[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)]
[Notices]
[Pages 79079-79080]
[FR Doc No: 2016-27155]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79246; File No. SR-MIAX-2016-41]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule

November 4, 2016.
    Pursuant to the provisions of 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 October 27, 2016, Miami International
Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a 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 a proposal to amend the MIAX Options Fee
Schedule (the ``Fee Schedule'') to delete rule text concerning certain
transaction fees of limited duration that expire on October 31, 2016.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item 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 Exchange is proposing to delete rule text concerning certain
transaction fees of limited duration that expire on October 31, 2016.
Since the Exchange is not proposing to extend the duration of such
fees, the fees automatically expire and the associated rule text
becomes obsolete after October 31, 2016. There are three (3) limited
duration transaction fees that are expiring on October 31, 2016. The
first such fee is the $0.12 per contract Posted Liquidity Marketing Fee
(described below) applicable to options overlying EEM, GLD, IWM, QQQ
and SPY (the ``designated symbols''), as listed in the Fee Schedule.
The second such fee is the $0.50 per contract transaction fee
applicable to orders executed for the account of non-MIAX market makers
in options overlying the designated symbols. The third such fee is the
discounted $0.48 per contract transaction fee applicable to orders
executed for the account of non-MIAX market makers in options overlying
the designated symbols applicable to any Member or its Affiliate that
qualifies for the Priority Customer Rebate Program (``PCRP'') Volume
Tier 3 or Higher, as discussed below.
    First, Marketing Fees are currently assessed on certain
transactions of all MIAX Market Makers.\3\ Currently, Section (1)(b) of
the Fee Schedule provides that the Exchange will assess a Marketing Fee
to all Market Makers for contracts, including mini options, they
execute in their assigned classes in simple or complex order executions
when the contra-party to the execution is a Priority Customer. The
Marketing Fee in complex order executions will be assessed per contract
(whether the transaction executes in a strategy match, complex auction,
or by legging into the Book). MIAX does not assess a Marketing Fee to
Market Makers for contracts executed as a PRIME Agency Order, Contra-
side Order, Qualified Contingent Cross Order, PRIME Participating Quote
or Order, or a PRIME AOC Response in the PRIME Auction, unless it
executes against an unrelated order.
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    \3\ See Fee Schedule, Section (1)(b), entitled ``Marketing Fee''
for more detail regarding the Marketing Fee.
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    The Exchange also currently assesses, for a limited duration (for
transactions that occur on or after September 1, 2016 and extending
through October 31, 2016), in simple order executions, an additional
$0.12 per contract Posted Liquidity Marketing Fee to all Market Makers
for any standard options overlying the designated symbols that Market
Makers execute in their assigned class when the contra-party to the
execution is a Priority Customer and the Priority Customer order was
posted on the MIAX Book at the time of the execution.\4\ Since the
Exchange is not proposing to extend the duration of the additional
$0.12 per contract fee, such fee automatically expires and the
associated rule text becomes obsolete after October 31, 2016.
Accordingly, the Exchange is deleting the associated rule text
regarding the Posted Liquidity Marketing Fee in Section (1)(b) and
footnote 15. As a result of the deletion of footnote 15, all subsequent
footnotes in Fee Schedule have been renumbered.
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    \4\ For a complete description of the Posted Liquidity Marketing
Fee, see Securities Exchange Act Release No. 73848 (December 16,
2014), 79 FR 76421 (December 22, 2014) (SR-MIAX-2014-62); see also
Securities Exchange Act Release No. 78781 (September 7, 2016), 81 FR
62942 (September 13, 2016) (SR-MIAX-2016-30).
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    Second, the Exchange currently assesses transaction fees on Members
for orders that are executed for the account of non-MIAX market
makers.\5\ Currently, Section (1)(a)(ii) of the Fee Schedule provides
that the Exchange will assess a $0.47 per contract transaction fee for
simple and complex order executions for the account of non-MIAX market
makers in standard options that are in the Penny Pilot Program.\6\
However, for a limited duration (for transactions that occur on or
after September 1, 2016 and extending through October 31, 2016), for
any standard options overlying the designated symbols, the Exchange
assesses a $0.50 per contract transaction fee (in lieu of the $0.47 per
contract transaction fee) for simple order executions for the account
of non-MIAX market makers in standard options that are in the Penny
Pilot Program. Since the Exchange is not proposing to extend the
duration of the $0.50 per contract transaction fee, such fee
automatically expires and the associated rule text becomes obsolete
after October 31, 2016. Accordingly, the Exchange is deleting the
associated rule text in footnote 8 to the Fee Schedule. If, however, a
Member or its Affiliate qualifies for the PCRP Volume Tier 3 or Higher,
such Member is currently assessed a

