[Federal Register: June 12, 2006 (Volume 71, Number 112)]
[Notices]
[Page 33738]
[DOCID:fr12jn06-68]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. RP91-203-074; RP92-132-062]

Tennessee Gas Pipeline Company; Notice of Compliance Filing

June 6, 2006.
    Take notice that on May 31, 2006, Tennessee Gas Pipeline Company
(Tennessee), tendered for filing and approval certain revised tariff
sheets for inclusion in Tennessee's FERC Gas Tariff, Fifth Revised
Volume No. 1 and Original Volume No. 2. Tennessee requests that the
attached sheets be made effective July 1, 2006.
    Tennessee states that it is submitting revised tariff sheets to
update its rate sheet footnote pertaining to the PCB Adjustment Period
and to reflect the extension of the PCB Adjustment Period proposed in
the filing.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Such protests
must be filed in accordance with the provisions of section 154.210 of
the Commission's regulations (18 CFR 154.210). Anyone filing a protest
must serve a copy of that document on all the parties to the
proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons

unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible online at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-9115 Filed 6-9-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 227 (Tuesday, November 28, 2023)]
[Rules and Regulations]
[Pages 83029-83031]
[FR Doc No: 2023-26149]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2023-0662]
RIN 1625-AA00

Safety Zone; Ashtabula Power Plant Breakwater Armor Stone
Removal, Lake Erie, Ashtabula, OH

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
certain waters of Lake Erie. This action is necessary to provide for
the safety of life and property on these navigable waters near
Ashtabula, Ohio during the Ashtabula power plant breakwater armor stone
removal project. This rule will prohibit persons and vessels from
entering the safety zone unless authorized by the Captain of the Port
Buffalo.

DATES: This rule is effective without actual notice from November 28,
2023 through 11:59 p.m. on December 1, 2024. For the purposes of
enforcement, actual notice will be used from 7 a.m. on November 16,
2023, until November 28, 2023.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2023-0662 in the search box and click ``Search.'' Next, in the Document
Type column, select ``Supporting & Related Material.''

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Lieutenant Jared Stevens, Waterways Management Division,
MSU Cleveland, U.S. Coast Guard; telephone<PHONE_NUMBER>, email
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code
COTP Caption of the Port

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency, for good cause, finds that
those procedures are ``impracticable, unnecessary, or contrary to the
public interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that
good cause exists for not publishing a notice of proposed rulemaking
(NPRM) with respect to this rule because insufficient time remains to
publish an NPRM and receive public comments prior to commencement of
the deconstruction and removal project.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule to wait for a comment period to run would be contrary to the
public interest by inhibiting the Coast Guard's ability to protect
vessels in these navigable waters during this deconstruction and
removal project.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034 (previously 33 U.S.C. 1231). The COTP Buffalo has determined a
safety zone is needed to protect vessel traffic from November 16, 2023,
through December 1, 2024, during this deconstruction and removal
project which will remove the breakwater armor stone near the Ashtabula
power plant in Ashtabula, Ohio.

IV. Discussion of the Rule

    This rule establishes a safety zone from 7 a.m. on November 16,
2023, through 11:59 p.m. on December 1, 2024. The safety zone will
cover all navigable waters encompassing a 350-yard radius zone centered
on coordinates 41[deg]54'43'' N, 080[deg]46'09'' W (NAD83) located near
the Ashtabula power plant located at 2133 Lake Road East, Ashtabula,
Ohio. The zone may require enforcement beyond the stated times in the
case that the construction project runs into unforeseen delays.
    The COTP Buffalo has determined a safety zone is needed to protect
vessels during this deconstruction and removal project. No vessel or
person will be permitted to enter the safety zone without obtaining
permission from the COTP, or a designated representative.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under section 3(f) of Executive Order 12866, as
amended by Executive Order 14094 (Modernizing Regulatory Review).
Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB).
    This regulatory action determination is based the need to ensure
the safety of vessels in these navigable waters during this
construction project.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
call or email the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the National Government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01, Rev. 1, associated implementing instructions, and
Environmental Planning COMDTINST 5090.1 (series), which guide the Coast
Guard in complying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321-4370f), and have determined that this action is one of
a category of actions that do not individually or cumulatively have a
significant effect on the human environment. This rule involves
establishment of a temporary safety zone intended to ensure the safety
of vessels near a construction project. It is categorically excluded
from further review under paragraph L63(a) of Appendix A, Table 1 of
DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of Environmental
Consideration supporting this determination is available in the docket.
For instructions on locating the docket, see the ADDRESSES section of
this preamble.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section to coordinate protest activities so
that your message can be received without jeopardizing the safety or
security of people, places, or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  46 U.S.C. 70034, 70051, 70124; 33 CFR 1.05-1, 6.04-
1, 6.04-6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.3.

0
2. Add Sec.  165.T09-0662 to read as follows:

Sec.  165.T09-0662   Safety Zone; Ashtabula Power Plant Breakwater
Armor Stone Removal, Lake Erie, Ashtabula, OH.

    (a) Location. The safety zone will cover all navigable waters
encompassing a 350-yard radius zone centered on position 41[deg]54'43''
N, 080[deg]46'09'' W (NAD83), located near the old Ashtabula power
plant (2133 Lake Road East, Ashtabula, Ohio) on Lake Erie in Ashtabula,
Ohio.
    (b) Enforcement period. This section will be enforced from 7 a.m.
on November 16, 2023, through 11:59 p.m. on December 1, 2024.
    (c) Definitions. Official Patrol Vessel means a Coast Guard Patrol
Commander, including a Coast Guard coxswain, petty officer, or other
officer operating a Coast Guard vessel and a Federal, State, and local
officer designated by or assisting the Captain of the Port Sector
Buffalo, (COTP) in the enforcement of the regulations in this section.
Participant means all persons and vessels attending the event.
    (d) Regulations. (1) The Coast Guard may patrol the event area
under the direction of a designated Coast Guard Patrol Commander. The
Patrol Commander may be contacted on Channel 16 VHF-FM (156.8 MHz) by
the call sign ``PATCOM.''
    (2) All persons and vessels not registered with the sponsor as
participants or official patrol vessels are considered spectators. The
``official patrol vessels'' consist of any Coast Guard, state or local
law enforcement and sponsor provided vessels designated or assigned by
the COTP Sector Buffalo, to patrol the event.
    (3) Spectator vessels desiring to transit the regulated area may do
so only with prior approval of the Patrol Commander and when so
directed by that officer and will be operated at a no wake speed in a
manner which will not endanger participants in the event or any other
craft.
    (4) No spectator shall anchor, block, loiter, or impede the through
transit of official patrol vessels in the regulated area during the
effective dates and times, unless cleared for entry by or through an
official patrol vessel.
    (5) The Patrol Commander may forbid and control the movement of all
vessels in the regulated area. When hailed or signaled by an official
patrol vessel, a vessel shall come to an immediate stop and comply with
the directions given. Failure to do so may result in expulsion from the
area, citation for failure to comply, or both.
    (6) Any spectator vessel may anchor outside the regulated areas
specified in this chapter, but may not anchor in, block, or loiter in a
navigable channel.

    (7) The Patrol Commander may terminate the event or the operation
of any vessel at any time it is deemed necessary for the protection of
life or property.
    (8) The Patrol Commander will terminate enforcement of the special
regulations at the conclusion of the event.

