24594 Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Rule 6.37AP–O describes Market Maker quoting 

obligations, including defining ‘‘quotation,’’ 

describing the treatment of each such quotation, 

and specifying Market Maker and LMM quoting 

obligations. The Exchange notes that because it has 

not yet migrated to the Pillar platform, Rule 6.37A– 

O continues to apply to the Market Maker 

quotations, which rule is not being modified by this 

filing. At the time of this filing, the Exchange has 

not announced the planned migration date(s) for 

Pillar but will do so via Trader Update. 

5Rule 6.37AP–O(a)(2) provides that a Market 

Maker may designate either a Non-Routable Limit 

Order or an ALO Order as a quote and such quotes 

would be processed as described in Rule 6.62P– 

O(e). 

6See proposed Rule 6.37AP–O(a)(1). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

3. Approval of the Minutes. 

4. Committee Reports. 

5. Quarterly Financial Report. 

6. Quarterly Service Performance 

Report. 

7. Approval of Tentative Agenda for 

August 9 Meeting. 

A public comment period will begin 

immediately following the adjournment 

of the open session on May 5, 2022. 

During the public comment period, 

which shall not exceed 45 minutes, 

members of the public may comment on 

any item or subject listed on the agenda 

for the open session above. 

Additionally, the public will be given 

the option to join the public comment 

session and participate via 

teleconference. Registration of speakers 

at the public comment period is 

required. Should you wish to participate 

via teleconference, you will be required 

to give your first and last name, a valid 

email address to send an invite and a 

phone number to reach you should a 

technical issue arise. Speakers may 

register online at https://

www.surveymonkey.com/r/bog-05-05- 

2022. No more than three minutes shall 

be allotted to each speaker. The time 

allotted to each speaker will be 

determined after registration closes. 

Registration for the public comment 

period, either in person or via 

teleconference, will end on May 3 at 5 

p.m. ET. Participation in the public 

comment period is governed by 39 CFR 

232.1(n). 

CONTACT PERSON FOR MORE INFORMATION: 

Michael J. Elston, Secretary of the Board 

of Governors, U.S. Postal Service, 475 

L’Enfant Plaza SW, Washington, DC 

20260–1000. Telephone: (202) 268– 

4800. 

Michael J. Elston, 

Secretary. 

[FR Doc. 2022–09013 Filed 4–22–22; 4:15 pm] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94764; File No. SR– 

NYSEArca–2022–22] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 

6.37AP–O 

April 20, 2022. 

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 April 8, 

2022, NYSE Arca, Inc. (‘‘NYSE Arca’’ or 

the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Rule 6.37AP–O (Market Maker 

Quotations). The proposed rule change 

is available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

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

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to modify 

Rule 6.37AP–O to clarify the Exchange’s 

handling of certain Market Maker 

quotations on Pillar as set forth below.4

Rule 6.37AP–O(a)(1) provides that the 

term ‘‘quote’’ or ‘‘quotation’’ means ‘‘a 

bid or offer sent by a Market Maker that 

is not sent as an order,’’ 5 and that ‘‘[a] 

quotation sent by a Market Maker will 

replace a previously displayed sameside quotation that was sent from the 

same order/quote entry port of that 

Market Maker.’’ Thus, under the current 

rule, any Market Maker quotations in a 

given option series would be replaced, 

i.e., ‘‘updated,’’ when that Market Maker 

sends a subsequent same-side quote in 

the same series from the same quote 

entry port. 

The Exchange proposes to modify 

Rule 6.37AP–O(a)(1) to make clear that 

‘‘[i]f multiple same-side quotations are 

submitted via the same quote entry port, 

the Exchange will display the Market 

Maker’s most recent same-side 

quotation.’’ 6 This proposed additional 

detail is designed to clarify the 

Exchange’s handling of successive 

Market Maker quotations (from the same 

quote entry port in the same side and 

series) should a Market Maker’s 

quotations queue during a period of 

excessive message traffic. No system, 

including Pillar, has unlimited capacity. 

As such, the Exchange seeks to clarify 

that, should the Exchange be in receipt 

of multiple same-side quotations in the 

same series from the same Market 

Maker, the Exchange would display 

only the most recent quotation to ensure 

accurate representation of that Market 

Maker’s quoting interest. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),7 in general, and furthers the 

objectives of Section 6(b)(5),8 in 

particular, because it is 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 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. 

The Exchange believes that the 

proposed rule change to specify the 

Exchange handling of successive 

quotations in the same option series 

would promote just and equitable 

principles of trade and remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system and 

protect investors. This proposed 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 24595 

9 15 U.S.C. 78s(b)(3)(A)(iii). 

10 17 CFR 240.19b–4(f)(6). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

13 15 U.S.C. 78s(b)(2)(B). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

additional detail would clarify the 

Exchange’s handling of multiple Market 

Maker quotations (from the same quote 

entry port in the same side and series) 

should a Market Maker’s quotations 

queue during a period of excessive 

message traffic. No system, including 

Pillar, has unlimited capacity. The 

Exchange therefore believes that 

displaying only the most recent Market 

Maker quote when it is in receipt of 

multiple same-side quotations in the 

same series from such Market Maker, 

would protect investors and the public 

interest by ensuring accurate 

representation of that Market Maker’s 

quoting interest. The Exchange also 

believes that the proposed change 

would add clarity and transparency to 

Exchange rules making them easier to 

navigate and comprehend. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change is not intended to 

address competition, but rather to 

clarify the Exchange’s handling of 

certain Market Maker quotations. The 

proposed change would apply to all 

similarly-situated Market Makers and 

would inure to the benefit of all market 

participants because the proposed rule 

change is designed to ensure accurate 

representation of a Market Maker’s 

quoting interest, particularly at times of 

excessive quote message traffic. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 9 and Rule 

19b–4(f)(6) thereunder.10 Because the 

foregoing proposed rule change does 

not: (i) Significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative prior to 30 days from the date 

on which it was filed, or such shorter 

time as the Commission may designate, 

if consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

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

of the Act 11 and Rule 19b–4(f)(6)(iii) 

thereunder.12

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) of the Act 13 to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2022–22 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to: Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2022–22. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. 

All submissions should refer to File 

Number SR–NYSEArca–2022–22 and 

should be submitted on or before May 

17, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08801 Filed 4–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94761; File No. SR–BX– 

2022–008] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the Clearly 

Erroneous Pilot Until July 20, 2022 

April 20, 2022. 

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 April 18, 

2022, Nasdaq BX, Inc. (‘‘BX’’ 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. 


jspears on DSK121TN23PROD with NOTICES1