discounted transaction fee. Pursuant to footnote 8 of the Fee Schedule,
for a Member in the PCRP, the Exchange will assess a $0.45 per contract
transaction fee for simple and complex order executions for the account
of non-MIAX market makers in standard options that are in the Penny
Pilot Program. However, for a limited duration (for transactions that
occur on or after September 1, 2016 and extending through October 31,
2016), for any standard options overlying the designated symbols, the
Exchange assesses a $0.48 per contract transaction fee (in lieu of the
$0.45 per contract transaction fee) for simple order executions for the
account of non-MIAX market makers in standard options that are in the
Penny Pilot Program. Since the Exchange is not proposing to extend the
duration of the $0.48 per contract transaction fee, such fee
automatically expires and the associated rule text becomes obsolete
after October 31, 2016. Accordingly, the Exchange is deleting the
associated rule text in footnote 8 to the Fee Schedule.
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    \5\ A non-MIAX market maker is a market maker registered as such
on another options exchange. See the table under Section (1)(a)(ii)
of the Fee Schedule.
    \6\ See Securities Exchange Act Release No. 72988 (September 4,
2014), 79 FR 53808 (September 10, 2014) (SR-MIAX-2014-46).
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    The Exchange is proposing that this rule change become operative
November 1, 2016.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \7\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \8\ in that it is an
equitable allocation of reasonable dues, fees, and other charges among
its Members and issuers and other persons using its facilities, and
6(b)(5) of the Act,\9\ in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanisms of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
    \9\ 15 U.S.C. 78f(b)(1) and (b)(5).
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    The proposed deletions of all rule text regarding the three (3)
limited duration transaction fees that are expiring on October 31, 2016
(the $0.12 per contract Posted Liquidity Marketing Fee in the
designated symbols; the $0.50 per contract transaction fee applicable
to orders executed for the account of non-MIAX market makers in the
designated symbols; and the discounted $0.48 per contract transaction
fee applicable to orders executed for the account of non-MIAX market
makers in options overlying in the designated symbols applicable to any
Member or its Affiliate that qualifies for the PCRP Volume Tier 3 or
Higher) are fair, equitable, and not unreasonably discriminatory
because such fees are no longer in effect after October 31, 2016, and
the corresponding rule text is therefore obsolete and unnecessary to
remain in the Fee Schedule.

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

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues if they
deem fee levels at a particular venue to be excessive. In such an
environment, the Exchange must continually adjust its fees to remain
competitive with other exchanges and to attract order flow to the
Exchange. The Exchange believes that the proposed rule change reflects
this competitive environment because it applies equally to all
similarly situated MIAX participants.

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

    Written comments were neither solicited nor received.

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,\10\ and Rule 19b-4(f)(2)\11\ thereunder. 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 should be approved or disapproved.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

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

Electronic comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-MIAX-2016-41 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-MIAX-2016-41. 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 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 Web site 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 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-MIAX-2016-41, and should be
submitted on or before December 1, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-27155 Filed 11-9-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 79 (Thursday, April 23, 2020)]
[Notices]
[Pages 22770-22772]
[FR Doc No: 2020-08594]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88678; File No. SR-CBOE-2020-033]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Amending
Its Fees Schedule

April 17, 2020.
    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 April 16, 2020, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') 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.
---------------------------------------------------------------------------

