[Federal Register Volume 86, Number 56 (Thursday, March 25, 2021)]
[Notices]
[Pages 15974-15978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06127]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91377; File No. SR-NYSE-2021-08]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change of New Rules Providing for the 
Registration and Obligations of Non-DMM Market Makers

March 19, 2021.
    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 March 12, 2021, 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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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes new rules providing for the registration and 
obligations of Non-DMM Market Makers. 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 rules governing electronic, off-floor market 
makers that would not be either Designated Market Makers (``DMMs'') or 
Supplemental Liquidity Providers (``SLPs'') (``Non-DMM Market 
Makers''). Non-DMM Market Makers would be a new category of market 
participants on the Exchange and would have responsibilities different 
from those of DMMs and SLPs. The proposed Non-DMM Market Makers are not 
intended to replace DMMs or SLPs on the Exchange and would not assume 
any of the responsibilities already assigned to DMMs or SLPs pursuant 
to Exchange Rules (for example, Non-DMM Market Makers would not perform 
any trading floor functions such as those assigned to DMMs). Instead, 
for all securities that trade on the Exchange, a member organization 
may register as a Non-DMM Market Maker and be subject to obligations 
similar to those of Market Makers on NYSE Arca, Inc. (``NYSE Arca'') 
and NYSE American LLC (``NYSE American'') to, among other things, 
maintain continuous, two-sided trading interest in the securities in 
which they are registered as a Non-DMM Market Maker (``Two-Sided 
Obligation'') and adhere to certain pricing obligations. The addition 
of Non-DMM Market Makers is intended to promote competition on the 
Exchange by providing an opportunity for member organizations to 
register as a Non-DMM Market Maker and become eligible for various 
benefits and economic incentives available to registered market makers. 
Non-DMM Market Makers would be subject to obligations distinct from 
those imposed on DMMs and SLPs under Exchange rules but would likewise 
contribute to displayed liquidity on the Exchange and would enhance the 
range and diversity of market making activity on the Exchange, thereby 
promoting competition and market quality on the Exchange to the benefit 
of all market participants.
    The Exchange proposes the following rules, based on NYSE Arca and 
NYSE American rules of the same number with non-substantive changes, to 
govern the registration and obligations of Non-DMM Market Makers on the 
NYSE:
     Proposed Rule 1.1(p) (definition of Market Maker 
Authorized Trader);
     Proposed Rule 1.1(t) (definition of Non-DMM Market Maker);
     Proposed Rule 7.20 (Registration of Non-DMM Market 
Makers);
     Proposed Rule 7.21 (Obligations of Market Maker Authorized 
Traders);
     Proposed Rule 7.22 (Registration of Non-DMM Market Makers 
in a Security); and
     Proposed Rule 7.23 (Obligations of Non-DMM Market Makers).
    These proposed rules would be applicable only to the proposed new 
category of Non-DMM Market Makers. They would not apply to DMMs or 
SLPs, who would continue to be governed by existing Exchange rules 
applicable to those market participants.\4\
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    \4\ See, e.g., Rules 98, 103, 103B, 104, and 107B.
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Proposed Rule Changes
Rule 1.1
    Rule 1.1 sets forth definitions of terms that are used throughout 
the Exchange rules. The Exchange proposes to add the following 
definitions to the rule:
     The Exchange proposes to amend current Rule 1.1(p) to set 
forth the definition of ``Market Maker Authorized Trader'' or ``MMAT.'' 
A ``Market Maker Authorized Trade'' or ``MMAT'' would be defined as an 
Authorized Trader (as defined in Rule 1.1(a)) who performs market 
making activities pursuant to Rule 7P on behalf of a Non-DMM Market 
Maker. This proposed rule is based on NYSE Arca Rule 1.1(aa) and NYSE 
American Rule 1.1E(w).
     The Exchange proposes to amend current Rule 1.1(t) to set 
forth the definition of ``Non-DMM Market Maker.'' A ``Non-DMM Market 
Maker'' would be defined as a member organization that acts as a Non-
DMM Market Maker pursuant to Rule 7P. Accordingly, for purposes of 
Exchange rules, the term ``Non-DMM Market Maker'' does not include DMMs 
or SLPs. This proposed rule is based on NYSE Arca Rule 1.1(z) and NYSE 
American Rule 1.1E(v).
    To accommodate the addition of these definitions, the Exchange also 
proposes to adjust the lettering in Rule 1.1. Specifically, current 
Rule 1.1(p) defining the term ``Marketable'' would become Rule 1.1(q), 
current Rule 1.1(q) defining ``NBBO, Best Protected Bid, Best Protected 
Offer, Protected Best Bid and Offer (PBBO)'' would become Rule 1.1(r), 
and so forth, with no changes to the substance of the definitions.
Rule 7P, Section 2
    The Exchange proposes to amend Section 2 under Rule 7P, which is 
currently designated as ``Reserved,'' and rename it ``Non-DMM Market 
Makers.'' The Exchange proposes that the rules set forth in this 
section would apply only to the proposed new group of Non-

