[Federal Register Volume 84, Number 185 (Tuesday, September 24, 2019)]
[Notices]
[Pages 50089-50094]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20574]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86999; File No. SR-NYSE-2019-50]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List To Aggregate Rates and Requirements Across Tapes
A, B and C Securities for Midpoint Passive Liquidity Orders
September 18, 2019.
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 September 3, 2019, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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[[Page 50090]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Price List to (1) aggregate
rates and requirements across Tapes A, B and C securities for Midpoint
Passive Liquidity (``MPL'') Orders, including revising the requirements
for the two existing MPL tiers that provide liquidity to the Exchange,
and (2) add a new tier for MPL Orders across Tapes A, B and C
securities. The Exchange proposes to implement the fee changes
effective September 3, 2019. 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 amend its Price List to revise pricing
available for MPL that provide liquidity to the Exchange as follows:
(1) Revise all MPL tiers so that the respective credits are
available for MPL Orders that add liquidity in Tapes A, B and C
securities;
(2) Add a new MPL tier with lower requirements for MPL Orders that
add liquidity in Tapes A, B and C securities. Under the proposed tier,
member organizations that have an average daily volume (``ADV'') of MPL
Orders executed on the Exchange that add liquidity (``Adding ADV'')
that is at least 0.0075% of consolidated average daily volume
(``CADV'') \4\ in Tapes A, B and C combined (``US CADV''), excluding
any liquidity added by a Designated Market Maker (``DMM''), would
qualify for a $0.0020 credit;
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\4\ The terms ``ADV'' and ``CADV'' are defined in footnote * of
the Price List.
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(3) For the two existing MPL tiers for which qualification is based
on the member organization having Adding ADV in MPL Orders in Tape A
securities that represents a specified percentage of NYSE CADV,
lowering the specified percentages and replacing the requirement of
NYSE CADV with Tapes A, B and C combined; and
(4) Conform the rates for adding liquidity in Tapes B and C
securities in MPL Orders by eliminating the separate credits for adding
liquidity in Tapes B and C securities in MPL Orders.
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 member
organizations to send additional liquidity to the Exchange.
The Exchange proposes to implement the fee changes effective
September 3, 2019.
Competitive Environment
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.'' \5\
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\5\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
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As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\6\ Indeed, equity trading is currently dispersed across 13
exchanges,\7\ 31 alternative trading systems,\8\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information, no single exchange has more
than 18% market share (whether including or excluding auction
volume).\9\ Therefore, no exchange possesses significant pricing power
in the execution of equity order flow. More specifically, the
Exchange's market share of intraday trading (i.e., excluding auctions)
in Tape A, B and C combined declined from 9.9% in March 2019 to 9.1% in
July 2019.\10\
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\6\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
\7\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
\8\ 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.
\9\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
\10\ See id.
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The Exchange believes that the ever-shifting 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, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
Proposed Rule Change
To respond to this competitive environment, the Exchange has
established incentives for its member organizations who submit MPL
Orders that provide liquidity on the Exchange, including cross-tape
incentives for member organizations based on submission of orders that
provide displayed and non-displayed liquidity in Tapes B and C
securities.
For Tape A securities at or above $1.00, the Exchange currently
offers a base rate for MPL Orders that provide liquidity to the
Exchange, excluding MPL Orders from DMMs, and two related MPL tiers for
member organizations that have a minimum amount of Adding ADV of NYSE
CADV in MPL orders. The MPL credits are $0.0010 (base rate), $0.00250
(first Adding ADV tier) and $0.00275 (second tier). Member
organizations that do not meet the Adding ADV thresholds in the two
existing tiers would receive the base rate credit.
The proposed fee change is designed to attract additional MPL Order
flow to the Exchange by aggregating rates and requirements for MPL
Orders across Tapes A, B and C securities, introducing a new tier rate
for MPL Orders that provide liquidity to the Exchange, and lowering the
Adding ADV requirements for the two existing tiers that would apply
across all three tapes rather than solely Tape A, as described below.
