37364 Federal Register / Vol. 87, No. 119 / Wednesday, June 22, 2022 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 See Securities Exchange Act Release No. 51808 

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

(File No. S7–10–04) (Final Rule) (‘‘Regulation 

NMS’’). 

5 See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

6 See Cboe U.S Equities Market Volume 

Summary, available at https://markets.cboe.com/us/ 

equities/market_share. See generally https://

www.sec.gov/fast-answers/divisionsmarketregmr

exchangesshtml.html. 

7 See FINRA ATS Transparency Data, available 

at https://otctransparency.finra.org/ 

otctransparency/AtsIssueData. A list of alternative 

trading systems registered with the Commission is 

available at https://www.sec.gov/foia/docs/ 

atslist.htm. 

8 See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

9 See id. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95106; File No. SR– 

NYSEAMER–2022–24] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend Certain Transaction 

Fees and Credits in the NYSE 

American Equities Price List and Fee 

Schedule 

June 15, 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 June 1, 

2022, NYSE American LLC (‘‘NYSE 

American’’ 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 proposes to amend 

certain transaction fees and credits in 

the NYSE American Equities Price List 

and Fee Schedule (‘‘Price List’’) 

pertaining to its Standard Rates and 

Retail Order Rates for transactions in 

securities at or above $1, as well as its 

transaction fees and credits and 

monthly credits applicable to Electronic 

Designated Market Makers (‘‘eDMM’’) in 

assigned securities. The Exchange 

proposes to implement the fee changes 

effective June 1, 2022. The proposed 

change is available on the Exchange’s 

website at www.nyse.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

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

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

certain transaction fees and credits in its 

Price List pertaining to its Standard 

Rates and Retail Order Rates for 

transactions in securities at or above $1, 

as well as its transaction fees and credits 

and monthly credits applicable to 

Electronic Designated Market Makers 

(‘‘eDMM’’) in assigned securities. 

The proposed changes respond to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing and 

liquidity-removing orders by offering 

further incentives for ETP Holders to 

send additional adding and removing 

liquidity to the Exchange. 

The Exchange proposes to implement 

the fee changes effective June 1, 2022. 

Competitive Environment 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its 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.’’ 4

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 5 Indeed, cash equity trading is 

currently dispersed across 16 

exchanges,6 numerous alternative 

trading systems,7 and broker-dealer 

internalizers and wholesalers, all 

competing for order flow. Based on 

publicly-available information, no 

single exchange currently has more than 

17% market share.8 Therefore, no 

exchange possesses significant pricing 

power in the execution of cash equity 

order flow. More specifically, the 

Exchange currently has less than 1% 

market share of executed volume of cash 

equities trading.9

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can move order flow, or discontinue or 

reduce use of certain categories of 

products. While it is not possible to 

know a firm’s reason for shifting order 

flow, the Exchange believes that one 

such reason is because of fee changes at 

any of the registered exchanges or nonexchange venues to which the firm 

routes order flow. Accordingly, 

competitive forces compel the Exchange 

to use exchange transaction fees and 

credits because market participants can 

readily trade on competing venues if 

they deem pricing levels at those other 

venues to be more favorable. 

Proposed Rule Change 

The Exchange proposes the following 

changes to its Price List. 

Proposed Increase to Tier 2 Fee for 

Orders Removing Liquidity 

Regarding its Standard Rates in 

securities at or above $1, the Exchange 

proposes to increase the fee for Tier 2 

orders removing liquidity. The current 

Tier 2 pricing available to ETP Holders 

with Adding ADV of at least 700,000 

shares includes a fee of $0.0027 per 

share for orders removing liquidity from 

the Exchange. The Exchange proposes to 

increase this fee to $0.0028 per share. 

