[Federal Register Volume 87, Number 202 (Thursday, October 20, 2022)]
[Notices]
[Pages 63837-63842]
[FR Doc No: 2022-22731]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96086; File No. SR-NYSEARCA-2022-68]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amend the NYSE Arca
Equities Fees and Charges

October 14, 2022.
    Pursuant to FR 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 3, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``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 proposes to amend the NYSE Arca Equities Fees and
Charges (``Fee Schedule'') by introducing a minimum credit under Adding
Tiers for Adding in Tape A, Tape B and Tape C securities. The Exchange
also proposes to amend the equity and options volume requirement under
the Cross Asset Tier. The Exchange proposes to implement the fee
changes effective October 3, 2022. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Fee Schedule by introducing a
minimum credit under Adding Tiers for Adding in Tape A, Tape B and Tape
C securities. The Exchange also proposes to amend the equity and
options volume requirement under the Cross Asset Tier. The Exchange
proposes to implement the fee changes effective October 3, 2022.
Background
    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.'' \3\
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    \3\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (File No. S7-10-04) (Final
Rule) (``Regulation NMS'').
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    While Regulation NMS has enhanced competition, it has also fostered
a ``fragmented'' market structure where trading in a single stock can
occur across multiple trading centers. When multiple trading centers
compete for order flow in the same stock, the Commission has recognized
that ``such competition can lead to the fragmentation of order flow in
that