    Dated: November 17, 2023.
S.M. Murray,
Commander, U.S. Coast Guard, Alternate Captain of the Port Buffalo.
[FR Doc. 2023-26149 Filed 11-27-23; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: June 19, 2009 (Volume 74, Number 117)]
[Notices]
[Page 29206-29207]
[DOCID:fr19jn09-72]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM08-11-000]

North American Electric Reliability Corporation; Notice of Filing

June 12, 2009.
    Take notice that on May 29, 2009, the North American Electric
Reliability Corporation (NERC) submitted modifications to Violation
Severity Levels (VSLs) for three revised Facilities Design,
Connections, and Maintenance (FAC) Reliability Standards: FAC-010-2--
System Operating Limits Methodology for the Planning Horizon; FAC-011-
2--System Operating Limits Methodology for the Operations Horizon; and
FAC-014-2--Establish and Communicate System Operating Limits in
compliance with Order No. 722 issued on March 20, 2009, 126 FERC ]
61,255 (2009).
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to

the proceeding. Any person wishing to become a party must file a notice
of intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on July 6, 2009.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-14450 Filed 6-18-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: October 1, 2007 (Volume 72, Number 189)]
[Notices]
[Page 55847-55850]
[DOCID:fr01oc07-106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56515; File No. SR-Amex-2007-101]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change To Trade Currency Trust Shares of Seven Currency Trusts
Pursuant to Unlisted Trading Privileges

September 24, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that, on August 29, 2007, the American Stock Exchange LLC (the
``Amex'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), the proposed rule change as described in
Items I and II below, which items have been substantially prepared by
the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons, and is
granting accelerated approval to the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 trade shares (the ``Shares'') of the
following trusts: (1) CurrencySharesSM Australian Dollar
Trust; (2) CurrencySharesSM British Pound Sterling Trust;
(3) CurrencySharesSM Canadian Dollar Trust; (4)
CurrencySharesSM Japanese Yen Trust; (5)
CurrencySharesSM Mexican Peso Trust; (6)
CurrencySharesSM Swedish Krona Trust; and (7)
CurrencySharesSM Swiss Franc Trust (each a ``Trust'' and
collectively, the ``Trusts'') pursuant to unlisted trading privileges
(``UTP'').\3\
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    \3\ Rydex Investments, the Trusts' Sponsor, represents that the
Trusts are not investment companies registered under the Investment
Company Act of 1940.
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    The text of the proposed rule change is available on the Amex's Web
site at http://www.amex.com, at the Exchange's principal office, 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 Exchange 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 these statements may be examined at the places specified in
Item III below. The Exchange has prepared summaries, substantially set
forth in Sections A, B, and C below, of the most significant aspects of
such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to trade the Shares of the Trusts under Amex
Rule 1200B-AEMI pursuant to UTP. Amex Rule 1200B-AEMI defines a
Currency Trust Share as: ``a security that (i) Is issued by a trust
that holds a specified non-U.S. currency deposited with the trust; (ii)
when aggregated in some specified minimum number may be surrendered to
the trust by the beneficial owner to receive the specified non-U.S.
currency; and (iii) pays beneficial owners interest and other
distributions on the deposited non-U.S. currency, if any, declared and
paid by the trust.'' Further, Commentary .01 to Amex Rule 1200B-AEMI
categorizes a Currency Trust Share as a Trust Issued Receipt that holds
a specified non-U.S. currency or currencies deposited with the trust.
Amex Rule 1201B entitled, Designation of an Underlying Foreign
Currency, authorizes the Exchange to trade Currency Trust Shares
pursuant to UTP.
    The Commission previously approved the listing and trading of the
Shares on the New York Stock Exchange (``NYSE'') \4\ and they are
currently trading on the NYSE Arca Marketplace (``NYSE Arca'') pursuant
to UTP.\5\ The Commission also previously approved the trading of the
CurrencySharesSM Euro Trust (f/k/a Euro Currency Trust) on
Amex, pursuant to UTP.\6\ Rydex Specialized Products LLC, d/b/a/
``Rydex Investments,'' is the sponsor of the Trusts (``Sponsor'') and
is responsible for, among other things, overseeing the performance of
The Bank of New York (``Trustee'') and the Trusts'' principal service
providers, including those that prepare the

financial statements. The Trustee is responsible for the day-to-day
operation of the Trusts. Additionally, the London branch of JPMorgan
Chase Bank, N.A., is the depository for the Trusts (``Depository''),
and Rydex Distributors, Inc. is the distributor for the Trusts
(``Distributor''). The Sponsor, Trustee, Depository, and Distributor
are not affiliated with the Exchange or one another, with the exception
that the Sponsor and Distributor are affiliated.
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    \4\ See Securities Exchange Act Release No. 52843 (November 28,
2005), 70 FR 72486 (December 5, 2005) (SR-NYSE 2005-65) (order
granting accelerated approval for NYSE to list and trade shares of
the CurrencySharesSM Euro Trust); Securities Exchange Act
Release No. 54020 (June 20, 2006), 71 FR 36579 (June 27, 2006) (SR-
NYSE-2006-35) (order granting accelerated approval for the NYSE to
list and trade shares of the CurrencySharesSM Australian
Dollar Trust, British Pound Sterling Trust, Canadian Dollar Trust,
Mexican Peso Trust, Swedish Krona Trust, and Swiss Franc Trust);
Securities Exchange Act Release No. 55268 (February 9, 2007), 72 FR
7793 (February 20, 2007) (SR-NYSE-2007-03) (order granting
accelerated approval for NYSE to list and trade shares of the
CurrencySharesSM Japanese Yen Trust) (the ``NYSE Listing
Orders'').
    \5\ See Securities Exchange Act Release No. 54043 (June 26,
2006), 71 FR 37967 (July 3, 2006) (SR-NYSEArca-2006-26) (order
granting accelerated approval for NYSEArca to UTP trade shares of
the CurrencySharesSM Australian Dollar Trust, British
Pound Sterling Trust, Canadian Dollar Trust, Mexican Peso Trust,
Swedish Krona Trust, and Swiss Franc Trust); Securities Exchange Act
Release No. 55320 (February 21, 2007), 72 FR 8828 (February 27,
2007) (SR-NYSEArca-2007-15) (order granting accelerated approval for
NYSEArca to UTP trade shares of the CurrencySharesSM
Japanese Yen Trust).
    \6\ See Securities Exchange Act Release No. 53059 (January 5,
2006), 71 FR 2072 (January 12, 2006) (SR-Amex-2005-128).
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Investment Objective of the Trusts

    The investment objective of the Trusts is for the Shares to reflect
the price of the applicable foreign currency owned by the specific
Trust, plus accrued interest, less the expenses and liabilities of such
Trust. The Shares are intended to provide institutional and retail
investors with a simple, cost-effective means of hedging their exposure
to a particular foreign currency and otherwise implement investment
strategies that involve foreign currency (e.g., diversify more
generally against the risk that the U.S. dollar (``USD'') would
depreciate).
    Each of the Trusts' assets consist, primarily, of the applicable
foreign currency on demand deposit in two deposit accounts maintained
by the Depository: (i) A primary deposit account which earns interest,
and (ii) a secondary deposit account which does not earn interest. The
secondary deposit account is used only in connection with mid-month
creations and redemptions of blocks of 50,000 Shares (``Baskets''). The
secondary account is used to account for interest that has been earned
on the primary deposit account during the month, but not yet paid, and
to receive interest earned on the primary deposit account, pay Trust
expenses, and distribute any excess interest to shareholders on a
monthly basis.
    The Trusts do not hold any derivative products. Each Share
represents a proportional interest in the applicable Trust's portfolio,
consisting of a demand deposit of foreign currency, as adjusted for
interest and expenses. The Sponsor expects that the price of a Share
will fluctuate in response to fluctuations in the price of the
applicable foreign currency and that the price of such Share will
reflect accumulated interest as well as the estimated accrued, but
unpaid, expenses of the Trust.
    Additional information about the Trusts and the Currency Trust
Shares is also available at the Sponsor's Web site, http://www.currencyshares.com
.

