Document ID: SEC-2021-0862-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Nasdaq ISE, LLC
Posted Date: 2021-06-23T04:00Z

[Federal Register Volume 86, Number 118 (Wednesday, June 23, 2021)]
[Notices]
[Pages 32997-33001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13098]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92190; File No. SR-ISE-2021-13]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend ISE's 
Pricing Schedule at Options 7, Section 3, ``Regular Order Fees and 
Rebates'' and Section 4, ``Complex Order Fees and Rebates''

June 16, 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 June 8, 2021, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``SEC'' or ``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend ISE's Pricing Schedule at Options 7, 
Section 3, ``Regular Order Fees and Rebates'' and Section 4, ``Complex 
Order Fees and Rebates.''
    The Exchange originally filed the proposed pricing change on June 
1, 2021 (SR-ISE-2021-12). On June 8, 2021, the Exchange withdrew that 
filing and submitted this filing.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/ise/rules, 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 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 ISE's Pricing Schedule at Options 7, 
Section 3, ``Regular Order Fees and Rebates'' and Section 4, ``Complex 
Order Fees and Rebates.'' Each change is described below.
Options 7, Section 3 Regular Order Fees and Rebates
    Today, the Exchange assesses a Maker Fee of $0.18 per contract in 
Select Symbols \3\ for Market Maker,\4\ Non-Nasdaq ISE Market Maker 
(FarMM),\5\ Firm Proprietary \6\/Broker-Dealer,\7\ and Professional 
Customer \8\ orders. Priority Customer \9\ orders are not assessed a 
Select Symbol Maker Fee.
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    \3\ ``Select Symbols'' are options overlying all symbols listed 
on the Nasdaq ISE that are in the Penny Interval Program. See 
Options 7, Section 1.
    \4\ This fee applies to Market Maker orders sent to the Exchange 
by Electronic Access Members. Market Makers that qualify for Market 
Maker Plus will not pay this fee if they meet the applicable tier 
thresholds set forth in Options 7, Section 3. Market Makers will 
instead be assessed fees or rebates based on the applicable tier for 
which they qualify. See notes 5 and 8 within Options 7, Section 3. 
Market Maker Plus for Select Symbols is not being amended. The term 
``Market Makers'' refers to ``Competitive Market Makers'' and 
``Primary Market Makers'' collectively. See Options 1, Section 
1(a)(21).
    \5\ A ``Non-Nasdaq ISE Market Maker'' is a market maker as 
defined in Section 3(a)(38) of the Securities Exchange Act of 1934, 
as amended, registered in the same options class on another options 
exchange. See Options 7, Section 1.
    \6\ A ``Firm Proprietary'' order is an order submitted by a 
member for its own proprietary account. See Options 7, Section 1.
    \7\ A ``Broker-Dealer'' order is an order submitted by a member 
for a broker-dealer account that is not its own proprietary account. 
See Options 7, Section 1.
    \8\ A ``Professional Customer'' is a person or entity that is 
not a broker/dealer and is not a Priority Customer. See Options 7, 
Section 1.
    \9\ A ``Priority Customer'' is a person or entity that is not a 
broker/dealer in securities, and does not place more than 390 orders 
in listed options per day on average during a calendar month for its 
own beneficial account(s), as defined in ISE Options 1, Section 
1(a)(37). Unless otherwise noted, when used in the Pricing Schedule 
the term ``Priority Customer'' includes ``Retail.'' A ``Retail'' 
order is a Priority Customer order that originates from a natural 
person, provided that no change is made to the terms of the order 
with respect to price or side of market and the order does not 
originate from a trading algorithm or any other computerized 
methodology. See Options 7, Section 1.
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    Further, today, pursuant to Options 7, Section 3, note 10, a Market 
Maker is not charged a fee or paid a rebate when trading against non-
Priority Customer Complex Orders \10\ that leg into the regular \11\ 
order book. Also, today, pursuant to Options 7, Section 3, note 11, a 
Market Maker, FarMM, Firm Proprietary/Broker Dealer, and Professional 
Customer are assessed a $0.25 per contract fee, instead of the 
applicable fee or rebate, when trading against Priority Customer 
Complex Orders that leg into the regular order book. Today, Market 
Makers that qualify for Market Maker Plus in Select Symbols pay a $0.15 
per contract fee in the symbols for which they qualify for Market Maker 
Plus when trading against Priority Customer Complex Orders of less than 
50 contracts in Select Symbols that leg into the regular order book. 
Further, Market Makers that qualify for Market Maker Plus in Select 
Symbols do not pay any fee nor receive any rebate in the symbols for 
which they qualify for Market Maker Plus when trading against Priority 
Customer Complex Orders of 50 contracts or more in Select Symbols that 
leg into the regular order book.
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    \10\ A ``Complex Order'' is any order involving the simultaneous 
purchase and/or sale of two or more different options series in the 
same underlying security, as provided in Nasdaq ISE Options 3, 
Section 14, as well as Stock-Option Orders. See Options 7, Section 
1.
    \11\ A ``Regular Order'' is an order that consists of only a 
single option series and is not submitted with a stock leg. See 
Options 7, Section 1.
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    The Exchange proposes to remove rule text from Options 7, Section 
3, note 11, which provides that Market Makers that qualify for Market 
Maker Plus in Select Symbols will pay a $0.15 per contract fee in 
symbols for which they