stock.'' \4\ Indeed, equity trading is currently dispersed across 16
exchanges,\5\ numerous alternative trading systems,\6\ and broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly available information, no single exchange currently
has more than 17% market share.\7\ Therefore, no exchange possesses
significant pricing power in the execution of equity order flow. More
specifically, the Exchange currently has less than 10% market share of
executed volume of equities trading.\8\
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    \4\ See Securities Exchange Act Release No. 61358, 75 FR 3594,
3597 (January 21, 2010) (File No. S7-02-10) (Concept Release on
Equity Market Structure).
    \5\ See Cboe U.S Equities Market Volume Summary, available at
https://markets.cboe.com/us/equities/market_share. See generally
https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \6\ 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.
    \7\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
    \8\ See id.
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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
move order flow, or discontinue or reduce use of certain categories of
products. While it is not possible to know a firm's reason for shifting
order flow, the Exchange believes that one such reason is because of
fee changes at any of the registered exchanges or non-exchange venues
to which a firm routes order flow. With respect to non-marketable order
flow that would provide liquidity on an Exchange against which market
makers can quote, ETP Holders can choose from any one of the 16
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.
Proposed Rule Change
Adding Tiers
    Currently, under the Adding Tiers table in FR VI. Tier Rates--Round
Lots and Odd Lots (Per Share Price $1.00 or Above), the Exchange
provides multiple tiers and associated credits for Adding liquidity on
the Exchange. Specifically, under Tier 1, if an ETP Holder has Adding
ADV that is equal to at least 0.70% of CADV, or has Adding ADV of 84
million shares then that ETP Holder could qualify for a credit of
$0.0031 per share for Adding in Tape A securities, $0.0023 per share
for Adding in Tape B securities and $0.0032 per share for Adding in
Tape C securities.
    Under Tier 2, if an ETP Holder has Adding ADV that is equal to at
least 0.50% of CADV then that ETP Holder could qualify for a credit of
$0.0030 per share for Adding in Tape A securities, $0.0023 per share
for Adding in Tape B securities and $0.0031 per share for Adding in
Tape C securities.
    Under Tier 3, if an ETP Holder has Adding ADV that is equal to at
least 0.30% of CADV, or has Adding ADV that is equal to at least 0.25%
of CADV plus Removing ADV that is equal to at least 0.40% of Tape B
CADV and at least 0.25% of Customer and Professional Customer
Electronic Posting Volume of TCADV on NYSE Arca Options by OTP Holder
or OTP Firm affiliated with the ETP Holder then that ETP Holder could
qualify for a credit of $0.0029 per share for Adding in Tape A
securities, $0.0022 per share for Adding in Tape B securities and
$0.0029 per share for Adding in Tape C securities.
    Finally, under Tier 4, if an ETP Holder has Adding ADV that is
equal to at least 0.20% of CADV then that ETP Holder could qualify for
a credit of $0.0025 per share for Adding in Tape A securities, $0.0022
per share for Adding in Tape B securities and $0.0025 per share for
Adding in Tape C securities.\9\
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    \9\ ETP Holders that qualify for Tier 4 and have Adding ADV that
is equal to 0.05% of CADV above May 2019 receive an incremental
credit of $0.0002 per share for Tape A and Tape C Adding. See Fee
