[Federal Register Volume 88, Number 120 (Friday, June 23, 2023)]
[Notices]
[Pages 41164-41168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13338]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97748; File No. SR-NYSEAMER-2023-32]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Change To Amend the 
Partial Cabinet Solution Bundles Offered as Part of Its Co-Location 
Services

June 16, 2023.
    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 June 5, 2023, NYSE American LLC (``NYSE American'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the Partial Cabinet Solution bundles 
offered as part of its co-location services. The description of the 
Partial Cabinet Solution bundles in the Connectivity Fee Schedule 
(``Fee Schedule'') would be updated accordingly. 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 41165]]

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 the Partial Cabinet Solution 
(``PCS'') bundles offered to Users as part of its co-location 
services.\4\ The description of the PCS bundles in the Fee Schedule 
would be updated accordingly.
---------------------------------------------------------------------------

    \4\ For purposes of the Exchange's co-location services, a 
``User'' means any market participant that requests to receive co-
location services directly from the Exchange. See Securities 
Exchange Act Release No. 76009 (September 29, 2015), 80 FR 60213 
(October 5, 2015) (SR-NYSEMKT-2015-67). As specified in the Fee 
Schedule, a User that incurs co-location fees for a particular co-
location service pursuant thereto would not be subject to co-
location fees for the same co-location service charged by the 
Exchange's affiliates New York Stock Exchange LLC, NYSE Arca, Inc., 
NYSE Chicago, Inc., and NYSE National, Inc. (together, the 
``Affiliate SROs''). Each Affiliate SRO has submitted substantially 
the same proposed rule change to propose the changes described 
herein. See SR-NYSE-2023-23, SR-NYSEARCA-2023-42, SR-NYSECHX-2023-
12, and SR-NYSENAT-2023-10.
---------------------------------------------------------------------------

Background
    The Fee Schedule currently lists two PCS bundles, Options C and D. 
As originally formulated, each PCS bundle option included a partial 
cabinet powered to a maximum of 2 kilowatts (``kW''); access to the 
Liquidity Center Network (``LCN'') and internet protocol (``IP'') 
networks, the local area networks available in the data center; two 
fiber cross connections; and connectivity to one of two time feeds.\5\ 
Users are only eligible to purchase PCS bundles if they meet specified 
requirements.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 77071 (February 5, 
2016), 81 FR 7382 (February 11, 2016) (SR-NYSEMKT-2015-89).
    \6\ See id. The requirements are set forth in Note 1 under 
``Colocation Notes.''
---------------------------------------------------------------------------

    In May 2020, the Exchange amended PCS bundle Options C and D to add 
two 10 Gb connections to the NMS Network to each bundle. The NMS 
Network is an alternate dedicated network connection that Users use to 
access the NMS feeds for which the Securities Industry Automation 
Corporation is engaged as the securities information processor.\7\ 
These two 10 Gb NMS Network connections were added to the Option C and 
D bundles at no additional cost.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 88837 (May 7, 2020), 
85 FR 28671 (May 13, 2020) (SR-NYSE-2019-46, SR-NYSEAMER-2019-34, 
SR-NYSEArca-2019-61, SR-NYSENAT-2019-19).
---------------------------------------------------------------------------

    The Exchange expects that the proposed rule change would become 
operative no later than September 1, 2023. The Exchange will announce 
the date through a customer notice.
Proposed Changes to the Current PCS Bundles
    The Exchange proposes to amend current Options C and D so that 
Users may elect to include 40 Gb connections to the LCN, IP network and 
NMS network, rather than just 10 Gb connections, in their PCS bundles. 
There would be no change to the existing fees for the PCS bundles.
    The purpose of the proposed changes to the PCS bundles is to allow 
a User to connect to all or a large part of the expanded Options Price 
Reporting Authority (``OPRA'') feed. More specifically, OPRA has 
announced that it is expanding data dissemination from a 48-line to a 
96-line multicast data distribution network.\8\ As a result of this 
change, OPRA has estimated that an increase in bandwidth will be needed 
to consume the OPRA feed.\9\ This means that a 10 Gb network connection 
will not suffice for a User that wants to connect to all or a large 
part of the expanded OPRA feed.\10\ Current and potential Users with 
PCS bundles have requested the inclusion of 40 Gb connections in the 
bundles.
---------------------------------------------------------------------------