[[Page 15975]]

DMM Market Makers and would not be applicable to DMMs or SLPs.
Rule 7.20
    The Exchange proposes to add Rule 7.20 and title it ``Registration 
of Non-DMM Market Makers.'' Proposed Rule 7.20 would set forth the 
requirements for member organizations to apply for registration as Non-
DMM Market Makers. The Exchange proposes that its Non-DMM Market Makers 
have the same registration requirements as Market Makers on NYSE Arca 
and NYSE American. Accordingly, the Exchange's proposal is based on 
NYSE Arca Rule 7.20-E and NYSE American Rule 7.20E without substantive 
differences. Consistent with the requirements set forth in the NYSE 
Arca and NYSE American rules, the Exchange proposes to require member 
organizations interested in acting as Non-DMM Market Makers to submit 
an application to the Exchange. Proposed Rule 7.20 would also set forth 
the criteria the Exchange may consider in determining whether to 
approve or disapprove a prospective Non-DMM Market Maker's application 
and specify how a Non-DMM Market Maker's registration may be suspended, 
terminated, or withdrawn.
    The Exchange notes two non-substantive differences from the NYSE 
Arca rules relating to the references to the Exchange's disciplinary 
rules. First, in proposed Rule 7.20(c), the Exchange proposes to refer 
to the process described in the NYSE Rule 9500 Series instead of NYSE 
Arca Rule 10.14. Second, in proposed Rule 7.20(e), the Exchange 
proposes to refer to the process set forth in the NYSE Rule 9200 Series 
instead of NYSE Arca Rule 10.0 and the NYSE Arca Rule 10.9000 Series.
Rule 7.21
    The Exchange proposes to add Rule 7.21 and title it ``Obligations 
of Market Maker Authorized Traders.'' Proposed Rule 7.21 would provide 
that Market Maker Authorized Traders (``MMATs'') are permitted to enter 
orders only for the account of the Non-DMM Market Maker for which they 
are registered. In addition, the proposed rule would specify the 
registration requirements for MMATs and the procedures for suspension 
and withdrawal of registration of MMATs, both of which the Exchange 
proposes to base on the NYSE Arca and NYSE American rules pertaining to 
the obligations of MMATs. Specifically, the proposed rule would provide 
that a Non-DMM Market Maker must submit an application to the Exchange 
to register an associated person as an MMAT. An MMAT must meet certain 
requirements, and a Non-DMM Market Maker must ensure that its MMATs are 
qualified to perform market making activities. Proposed Rule 7.21 also 
provides that the Exchange may suspend or withdraw an MMAT's 
registration. Accordingly, this proposed rule is based on NYSE Arca 
Rule 7.21-E and NYSE American Rule 7.21E without any substantive 
differences.
Rule 7.22
    The Exchange proposes to add Rule 7.22 and title it ``Registration 
of Non-DMM Market Makers in a Security.'' Proposed Rule 7.22 would set 
forth the process for Non-DMM Market Makers to become registered in a 
security and the factors the Exchange may consider in approving such 
registration. The Exchange proposes that the registration of Non-DMM 
Market Makers follow the same process as is in place for Market Makers 
on NYSE Arca and NYSE American. Specifically, Non-DMM Market Makers may 
submit a request to the Exchange to be registered in a security, and 
the Exchange will evaluate whether to approve such registration, taking 
into consideration factors including the Non-DMM Market Maker's 
financial resources, experience in making markets, operational 
capability, and the character of the market for the security. Non-DMM 
Market Makers will generally be permitted to register in securities in 