Schedule. This incremental credit is currently denoted on the Fee
Schedule under footnote * and is appended to the credits applicable
under Tier 4. Footnote * currently appears under Closing Orders.
With this proposed rule change, the Exchange proposes to rename the
footnote as ** and relocate it from its current location so it
appears under Tier 4.
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    Additionally, ETP Holders that currently qualify for Tier 1, Tier
2, Tier 3 and Tier 4 are subject to the following fees: $0.0030 per
share for Routing, $0.0029 per share for Removing in Tape B securities,
and $0.0010 per share for Closing Orders.\10\
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    \10\ See Fee Schedule.
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    The Exchange proposes that ETP Holders that qualify for Tier 1,
Tier 2, Tier 3 and Tier 4 and also have combined Adding and Removing
that is equal to 1.0% of CADV would receive a minimum credit of $0.0030
per share for Adding in Tape A, Tape B and Tape C securities. The
Exchange proposes to reflect the proposed minimum credit by adopting
footnote * to the heading titled Tier under the Adding Tiers table.
    The Exchange believes that the proposed new minimum credit will
incentivize ETP Holders to route their liquidity-providing order flow
to the Exchange in order to qualify for the proposed credit, which
would be higher than the credits currently available under current Tier
3 and current Tier 4. The proposed credit is also higher than the
credit currently provided for Adding in Tape B securities under each of
the current tiers. The Exchange believes that by correlating the amount
of the fee to the level of orders sent by an ETP Holder that add
liquidity, the Exchange's fee structure would incentivize ETP Holders
to submit more orders that add liquidity to the Exchange, thereby
increasing the potential for price improvement to incoming marketable
orders submitted to the Exchange.
    As noted above, the Exchange operates in a competitive environment,
particularly as it relates to attracting non-marketable orders, which
add liquidity to the Exchange. The Exchange does not know how much
order flow ETP Holders choose to route to other exchanges or to off-
exchange venues. Based on the profile of liquidity-adding firms
generally, the Exchange believes that a number of ETP Holders could
qualify for the proposed new credit if they choose to direct additional
order flow to the Exchange. However, without having a view of ETP
Holders' activity on other exchanges and off-exchange venues, the
Exchange has no way of knowing whether this proposed rule change would
result in ETP Holders directing more of their orders to the Exchange in
order to qualify for the proposed new credit.
Cross Asset Tier
    The Exchange proposes to amend the volume requirement applicable to
ETP Holders to qualify for the credits payable under the Cross-Asset
Tier. The proposed rule change is designed to be available to all ETP
Holders on the Exchange and is intended to both streamline the Fee
Schedule by reducing the number of requirements and provide ETP Holders
an opportunity to receive credits by trading equities and options on
the Exchange.
    The Exchange currently offers tiered pricing that provides ETP
Holders opportunities to qualify for higher rebates or reduced fees
where certain volume criteria and thresholds are met. Tiered pricing
provides an incremental incentive for ETP Holders to strive for higher
tier levels, which provides increasingly higher discounts for
satisfying more stringent criteria. More specifically, the Exchange
currently has multiple levels of credits designed to incentivize ETP
Holders to achieve certain levels of participation on both