The Exchange proposes this change in 

part because it would be consistent with 

the applicable rate on other 

marketplaces. For instance, Nasdaq PSX 

charges a $0.0029 per share fee for 

removing liquidity for firms meeting 

certain requirements; otherwise, its fee 

for removing liquidity is $0.0030 per 


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10 See Nasdaq PSX Pricing at https://

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

Pricing. 

11 See Cboe BZX Price List at https://

www.cboe.com/us/equities/membership/fee_

schedule/bzx/ and Cboe EDGX Price List at https:// 

www.cboe.com/us/equities/membership/fee_

schedule/edgx/. 

12 See NYSE Arca Equities Price List at https:// 

www.nyse.com/publicdocs/nyse/markets/nyse-arca/ 

NYSE_Arca_Marketplace_Fees.pdf. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(4) and (5). 

15 See Regulation NMS, supra note 4, 70 FR at 

37499. 

share.10 The Exchange’s proposed fee 

increase to $0.0028 from $0.0027 for 

removing liquidity from the Exchange 

would still be competitive with respect 

to Nasdaq PSX. 

As noted, the Exchange operates in a 

highly competitive environment. The 

Exchange does not know how much 

order flow ETP Holders choose to route 

to other exchanges or to off-exchange 

venues. Without having a view of ETP 

Holder’s activity on other exchanges 

and off-exchange venues, the Exchange 

has no way of knowing whether this 

proposed rule change would have an 

effect on the number of orders any ETP 

Holder will direct to the Exchange. 

The Exchange does not propose any 

other changes to its Standard Rates in 

securities at or above $1. 

Proposed Increase to Credit for Retail 

Orders That Add Liquidity 

Regarding its Retail Order Rates in 

securities at or above $1, the Exchange 

proposes to increase the credit for 

orders that add liquidity to the 

Exchange to $0.0032 per share, from the 

current level of $0.0030 per share. 

The Exchange proposes this change in 

part because it would be consistent with 

the applicable rate on other 

marketplaces. For instance, the base 

credit for retail orders adding liquidity 

on Cboe BZX and Cboe EDGX is $0.0032 

per share.11 The Exchange’s affiliate 

NYSE Arca Equities similarly offers a 

credit of $0.0032 per share for retail 

orders adding liquidity.12

In addition, the proposed change is 

intended to encourage greater 

participation from ETP Holders and to 

promote additional liquidity in Retail 

Orders. The competition for retail order 

flow between exchanges and offexchange venues is fierce, 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 that 

the proposed increase credit for orders 

that add liquidity to the Exchange could 

lead to more ETP Holders choosing to 

route their Retail Orders to the 

Exchange for execution rather than to a 

competing exchange. 

That said, the Exchange does not 

know how much Retail Order flow ETP 

Holders choose to route to other 

exchanges or to off-exchange venues. 

Without having a view of ETP Holders’ 

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

way of knowing whether this proposed 

rule change would result in any ETP 

Holders sending more of their Retail 

Orders to the Exchange. The Exchange 

cannot predict with certainty how many 

ETP Holders would avail themselves of 

this opportunity, but additional Retail 

Orders would benefit all market 

participants because it would provide 

greater execution opportunities on the 

Exchange. 

The proposed rule change is designed 

to be available to all ETP Holders on the 

Exchange and is intended to provide 

ETP Holders a greater incentive to direct 

more of their Retail Orders to the 

Exchange. As is the case currently, the 

Retail Order Rates would remain 

optional for ETP Holders. 

The Exchange does not propose any 

other changes to its Retail Order Rates. 

Proposed Modifications to Optional 

Monthly Credit per Security for eDMMs 

Regarding the fees and credits 

applicable to eDMMs on transactions in 

assigned securities, the Exchange 

proposes to modify the eDMM optional 

monthly credit per security. Currently, 

the Exchange offers eDMMs an optional 

monthly credit per security (‘‘Credit Per 

Security’’) up to a maximum credit of 

$550 per month per assigned security, 

provided that eDMMs agree to a credit 

of $0.0030 per share for orders adding 

displayed liquidity instead of the 

otherwise-applicable credit of $0.0045 

per share. 

