[Federal Register Volume 85, Number 93 (Wednesday, May 13, 2020)]
[Notices]
[Pages 28686-28691]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10216]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88834; File No. SR-NYSEAMER-2020-34]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Options Fee Schedule
May 7, 2020.
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 May 1, 2020, 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, II,
and III below, which Items have been prepared by the self-
[[Page 28687]]
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 the Professional Step-Up
Incentive program and rebates for initiating a Customer Best Execution
Auction. The Exchange proposes to implement the fee change effective
May 1, 2020. The proposed 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to modify the Fee Schedule regarding
the Professional Step-Up Incentive program and rebates for initiating a
Customer Best Execution (``CUBE'') auction, in both Single-Leg and
Complex CUBE transactions.
In brief, the proposed changes are designed to encourage ATP
Holders to increase their Electronic volume in the ``Professional''
range as well as to submit initiating CUBE Orders.\4\ Specifically, the
Exchange proposes to modify the Professional Step-Up Incentive, which
offers discounted rates on monthly Professional volume, and to expand
the type of volume on which a rebate on initiating CUBE volume would
apply (from Customer only to all account types).
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\4\ For purposes of this filing, ``Professional'' Electronic
volume includes: Professional Customer, Broker Dealer, Non-NYSE
American Options Market Maker, and Firm (the ``Professional
volume'').
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The Exchange proposes to implement the rule changes on May 1, 2020.
Background
The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \5\
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\5\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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There are currently 16 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.\6\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity & ETF options
order flow. More specifically, in January 2020, the Exchange had less
than 10% market share of executed volume of multiply-listed equity &
ETF options trades.\7\
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\6\ The OCC publishes options and futures volume in a variety of
formats, including daily and monthly volume by exchange, available
here: https://www.theocc.com/market-data/volume/default.jsp.
\7\ Based on OCC data, see id., the Exchange's market share in
equity-based options declined from 9.82% for the month of January
2019 to 8.08% for the month of January 2020.
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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 environment, the Exchange has
established various pricing incentives designed to encourage increased
Electronic volume executed on the Exchange, including (but not limited
to) the American Customer Engagement (``ACE'') Program and the
Professional Step-Up Incentive Program. The Exchange also offers an ACE
Initiating Participant Rebate to participants in the ACE Program that
initiate CUBE Auctions as well as an alternative to the ACE Initiating
Participant Rebate--the Alternative Initiating Participant Rebate--that
enables non-ACE Program participants to qualify for a rebate on certain
initiating CUBE Orders provided they meet certain Professional volume
requirements and increase their initiating CUBE volume. The Exchange is
proposing to (1) modify the Professional Step-Up Incentive Program to
continue to encourage Professional volume and (2) expand the type of
volumes to which the ``CUBE Initiating Participant Rebates'' are
applied to encourage participants to increase their initiating CUBE
volume.\8\ To the extent that these incentives succeed, the increased
liquidity on the Exchange would result in enhanced market quality for
all participants.
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\8\ As described herein, the ``CUBE Initiating Participant
Rebates'' include both the ACE Initiating Participant Rebate and the
Alternative Initiating Participant Rebate.
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Proposed Rule Change
Professional Step-Up Incentive
Section I.H. of the Fee Schedule sets forth the Professional Step-
Up Incentive program (the ``Professional Incentive''), which is
comprised of Tiers A, B, and C, and offers discounted rates on monthly
Professional volume for ATP Holders that increase their Professional
volume by specified percentages of Total Industry Customer equity and
ETF option average daily volume (``TCADV'') over their August 2019
volume--or, for new ATP Holders that increase such volume by a
specified percentages of TCADV above 10,000 contracts ADV (the
``Qualifying Volume'').\9\ Under the current Fee Schedule, ATP Holders
that qualify for Tier C of the Professional Incentive are also eligible
to receive ACE Program, Tier 1 credits.\10\
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\9\ See Fee Schedule, Section I.H., Professional Step-Up
Incentive, available here, https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf. 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'').
\10\ See id., Section I.H. See also Fee Schedule, Section I.E.
(describing the ACE Program and associated credits).
