[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Notices]
[Pages 23418-23421]
[FR Doc No: 2020-08809]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88709; File No. SR-NYSEARCA-2020-33]

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

April 21, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on April 14, 2020, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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'') to (1) eliminate an alternative method to
qualify for Tier 2, (2) eliminate the incremental credit applicable
under Tape B Tier 2, and (3) eliminate the Cross-Asset Tier 1 and Tape
C Tier 3 pricing tiers. The Exchange proposes to implement the fee
changes effective May 1, 2020. The proposed rule change is available on
the Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change

and discussed any comments it received on the proposed rule change. The
text of those statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant parts of such
statements.

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

1. Purpose
    The Exchange proposes to amend the Fee Schedule to (1) eliminate an
alternative method to qualify for Tier 2, (2) eliminate the incremental
credit applicable under Tape B Tier 2, and (3) eliminate the Cross-
Asset Tier 1 and Tape C Tier 3 pricing tiers. The Exchange proposes to
implement the fee changes effective May 1, 2020.
    ETP Holders \4\ currently qualify for Tier 2 fees and credits by
providing liquidity an average daily share volume per month of 0.30% or
more, but less than 0.70% of US consolidated average daily volume (``US
CADV'').\5\ In June 2016, the Exchange adopted an alternative way for
ETP Holders to qualify for Tier 2 fees and credits. Pursuant to the
alternative method, an ETP Holder could also qualify for Tier 2 fees
and credits if the ETP Holder provides liquidity of 0.10% or more of
the US CADV per month, and is affiliated with an OTP Holder or OTP Firm
that provides an ADV of electronic posted Customer and Professional
Customer executions in all issues on NYSE Arca Options (excluding mini
options) of at least 1.50% of total Customer equity and ETF option ADV
as reported by The Options Clearing Corporation (``OCC'').\6\ The
Exchange proposes to eliminate the alternative method for ETP Holders
to qualify for Tier 2 fees and credits and remove it from the Fee
Schedule. The Exchange has observed that historically, few ETP Holders
have qualified under the alternative method, with little associated
volume, and the alternative method has not served to meaningfully
increase activity on the Exchange or improve the quality of the market.
Since July 2019, no ETP Holder affiliated with an OTP Holder or OTP
Firm has qualified for Tier 2 fees and credits under the alternative
method.\7\ The Exchange is not proposing any other change to the fees
and credits applicable under Tier 2.
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    \4\ All references to ETP Holders in connection with this
proposed fee change include Market Makers.
    \5\ US CADV means United States Consolidated Average Daily
Volume for transactions reported to the Consolidated Tape, excluding
odd lots through January 31, 2014 (except for purposes of Lead
Market Maker pricing), and excludes volume on days when the market
closes early and on the date of the annual reconstitution of the
Russell Investments Indexes. Transactions that are not reported to
the Consolidated Tape are not included in US CADV.
    \6\ See Securities Exchange Act Release No. 78065 (June 14,
2016), 81 FR 39976 (June 20, 2016) (SR-NYSEArca-2016-85).
    \7\ There are currently 53 firms that are both ETP Holders and
OTP Holders.
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    Additionally, in June 2018, the Exchange adopted an incremental
credit under Tape B Tier 2 pricing tier pursuant to which ETP Holders
can receive an incremental credit of $0.0001 per share for orders that
provide liquidity to the order book in Tape B securities when such ETP
Holder meets the requirements of Tape B Tier 2 and executes adding ADV
in Tape B securities during a billing month equal to at least 0.40% of
Tape B CADV over the ETP Holder's Q1 2018 Tape B adding ADV taken as a
percentage of Tape B CADV.\8\ The Exchange proposes to eliminate the
incremental credit applicable under Tape B Tier 2 and remove it from
the Fee Schedule. Since July 2019, no ETP Holder has qualified for the
incremental credit under Tape B Tier 2.\9\ The Exchange is not
proposing any other change to the fees and credits applicable under
Tape B Tier 2.
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    \8\ See Securities Exchange Act Release No. 83418 (June 12,
2018), 83 FR 28282 (June 18, 2018) (SR-NYSEArca-2018-41).
    \9\ There are currently 5 ETP Holders that could qualify for the
incremental credit under Tape B Tier 2.
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    Finally, the Exchange proposes to eliminate the Cross-Asset Tier 1
and the Tape C Tier 3 pricing tiers.
    Under Cross-Asset Tier 1, ETP Holders can receive a per share
credit of $0.0030 per share in Tape A, Tape B and Tape C securities
when an ETP Holder (1) provides liquidity of 0.30% or more of the US
CADV per month, (2) is affiliated with an OTP Holder or OTP Firm that
provides an ADV of electronic posted Customer executions in all issues
on NYSE Arca Options (excluding mini options) of at least 0.80% of
total Customer equity and ETF option ADV as reported by OCC, and (3)
executes an ADV of Retail Orders \10\ that provide liquidity during the
month that is 0.10% or more of the US CADV.\11\
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    \10\ A Retail Order is an agency order that originates from a
natural person and is submitted to the Exchange by an ETP Holder,
provided that no change is made to the terms of the order to price
or side of market and the order does not originate from a trading
algorithm or any other computerized methodology. See Securities
Exchange Act Release No. 67540 (July 30, 2012), 77 FR 46539 (August
3, 2012) (SR-NYSEArca-2012-77).
    \11\ See Securities Exchange Act Release No. 76084 (October 6,
2015), 80 FR 61529 (October 13, 2015) (SR-NYSEArca-2015-87).
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    Under Tape C Tier 3, ETP Holders can receive a credit of $0.0002
per share in Tape C securities when an ETP Holder (1) directly executes
providing volume in Tape C securities during the billing month that is
equal to at least 0.40% of US Tape C CADV[thinsp]over the ETP Holder's
fourth quarter 2016 Tape C Adding ADV taken as a percentage of Tape C