    \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

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its fees schedule. The text of the proposed rule change is
provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item 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 Exchange proposes to amend Footnote 12 of the Fees Schedule,
which governs pricing changes in the event the Exchange trading floor
becomes inoperable. In the event the trading floor becomes inoperable,
the Exchange will continue to operate in a screen-based only
environment using a floorless configuration of the System that is
operational while the trading floor facility is inoperable. The
Exchange would operate using that configuration only until the
Exchange's trading floor facility became operational. Open outcry
trading would not be available in the event the trading floor becomes
inoperable. Particularly, the Exchange proposes to amend Footnote 12 to
waive fees incurred from certain transactions executed in electronic
compression forums.
    By way of background, the Exchange recently adopted Rule
5.24(e)(1)(E), which provides that in the event the trading floor is
inoperable, the Exchange will make available an electronic
``compression forum'' in the same manner as an open outcry
``compression forum'' as set forth in Rule 5.88, subject to certain
exceptions.\3\ When the trading floor is open, the Exchange facilitates
compression forums on the trading floor at the end of each calendar
week, month, and quarter in which Trading Permit Holders (``TPHs'') may
reduce open positions in series of SPX options in order to mitigate the
effects of capital constraints on market participants, which may
contribute to continued depth of liquidity in the SPX options
market.\4\ The Exchange adopted Rule 5.24(e)(1)(E) to provide for an
electronic forum that replicates the compression forum that is
available when the Exchange is operating with an open outcry
environment. Particularly, an electronic compression forum would
continue to provide TPHs an opportunity to efficiently reduce their
open SPX positions and free up capital in the event the Exchange must
operate in an all-electronic environment (as it currently is), which is
particularly important in volatile market conditions.
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    \3\ See Securities and Exchange Act Release No. 88490 (March 26,
2020), 85 FR 18318 (April 1, 2020) (SR-CBOE-2020-026).
    \4\ In general, under the floor Compression Forum process, each
month, TPHs may submit to the Exchange lists of open SPX positions
(these positions are referred to in Rule 5.88 as ``compression-list
positions'') they wish to close against opposing (long/short)
positions of other TPHs. The Exchange would then aggregate these
positions into a single list to allow TPHs to more easily identify
those positions with counterparty interest on the Exchange. The
Exchange then provides a forum on the Exchange's trading floor
during which TPHs could conduct closing-only transactions in series
of SPX options. The Exchange holds compression forums on the last
three trading days of each calendar month.
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    The Exchange currently waives transaction fees (and surcharges)
incurred as a result of transactions that compress or reduce certain
open positions.\5\ One such waiver in particular is for transactions
involving SPX and SPXW compression-list positions executed in a floor
compression forum (pursuant to Rule 5.88).\6\ Particularly, the
Exchange waives SPX/SPXW transaction fees, including surcharges, in
order to encourage TPHs to submit compression-list positions in advance
of monthly compression forums and compress these positions during
compression forums.\7\ The Exchange wishes to similarly waive all
transaction fees, including any applicable surcharges (e.g., Index
License Surcharge and SPX/SPXW Execution Surcharges), for closing
transactions involving SPX and SPXW compression-list positions executed
in an electronic compression forum (pursuant to Rule 5.24).
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    \5\ See CBOE Fees Schedule, Footnote 41.
    \6\ See Cboe Options Fees Schedule, Footnote 41. The Exchange
notes it inadvertently failed to update the rule references in
Footnote 41, including Rule 5.88, when it relocated the rules upon
migration. See Securities and Exchange Act Release No. 86772 (August
27, 2019), 84 FR 46069 (September 3, 2019) (SR-CBOE-2019-042). The
Exchange proposes to update those rule references now.
    \7\ See Cboe Options Fees Schedule, Footnote 41. A rebate of
transaction fees would include the transaction fee assessed along
with any other surcharges assessed per contract (e.g., the Index
License Surcharge).
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    The Exchange believes compression of these positions may improve
market