    \8\ See Securities Industry Automation Corporation, Memo to OPRA 
Multicast Subscribers, August 31, 2022, at https://assets.website-files.com/5ba40927ac854d8c97bc92d7/6377e5e4114b88c77be5552c_OPRA%20Migration%20to%2096%20Multicast%20Line%20Network_Q3%20Postponement.pdf. Connectivity to the OPRA feed is 
an Included Data Product available over the IP network and the NMS 
network.
    \9\ See id., at 2 (providing estimated bandwidth requirements).
    \10\ The proposed change would be of utility even if OPRA were 
not expanding its data distribution network, as a User cannot 
connect to all of the OPRA feed with the current 10 Gb connections 
in the PCS bundles.
---------------------------------------------------------------------------

    The ability to connect with a larger section of the OPRA feed is 
not the only benefit that would occur. A User with a revised PCS bundle 
would be able to use it to connect to more of the Included Data 
Products and Third Party Data Feeds. The addition of 40 Gb connections 
may allow a User to have the same size connection in co-location that 
it has elsewhere. As the Exchange understands that 40 Gb connections 
are increasingly considered the industry standard for options trading, 
and understands that smaller customers--such as those who might qualify 
for a PCS--often prefer to normalize all of their equipment to one 
connection size, this may be a benefit to some Users.
    There would be no change to the initial charge and monthly 
recurring charge (``MRC'') for the PCS bundles. As a result of the 
change a User would receive an enhanced offering, with the option of 
both 10 Gb and 40 Gb connections, for the same price that the Exchange 
currently charges for PCS bundles with 10 Gb options only. Users with a 
PCS bundle would not have to pay a second initial charge to change the 
content of their PCS bundles. As a result, a User would be able to 
upgrade its PCS bundle from 10 Gb to 40 Gb, in whole or, if it opts to 
retain some 10 Gb connections, in part.
    To implement the proposed changes as well as remove or update 
obsolete text, the Exchange proposes to make the following amendments 
to the description of PCS bundles Options C and D:
     Update the names to Options A and B. Currently no PCS 
bundles use those names,\11\ and the Exchange believes that continuing 
to use Option C and Option D as names could be confusing as a result.
---------------------------------------------------------------------------

    \11\ The previous Options A and B were deleted in 2022. See 
Securities Exchange Act Release No. 95970 (October 4, 2022), 87 FR 
61426 (November 11, 2022) (SR-NYSEAMER-2022-43).
---------------------------------------------------------------------------

     Amend the description to state that Users may elect to 
include 40 Gb connections to the LCN, IP network and NMS network, 
rather than just 10 Gb connections, in their PCS bundles.
     Consistent with the requirements for NMS Network 
connections,\12\ add text stating that a purchaser of a Partial Cabinet 
Solution must select NMS Network connections of the same size (i.e., 10 
Gb or 40 Gb) as the related LCN and IP network connections.
---------------------------------------------------------------------------

    \12\ See 85 FR 28671, supra note 7, at 28674 (stating that ``if 
a User purchases a service that includes a 10 Gb or 40 Gb IP or LCN 
network connection, that purchase would include an NMS Network 
connection of the same size''). By way of example, if a User with a 
PCS bundle selected one 10 Gb LX LCN connection and one 40 Gb IP 
network connection, it would receive one 10 Gb NMS connection and 
one 40 Gb NMS connection. If the User instead chose 10 Gb for both 
its LCN and IP network connection, it would receive two 10 Gb NMS 
connections.
---------------------------------------------------------------------------

     Currently, the Fee Schedule includes text regarding a 
reduced MRC for PCS bundles for 24 months, which applied so long as a 
User ordered its PCS bundle on or before December 31, 2020. Since that 
time has expired, the text has become obsolete, and the Exchange 
proposes to delete it.
    The amended portion of the Fee Schedule would read as follows 
(proposed deletions in brackets, proposed additions italicized):

[[Page 41166]]



----------------------------------------------------------------------------------------------------------------
           Type of service                         Description                        Amount of charge
----------------------------------------------------------------------------------------------------------------
 
