[Federal Register Volume 91, Number 18 (Wednesday, January 28, 2026)]
[Notices]
[Pages 3748-3753]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-01636]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104676; File No. SR-NYSEAMER-2026-03]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Modify
the NYSE American Options Fee Schedule To Modify the Market Maker
Sliding Scale Qualification Tiers and Amend the Floor Broker Fixed Cost
Prepayment Incentive Program
January 23, 2026.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934
[[Page 3749]]
(``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on January 14, 2026, 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.
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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 amend the NYSE American Options Fee
Schedule (``Fee Schedule'') regarding (1) the Market Maker Sliding
Scale program (the ``MM Sliding Scale''); (2) the Floor Broker Fixed
Cost Prepayment Incentive (the ``FB Prepay Program''); and (3) the
limit on the maximum combined Floor Broker credits paid for QCC trades
and rebates paid through the Manual Billable Rebate Program (the ``FB
Cap''). The Exchange proposes to implement the fee change effective
January 14, 2026.\4\ The proposed rule change is available on the
Exchange's website at www.nyse.com and at the principal office of the
Exchange.
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\4\ The Exchange previously filed to amend the Fee Schedule on
December 31, 2025, for January 2, 2026 effectiveness (SR-NYSEAMER-
2025-78), and withdrew such filing on January 14, 2026.
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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 purpose of this filing is to amend the Fee Schedule regarding
(1) certain volume thresholds under the MM Sliding Scale; (2) rebates
available to participants in the FB Prepay Program; and (3) the amount
of the FB Cap, as described in more detail below. The Exchange proposes
to implement the fee change effective January 14, 2026.
MM Sliding Scale
Section I.C. of the Fee Schedule sets forth the MM Sliding Scale, a
sliding scale of transaction fees charged to NYSE American Options
Market Makers (referred to as Market Makers herein) that decrease upon
the Market Maker trading certain minimum, increasing monthly volume
thresholds as expressed in four tiers.\5\ The MM Sliding Scale offers
different rates depending on whether volume is non-take or take \6\ and
offers reduced rates for Market Makers that participate in the
Exchange's Prepayment Programs for Market Makers, per Section I.D. of
the Fee Schedule.\7\
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\5\ See Fee Schedule, Section I.C., NYSE American Options Market
Maker Sliding Scale--Electronic, available at: https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf (excluding any volumes
attributable to QCC trades, CUBE Auctions, and Strategy Execution
Fee Caps, as these transactions are subject to separate pricing
described in Fee Schedule Sections I.F., I.G., and I.J,
respectively). The thresholds are based on a Market Makers' volume
transacted electronically as a percentage of total industry Customer
equity and Exchange Traded Fund options volumes as reported by the
Options Clearing Corporation (the ``OCC''). See OCC Monthly
Statistics Reports, available here, http://www.theocc.com/webapps/monthly-volume-reports. See also Fee Schedule, Key Terms and
Definitions, TCADV (defining TCADV as ``Total Industry Customer
equity and ETF option average daily volume. TCADV includes OCC
calculated Customer volume of all types, including Complex Order
transactions and QCC transactions, in equity and ETF options'').
\6\ For purposes of the MM Sliding Scale, ``all eligible volume
that does not remove liquidity'' qualifies as non-take volume;
whereas any volume that removes liquidity qualifies as take
volume.'' See Fee Schedule, Section I.C., note 1. For example, any
Market Maker transaction that interacts with resting liquidity is
take volume.
\7\ The Exchange offers Market Makers the opportunity to prepay
a portion of certain transactions costs in exchange for reduced
rates under the MM Sliding Scale, as well as enabling such Market
Makers to qualify their Affiliated OFP or Appointed OFP, if any, to
earn enhanced credits under the American Customer Engagement
(``ACE'') Program per Section I.E. of the Fee Schedule. See Fee
Schedule, Sections I.D. (describing 1 Year Prepayment Program and
Balance of the Year Program) and I.E. (setting forth the ACE
Program). The Market Maker Prepayment Program is designed to
encourage Market Makers to commit capital to the Exchange as a
demonstration of long-term participation on the Exchange as a
primary execution venue.