liquidity by freeing capital currently tied up in positions for which
there is a minimal chance that a significant loss would occur. The
Exchange further believes advanced submission of compression-list
positions to the Exchange allows TPHs to more easily identify
counterparty interest and efficiently conduct closing transactions of
these positions during compression forums. The Exchange notes the
submission of compression-list positions is completely voluntary, open
to all TPHs with open positions in SPX, and does not require a TPH to
trade any compression-list position or participate in a compression
forum. As such, the Exchange believes it's appropriate to waive fees
incurred for transaction executed in an electronic compression forum.
The Exchange proposes to make clear that in order to receive a fee
waiver of all transaction fees and applicable surcharges for these
transactions, a TPH must mark its orders in a form and manner
determined by the Exchange to identify them as eligible for the
compression fee waiver. Orders identified as eligible for a fee waiver
will yield fee code ``SC''. The Exchange proposes to similarly clarify
in Footnote 41, that in order for a TPH to receive a rebate for
compression trades that occur on floor, a TPH must mark its orders in a
form and manner determined by the Exchange to identify them as eligible
for the compression rebates.\8\
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    \8\ See Securities and Exchange Act Release No. 87338 (October
17, 2019), 84 FR 56873 (October 23, 2019) (SR-CBOE-2019-094).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, 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. Additionally,
the Exchange believes the proposed rule change is consistent with
Section 6(b)(4) of the Act,\11\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Trading Permit Holders and other persons using
its facilities.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes the proposed rule change to waive transaction
fees, including the Index License Surcharge and SPX/SPXW Execution
Surcharges, for closing transactions involving SPX and SPXW
compression-list positions executed in an electronic compression forum
(pursuant to Rule 5.24) while the trading floor is inoperable is
reasonable because market participants will not be subject to
transaction fees or surcharges for these executions. While the trading
floor is inoperable, the Exchange still wishes to incentivize TPHs to
submit to the Exchange compression-list positions executed in a
compression forum, albeit for an electronic compression forum, and as
such, does not wish to assess any transaction fees or surcharges on
such volume that would otherwise be executed on the trading floor and
not be charged. The Exchange believes compression of these positions
would improve market liquidity by freeing capital currently tied up in
positions for which there is a minimal chance that a significant loss
would occur. All TPHs may submit compression-list positions and may
participate in compression forums. Moreover, as noted above, the
Exchange already waives transaction fees, including surcharges, for
closing transactions involving SPX and SPXW compression-list positions
executed in a compression forum on the trading floor (pursuant to Rule
5.88).\12\ The Exchange believes the proposed change is also equitable
and not unfairly discriminatory as it applies uniformly to all market
participants that identify eligible orders in the form and manner
determined by the Exchange.
---------------------------------------------------------------------------

    \12\ See Cboe Options Fees Schedule, Footnote 41.
---------------------------------------------------------------------------

    Lastly, the Exchange believes the proposed clarification and
updates to rule references in Footnote 41 maintains transparency in the
Fees Schedule and alleviates potential confusion, thereby removing
impediments to, and perfecting the mechanism of a free and open market
and a national market system, and, in general, protecting investors and
the public interest.

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

    The Exchange does not believe that the proposed rule changes will
impose any burden on competition that are not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange notes the
proposed changes are not intended to address any competitive issue, but
rather to address a fee change it believes is reasonable in the event
the trading floor becomes inoperable, thereby only permitting
electronic participation on the Exchange. The Exchange does not believe
that the proposed rule change will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because the proposed changes apply equally to all
similarly situated market participants. The Exchange does not believe
that the proposed rule changes will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because the proposed changes only affect trading on
the Exchange in limited circumstances.

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) of the Act \13\ and paragraph (f) of Rule 19b-4 \14\
thereunder. 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2020-033 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-CBOE-2020-033. 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-CBOE-2020-033, and should be submitted
on or before May 14, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08594 Filed 4-22-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 194 (Tuesday, October 12, 2021)]
[Notices]
[Page 56698]
[FR Doc No: 2021-22123]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP21-14-000]

Adelphia Gateway, LLC; Notice of Availability of the Final
Environmental Impact Statement for the Proposed Marcus Hook Electric
Compression Project