                                                  * * * * * * *
Partial Cabinet Solution bundles      Option A[C]:                          $10,000 initial charge per bundle
Notes:                                1 kW partial cabinet, 1 LCN            plus [monthly charge per bundle as
A User and its Affiliates are          connection (10 Gb LX or 40 Gb), 1     follows:
 limited to one Partial Cabinet        IP network connection (10 Gb or 40    For Users that order on or
 Solution bundle at a time. A User     Gb), 2 NMS Network connections (10    before December 31, 2020: $7,000
 and its Affiliates must have an       Gb or 40 Gb each), 2 fiber cross      monthly for first 24 months of
 Aggregate Cabinet Footprint of 2 kW   connections and either the Network    service, and $14,000 monthly
 or less to qualify for a Partial      Time Protocol Feed or Precision       thereafter
 Cabinet Solution bundle. See Note 1   Timing Protocol                       For Users that order after
 under ``Colocation Notes.''                                                 December 31, 2020: ]$14,000 monthly
                                                                             charge per bundle.
A purchaser of a Partial Cabinet      Option B[D]: 2 kW partial cabinet, 1  $10,000 initial charge per bundle
 Solution must select NMS Network      LCN connection (10 Gb LX or 40 Gb),   plus [monthly charge per bundle as
 connections of the same size (i.e.,   1 IP network connection (10 Gb or     follows:
 10 Gb or 40 Gb) as the related LCN    40 Gb), 2 NMS Network connections     For Users that order on or
 and IP network connections            (10 Gb or 40 Gb each), 2 fiber        before December 31, 2020: $7,500
                                       cross connections and either the      monthly for first 24 months of
                                       Network Time Protocol Feed or         service, and $15,000 monthly
                                       Precision Timing Protocol             thereafter.
                                                                             For Users that order after
                                                                             December 31, 2020: ]$15,000 monthly
                                                                             charge per bundle.
----------------------------------------------------------------------------------------------------------------

    The PCS bundles would continue to include a 1 kw or 2 kw partial 
cabinet and either the Network Time Protocol Feed or the Precision 
Timing Protocol. The requirements set forth in Note 1 under 
``Colocation Notes'' would continue to apply.
General
    The proposed changes would not apply differently to distinct types 
or sizes of market participants. Rather, they would apply to all Users 
equally.
    Users that require other sizes or combinations of cabinets, network 
connections, and cross connects could still request them. As is 
currently the case, the purchase of any co-location service, including 
PCS bundles, is completely voluntary and the Fee Schedule is applied 
uniformly to all Users.
    The proposed changes are not otherwise intended to address any 
other issues relating to co-location services and/or related fees, and 
the Exchange is not aware of any problems that Users would have in 
complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\13\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\14\ 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 regulating, 
clearing, settling, processing information with respect to, and 
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 
and because it is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers. The Exchange further believes 
that the proposed rule change is consistent with Section 6(b)(4) of the 
Act,\15\ because it provides for the equitable allocation of reasonable 
dues, fees, and other charges among its members and issuers and other 
persons using its facilities and does not unfairly discriminate between 
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
    \15\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    The Exchange believes that it is reasonable and would perfect the 
mechanisms of a free and open market and a national market system and, 
in general, protect investors and the public interest to expand the 
connectivity options in the PCS bundles because it would allow Users to 
connect to all or a large part of the expanded OPRA feed. As noted 
above, OPRA has announced that it is expanding data dissemination from 
a 48-line to a 96-line multicast data distribution network.\16\ As a 
result of the change, OPRA has estimated that an increase in bandwidth 
will be needed to consume the OPRA feed.\17\ This means that a 10 Gb 
network connection would not suffice for a User that wanted to connect 
to all or a large part of the expanded OPRA feed. The proposed revised 
PCS bundles allow the User to connect to all or a large part of the 
expanded feed, however.
---------------------------------------------------------------------------

    \16\ See supra note 8.
    \17\ See id., at 2 (providing estimated bandwidth requirements).
---------------------------------------------------------------------------