Dissemination of Information About the Currency Trust Shares

    Quotations for and last-sale information regarding the Shares are
disseminated through the Consolidated Tape Association (``CTA''). The
Trustee calculates the net asset value (``NAV'') of the respective
Trusts, each business day. The NAV is expressed in USD and is based on
the Noon Buying Rate as determined by the Federal Reserve Bank of New
York (``FRB-NY''). If the Noon Buying Rate has not been determined and
announced by 2:00 p.m., Eastern Time (``ET''), then the most recent
FRB-NY determination of the Noon Buying Rate is used to determine the
NAV of the respective Trusts unless the Trustee, in consultation with
the Sponsor, determines that such price is inappropriate to use as the
basis for such valuation. The Trustee also determines the NAV per
Share, which equals the NAV of the respective Trust divided by the
number of its outstanding Shares. The Sponsor publishes on its Web
site, http://www.currencyshares.com, the NAV and NAV per Share for each

Trust on each day that the NYSE is open for regular trading.\7\ A
detailed description of the Trusts and the calculation methodology for
the NAV, as well as a general review of the foreign exchange industry,
is provided in the NYSE Listing Orders.\8\
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    \7\ The Web site also makes available a variety of other
relevant information about the Currency Trust Shares including: the
spot price for each applicable foreign currency; the daily FRB-NY
Noon Buying Rate; premium/discount information, calculated on a 20-
minute delay; and the Basket Amount for each applicable foreign
currency, among other things.
    \8\ See supra note 4.
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    In order to provide updated information relating to the Trusts for
use by investors, professionals, and persons wishing to create or
redeem Baskets of the Shares, the NYSE disseminates, through the
facilities of CTA, the intraday indicative value (``IIV'') \9\ every 15
seconds during the trading hours for the Shares of 9:30 a.m. to 4:15
p.m. ET.
---------------------------------------------------------------------------

    \9\ The IIV is sometimes referred to as the intraday optimized
portfolio value (``IOPV'').
---------------------------------------------------------------------------

    As described in the NYSE Listing Orders, distributions are made
whenever interest deposited in the secondary deposit account exceeds
the sum of the Sponsor's fee for the prior month plus other Trust
expenses, if any. In such instance, the Trustee would direct that the
excess be converted into USDs at a prevailing market rate and the
Trustee would distribute that amount as promptly as practicable to
Shareholders on a pro rata basis, in accordance with the number of
Shares they own.

Trading Rules

    The Exchange deems Currency Trust Shares to be equity securities,
thus rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. The trading hours for
the Shares on the Exchange will be 9:30 a.m. to 4:15 p.m. ET.
    Amex Rule 190 generally precludes certain business relationships
between an issuer and the specialist in the issuer's securities.
Exceptions in the rule permit specialists in the Shares to enter into
Creation Unit (i.e., Basket) transactions to facilitate the maintenance
of a fair and orderly market. Commentary .04 to Amex Rule 190
specifically applies to Currency Trust Shares listed on the Exchange,
including the Shares. Commentary .04 states that nothing in Rule 190(a)
should be construed to restrict a specialist registered in a security
issued by an investment company from purchasing and redeeming the
listed security, or securities that can be subdivided or converted into
the listed security, from the issuer as appropriate to facilitate the
maintenance of a fair and orderly market.

Stop and Stop Limit Orders

    Amex Rule 154-AEMI, ``Orders in AEMI,'' paragraph (c)(ii), provides
that stop and stop limit orders to buy or sell a security the price of
which is derivatively priced based upon another security or index of
securities, may be elected by a quotation, as set forth in
subparagraphs (c)(ii)(1)-(4) of Rule 154-AEMI. The Exchange has
designated Currency Trust Shares, including the Shares, as eligible for
this treatment.\10\
---------------------------------------------------------------------------

    \10\ See Exchange Act Release No. 29063 (April 10, 1991), 56 FR
15652 (April 17, 1991) at note 9, (noting the Exchange's designation
of equity derivative securities as eligible for such treatment under
Rule 154, Commentary .04(c)).
---------------------------------------------------------------------------

Prospectus Delivery

    Commentary .02 to Amex Rule 1200B-AEMI, requires that the
Exchange's members and member organizations provide to all purchasers
of newly issued Currency Trust Shares a prospectus for the series of
Currency Trust Shares.

Trading Halts

    Amex will cease trading in the Shares if: (i) The primary market
stops trading the Shares because of a regulatory halt akin to a halt
based on Amex Rule 117 and/or a halt because dissemination of the IIV
has ceased; or (ii) the primary market delists the Shares.\11\
---------------------------------------------------------------------------

    \11\ Amex has represented that it plans to submit a proposed
rule filing to the Commission that will codify Amex's
representations regarding its procedures for trading halts for
various derivative securities that trade on the Exchange. See e-mail
from Andrea H. Williams, Assistant General Counsel, Amex, to Rahman
Harrison, Special Counsel, Division of Market Regulation,
Commission, dated September 24, 2007.

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

Surveillance

    The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Shares. Amex will rely
on its existing surveillance procedures governing Currency Trust
Shares.

Information Circular

    In connection with the trading of the Shares, Amex will inform its
members, in an Information Circular, of the special characteristics and
risks associated with trading of the Shares such as, a description of
the Trusts and their respective Shares, how the Shares are created and
redeemed in Baskets (e.g., that Trust Shares are not individually
redeemable), foreign country laws and restrictions, applicable Exchange
rules, dissemination information, trading information, and a discussion
of any relief provided by the Commission or the staff from any rules
under the Act. Additionally, in the Information Circular, the Exchange
will advise its members to deliver a prospectus to investors purchasing
Shares of the Trusts prior to, or concurrently with, the confirmation
of a transaction in such Shares. The Information Circular will also
remind members of their suitability obligations, including Amex Rule
411, which imposes a duty of the due diligence on its members and
member firms to learn the essential facts relating to every customer
prior to the trading of the Shares.
2. Statutory Basis
    The Exchange states that the proposed rule change is consistent
with Section 6(b) of the Exchange Act \12\ in general and furthers the
objectives of Section 6(b)(5) of the Exchange Act \13\ in particular in
that it is designed to prevent fraudulent and manipulative acts and
practices; to promote just and equitable principles of trade; to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transaction in securities; and, in general to protect
investors and the public interest. In addition, the Exchange believes
that the proposal is consistent with Rule 12f-5 under the Act \14\
because the Exchange deems the Currency Trust Shares to be equity
securities, thus rendering the Shares subject to the Exchange's
existing rules governing the trading of equity securities.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b).
    \13\ 15 U.S.C. 78s(b)(5).
    \14\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others

    The Exchange states that written comments were neither solicited
nor received.