[[Page 32998]]

qualify for Market Maker Plus when trading against Priority Customer 
Complex Orders of less than 50 contracts in Select Symbols that leg 
into the regular order book. Additionally, the Exchange proposes to 
modify the remainder of note 11 to provide, ``Market Makers that 
qualify for Market Maker Plus in Select Symbols will not pay this fee 
nor receive any rebate in symbols for which they qualify for Market 
Maker Plus when trading against Priority Customer Complex Orders leg 
into the regular order book.''
    With the proposed amendments to note 11 of Options 7, Section 3, a 
Market Maker that qualifies for Market Maker Plus when trading against 
Priority Customer Complex Orders leg into the regular order book would 
no longer pay a $0.15 per contract fee, rather, the Market Maker would 
pay no fee, nor receive any rebate similar to the manner in which 
Market Makers are priced today for orders of 50 contracts or more in 
Select Symbols, when those Market Makers qualify for Market Maker Plus 
and trade against Priority Customer Complex Orders leg into the regular 
order book. This proposal would align pricing for Market Makers that 
qualify for Market Maker Plus when trading against Priority Customer 
Complex Orders leg into the regular order book, irrespective of the 
size of the order. Market Makers that do not qualify for Market Maker 
Plus would continue to pay a $0.25 per contract fee when trading 
against Priority Customer Complex Orders that leg into the regular 
order book similar to other market participants.
    The Exchange believes this pricing will continue to incentivize 
Market Makers to qualify for Market Maker Plus in order to earn the 
associated rebates for Market Maker Plus and also pay no fees when 
trading against Priority Customer Complex Orders leg into the regular 
order book in Select Symbols.
    The Exchange also proposes to make a non-substantive amendment to 
capitalize the term ``Complex Order'' in current note 10 of Options 7, 
Section 3.
Options 7, Section 4, Complex Order Fees and Rebates
    Currently, Options 7, Section 4 provides a fee structure for 
Complex Orders that provides rebates to Priority Customer Complex 
Orders in order to encourage Members to bring that order flow to the 
Exchange. Specifically, Priority Customer Complex Orders are provided 
rebates in Select Symbols and Non-Select Symbols \12\ (other than NDX, 
NQX, and MNX as noted within note 4 of Options 7, Section 4) based on 
Priority Customer average daily volume (``ADV'').\13\
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    \12\ ``Non-Select Symbols'' are options overlying all symbols 
excluding Select Symbols. See Options 7, Section 1.
    \13\ See tiered rebates within Options 7, Section 4.
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    Today, Options 7, Section 4, note 1 provides, ``Rebate provided per 
contract per leg if the order trades with non-Priority Customer orders 
in the Complex Order Book. Rebate provided per contract leg in Select 
Symbols where the largest leg of the Complex Order is under fifty (50) 
contracts and trades with quotes and orders on the regular order book. 
No Priority Customer Complex Order rebates will be provided in Select 
Symbols if any leg of the order that trades with interest on the 
regular order book is fifty (50) contracts or more. No Priority 
Customer Complex Order rebates will be provided in Non-Select Symbols 
if any leg of the order trades with interest on the regular order book, 
irrespective of order size.''
    The Exchange proposes to amend the second sentence in note 1 of 
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15 
per contract in Select Symbols where the largest leg of the complex 
order is under fifty (50) contracts and trades with quotes and orders 