The Exchange proposes to modify 

both the available Credit Per Security 

levels as well as the credit to which 

eDMMs must agree to be eligible for the 

Credit Per Security. The Exchange 

proposes that for eDMMs agreeing to a 

$0.0020 credit per share for orders 

adding displayed liquidity, the 

Exchange would increase the available 

Credit Per Security to $350 (from $250) 

for an eDMM quoting at the National 

Best Bid or Offer (‘‘NBBO’’) for a 

minimum average of 40% of the time, 

and would increase the available Credit 

Per Security to $850 (from $550) for an 

eDMM quoting at the NBBO for a 

minimum average of 50% of the time. 

The proposed changes respond to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing 

orders by offering further incentives for 

eDMMs to increase quoting on, and 

send additional displayed liquidity to, 

the Exchange. The Exchange believes 

that providing Exchange eDMMs with 

the option to receive a lower per share 

transaction credit for increased quoting 

and adding displayed liquidity in 

exchange for new higher monthly 

rebates across all eDMM assigned 

securities would foster liquidity 

provision and stability in the 

marketplace and lessen eDMM reliance 

on transaction fees, to the benefit of the 

marketplace and all market participants. 

The Exchange does not propose any 

other changes to its rates to eDMMs on 

transactions in assigned securities, 

including any changes to the rates 

applicable to eDMMs that do not elect 

to receive the optional Credit Per 

Security. 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any significant problems that market 

participants would have in complying 

with the proposed changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,13 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,14 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities, is designed to prevent 

fraudulent and manipulative acts and 

practices and to promote just and 

equitable principles of trade, and does 

not unfairly discriminate between 

customers, issuers, brokers or dealers. 

The Proposed Fee Change Is Reasonable 

As discussed above, the Exchange 

operates in a highly fragmented and 

competitive market. 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 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 


khammond on DSKJM1Z7X2PROD with NOTICES
37366 Federal Register / Vol. 87, No. 119 / Wednesday, June 22, 2022 / Notices 

products, in response to fee changes. 

ETP Holders can choose from any one 

of the 16 currently operating registered 

exchanges, and numerous off-exchange 

venues, to route such order flow. 

Accordingly, competitive forces 

constrain exchange transaction fees that 

relate to orders on an exchange. Stated 

otherwise, changes to exchange 

transaction fees can have a direct effect 

on the ability of an exchange to compete 

for order flow. 

Given this competitive environment, 

the proposal represents a reasonable 

attempt to attract additional order flow 

to the Exchange by adjusting the 

incentives for market participants, 

including eDMMs, to send additional 

displayed liquidity to the Exchange. 

Proposed Increase to Tier 2 Fee for 

Orders Removing Liquidity 

The Exchange believes that is 

proposal to increase its Tier 2 fee for 

orders removing liquidity from the 

Exchange is reasonable because it would 

be consistent with the applicable rate on 

other marketplaces. As noted above, 

Nasdaq PSX, one of the Exchange’s 

competitors, charges a fee of $0.0029 per 

share fee for removing liquidity for 

firms meeting certain requirements; 

otherwise, its fee for removing liquidity 

is $0.0030 per share. The Exchange’s 

proposed fee increase to $0.0028 from 

$0.0027 for removing liquidity from the 

Exchange would potentially increase 

revenue while still being an 

advantageous fee when compared to 

Nasdaq PSX. 

As noted, the Exchange operates in a 

highly competitive environment. The 

Exchange does not know how much 

order flow ETP Holders choose to route 

to other exchanges or to off-exchange 

venues. Without having a view of ETP 

Holder’s activity on other exchanges 

and off-exchange venues, the Exchange 

has no way of knowing whether this 

proposed rule change would have an 

effect on the number of orders any ETP 

Holder will direct to the Exchange. The 

Exchange nevertheless believes that the 

proposed fee increase is a reasonable 

attempt to increase revenue within the 

fierce competitive environment. 