III. 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 e-mail to<EMAIL_ADDRESS>Please include

File No. SR-Amex-2007-101 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Amex-2007-101. This
file number should be included on the subject line if e-mail 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 Commissions Internet Web site (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 inspection
and copying in the Commission's Public Reference Room, 100 F Street
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2007-101 and should
be submitted by October 22, 2007.

IV. Commission Findings and Order Granting Accelerated Approval of a
Proposed Rule Change

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\15\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\16\ which
requires that an exchange have rules designed, among other things, to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and in general to protect investors and the public
interest. The Commission believes that this proposal should benefit
investors by increasing competition among markets that trade the
Shares.
---------------------------------------------------------------------------

    \15\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\17\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\18\ The Commission notes that it previously approved the
listing and trading of the Shares on NYSE and the trading of the Shares
on NYSE Arca pursuant to UTP.\19\ The Commission also finds that the
proposal is consistent with Rule 12f-5 under the

Act,\20\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. The Exchange has represented that it meets this
requirement because it deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78l(f).
    \18\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \19\ See supra notes 4 and 5.
    \20\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\21\ which sets forth
Congress' finding that it is in the public interest and appropriate for
the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations for and last-sale information regarding the
Shares are disseminated through the facilities of the CTA and the
Consolidated Quotation System. In addition, an IIV for each Fund,
updated to reflect changes in currency exchange rates, is calculated by
NYSE and published via the facilities of the Consolidated Tape
Association on a 15-second delayed basis throughout the trading hours
for the Shares. Moreover, information about the prices of the
currencies underlying the Funds is publicly available from a number of
sources.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    The Commission also believes that the proposal appears reasonably
designed to preclude trading of the Shares when transparency is
impaired. Amex has represented that it will cease trading in the Shares
if the listing market stops trading the Shares because of a regulatory
halt similar to a halt based on Amex Rule 117 and/or a halt because the
IIV is not being calculated or disseminated.
    In support of this proposal, the Exchange has made the following
additional representations:
    1. The Exchange's surveillance procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules.
    2. Prior to the commencement of trading, the Exchange would inform
its members in an Information Bulletin of the special characteristics
and risks associated with trading the Shares.
    3. Prior to the commencement of trading, the Exchange would inform
its members in an Information Bulletin the requirement that members
deliver a prospectus to investors purchasing newly issued Shares prior
to or concurrently with the confirmation of a transaction.

This approval order is based on the Exchange's representations.

    The Commission notes that, if the Shares should be delisted by the
listing exchange, the Exchange would no longer have authority to trade
the Shares pursuant to this order.
    The Commission finds good cause for approving this proposal before
the thirtieth day after the publication of notice thereof in the
Federal Register. As noted previously, the Commission previously found
that the listing and trading of the Shares on NYSE and the trading of
the Shares on NYSE Arca pursuant to UTP are consistent with the Act.
The Commission presently is not aware of any regulatory issue that
should cause it to revisit those findings or would preclude the trading
of the Shares on the Exchange pursuant to UTP. Therefore, accelerating
approval of this proposal should benefit investors by creating, without
undue delay, additional competition in the market for the Shares.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\22\ that the proposed rule change (SR-Amex-2007-101), be and it hereby
is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E7-19273 Filed 9-28-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: November 17, 2006 (Volume 71, Number 222)]
[Notices]
[Page 67004-67005]
[DOCID:fr17no06-93]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54721; File No. SR-OCC-2006-10]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of a Proposed Rule Change Relating to Cash-Settled
Foreign Currency Options

November 8, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 8, 2006, The Options
Clearing Corporation (``OCC'') filed with the Securities and Exchange
Commission (``Commission'') and on October 26, 2006, amended the
proposed rule change as described in Items I, II, and III below, which
items have been prepared primarily by OCC. 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).
---------------------------------------------------------------------------

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

    The proposed rule change would enable OCC to accommodate a request
from the Philadelphia Stock Exchange, Inc. (``Phlx'') that OCC clear
and settle cash-settled foreign currency options (``Cash-Settled
FCOs'').

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, OCC 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 these statements may be examined at the places specified in
Item IV below. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statements.\2\
---------------------------------------------------------------------------

    \2\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to enable OCC to
accommodate a request from the Philadelphia Stock Exchange, Inc.
(``Phlx'') that OCC clear and settle Cash-Settled FCOs. OCC's By-Laws
and Rules currently provide for the clearance and settlement of Cash-
Settled FCOs although no such options are currently traded, but changes
to OCC's By-Laws are needed in connection with the Cash-Settled FCOs
proposed to be traded by Phlx.\3\ The first change is to reflect the
different expiration date of the Cash-Settled FCOs as compared with the
date provided for in OCC's By-Laws. The definition of ``expiration
date'' in Article XXII, Section 1 of OCC's By-Laws provides that Cash-
Settled FCOs generally expire on the Monday specified by the relevant
exchange at or before trading begins. To accommodate the Cash-Settled
FCOs proposed to be traded by Phlx, the definition will need to be
amended to provide for an expiration date of the Saturday following the
third Friday of the expiration month, which is the same as the
expiration date for equity and index options. OCC is also proposing to
provide for expirations on such other dates as an exchange may
determine, which is consistent with the definition of ``expiration
date'' applicable to index options. The next proposed change, to
Article VI, Section 22 of OCC's By-Laws, is intended to make it clear
that Cash-Settled FCOs will not clear through OCC's International
Clearing System.\4\
---------------------------------------------------------------------------

    \3\ For a description of the Phlx proposed rule change, see
Securities Exchange Act Release No. 54652 (October 26, 2006) 71 FR
64597 (November 2, 2006) [File No. SR-Phlx-2006-34].
    \4\ Interpretation .02 under Article VI, Section 22 of OCC's By-
Laws currently provides, ``All classes of foreign currency options
and cross-rate foreign currency options are cleared through ICS.''

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

    OCC amended the proposed rule change on October 26, 2006, to
propose amending Article XXII, Section 4 of OCC's By-Laws to conform
the provisions relating to unavailability or inaccuracy of the spot
price for Cash-Settled FCOs to the comparable provisions of Article
XVII of OCC's By-Laws relating to the unavailability or inaccuracy of
the current index value or other value or price used to determine the
exercise settlement amount for index options. The primary conforming
changes are the proposed addition of procedures under which the
exercise settlement amount would be established by an adjustment panel
in the event of the unavailability or inaccuracy of the spot price and
a modification of normal expiration date exercise procedures in
situations in which the adjustment panel delays the fixing of the
exercise settlement amount beyond the last trading day for the affected
series.
    This amendment also proposes to amend Rule 2302 of OCC's Rules in
connection with a change in the expiration date exercise procedures for
Cash-Settled FCOs. As originally filed, the rules for Cash-Settled FCOs
would have provided for true automatic exercise without the opportunity
for clearing members to give non-exercise instructions. Phlx has
subsequently informed OCC that Cash-Settled FCOs should be subject to
the same ``exercise-by-exception'' procedures that apply to many other
OCC-issued options. Under ``exercise-by-exception'' procedures, a Cash-
Settled FCO would be deemed to be exercised at expiration if the
exercise settlement value is at least $1.00 per contract unless the
clearing member instructs OCC not to exercise it. OCC is also proposing
to add an interpretation to Rule 2302 to note that the normal
expiration date exercise procedures do not apply in circumstances in
which the fixing of the exercise settlement amount is delayed beyond
the last trading day before expiration of cash-settled foreign currency
options.
    OCC believes that the proposed rule change is consistent with
Section 17A of the Act because it is designed to promote the prompt and
accurate clearance and settlement of derivative transactions in Cash-
Settled FCOs, to foster cooperation and coordination with persons
engaged in the clearance and settlement of such transactions, to remove
impediments to and perfect the mechanism of a national system for the
prompt and accurate clearance and settlement of such transactions, and,
in general, protect investors and the public interest.