which a DMM and/or SLP is also registered, subject to the Exchange's 
evaluation of the character of the market for a given security.\5\
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    \5\ Orders entered by Non-DMM Market Makers will be allocated in 
accordance with Rules 7.36 and 7.37 and be treated as a Book 
Participant. Non-DMM Market Makers will not be eligible to 
participate in the allocation process as a DMM Participant.
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    Also consistent with the rules of NYSE Arca and NYSE American, the 
proposed rule would also describe both termination of a Non-DMM Market 
Maker's registration in a security by the Exchange and voluntary 
termination by a Non-DMM Market Maker. Accordingly, the Exchange's 
proposal is based on NYSE American Rule 7.20E without substantive 
differences and is also substantially based on NYSE Arca Rule 7.22-E 
with certain exceptions.
    The Exchange does not propose to adopt NYSE Arca Rule 7.22-E(c) or 
7.22-E(d), which pertain to DMMs, because the Exchange has a separate 
set of rules governing DMMs. The Exchange also proposes to adopt a 
version of the rule with the non-substantive difference of replacing 
references to NYSE Arca Equities Rule 10 and 10.13 with references to 
the NYSE Rule 9200 and Rule 9500 Series, respectively.
Rule 7.23
    The Exchange proposes to add Rule 7.23 and title it ``Obligations 
of Non-DMM Market Makers.'' Proposed Rule 7.23 would set forth the 
obligation of Non-DMM Market Makers to engage in a course of dealings 
for their own account to assist in the maintenance, insofar as 
reasonably practicable, of fair and orderly markets on the Exchange. 
The proposed rule would delineate the specific responsibilities and 
duties of Non-DMM Market Makers, including the Two-Sided Obligation 
applicable to securities in which the Non-DMM Market Maker is 
registered and the requirement that the interest satisfying the Two-
Sided Obligation be not more than the Designated Percentage (as defined 
in Proposed Rule 7.23) away from the National Best Bid or Offer 
(``NBBO''). Proposed Rule 7.23 also provides that Non-DMM Market Makers 
will be subject to certain minimum capital requirements and sets forth 
the circumstances under which a Non-DMM Market Maker could be subject 
to disciplinary action or suspension or revocation of registration by 
the Exchange for failure to comply with the course of dealings 
obligations set forth in this proposed rule.
    Specifically, with respect to the Two-Sided Obligation, proposed 
Rule 7.23(a)(1)(A) provides that Non-DMM Market Makers would be 
required to maintain displayed interest identified as interest meeting 
the Two-Sided Obligation on a continuous basis during Core Trading 
Hours for those securities in which the Non-DMM Market Maker is 
registered. Proposed Rule 7.23(a)(1)(B) provides that interest 
satisfying a Non-DMM Market Maker's Two-Sided Obligation must not be 
more than the Designated Percentage away from the then current NBBO, or 
if there is no NBBO, not more than the Designated Percentage away from 
the last reported sale for that security. With respect to minimum 
capital requirements, proposed Rule 7.23(a)(2) provides that Non-DMM 
Market Makers would be required to maintain adequate minimum capital in 
accordance with Rule 15c3-1 under the Act.
    As proposed, Non-DMM Market Makers would occupy a role distinct 
from DMMs and SLPs and, accordingly, would be subject to different 
obligations. For example, Non-DMM Market Makers would differ from DMMs 
in that they would be subject to pricing obligations and financial 
requirements less stringent than those set forth in Rules 103, 103B, 
and 104 for DMMs.

