[Federal Register Volume 85, Number 237 (Wednesday, December 9, 2020)]
[Notices]
[Pages 79235-79239]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26990]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90556; File No. SR-NYSEArca-2020-101]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Streamline the 
NYSE Arca Equities Fees and Charges

December 3, 2020
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that on November 23, 2020, NYSE Arca, Inc. (``NYSE Arca'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``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\ 15 U.S.C. 78a.
    \3\ 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 streamline the NYSE Arca Equities Fees and 
Charges (``Fee Schedule'') by deleting redundant rule text from Tier 1, 
Tier 2 and Tier 3 pricing tiers. The Exchange proposes to implement the 
fee changes effective November 23, 2020. 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.

[[Page 79236]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to streamline the Fee Schedule by deleting 
redundant rule text from Tier 1, Tier 2 and Tier 3 pricing tiers. The 
Exchange proposes to implement the fee changes effective November 23, 
2020.
    Currently, each of Tier 1, Tier 2 and Tier 3 pricing tiers provides 
fees and credits that ETP Holders \4\ can qualify for if they meet the 
prescribed volume criteria.
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    \4\ All references to ETP Holders in connection with this 
proposed fee change include Market Makers.
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    Historically, in addition to the fees and credits applicable to 
each of Tier 1, Tier 2 and Tier 3 pricing tiers, each such tier also 
included the Basic Rates fees and credits. The Exchange believes this 
approach has caused more confusion than clarity and proposes to delete 
the redundant rule text that appears in Tier 1, Tier 2 and Tier 3. Each 
of the fees and credits proposed for deletion currently appear under 
the Basic Rates section of the Fee Schedule and would continue to apply 
to ETP Holders for their activity that falls outside of Tier 1, Tier 2 
and Tier 3, as applicable. The Exchange is not proposing any change to 
the fees and credits applicable to ETP Holders other than to delete 
redundant text from Tier 1, Tier 2 and Tier 3.
    Under Tier 1, ETP Holders that provide liquidity an average daily 
share volume per month of 0.70% or more of the US consolidated average 
daily volume (``US CADV'') \5\ pay a fee of $0.0030 per share for 
orders, including Primary Only (``PO'') Orders, routed to any away 
market that remove liquidity in Tape A, Tape B and Tape C securities, 
and receive a credit of $0.0031 per share for orders that provide 
liquidity in Tape A securities, $0.0023 per share in Tape B 
securities,\6\ and $0.0032 per share in Tape C securities. 
Additionally, ETP Holders that qualify for Tier 1 also pay a fee of 
$0.0010 per share for Market, Market-On-Close, Limit-On-Close, and 
Auction-Only Orders executed in a Closing Auction. All other fees and 
credits under Tier 1 are identical to the fees and credits provided 
under the Basic Rates section of the Fee Schedule. The Exchange is not 
proposing to adopt any new fees or credits or remove any current fees 
or credits under Tier 1 with this proposed rule change.
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    \5\ US CADV means United States Consolidated Average Daily 
Volume for transactions reported to the Consolidated Tape, excluding 
odd lots through January 31, 2014 (except for purposes of Lead 
Market Maker pricing), and excludes volume on days when the market 
closes early and on the date of the annual reconstitution of the 
Russell Investments Indexes. Transactions that are not reported to 
the Consolidated Tape are not included in US CADV. See Fee Schedule, 
footnote 3.
    \6\ Pursuant to the LMM Transaction Fees and Credits pricing 
program, ETP Holders affiliated with LMMs can receive an additional 
credit when such ETP Holders provide displayed liquidity to the Book 
based on the number of Less Active ETP Securities in which the LMM 
is registered as the LMM. See Securities Exchange Act Release No. 
87978 (January 15, 2020), 85 FR 3727 (January 22, 2020) (SR-
NYSEArca-2020-03).
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    Accordingly, the Exchange proposes to delete the following fees and 