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

    OCC does not believe that the proposed rule change would impose any
burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others

    Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding, or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
) or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-OCC-2006-10 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2006-10. This file
number should be included on the subject line if e-mail 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 Web site (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 inspection and
copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site at http://www.optionsclearing.com.

    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-OCC-2006-10
and should be submitted on or before December 8, 2006.

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E6-19419 Filed 11-16-06; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 72 (Tuesday, April 14, 2020)]
[Notices]
[Pages 20730-20735]
[FR Doc No: 2020-07779]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88602; File No. SR-NYSE-2020-27]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend its Price List To Respond to the Current Volatile Market
Environment That Has Resulted in Unprecedented Average Daily Volumes
and the Temporary Closure of the Trading Floor

April 8, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on April 1, 2020, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``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 its Price List to (1) clarify for
purposes of certain rebates applicable to Designated Market Makers
(``DMM'') that in a month where the average monthly NYSE consolidated
average daily volume (``CADV'') equals or exceeds a certain threshold,
the Exchange will use the most recent month where the average monthly
NYSE CADV is less than that threshold to calculate ``Security CADV'';
(2) revise the providing liquidity requirement for certain DMM rebates
in a month where the average monthly NYSE CADV equals or exceeds a
certain threshold; (3) cap the maximum average number of shares per day
for the billing month for purposes of calculating NYSE CADV for the
Supplemental Liquidity Provider (``SLP'') Tape A adding tiers; (4)
introduce maximum average share caps applicable to SLPs for adding
displayed and non-displayed liquidity in Tape B and C securities; and
(5) waive equipment and related service charges and trading license
fees for NYSE Trading Floor-based member organizations for April 2020
in connection with the recent temporary closing of the Trading Floor.
The proposed rule change is available on the Exchange's website at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Price List to (1) clarify for
purposes of certain rebates applicable to DMMs that in a month where
the average monthly NYSE CADV equals or exceeds a certain threshold,
the Exchange will use the most recent month where the average monthly
NYSE CADV is less than that threshold to calculate ``Security CADV'';
(2) revise the providing liquidity requirement for certain DMM rebates
in a month where the average monthly NYSE CADV equals or exceeds a
certain threshold; (3) cap the maximum average number of shares per day
for the billing month for purposes of calculating NYSE CADV for the SLP
Tape A adding tiers; (4) introduce maximum average share caps
applicable to SLPs for adding displayed and non-displayed liquidity to
the Exchange in Tape B and C securities; and (5) waive equipment and
related service charges and trading license fees for NYSE Trading
Floor-based member organizations for April 2020 in connection with the
recent temporary closing of the Trading Floor.
    The proposed changes respond to the current volatile market
environment that has resulted in unprecedented average daily volumes
and the temporary closure of the Trading Floor, which are both related
to the ongoing spread of the novel coronavirus (``COVID-19''), by
providing a degree of certainty to DMMs and SLPs adding liquidity to
the Exchange by adjusting the threshold requirements for specified fees
and credits to account for the unprecedented volume and to Trading
Floor-based member organizations impacted by the temporary closing of
the Trading Floor by waiving specified Floor-based fees for the month
of April 2020.
    Specifically, the Exchange proposes the following:
     For purposes of DMM rebates that are based on whether the
DMM meets either the More Active Securities Quoting Requirement or the
Less Active Securities Quoting Requirement, as those terms are defined
in the Price List, which thresholds are based the average daily
consolidated volume of securities (``Security ADV''), specify that in a
month where NYSE CADV equals or is greater than 5.5 billion shares, the
NYSE will use the most recent month where the average monthly NYSE CADV
is less than 5.5 billion shares to calculate the Security CADV.

     In order for DMMs to qualify for rebates when adding
liquidity in More Active Securities, in a month where the average
monthly NYSE CADV is equal to or greater than 5.5 billion shares, lower
the DMM providing requirements as a percent of the NYSE's total
intraday adding liquidity.
     For purposes of calculating NYSE CADV for SLP Tiers 1, 1A,
2, 3, 4, SLP Step Up Tier and Incremental SLP Step Up Tier adding
credits, establish a monthly maximum average cap of 5.5 billion shares
per day for NYSE CADV.
     For purposes of calculating Tier 1 and Tier 2 SLP credits
for adding displayed and non-displayed liquidity to the Exchange in
Tape B and C securities, establish a monthly maximum average cap of
2.75 billion shares per day for Tape B, 3.25 billion shares for Tape C,
and 6.0 billion shares for Tape B and C combined.
     Waive booth telephone and related service charges and
trading license fees for the billing month of April 2020 for (1) member
organizations with at least one trading license, a physical Trading
Floor presence, and Floor broker executions accounting for 40% or more
of the member organization's combined adding, taking and auction
volumes during March 1 to March 20, 2020, and (2) member organizations
with at least one trading license that are DMMs with 30 or fewer
assigned securities for the billing month of March 2020.
    The Exchange proposes to implement the fee changes effective April
1, 2020.
Current Market and Competitive Environment
    Since March 9, 2020, markets worldwide have been experiencing
unprecedented market-wide declines and volatility because of the
ongoing spread of COVID-19. Trading volumes on the Exchange have
surged. For instance, between March 1 and March 30, 2020, NYSE CADV was
7.4 billion shares, 95% higher than the average NYSE CADV between 2018
and 2020.
    Beginning on March 16, 2020, to slow the spread of COVID-19 through
social distancing measures, significant limitations were placed on
large gatherings throughout the country. As a result, on March 18,
2020, the Exchange determined that beginning March 23, 2020, the
physical Trading Floor facilities located at 11 Wall Street in New York
City would close and that the Exchange would move, on a temporary
basis, to fully electronic trading.\4\
---------------------------------------------------------------------------

    \4\ See Press Release, dated March 18, 2020, available here:
https://ir.theice.com/press/press-releases/allcategories/2020/03-18-2020-204202110.
---------------------------------------------------------------------------

    Moreover, 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.'' \5\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
---------------------------------------------------------------------------

