[Federal Register Volume 76, Number 56 (Wednesday, March 23, 2011)]
[Notices]
[Pages 16466-16468]
[FR Doc No: 2011-6837]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64095; File No. SR-EDGX-2011-06]

Self-Regulatory Organizations; Notice of Filing and Order
Granting Accelerated Approval of Proposed Rule Change by EDGX Exchange,
Inc. To Delete the Description of and All References to Step-Up Orders
in EDGX Rules

March 18, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 10, 2011, EDGX Exchange, Inc. (``EDGX'' or ``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 prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons, and is approving the proposal on an accelerated basis.
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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 amend its Rules 11.5(c)(11) and Rule
11.9(b)(1)(C) to delete the description of and all references to Step-
Up orders. The text of the proposed rule change is attached as Exhibit
5 and is available on the Exchange's Web site at http:/
www.directedge.com, at the Exchange's principal office, and at the
Public Reference Room of the Commission.

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 IV below. The self-regulatory organization has prepared summaries,
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
    EDGX filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend EDGX Rule 11.9
regarding the description of the Step-up order type and modify how
Step-up orders would be processed pursuant to Exchange Rule 11.9.\3\
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    \3\ See Securities Exchange Act Release No. 63336 (November 18,
2010, 75 FR 71781. Amendment No. 2 replaced in its entirety the
original filing, SR-EDGX-2010-17 (November 8, 2010) and partial
Amendment No. 1 (November 23, 2010). See Securities Exchange Act
Release No. 63574 (December 17, 2010), 75 FR 80876.
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    Exchange Rule 11.5(c)(11) defines a Step-up order as a ``market or
limit order with the instruction that the System display the order to
Users at or within the NBBO price pursuant to Rule 11.9(b)(1)(C).''
Exchange Rule 11.9(b)(1)(C), in turn, states that orders shall be
displayed to Users \4\ in a manner that is separately identifiable from
other Exchange orders, at or within the NBBO price for a period of time
not to exceed five hundred milliseconds, as determined by the Exchange.
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    \4\ Exchange Rule 1.5(cc) defines a User as any ``any Member or
Sponsored Participant who is authorized to obtain access to the
System pursuant to Rule 11.3.''
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    In light of the Commission's order instituting proceedings to
determine whether to disapprove the above-referenced proposed rule
change,\5\ the Exchange withdrew the filing mentioned above on February
25, 2011 and ceased offering the Step-up order as of the close of
business on February 28, 2011.
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    \5\ See Securities Exchange Act Release No. 63930 (February 18,
2011), 76 FR 10414 (SR-EDGX-2010-17).
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    The Exchange now proposes to delete rules that reference Step-up
orders. Therefore, it is proposing to delete Rules 11.5(c)(11) and
11.9(b)(1)(C). As a result, conforming changes have been made to re-
number current Rules 11.5(c)(12)-(14) as Rules 11.5(c)(11)-(13). In
addition, a conforming change is proposed to re-number the reference to
Discretionary Orders, as set forth in Rule 11.8(a)(2)(D).
2. Statutory Basis
    The statutory basis for the proposed rule change is Section 6(b)(5)
of the Act of,\6\ which requires the rules of an exchange 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.
Since the Step-up order type was an enhanced functionality offered by
the Exchange not required under the Act, the Exchange would like to
remove references to it from its rulebook.
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    \6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not 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 has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    Within 45 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 or disapprove such 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-EDGX-2011-06 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-EDGX-2011-06. 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 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 website viewing and printing in
the Commission's Public Reference Room, 100 F Street, NE., Washington,
DC 20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of 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-EDGX-2011-06 and should be submitted on
or before April 13, 2011.