    The Exchange also believes that it is reasonable and would perfect 
the mechanisms of a free and open market and a national market system 
and, in general, protect investors and the public interest to expand 
the connectivity options in the PCS bundles because a User with a 
revised PCS bundle would be able to use it to connect to more of the 
Included Data Products and Third Party Data Feeds. Moreover, the 
addition of 40 Gb connections may allow a User to have the same size 
connection in co-location that it has elsewhere. That said, although 
the Exchange proposes to expand the connectivity options within the two 
PCS bundles, a User that currently has a PCS bundle would not be 
obligated to make any changes.
    The Exchange further believes that it is reasonable and would 
perfect the mechanisms of a free and open market and a national market 
system and, in general, protect investors and the public interest to 
expand the connectivity options in the PCS bundles because it would be 
responsive to requests from current and potential Users of PCS bundles, 
who have asked for the bundles to include 40 Gb connections.
    The Exchange also believes that the proposed change is reasonable 
and would perfect the mechanisms of a free and open market and a 
national market system and, in general, protect investors and the 
public interest because there would be no change to the initial charge 
and MRC for the PCS bundles. Accordingly, the Exchange believes that 
the proposed change is reasonable because the change would mean that a 
User would receive an enhanced offering, with the option of both 10 Gb 
and 40 Gb connections, for the same price that the Exchange currently 
charges for PCS bundles with 10 Gb options only. A User with a PCS 
bundle would not have to pay a second initial charge to upgrade its PCS 
bundle from 10 Gb to 40 Gb in whole or, if it opts to retain some 10 Gb 
connections, in part.
    The Exchange believes that it is reasonable and would perfect the 
mechanisms of a free and open market and a national market system and, 
in general, protect investors and the public interest to add text 
stating that a purchaser of a Partial Cabinet Solution must select NMS 
Network connections of the same size (i.e., 10 Gb and 40 Gb)

[[Page 41167]]

as the related LCN or IP network connection. The requirement would be 
consistent with the current requirements for NMS Network connections 
\18\ and so all Users would be treated equally. The Exchange believes 
that adding such text would alleviate any possible customer confusion 
as to whether the same requirements would apply to the PCS bundles. In 
this way, it would enhance the clarity and transparency of the Fee 
Schedule.
---------------------------------------------------------------------------

    \18\ See 85 FR 28671, supra note 7, at 28674 (stating that ``if 
a User purchases a service that includes a 10 Gb or 40 Gb IP or LCN 
network connection, that purchase would include an NMS Network 
connection of the same size'').
---------------------------------------------------------------------------

    The Exchange believes that updating the names of the PCS bundles 
from Option C and D to Option A and B and removing obsolete text from 
the Fee Schedule would be reasonable for the same reasons. It would 
make the Fee Schedule easier to read and understand, alleviating 
possible customer confusion.
The Proposed Change Is Equitable and Not Unfairly Discriminatory
    The Exchange believes that the proposed change provides for the 
equitable allocation of reasonable dues, fees, and other charges among 
its members and issuers and other persons using its facilities and does 
not unfairly discriminate between customers, issuers, brokers, or 
dealers because, even though the connectivity options available in a 
PCS bundle would increase, there would be no change to the initial 
charge and MRC for a PCS bundle. A User with a PCS bundle would not 
have to pay a second initial charge to upgrade its PCS bundle from 10 
Gb to 40 Gb in whole or, if it opts to retain some 10 Gb connections, 
in part.
    Further, the Exchange believes that the proposed change is 
equitable and not unfairly discriminatory since, as is true now, only 
Users that purchased a PCS bundle would be charged for it. The proposed 
change would not apply differently to distinct types or sizes of market 
participants but would apply to all Users equally. Moreover, although 
the Exchange proposes to expand the connectivity options within the two 
PCS bundles, a User that currently has a PCS bundle would not be 
obligated to make any changes. Users that require other sizes or 
combinations of cabinets, network connections, and cross connects could 
still request them. As is currently the case, the purchase of any co-
location service, including PCS bundles, would be completely voluntary.
    The Exchange believes that it is equitable and not unfairly 
discriminatory to add text stating that purchaser of a Partial Cabinet 
Solution must select NMS Network connections of the same size (i.e., 10 
Gb or 40 Gb) as the related LCN and IP network connections. The 
requirement would be consistent with the current requirements for NMS 
Network connections,\19\ and so all Users with NMS Network connections 
would be treated equally. The Exchange believes that adding such text 
would alleviate any possible customer confusion as to whether the same 
requirements would apply to the PCS bundles.
---------------------------------------------------------------------------

    \19\ See id.
---------------------------------------------------------------------------

    The Exchange also believes that updating the names of the PCS 
bundles and removing obsolete text from the Fee Schedule would be 
equitable and not unfairly discriminatory, as it would enhance the 
clarity and transparency of the Fee Schedule. It would make the Fee 
Schedule easier to read and understand, alleviating possible customer 
confusion for all market participants.
    For the reasons above, the proposed changes do not unfairly 
discriminate between or among market participants that are otherwise 
capable of satisfying any applicable co-location fees, requirements, 
terms, and conditions established from time to time by the Exchange.
    For these reasons, the Exchange believes that the proposal is 
consistent with the Act.