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The Exchange proposes to amend the MM Sliding Scale by modifying
the volume thresholds required to qualify for tiers 2 and 3 of the
program, effective July 1, 2026.\8\ Currently, Market Makers can
qualify for tier 2 of the MM Sliding Scale by achieving electronic ADV
of greater than 0.25% and up to 0.70% of TCADV and qualify for tier 3
of the MM Sliding Scale by achieving electronic ADV of greater than
0.70% and up to 1.25% of TCADV. The Exchange proposes to maintain these
volume thresholds for tiers 2 and 3 through June 30, 2026, and
effective July 1, 2026, amend the volume thresholds for tiers 2 and 3
as reflected in the table below, with current thresholds in brackets
and proposed thresholds italicized.
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\8\ See proposed Fee Schedule, Section I.C., NYSE American
Options Market Maker Sliding Scale--Electronic.
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Prepayment program participant rates
Market maker Rate per contract -----------------------------------------
Tier electronic ADV for non-take volume Rate per contract Rate per contract
as a % of TCADV \1\ for take volume \1\ for non-take volume Rate per contract
\1\ for take volume \1\
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1........ 0.00% to 0.25%... $0.25 $0.25 $0.21 $0.24
2........ >0.25% to [0.70%] 0.23 0.25 0.19 0.23
0.65%.
3........ >[0.70%] 0.65% to 0.12 0.17 0.08 0.12
1.25%.
4........ >1.25%........... 0.09 0.14 0.06 0.10
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[[Page 3750]]
In other words, the Exchange proposes that, as of July 1, 2026, the
volume threshold for tier 2 will change from ``>0.25% to 0.70%'' to
``>0.25% to 0.65%'' and the volume threshold for tier 3 will change
from ``>0.70% to 1.25%'' to ``>0.65% to 1.25%.'' This proposed change
would lower the volume threshold for tier 3 beginning on July 1, 2026
and is intended to facilitate Market Makers' ability to qualify for the
reduced rates available in tier 3 (including the preferential pricing
afforded to Market Makers that participate in the Market Maker
Prepayment Program). The Exchange is not proposing any changes to the
rates offered through the MM Sliding Scale program or any changes to
the volume thresholds for tiers 1 and 4.
Although the Exchange cannot predict with certainty whether any
Market Makers would seek to qualify for the rates available through the
MM Sliding Scale program, the Exchange believes that the proposed
change, which would make it easier for Market Makers to qualify for the
lower per contract rates available in tier 3 of the MM Sliding Scale
beginning in July 2026, would continue to encourage Market Maker
activity on the Exchange.
FB Prepay Program
The FB Prepay Program, as set forth in Section III.E.1. of the Fee
Schedule, is a prepayment incentive program that allows Floor Brokers
to prepay certain of their annual Eligible Fixed Costs in exchange for
the opportunity to earn rebates through the Manual Billable Rebate
Program (each a ``Manual Rebate'').\9\ Manual Rebates are payable
monthly, back to the first billable side, on transactions for which at
least one side is subject to manual transaction fees and, unless
otherwise specified, excludes QCC volume.\10\ Participating Floor
Brokers that achieve more than 500,000 manual billable sides in a month
are eligible for a Manual Rebate of ($0.05) per billable side, and
those that achieve more than 1.1 million manual billable sides in a
month are eligible for an additional Manual Rebate of ($0.02) per
billable side. In addition, FB Prepay Participants that execute at
least 500,000 manual billable sides in a month may be eligible for an
additional rebate of ($0.02) per billable side, payable back to the
first billable side, if they also execute at least 3.5 million Firm
Facilitation sides. Currently, the Manual Billable Rebate Program also
provides an alternative way for participants in the FB Prepay Program
that execute at least 5 million combined manual billable and QCC
billable contracts in a month to earn a rebate of ($0.10) per billable
side, payable back to the first billable side.\11\ In addition,
participating Floor Brokers that achieve this combined volume threshold
may also be eligible for one of the following additional rebates based
on combined QCC and manual billable contracts, payable back to the
first billable side (participants that qualify for both rebates would
be entitled only to the greater of the two):
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\9\ See Fee Schedule, Section III.E.1., Floor Broker Fixed Cost
Prepayment Incentive Program (the ``FB Prepay Program''). Floor
Brokers may enroll in the Program for the entire calendar year or
may enroll at any time during a calendar year, subject to the
various prepayment requirements. See id.