Proposed Increase to Credit for Retail 

Orders That Add Liquidity 

The Exchange believes that the 

proposed increase to the credit for Retail 

Orders that add liquidity to the 

Exchange is reasonable. 

The Exchange operates in a fiercely 

competitive environment, particularly 

with regard to retail orders. As noted 

above, several of the Exchange’s 

competitors offer base credits for retail 

orders adding liquidity that are higher 

(i.e., $0.0032 credit per share) than the 

Exchange’s current credit ($0.0030 

credit per share). The Exchange believes 

that this proposal to increase its credit 

for Retail Orders adding liquidity to the 

Exchange represents a reasonable 

attempt to attract additional Retail 

Orders to the Exchange, thereby 

increasing liquidity on the Exchange 

and improving the Exchange’s market 

share relative to its competitors. In 

addition, the Exchange believes that 

attracting higher volumes of Retail 

Orders to be transacted on the Exchange 

by ETP Holders would benefit all 

market participants by offering greater 

price discovery and an increased 

opportunity to trade on the Exchange. 

Without having a view of ETP 

Holders’ activity on other markets and 

off-exchange venues, the Exchange has 

no way of knowing whether this 

proposed rule change would result in 

any ETP Holder sending more of their 

Retail Orders to the Exchange, nor can 

the Exchange predict with certainty how 

many ETP Holders would avail 

themselves of this opportunity. 

Additional Retail Orders on the 

Exchange would benefit all market 

participants because they would 

provide greater execution opportunities 

on the Exchange. 

Proposed Modifications to Optional 

Monthly Credit per Security for eDMMs 

The Exchange believes that the 

proposed modifications to eDMMs rates 

are reasonable. Providing eDMMs with 

the option to receive a lower per share 

transaction credit for adding displayed 

liquidity in exchange for higher 

monthly rebates per assigned liquidity, 

up to a maximum credit of $850 per 

month across all eDMM assigned 

securities, is reasonable because it 

would foster liquidity provision and 

stability in the marketplace and lessen 

eDMM reliance on transaction fees, to 

the benefit of the marketplace and all 

market participants. Moreover, the 

proposal is reasonable because it would 

balance the increased risks and 

heightened quoting and other 

obligations that eDMMs on the 

Exchange have and that other market 

participants do not. The Exchange also 

believes that increasing the maximum 

credit to $850 (from $550) per month for 

the Credit Per Security is reasonable and 

will provide a further incentive for 

eDMMs to quote and trade a greater 

number of securities on the Exchange 

and will generally allow the Exchange 

and eDMMs to better compete for order 

flow, and thus enhance competition. 

The Proposed Change Is an Equitable 

Allocation of Fees and Credits 

The Exchange believes its proposal 

equitably allocates its fees among its 

market participants by fostering 

liquidity provision and stability in the 

marketplace. 

Proposed Increase to Tier 2 Fee for 

Orders Removing Liquidity 

The Exchange believes that is 

proposal to increase its Tier 2 fee for 

orders removing liquidity from the 

Exchange equitably allocates fees and 

credits among market participants 

because all ETP Holders that participate 

on the Exchange may qualify for the 

proposed fee. 

The proposed change also is equitable 

because it would be consistent with the 

applicable rates on other marketplaces. 

As noted above, Nasdaq PSX, one of the 

Exchange’s competitors, charges a fee of 

$0.0029 per share fee for removing 

liquidity for firms meeting certain 

requirements; otherwise, its fee for 

removing liquidity is $0.0030 per share. 

Proposed Increase to Credit for Retail 

Orders That Add Liquidity 

The Exchange believes that its 

proposal to increase the credit available 

for Retail Orders that add liquidity to 

the exchange equitably allocates its fees 

among market participants because all 

ETP Holders that participate on the 

Exchange may qualify for the proposed 

credit if they elect to send their Retail 

Orders to the Exchange and properly 

designate them as Retail Orders. 