the Exchange's equities and options platform.
    Specifically, FR VI. Tier Rates-Round Lots and Odd Lots (Per Share
Price $1.00 or Above), provides a base Cross-Asset Tier credit of
$0.0030 per share for Adding in Tape A, Tape B and Tape C securities if
an ETP Holder has Adding ADV that is equal to at least 0.30% of CADV
and has Customer and Professional Customer Electronic Posting Volume by
an OTP Holder or OTP Firm affiliated with the ETP Holder that is equal
to at least 0.80% of TCADV in all options classes and equal to at least
0.20% of TCADV in Non-Penny options classes.
    With this proposed rule change, the Exchange proposes to eliminate
the Non-Penny Issues requirement of 0.20% of TCADV. As proposed, to
qualify for the base Cross-Asset Tier credit of $0.0030 per share in
Tape A, Tape B and Tape C securities, an ETP Holder will be required to
meet the current equity volume requirement, i.e., 0.30% Adding ADV of
CADV and the current options requirement, i.e., 0.80% of TCADV in all
options classes.\11\
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    \11\ To streamline the Fee Schedule, the Exchange proposes a
non-substantive change to add the words ``Adding ADV of CADV'' to
the heading titled ``Equity Volume'' under Minimum Requirement and
delete the words ``Adding of CADV'' from the text of the various
tiers.
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    Under the Cross-Asset Tier, ETP Holders are also currently eligible
to receive an additional credit of $0.0004 per share in Tape C
securities if the ETP Holder has Adding ADV that is equal to at least
0.30% of CADV and Adding ADV in Tape C Securities that is equal to at
least 0.35% of Tape C CADV, combined with Customer and Professional
Customer Electronic Posting Volume by an OTP Holder or OTP Firm
affiliated with the ETP Holder that is equal to at least 0.80% of TCADV
in all options classes and equal to at least 0.20% of TCADV in Non-
Penny Issues. The Exchange proposes to amend the current Tape C equity
volume requirement and eliminate the Non-Penny Issues requirement of
0.20% of TCADV to qualify for the additional credit. As proposed, to
qualify for the current additional credit of $0.0004 per share in Tape
C securities, an ETP Holder will be required to meet an equity volume
requirement that is equal to at least 0.50% Adding ADV of CADV and the
current options requirement that is equal to at least 0.80% of TCADV in
all options classes.
    Under the Cross-Asset Tier, ETP Holders are also currently eligible
to receive an additional credit of $0.0002 per share in Tape A and Tape
B securities if the ETP Holder has Adding ADV that is equal to at least
0.65% of CADV, combined with Customer and Professional Customer
Electronic Posting Volume by an OTP Holder or OTP Firm affiliated with
the ETP Holder that is equal to at least 0.80% of TCADV in all options
classes and equal to at least 0.20% of TCADV in Non-Penny Issues. The
Exchange proposes to eliminate the Non-Penny Issues requirement of
0.20% of TCADV to qualify for the additional credit. As proposed, to
qualify for the current additional credit of $0.0002 per share in Tape
A and Tape B securities, an ETP Holder will be required to meet the
current equity volume requirement that is equal to at least 0.65% of
Adding ADV of CADV and the current options requirement that is equal to
at least 0.80% of TCADV in all options classes.
    Finally, under the Cross-Asset Tier, ETP Holders are also currently
eligible to receive an additional credit of $0.0001 per share in Tape
A, Tape B and Tape C securities if the ETP Holder has Adding ADV that
is equal to at least 0.30% of CADV and has Adding and Removing ADV of
CADV that is equal to at least 0.40% above the ETP Holder's Q1 2020
Adding and Removing ADV of CADV, combined with Customer and
Professional Customer Electronic Posting Volume by an OTP Holder or OTP
Firm affiliated with the ETP Holder that is equal to at least 0.80% of
TCADV in all options classes and equal to at least 0.20% of TCADV in
Non-Penny Issues. The Exchange proposes to amend the current equity
volume requirement and eliminate the Non-Penny Issues requirement of
0.20% of TCADV to qualify for the additional credit. As proposed, to
qualify for the current additional credit of $0.0001 per share in Tape
A, Tape B and Tape C securities, an ETP Holder will be required to meet
an equity volume requirement that is equal to at least 0.75% Adding ADV
of CADV and the current options requirement that is equal to at least
0.80% of TCADV in all options classes.
    The purpose of the proposed rule change is to encourage greater
participation by ETP Holders on the Exchange's equities and options
platforms. The Exchange believes the current requirements, some of
which require ETP Holders to trade specific Tapes, increase adding and
removing above a specific baseline and in both Penny and Non-Penny
options classes, may have resulted in ETP Holders not aiming to achieve
the pricing levels. The Exchange believes modifying and streamlining
the requirements of the existing tiers should incentivize ETP Holders
to direct more of their trading activity to the Exchange and thus
qualify for the credits payable under the Cross-Asset Tier. As
described above, ETP Holders with liquidity-providing orders have a
choice of where to send those orders. The Exchange believes that the
proposed amendment to the volume requirement could lead to more ETP
Holders choosing to route their liquidity-providing equites and options
orders to the Exchange rather than to a competing exchange.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with FR 6(b) of the Act,\12\ in general, and furthers the objectives of
FRs 6(b)(4) and (5) of the Act,\13\ in particular, because it provides
for the equitable allocation of reasonable dues, fees, and other
charges among its members, issuers and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Fee Change Is Reasonable
    As discussed above, the Exchange operates in a highly fragmented
and competitive market. 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.'' \14\
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    \14\ See 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 or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
orders that provide liquidity on an Exchange, ETP Holders can choose
from any one of the 16 currently operating registered exchanges to
route such order flow. Accordingly, competitive forces reasonably
constrain exchange transaction fees that relate to orders that would
provide displayed liquidity on an exchange. Stated otherwise, changes
to exchange transaction fees can have a direct effect on the ability of
an exchange to compete for order flow.