V. Commission's Findings and Order Granting Accelerated Approval of a
Proposed Rule Change

    After careful consideration, 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.\7\ In particular, the Commission finds that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act,\8\ which requires, among other things, that the Exchange's rules
be designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market a national market
system, and in general, to protect investors and

the public interest. The Commission agrees with the Exchange that the
Step-Up order type is a functionality that is not required under the
Act.\9\
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    \7\ In approving the proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ See supra Section II.A.2.
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    The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act,\10\ for approving the proposed rule change prior to the 30th
day after publication of notice in the Federal Register. Accelerated
approval will allow the Exchange to delete references to an order type
in its rules that is not required under the Act and that the Exchange
has determined to discontinue.
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    \10\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-EDGX-2011-06) is hereby approved on
an accelerated basis.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Cathy H. Ahn,
Deputy Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2011-6837 Filed 3-22-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 61 (Friday, March 29, 2013)]
[Notices]
[Page 19277]
[FR Doc No: 2013-07286]

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DEPARTMENT OF HOMELAND SECURITY

United States Coast Guard

[Docket No. USCG-2013-0194]

Navigation Safety Advisory Council; Meeting

AGENCY: United States Coast Guard, DHS.

ACTION: Notice of Federal Advisory Committee meeting: correction.

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SUMMARY: The Navigation Safety Advisory Council (NAVSAC) will meet
April 10-11, 2013, in Arlington, Virginia to discuss matters relating
to maritime collisions, rammings, groundings; Inland and International
Rules of the Road; navigation regulations and equipment; routing
measures; marine information; diving safety; and aids to navigation
systems. This notice corrects the previous notice to add an explanation
for why 15-days advance notice was not given.

DATES: NAVSAC will meet Wednesday, April 10, 2013, from 8 a.m. to 5
p.m., and Thursday, April 11, 2013, from 8 a.m. to 5 p.m. Please note
that the meeting may close early if the committee has completed its
business. Pre-registration and written comments are due April 1, 2013.

ADDRESSES: The meeting will be held at the Navy League Building, Coast
Guard Recruiting Command, 5th floor conference room, 2300 Wilson
Boulevard, Suite 500, Arlington, Virginia 20598. All visitors to the
Navy League Building must pre-register to be admitted to the building.
You may pre-register by contacting Mr. Burt Lahn listed in the FOR
FURTHER INFORMATION CONTACT section below.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
meeting, please contact Mr. Mike Sollosi, the NAVSAC Alternate
Designated Federal Officer (ADFO), by telephone at<PHONE_NUMBER> or via
email at<EMAIL_ADDRESS>or Mr. Burt Lahn, NAVSAC meeting
coordinator, at telephone<PHONE_NUMBER> or email<EMAIL_ADDRESS>
If you have questions on viewing or submitting material to the docket,
call Barbara Hairston, Program Manager, Docket Operations, telephone
202-366-9826.

SUPPLEMENTARY INFORMATION: The Coast Guard's March 27, 2013 notice of
the April 10-11 2013, NAVSAC meeting inadvertently failed to contain an
explanation for its publication less than 15 calendar days prior to the
meeting, as required by General Services Administration rules 41 CFR-
102-3.150(b). The reason the notice was published only 14 calendar days
prior to the meeting was an administrative delay. The Coast Guard
regrets the delay in publication but notes that the notice was publicly
available on the Federal Register Web site 16 calendar days prior to
the meeting. Additionally, all known interested parties were made aware
of the meeting with sufficient time for planning purposes.
    It is critical that this meeting be held on the announced meeting
date because delays in Council discussions could have significant
ramifications for ongoing Coast Guard studies and evaluations on the
agenda for the upcoming meeting. Maintaining the current meeting
schedule allows the Coast Guard to continue deliberations and forward
progress regarding multiple risk assessments for U.S. ports and
waterways.
    If you have been adversely affected by the delay in publishing the
notice, contact Mr. Mike Sollosi or Mr. Burt Lahn (see FOR FURTHER
INFORMATION CONTACT) and the Coast Guard will make every effort to
accommodate you.