credits applicable to Tape A and Tape C securities under Tier 1 of the 
Fee Schedule, all of which currently appear under Basic Rates on the 
Fee Schedule:
     $0.0030 per share (fee) for orders that take liquidity 
from the Book for Tape A Securities and Tape C Securities.
     For Mid-Point Liquidity (``MPL'') orders providing 
liquidity to the Book:
    [cir] $0.0015 per share (credit) in Tape A Securities and $0.0020 
per share (credit) in Tape C Securities if provided liquidity in MPL 
Orders for Tape A, Tape B and Tape C Securities combined (``MPL Adding 
ADV'') during the billing month is at least 3 million shares;
    [cir] $0.0015 per share (credit) in Tape A Securities and Tape C 
Securities if MPL Adding ADV during the billing month is at least 1.5 
million shares and less than 3 million shares;
    [cir] $0.0010 per share (credit) in Tape A and Tape C Securities.
     $0.0030 per share (fee) for MPL orders removing liquidity 
from the Book that are not designated as ``Retail Orders'' defined 
below.
     $0.0010 per share (fee) for MPL orders removing liquidity 
from the Book and are designated as ``retail'' that meet the 
requirements of Rule 7.44-E(a)(3) but that are not executed in the 
Retail Liquidity Program (``Retail Orders'').
     $0.0015 per share (fee) for Market and Auction-Only Orders 
executed in an Early Open Auction, Core Open Auction or Trading Halt 
Auction, capped at $20,000 per month per Equity Trading Permit ID.
     No fee or credit for Limit Non-Displayed Orders that 
provide liquidity to the Book.
     $0.0030 per share (fee) for Limit Non-Displayed Orders 
that take liquidity from the Book.
    Additionally, the Exchange proposes to delete the following fees 
and credits applicable to Tape A securities under Tier 1 of the Fee 
Schedule:
     $0.0012 per share (credit) for PO Orders that provide 
liquidity to the NYSE.
     $0.0010 per share (fee) for PO Orders routed to the NYSE 
that execute in the opening or closing auction.
    Finally, under Tier 1, the Fee Schedule currently provides for a 
fee of $0.0029 per share for orders in Tape B securities that take 
liquidity from the Book, and a fee of $0.0029 per share for Limit Non-
Displayed Orders that take liquidity from the Book. The Exchange 
proposes to merge these two fees into a single fee by adding the words 
``including Limit Non-Displayed Limit Orders'' to the former fee and 
deleting the text of the latter from the Fee Schedule. In addition, 
similar to the statement that currently appears at the end of Tier 3 of 
the Fee Schedule, the Exchange proposes to add the words ``For all 
other fees and credits, Basic Rates apply'' at the end of Tier 1 to 
clarify that the rates that are proposed for deletion would continue to 
apply to ETP Holders that qualify for Tier 1 for all of their other 
trading activity. The Exchange also proposes to delete the following 
fees and credits applicable to Tape B securities under Tier 1 as each 
are duplicative and currently appear under Basic Rates:
     No per share (credit) for PO orders routed to NYSE 
American that provide liquidity to the NYSE American Book.
     MPL orders providing liquidity to the Book:
    [cir] $0.0020 per share (credit) if MPL Adding ADV during the 
billing month is at least 3 million shares;
    [cir] $0.0015 per share (credit) if MPL Adding ADV during the 
billing month is at least 1.5 million shares and less than 3 million 
shares;
    [cir] $0.0010 per share (credit) if MPL Adding ADV during the 
billing month is less than 1.5 million shares.
     $0.0030 per share (fee) for MPL orders removing liquidity 
from the Book that are not designated as Retail Orders.
     $0.0010 per share (fee) for MPL orders removing liquidity 
from the Book that are designated as Retail Orders.
     $0.0015 per share (fee) for Market and Auction-Only Orders 
executed in an Early Open Auction, Core Open Auction or Trading Halt 
Auction, capped at $20,000 per month per Equity Trading Permit ID.
     $0.0005 per share (fee) for PO Orders routed to NYSE 
American that execute in the opening or closing auction.
     No fee or credit for Limit Non-Displayed Orders that 
provide liquidity to the Book.
    Under Tier 2, ETP Holders can qualify for the applicable fees and 
credits in one of two ways. ETP Holders can either provide liquidity an 
average daily share volume per month of 0.30% or more,