on the regular order book.'' The proposed amendment to the second 
sentence of note 1 of Options 7, Section 4, would reduce the current 
rebate paid in Select Symbols, per contract, when the largest leg of 
the Complex Order is under fifty contracts and trades with quotes and 
orders on the regular order book. Today, the Exchange pays no Priority 
Customer Complex Order rebates in Select Symbols if any leg of the 
order that trades with interest on the regular order book is fifty 
contracts or more, nor does the Exchange pay a Priority Customer 
Complex Order rebate in Non-Select Symbols if any leg of the order 
trades with interest on the regular order book, irrespective of order 
size. The Exchange has observed in the past that several market 
participants have entered larger sized Priority Customer Complex Orders 
with a leg of fifty or more contracts to earn a rebate. When these 
Complex Orders do not find a counterparty in the Complex Order Book, 
the orders may leg into the regular order book where they are typically 
executed by Market Makers on the individual legs who pay a fee to trade 
with this order flow.\14\ As a result, the Market Maker's ability to 
provide liquidity on the Exchange is adversely affected as they are 
charged to trade against these larger complex orders when they leg into 
the regular market and execute against their quotes. For this reason, 
the Exchange continues to not pay Priority Customer Complex Order 
rebates in Select Symbols if any leg of the order that trades with 
interest on the regular order book is fifty contracts or more, 
including for Select Symbols which do not pay a Priority Customer 
Complex Order rebate if any leg of the order trades with interest on 
the regular order book, irrespective of order size.
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    \14\ For example, a Market Maker providing liquidity on the 
individual leg would typically pay a maker fee of only $0.18 per 
contract for trading with orders originating from the regular order 
book, or in the case of Market Makers that achieve Market Maker Plus 
status, would earn certain maker rebates instead of paying the $0.18 
per contract maker fee. See Options 7, Section 3, note 5.
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    The Exchange's proposal to reduce the Select Symbol rebate when the 
largest leg of the Complex Order is under fifty contracts and trades 
with quotes and orders on the regular order book, by $0.15 per 
contract, is intended to continue to incentivize Members to send order 
flow to the Exchange despite the reduction. Also, the Exchange will 
continue to pay Priority Customer rebates for Priority Customer Complex 
Orders of any size which trades with non-Priority Customer orders in 
the Complex Order Book, based on the Priority Customer Complex Tier 
achieved, thereby continuing to incentivize Members to bring Complex 
Order flow to the Exchange to earn the rebate on their Priority 
Customer Complex Order volume.
    Further, the proposal would close the pricing gap as between 
Members who receive a Priority Customer rebate, which is being reduced 
by this proposal, in Select Symbols where the largest leg of the 
Complex Order is under fifty (50) contracts and trades with quotes and 
orders on the regular order book as compared to both Members that do 
not receive a Priority Customer rebate in non-Select Symbols if any leg 
of the order trades with interest on the regular order book, 
irrespective of order size, and Members that do not receive a Priority 
Customer rebate in Select Symbols where the largest leg of the Complex 
Order is fifty contracts or more and trades with quotes and orders on 
the regular order book.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\15\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\16\ in particular, in that it

