[Federal Register: November 9, 2010 (Volume 75, Number 216)]
[Notices]
[Page 68782-68783]
[DOCID:fr09no10-53]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2007-0563; FRL- 9224-1; EPA ICR No. 1764.04; OMB Control
No. 2060-0348]

Agency Information Collection Activities: Submission to OMB for
Review and Approval; Comment Request; National Volatile Organic
Compound Emission Standards for Consumer Products (Renewal)

AGENCY: Environmental Protection Agency.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA)(44 U.S.C.
3501 et seq.), this document announces that EPA is planning to submit a
request to renew an existing approved Information Collection Request
(ICR) to the Office of Management and Budget (OMB). This is a request
to renew an existing approved collection. This ICR is scheduled to

expire on February 28, 2011. Before submitting the ICR to OMB for
review and approval, EPA is soliciting comments on specific aspects of
the proposed information collection as described below.

DATES: Comments must be submitted on or before January 10, 2011.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-OAR-
2007-0563, to (1) EPA online using http://www.regulations.gov (our
preferred method), by e-mail to<EMAIL_ADDRESS>or by mail to:
EPA Docket Center, Environmental Protection Agency, Air and Radiation
Docket and Information Center, Mail Code 2822T, 1200 Pennsylvania Ave.,
NW., Washington, DC 20460, and (2) OMB by mail to: 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: Mr. Michael K. Ciolek, U.S.
Environmental Protection Agency, Office of Air Quality Planning and
Standards, Sector Policies and Programs Division, Natural Resources and
Commerce Group (D243-05), Research Triangle Park, North Carolina 27711;
telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-mail
address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Previously, EPA submitted the ICR for this
rulemaking to OMB for review and approval according to the procedures
prescribed in 5 CFR 1320.12. On August 2, 2007 (72 FR 42409), EPA
sought comments on this ICR pursuant to 5 CFR 1320.8(d). EPA received
no comments during the comment period. Any additional comments on this
ICR renewal 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
No. EPA-HQ-OAR-2007-0563, which is available for online viewing at
http://www.regulations.gov, or in person viewing at the Air and
Radiation Docket in the EPA Docket Center (EPA/DC), EPA West, Room
3334, 1301 Constitution Ave., NW., Washington, DC. The EPA/DC Public
Reading Room is open from 8 a.m. to 4:30 p.m., Monday through Friday,
excluding legal holidays. The telephone number for the Reading Room is
202-566-1744, and the telephone number for the Air and Radiation 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: National Volatile Organic Compound Emission Standards for
Consumer Products (Renewal).
    ICR numbers: EPA ICR No. 1764.04, OMB Control No. 2060-0348.
    ICR Status: This ICR is scheduled to expire on February 28, 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, are 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 information collection includes initial reports and
periodic recordkeeping necessary for EPA to ensure compliance with
Federal standards for volatile organic compounds in consumer products.
Respondents are manufacturers, distributors, and importers of consumer
products. Responses to the collection are mandatory under 40 CFR part
59, subpart C, National Volatile Organic Compound Emission Standards
for Consumer Products. All information submitted to the EPA for which a
claim of confidentiality is made will be safeguarded according to the
Agency policies set forth in 40 CFR part 2, subpart B, Confidentiality
of Business Information.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 40
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: Manufacturers and importers of
consumer products.
    Estimated Number of Respondents: 732.
    Frequency of Response: On occasion.
    Estimated Total Annual Hours Burden: 29,613 hours.
    Estimated Total Annual Costs: $1,187,537. This includes labor costs
of $1,187,537 and no capital or O&M costs.
    Changes in Estimates: There is no change in the total estimated
burden currently identified in the OMB Inventory of Approved Burdens.
However, the estimated total annual costs are increased by $91,828 due
to increased costs of employment compensation since the previous
approval.

    Dated: November 3, 2010.
Penny Lassiter,
Acting Director, Sectors Policies and Programs Division.
[FR Doc. 2010-28266 Filed 11-8-10; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 85, Number 93 (Wednesday, May 13, 2020)]
[Notices]
[Pages 28686-28691]
[FR Doc No: 2020-10216]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88834; File No. SR-NYSEAMER-2020-34]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Options Fee Schedule