    Dated: March 25, 2013.
Kathryn Sinniger,
Chief, Office of Regulations and Administrative Law, U.S. Coast Guard.
[FR Doc. 2013-07286 Filed 3-28-13; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 87, Number 154 (Thursday, August 11, 2022)]
[Notices]
[Pages 49620-49624]
[FR Doc No: 2022-17220]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95433; File No. SR-MEMX-2022-22]

Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the
Exchange's Fee Schedule

August 5, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 29, 2022, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (the ``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 is filing with the Commission a proposed rule change
to amend the Exchange's fee schedule applicable to Members \3\ (the
``Fee Schedule'') pursuant to Exchange Rules 15.1(a) and (c). The
Exchange proposes to implement the changes to the Fee Schedule pursuant
to this proposal on August 1, 2022. The text of the proposed rule
change is provided in Exhibit 5.
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    \3\ See Exchange Rule 1.5(p).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the 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 IV below. The Exchange has prepared summaries, 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 purpose of the proposed rule change is to amend the Fee
Schedule to: (i) modify the required criteria under the Step-Up
Additive Rebate; (ii) modify the required criteria under the Liquidity
Removal Tier 1; and (iii) increase the rebate for executions of all
orders in securities priced below $1.00 per share that add displayed
liquidity to the Exchange (``Added Displayed Sub-Dollar Volume'').
    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, as well as a
number of alternative trading systems and other off-exchange venues, to
which market participants may direct their order flow. Based on
publicly available information, no single registered equities exchange
currently has more than approximately 15.5% of the total market share
of executed volume of equities trading.\4\ Thus, in such a low-
concentrated and highly competitive market, no single equities exchange
possesses significant pricing power in the execution of order flow, and
the Exchange currently represents approximately 3.5% of the overall
market share.\5\ The Exchange in particular operates a ``Maker-Taker''
model whereby it provides rebates to Members that add liquidity to the
Exchange and charges fees to Members that remove liquidity from the
Exchange. The Fee Schedule sets forth the standard rebates and fees
applied per share for orders that add and remove liquidity,
respectively. Additionally, in response to the competitive environment,
the Exchange also offers tiered pricing, which provides Members with
opportunities to qualify for higher rebates or lower fees where certain
volume criteria and thresholds are met. Tiered pricing provides an
incremental incentive for Members to strive for higher tier levels,
which provides increasingly higher benefits or discounts for satisfying
increasingly more stringent criteria.
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    \4\ Market share percentage calculated as of July 28, 2022. The
Exchange receives and processes data made available through
consolidated data feeds (i.e., CTS and UTDF).
    \5\ Id.
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Step-Up Additive Rebate
    The Exchange currently offers the Step-Up Additive Rebate under
which the Exchange provides an additive rebate of $0.0002 per share
that is in addition to the otherwise applicable rebate for a qualifying
Member's executions of certain orders in securities