\10\ The Exchange excludes any volume calculated to achieve the
Strategy Execution Fee Cap, regardless of whether the cap is
achieved, from the Manual Billable Rebate Program because fees on
such volume are already capped and therefore such volume does not
increase billable manual volume. See id.
\11\ See id.
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Additional rebate per billable
Qualifying volume side
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Execute combined manual billable and ($0.01) OR ($0.02)
QCC billable contracts exceeding 5
million by at least 40% OR Execute
combined manual billable and QCC
billable contracts exceeding 5
million by at least 100%.
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The Exchange first proposes to amend FB Prepay Program to provide
for an additional ($0.03) rebate that would be available to
participating Floor Brokers that execute at least 10x the minimum
requirement to qualify for the Manual Billable Rebate Program (i.e.,
10x of 500,000 billable sides) in combined manual billable and QCC
billable contracts in a month, provided that at least 60% of such
contracts are manual billable contracts. This rebate would be an
alternative to the additional ($0.02) rebate available to FB Prepay
Program participants that execute the requisite number of Firm
Facilitation sides and would replace the existing option to qualify for
an additional rebate based on combined manual billable and QCC billable
contracts.\12\ Although the proposed change would require Floor Brokers
to execute a higher proportion of manual billable contracts (as
compared to QCC billable contracts) in order to qualify for the
additional rebate, the Exchange believes the proposed change would
encourage additional manual executions on the Exchange, consistent with
the intent of the FB Prepay Program to encourage the role performed by
Floor Brokers in facilitating the execution of orders via open outcry.
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\12\ The Exchange proposes to delete the sentence describing the
currently available additional rebate based on combined manual
billable and QCC billable contracts and make a related non-
substantive, conforming change in the sentence that follows.
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The Exchange also proposes to amend the FB Prepay Program to
provide for an additional rebate of ($0.01) per manual billable side
and an additional rebate of ($0.01) per two billable side QCC
contract,\13\ each payable back to the first billable side, which would
be available to participating Floor Brokers if they exceed the higher
of the qualifications in the table above (i.e., combined manual
billable and QCC billable contracts exceeding 5 million by at least
100%) by 2 million combined manual billable and QCC billable
contracts.\14\ The Exchange believes this proposed change, which offers
an additional rebate to qualifying FB Prepay Program participants,
could incentivize Floor Brokers to participate in the FB Prepay Program
(including Floor Brokers that have not previously participated in the
program) and encourage program participants to conduct more manual
billable and QCC billable volume on the Exchange to earn the proposed
rebate(s) on such volume.
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\13\ A two billable side QCC contract has a non-customer
participant on both sides of the contract.
\14\ The Exchange proposes to describe these rebates in new rule
text that would appear below the table titled ``Qualifying Volume''
and ``Additional Rebate per Billable Side'' in Section III.E.1. of
the Fee Schedule.
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FB Cap
The FB Cap is a limit on the maximum combined Floor Broker credits
paid for QCC trades and rebates paid through the Manual Billable Rebate
Program of $3,000,000 per month per Floor Broker firm.\15\ Earlier this
year, in response to extreme market volatility and a concomitant surge
in open outcry
[[Page 3751]]
volume that led to Floor Broker firms earning higher than average
monthly credits and rebates, the Exchange waived the FB Cap to allow
Floor Broker firms to continue to send credit/rebate-generating order
flow to the Exchange without concern for reaching the FB Cap.\16\
Because open outcry volumes on the Exchange remain elevated, the
Exchange proposes to increase the FB Cap to $4,000,000 per month per
Floor Broker firm.
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\15\ See Fee Schedule, Sections I.F. and III.E.1. (providing, in
relevant part, that Floor Broker credits paid for QCC trades and
rebates paid through the Manual Billable Rebate Program shall not
combine to exceed $3,000,000 per month per Floor Broker firm).