CADV, and (2) executes providing volume in Tape B securities during the
billing month that is equal to at least 3.5% of Tape B CADV. Under the
Tape C Tier 3 pricing tier, ETP Holders are also charged a fee of
$0.0029 per share for orders that take liquidity from the Book in Tape
C securities.\12\
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    \12\ See Securities Exchange Act Release No. 80665 (May 11,
2017), 82 FR 22687 (May 17, 2017) (SR-NYSEArca-2017-51).
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    The Exchange proposes to eliminate each of the Cross-Asset Tier 1
and Tape C Tier 3 pricing tiers and remove it from the Fee Schedule
because each of the pricing tiers have been underutilized by ETP
Holders. The Exchange has observed that historically, few ETP Holders
have qualified for the fees and credits under each of these pricing
tiers. These pricing tiers have not served to meaningfully increase
activity on the Exchange or improve the quality of the market. Since
July 2019, not a single ETP Holder has qualified under any of the two
pricing tiers that the Exchange proposes to eliminate.\13\
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    \13\ As noted above, there are currently 53 firms that are both
ETP Holders and OTP Holders that could qualify for the Cross-Asset
Tier 1 pricing tier and 2 ETP Holders that could qualify for the
Tape C Tier 3 pricing tier.
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    With the proposed elimination of Cross-Asset Tier 1, the Exchange
proposes to rename current Cross-Asset Tier 2 as Cross-Asset Tier 1 and
rename current Cross-Asset Tier 3 as Cross-Asset Tier 2.
    The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any significant problems
that market participants would have in complying with the proposed
changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\14\ in general, and furthers the
objectives of Sections 6(b)(4) and(5) of the Act,\15\ 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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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed rule change to eliminate
the alternative method to qualify for Tier 2, eliminate the incremental
credit under Tape B Tier 2, and eliminate the Cross-Asset Tier 1 and
Tape C Tier 3 pricing tiers is reasonable because each of the pricing
tiers that are the subject of this proposed rule change have been
underutilized and have generally not incentivized ETP Holders to bring
liquidity and increase trading on the Exchange. Since July 2019, no ETP
Holder has availed itself of any of the pricing tiers that the Exchange
is proposing to eliminate. The Exchange does not anticipate any ETP
Holder in the near future to qualify for any of the tiers that are the
subject of this proposed rule change. The Exchange believes it is
reasonable to eliminate requirements and credits, and even entire
pricing tiers when such incentives become underutilized. The Exchange
believes eliminating underutilized incentive programs would also
simplify the Fee Schedule. The Exchange further believes that removing
reference to the pricing tiers that the Exchange proposes to eliminate
from the Fee Schedule would also add clarity to the Fee Schedule. The
Exchange believes that eliminating requirements and credits, and even
entire pricing tiers from the Fee Schedule when such incentives become
ineffective is equitable and not unfairly discriminatory because the
requirements, and credits, and even entire pricing tiers would be
eliminated in their entirety and would no longer be available to any
ETP Holder.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\16\ 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.
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    \16\ 15 U.S.C. 78f(b)(8).
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    Intramarket Competition. The Exchange's proposal to eliminate
certain requirements and credits, and pricing tiers in their entirety,
will not place any undue burden on intramarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act
given that, since July 2019, not a single ETP Holder has qualified for
any of the fees and credits under any of the pricing tiers that are the
subject of this proposed rule change. To the extent the proposed rule
change places a burden on competition, any such burden would be
outweighed by the fact that none of the pricing tiers proposed for
deletion have served their intended purpose of incentivizing ETP
Holders to more broadly participate on the Exchange. Moreover, ETP
Holders can choose to trade on other venues to the extent they believe
that the credits provided are too low or the qualification criteria are
not attractive.
    Intermarket Competition. The Exchange believes the proposed rule
change does not impose any burden on intermarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
The Exchange operates in a highly competitive market in which market
participants can readily choose to send their orders to other exchanges
and off-exchange venues if they deem fee levels at those other venues
to be more favorable. Market share statistics provide ample evidence
that price competition between exchanges is fierce, with liquidity and
market share moving freely from one execution venue to another in
reaction to pricing changes. 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 this proposed fee change would impose any
burden on intermarket competition.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \17\ of the Act and subparagraph (f)(2) of Rule
19b-4 \18\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \19\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSEARCA-2020-33 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-2020-33. 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-2020-33 and should
be submitted on or before May 18, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08809 Filed 4-24-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 237 (Friday, December 10, 2010)]
[Notices]
[Pages 76978-76979]
[FR Doc No: 2010-31076]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2010-0362; FRL-9237-3]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; NSPS for Phosphate Rock Plants
(Renewal), EPA ICR Number 1078.09, OMB Control Number 2060-0111

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C. 3501
et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request to renew an existing
approved collection. The ICR which is abstracted below describes the
nature of the collection and the estimated burden and cost.