priced at or above $1.00 per share that add displayed liquidity to the
Exchange (``Added Displayed Volume'').\6\ Currently, a Member qualifies
for the Step-Up Additive Rebate by achieving one of the following two
alternative criteria: (1) a Step-Up ADAV \7\ (excluding Retail Orders)
from April 2022 that is equal to or greater than 0.07% of the TCV; \8\
or (2) an ADAV that is equal to or greater than 0.70% of the TCV. Now,
the Exchange proposes to modify the required criteria such that a
Member would now qualify for the Step-Up Additive Rebate by achieving
one of the following two alternative criteria: (1) a Step-Up ADAV
(excluding Retail Orders) from April 2022 that is equal to or greater
than 0.07% of the TCV; or (2) a Step-Up ADAV from July 2022 that is
equal to or greater than 0.05% of the TCV and an ADAV that is equal to
or greater than 0.30% of the TCV.
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    \6\ The Step-Up Additive Rebate applies to all executions of
Added Displayed Volume, except: (i) orders that establish the
national best bid or offer (``NBBO'') if such Member qualifies for
the Exchange's NBBO Setter Tier; or (ii) Retail Orders. ``Retail
Order'' means an agency or riskless principal order that meets the
criteria of FINRA Rule 5320.03 that originates from a natural person
and is submitted to the Exchange by a Retail Member Organization,
provided that no change is made to the terms of the order with
respect to price or side of market and the order does not originate
from a trading algorithm or any other computerized methodology. See
Exchange Rule 11.21(a).
    \7\ As set forth on the Fee Schedule, ``ADAV'' means the average
daily added volume calculated as the number of shares added per day,
which is calculated on a monthly basis, and ``Step-Up ADAV'' means
ADAV in the relevant baseline month subtracted from current ADAV.
    \8\ As set forth on the Fee Schedule, ``TCV'' means total
consolidated volume calculated as the volume reported by all
exchanges and trade reporting facilities to a consolidated
transaction reporting plan for the month for which the fees apply.
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    Thus, the proposed change would keep one of the two alternative
criteria (i.e., the April 2022 Step-Up ADAV threshold) intact and
replace the other of such alternative criteria (i.e., the overall ADAV
threshold) with a new alternative criteria that includes an overall
ADAV threshold that is lower than the existing overall ADAV threshold
being replaced, as well as a July 2022 Step-Up ADAV threshold. The
proposed new alternative criteria is intended to encourage additional
Members to strive to qualify for the Step-Up Additive Rebate by
providing a new alternative criteria that includes a lower overall ADAV
threshold than before, which is easier to achieve, as well a reasonable
July 2022 Step-Up ADAV threshold, each of which is designed to
encourage the submission of additional liquidity-adding orders to the
Exchange. While the Exchange has no way of predicting with certainty
how the proposed new criteria will impact Member activity, the Exchange
expects that more Members will strive to qualify for such tier than
currently do, resulting in the submission of additional order flow to
the Exchange. The Exchange is not proposing to change the rebate
provided under the Step-Up Additive Rebate.
Liquidity Removal Tier 1
    The Exchange currently charges a standard fee of $0.0030 per share
for executions of orders in securities priced at or above $1.00 per
share that remove liquidity from the Exchange (``Removed Volume''). The
Exchange also currently offers Liquidity Removal Tier 1 under which
qualifying Members are charged a discounted fee of $0.0029 per share
for executions of Removed Volume by achieving one of the following two
alternative criteria: (1) a Remove ADV \9\ that is equal to or greater
than 0.30% of the TCV and a Step-Up ADAV from April 2022 that is equal
to or greater than 0.10% of the TCV; or (2) an ADV that is equal to or
greater than 1.00% of the TCV. Now, the Exchange proposes to modify the
required criteria such that a Member would now qualify for Liquidity
Removal Tier 1 by achieving one of the following two alternative
criteria: (1) an ADV that is equal to or greater than 0.45% of the TCV
and an ADAV that is equal to or greater than 0.20% of the TCV; or (2)
an ADV that is equal to or greater than 1.00% of the TCV.
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    \9\ As set forth on the Fee Schedule, ``ADV'' means average
daily volume calculated as the number of shares added or removed,
combined, per day, which is calculated on a monthly basis, and
``Remove ADV'' means ADV with respect to orders that remove
liquidity.
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    Thus, the proposed change would keep one of the two alternative
criteria (i.e., the overall ADV threshold) intact and replace the other
of such alternative criteria (i.e., the Remove ADV and April 2022 Step-
Up ADAV thresholds) with a new alternative criteria that includes an
overall ADV threshold that is lower than the overall ADV threshold in
the other remaining alternative criteria, as well as an overall ADAV
threshold. As the proposed new alternative criteria is based on overall
ADV and ADAV thresholds, it is intended to encourage Members to
maintain or increase their order flow, including liquidity-adding
orders, to the Exchange, thereby contributing to a deeper and more
liquid market to the benefit of all Members. The Exchange is not
proposing to change the fee charged under Liquidity Removal Tier 1.
Added Displayed Sub-Dollar Volume
    The Exchange currently provides a rebate of 0.05% of the total
dollar value of the transaction for all executions of Added Displayed
Sub-Dollar Volume. This rebate applies to all Members, including those
that qualify for any of the Exchange's pricing tiers. Now, the Exchange
proposes to increase the rebate for all executions of Added Displayed
Sub-Dollar Volume to 0.10% of the total dollar value of the
transaction, which would similarly apply to all Members as the current
rebate for such executions does today.
    The purpose of increasing the rebate for executions of Added
Displayed Sub-Dollar Volume is to incentivize Members to submit
additional orders of Added Displayed Sub-Dollar Volume to the Exchange.
The Exchange notes that overall volumes in sub-dollar securities in the
U.S. equities market have had significant increases at certain times,
however, the Exchange's volumes in these securities have been
disproportionately lower than certain other venues, relative to the
overall market share of the Exchange and such other venues, during
these times. Thus, the Exchange's proposal to increase the rebate for
executions of Added Displayed Sub-Dollar Volume is designed to
encourage the submission of additional orders in sub-dollar securities
to the Exchange in order to bring the Exchange's volumes in such
securities in line with its overall market share in a manner that
deepens liquidity and promotes price discovery in such securities to
the benefit of all Members.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\10\ in general, and with
Sections 6(b)(4) and 6(b)(5) of the Act,\11\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its Members and other persons using its facilities
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4) and (5).
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    As discussed above, the Exchange operates in a highly fragmented
and competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive or incentives to be insufficient, and the
Exchange represents only a small percentage of the overall market. The
Commission and the courts have repeatedly expressed