    The staff of the Federal Energy Regulatory Commission (FERC or
Commission) has prepared a final environmental impact statement (EIS)
for the Marcus Hook Electric Compression Project, proposed by Adelphia
Gateway, LLC (Adelphia) in the above-referenced docket. Adelphia
requests authorization to construct and operate certain natural gas
compression facilities in order to increase the certificated capacity
of Adelphia's pipeline system to provide an additional 16,500
dekatherms per day of firm transportation service for a new shipper on
Adelphia's system.
    The final EIS responds to comments that were received on the
Commission's February 9, 2021 Environmental Assessment (EA) and June
17, 2021 draft EIS \1\ and discloses downstream greenhouse gas
emissions for the Project. With the exception of climate change
impacts, the FERC staff concludes that approval of the proposed
project, with the mitigation measures recommended in the EIS, would not
result in significant environmental impacts. FERC staff continues to be
unable to determine the significance of the Project's contribution to
climate change.
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    \1\ The Project's EA is available on FERC's eLibrary under
accession no. 20210209-3004 and the draft EIS is available under
accession no. 20210617-3051.
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    The final EIS incorporates and appends the above referenced EA,
which addressed the potential environmental effects of the construction
and operation of the following Project facilities at the existing
Marcus Hook Compressor Station in Delaware County, Pennsylvania:
     An electric motor-driven 3,000-horsepower (hp) compressor
unit;
     one horizontal process gas cooler with two 25-hp electric-
driven motors;
     two variable frequency drives; and
     a motor control center assembly to control the electric
compressor engine from a central location.
    The Commission mailed a copy of the Notice of Availability of the
Final Environmental Impact Statement for the Marcus Hook Electric
Compressor Station Project to federal, state, and local government
representatives and agencies; elected officials; environmental and
public interest groups; Native American tribes; potentially affected
landowners and other interested individuals and groups; and newspapers
and libraries in the project area. The final EIS is only available in
electronic format. It may be viewed and downloaded from the FERC's
website (www.ferc.gov), on the natural gas environmental documents page
(https://www.ferc.gov/industries-data/natural-gas/environment/environmental-documents). In addition, the final EIS may be accessed by
using the eLibrary link on the FERC's website. Click on the eLibrary
link (https://elibrary.ferc.gov/eLibrary/search), select ``General
Search'', and enter the docket number in the ``Docket Number'' field,
excluding the last three digits (i.e. CP21-14). Be sure you have
selected an appropriate date range. For assistance, please contact FERC
Online Support at [email protected] or toll free at (866) 208-
3676, or for TTY, contact<PHONE_NUMBER>.
    Additional information about the project is available from the
Commission's Office of External Affairs, at (866) 208-FERC, or on the
FERC website (www.ferc.gov) using the eLibrary link. The eLibrary link
also provides access to the texts of all formal documents issued by the
Commission, such as orders, notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. Go to https://www.ferc.gov/ferc-online/overview to
register for eSubscription.

    Dated: October 5, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-22123 Filed 10-8-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 32 (Tuesday, February 18, 2014)]
[Notices]
[Pages 9194-9196]
[FR Doc No: 2014-03418]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC14-53-000.
    Applicants: BIF II US Gen AcquireCo LLC, Safe Harbor Water Power
Corp., LSP Safe Harbor Holdings, LLC.
    Description: Joint Application for Authorization Under Section 203
of the Federal Power Act and Requests for Confidential Treatment and
Waivers of LSP Safe Harbor Holdings, LLC, et. al.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5017.
    Comments Due: 5 p.m. ET 2/28/14.

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG14-25-000.
    Applicants: Marsh Hill Energy LLC.
    Description: Notice of Self-Certification of Exempt Wholesale
Generator Status of Marsh Hill Energy LLC.
    Filed Date: 2/4/14.
    Accession Number: 20140204-5107.
    Comments Due: 5 p.m. ET 2/25/14.

    Docket Numbers: EG14-26-000.
    Applicants: OCI Solar Power LLC.
    Description: EWG Self-Certification of EG of the OCI Alamo 1 LLC
facility by OCI Solar Power LLC.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5097.
    Comments Due: 5 p.m. ET 2/27/14.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER11-1933-003.
    Applicants: Green Mountain Power Corporation.
    Description: Updated Market Power Analysis in northeast region of
Green Mountain Power Corporation.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5089.
    Comments Due: 5 p.m. ET 4/8/14.