[[Page 15976]]

Whereas Non-DMM Market Makers would be required to maintain a Two-Sided 
Obligation as outlined above, DMMs must maintain a bid or offer at the 
NBBO for a certain percentage of the trading day for the securities in 
which they are registered, as specified in Rule 104(a)(1)(A). In 
addition, in order to participate in the allocation process for a 
specified security, DMMs must meet various quoting requirements set 
forth in Rule 103B.II, such as requirements to maintain a bid or offer 
at the NBBO for a specified percentage of time during a calendar month. 
With respect to financial requirements, whereas Non-DMM Market Makers 
are required to adhere to Rule 15c3-1 of the Act, Rule 103 
Supplementary Material .20 sets forth additional requirements 
pertaining to a DMM's Net Liquid Assets, including minimum Net Liquid 
Assets and specifications relating to the portion of a DMM's Net Liquid 
Assets that may be derived from Excess Net Capital.
    Non-DMM Market Makers would also be different from SLPs because, 
among other reasons, they would not be subject to the heightened 
quoting requirements or monthly volume requirements applicable to SLPs 
pursuant to Rule 107B. For example, SLPs are required to maintain a bid 
or an offer at the NBBO in each of their assigned securities averaging 
at least 10% of the trading day as specified in Rules 107B(a) and (g). 
SLPs are also required, as described in Rules 107B(a) and (h), to add 
liquidity at a certain average daily volume in their assigned 
securities on a monthly basis.
    Proposed Rule 7.23 is consistent with the obligations and processes 
for Market Makers set forth in the rules of NYSE Arca and NYSE 
American, and accordingly, is based on NYSE Arca Rule 7.23-E and NYSE 
American Rule 7.23E without any substantive differences.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Securities Exchange Act of 1934,\6\ in general, and furthers the 
objectives of Section 6(b)(5),\7\ in particular, because it is designed 
to prevent fraudulent and manipulative acts and practices, to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, to remove impediments to, and perfect the mechanism of, a 
free and open market and a national market system and, in general, to 
protect investors and the public interest. The Exchange believes that 
the proposed rules would remove impediments to and perfect the 
mechanism of a free and open market because they propose rules 
governing Non-DMM Market Makers that are based on the rules governing 
Market Makers on the Exchange's affiliated markets, NYSE Arca and NYSE 
American. The proposed rule change would therefore remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system by promoting continuity across affiliated exchanges, 
enabling market makers on the Exchange's affiliated markets to also 
become Non-DMM Market Makers on the Exchange by meeting the same 
registration requirements and by agreeing to be subject to the same 
obligations. The proposed rule change also removes impediments to and 
perfects the mechanism of a free and open market and a national market 
system by providing the Exchange's member organizations with the 
opportunity to access the benefits available to registered market 
makers (such as certain exemptions under Regulation SHO),\8\ without 
committing to the more stringent quoting or volume requirements that 
apply to DMMs and SLPs. The Exchange also believes that providing for a 
Non-DMM Market Maker role on the NYSE would allow member organizations 
that are market makers on other exchanges to leverage their existing 
market-making strategies on the Exchange, and provide all member 
organizations who choose to register as Non-DMM Market Makers with 
enhanced opportunities to qualify for various existing credits set 
forth in the Exchange's Price List through increased quoting and 
liquidity-providing activity.\9\ The proposed rules are also intended 
to serve investor protection and public interest goals by providing for 
a new category of market participant that will contribute to displayed 
liquidity, price discovery, and market quality on the Exchange. The 
proposed Non-DMM Market Makers are not intended to supplant the 
existing DMM or SLP market participants or their roles on the Exchange 
and would represent an additional source of displayed liquidity on the 
Exchange and enhance the range and diversity of market making activity 
on the Exchange, thereby promoting competition and market quality on 
the Exchange to the benefit of all market participants.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ See, e.g., 17 CFR 242.203(b)(2)(iii) and 17 CFR 
242.204(a)(3).
    \9\ To the extent Non-DMM Market Makers would be eligible for 
pricing relating to their role as Non-DMM Market Makers (similar to 
pricing currently set forth in the Exchange's Price List with 
respect to DMMs and SLPs), the Exchange would address such pricing 
in a separate proposed rule change.
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    Specifically, the Exchange believes that the proposed definitions 
of Non-DMM Market Maker and Market Maker Authorized Trader in Rule 1.1 
would remove impediments to and perfect the mechanism of a free and 
open market and a national market system by clearly setting forth the 
definitions of Non-DMM Market Maker and Market Maker Authorized Trader 
as those terms would be used in the additional rules proposed by the 
Exchange, particularly since the proposed definitions are based on 
rules of the Exchange's affiliates that have been approved by the 
Commission and would promote consistency across affiliated exchanges. 
The Exchange believes that defining the term ``Non-DMM Market Maker'' 
to mean a member organization that is not a DMM or SLP would also 
promote transparency and clarity in Exchange rules that the capitalized 
term of ``Non-DMM Market Maker'' would not also mean DMMs or SLPs.
    The Exchange also believes that proposed Rules 7.20 and 7.21, which 
provide for the registration of Non-DMM Market Makers and Market Maker 
Authorized Traders, would remove impediments to and perfect the 
mechanism of a free and open market and a national market system 
because they clearly set forth the requirements and process for a 
member organization to register as a Non-DMM Market Maker or Market 
Maker Authorized Trader on the Exchange. The proposed rule change would 
also promote just and equitable principles of trade by implementing the 
same registration process and requirements, for the same category of 
market participants, as on affiliated exchanges, which requirements 
have already been approved by the Commission. Proposed Rules 7.20 and 
7.21 would also protect investors and the public interest by ensuring 
that Non-DMM Market Makers and Market Maker Authorized Traders are 
subject to uniform, objective requirements relating to their ability to 
contribute to the maintenance of fair and orderly markets on the 
Exchange and that their registration may be suspended or withdrawn 
should they fail to meet those requirements.
    The Exchange believes that proposed Rule 7.22, providing for the 
registration of a Non-DMM Market Maker in a security, would similarly 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system because it would specify the 
requirements and process for Non-DMM Market Makers to register to trade 
a specific security on