their 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.'' \12\
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    \12\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct additional order
flow, including Added Displayed Sub-Dollar Volume and other liquidity-
adding orders, to the Exchange, which the Exchange believes would
promote price discovery and enhance liquidity and market quality on the
Exchange to the benefit of all Members.
    The Exchange notes that volume-based incentives and discounts have
been widely adopted by exchanges, including the Exchange, and are
reasonable, equitable and not unfairly discriminatory because they are
open to all members on an equal basis and provide additional benefits
or discounts that are reasonably related to the value to an exchange's
market quality associated with higher levels of market activity, such
as higher levels of liquidity provision and/or growth patterns, and the
introduction of higher volumes of orders into the price and volume
discovery process. The Exchange believes that the Step-Up Additive
Rebate and Liquidity Removal Tier 1, as modified by the proposed
changes to the required criteria under such tiers, are reasonable,
equitable and not unfairly discriminatory for these same reasons, as
such tiers would continue to provide Members with incremental
incentives to achieve certain volume thresholds on the Exchange, are
available to all Members on an equal basis, and, as described above,
are designed to encourage Members to maintain or increase their order
flow, including liquidity-adding orders, to the Exchange in order to
qualify for an additive rebate for executions of Added Displayed Volume
or a discounted fee for executions of Removed Volume, respectively,
thereby contributing to a deeper and more liquid market to the benefit
of all Members. The Exchange also believes that the proposed changes to
the required criteria under such tiers reflect a reasonable and
equitable allocation of fees and rebates because the Exchange believes
that the additive rebate for executions of Added Displayed Volume under
the Step-Up Additive Rebate and the fee for executions of Removed
Volume under Liquidity Removal Tier 1 each remain commensurate with the
corresponding required criteria under the applicable tier, and are
reasonably related to the market quality benefits that the applicable
tier is designed to achieve.
    The Exchange believes that the proposed increased rebate for
executions of Added Displayed Sub-Dollar Volume is reasonable,
equitable, and non-discriminatory because it would further incentivize
Members to submit displayed liquidity-adding orders in sub-dollar
securities to the Exchange, which would deepen liquidity and promote
price discovery in such securities to the benefit of all Members, and
such rebate would continue to apply equally to all executions of Added
Displayed Sub-Dollar Volume for all Members. The Exchange further
believes that the proposed increased rebate is reasonable because at
least one other exchange provides rebates for executions of liquidity-
adding orders in sub-dollar securities that are lower than, equal to,
and higher than the proposed rebate.\13\
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    \13\ See the NYSE Arca, Inc. equities trading fee schedule on
its public website (available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf), which
reflects a standard rebate of 0.0% of the total dollar value of the
transaction for liquidity-adding transactions in securities priced
below $1.00 per share and also reflects tiered rebates for such
transactions ranging from 0.05% to 0.15% of the total dollar value
of the transaction based on a participant achieving certain volume
thresholds.
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    For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act \14\ in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its Members and other
persons using its facilities and is not designed to unfairly
discriminate between customers, issuers, brokers, or dealers. As
described more fully below in the Exchange's statement regarding the
burden on competition, the Exchange believes that its transaction
pricing is subject to significant competitive forces, and that the
proposed fees and rebates described herein are appropriate to address
such forces.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposal will result in any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Instead, as discussed above,
the proposal is intended to incentivize market participants to direct
additional order flow, including Added Displayed Sub-Dollar Volume and
other liquidity-adding orders, to the Exchange, thereby promoting price
discovery and enhancing liquidity and market quality on the Exchange to
the benefit of all Members. As a result, the Exchange believes the
proposal would enhance its competitiveness as a market that attracts
actionable orders, thereby making it a more desirable destination venue
for its customers. For these reasons, the Exchange believes that the
proposal furthers the Commission's goal in adopting Regulation NMS of
fostering competition among orders, which promotes ``more efficient
pricing of individual stocks for all types of orders, large and
small.'' \15\
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    \15\ See supra note 12.
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Intramarket Competition
    As discussed above, the Exchange believes that the proposal would
incentivize Members to submit additional order flow, including Added
Displayed Sub-Dollar Volume and other liquidity-adding orders, to the
Exchange, thereby promoting price discovery and enhancing liquidity and
market quality on the Exchange to the benefit of all Members, as well
as enhancing the attractiveness of the Exchange as a trading venue,
which the Exchange believes, in turn, would continue to encourage
market participants to direct additional order flow to the Exchange.
Greater liquidity benefits all Members by providing more trading
opportunities and encourages Members to send additional orders to the
Exchange, thereby contributing to robust levels of liquidity, which
benefits all market participants. The opportunity to qualify for the
proposed new alternative criteria under the Step-Up