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

    The Exchange believes that the proposal will not impose any burden 
on competition that is not necessary or appropriate in furtherance of 
the purposes of Section 6(b)(8) of the Act.\20\ The proposed expansion 
of the existing PCS bundles would allow Users to connect to all or a 
large part of the expanded OPRA feed, unlike the 10 Gb network 
connections currently offered in the PCS bundles. More specifically, as 
noted above, OPRA has announced that it is expanding data dissemination 
from a 48-line to a 96-line multicast data distribution network.\21\ As 
a result of the change, OPRA has estimated that an increase in 
bandwidth will be needed to consume the OPRA feed.\22\ This means that 
a 10 Gb network connection would not suffice for a User that wanted to 
connect to all or a large part of the expanded OPRA feed. The proposed 
revised PCS bundles allow the User to connect to all or a large part of 
the expanded feed, however.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f(b)(8).
    \21\ See supra note 8.
    \22\ See id., at 2 (providing estimated bandwidth requirements).
---------------------------------------------------------------------------

    A User with a revised PCS bundle also would be able to use it to 
connect to more of the Included Data Products and Third Party Data 
Feeds, and the addition of 40 Gb connections may allow a User to have 
the same size connection in co-location that it has elsewhere.
    The Exchange does not believe that the proposed rule change would 
place any User at a relative disadvantage compared to other Users, but 
rather that competition among Users would be enhanced. By allowing PCS 
bundles to include 40 Gb connections, the proposed change would allow 
smaller Users to not only take advantage of the option for co-location 
services with a PCS bundle but also compete with Users that have 40 Gb 
connections. The smaller Users include those with minimal power or 
cabinet space demands or those for which the costs attendant with 
having a dedicated cabinet or greater network connection bandwidth are 
too burdensome. The PCS bundles originally were designed to make it 
more cost effective for such Users to compete,\23\ and the Exchange 
believes that the proposed change would enhance their ability to do so. 
The proposed change would be responsive to requests from current and 
potential Users of PCS bundles, who have asked for the bundles to 
include 40 Gb connections.
---------------------------------------------------------------------------

    \23\ See 81 FR 7382, supra note 5, at 7384.
---------------------------------------------------------------------------

    The proposed rule change would not impose a burden on competition 
because it would expand the existing PCS bundles without changing the 
initial charge or MRC or otherwise adding any fees. As a result of the 
change a User would receive an enhanced offering, with the option of 
both 10 Gb and 40 Gb connections, for the same price that the Exchange 
currently charges for PCS bundles with 10 Gb options only. A User with 
a PCS bundle would not have to pay a second initial charge to upgrade 
its PCS bundle from 10 Gb to 40 Gb in whole or, if it opts to retain 
some 10 Gb connections, in part. As is true now, only Users that 
purchased a PCS bundle would be charged for it.
    All Users would be able to choose what size connections they want, 
and all Users, whether or not they had a PCS bundle, would be subject 
to the same requirements for connectivity to the NMS network. 
Accordingly, the Exchange does not believe that the proposed rule 
change would place any User at a relative disadvantage compared to 
other Users.

[[Page 41168]]

    Finally, the Exchange believes that removing obsolete text from the 
Fee Schedule would not place any burden on competition that is not 
necessary or appropriate. Rather, it would benefit competition, as it 
would enhance the clarity and transparency of the Fee Schedule. It 
would make the Fee Schedule easier to read and understand, alleviating 
possible customer confusion.
    For these reasons, the Exchange believes that the proposed rule 
change reflects this competitive environment and does not impose any 
undue burden on intermarket competition.

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 Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \24\ and Rule 19b-4(f)(6) thereunder.\25\ 
Because the proposed rule change does not: (i) significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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) \26\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-NYSEAMER-2023-32 on the subject line.

Paper Comments

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

All submissions should refer to file number SR-NYSEAMER-2023-32. 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 (https://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 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection.
    All submissions should refer to file number SR-NYSEAMER-2023-32 and 
should be submitted on or before July 14, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-13338 Filed 6-22-23; 8:45 am]
BILLING CODE 8011-01-P