[[Page 79237]]

but less than 0.70% of the US CADV. Alternatively, ETP Holders can (a) 
provide liquidity an average daily share volume per month of 0.25% or 
more, but less than 0.70% of the US CADV, (b) execute removing volume 
in Tape B Securities equal to at least 0.40% of US Tape B CADV, and (c) 
maintain affiliation with an OTP Holder or OTP Firm that provides an 
ADV of electronic posted Customer and Professional Customer executions 
in all issues on NYSE Arca Options (excluding mini options) of at least 
0.25% of total Customer equity and ETF option ADV as reported by OCC.
    ETP Holders that qualify for Tier 2 pay a fee of $0.0030 per share 
for orders, including PO Orders, routed to any away market that remove 
liquidity in Tape A, Tape B and Tape C securities, and receive a credit 
of $0.0029 per share for orders that provide liquidity in Tape A and 
Tape C securities,\7\ and $0.0022 per share for orders that provide 
liquidity in Tape B securities.\8\ All other fees and credits under 
Tier 2 are identical to the fees and credits provided under the Basic 
Rates section of the Fee Schedule. The Exchange is not proposing to 
adopt any new fees or credits or remove any current fees or credits 
under Tier 2 with this proposed rule change.
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    \7\ Under Tier 2, ETP Holders can alternatively qualify for a 
credit of $0.0031 per share for orders in Tape A and Tape C 
securities that provide displayed liquidity if such ETP Holder meets 
the requirements of Tier 2 and, (1) executes providing volume equal 
to at least 0.30% of US CADV, (2) executes removing volume equal to 
at least 0.285% of US CADV, and (3) executes Market-On-Close and 
Limit-On-Close Orders executed in a Closing Auction of at least 
0.075% of US CADV.
    \8\ Under Tier 2, ETP Holders can alternatively qualify for a 
credit of $0.0024 per share for orders in Tape B securities that 
provide displayed liquidity if such ETP Holder meets the 
requirements of Tier 2 and, (1) executes providing volume equal to 
at least 0.30% of US CADV, (2) executes removing volume equal to at 
least 0.285% of US CADV, and (3) executes Market-On-Close and Limit-
On-Close Orders executed in a Closing Auction of at least 0.075% of 
US CADV. Pursuant to the LMM Transaction Fees and Credits pricing 
program, ETP Holders affiliated with LMMs can receive an additional 
credit when such ETP Holders provide displayed liquidity to the Book 
in Tape B securities based on the number of Less Active ETP 
Securities in which the LMM is registered as the LMM.
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    Accordingly, the Exchange proposes to delete the following fees and 
credits applicable to Tape A and Tape C securities under Tier 2 of the 
Fee Schedule, all of which currently appear under Basic Rates on the 
Fee Schedule:
     $0.0030 per share (fee) for orders that take liquidity 
from the Book.
     For Mid-Point Liquidity (``MPL'') orders providing 
liquidity to the Book:
    [cir] $0.0015 per share (credit) in Tape A Securities and $0.0020 
per share (credit) in Tape C Securities if provided liquidity in MPL 
Orders for Tape A, Tape B and Tape C Securities combined (``MPL Adding 
ADV'') during the billing month is at least 3 million shares;
    [cir] $0.0015 per share (credit) in Tape A Securities and Tape C 
Securities if MPL Adding ADV during the billing month is at least 1.5 
million shares and less than 3 million shares;
    [cir] $0.0010 per share (credit) in Tape A and Tape C Securities.
     $0.0030 per share (fee) for MPL orders removing liquidity 
from the Book that are not designated as ``Retail Orders'' defined 
below.
     $0.0010 per share (fee) for MPL orders removing liquidity 
