[Federal Register Volume 86, Number 38 (Monday, March 1, 2021)]
[Notices]
[Pages 12053-12057]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04177]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-91180; File No. SR-NYSEAMER-2021-11]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change Amending the NYSE
American Options Fee Schedule To Introduce Pricing for the Use of a New
AON Functionality in Single-Leg and Complex Customer Best Execution
Auctions
February 22, 2021.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on February 16, 2021, 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-
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 NYSE American Options Fee
Schedule (``Fee Schedule'') to introduce pricing for the use of a new
AON functionality in Single-Leg and Complex Customer Best Execution
(``CUBE'') auctions. The Exchange proposes to implement the fee change
effective February 16, 2021.\4\ 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.
---------------------------------------------------------------------------
\4\ On January 27, 2021, the Exchange filed to implement the AON
functionality for Complex CUBE auctions, which functionality was
operative on an immediately effective basis retroactive to the date
of filing given the waiver of the 30-day operative delay, as well as
to make clarifications to the AON functionality for Single-Leg CUBE
auctions. See Securities Exchange Release No. 91068 (February 5,
2021), 86 FR 9112 (February 11, 2021) (NYSEAMER-2021-06).
---------------------------------------------------------------------------
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 modify the Fee Schedule to
introduce pricing for the Exchange's newly approved optional all-or-
none (``AON'') functionality for larger-sized orders in Single-Leg and
Complex CUBE auctions (together, ``AON CUBE'').\5\ The
[[Page 12054]]
Exchange proposes to introduce the pricing on February 16, 2021.
---------------------------------------------------------------------------
\5\ See Securities Exchange Release Nos. 90584 (December 7,
2020), 85 FR 80196 (December 11, 2020) (NYSEAMER-2020-64) (approving
AON functionality for Single-Leg CUBE auction); 91068 (February 5,
2021), 86 FR 9112 (February 11, 2021) (NYSEAMER-2021-06) (approving
AON functionality for Complex CUBE auction).
---------------------------------------------------------------------------
The Exchange proposes to define ``AON CUBE Order'' as a ``Single-
Leg CUBE Order of at least 500 contracts or a Complex CUBE Order of at
least 500 contracts on the smallest leg, that is designated AON per
Rule 971.1NY Commentary .05 and Rule 971.2NY Commentary .04,
respectively.'' \6\ Similarly, the Exchange proposes to define an AON
Contra Order as ``principal interest or solicited interest an
Initiating Participant is using to guarantee the execution of an AON
CUBE Order in a Single-Leg or Complex CUBE Auction.'' \7\
---------------------------------------------------------------------------
\6\ See proposed Fee Schedule, Key Terms and Definitions. See
generally Rules 971.1NY (regarding Single-Leg CUBE auctions) and
971.2NY (regarding Complex CUBE auctions).
\7\ See proposed Fee Schedule, Key Terms and Definitions.
---------------------------------------------------------------------------
Section I.G. of the Fee Schedule sets forth the rates for per
contract fees and credits for executions associated with CUBE Auctions.
The Exchange proposes to include an additional table of fees and
credits under Section I.G. to apply to certain contracts executed in
AON CUBE Auctions, whether Single-Leg or Complex.\8\
---------------------------------------------------------------------------
\8\ See proposed Fee Schedule, Section I.G., CUBE Auction Fees &
Credits (setting forth applicable fees and credits for AON Single-
Leg and AON Complex CUBE Auctions).
---------------------------------------------------------------------------
The process for commencing an AON CUBE auction mirrors that of non-
AON CUBE auctions. In particular, the AON CUBE auction process begins
with the entry of an AON CUBE Order and a paired AON Contra Order. As
with non-AON CUBE auctions, the Exchange similarly proposes to not
charge for AON CUBE Order executions on behalf of a Customer or for
Customer executions against AON CUBE Orders (i.e., Customer Request for
Responses (``RFR'') to an AON CUBE Order). The Exchange proposes to
charge $0.20 per contract for non-Customer executions of AON CUBE
Orders and Customer and non-Customer AON Contra Orders alike.
As with non-AON CUBE Auctions, the Exchange proposes to charge
executions of non-Customer RFR Responses to an AON CUBE Auction $0.50
per contract in Penny issues and $1.05 per contract executed in non-
Penny issues.