    Docket Numbers: ER14-460-002.
    Applicants: Appalachian Power Company.
    Description: 20140207 TCC At K Revision to be effective 2/14/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5092.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1269-000.
    Applicants: AES Alamitos, LLC.
    Description: Order 784 Tariff Filing to be effective 3/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5112.

    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1270-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Revisions to PJM OATT & OA re PJM Member Data
Communications to be effective 4/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5113.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1271-000.
    Applicants: AES Armenia Mountain Wind, LLC.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5115.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1272-000.
    Applicants: AES Beaver Valley, LLC.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5116.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1273-000.
    Applicants: AES ES Tait, LLC.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5117.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1274-000.
    Applicants: AES Laurel Mountain, LLC.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5120.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1275-000.
    Applicants: AES Redondo Beach, L.L.C.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5121.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1276-000.
    Applicants: Mountain View Power Partners, LLC.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5123.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1277-000.
    Applicants: Mountain View Power Partners IV, LLC.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5126.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1278-000.
    Applicants: AES Huntington Beach, L.L.C.
    Description: Order 784 Tariff Amendment to be effective 2/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5129.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1279-000.
    Applicants: Arizona Public Service Company.
    Description: Rate Schedule No. 271 Agency Agreement between APS and
SCE to be effective 2/28/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5000.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1280-000.
    Applicants: Dogwood Energy LLC.
    Description: Amendment to December 30, 2013 Market-Based Rate
Tariff Filing to be effective 3/1/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5135.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1281-000.
    Applicants: Powerex Corp.
    Description: Amendment to Powerex Corp. Rate Schedule No. 1 to be
effective 4/7/2014.
    Filed Date: 2/6/14.
    Accession Number: 20140206-5136.
    Comments Due: 5 p.m. ET 2/27/14.

    Docket Numbers: ER14-1282-000.
    Applicants: Liberty Utilities (Granite State Electric) Corp.
    Description: Market-Based Sales Tariff to be effective 2/8/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5035.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1283-000.
    Applicants: Midcontinent Independent System Operator, Inc., Entergy
Services, Inc.
    Description: 2014-02-07--Rate Sch 39--ETI-ETEC JPZ Agr to be
effective 12/19/2013.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5040.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1284-000.
    Applicants: ISO New England Inc., New England Power Pool
Participants Committee.
    Description: Reliability-Related Information Policy Changes to be
effective 4/8/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5079.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1284-001.
    Applicants: ISO New England Inc., New England Power Pool
Participants Committee.
    Description: Reliability-Related Information Policy Changes to be
effective 4/8/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5088.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1285-000.
    Applicants: Liberty Utilities (Granite State Electric) Corp.
    Description: Notice of Cancellation to be effective 2/8/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5080.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1286-000.
    Applicants: New York Independent System Operator, Inc., Niagara
Mohawk Power Corporation.
    Description: TO LGIA between National Grid and Carr Street SA no.
2076. to be effective 12/16/2013.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5087.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1287-000.
    Applicants: Southern California Edison Company.
    Description: LGIAs with Alta Wind Q97, LLC and Alta Wind Q153, LLC
to be effective 4/9/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5091.
    Comments Due: 5 p.m. ET 2/28/14.

    Docket Numbers: ER14-1288-000.
    Applicants: Liberty Utilities (Granite State Electric) Corp.
    Description: Notice of Succession to be effective 2/8/2014.
    Filed Date: 2/7/14.
    Accession Number: 20140207-5093.
    Comments Due: 5 p.m. ET 2/28/14.