from the Book that are designated Retail Orders.
     $0.0015 per share (fee) for Market and Auction-Only Orders 
executed in an Early Open Auction, Core Open Auction or Trading Halt 
Auction, capped at $20,000 per month per Equity Trading Permit ID.
     No fee or credit for Limit Non-Displayed Orders that 
provide liquidity to the Book.
     $0.0030 per share (fee) for Limit Non-Displayed Orders 
that take liquidity from the Book.
    Additionally, the Exchange proposes to delete the following fees 
and credits applicable to Tape A securities under Tier 2 of the Fee 
Schedule:
     $0.0012 per share (credit) for PO Orders that provide 
liquidity to the NYSE.
     $0.0010 per share (fee) for PO Orders routed to the NYSE 
that execute in the opening or closing auction.
    Finally, under Tier 2, the Fee Schedule currently provides for a 
fee of $0.0029 per share for orders in Tape B securities that take 
liquidity from the Book, and a fee of $0.0029 per share for Limit Non-
Displayed Orders that take liquidity from the Book. The Exchange 
proposes to merge these two fees into a single fee by adding the words 
``including Limit Non-Displayed Limit Orders'' to the former fee and 
deleting the text of the latter from the Fee Schedule. In addition, 
similar to the statement that currently appears at the end of Tier 3 of 
the Fee Schedule, the Exchange proposes to add the words ``For all 
other fees and credits, Basic Rates apply'' at the end of Tier 2 to 
clarify that the rates that are proposed for deletion would continue to 
apply to ETP Holders that qualify for Tier 2 for all of their other 
trading activity. The Exchange also proposes to delete the following 
fees and credits applicable to Tape B securities under Tier 2 as each 
are duplicative and currently appear under Basic Rates:
     No per share (credit) for PO orders routed to NYSE 
American that provide liquidity to the NYSE American Book.
     MPL orders providing liquidity to the Book:
    [cir] $0.0020 per share (credit) if MPL Adding ADV during the 
billing month is at least 3 million shares;
    [cir] $0.0015 per share (credit) if MPL Adding ADV during the 
billing month is at least 1.5 million shares and less than 3 million 
shares;
    [cir] $0.0010 per share (credit) if MPL Adding ADV during the 
billing month is less than 1.5 million shares.
     $0.0030 per share (fee) for MPL orders removing liquidity 
from the Book that are not designated as Retail Orders.
     $0.0010 per share (fee) for MPL orders removing liquidity 
from the Book that are designated as Retail Orders.
     $0.0015 per share (fee) for Market and Auction-Only Orders 
executed in an Early Open Auction, Core Open Auction or Trading Halt 
Auction, capped at $20,000 per month per Equity Trading Permit ID.
     $0.0005 per share (fee) for PO Orders routed to NYSE 
American that execute in the opening or closing auction.
     No fee or credit for Limit Non-Displayed Orders that 
provide liquidity to the Book.
    Under Tier 3, ETP Holders that provide liquidity an average daily 
share volume per month of 0.20% or more, but less than 0.30% of the US 
CADV pay a fee of $0.0030 per share for orders, including PO Orders, 
routed to any away market that remove liquidity in Tape A, Tape B and 
Tape C securities, and receive a credit of $0.0025 per share for orders 
that provide liquidity in Tape A and Tape C securities,\9\ or and 
$0.0022 per share in Tape B securities.\10\ Additionally, ETP Holders 
that qualify for Tier 3 also pay a fee of $0.0010 per share for Market, 
Market-On-Close, Limit-On-Close, and Auction-Only Orders executed in a 
Closing Auction. All other fees and credits under Tier 3 are identical 
to the fees and credits provided under the Basic Rates section of the 
Fee Schedule. The Exchange is