    Given this competitive environment, the proposal represents a
reasonable attempt to attract additional order flow to the Exchange.
Adding Tiers
    The Exchange believes that the proposed new minimum credit is
reasonable because it is designed to encourage increased trading
activity on the Exchange. The Exchange believes it is reasonable to
require ETP Holders to meet the applicable volume threshold as it
offers liquidity providers an opportunity to receive an enhanced
rebate. Further, the proposed new minimum credit is reasonable as it
would provide ETP Holders an opportunity to qualify for an enhanced
rebate, which in some cases is significantly higher than what the
Exchange currently provides, by meeting a higher volume threshold than
that required under the current pricing tiers. The Exchange believes
that the proposal represents a reasonable effort to promote price
improvement and enhanced order execution opportunities for ETP Holders.
All ETP Holders would benefit from the greater amounts of liquidity on
the Exchange, which would represent a wider range of execution
opportunities. The Exchange believes the proposed new minimum credit is
a reasonable means to encourage ETP Holders to increase their liquidity
providing orders in Tape A, Tape B and Tape C securities.
    As noted above, the Exchange operates in a highly competitive
environment, particularly for attracting order flow that provides
liquidity on an exchange. More specifically, the Exchange notes that
greater add volume order flow may provide for deeper, more liquid
markets and execution opportunities at improved prices, which the
Exchange believes would incentivize liquidity providers to submit
additional liquidity and enhance execution opportunities.
Cross-Asset Tier
    The Exchange believes that the proposed modification and
streamlining of the volume requirements to qualify for the Cross-Asset
Tier is reasonable because it is designed to encourage greater
participation by ETP Holders on the Exchange's equities and options
platforms and promote additional liquidity in equity and options
securities traded on those platforms. The Exchange believes it is
reasonable to require ETP Holders to meet the applicable volume
threshold to qualify for the Cross-Asset Tier credits. The Exchange
believes it is reasonable to modify the volume requirement as it would
simplify and streamline the pricing tier and make it easier for ETP
Holders to qualify for the pricing tier.
    Further, the proposed change is reasonable as it would allow ETP
Holders additional opportunities to qualify for the credit payable
under the various tiers. The Exchange believes it is reasonable to
modify two of the existing tiers to a straight volume requirement,
without significantly modifying the volume requirement to qualify for
those tiers. The Exchange believes replacing the `step-up' to a
`straight' tier in one existing tier and eliminating the Tape C volume
requirement in another existing tier with a higher equity volume
requirement for both of those two tiers is reasonable because ETP
Holders would no longer be required to trade a minimum amount in Tape C
securities or `step-up' above a baseline period. The Exchange believes
the revised criteria would allow ETP Holders that may have been unable
to meet the existing requirement to reach the proposed volume
requirement more easily.
    The Exchange believes that the proposal represents a reasonable
effort to provide enhanced order execution opportunities for ETP
Holders. All ETP Holders would benefit from the greater amounts of
liquidity on the Exchange, which would represent a wider range of
execution opportunities. The Exchange notes that market participants
are free to shift their order flow to competing venues if they believe
other markets offer more favorable fees and credits.
    The Exchange notes that volume-based incentives and discounts have
been widely adopted by exchanges,\15\ including the Exchange,\16\ and
are reasonable, equitable and non-discriminatory because they are open
to all ETP Holders on an equal basis and provide additional credits
that are reasonably related to the value to an exchange's market
quality and associated higher levels of market activity.
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    \15\ See e.g., Cboe BZX U.S. Equities Exchange (``BZX'') Fee
Schedule, Footnote 1, Add Volume Tiers which provide enhanced
rebates between $0.0025 and $0.0033 per share for displayed orders
where BZX members meet certain volume thresholds.
    \16\ See e.g., Fee Schedule, Step Up Tier 1, Step Up Tier 2 and
Step Up Tier 3, which provide enhanced rebates between $0.0028 and
$0.0033 per share in Tape A Securities, between $0.0022 and $0.0034
per share in Tape B Securities, and between $0.0028 and $0.0033 per
share in Tape C Securities for orders that provide displayed
liquidity where ETP Holders meet certain volume thresholds.
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    The Exchange believes the proposed change is also reasonable
because it is designed to attract higher volumes of equities and
options orders transacted on the Exchange by ETP Holders which would
benefit all market participants by offering greater price discovery,
increased transparency, and an increased opportunity to trade on the
Exchange.
    On the backdrop of the competitive environment in which the
Exchange currently operates, the proposed rule change is a reasonable
attempt to increase liquidity on the Exchange and improve the
Exchange's market share relative to its competitors.
The Proposed Fee Change Is an Equitable Allocation of Fees and Credits
    The Exchange believes its proposal equitably allocates its fees and
credits among its market participants.
Adding Tiers
    The Exchange believes the proposed rule change to introduce a new
minimum credit for ETP Holders equitably allocates its fees among its
market participants. The Exchange believes the proposed new minimum
credit is equitable because it is open to all similarly situated ETP
Holders on an equal basis and provides a per share credit that is
reasonably related to the value of an exchange's market quality
associated with higher volumes. The Exchange believes it is equitable
to require ETP Holders to meet the applicable volume thresholds to
qualify for the proposed new minimum credit, which, as noted above, is,
in some cases, significantly higher than what the Exchange currently
provides under the current pricing tiers. The Exchange believes the
proposed change would continue to encourage ETP Holders to both submit
additional liquidity to the Exchange and execute orders on the
Exchange, thereby contributing to robust levels of liquidity, to the
benefit of all market participants.
    The proposed change is designed as an incentive to any and all
liquidity providers interested in meeting the criteria to submit order
flow to the Exchange and each will receive the associated rebate if the
criteria is met. The Exchange believes that the proposed new minimum
credit could encourage the submission and removal of additional
liquidity from the Exchange, thus enhancing order execution
opportunities for ETP Holders from the substantial amounts of liquidity
present on the Exchange. All ETP Holders would benefit from the greater
amounts of liquidity that would be present on the Exchange, which would
provide greater execution opportunities.
    The Exchange believes the proposed rule change would also improve
market

