage 

Members to increase their add liquidity 

on the Exchange. Further, the Exchange 

believes that the proposed changes are 

reasonable as the proposed criteria does 

not represent a significant departure 

from the criteria currently required of 

each tier. Additionally, the Exchange 

believes Add Volume Tiers 1 through 4 

will continue to provide Members 

additional opportunities to meet criteria 

to receive a reduced fee, even as 

modified. The Exchange also believes 

that the proposed reduced fees under 

Add Volume Tiers 1 through 4, which 

are not being changed, continue to be 

commensurate with the new criteria. 

As noted above, the Exchange 

believes the proposed changes 

incentivize Members to increase their 

overall add volume order flow, which 

may provide for deeper, more liquid 

markets and execution opportunities at 

improved prices, which the Exchange 

believes signals an increase in activity 

from other market participants. This 

overall increase in activity deepens the 

Exchange’s liquidity pool, offers 

additional cost savings, supports the 

quality of price discovery, promotes 

market transparency and improves 

market quality, for all investors. 

The Exchange believes that the 

proposed rule change represents an 

equitable allocation of fees and rebates 

and is not unfairly discriminatory 

because all Members are eligible for the 

Add Volume Tiers and have the 

opportunity to meet the tiers’ criteria 

and receive the corresponding reduced 

fees if such criteria, even as amended, 

is met. The Exchange notes that 

currently one Member is satisfying the 

current criteria under Add Volume Tier 

2 and no Members are satisfying the 

current criteria under Add Volume Tiers 

1, 3 or 4. Without having a view of 

activity on other markets and offexchange venues, the Exchange has no 

way of predicting with certainty how 

the proposed changes will impact 

Member activity. However, the 

Exchange anticipates that at least one 

Member will be able to satisfy the 

criteria proposed under Add Volume 

Tier 3 and does not anticipate any firms 

immediately satisfying Add Volume 

Tiers 1, 2 or 4. The Exchange also notes 

that the proposed changes will not 

adversely impact any Member’s ability 

to qualify for reduced fees or enhanced 

rebate offered under other tiers. Should 

a Member not meet the proposed new 

criteria, the Member will merely not 

receive the corresponding reduced fees. 

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 changes 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 changes further 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 Add Volume 

Tiers 1 through 4 applies to all Members 

equally in that all Members are eligible 

for these tiers, have a reasonable 

opportunity to meet the tiers’ criteria 

and will receive the reduced fee 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 BYX by amending 

existing pricing incentives in order to 

attract order flow and incentivize 

participants to increase their 

participation on the Exchange, 

providing for additional execution 

opportunities for market participants 

and improved price transparency. 

Greater overall order flow, trading 

opportunities, and pricing transparency 

benefits all market participants on the 

Exchange by enhancing market quality 

and continuing to encourage Members 

to send orders, thereby contributing 

towards a robust and well-balanced 

market ecosystem. 

Next, the Exchange believes the 

proposed rule change does not impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As previously discussed, the Exchange 

operates in a highly competitive market. 

In such an environment, the Exchange 

must continually review, and consider 

adjusting, its fees and rebates to remain 

competitive with other exchanges. 

Members have numerous alternative 

venues that they may participate on and 

direct their order flow, including other 

equities exchanges, off-exchange 

venues, and alternative trading systems. 

Additionally, the Exchange represents a 

small percentage of the overall market. 

Based on publicly available information, 

no single equities exchange has more 

than 16% of the market share.14

Therefore, no exchange possesses 

significant pricing power in the 

execution of order flow. Indeed, 

51690 Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices 

15See Securities Exchange Act Release No. 51808 

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

16NetCoalition 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)). 

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

18 17 CFR 240.19b–4(f). 

19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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.’’ 15 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’.16 Accordingly, the 

Exchange does not believe its proposed 

fee changes imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 17 and paragraph (f) of Rule 

19b–4 18 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– 

CboeBYX–2021–018 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–CboeBYX–2021–018. 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–CboeBYX–2021–018 and 

should be submitted on or before 

October 7, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19969 Filed 9–15–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92937; File No. SR– 

NASDAQ–2021–071] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Delete the 

Order Audit Trail System Rules in the 

Equity 5 Series of the Exchange’s 

Rulebook 

September 10, 2021. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on 

September 3, 2021, The Nasdaq Stock 

Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I and II, 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 proposes to delete the 

Order Audit Trail System (‘‘OATS’’) 

rules in the Equity 5 Series of the 

Exchange’s rulebook that provides for 

the collection of information that is 

duplicative of the data collection 

requirements of the CAT. Further, the 

Financial Industry Regulatory Authority 

(‘‘FINRA’’) has determined to eliminate 

its OATS rules. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room.