    Take notice that the Commission received the following land
acquisition reports:

    Docket Numbers: LA13-1-000; LA13-2-000; LA13-3-000.
    Applicants: NextEra Energy Companies.
    Description: Amending December 19, 2013, et. al., Quarterly Land
Acquisition Reports of the NextEra Energy Companies.
    Filed Date: 1/29/14.
    Accession Number: 20140129-5248.
    Comments Due: 5 p.m. ET 2/19/14.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests,

service, and qualifying facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information,
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: February 7, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-03418 Filed 2-14-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 59 (Monday, March 28, 2022)]
[Notices]
[Pages 17376-17378]
[FR Doc No: 2022-06388]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94490; File No. SR-NYSEArca-2022-13]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To Amend Rule 7.31-E(h)(3)

March 22, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on March 9, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Rule 7.31-E(h)(3) with respect to
Discretionary Pegged Orders. The proposed change is available on the
Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Rule 7.31-E(h)(3) to modify certain
factors relevant to the quote instability calculation for Discretionary
Pegged Orders. Specifically, the Exchange proposes to amend Rule 7.31-
E(h)(3)(D)(i)(D)(1)(a), which sets forth the quote stability
coefficients. Under Rule 7.31-E(h)(3)(D)(i)(D)(3), the Exchange may
modify the quote stability coefficients at any time, subject to a
filing of a proposed rule change. The Exchange proposes such changes in
this rule filing.
Discretionary Pegged Orders
    Rule 7.31-E(h)(3) provides for Discretionary Pegged Orders, which
are Pegged Orders \4\ that may exercise price discretion from their
working price to a discretionary price in order to trade with contra-
side orders on the NYSE Arca Book, except during periods of quote
instability as defined in Rule 7.31-E(h)(3)(D).
---------------------------------------------------------------------------

    \4\ A Pegged Order is a Limit Order that does not route with a
working price that is pegged to a dynamic reference price. If the
designated reference price is higher (lower) than the limit price of
a Pegged Order to buy (sell), the working price will be the limit
price of the order. See Rule 7.31-E(h).
---------------------------------------------------------------------------

    Rule 7.31-E(h)(3)(D) provides that the Exchange uses a quote
instability calculation to assess a security's ``quote instability
factor,'' or the probability of an imminent change to the current PBB
to a lower price or PBO to a higher price.\5\ When quoting activity in
a security meets predefined criteria and the quote instability factor
calculated is greater than the Exchange's defined ``quote instability
threshold,'' the Exchange treats the quote as unstable (``quote
instability'' or a ``crumbling quote'').
---------------------------------------------------------------------------

    \5\ NYSE Arca Rule 1.1 defines PBB as the highest Protected Bid
and PBO as the lowest Protected Offer. Rule 1.1 also provides that
``PBBO'' means the Best Protected Bid and the Best Protected Offer.
---------------------------------------------------------------------------

    Rule 7.31-E(h)(3)(D)(i) provides that the Exchange determines a
quote to be unstable when, among other factors, the quote instability
factor result from the quote stability calculation is greater than the
quote instability threshold. To perform the quote stability calculation
and determine the quote instability factor, the Exchange employs a
fixed formula utilizing the quote stability coefficients and quote
stability variables set forth in Rule 7.31-E(h)(3)(D)(i)(D)(1)(a) and
Rule 7.31-E(h)(3)(D)(i)(D)(1)(b), respectively.
Proposed Rule Change
    The Exchange proposes to update the quote stability coefficients
used in the quote instability calculation, which have not been modified
since Rule 7.31-E(h)(3) was adopted.\6\ The proposed changes are
intended to update the quote stability coefficients so that they are
based on current market data and better calibrated to function on an
exchange without an intentional delay mechanism and with deeper
liquidity

than other exchanges that offer similar functionality.\7\
---------------------------------------------------------------------------