    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\6\ Indeed, equity trading is currently dispersed across 13
exchanges,\7\ 31 alternative trading systems,\8\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information, no single exchange has more
than 20% market share (whether including or excluding auction
volume).\9\ Therefore, no exchange possesses significant pricing power
in the execution of equity order flow. More specifically, the
Exchange's market share of trading in Tape A, B and C securities
combined is less than 13%.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
    \7\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \8\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \9\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
    The proposed rule change accordingly responds to these
unprecedented events and the current competitive landscape where market
participants can and do move order flow, or discontinue or reduce use
of certain categories of products, in response to fee changes.
Proposed Rule Change
DMM Rebates Based on Calculation of Security CADV
    The section of the Exchange's Price List entitled ``Fees and
Credits Applicable to DMMs'' sets out different monthly rebate amounts
to DMMs depending on the CADV of the security and the DMM quoting
percentage and size in any month in which the DMM meets the More Active
Securities Quoting Requirement \10\ and the Less Active Securities
Quoting Requirement,\11\ as well as DMM providing as a percent of the
NYSE's total intraday adding liquidity, as those terms are defined in
the Price List. Specifically, the monthly rebates offered by the
Exchange for DMMs meeting the More Active Securities Quoting
Requirement and the Less Active Securities Quoting Requirement are
determined based on securities with a Security CADV (i.e., the average
daily consolidated volume for the applicable security) equal to or
greater than 1,000,000 shares per month, respectively, in the previous
month. The Exchange also provides monthly rebates to DMMs depending on
the Security CADV and the DMM quoting percentage. Finally, the Exchange
allocates market data quote revenue (``Quoting Share'') received by the
Exchange from the Consolidated Tape Association under the Revenue
Allocation Formula of Regulation to DMMs for securities with a Security
CADV of less than 1,500,000 shares in the previous month (regardless of
whether the stock price exceeds $1.00) based on the DMM meeting
specified quoting percentage requirements at the NBBO.\12\
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    \10\ The ``More Active Securities Quoting Requirement'' is met
if the More Active Security has a stock price of $1.00 or more and
the DMM quotes at the NBBO in the applicable security at least 10%
of the time in the applicable month.
    \11\ The ``Less Active Securities Quoting Requirement'' is met
when a security has a consolidated ADV of less than 1,000,000 shares
per month in the previous month and a stock price of $1.00 or more,
and the DMM quotes at the NBBO in the applicable security at least
15% of the time in the applicable month.
    \12\ See NYSE Price List, at 8-13, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf.
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    For each of these calculations based on Security CADV, the Exchange
proposes to add a footnote following

each use of ``previous month'' in the DMM section of the Price List
providing that in a month where NYSE CADV equals or is greater than 5.5
billion shares, the Exchange will use the most recent month where NYSE
CADV is less than 5.5 billion shares to calculate the Security CADV.
    For example, assume the relevant billing month is April 2020.
Assume NYSE CADV in the preceding month of March 2020 was equal to or
greater than 5.5 billion shares and that the most recent month where
NYSE CADV was less than 5.5 billion shares was February 2020. In this
example, the Exchange would use trading volumes from February 2020 to
calculate Security CADV and, as long as NYSE CADV was under 5.5 billion
shares, the Security CADV for each security would be based on that
symbol's CADV in the month of February. In the event that NYSE CADV in
February 2020 was also equal to or greater than 5.5 billion shares, the
Exchange would use the next most recent month prior to February where
NYSE CADV was under 5.5 billion shares.
DMM Adding Liquidity Credits in More Active Securities
    Currently, DMMs earn a rebate of $0.0031 per share when adding
liquidity, other than MPL Orders, in More Active Securities if the More
Active Security has a stock price of $1.00 or more and the DMM meets
the More Active Securities Quoting Requirement \13\ and the DMM (1) has
a DMM Quoted Size \14\ for an applicable month that is at least 10% of
the NYSE Quoted Size, and (2) quotes at the National Best Bid or Offer
(``NBBO'') in the applicable security at least 20% of the time in the
applicable month, and (3) has providing liquidity that is more than 5%
of the NYSE's total intraday adding liquidity in each such security for
that month.
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    \13\ See note 10, supra.
    \14\ The ``NYSE Quoted Size'' is calculated by multiplying the
average number of shares quoted on the NYSE at the NBBO by the
percentage of time the NYSE had a quote posted at the NBBO. The
``DMM Quoted Size'' is calculated by multiplying the average number
of shares of the applicable security quoted at the NBBO by the DMM
by the percentage of time during which the DMM quoted at the NBBO.
See NYSE Price List, n. 7.
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    DMMs electing the optional monthly rebate per security (``Rebate
per Security'') instead receive a lower monthly rebate per share
(``Optional Credit'') of $0.0030 per share if the quoting and providing
requirements are met. A DMM that meets (1) these requirements, and (2)
the DMM Additional Quoting Requirement \15\ would receive an
incremental credit of $0.0003 per share in each eligible assigned More
Active Security.
---------------------------------------------------------------------------

    \15\ The ``DMM Additional Quoting Requirement'' is defined as
the DMM increasing their quoting at the NBBO by at least 5% over
their quoting at the NBBO in September 2019, in at least 300
assigned securities.
---------------------------------------------------------------------------

    The Exchange proposes that in a month where NYSE CADV is equal to
or greater than 5.5 billion shares, the DMM providing liquidity
requirement would instead be 2.5% of the NYSE's total intraday adding
liquidity in each such security for that month. The other current
requirements and credits would otherwise remain unchanged.
    Similarly, DMMs currently earn a rebate of $0.0034 per share when
adding liquidity with orders, other than MPL Orders, in More Active
Securities if the More Active Security has a stock price of $1.00 or
more and the DMM meets the More Active Securities Quoting Requirement
and (1) has a DMM Quoted Size for an applicable month that is at least
15% of the NYSE Quoted Size, (2) for providing liquidity that is more
than 15% of the NYSE's total intraday adding liquidity in each such
security for that month, and (3) quotes at the NBBO in the applicable
security at least 30% of the time in the applicable month. DMMs
electing the optional Rebate per Security instead receive an Optional
Credit of $0.0033 per share if the quoting and providing requirements
are met. A DMM that meets (1) these current requirements, and (2) the
DMM Additional Quoting Requirement receives an incremental credit of
$0.0001 per share in each eligible assigned More Active Security.
    The Exchange proposes that in a month where NYSE CADV is equal to
or greater than 5.5 billion shares, the DMM providing liquidity
requirement would instead be more than 7.5% of the NYSE's total
intraday adding liquidity in each such security for that month. The
other current requirements and credits would otherwise remain
unchanged.
    Finally, DMMs currently earn a rebate of $0.0035 per share when
adding liquidity with orders, other than MPL Orders, in More Active
Securities if the More Active Security has a stock price of $1.00 or
more and the DMM meets the More Active Securities Quoting Requirement
and (1) has a DMM Quoted Size for an applicable month that is at least
25% of the NYSE Quoted Size, (2) for providing liquidity that is more
than 15% of the NYSE's total intraday adding liquidity in each such
security for that month, and (3) quotes at the NBBO in the applicable
security at least 50% of the time in the applicable month. DMMs
electing the optional Rebate per Security instead receive an Optional
Credit of $0.0034 per share if the quoting and providing requirements
are met.
    The Exchange proposes that in a month where NYSE CADV is equal to
or greater than 5.5 billion shares, the DMM providing liquidity
requirement would instead be more than 7.5% of the NYSE's total
intraday adding liquidity in each such security for that month. The
other current requirements and credits would otherwise remain
unchanged.
NYSE CADV Cap for SLP Tape A Tiers
    The Exchange currently offers tiered and non-tiered credits in Tape
A securities to SLPs that meet certain quoting obligations in assigned
securities based upon the total percent of NYSE CADV executed. For
purposes of calculating NYSE CADV as currently used in SLP Tiers 1, 1A,
2, 3, 4, the SLP Step Up Tier and the Incremental SLP Step Up Tier, the
Exchange proposes to establish a monthly maximum average cap of 5.5
billion shares per day for NYSE CADV in the billing month. To
effectuate this change, the Exchange would add a footnote ** after
``NYSE CADV'' where the term appears in each tier specifying that, in a
month where NYSE CADV equals or exceeds 5.5 billion shares per day for
the billing month, NYSE CADV for that month will be subject to a cap of
5.5 billion shares per day for the billing month. Because SLP Tiers 1,
1A, 2, 4, and the SLP Step Up Tier contain cross-tier incentives based
on adding liquidity as a percentage of Tape B and C CADV combined, the
proposed footnote would also reference the proposed cap for Tape B and
C securities combined discussed below applicable to CADV calculations
for SLP Tiers 1 and 2 in Tape B and C securities. The Exchange would
also add proposed footnote ** after ``Tape B and Tape C CADV'' in the
SLP Tape A tiers referenced above.
    For example, assume in the billing month that an SLP has an average
daily adding volume of 5.5 million shares. Further assume that NYSE
CADV was 7.5 billion shares during that month. To calculate the SLP
adding ADV as a percent of NYSE CADV, the Exchange would use the NYSE
CADV cap of 5.5 billion shares, yielding an adding percent of NYSE CADV
of 0.10% rather than 0.07% if the Exchange had used 7.5 billion shares.
SLP CADV Caps for SLP Tiers in Tape B and C Securities
    For Tape B and C securities, the Exchange currently offers several
levels