quality for all market participants seeking to remove liquidity on the
Exchange and, as a consequence, attract more liquidity to the Exchange,
thereby improving market-wide quality. The Exchange believes that the
proposal constitutes an equitable allocation of fees because all
similarly situated ETP Holders would be eligible for the proposed new
minimum credit if they meet the proposed volume threshold.
Cross-Asset Tier
    The Exchange believes that the proposed rule change to modify the
volume requirement to qualify for the credits payable under the Cross-
Asset Tier equitably allocates fees and credits among its market
participants because it is reasonably related to the value of the
Exchange's market quality associated with higher volume. The Exchange
believes that pricing is just one of the factors that ETP Holders
consider when determining where to direct their order flow. Among other
things, factors such as execution quality, fill rates, and volatility,
are important and deterministic to ETP Holders in deciding where to
send their order flow.
    The Exchange believes the proposed rule change would improve market
quality for all market participants on the Exchange and, as a
consequence, attract more liquidity to the Exchange thereby improving
market-wide quality. The proposal neither targets nor will it have a
disparate impact on any particular category of market participant. ETP
Holders that currently qualify for credits associated with the Cross-
Asset Tier will continue to receive credits when they provide liquidity
to the Exchange. The Exchange believes that recalibrating the volume
requirement to qualify for the existing and established credits for
providing liquidity will continue to attract order flow and liquidity
to the Exchange for the benefit of investors generally. As to those
market participants that do not presently qualify for the credits
associated with the Cross-Asset Tier, the proposal will not adversely
impact their existing pricing or their ability to qualify for other
credits provided by the Exchange.
The Proposed Fee Change Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory.
Adding Tiers
    The Exchange believes that the proposed rule change to introduce
the new minimum credit is not unfairly discriminatory. The Exchange
believes that the proposal does not permit unfair discrimination
because the proposed new credit would be applied to all similarly
situated ETP Holders and all ETP Holders would be subject to the same
requirement to qualify for the proposed new credit. Accordingly, no ETP
Holder already operating on the Exchange would be disadvantaged by the
proposed allocation of fees and credits under the proposal. The
Exchange further believes that the proposed fee change would not permit
unfair discrimination among ETP Holders because the general and tiered
rates are available equally to all ETP Holders. As described above, in
today's competitive marketplace, order flow providers have a choice of
where to direct liquidity-providing order flow, and the Exchange
believes there are a number of ETP Holders who could qualify for
proposed new minimum credit if they chose to direct more of their order
flow to the Exchange.
Cross-Asset Tier
    The Exchange believes that the proposed rule change to modify the
requirement to qualify for the credits payable under the Cross-Asset
Tier is not unfairly discriminatory. In the prevailing competitive
environment, ETP Holders are free to disfavor the Exchange's pricing if
they believe that alternatives offer them better value. Moreover, the
proposal neither targets nor will it have a disparate impact on any
particular category of market participant. The Exchange believes that
the proposal does not permit unfair discrimination because the proposal
would be applied to all similarly situated ETP Holders and all ETP
Holders would be similarly subject to the proposed volume requirement
to qualify for the credits payable under the Cross-Asset Tier.
Accordingly, no ETP Holder already operating on the Exchange would be
disadvantaged by the proposed allocation of fees. The Exchange further
believes that the proposed changes would not permit unfair
discrimination among ETP Holders because the general and tiered rates
are available equally to all ETP Holders.
    As described above, in today's competitive marketplace, order flow
providers have a choice of where to direct liquidity-providing order
flow, and the Exchange believes the proposed modification of the
requirement to qualify for the credits payable under the Cross-Asset
Tier will incentivize ETP Holders to direct more of their order flow to
the Exchange. Finally, the submission of orders to the Exchange is
optional for ETP Holders in that they could choose whether to submit
orders to the Exchange and, if they do, the extent of its activity in
this regard. 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 FR 6(b)(8) of the Act,\17\ 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 submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for ETP Holders. 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.'' \18\
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    \17\ 15 U.S.C. 78f(b)(8).
    \18\ See Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    Intramarket Competition. The Exchange believes the proposed
amendments to its Fee Schedule would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange does not believe that the proposed
change represents a significant departure from previous pricing offered
by the Exchange or its competitors. The proposed changes are designed
to attract additional order flow to the Exchange. The Exchange believes
that the proposed adoption of a minimum credit and amending volume
criteria of established tiers, i.e., the Cross-Asset Tier, would
incentivize market participants to direct liquidity adding order flow
to the Exchange, bringing with it additional execution opportunities
for market participants and improved price transparency. Greater
overall order flow, trading opportunities, and pricing transparency
benefits all market participants on the Exchange by enhancing market
quality and continuing to encourage ETP Holders to send orders, thereby
contributing towards a robust and well-balanced market ecosystem.