    \6\ The Exchange adopted Rule 7.31-E(h)(3) governing
Discretionary Pegged Orders in 2016 but has not yet announced the
implementation of the order type. See Securities Exchange Act
Release No. 78181 (June 28, 2016), 81 FR 43297 (July 1, 2016) (SR-
NYSEArca-2016-44) (Notice of Filing of Amendment No. 1, and Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 1, to Add a New Discretionary Pegged Order).
Accordingly, the current quote stability coefficients have not been
in operation on the Exchange.
    \7\ The Exchange notes that its rules governing the
Discretionary Pegged Order, including the formula for the quote
instability calculation, are based on the Investors Exchange LLC
(``IEX'') Discretionary Peg Order (``D-Peg Order''), which functions
in conjunction with IEX's speed bump. See id. The Exchange does not
anticipate any issues in connection with the introduction of the
order type, including because such orders would be processed
similarly to Discretionary Pegged Orders on its affiliated exchange,
NYSE American LLC (``NYSE American''). NYSE American, which also
does not currently function with any intentional delay, offers a
Discretionary Pegged Order as set forth in NYSE American Rule
7.31E(h)(3), which is substantially the same as NYSE Arca Rule 7.31-
E(h)(3).
---------------------------------------------------------------------------

    The Exchange reviewed NYSE Arca market data from randomly selected
days in the fourth quarter of 2021 to analyze the effectiveness of the
quote stability coefficients in predicting changes to the PBBO.
Specifically, the Exchange reviewed PBBO data, on a nanosecond level,
for certain intervals throughout each randomly selected day to track
changes to quotes on NYSE Arca and away markets. The Exchange used this
data to generate and test the proposed quote stability coefficients,
and based on its analysis, believes that modifying the quote stability
coefficients would enable the Exchange to evaluate the quality of the
PBBO more effectively.
    The Exchange proposes to modify the quote stability coefficients
set forth in Rule 7.31-E(h)(3)(D)(i)(D)(1)(a)(i) through (v) as
follows:

------------------------------------------------------------------------
                                                  Current      Proposed
          Quote stability coefficient              value        value
------------------------------------------------------------------------
C0............................................     -2.39515    -1.793885
C1............................................     -0.76504    -0.600796
C2............................................      0.07599    0.0776515
C3............................................      0.38374     0.492649
C4............................................      0.14466    0.1631485
------------------------------------------------------------------------

    The Exchange believes that its proposed modification of the quote
stability coefficients, based on the market data analysis described
above, would improve the accuracy of the fixed formula used to perform
the quote instability calculation. Specifically, the Exchange believes
that the proposed quote stability coefficients, which have been
adjusted to reflect more recent activity on the Exchange, would improve
the calibration of the quote instability calculation to activity on the
Exchange, thereby improving the Exchange's ability to predict whether
there is quote instability and protect Discretionary Pegged Orders from
exercising discretion when the PBBO is unstable.
    Because of the technology changes associated with this proposed
rule change, the Exchange will announce the implementation date by
Trader Update.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(5),\9\
in particular, because it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed change would promote just
and equitable principles of trade, remove impediments to, and perfect
the mechanism of, a free and open market and a national market system,
and protect investors and the public interest because it is designed to
increase the effectiveness of the quote instability calculation used to
determine whether a crumbling quote exists. As discussed above, the
proposed change is based on the Exchange's analysis of market data,
which supports that the proposed change would improve the accuracy of
the Exchange's quote instability calculation. Accordingly, the Exchange
believes that the proposed change would remove impediments to, and
perfect the mechanism of, a free and open market and a national market
system, as well as protect investors and the public interest, by
enhancing the Exchange's protection of Discretionary Pegged Orders.
Specifically, because the proposed quote stability coefficients were
derived through an analysis of more recent market data and are
calibrated to reflect current activity on the Exchange (including to
adapt them to function on an exchange without an intentional delay
mechanism and with deeper liquidity than other exchanges that offer
similar functionality), the Exchange believes that the proposed change
would improve the effectiveness of the quote instability calculation in
predicting periods of quote instability and thus enhance the extent to
which Discretionary Pegged Orders would be protected from unfavorable
executions.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed change would promote competition by improving the accuracy
of the quote instability calculation, thereby enhancing the protection
of Discretionary Pegged Orders from unfavorable executions during
periods of quote instability.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or such longer period up to 90 days (i) as the
Commission may designate 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 the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEArca-2022-13 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-2022-13. 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-NYSEArca-2022-13 and should be submitted
on or before April 18, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06388 Filed 3-25-22; 8:45 am]
BILLING CODE 8011-01-P