of credits for SLP orders that provide displayed and non-displayed
liquidity to the Exchange in Tape B and C securities priced at or above
$1.00 based on the volume of orders as a percentage of CADV that member
organizations send to the Exchange. The SLP Provide Tier credits (Non
Tier, Tier 2, Tier 1 and Tape A Tier) range from $0.00005 to $0.0033.
As described below, the Exchange proposes to cap the SLP provide
percentage CADV for Tape B, Tape C and for Tape B and C combined.
    Under current SLP Tier 1, in order for SLPs to qualify for the
current $0.0031 per share credit per tape and the current $0.0033 per
share credit per tape in an assigned Tape B or C security, an SLP must,
among other things, add liquidity for all assigned Tape B securities of
a CADV of at least 0.10% for Tape B and a CADV of at least 0.075% for
Tape C. The requirements for the $0.0033 per share credit also provide
that an SLP add liquidity for all assigned securities of at least 0.25%
of Tape B and Tape C CADV combined. Under current SLP Provide Tier 2,
SLPs are eligible for a $0.0029 per share credit per tape in an
assigned Tape B or C security when adding displayed liquidity to the
Exchange if the SLP, among other things, adds liquidity for all
assigned Tape B and C securities in the aggregate of a CADV of at least
0.03% per tape.
    The Exchange proposes to add footnote # specifying that the
calculation of the relevant SLP provide percentage tape CADV would be
subject to a maximum average for the billing month of 2.75 billion
shares per day for Tape B, 3.25 billion shares for Tape C, and 6.0
billion shares for Tape B and C combined. The proposed caps would apply
to all CADV calculations for SLP Tiers 1 and 2.
Fee Waivers for Trading Floor-Based Member Organizations
    The Exchange charges certain equipment fees for the booth telephone
system on the Trading Floor and associated service charges.
Specifically, the Exchange charges an Annual Telephone Line Charge of
$400 per phone number and $129 for a single line phone, jack, and data
jack. The Exchange also assesses related service charges, as follows:
$161.25 to install single jack (voice or data); $107.50 to relocate a
jack; $53.75 to remove a jack; $107.50 to install voice or data line;
$53.75 to disconnect data line; $53.75 to change a phone line
subscriber; and miscellaneous telephone charges billed at $106 per hour
in 15 minute increments.\16\
---------------------------------------------------------------------------

    \16\ The Service Charges also include an Internet Equipment
Monthly Hosting Fee that the Exchange does not propose to waive for
April 2020.
---------------------------------------------------------------------------

    Because, as described above, the Trading Floor at 11 Wall Street is
temporarily closed, the Exchange proposes to waive these Trading Floor-
based fees for April 2020 for member organizations with at least one
trading license, a physical Trading Floor presence, and Floor broker
executions accounting for 40% or more of the member organization's
combined adding, taking, and auction volumes during March 1 to March
20, 2020. The Exchange also proposes to waive these fees for April 2020
for member organizations with at least one trading license that are
Designated Market Makers with 30 or fewer assigned securities for the
billing month of March 2020.
    To effectuate this change, the Exchange proposes a new footnote 11
following ``Equipment Fee.'' \17\
---------------------------------------------------------------------------

    \17\ The Exchange proposes to delete current footnote 11, which
provides that the Annual Telephone Line Charge will be waived on a
prorated basis for Floor brokers for January, February and March
2013, as obsolete. There is no footnote 12 so the Exchange proposes
to renumber current footnotes 13 and 14.
---------------------------------------------------------------------------

    The proposed change is designed to reduce monthly costs for member
organizations with a Trading Floor presence that are unable to use the
services associated with the fees while the Trading Floor is
temporarily closed. The Exchange believes that this fee waiver would
ease the financial burden associated with the temporary Trading Floor
closure.
    In order to further reduce costs for member organizations with a
Trading Floor presence, the Exchange also proposes to waive trading
license fees for April 2020. The Exchange currently offers tiered
trading license fees, as follows.
    For all member organizations, including Floor brokers with more
than ten trading licenses but excluding Regulated Only Members as
defined in Rule 2(b)(ii), the trading license fee is $50,000 for the
first license held by the member organization unless one of the other
rates is deemed applicable. For member organizations with 3-9 trading
licenses, the Exchange charges $35,000 for the first license held by a
member organization that has Floor broker executions accounting for 40%
or more of the member organization's combined adding and taking volumes
during the billing month. For Floor brokers with 1-2 trading licenses,
the Exchange charges $25,000 for the first license held by a member
organization that has Floor broker executions accounting for 40% or
more of the member organization's combined adding and taking volumes
during the billing month. Regulated Only Members are charged an annual
administrative fee of $25,000.
    The Exchange proposes to waive the April 2020 monthly portion of
all applicable annual fees for member organizations with at least one
trading license, a physical Trading Floor presence and Floor broker
executions accounting for 40% or more of the member organization's
combined adding, taking, and auction volumes during March 1 to March
20, 2020. The indicated annual trading license fees will also be waived
for April 2020 for member organizations with at least one trading
license that are DMMs with 30 or fewer assigned securities for the
billing month of March 2020.
    To effectuate this change, the Exchange proposes to add text
describing the waiver to current footnote 15.
    The proposed changes are not otherwise intended to address other
issues, and the Exchange is not aware of any significant problems that
market participants would have in complying with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\18\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\19\ 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.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    As discussed above, beginning March 2020, markets worldwide have
experienced unprecedented declines and volatility because of the
ongoing spread of COVID-19 that has also resulted in the temporary
closure of the NYSE Trading Floor. As a result of this volatility, the
equity markets have experienced unprecedented trading volumes.
Moreover, as also discussed above, the Exchange operates in a highly
fragmented and competitive market. In view of these unprecedented
events, and the current competitive landscape where market participants
can and do move order flow, or discontinue or reduce use of certain
categories of