[[Page 32999]]

provides for the equitable allocation of reasonable dues, fees, and 
other charges among members and issuers and other persons using any 
facility, and is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(4) and (5).
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    The proposed changes to the Pricing Schedule are reasonable in 
several respects. As a threshold matter, the Exchange is subject to 
significant competitive forces in the market for options securities 
transaction services that constrain its pricing determinations in that 
market. The fact that this market is competitive has 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 broker-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\
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    \17\ NetCoalition 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)).
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    The Commission and the courts have repeatedly expressed their 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, while adopting a series of steps to improve the current market 
model, 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.'' \18\
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    \18\ Securities Exchange Act Release No. 51808 (June 9, 2005), 
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    Numerous indicia demonstrate the competitive nature of this market. 
For example, clear substitutes to the Exchange exist in the market for 
options security transaction services. The Exchange is only one of 
sixteen options exchanges to which market participants may direct their 
order flow. Within this environment, market participants can freely and 
often do shift their order flow among the Exchange and competing venues 
in response to changes in their respective pricing schedules. As such, 
the proposal represents a reasonable attempt by the Exchange to 
increase its liquidity and market share relative to its competitors.
Options 7, Section 3 Regular Order Fees and Rebates
    The Exchange's proposal to remove certain rule text from Options 7, 
Section 3, note 11, and amend the remaining rule text is reasonable as 
a Market Maker that qualifies for Market Maker Plus when trading 
against Priority Customer Complex Orders that leg into the regular 
order book would no longer pay a $0.15 per contract fee, rather, the 
Market Maker would pay no fee, nor receive any rebate. This proposal 
would align the pricing to the manner in which Market Makers are priced 
today for orders of 50 contracts or more in Select Symbols, when those 
Market Makers qualify for Market Maker Plus and trade against Priority 
Customer Complex Orders leg into the regular order book. Specifically, 
Market Makers that qualify for Market Maker Plus when trading against 
Priority Customer Complex Orders that leg into the regular order book, 
would pay no fee, nor receive any rebate, irrespective of the size of 
the order. The Exchange believes this pricing will continue to 
incentivize Market Makers to qualify for Market Maker Plus in order to 
earn the associated rebates for Market Maker Plus and also pay no fees 
when trading against Priority Customer Complex Orders leg into the 
regular order book in Select Symbols. Market Makers that do not qualify 
for Market Maker Plus would continue to pay a $0.25 per contract fee 
when trading against Priority Customer Complex Orders that leg into the 
regular order book similar to other market participants.
    The Exchange's proposal to remove certain rule text from Options 7, 
Section 3, note 11, and amend the remaining rule text is equitable and 
not unfairly discriminatory. Market Makers that qualifies for Market 
Maker Plus when trading against Priority Customer Complex Orders leg 
into the regular order book would uniformly pay no fee, nor receive any 
rebate, irrespective of the size of the order. The Exchange will 
continue to assess a $0.25 per contract fee to all other non-Priority 
Customer market participants, including Market Makers that do not 
qualify for Market Maker Plus, when trading against Priority Customer 
Complex Orders that leg into the regular order book. The Exchange 
believes that it is not unfairly discriminatory to not assess Market 
Makers a fee if they qualify for Market Maker Plus because those Market 
Makers are paid rebates within the Market Maker Plus Program for adding 
value for quoting at the NBBO for a significant percentage of time. 
Further, all Market Makers are subject to the same qualification 
criteria for Market Maker Plus.
    The Exchange's proposal to capitalize the term ``Complex Order'' in 
current note 10 of Options 7, Section 3 is non-substantive.
Options 7, Section 4, Complex Order Fees and Rebates
    The Exchange's proposal to amend the second sentence in note 1 of 
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15 
per contract in Select Symbols where the largest leg of the complex 
order is under fifty (50) contracts and trades with quotes and orders 
on the regular order book,'' is reasonable. The proposed amendment to 
note 1 of Options 7, Section 4, would reduce the current rebate paid in 
Select Symbols, per contract, when the largest leg of the Complex Order 
is under fifty contracts and trades with quotes and orders on the 
regular order book. Overall, the Exchange believes that the Priority 
Customer Complex Order rebate program, as modified, is reasonable 
because the program is optional and all Members can choose to 
participate or not. The Exchange's proposal to reduce the Select Symbol 
rebate when the largest leg of the Complex Order is under fifty 
contracts and trades with quotes and orders on the regular order book, 
by $0.15 per contract, is intended to continue to incentivize Members 
to send order flow to the Exchange despite the reduction. Also, the 
Exchange will continue to pay Priority Customer rebates for Priority 
Customer Complex Orders of any size which trades with non-Priority 
Customer orders in the Complex Order Book, based on the Priority 
Customer Complex Tier achieved, thereby continuing to incentivize 
Members to bring Complex Order flow to the Exchange to earn the rebate 
on their Priority Customer Complex Order volume. Further, the proposal 
would close the pricing gap as between Members who receive a Priority 
Customer rebate, which is being reduced by this proposal, in Select 
Symbols where the largest leg of the Complex Order is under fifty (50) 
contracts and trades with quotes and orders on the regular order book 
as compared to both Members that do not receive a Priority Customer 
rebate in non-Select Symbols if any leg of the order trades with 
interest on the regular order book, irrespective of order size, and 
Members that do not receive a Priority Customer rebate in Select 
Symbols where the largest leg of the

[[Page 33000]]