The Exchange proposes an Initiating Participant Credit for each
contract in an AON Contra Order that does not trade with the AON CUBE
Order because it is replaced in the auction, including when the AON
Contra Order is replaced entirely by RFR Responses. As proposed, the
Initiating Participant Credit for AON CUBE Orders would be $0.30 per
contract in Penny issues and $0.70 per contract in non-Penny issues.
The Exchange also proposes an ACE Initiating Participant Rebate
payable to Initiating Participants that are ATP Holders who qualify for
Tiers 1, 2, 3, 4 or 5 of the ACE Program. The proposed $0.12 per
contract rebate would be paid to a qualifying Initiating Participant in
an AON Single-Leg CUBE Auction for each of the first 5,000 contracts of
an AON CUBE Order executed and/or to a qualifying Initiating
Participant in an AON Complex CUBE Auction for each of the first 1,000
contracts per leg of an AON CUBE Order executed.
The Exchange also proposes a Floor Broker Initiating Participant
Rebate of $0.12 per contract payable to Floor Brokers that execute a
minimum of 2,500 contracts average daily volume (``ADV'') in AON CUBE
Orders in either an AON Single-Leg or AON Complex CUBE auction.\9\ As
with the ACE Initiating Participant Rebate, the Floor Broker Initiating
Participant Rebate is paid to a qualifying Initiating Participant for
each contract in an AON CUBE Order and applies to each of the first
5,000 contracts of an AON CUBE Order executed in an AON Single-Leg CUBE
Auction, or to the first 1,000 contracts per leg of an AON CUBE Order
in an AON Complex CUBE Auction.
---------------------------------------------------------------------------
\9\ AON CUBE Orders executed by a Floor Broker on behalf of an
ATP Holder may only be counted towards the Floor Broker's
eligibility for the Floor Broker Initiating Participant Rebate. An
ATP Holder's AON CUBE Orders that are executed by a Floor Broker are
not eligible for the ACE Initiating Participant Rebate.
---------------------------------------------------------------------------
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 auction functionalities and
corresponding fees.\10\ Thus, ATP Holders have a choice of where they
direct their order flow, including electronic auction volume.
---------------------------------------------------------------------------
\10\ See, e.g., Nasdaq ISE LLC (``Nasdaq ISE''), Options 7,
Pricing Schedule, available here: https://listingcenter.nasdaq.com/rulebook/ise/rules/ise-options-7 (setting forth pricing for
Solicited Order Mechanism and Complex Solicited Order Mechanism);
Cboe EDGX Exchange, Inc. (``Cboe EDGX'') fee schedule, available
here: https://www.cboe.com/us/options/membership/fee_schedule/edgx/
(setting forth pricing for Solicitation Auction Mechanism (``SAM'').
See Statutory Basis below in ``The Proposed Rule Change is
Reasonable'' section for discussion in greater detail, including
infra notes 15 [sic] and 16.
---------------------------------------------------------------------------
To the extent that the proposed fees and credits relating to the
use of the AON CUBE auction functionality encourage ATP Holders to
direct their order flow to the Exchange, all market participants stand
to benefit from increased order flow, which promotes market depth,
facilitates tighter spreads and enhances price discovery.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\11\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\12\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
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.'' \13\
---------------------------------------------------------------------------
\13\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
---------------------------------------------------------------------------
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.\14\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity and ETF
options order flow. More specifically, in November 2020, the Exchange
had less than 10% market share of executed volume of multiply-listed
equity and ETF options trades.\15\
---------------------------------------------------------------------------
\14\ 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/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.
\15\ Based on a compilation of OCC data for monthly volume of
equity-based options and monthly volume of ETF-based options, see
id., the Exchange's market share in multiply-listed equity and ETF
options increased from 8.06% for the month of November 2019 to 9.09%
for the month of November 2020.
---------------------------------------------------------------------------
[[Page 12055]]
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, including auction
volume.
The proposed rule change is designed to incent ATP Holders to
direct liquidity to the Exchange in AON CUBE Auction 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.