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The Exchange proposes to introduce an additional incentive tier--
new Tier D--for ATP Holders that increase (or ``step up'') their
Qualifying Volume by 0.15% of TCADV. ATP Holders that execute
sufficient volume to qualify for proposed Tier D would receive the more
favorable per-contract rate of $0.20 for Penny Pilot issues and $0.50
for non-
[[Page 28688]]
Penny Pilot issues \11\ and would also be eligible to have ACE Program,
Tier 1 credits applied to Customer executions.\12\ The Exchange also
proposes to amend the per contract rate for non-Penny Pilot Issues
under Tier C to be $0.55 per contract. In addition, the Exchange
proposes an additional incentive for ATP Holders that meet the Tier D
requirements and increase Qualifying Volume by 0.20% of TCADV and
execute posted Professional volume (i.e., that adds liquidity) of at
least 0.10% of TCADV (the ``additional incentive''). Specifically, ATP
Holders that qualify for the proposed additional incentive would
receive a three-cent ($0.03) per contract discount off of the Tier D
rates.\13\ Based on the proposed Tier D rates (of $0.20 and $0.50 for
Penny and non-Penny issues, respectively), an ATP Holder that qualifies
would be charged $0.17 and $0.47 for each such contract.
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\11\ See Fee Schedule, Section I. A., supra note 9 (setting
forth options transactions rates for Electronic Professional volume
of $0.50 and $0.75 for Penny and Non-Penny issues respectively;
except that Firm execution in Penny issues are charged $0.47 per
contract).
\12\ See proposed Fee Schedule, Section I.H., Professional Step-
Up Incentive. The Exchange also proposes to remove an errant open
parentheses from the preamble of this section, which would add
clarity and transparency to the Fee Schedule. See id.
\13\ See id., note 1.
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The Exchange cannot predict with certainty whether any ATP Holders
would qualify for these additional incentives;, however, assuming
historical behavior can be predictive of future behavior, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for Tier D, and that qualification for the
additional $0.03 reduction is achievable.
CUBE Auction Fees & Credits: CUBE Initiating Participant Rebates
Section I.G. of the Fee Schedule sets forth the rates for per
contract fees and credits for executions associated with Single-Leg and
Complex CUBE Auctions. To encourage participants to utilize CUBE
Auctions, the Exchange offers rebates on certain initiating CUBE volume
in the Customer range. The ACE Initiating Participant Rebate is
available to ATP Holders that qualify for Tiers 1-5 of the ACE Program
and applies to the each of the first 5,000 Customer contracts per
Singe-Leg CUBE Order executed or to each of the first 1,000 Customer
contracts per leg of a Complex CUBE Order executed.\14\ The Exchange
also offers an Alternative Initiating Participant Rebate, which
similarly applies to the each of the first 5,000 Customer contracts per
Singe-Leg CUBE Order for those participants that do not qualify for the
ACE Program.\15\ To qualify for the Alternative Initiating Participant
Rebate, an ATP Holder must execute a minimum of 10,000 contracts ADV in
the Professional range and increase their Initiating CUBE Orders by the
greater of 20% over their August 2019 volume or 10,000 contracts
ADV.\16\ An ATP Holder that qualifies for both the ACE Initiating
Participant Rebate (which is ($0.12)) and the Alternative Initiating
Participant Rebate (which is ($0.10)) would be entitled only to the
greater of the two rebates (i.e., the ACE Initiating Participant
Rebate).\17\
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\14\ See Fee Schedule, see supra note 9, Section I.G., CUBE
Auction Fees & Credits, note 2 to each table (the ACE Initiating
Participant Rebate is ($0.12) and ($0.10) for Single- Leg and
Complex CUBE Auctions, respectively).
\15\ See id. (the Alternative Initiating Participant Rebate is
($0.10) per contract).
\16\ See id.
\17\ See id.
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The Exchange proposes to modify the ACE Initiating Participant
Rebate and Alternative Initiating Participant Rebate (collectively, the
``CUBE Initiating Rebates''; each a ``Rebate'') to remove the
limitation of application to ``Customer'' contracts. As proposed, the
CUBE Initiating Rebates would apply to the same number of executed CUBE
Order contracts regardless of account type.\18\ The Exchange is not
proposing to alter the qualifying standards for, or the amount of,
either Rebate at this time. This proposed change is designed to
encourage a variety of account types to use the CUBE Auctions and to
incent an increase in order flow.
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\18\ See proposed Fee Schedule, Section I.G., CUBE Auction Fees
& Credits, note 2 to each table. The Exchange also proposes to
correct a typographical error (i.e., $(0.45)) that appears in note 1
to the Complex CUBE Auction pricing table to the correct ($0.45),
which would add clarity and transparency to the Fee Schedule. See
proposed Fee Schedule, Section I.G., CUBE Auction Fees & Credits,
note 1.