[[Page 50091]]
MPL Orders
An MPL Order is defined in Rule 7.31 as a Limit Order that is not
displayed and does not route, with a working price at the midpoint of
the PBBO.\11\
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\11\ See Rule 7.31(d)(3). Limit Order is defined in Rule
7.31(a)(2).
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MPL Orders That Provide Liquidity
Currently, for securities at or above $1.00 in Tape A securities,
the Exchange provides a credit of $0.00100 \12\ for all MPL Orders
(other than MPL Orders from DMMs) that add liquidity to the NYSE,
unless one of the higher credits set forth in two tiers that follow in
the Price List apply.
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\12\ For the sake of consistency, the Exchange proposes to
delete the extra zero in the current Price List.
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The Exchange proposes to retain this base rate credit but extend
its applicability to all MPL Orders in Tapes A, B and C securities,
other than MPL Orders from DMMs.
The Exchange further proposes to introduce a new, higher fee of
$0.0020 per share for member organizations that have an Adding ADV in
MPL Orders that is at least 0.0075% of Tapes A, B and C CADV combined,
excluding any liquidity added by DMMs. The proposed tier would be
inserted between the base rate and the two existing tiers, discussed
below.
For example, in a month where US CADV is 6.1 billion shares, a
member organization has an Adding ADV in MPL Orders that add liquidity
of 500,000 shares in Tapes A, B and C securities. That member
organization's Adding ADV as a percentage of US CADV would accordingly
be 0.0081%, which would qualify for the proposed MPL Adding Tier 3
credit of $0.0020 per share. Prior to proposed change, such a member
organization would have received the non-tier credit of $0.0012 per
share.
Further, currently a member organization that has Adding ADV in MPL
Orders that is at least 0.030% of NYSE CADV, excluding any liquidity
added by a DMM, would be eligible for a $0.00250 credit.
The Exchange proposes to retain this credit and revise the
qualifying requirement to having an Adding ADV in MPL Orders that is at
least 0.015% of Tapes A, B and C CADV combined, once again excluding
any liquidity added by a DMM.
Similarly, under the other current tier, a member organization that
has Adding ADV in MPL Orders that is at least 0.140% of NYSE CADV,
excluding any liquidity added by a DMM, would be eligible for a
$0.00275 credit.
The Exchange proposes to retain this credit as well and revise the
requirement for qualifying to having an Adding ADV in MPL Orders that
is at least 0.075% of Tapes A, B and C CADV combined, excluding any
liquidity added by a DMM.
The Exchange notes that the reduction in the percentage of CADV
levels for MPL Adding Tiers 1 and 2 are in line with the Tape A
percentage of all US CADV insofar as the proposed requirement utilizes
a denominator (US CADV) that is almost double the previous denominator
limited to Tape A securities. In July 2019, Tape A CADV was 3.141
billion shares, 51.2% of total US CADV, which was 6.127 billion shares.
MPL Orders That Provide Liquidity in Tapes B and C Securities
Currently, for securities priced at or above $1.00, the Exchange
offers a credit of $0.0010 per share for executions in each of Tape B
and C securities for MPL Orders that provide liquidity to the Exchange,
unless a specific credit applies.
Under the Adding Tier 1, the Exchange offers a per tape credit of
$0.0025 per share for an MPL Order on a per tape basis for transactions
in stocks with a per share price of $1.00 or more when adding liquidity
to the Exchange if the member organization has at least 0.10% of Adding
CADV in Tape B or C. For purposes of qualifying for this tier, the
0.10% of Adding CADV could include shares of both an SLP-Prop and an
SLMM \13\ of the same or an affiliated member organization.
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\13\ Under Rule 107B, a Supplemental Liquidity Provider
(``SLP'') can be either a proprietary trading unit of a member
organization (``SLP-Prop'') or a registered market maker at the
Exchange (``SLMM''). For purposes of the 10% average or more quoting
requirement in assigned securities pursuant to Rule 107B, quotes of
an SLP-Prop and an SLMM of the same member organization are not
aggregated. However, for purposes of adding liquidity for assigned
SLP securities in the aggregate, shares of both an SLP-Prop and an
SLMM of the same member organization are included.