products, in response to fee changes, the Exchange believes that the
proposed rule change is reasonable.
    Specifically, the Exchange believes that using the most recent
month where NYSE CADV is less than 5.5 billion shares to calculate the
Security CADV for DMM monthly rebates for the More Active Securities
Quoting Requirement and the Less Active Securities Quoting Requirement,
is reasonable because significantly fewer symbols would qualify as Less
Active Securities when NYSE CADV is equal to or exceeds 5.5 billion
shares.
    Similarly, lowering the DMM providing requirements as a percent of
the NYSE's total intraday adding liquidity in a month where NYSE CADV
is equal to or greater than 5.5 billion shares in order for DMMs to
qualify for rebates when adding liquidity in More Active Securities is
reasonable because such extraordinarily high market volumes would make
is significantly harder for DMMs to meet the DMM providing
requirements.
    Further, capping the Tape A monthly CADV at a maximum of 5.5
billion shares when calculating all Tape A SLP tiers and the Tape B
CADV, Tape C CADV and Tape B and C combined CADV when calculating all
Tape B and C SLP tiers is reasonable because such extraordinarily high
market volumes would make it significantly harder for SLPs, whose
adding volume is limited to proprietary adding liquidity, to meet the
adding requirements for the aforementioned SLP tiers.
    Finally, the proposed waiver of equipment and related service fees
and the applicable monthly trading license fee for Trading Floor-based
member organizations is reasonable in light of the temporary closure of
the NYSE Trading Floor. The proposed change is designed to reduce costs
for Floor participants for the month of April 2020 that are unable to
conduct Floor operations while the Trading Floor remains temporarily
closed. The Exchange believes that this fee waiver would ease the
financial burden faced by member organizations that conduct business on
the Trading Floor and benefit all such member organizations.
The Proposal Is an Equitable Allocation of Fees
    The Exchange believes the proposal equitably allocates its fees
among its market participants by fostering liquidity provision and
stability in the marketplace.
    The Exchange believes that the proposed use of a lower threshold to
calculate Security CADV for DMM rebates and lowering the DMM providing
requirements as a percent of the NYSE's total intraday adding liquidity
in a month where NYSE CADV is equal to or greater than 5.5 billion
shares is an equitable allocation of fees because the proposed changes
would apply to all similarly situated member organizations that are
DMMs on the Exchange, and that all such member organizations would
continue to be subject to the same fee structure, and access to the
Exchange's market would continue to be offered on fair and
nondiscriminatory terms.
    For the same reasons, the proposed caps for calculating all Tape A
SLP tiers and CADV for SLP credits for adding displayed and non-
displayed liquidity to the Exchange in Tape B and C securities also
constitute an equitable allocation of fees. The proposed caps for
calculating SLP CADV across all tapes would apply equally to all
similarly situated member organizations that are SLPs, all of whom
would continue to be subject to the same fee structure, and access to
the Exchange's market would continue to be offered on fair and
nondiscriminatory terms.
    Finally, the proposed waiver of equipment and related service fees
and the applicable monthly trading license fee for Trading Floor-based
member organizations during April 2020 are also an equitable allocation
of fees. The proposed waivers apply to all Trading Floor-based firms
meeting specific requirements during the period that the Trading Floor
is temporarily closed. The proposed change is equitable as it is
designed to reduce monthly costs for Trading Floor-based member
organizations that are unable to conduct Floor operations.
The Proposal Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, member
organizations are free to disfavor the Exchange's pricing if they
believe that alternatives offer them better value.
    The proposal is not unfairly discriminatory because it neither
targets nor will it have a disparate impact on any particular category
of market participant. The proposed use of a lower threshold to
calculate Security CADV for DMM rebates and lowering the DMM providing
requirements as a percent of the NYSE's total intraday adding liquidity
in a month where NYSE CADV is equal to or greater than 5.5 billion
shares does not permit unfair discrimination because the proposed
changes would apply to all similarly situated member organizations that
are DMMs, who would benefit from use of the lower volume threshold to
calculate Security CADV on an equal basis.
    The proposed caps for calculating all Tape A SLP tiers and CADV for
SLP credits for adding displayed and non-displayed liquidity to the
Exchange in Tape B and C securities also does not permit unfair
discrimination because the proposed changes would apply to all
similarly situated member organizations that are SLPs, who would all
benefit from use of the lower volume threshold to calculate SLP adding
tier CADV across tapes on an equal basis.
    The proposed waiver of equipment and related service fees and the
applicable monthly trading license fee for Trading Floor-based member
organizations during April 2020 is not unfairly discriminatory because
the proposed waivers would benefit all similarly-situated market
participants on an equal and non-discriminatory basis. The Exchange is
not proposing to waive the Floor-related fixed indefinitely, but rather
during the period that the Trading Floor is temporarily closed. The
proposed fee change is designed to ease the financial burden on Trading
Floor-based member organizations that cannot conduct Floor operations
while the Trading Floor remains closed.
    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.

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

    In accordance with Section 6(b)(8) of the Act,\20\ the Exchange
believes that the proposed rule change would not 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 continued participation
of member organizations on the Exchange by providing certainty and fee
relief during the unprecedented volatility and market declines caused
by the continued spread of COVID-19. 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.'' \21\
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f(b)(8).
    \21\ Regulation NMS, 70 FR at 37498-99.
---------------------------------------------------------------------------

    Intramarket Competition. The Exchange believes that the use of a
lower threshold to calculate Security CADV for DMM rebates and lowering
the DMM providing requirements as a percent of the NYSE's total
intraday adding liquidity in a month where NYSE CADV is equal to or
greater than 5.5 billion shares, the proposed caps for calculating all
Tape A SLP tiers and CADV for SLP credits for adding displayed and non-
displayed liquidity to the Exchange in Tape B and C securities, and the
proposed waiver of equipment and related service fees and the
applicable monthly trading license fee for Trading Floor-based member
organizations during April 2020 are designed to provide a degree of
certainty to DMMs and SLPs adding liquidity to the Exchange during high
volatility and to ease the financial burden on Trading Floor-based
member organizations impacted by the temporary closing of the Trading
Floor. As noted, the proposal would apply to all similarly situated
member organizations on the same and equal terms, who would benefit
from the changes on the same basis. Accordingly, the proposed change
would not impose a disparate burden on competition among market
participants on the Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily choose to
send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. As
previously noted, the Exchange's market share of trading in Tape A, B
and C securities combined is less than 13%. In such an environment, the
Exchange must continually adjust its fees and rebates to remain
competitive with other exchanges and with off-exchange venues. Because
competitors are free to modify their own fees and credits in response,
and because market participants may readily adjust their order routing
practices, the Exchange does not believe its proposed fee change can
impose any burden on intermarket competition. The Exchange believes
that the proposed rule change reflects this competitive environment
because it modifies the Exchange's fees in a manner designed to provide
a degree of certainty and ease the financial burdens of the current
unsettled market environment, and permit affected member organizations
to continue to conduct market-making operations on the Exchange and
avoid unintended costs of doing business on the Exchange while the
Trading Floor is inoperative, which could make the Exchange a less
competitive venue on which to trade as compared to other options
exchanges.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \22\ of the Act and subparagraph (f)(2) of Rule
19b-4 \23\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 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 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) \24\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \24\ 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_ADDRESS>Please include
File Number SR-NYSE-2020-27 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2020-27. 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-NYSE-2020-27 and should be submitted on
or before May 5, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-07779 Filed 4-13-20; 8:45 am]
 BILLING CODE 8011-01-P