[[Page 15977]]

the Exchange. Proposed Rule 7.22 sets forth a process based on the 
rules of NYSE Arca and NYSE American governing the registration of a 
Non-DMM Market Maker in a security, and therefore would promote just 
and equitable principles of trade by specifying requirements that are 
based on the approved rules of other exchanges. The Exchange further 
believes that proposed Rule 7.22 would serve investor protection and 
public interest goals by enumerating the factors that the Exchange may 
consider in approving a Non-DMM Market Maker's request to register in a 
security, which take into account the Non-DMM Market Maker's ability to 
meet its obligations and promote market quality on the Exchange.
    The Exchange believes that proposed Rule 7.23, setting forth the 
obligations and duties of Non-DMM Market Makers, would remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system because it would establish rules governing 
trading on the Exchange that are consistent with the rules currently in 
place on NYSE Arca and NYSE American regarding the duties and 
obligations of Market Makers on those exchanges, which have been 
previously approved by the Commission. As a result, the proposal 
promotes uniformity and consistency among affiliated exchanges' rules 
pertaining to market makers who are not DMMs or SLPs. For similar 
reasons, the Exchange believes that proposed Rule 7.23 is also designed 
to prevent fraudulent and manipulative acts and practices and to 
promote just and equitable principles of trade by establishing 
regulatory requirements for Non-DMM Market Makers that would enhance 
the quality of its market and support investor protection and public 
interest goals. Specifically, proposed Rule 7.23 specifies the 
obligations of a Non-DMM Market Maker to, among other things, maintain 
a Two-Sided Obligation and meet certain pricing specifications, thereby 
promoting additional displayed liquidity and facilitating price 
discovery on the Exchange. The proposed rule change would also remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system by providing a new opportunity for member 
organizations to leverage their trading activity and access the 
benefits and economic incentives available to registered market makers 
by meeting obligations less stringent than those required of DMMs and 
SLPs, and in turn enhancing competition on the Exchange for the benefit 
of all market participants.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed rule change 
sets forth rules governing Non-DMM Market Makers on the Exchange and is 
based on NYSE Arca and NYSE American rules that have been approved by 
the Commission. The Exchange believes that the proposed rules would 
promote competition because they would provide for obligations relating 
to Non-DMM Market Makers that are based on established rules, thereby 
reducing any potential barriers to entry for market makers registered 
on other exchanges to be approved as a Non-DMM Market Maker on the 
Exchange. The Exchange further believes that the proposed rules would 
not impose any burden on competition that is not necessary or 
appropriate because they are designed to provide its members with 
consistency across affiliated exchanges, thereby enabling the Exchange 
to compete with unaffiliated exchange competitors that similarly 
operate multiple exchanges on the same trading platforms. The Exchange 
also believes that the proposed rule change would promote competition 
by providing member organizations that are registered as market makers 
on other exchanges with the opportunity to similarly register as a Non-
DMM Market Maker on the Exchange without being subject to the more 
stringent quoting or volume requirements associated with being a DMM or 
SLP. By registering as a Non-DMM Market Maker on the Exchange, such 
member organizations may be able to deploy their existing market-making 
strategies on the Exchange and may more easily qualify for credits 
offered by the Exchange based on the increased quoting and liquidity-
providing activity required of them as Non-DMM Market Makers. The 
Exchange therefore believes that the proposed rule change would promote 
competition by encouraging additional displayed liquidity, facilitating 
price discovery, and increasing the range and diversity of market 
making activity on the Exchange. Finally, the Exchange does not believe 
that the proposed rules would impose any burden on intra-market 
competition because adding a new market participant of ``Non-DMM Market 
Maker'' would allow all member organizations an opportunity to access 
the benefits available to registered market makers, subject to the same 
requirements and obligations as market makers on other exchanges.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or up to 90 days (i) as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or (ii) as to which the self-regulatory 
organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSE-2021-08 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-2021-08. 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

[[Page 15978]]

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-2021-08, and should be submitted on or before April 15, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2021-06127 Filed 3-24-21; 8:45 am]
BILLING CODE 8011-01-P