\16\ See Securities Exchange Act Release Nos. 102890 (April 18,
2025), 90 FR 17273 (April 24, 2025) (SR-NYSEAMER-2025-26); 102985
(May 2, 2025), 90 FR 19584 (May 8, 2025) (SR-NYSEAMER-2025-27);
103623 (August 1, 2025), 90 FR 37905 (August 6, 2025) (SR-NYSEAMER-
2025-46); 104258 (November 25, 2025), 90 FR 55186 (December 1, 2025)
(SR-NYSEAMER-2025-65). The Exchange also proposes a non-substantive,
clean up change to delete language from the Fee Schedule in Sections
I.F. and III.E.1. referencing the waiver of the FB Cap for the
months of November and December 2025, which will have expired.
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The proposed change is intended to incent Floor Brokers to continue
to direct their order flow to the Exchange, thereby increasing
liquidity to the benefit of all market participants, by increasing the
amount of the monthly cap on combined Floor Broker credits paid for QCC
trades and rebates paid through the Manual Billable Rebate Program.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\17\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\18\ 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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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(4) and (5).
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The proposed changes to the Fee Schedule are reasonable, equitable,
and not unfairly discriminatory. As a threshold matter, the Exchange is
subject to significant competitive forces in the market for options
securities transaction services that constrain its pricing
determinations in that market. The 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.'' \19\
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\19\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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There are currently 18 registered options exchanges competing for
order flow. Based on publicly available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\20\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity and ETF
options order flow. More specifically, in November 2025, the Exchange
had 8.58% market share of executed volume of multiply-listed equity and
ETF options order flow.\21\ In such a low-concentrated and highly
competitive market, no single options exchange possesses significant
pricing power in the execution of option order flow.
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\20\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available at: https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.
\21\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of equity-based ETF options,
see id., the Exchange's market share in equity-based options
increased from 6.09% for the month of November 2024 to 8.58% for the
month of November 2025.
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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
shift order flow or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. In response to this
competitive marketplace, the Exchange has established incentives, such
as the MM Sliding Scale and FB Prepay Program, to encourage market
participants to direct order flow to the Exchange.
The Exchange believes that the proposed changes to the MM Sliding
Scale, FB Prepay Program, and FB Cap are reasonable. The proposed
change to the MM Sliding Scale would reduce the minimum volume
threshold to achieve tier 3, effective July 1, 2026, thus making it
easier to achieve. Accordingly, the Exchange believes that the MM
Sliding Scale, as modified, should continue to encourage Market Makers
to commit to directing their order flow to the Exchange in exchange for
reduced rates, which would increase volume and liquidity, to the
benefit of all market participants by providing more trading
opportunities and tighter spreads. The Exchange believes that the
proposed changes to the Manual Billable Rebate program are reasonable
because they should continue to encourage Floor Brokers to participate
in the FB Prepay Program and to provide liquidity on the Exchange. In
particular, the proposed rebates are intended to encourage Floor
Brokers to increase the number of manual and QCC transactions directed
to the Exchange and to aggregate their executions at the Exchange as a
primary execution venue. To the extent that the proposed change
achieves its purpose of attracting more volume to the Exchange, this
increased order flow would continue to make the Exchange a more
competitive venue for order execution, thus improving market quality
for all market participants. The Exchange believes the proposed change
to the FB Cap is reasonable because it is also designed to encourage
the unique function of Floor Brokers in facilitating the execution of
open outcry orders, to the benefit of all market participants. To the
extent the proposed increase to the amount of the FB Cap encourages
Floor Brokers to continue facilitating transactions on the Exchange
(instead of on a competing market), all market participants should
benefit from increased liquidity, and increased order flow on the
Exchange would continue to make the Exchange a more competitive venue
for order execution, thus supporting market quality for all market
participants.
The Exchange believes the proposed changes are equitable and not
unfairly discriminatory because they are based on the amount and type
of business transacted on the Exchange. The MM Sliding Scale program is
available to all Market Makers, who can attempt to trade sufficient
monthly volume to achieve one of the MM Sliding Scale tiers or not.