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The Exchange cannot predict with certainty whether any ATP Holders
would qualify for the CUBE Initiating Rebates; however, assuming
historical behavior can be predictive of future behavior, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for expanded CUBE Initiating Rebates.
The Exchange's fees are constrained by intermarket competition, as
ATP Holders may direct their order flow to any of the 16 options
exchanges, including those with similar incentive programs.\19\ Thus,
ATP Holders have a choice of where they direct their order flow. The
proposed modifications to the Professional Incentive program is
designed to encourage ATP Holders to increase the amount of
Professional volume directed to and executed on the Exchange. In
addition, the proposed expansion of the application of the CUBE
Initiating Rebates are designed to encourage the submission of CUBE
Orders from all account types, which should maximize price improvement
opportunities. Because the CUBE Initiating Rebates are tied to Customer
(ACE) and Professional (Alternative) order flow, the Exchange believes
all market participants stand to benefit from increased order flow,
which promotes market depth, facilitates tighter spreads and enhances
price discovery.
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\19\ See e.g., MIAX Options fee schedule, Section 1.a.iv,
Professional Rebate Program, available here, https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_04012019.pdf (setting forth per contract
credits on volume submitted for the account of Public Customers that
are not Priority Customers, Non-MIAX Market Makers, Non-Member
Broker Dealers, and Firms (collectively, Professional for purposes
of MIAX program), provided the Member achieves certain Professional
volume increase percentage thresholds (set forth in the schedule) in
the month relative to the fourth quarter of 2015).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\20\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\21\ 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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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable
The Exchange operates in a highly competitive 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.'' \22\
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\22\ See Reg NMS Adopting Release, supra note 5, at 37499.
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There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more
[[Page 28689]]
than 16% of the market share of executed volume of multiply-listed
equity and ETF options trades.\23\ Therefore, currently no exchange
possesses significant pricing power in the execution of multiply-listed
equity & ETF options order flow. More specifically, in January 2020,
the Exchange had less than 10% market share of executed volume of
multiply-listed equity & ETF options trades.\24\
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\23\ See supra note 6.
\24\ Based on OCC data, see supra note 7, the Exchange's market
share in equity-based options declined from 9.82% for the month of
January 2019 to 8.08% for the month of January 2020.
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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. Stated otherwise, changes
to exchange transaction fees and rebates can have a direct effect on
the ability of an exchange to compete for order flow.
The Exchange believes that the proposed modifications to the Tier C
of Professional Incentive is reasonable because, although the proposed
associated fees for non-Penny Pilot contracts would increase, the rates
would still be discounted and, as such, would continue to be designed
to incent ATP Holders to increase the amount of Professional order flow
directed to the Exchange. In addition, that rate would continue to be
available under the proposed new Tier D. The Exchange believes that new
Tier D as well as the additional incentive are reasonable because they
are designed to incent ATP Holders to continue to increase the amount
of order flow directed to the Exchange. The Exchange further believes
that expanding the application of the CUBE Initiating Rebates may
encourage greater use of the CUBE Auctions, which may lead to greater
opportunities to trade--and for price improvement--for all
participants.
The Exchange notes that all market participants stand to benefit
from increased transaction volume, as such increase promotes market
depth, facilitates tighter spreads and enhances price discovery, and
may lead to a corresponding increase in order flow from other market
participants that do not participant in (or qualify for) the
Professional Incentive (or the ACE) program.
The Exchange believes the proposed technical changes (see supra
notes 12 and 18) would add clarity and transparency to the Fee Schedule
making it easier to navigate and comprehend to the benefit of all
market participants.
The Exchange cannot predict with certainty whether any participants
would qualify for these additional incentives; however, assuming
historical behavior can be predictive of future behavior, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for the new Tier D, and that qualification
for the additional $0.03 reduction is achievable; and that between two
and four firms may qualify for the expanded CUBE Initiating Rebates.
Finally, to the extent the proposed changes attract greater volume
and liquidity, the Exchange believes the proposed changes would improve
the Exchange's overall competitiveness and strengthen its market
quality for all market participants. In the backdrop of the competitive
environment in which the Exchange operates, the proposed rule changes
are a reasonable attempt by the Exchange to increase the depth of its
market and improve its market share relative to its competitors. The
proposed rule changes are designed to incent ATP Holders to direct
liquidity to the Exchange in Electronic executions, similar to other
exchange programs with competitive pricing programs, thereby promoting
market depth, price discovery and improvement and enhancing order
execution opportunities for market participants.\25\
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\25\ See, e.g., supra note 19 (regarding MIAX Professional
Rebate Program).