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The Exchange proposes to delete the reference to the $0.0010 credit
per share for executions in each of Tape B and C securities for MPL
Orders and refer to the portion of the Price List following the
``Executions at the Close Equity Per Share Charge'' section that would
set forth the proposed aggregation of rates for MPL Orders across tapes
described above.
Similarly, the Exchange proposes to delete the reference to the per
tape credit of $0.0025 per share for an MPL Order on a per tape basis
in Adding Tier 1.
Application and Impact of Transition Period Pricing
The purpose of these proposed changes are to incentivize member
organizations to trade on the Exchange in MPL Orders in Tapes A, B and
C securities. The proposed new tier for member organizations with
Adding ADV in MPL Orders that is at least 0.0075% of Tapes A, B and C
CADV combined would incentivize member organizations with lower trading
volumes who qualified for the lower base rate the opportunity to
qualify for a higher credit of $0.0020, thereby increasing the number
of orders adding liquidity that are executed on the Exchange and
improving overall liquidity on a public exchange. In addition, the new
proposed tier would encourage member organizations with lower trading
volumes to increase mid-point liquidity, thereby improving overall
market quality and offering price improvement.
The proposed changes to the two existing MPL tiers to lower the
Adding ADV requirement while expanding it to all three tapes would
increase liquidity-providing MPL Orders in Tapes A, B and C securities,
which would support the quality of price discovery on the Exchange and
provide additional price improvement opportunities for incoming orders.
The Exchange believes that by correlating the amount of credits to the
level of MPL Orders sent by a member organization that add liquidity,
the Exchange's fee structure would incentivize member organizations to
submit more MPL Orders that add liquidity to the Exchange, thereby
increasing the potential for price improvement and execution
opportunities to incoming marketable orders submitted to the Exchange.
As noted above, the Exchange operates in a competitive and
fragmented market environment, particularly as it relates to attracting
non-marketable orders, which add liquidity to the Exchange. Without
having a view of a member organization's activity on other markets and
off-exchange venues, the Exchange believes the proposed new MPL tier
with a higher rate and lowered amount of Adding ADV requirement spread
across three tapes would provide an incentive for member organizations
to add additional MPL liquidity to the Exchange. Currently, 8 firms
(out of a total 146 member firms) can qualify for the MPL tiers. Based
on the profile of liquidity-adding firms generally, the Exchange
believes that at least 5 additional member organizations could qualify
for the new tiered rate under if
[[Page 50092]]
they choose to direct order flow to, and increase quoting on, the
Exchange.
The proposed changes are not otherwise intended to address 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,\14\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\15\ 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 and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4) & (5).
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The Proposed Change Is Reasonable
As discussed above, the Exchange operates in a highly fragmented
and competitive market. The Exchange believes that the ever-shifting
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, in response to fee changes. With
respect to non-marketable orders that provide liquidity on an Exchange,
member organizations can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide displayed liquidity 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. As
noted, the Exchange's market share of intraday trading (i.e., excluding
auctions) in Tape A, B and C combined declined between March and July
2019.
Specifically, the Exchange believes that aggregating rates and
requirements across tapes for MPL Orders that provide liquidity to the
Exchange is reasonable because it would streamline the Exchange's Price
List in a manner consistent with the practice on other exchanges where
adding rates are consistent across tapes for the same order types.\16\
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\16\ For instance, the requirements for the Exchange's affiliate
NYSE National, Inc.'s Adding Tiers 1, 2, and 3 utilize Adding ADV as
a percentage of US CADV, and offer the same credits for adding
displayed liquidity across Tapes A, B and C securities within the
same tier. See https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_National_Schedule_of_Fees.pdf.