Additive Rebate and Liquidity Removal Tier 1, and thus receive the
corresponding additive rebate for executions of Added Displayed Volume
or pay the discounted fee for Removed Volume, respectively, would
continue to be available to all Members that meet the associated volume
requirements in any month. As described above, the Exchange believes
that the proposed new required criteria under each such tier are
commensurate with the corresponding fee or rebate under such tier and
are reasonably related to the enhanced liquidity and market quality
that such tier is designed to promote. For the foregoing reasons, the
Exchange believes the proposed changes would not impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Intermarket Competition
    As noted above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. Members have numerous
alternative venues that they may participate on and direct their order
flow to, including 15 other equities exchanges and numerous alternative
trading systems and other off-exchange venues. As noted above, no
single registered equities exchange currently has more than
approximately 15.5% of the total market share of executed volume of
equities trading. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. Moreover, the Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow or discontinue to reduce use of certain categories of products, in
response to new or different pricing structures being introduced into
the market. Accordingly, competitive forces constrain the Exchange's
transaction fees and rebates, including with respect to executions of
Added Displayed Volume, Removed Volume, and Added Displayed Sub-Dollar
Volume, and 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 described above, the
proposed changes represent a competitive proposal through which the
Exchange is seeking to encourage additional order flow to the Exchange
through an increased rebate and volume-based tiers, which have been
widely adopted by exchanges, including the Exchange. Accordingly, the
Exchange believes the proposal would not burden, but rather promote,
intermarket competition by enabling it to better compete with other
exchanges that offer similar pricing incentives to market participants.
    Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
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.'' \16\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. SEC, the D.C. Circuit stated as follows:
``[n]o one disputes that competition for order flow is `fierce.' . . .
As the SEC explained, `[i]n the U.S. national market system, buyers and
sellers of securities, and the broker-dealers that act as their order-
routing agents, have a wide range of choices of where to route orders
for execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .''.\17\ Accordingly, the Exchange does not believe its
proposed pricing changes impose any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \16\ See supra note 12.
    \17\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
---------------------------------------------------------------------------