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The Proposed Rule Change Is an Equitable Allocation of Fees and Rebates
The Exchange believes the proposed rule change is an equitable
allocation of its fees and rebates. The proposal is based on the amount
and type of business transacted on the Exchange and ATP Holders can opt
to avail themselves of these incentives or not. Moreover, the proposals
are designed to encourage ATP Holders to aggregate their executions at
the Exchange as a primary execution venue. To the extent that the
proposed changes attract more Professional or CUBE volume to the
Exchange, this increased order flow would continue to make the Exchange
a more competitive venue for order execution. Thus, the Exchange
believes the proposed rule changes would improve market quality for all
market participants on the Exchange and, as a consequence, attract more
order flow to the Exchange thereby improving market-wide quality and
price discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory because the proposed modifications would be available to
all similarly-situated market participants on an equal and non-
discriminatory basis. Regarding the changes to Professional Incentive
Tier C, ATP Holders would continue to have the option of availing
themselves of the still-reduced rates available under that Tier and new
Tier D, and the additional incentive, would increase opportunities to
achieve further discounted fees. The Exchange's proposed expansion of
the CUBE Initiating Rebates is designed to encourage greater use of the
CUBE Auctions, which may lead to greater opportunities to trade--and
for price improvement--for all participants.
The proposals are based on the amount and type of business
transacted on the Exchange and ATP Holders are not obligated to try to
achieve either of the incentive pricing options. Rather, the proposals
are designed to encourage participants to utilize the Exchange as a
primary trading venue (if they have not done so previously) or increase
Electronic volume sent to the Exchange. To the extent that the proposed
changes attract more executions to the Exchange, this increased order
flow would continue to make the Exchange a more competitive venue for
order execution. Thus, the Exchange believes the proposed rule changes
would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery. The
resulting increased volume and liquidity would provide more trading
opportunities and tighter spreads to all market participants and thus
would promote just and equitable principles of trade, 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.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
[[Page 28690]]
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 changes further 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.'' \26\
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\26\ See Reg NMS Adopting Release, supra note 5, at 37499.
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Intramarket Competition. The proposed change is designed to
continue to attract order flow to the Exchange by offering competitive
rates and rebates (via the Professional Incentive program and the CUBE
Initiating Rebates) based on increased volumes on the Exchange, which
would enhance the quality of quoting and may increase the volumes of
contracts traded on the Exchange. To the extent that this purpose is
achieved, all of the Exchange's market participants should benefit from
the improved market liquidity. Enhanced market quality and increased
transaction volume that results from the anticipated increase in order
flow directed to the Exchange will benefit all market participants and
improve competition on the Exchange.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 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 currently has more than 16% of the market share of executed
volume of multiply-listed equity and ETF options trades.\27\ Therefore,
no exchange currently possesses significant pricing power in the
execution of multiply-listed equity & ETF options order flow. More
specifically, in January 2020, the Exchange had less than 10% market
share of executed volume of multiply-listed equity & ETF options
trades.\28\
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\27\ See supra note 6.
\28\ Based on OCC data, supra note 7, the Exchange's market
share in equity-based options was 9.82% for the month of January
2019 and 8.08% for the month of January, 2020.
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The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees and
rebates in a manner designed to encourage ATP Holders to direct trading
interest to the Exchange, to provide liquidity and to attract order
flow. To the extent that this purpose is achieved, all the Exchange's
market participants should benefit from the improved market quality and
increased opportunities for price improvement.
The Exchange believes that the proposed changes could promote
competition between the Exchange and other execution venues, including
those that currently offer similar pricing incentives, by encouraging
additional orders to be sent to the Exchange for execution. The
Exchange also believes that the proposed changes are designed to
provide the public and investors with a Fee Schedule that is clear and
consistent, thereby reducing burdens on the marketplace and
facilitating investor protection.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \29\ of the Act and subparagraph (f)(2) of Rule
19b-4 \30\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 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) \31\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\31\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSEAMER-2020-34 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-2020-34. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEAMER-2020-34, and should be
submitted on or before June 3, 2020.
[[Page 28691]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-10216 Filed 5-12-20; 8:45 am]
BILLING CODE 8011-01-P