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Further, the Exchange believes the proposed new tier for member
organizations with Adding ADV in MPL orders that is at least 0.0075% of
Tapes A, B and C CADV combined is reasonable because it would
incentivize member organizations with lower trading volumes who receive
the lower base rate if they do not qualify for the MPL adding tiers the
opportunity to qualify for a higher credit of $0.0020, thereby
increasing the number of orders adding liquidity that are executed on
the Exchange and improving overall liquidity on a public exchange. In
addition, the new proposed tier would encourage member organizations
with lower trading volumes to increase mid-point liquidity, thereby
improving overall market quality and offering price improvement.
Without having a view of a member organization's activity on other
markets and off-exchange venues, the Exchange believes the proposed new
MPL tier with a higher rate and lowered amount of Adding ADV spread
across three tapes would provide an incentive for member organizations
to add additional liquidity from the Exchange in Tape B and C
securities. As previously noted, a number of firms can qualify for the
MPL tiers and additional member organizations could qualify for the new
tiered rate under the proposed criteria if they choose to direct order
flow to, and increase offering the opportunity for price improvement to
incoming orders on, the Exchange.
Finally, the Exchange believes that the proposed changes to the two
existing MPL tiers to lower the Adding ADV requirement while expanding
it to all three tapes is reasonable because it would increase
liquidity-providing MPL orders in Tapes A, B and C securities, which
would support the quality of price discovery on the Exchange and
provide additional price improvement opportunities for incoming orders.
The Exchange believes that by correlating the amount of credits to the
level of MPL orders sent by a member organization that add liquidity,
the Exchange's fee structure would incentivize member organizations to
submit more MPL orders that add liquidity to the Exchange, thereby
increasing the potential for price improvement and execution
opportunities to incoming marketable orders submitted to the Exchange.
The Exchange notes that the existing credits for the MPL orders in
Tape A securities remain unchanged and the credits in Tape B and C
securities are in line with the credits the Exchange currently credits
member organizations for adding MPL orders in Tape A securities.
Finally, the Exchange also believes the proposed non-substantive
changes are reasonable and would not be inconsistent with the public
interest and the protection of investors because investors will not be
harmed and in fact would benefit from increased clarity and
transparency on the Price List, thereby reducing potential confusion.
The Proposal is an Equitable Allocation of Fees
The Exchange believes its proposal equitably allocates its fees
among its market participants by fostering liquidity provision and
stability in the marketplace. The Exchange believes that, for the
reasons discussed above, the proposed aggregation of rates and
requirements across tapes for MPL Orders would incentivize member
organizations with lower trading volumes who qualified for the lower
base rate the opportunity to qualify for a higher credit of $0.0020,
thereby increasing the number of orders adding liquidity that are
executed on the Exchange and improving overall liquidity on a public
exchange. In addition, the new proposed tier would encourage member
organizations with lower trading volumes to increase mid-point
liquidity, thereby providing customers with a higher quality venue for
price discovery, liquidity, competitive quotes and price improvement.
The proposed change will thereby encourage the submission of additional
liquidity to a national securities exchange, thus promoting price
discovery and transparency and enhancing order execution opportunities
for member organizations from the substantial amounts of liquidity
present on the Exchange. All member organizations would benefit from
the greater amounts of liquidity that will be present on the Exchange,
which would provide greater execution opportunities.
The Exchange also believes that the proposed new tier for member
organizations with Adding ADV in MPL Orders that is at least 0.0075% of
Tapes A, B and C CADV combined would encourage member organizations
with lower trading volumes who qualified for the lower base rate the
opportunity to qualify for a higher credit of $0.0020, thereby
increasing the number of orders adding liquidity that are executed on
[[Page 50093]]
the Exchange and improving overall liquidity on a public exchange. In
addition, the new proposed tier would encourage member organizations
with lower trading volumes to increase mid-point liquidity, thereby
improving overall market quality and offering price improvement. As
previously noted, a number of member organizations are qualifying for
the MPL tiers. Based on the profile of liquidity-adding firms
generally, the Exchange believes additional member organizations could
qualify for the new tiered rate under the proposed criteria if they
choose to direct order flow to, and increase quoting on, the Exchange.