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \18\ and Rule 19b-4(f)(2) \19\ thereunder.
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    \18\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \19\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the 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 to
determine whether the proposed rule change should be approved or
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 email to [email protected]. Please include
File Number SR-MEMX-2022-22 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-MEMX-2022-22. 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-
MEMX-2022-22 and should be submitted on or before September 1, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-17220 Filed 8-10-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 178 (Tuesday, September 15, 2015)]
[Notices]
[Pages 55357-55358]
[FR Doc No: 2015-23115]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2014-0081; FRL-9934-13-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for Reinforced Plastic Composites
Production (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``NESHAP for Reinforced Plastic
Composites Production (40 CFR part 63, subpart WWWW) (Renewal)'' (EPA
ICR No. 1976.06, OMB Control No. 2060-0509) to the Office of Management
and Budget (OMB) for review and approval in accordance with the
Paperwork Reduction Act (44 U.S.C. 3501 et seq.). This is a proposed
extension of the ICR, which is currently approved through September 30,
2015. Public comments were previously requested via the Federal
Register (79 FR 30117) on May 27, 2014 during a 60-day comment period.
This notice allows for an additional 30 days for public comments. A
fuller description of the ICR is given below, including its estimated
burden and cost to the public. An Agency may not conduct or sponsor and
a person is not required to respond to a collection of information
unless it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before October 15,
2015.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2014-0081, to (1) EPA online using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW., Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, EPA West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: The National Emission Standards for Hazardous Air
Pollutants (NESHAP) for Reinforced Plastic Composites Production apply
to existing and new facilities with reinforced plastic composites (RPC)
production operations and processes. New facilities include those that
commenced construction or reconstruction after the date of proposal.
This information is being collected to assure compliance with 40 CFR
part 63, subpart WWWW.
    In general, all NESHAP standards require initial notifications,
performance tests, and periodic reports by the owners/operators of the
affected facilities. They are also required to maintain records of the
occurrence and duration of any startup, shutdown, or malfunction in the
operation of an affected facility, or any period during which the
monitoring system is inoperative. These notifications, reports, and
records are essential in determining compliance, and are required of
all affected facilities subject to NESHAP.
    Any owner/operator subject to the provisions of this part shall
maintain a file of these measurements, and retain the file for at least
five years following the date of such measurements, maintenance
reports, and records. All

reports are sent to the delegated state or local authority. In the
event that there is no such delegated authority, the reports are sent
directly to the United States Environmental Protection Agency (EPA)
regional office.
    Form Numbers: None.
    Respondents/affected entities: Facilities with RPC production
operations and processes.
    Respondent's obligation to respond: Mandatory (40 CFR part 63,
subpart WWWW).
    Estimated number of respondents: 600 (total).
    Frequency of response: Initially, occasionally, and semiannually.
    Total estimated burden: 20,900 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $2,580,000 (per year), includes $476,000
annualized capital or operation & maintenance costs.
    Changes in the Estimates: There is an increase in the total
estimated burden as currently identified in the OMB Inventory of
Approved Burdens. This increase is not due to any program changes. The
change in the burden and cost estimates occurred because the total
number of respondents has increased, after accounting for anticipated
industry growth over three years. The increase in O&M costs is due to
the inclusion of the MACT compliance standard for SMC enclosure for one
large facility, based on comment received from industry consultation.

Courtney Kerwin,
Acting Director, Collection Strategies Division.
[FR Doc. 2015-23115 Filed 9-14-15; 8:45 am]
 BILLING CODE 6560-50-P