DATES: Additional comments may be submitted on or before January 10,
2011.

ADDRESSES: Submit your comments, referencing docket ID number EPA-HQ-
OECA-2010-0362, to (1) EPA online using http://www.regulations.gov (our
preferred method), or by e-mail to<EMAIL_ADDRESS>or by mail to:
EPA Docket Center (EPA/DC), Environmental Protection Agency,
Enforcement and Compliance Docket and Information Center, mail code
28221T, 1200 Pennsylvania Avenue, NW., Washington, DC 20460, and (2)
OMB at: Office of Information and Regulatory Affairs, Office of
Management and Budget (OMB), Attention: Desk Officer for EPA, 725 17th
Street, NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Robert C. Marshall, Jr., Office of
Compliance, Environmental Protection Agency, 1200 Pennsylvania Avenue,
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On June 2, 2010 (75 FR 30813), EPA sought comments on this ICR
pursuant to 5 CFR 1320.8(d). EPA received no comments. Any additional
comments on this ICR should be submitted to EPA and OMB within 30 days
of this notice.
    EPA has established a public docket for this ICR under docket ID
number EPA-HQ-OECA-2010-0362, which is available for public viewing
online at http://www.regulations.gov, or in person viewing at the
Enforcement and Compliance Docket in the EPA Docket Center (EPA/DC),
EPA West, Room 3334, 1301 Constitution Avenue, NW., Washington, DC. The
EPA Docket Center Public Reading Room is open from 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding legal holidays. The telephone
number for the Reading Room is<PHONE_NUMBER>, and the telephone number
for the Enforcement and Compliance Docket is<PHONE_NUMBER>.
    Use EPA's electronic docket and comment system at http://www.regulations.gov, to submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at http://www.regulations.gov, as EPA
receives them and without change, unless the comment contains
copyrighted material, Confidential Business Information (CBI), or other
information whose public disclosure is restricted by statute. For
further information about the electronic docket, go to http://www.regulations.gov.
    Title: NSPS for Phosphate Rock Plants (Renewal)
    ICR Numbers: EPA ICR Number 1078.09, OMB Control Number 2060-0111.
    ICR Status: This ICR is scheduled to expire on January 31, 2011.
Under OMB regulations, the Agency may continue to conduct or sponsor
the collection of information while this submission is pending at OMB.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9, and displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: The affected entities are subject to the General
Provisions of the New Source Performance Standards (NSPS) at 40 CFR
part 60, subpart A, and any changes, or additions to the Provisions
specified at 40 CFR part 60, subpart NN. Owners or operators of the
affected facilities must submit a one-time-only report of any physical
or operational changes, initial performance tests, and periodic reports
and results. Owners or operators are also required to maintain records
of the occurrence and duration of any startup, shutdown, or malfunction
in the operation of an affected facility, or any period during which
the monitoring system is inoperative. Reports, at a minimum, are
required semiannually.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 55
hours per response. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or for a Federal agency. This
includes the time needed to review instructions; develop, acquire,
install, and utilize technology and systems for the purposes of
collecting, validating, and verifying information, processing and
maintaining information, and disclosing and providing information;
adjust the existing ways to comply with any previously applicable
instructions and requirements which have subsequently changed; train
personnel to be able to respond to a collection of information; search
data sources; complete and review the collection of information; and
transmit or otherwise disclose the information.
    Respondents/Affected Entities: Owners or operators of phosphate
rock plants.

    Estimated Number of Respondents: 13.
    Frequency of Response: Initially and semiannually.
    Estimated Total Annual Hour Burden: 1,602.
    Estimated Total Annual Cost: $274,536, which includes $150,354 in
labor costs, $12,210 in capital/startup costs, and $111,972 in
operation and maintenance (O&M) costs.
    Changes in the Estimates: There is no change in the labor hours, or
in the capital/startup and operation and maintenance costs in this ICR
compared to the previous ICR. This is due to two considerations: (1)
The regulations have not changed over the past three years and are not
anticipated to change over the next three years; and (2) the growth
rate for the industry is very low, negative, or non-existent.
    The increase in labor cost to Respondents and the Agency is due to
labor rate adjustments to reflect the most recent available estimates.

    Dated: December 6, 2010.
John Moses,
Director, Collection Strategies Division.
[FR Doc. 2010-31076 Filed 12-9-10; 8:45 am]
BILLING CODE 6560-50-P