The proposed rate and lower Adding ADV requirement across all three
tapes is also equitable because it would apply equally to all existing
member organizations that add liquidity to the Exchange in MPL Orders.
Further, the Exchange believes that proposed changes to the two
existing MPL tiers to lower the Adding ADV requirement while expanding
it to all three tapes would increase liquidity-providing MPL Orders in
Tapes A, B and C securities, would support the quality of price
discovery on the Exchange and provide additional price improvement
opportunities for incoming orders, to benefit of all member
organizations. The Exchange believes that the proposal would provide an
equal incentive to all member organizations to send additional MPL
Orders to the Exchange, and that the proposal constitutes an equitable
allocation of fees because all similarly situated member organizations
would be eligible for the same rebates.
The Proposal is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, member
organizations are free to disfavor the Exchange's pricing if they
believe that alternatives offer them better value.
The proposal does not permit unfair discrimination because the
existing MPL rates as well as the rate for the proposed new tier would
be applied to all similarly situated member organizations and other
market participants, who would all be eligible for the same credit on
an equal basis. Accordingly, no member organization already operating
on the Exchange would be disadvantaged by this allocation of fees.
The Exchange believes it is not unfairly discriminatory to provide
a higher fee for member organizations under the proposed tier because
the tier would be provided on an equal basis to all member
organizations. Further, the Exchange believes the proposed lower Adding
ADV requirements for the two existing tiers while expanding it to all
three tapes would increase liquidity-providing MPL Orders in Tapes A, B
and C securities, would provide an equal incentive to all member
organizations to send additional MPL Orders to the Exchange, and that
the proposal constitutes an equitable allocation of fees because all
similarly situated member organizations would be eligible for the same
rebates.
The Exchange also believes that the proposed change is not unfairly
discriminatory because it is reasonably related to the value to the
Exchange's market quality associated with higher volume. Finally, the
submission of orders to the Exchange is optional for member
organizations in that they could choose whether to submit orders to the
Exchange and, if they do, the extent of its activity in this regard.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
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,\17\ 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 changes 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 member organizations. 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.'' \18\
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\17\ 15 U.S.C. 78f(b)(8).
\18\ Regulation NMS, 70 FR at 37498-99.
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Intramarket Competition. The proposed changes are designed to
attract additional order flow to the Exchange. The Exchange believes
that the proposed changes would continue to incentivize market
participants to direct order flow to the Exchange. Greater liquidity
benefits all market participants on the Exchange by providing more
trading opportunities and encourages member organizations to send
orders, thereby contributing to robust levels of liquidity, which
benefits all market participants on the Exchange. The proposed credits
would be available to all similarly-situated market participants, and,
as such, the proposed change would not impose a disparate burden on
competition among market participants on the Exchange.
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 off-exchange venues if they
deem fee levels at those other venues to be more favorable. As noted,
the Exchange's market share of intraday trading in Tape B and C
securities (excluding auction volume) in Tape A, B and C combined
declined between March and July 2019. In such an environment, the
Exchange must continually adjust its fees and rebates 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 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. The Exchange also believes that the proposed
change is designed to provide the public and investors with a Price
List that is clear and consistent, thereby reducing burdens on the
marketplace and facilitating investor protection.
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) \19\ of the Act and
[[Page 50094]]
subparagraph (f)(2) of Rule 19b-4 \20\ thereunder, because it
establishes a due, fee, or other charge imposed by the Exchange.
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(2).
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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) \21\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\21\ 15 U.S.C. 78s(b)(2)(B).
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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 [email protected]. Please include
File Number SR-NYSE-2019-50 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-NYSE-2019-50. 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-NYSE-2019-50 and should be submitted on
or before October 15, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Jill M. Petersen,
Assistant Secretary.
[FR Doc. 2019-20574 Filed 9-23-19; 8:45 am]
BILLING CODE 8011-01-P