The Exchange further believes that the 

proposed change is equitable because it 

is reasonably related to the value to the 

Exchange’s market quality associated 

with higher volume in Retail Orders. 

The Exchange believes that increasing 

the credit available for orders 

designated as Retail Orders would 

attract additional order flow and 

liquidity to the Exchange, thereby 

contributing to price discovery on the 

Exchange and benefiting investors 

generally. 

The Exchange believes that the 

proposed rule change is equitable 

because maintaining or increasing the 

proportion of Retail Orders in exchangelisted securities that are executed on a 

registered national securities exchange 

(rather than relying on certain available 

off-exchange execution methods) would 

contribute to investors’ confidence in 

the fairness of their transactions and 

would benefit all investors by 

deepening the Exchange’s liquidity 

pool, supporting the quality of price 

discovery, promoting market 

transparency, and improving investor 

protection. 


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16 15 U.S.C. 78f(b)(8). 

17 See Securities Exchange Act Release No. 

51808, 70 FR 37495, 37498–99 (June 29, 2005) (S7– 

10–04) (Final Rule). 

Proposed Modifications to Optional 

Monthly Credit per Security for eDMMs 

The Exchange believes that it is 

equitable to offer eDMMs the option to 

receive a lower per share transaction 

credit for adding displayed liquidity in 

exchange for monthly rebates per 

assigned security because it would 

balance the increased risks and 

heightened quoting and other 

obligations that eDMMs on the 

Exchange have and that other market 

participants do not have. As such, it is 

equitable to offer eDMMs the option to 

receive a flat per security credit based 

on the eDMM’s quoting in that symbol, 

coupled with a lower transaction fee. 

The proposed change is also equitable 

because it would apply equally to all 

eDMM firms, who would have the 

option to elect (or not elect) to 

participate on a monthly basis. 

Moreover, the Exchange believes that 

the proposal is equitable because 

eDMMs would be required to meet the 

prescribed quoting requirements in 

order to qualify for the payments, as 

described above. All eDMMs would be 

eligible to elect to receive a Credit Per 

Security and could do so by notifying 

the Exchange and meeting the per 

symbol quoting requirement. 

The Proposed Fee Change Is Not 

Unfairly Discriminatory 

The Exchange believe that the 

proposed rule is not unfairly 

discriminatory, for the following 

reasons. 

Proposed Increase to Tier 2 Fee for 

Orders Removing Liquidity 

The Exchange believes that is 

proposal to increase its Tier 2 fee for 

orders removing liquidity from the 

Exchange does not permit unfair 

discrimination because the proposed fee 

would be applied to all similarly 

situated ETP Holders and other market 

participants, who would all be eligible 

for the same rates on an equal basis. 

Accordingly, no ETP Holder already 

operating on the Exchange would be 

disadvantaged by this allocation of fees 

and credits. 

In addition, the Exchange notes that 

the submission of orders to the 

Exchange is optional for ETP Holders in 

that they could choose whether to 

submit orders to the Exchange and, if 

they do, they can choose the extent of 

their activity in this regard. 

Proposed Increase to Credit for Retail 

Orders That Add Liquidity 

The Exchange believes that its 

proposal to increase the credit for Retail 

Orders that add liquidity to the 

Exchange is not unfairly discriminatory 

because it would apply to all ETP 

Holders on an equal and nondiscriminatory basis, and all similarlysituated ETP Holders would earn the 

same credits and pay the same fees for 

Retail Orders executed on the Exchange. 

In addition, the submission of Retail 

Orders is optional for ETP Holders in 

that they could choose whether to 

submit Retail Orders to the Exchange 

and, if they do, they can choose the 

extent of their activity in this regard. 