Specifically, the Exchange believes that the proposed fee structure for
AON CUBE Orders is reasonably designed to incent ATP Holders to direct
liquidity to the Exchange in the form of AON CUBE Auction executions,
which increased order flow would improve the overall competitiveness
and strengthen the market quality of the Exchange to the benefit of all
market participants. The Exchange notes that the proposed structure of
fees and credits for AON CUBE Auctions is reasonable because it is both
consistent with fees and credits already in place for the same types of
orders in Single-Leg and Complex CUBE auctions and is likewise within
the range of fees and credits assessed by other exchanges employing
similar fee structures for auction mechanisms.\16\ Consistent with this
proposal, competing options exchanges similarly offer different fees
and credits for initiating orders, contra-side orders, and responders
to an auction, and competing options exchanges likewise charge
different rates for transactions in their price improvement mechanisms
for Customers versus non-Customers.\17\
---------------------------------------------------------------------------
\16\ See, e.g., Cboe EDGX fee schedule, supra note 10
(providing, for example, $0.20 per contract fee for non-customer
agency orders and $0.20 per contract fee for non-customer contra
orders in a SAM auction, in line with the Exchange's proposed $0.20
per contract fee for non-Customer AON CUBE Orders and AON Contra
Orders); Nasdaq ISE Pricing Schedule, supra note 10 (providing, for
example, $0.20 per contract fee for non-customer contra orders in
Solicited Order Mechanism, in line with the Exchange's proposed
$0.20 per contract fee for non-Customer AON Contra Orders).
\17\ See, e.g., Cboe EDGX fee schedule and Nasdaq ISE Pricing
Schedule, supra note 10 (providing, for example, $0.20 per contract
fee for non-customer initiating orders and no fee for customer
initiating orders, consistent with the Exchange's proposal).
---------------------------------------------------------------------------
The Exchange also believes that it is reasonable for AON CUBE
Orders and AON Contra Orders to be assessed lower fees than those
providing RFR Responses, as structuring fees in this manner would
incent market participants to direct orders to initiate AON CUBE
Auctions (rather than simply respond to them). Further, the Exchange
believes that the proposed fees for responding to AON CUBE Auctions
would not deter market participants from providing price improvement,
as they are consistent with fees for responding to a non-AON CUBE
auction--whether Single-Leg or Complex--and are also consistent with
fees charged to responders on options exchanges offering similar
auction mechanisms.
The Exchange also believes that the qualification bases to achieve
the ACE Initiating Participant Rebate are reasonably designed to
encourage ATP Holders to utilize the optional AON CUBE functionality,
which may lead to greater opportunities to trade--and for price
improvement--for all participants. In addition, the Exchange believes
that the proposed Floor Broker Initiating Participant Rebate would
encourage Floor Brokers to use the AON CUBE mechanism to execute
larger-size orders (both Single-Leg and Complex), which would also lead
to greater opportunities to trade for all participants because such
order flow will be exposed to additional market participants. The
Exchange also believes that the proposed rebates are reasonably
designed because they are (as mentioned above) similar to rebates
currently available to participants in non-AON CUBE auctions and, to
the extent the proposed rebates are higher than existing rebates, the
Exchange believes that they represent a reasonable effort to incent the
use of a new functionality.
Further, the Exchange believes the proposed fees and credits in
connection with AON CUBE auctions would attract more volume and
liquidity to the Exchange generally and would therefore benefit all
market participants (including those that do not participate in auction
mechanisms) through increased opportunities to trade at potentially
improved prices as well as enhancing price discovery. To the extent the
proposed fees and credits encourage greater volume and liquidity
directed to the Exchange, the proposed changes would improve the
Exchange's overall competitiveness and strengthen its market quality
for all market participants.
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 credits. The proposal is based on the amount
and type of business transacted on the Exchange, and ATP Holders can
opt to avail themselves of the auction mechanism or not. To the extent
that the proposed change attracts more auction executions to the
Exchange, this increased order flow would make the Exchange a more
competitive venue for order execution. Thus, the Exchange believes the
proposed fees and credits 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 Exchange also believes that the proposed fees and credits are
equitable because they would apply equally among Customers and would
also apply equally among all non-Customers. With respect to Customers,
all similarly situated orders for Customers are subject to the same
transaction fee schedule. Furthermore, the Exchange believes that it is
equitable that Customers be charged lower fees in AON CUBE Auctions
than other market participants, as the exchanges in general have
historically aimed to improve markets for investors and develop various
features within market structure for customer benefit.\18\ The Exchange
may in some instances assess Customers lower or no transactions fees
\19\ because Customer order flow enhances liquidity on the Exchange for
the benefit of all market participants, and customer liquidity benefits
all market participants by providing more trading opportunities, which
attracts Market Makers. An increase in the activity of these market
participants in turn facilitates tighter spreads, which may encourage a
corresponding increase in order flow from other market participants.
---------------------------------------------------------------------------
\18\ The Exchange also notes that, as discussed above, certain
non-Customers may be eligible for various credits and rebates, which
would offset their transaction costs.