Market Makers likewise have the option of participating in the
Prepayment Program to be eligible for further reduced rates under the
MM Sliding Scale or not. The Exchange believes it is equitable and not
unfairly discriminatory to continue to offer incentives to Market
Makers given their heightened obligations, as compared to other market
participants, and because, to the extent the proposed change achieves
its intended purpose in encouraging Market Maker activity on the
Exchange, all market participants would be encouraged to direct
additional order flow to the Exchange, making it a more attractive
venue for execution. Similarly, Floor Brokers are not obligated to
participate in the FB Prepay Program, and those who do can
[[Page 3752]]
choose to execute manual billable volume and QCC transactions to earn
rebates through the Manual Billable Rebate Program or not. In addition,
the Manual Billable Rebate Program continues to be equally available to
all Floor Brokers that participate in the FB Prepay Program. Floor
Brokers likewise are not obligated to execute manual billable or QCC
transactions, and the proposed rebates offered through the Manual
Billable Rebate Program would be available to all Floor Brokers that
participate in the FB Prepay Program on a non-discriminatory basis.
Finally, the FB Cap, as proposed, would apply equally to all Floor
Brokers that execute manual transactions and/or QCC transactions and
that earn rebates and credits applied toward such cap. The Exchange
also believes that it is equitable and not unfairly discriminatory to
continue to offer incentives to Floor Brokers to encourage their unique
function in facilitating the execution of orders via open outcry, to
the benefit of all market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would 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 all market participants. 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.'' \22\
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\22\ See Reg NMS Adopting Release, supra note 19, at 37499.
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Intramarket Competition. The proposed change is designed to
continue to attract order flow to the Exchange by offering Market
Makers competitive rates based on increased volumes on the Exchange,
which would enhance the quality of quoting and may increase the volumes
of contracts trade on the Exchange. To the extent that there is an
additional competitive burden on non-Market Makers, the Exchange
believes that this is appropriate because Market Makers have heightened
obligations that other market participants do not and the proposal
should incent market participants to direct additional order flow to
the Exchange, and thus provide additional liquidity that enhances the
quality of its markets and increases the volume of contracts traded
here. The proposed changes to the FB Prepay Program would be available
to all similarly-situated Floor Brokers that participate in the FB
Prepay Program. The Exchange believes that the proposed change to adopt
the additional rebates for Floor Brokers would encourage competition,
including by attracting additional liquidity to the Exchange, which
would continue to make the Exchange a more competitive venue for, among
other things, order execution and price discovery. The proposed change
to the FB Cap would apply equally to all similarly-situated Floor
Brokers. To the extent that the continuation of the FB Prepay Program,
the proposed additional rebates for Floor Broker participants in the
program, or the increased FB Cap impose an additional competitive
burden on non-Floor Brokers, the Exchange believes that any such burden
would be appropriate because Floor Brokers serve an important function
in facilitating the execution of orders and price discovery for all
market participants.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the other 17 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. Based on publicly
available information, and excluding index-based options, no single
exchange has more than 16% of the market share of executed volume of
multiply-listed equity and ETF options trades. Therefore, currently no
exchange possesses significant pricing power in the execution of
multiply-listed equity and ETF options order flow. More specifically,
in November 2025, the Exchange had 8.58% market share of executed
volume of multiply-listed equity and ETF options order flow.
The Exchange believes that the proposed change to the MM Sliding
Scale reflects this competitive environment because modifying the
volume threshold for tier 3 of the MM Sliding Scale to make it easier
to achieve should continue to encourage Market Makers to commit to
directing their order flow to the Exchange, which would increase volume
and liquidity, to the benefit of all market participants by providing
more trading opportunities and tighter spreads. Similarly, the proposed
changes to the FB Prepay Program would provide for additional rebates
to program participants, which could encourage Floor Brokers to direct
trading interest (particularly manual transactions and QCC
transactions) to the Exchange, to provide liquidity and to attract
order flow. The proposed change to the FB Cap is also designed to
continue to incent Floor Brokers to direct manual and QCC transactions
to the Exchange, to provide liquidity and to attract order flow to the
Exchange. To the extent that Floor Brokers are encouraged to
participate in the FB Prepay Program and/or to utilize the Exchange as
a primary trading venue for all transactions, all of the Exchange's
market participants should benefit from improved market quality and
increased opportunities for price improvement.
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) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 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) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 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.
[[Page 3753]]
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-2026-03 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-2026-03. 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 filing 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-2026-03 and should be submitted
on or before February 18, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-01636 Filed 1-27-26; 8:45 am]
BILLING CODE 8011-01-P