[[Page 79238]]

not proposing to adopt any new fees or credits or remove any current 
fees or credits under Tier 3 with this proposed rule change.
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    \9\ Under Tier 3, ETP Holder can also receive a credit of 
$0.0027 per share for orders in Tape A and Tape C securities if the 
ETP Holder meets the requirements of Tier 3 and its ADV of executed 
orders that provide liquidity is at least 0.05% of US CADV more than 
the ETP Holder's ADV of executed orders that provide liquidity as a 
percent of US CADV in May 2019.
    \10\ Pursuant to the LMM Transaction Fees and Credits pricing 
program, ETP Holders affiliated with LMMs can receive an additional 
credit when such ETP Holders provide displayed liquidity to the Book 
based on the number of Less Active ETP Securities in which the LMM 
is registered as the LMM.
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    Accordingly, the Exchange proposes to delete the following fees and 
credits applicable to Tape A and Tape C securities under Tier 3 of the 
Fee Schedule, all of which currently appear under Basic Rates on the 
Fee Schedule:
     $0.0030 per share (fee) for orders that take liquidity 
from the Book.
     No fee or credit for Limit Non-Displayed Orders that 
provide liquidity to the Book.
     $0.0030 per share (fee) for Limit Non-Displayed Orders 
that take liquidity from the Book.
    Additionally, the Exchange proposes to delete the following fee 
applicable to Tape A securities under Tier 3 of the Fee Schedule:
     $0.0010 per share (fee) for PO Orders routed to the NYSE 
that execute in the opening or closing auction.
    Finally, under Tier 3, the Fee Schedule currently provides for a 
fee of $0.0029 per share for orders in Tape B securities that take 
liquidity from the Book, and a fee of $0.0029 per share for Limit Non-
Displayed Orders that take liquidity from the Book. The Exchange 
proposes to merge these two fees into a single fee by adding the words 
``including Limit Non-Displayed Limit Orders'' to the former fee and 
deleting the text of the latter from the Fee Schedule. The Exchange 
also proposes to delete the following fees and credits applicable to 
Tape B securities under Tier 3 as it is duplicative and currently 
appears under Basic Rates:
     No fee or credit for Limit Non-Displayed Orders that 
provide liquidity to the Book.
    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,\11\ in general, and furthers the 
objectives of Sections 6(b)(4) and(5) of the Act,\12\ 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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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed rule change to streamline 
the Fee Schedule by deleting redundant rule text is reasonable because 
each of the fees and credits proposed for deletion currently appear 
under the Basic Rates section of the Fee Schedule which is the more 
appropriate place for such fees and credits. The Exchange believes 
providing the base rates under the Basic Rates section of the Fee 
Schedule would promote clarity to the Fee Schedule and reduce confusion 
to ETP Holders as to which fees and credits are applicable to their 
trading activity on the Exchange. The Exchange believes it is 
reasonable to delete the redundant fees and credits from Tier 1, Tier 2 
and Tier 3 of the Fee Schedule and therefore, streamline the Fee 
Schedule to promote clarity and reduce confusion as to the 
applicability of fees and credits that ETP Holders would be subject to. 
The Exchange believes deleting redundant fees and credits would also 
simplify the Fee Schedule. The Exchange believes that deleting 
redundant fees and credits from Tier 1, Tier 2 and Tier of the Fee 
Schedule is equitable and not unfairly discriminatory because the 
resulting streamlined Fee Schedule would continue to apply to ETP 
Holders as it does currently because the Exchange is not adopting any 
new fees or credits or removing any current fees or credits from the 
Fee Schedule. All ETP Holders would continue to be subject to the same 
fees and credits that currently apply to them.
    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,\13\ 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.
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    \13\ 15 U.S.C. 78f(b)(8).
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    Intramarket Competition. The Exchange's proposal to delete 
redundant fees and credits from Tier 1, Tier 2 and Tier 3 of the Fee 
Schedule will not place any undue burden on intramarket competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act because all ETP Holders would continue to be subject to the 
same fees and credits that currently apply to them. To the extent the 
proposed rule change places a burden on competition, any such burden 
would be outweighed by the fact that a streamlined Fee Schedule would 
promote clarity and reduce confusion with respect to the fees and 
credits that ETP Holders would be subject to.
    Intermarket Competition. The Exchange believes the proposed rule 
change does not impose any burden on intermarket competition that is 
not necessary or appropriate in furtherance of the purposes of the Act. 
The Exchange operates in a highly competitive market in which market 
participants can readily choose to send their orders to other exchanges 
and off-exchange venues if they deem fee levels at those other venues 
to be more favorable. Market share statistics provide ample evidence 
that price competition between exchanges is fierce, with liquidity and 
market share moving freely from one execution venue to another in 
reaction to pricing changes.

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) \14\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \15\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 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) \16\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \16\ 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:

[[Page 79239]]

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-NYSEArca-2020-101 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2020-101. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NYSEArca-2020-101, and should be 
submitted on or before December 30, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-26990 Filed 12-8-20; 8:45 am]
BILLING CODE 8011-01-P