\19\ For example, the Exchange offers Customers preferential
rates for other trades executed on the Exchange such as for
Qualified Contingent Cross orders.
---------------------------------------------------------------------------
The Exchange also believes that it is equitable for AON CUBE Orders
and AON Contra Orders to be assessed lower fees than those providing
RFR Responses, as structuring fees in this manner would incent market
participants to direct orders to participate in AON CUBE Auctions. The
Exchange believes that it is equitable to
[[Page 12056]]
assess fees to responders to AON CUBE Auctions and credits to another
participant to provide incentive for participants to submit order flow.
The Proposed Rule Change Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory because the proposed fees and credits would be available
to all similarly-situated market participants on an equal and non-
discriminatory basis. The Exchange's proposed fees and credits for AON
CUBE Auctions are designed to encourage greater use of the AON CUBE
Auction, which may lead to greater opportunities to trade--and for
price improvement--for all participants.
To the extent that there is a differentiation between proposed fees
assessed to Customers as compared to non-Customers, the Exchange
believes that this is not unfairly discriminatory because preferential
pricing to Customers is a long-standing options industry practice to
incentivize increased Customer order flow through a fee and rebate
schedule in order to attract professional liquidity providers. To the
extent the proposed fees serve to enhance Customer volume on the
Exchange, the Exchange believes increased Customer volume would attract
liquidity, including Market Maker activity, by providing more trading
opportunities. Increased Market Maker activity could, in turn,
facilitate tighter spreads and increased order flow from other market
participants, contributing to increased price discovery and overall
enhanced quality of the market.
The Exchange also believes that the proposed fee structure is not
unfairly discriminatory because it is based on the amount and type of
business transacted on the Exchange, and ATP Holders are not obligated
to participate in AON CUBE Auctions. Rather, the proposal is designed
to encourage participants to utilize the Exchange as a primary trading
venue (if they have not done so previously) or increase Electronic
(auction) volume sent to the Exchange. To the extent that the proposed
fees and credits are successful in incenting ATP Holders to utilize AON
CUBE Auctions, this increased order flow would improve price discovery
and make the Exchange a more competitive venue for order execution,
which, in turn, would improve market quality for all market
participants (including those that do not participate in AON CUBE
Auctions).
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.
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 for larger-sized orders 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.'' \20\
---------------------------------------------------------------------------
\20\ See Reg NMS Adopting Release, supra note 13, at 37499.
---------------------------------------------------------------------------
Intramarket Competition. The proposed change is designed to attract
order flow to the Exchange by offering competitive rates and credits
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 continued market
liquidity. Enhanced market quality and increased transaction volume
that results from the increase in order flow directed to the Exchange
will benefit all market participants and improve competition on the
Exchange.
The Exchange believes that the proposed change to adopt fees and
credits for the use of AON CUBE Auctions would not impose any burden on
intramarket competition, but rather, would serve to promote intramarket
competition by incentivizing order flow to the Exchange, and in
particular, Customer orders, thereby providing for more opportunities
to compete at improved prices.
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 mechanisms and 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.\21\
Therefore, no exchange currently possesses significant pricing power in
the execution of multiply-listed equity and ETF options order flow.
More specifically, in November 2020, the Exchange had less than 10%
market share of executed volume of multiply-listed equity and ETF
options trades.\22\
---------------------------------------------------------------------------
\21\ See supra note 14.
\22\ Based on OCC data, supra note 15, the Exchange's market
share in equity- and ETF-based options increased from 8.06% for the
month of November 2019 to 9.09% for the month of November 2020.
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change reflects this
competitive environment because it introduces new fees and rebates
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 auction mechanisms for larger-sized
orders, by encouraging additional orders to be sent to the Exchange for
execution.\23\
---------------------------------------------------------------------------
\23\ See, e.g., supra note 10 (regarding Nasdaq ISE's Solicited
Order Mechanism and Complex Solicited Order Mechanism).
---------------------------------------------------------------------------
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) \24\ of the Act and subparagraph (f)(2) of Rule
19b-4 \25\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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
[[Page 12057]]
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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File No. SR-NYSEAMER-2021-11 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 No. SR-NYSEAMER-2021-11. 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 No. SR-NYSEAMER-2021-11, and should be submitted
on or before March 22, 2021.
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,
Assistant Secretary.
[FR Doc. 2021-04177 Filed 2-26-21; 8:45 am]
BILLING CODE 8011-01-P