Additionally, the proposed changes would apply equally to all similarly
situated ETP Holders equally in that they would all be eligible for the
credits available under the Adding Tiers and the Cross-Asset Tier and
each such ETP Holder has a reasonable opportunity to meet each tier's
criteria.
    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 noted
above, the Exchange's market share of intraday trading (i.e., excluding
auctions) is currently less than 10%. 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 changes could promote
competition between the Exchange and other execution venues, including
those that currently offer similar order types and comparable
transaction pricing, by encouraging additional orders to be sent to the
Exchange for execution.

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 FR
19(b)(3)(A) \19\ of the Act and subparagraph (f)(2) of Rule 19b-4 \20\
thereunder, because it establishes a due, fee, or other charge imposed
by the Exchange.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 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 FR
19(b)(2)(B) \21\ of the Act to determine whether the proposed rule
change should be approved or disapproved.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEARCA-2022-68 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-NYSEARCA-2022-68. 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 offices 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-NYSEARCA-2022-68, and should be
submitted on or before November 10, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22731 Filed 10-19-22; 8:45 am]
BILLING CODE 8011-01-P


Meeting of the Federal Insecticide, Fungicide, and Rodenticide Act Scientific Advisory Panel (FIFRA SAP) to Consider and Review Scientific Issues Associated with Weight-of-Evidence:  Evaluating Results of EDSP Tier 1 Screening

                           July 30 - August 2, 2013

Docket Number: EPA-HQ-OPP-2013-0230				OPP Docket Tel:<PHONE_NUMBER>

                  Please note that all times are approximate
                      (See note at the end of the Agenda)

--------------------------------------------------------------------------------
Tuesday, July 30, 2013

8:30 A.M.	Opening of Meeting and Administrative Procedures  -  Joseph Bailey, Designated Federal Official, Office of Science Coordination and Policy, EPA

8:35 A.M. 	Introduction and Identification of Panel Members  -  Daniel Schlenk, Ph.D., Chair, FIFRA Scientific Advisory Panel

8:45 A.M.	Opening Remarks  -  TBD

9:00 A.M. 	Overview - TBD

9:30 A.M.	EPA Presentations

10:30 A.M.	Break

10:45 A.M.	EPA Presentations

12:00 P.M.	Lunch

1:00 P.M.	EPA Presentations

2:30 P.M.	Break

2:45 P.M.	Public Comments

5:00 P.M.	Adjournment
--------------------------------------------------------------------------------
Wednesday, July 31, 2013
8:30 A.M.	Opening of Meeting and Administrative Procedures  -  Joseph Bailey, Designated Federal Official, Office of Science Coordination and Policy, EPA