Complex Order is fifty contracts or more and trades with quotes and 
orders on the regular order book. This fee remains competitive with 
other options markets.\19\
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    \19\ MIAX Emerald, LLC's (``Emerald'') Pricing Schedule provides 
that Priority Customer Complex Orders contra to Priority Customer 
Complex Orders are neither charged nor rebated for Penny and Non-
Penny Classes. Priority Customer Complex Orders that leg into the 
Simple book are neither charged nor rebated. See Emerald's Pricing 
Schedule.
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    The Exchange's proposal to amend the second sentence in note 1 of 
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15 
per contract in Select Symbols where the largest leg of the complex 
order is under fifty (50) contracts and trades with quotes and orders 
on the regular order book,'' is equitable and not unfairly 
discriminatory. The Exchange will continue to uniformly pay rebates to 
Priority Customer Complex Orders trading with non-Priority Customer 
orders in the Complex Order Book, regardless of size, based on the 
Priority Customer Complex Tier achieved. Further, the Exchange would 
uniformly pay a reduced rebate (reduced by $0.15 per contract) in 
Select Symbols where the largest leg of the complex order is under 
fifty contracts and trades with quotes and orders on the regular order 
book.

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 not necessary or appropriate in 
furtherance of the purposes of the Act.
Inter-Market Competition
    The proposal does not impose an undue burden on inter-market 
competition. The Exchange believes its proposal remains competitive 
with other options markets and will offer market participants with 
another choice of where to transact options. The Exchange notes that it 
operates in a highly competitive market in which market participants 
can readily favor competing venues if they deem fee levels at a 
particular venue to be excessive, or rebate opportunities available at 
other venues to be more favorable. In such an environment, the Exchange 
must continually adjust its fees to remain competitive with other 
exchanges that have been exempted from compliance with the statutory 
standards applicable to exchanges. Because competitors are free to 
modify their own fees in response, and because market participants may 
readily adjust their order routing practices, the Exchange believes 
that the degree to which fee changes in this market may impose any 
burden on competition is extremely limited.
Options 7, Section 3 Regular Order Fees and Rebates
    The Exchange's proposal to remove certain rule text from Options 7, 
Section 3, note 11, and amend the remaining rule text does not impose 
an undue burden on competition. Market Makers that qualifies for Market 
Maker Plus when trading against Priority Customer Complex Orders leg 
into the regular order book would uniformly pay no fee, nor receive any 
rebate, irrespective of the size of the order. The Exchange will 
continue to assess a $0.25 per contract fee to all other non-Priority 
Customer market participants, including Market Makers that do not 
qualify for Market Maker Plus, when trading against Priority Customer 
Complex Orders that leg into the regular order book. Today, Market 
Makers that qualify for Market Maker Plus are paid rebates based on 
their tier qualification for adding value for quoting at the NBBO for a 
significant percentage of time. All Market Makers are subject to the 
same qualification criteria for Market Maker Plus.
    The Exchange's proposal to capitalize the term ``Complex Order'' in 
current note 10 of Options 7, Section 3 is non-substantive.
Options 7, Section 4, Complex Order Fees and Rebates
    The Exchange's proposal to amend the second sentence in note 1 of 
Options 7, Section 4 to state, ``This rebate will be reduced by $0.15 
per contract in Select Symbols where the largest leg of the complex 
order is under fifty (50) contracts and trades with quotes and orders 
on the regular order book,'' does not impose an undue burden on 
competition. The Exchange uniformly pay rebates to Priority Customer 
Complex Orders trading with non-Priority Customer orders in the Complex 
Order Book, regardless of size, based on the Priority Customer Complex 
Tier achieved and will continue to pay rebates. Further, the Exchange 
would uniformly pay a reduced rebate (reduced by $0.15 per contract) in 
Select Symbols where the largest leg of the complex order is under 
fifty contracts and trades with quotes and orders on the regular order 
book.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\20\ 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: (i) Necessary or appropriate in the public 
interest; (ii) for the protection of investors; or (iii) otherwise in 
furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \20\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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-ISE-2021-13 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-ISE-2021-13. 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,

[[Page 33001]]

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-ISE-2021-13 and should be 
submitted on or before July 14, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
J. Matthew DeLesDernier,
Assistant Secretary.

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    \21\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2021-13098 Filed 6-22-21; 8:45 am]
BILLING CODE 8011-01-P