The Exchange believes that the 

proposed change is not unfairly 

discriminatory because maintaining or 

increasing the proportion of Retail 

Orders in exchange-listed securities that 

are executed on a registered national 

securities exchange (rather than relying 

on certain available off-exchange 

execution methods) would contribute to 

investors’ confidence in the fairness of 

their transactions and would benefit all 

investors by deepening the Exchange’s 

liquidity pool, supporting the quality of 

price discovery, promoting market 

transparency, and improving investor 

protection. 

Proposed Modifications to Optional 

Monthly Credit per Security for eDMMs 

The Exchange believes it is not 

unfairly discriminatory to offer eDMMs 

the option to receive a flat per security 

credit coupled with a lower transaction 

fee for orders that provide displayed 

liquidity in assigned securities as the 

proposed credits would be provided on 

an equal basis to all such participants. 

The proposed modified Credit Per 

Security levels would apply equally to 

all eDMM firms, who would have the 

option to elect (or not elect) to 

participate on a monthly basis. Further, 

the Exchange believes the proposed 

incremental credits would incentivize 

eDMMs that meet the proposed quoting 

requirements to send more orders to the 

Exchange to qualify for a higher Credit 

Per Security. 

The proposal neither targets nor will 

it have a disparate impact on any 

particular category of market 

participant. The proposal does not 

permit unfair discrimination because 

the proposed thresholds would be 

applied to all similarly situated eDMMs, 

who would all be eligible for the same 

credit on an equal basis. Accordingly, 

no eDMM already operating on the 

Exchange would be disadvantaged by 

this allocation of fees. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,16 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, as 

discussed above, the Exchange believes 

that the proposed fee change would 

encourage the submission of additional 

liquidity to a public exchange, thereby 

promoting market depth, price 

discovery, and transparency and 

enhancing order execution 

opportunities for market participants. 

As a result, the Exchange believes that 

the proposed change furthers the 

Commission’s goal in adopting 

Regulation NMS of fostering integrated 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 17

Intramarket Competition. The 

Exchange believes the proposed change 

would not impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed 

change is designed to attract additional 

orders to the Exchange. The Exchange 

believes that the proposed changes 

would incentivize market participants 

to direct their orders to the Exchange. 

Greater overall order flow, trading 

opportunities, and pricing transparency 

benefit all market participants on the 

Exchange by enhancing market quality 

and continuing to encourage ETP 

Holders to send orders, thereby 

contributing towards a robust and wellbalanced market ecosystem. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

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. As noted above, the Exchange 

currently has less than 1% market share 

of executed volume of equities trading. 

In such an environment, the Exchange 

must continually adjust its fees and 

credits to remain competitive with other 

exchanges and with off-exchange 

venues. Because competitors are free to 

modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 


khammond on DSKJM1Z7X2PROD with NOTICES
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18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(2). 

20 15 U.S.C. 78s(b)(2)(B). 21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

can impose any burden on intermarket 

competition. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar order types 

and comparable transaction pricing, by 

encouraging additional orders to be sent 

to the Exchange for execution. 

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 foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 18 of the Act and 

subparagraph (f)(2) of Rule 19b–4 19

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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) 20 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEAMER–2022–24 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–NYSEAMER–2022–24. 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–NYSEAMER–2022–24, and 

should be submitted on or before July 

13, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13273 Filed 6–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95107; File No. SR–C2– 

2022–012] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Amend the Fees 

Schedule 

June 15, 2022. 

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 June 1, 

2022, Cboe C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2’’) 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 C2 Exchange, Inc. (‘‘C2’’ or the 

‘‘Exchange’’) is filing with the Securities 

and Exchange Commission (the 

‘‘Commission’’) a proposed rule change 

to amend the fees 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://www.cboe.com/ 

AboutCBOE/CBOELegal

RegulatoryHome.aspx), 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. 

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 in connection with its 

discount program for Bulk BOE Logical 

Ports, effective June 1, 2022. 

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 


khammond on DSKJM1Z7X2PROD with NOTICES