8:35 A.M. 	Introduction and Identification of Panel Members  -  Daniel Schlenk, Ph.D., Chair, FIFRA Scientific Advisory Panel

8:45 A.M.	Follow-up from Previous Day's Meeting
9:00 A.M.	Panel Discussion of Charge Questions
10:15 A.M.	Break
11:00 A.M.	Panel Discussion of Charge Questions
12:00 P.M.	Lunch
1:00 P.M.	Panel Discussion of Charge Questions
3:00 P.M. 	Break
3:15 P.M.	Panel Discussion of Charge Questions
5:00 P.M.  	Adjournment

--------------------------------------------------------------------------------
Thursday, August 1, 2013
8:30 A.M.	Opening of Meeting and Administrative Procedures  -  Joseph Bailey, Designated Federal Official, Office of Science Coordination and Policy, EPA

8:35 A.M. 	Introduction and Identification of Panel Members  -  Daniel Schlenk, Ph.D., Chair, FIFRA Scientific Advisory Panel

8:45 A.M.	Follow-up from Previous Day's Meeting
9:00 A.M.	Panel Discussion of Charge Questions
10:15 A.M.	Break
11:00 A.M.	Panel Discussion of Charge Questions
12:00 P.M.	Lunch
1:00 P.M.	Panel Discussion of Charge Questions
3:00 P.M. 	Break
3:15 P.M.	Panel Discussion of Charge Questions
5:00 P.M.  	Adjournment

--------------------------------------------------------------------------------
Friday, August 2, 2013

8:30 A.M.	Opening of Meeting and Administrative Procedures  -  Joseph Bailey, Designated Federal Official, Office of Science Coordination and Policy, EPA

8:35 A.M. 	Introduction and Identification of Panel Members  -  Daniel Schlenk, Ph.D., Chair, FIFRA Scientific Advisory Panel

8:45 A.M.	Follow-up from Previous Day's Meeting
9:00 A.M.	Panel Discussion of Charge Questions
10:15 A.M.	Break
11:00 A.M.	Panel Discussion of Charge Questions
12:00 P.M.	Lunch
1:00 P.M.	Panel Discussion of Charge Questions
3:00 P.M. 	Break
3:15 P.M.	Panel Discussion of Charge Questions
5:00 P.M.  	Adjournment

Please be advised that agenda times are approximate; when the discussion for one topic is completed, discussions for the next topic will begin.  For further information, please contact the Designated Federal Official for this meeting:  Joseph Bailey, telephone:<PHONE_NUMBER>, fax:<PHONE_NUMBER>, or email<EMAIL_ADDRESS>


[Federal Register: October 20, 2008 (Volume 73, Number 203)]
[Notices]
[Page 62303-62304]
[DOCID:fr20oc08-76]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1798-DR]

Puerto Rico; Amendment No. 2 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This notice amends the notice of a major disaster declaration
for the Commonwealth of Puerto Rico (FEMA-1798-DR), dated October 1,
2008, and related determinations.

DATES: Effective Date: October 8, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the Commonwealth of Puerto Rico is hereby amended to include the
following areas among those areas determined to have

been adversely affected by the catastrophe declared a major disaster by
the President in his declaration of October 1, 2008.

Arroyo, Cabo Rojo, Guanica, Guayanilla, Gurabo, Juncos, Lajas,
Pe[ntilde]uelas, San Lorenzo, Villalba, and Yauco Municipalities for
Individual Assistance and Public Assistance.
Guayama, Humacao, Maunabo, Patillas, Santa Isabel, and Yabucoa
Municipalities for Public Assistance (already designated for
Individual Assistance).
Adjuntas, Las Marias, Las Piedras, Naguabo, Sabana Grande, San
German, and Utuado Municipalities for Public Assistance.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households in
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050 Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
 [FR Doc. E8-24793 Filed 10-17-08; 8:45 am]

BILLING CODE 9111-23-P