May 7, 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 May 1, 2020, NYSE American LLC (``NYSE American'' 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 American Options Fee
Schedule (``Fee Schedule'') regarding the Professional Step-Up
Incentive program and rebates for initiating a Customer Best Execution
Auction. The Exchange proposes to implement the fee change effective
May 1, 2020. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to modify the Fee Schedule regarding
the Professional Step-Up Incentive program and rebates for initiating a
Customer Best Execution (``CUBE'') auction, in both Single-Leg and
Complex CUBE transactions.
    In brief, the proposed changes are designed to encourage ATP
Holders to increase their Electronic volume in the ``Professional''
range as well as to submit initiating CUBE Orders.\4\ Specifically, the
Exchange proposes to modify the Professional Step-Up Incentive, which
offers discounted rates on monthly Professional volume, and to expand
the type of volume on which a rebate on initiating CUBE volume would
apply (from Customer only to all account types).
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    \4\ For purposes of this filing, ``Professional'' Electronic
volume includes: Professional Customer, Broker Dealer, Non-NYSE
American Options Market Maker, and Firm (the ``Professional
volume'').
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    The Exchange proposes to implement the rule changes on May 1, 2020.
Background
    The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \5\
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    \5\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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    There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\6\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity & ETF options
order flow. More specifically, in January 2020, the Exchange had less
than 10% market share of executed volume of multiply-listed equity &
ETF options trades.\7\
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    \6\ The OCC publishes options and futures volume in a variety of
formats, including daily and monthly volume by exchange, available
here: https://www.theocc.com/market-data/volume/default.jsp.
    \7\ Based on OCC data, see id., the Exchange's market share in
equity-based options declined from 9.82% for the month of January
2019 to 8.08% for the month of January 2020.
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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. Accordingly, competitive forces
constrain options exchange transaction fees.
    In response to this competitive environment, the Exchange has
established various pricing incentives designed to encourage increased
Electronic volume executed on the Exchange, including (but not limited
to) the American Customer Engagement (``ACE'') Program and the
Professional Step-Up Incentive Program. The Exchange also offers an ACE
Initiating Participant Rebate to participants in the ACE Program that
initiate CUBE Auctions as well as an alternative to the ACE Initiating
Participant Rebate--the Alternative Initiating Participant Rebate--that
enables non-ACE Program participants to qualify for a rebate on certain
initiating CUBE Orders provided they meet certain Professional volume
requirements and increase their initiating CUBE volume. The Exchange is
proposing to (1) modify the Professional Step-Up Incentive Program to
continue to encourage Professional volume and (2) expand the type of
volumes to which the ``CUBE Initiating Participant Rebates'' are
applied to encourage participants to increase their initiating CUBE
volume.\8\ To the extent that these incentives succeed, the increased
liquidity on the Exchange would result in enhanced market quality for
all participants.
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    \8\ As described herein, the ``CUBE Initiating Participant
Rebates'' include both the ACE Initiating Participant Rebate and the
Alternative Initiating Participant Rebate.
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Proposed Rule Change
Professional Step-Up Incentive
    Section I.H. of the Fee Schedule sets forth the Professional Step-
Up Incentive program (the ``Professional Incentive''), which is
comprised of Tiers A, B, and C, and offers discounted rates on monthly
Professional volume for ATP Holders that increase their Professional
volume by specified percentages of Total Industry Customer equity and
ETF option average daily volume (``TCADV'') over their August 2019
volume--or, for new ATP Holders that increase such volume by a
specified percentages of TCADV above 10,000 contracts ADV (the
``Qualifying Volume'').\9\ Under the current Fee Schedule, ATP Holders
that qualify for Tier C of the Professional Incentive are also eligible
to receive ACE Program, Tier 1 credits.\10\
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    \9\ See Fee Schedule, Section I.H., Professional Step-Up
Incentive, available here, https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf. See
also Fee Schedule, Key Terms and Definitions, TCADV (defining TCADV
as ``Total Industry Customer equity and ETF option average daily
volume. TCADV includes OCC calculated Customer volume of all types,
including Complex Order transactions and QCC transactions, in equity
and ETF options'').
    \10\ See id., Section I.H. See also Fee Schedule, Section I.E.
(describing the ACE Program and associated credits).
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    The Exchange proposes to introduce an additional incentive tier--
new Tier D--for ATP Holders that increase (or ``step up'') their
Qualifying Volume by 0.15% of TCADV. ATP Holders that execute
sufficient volume to qualify for proposed Tier D would receive the more
favorable per-contract rate of $0.20 for Penny Pilot issues and $0.50
for non-

Penny Pilot issues \11\ and would also be eligible to have ACE Program,
Tier 1 credits applied to Customer executions.\12\ The Exchange also
proposes to amend the per contract rate for non-Penny Pilot Issues
under Tier C to be $0.55 per contract. In addition, the Exchange
proposes an additional incentive for ATP Holders that meet the Tier D
requirements and increase Qualifying Volume by 0.20% of TCADV and
execute posted Professional volume (i.e., that adds liquidity) of at
least 0.10% of TCADV (the ``additional incentive''). Specifically, ATP
Holders that qualify for the proposed additional incentive would
receive a three-cent ($0.03) per contract discount off of the Tier D
rates.\13\ Based on the proposed Tier D rates (of $0.20 and $0.50 for
Penny and non-Penny issues, respectively), an ATP Holder that qualifies
would be charged $0.17 and $0.47 for each such contract.
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    \11\ See Fee Schedule, Section I. A., supra note 9 (setting
forth options transactions rates for Electronic Professional volume
of $0.50 and $0.75 for Penny and Non-Penny issues respectively;
except that Firm execution in Penny issues are charged $0.47 per
contract).
    \12\ See proposed Fee Schedule, Section I.H., Professional Step-
Up Incentive. The Exchange also proposes to remove an errant open
parentheses from the preamble of this section, which would add
clarity and transparency to the Fee Schedule. See id.
    \13\ See id., note 1.
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    The Exchange cannot predict with certainty whether any ATP Holders
would qualify for these additional incentives;, however, assuming
historical behavior can be predictive of future behavior, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for Tier D, and that qualification for the
additional $0.03 reduction is achievable.
CUBE Auction Fees & Credits: CUBE Initiating Participant Rebates
    Section I.G. of the Fee Schedule sets forth the rates for per
contract fees and credits for executions associated with Single-Leg and
Complex CUBE Auctions. To encourage participants to utilize CUBE
Auctions, the Exchange offers rebates on certain initiating CUBE volume
in the Customer range. The ACE Initiating Participant Rebate is
available to ATP Holders that qualify for Tiers 1-5 of the ACE Program
and applies to the each of the first 5,000 Customer contracts per
Singe-Leg CUBE Order executed or to each of the first 1,000 Customer
contracts per leg of a Complex CUBE Order executed.\14\ The Exchange
also offers an Alternative Initiating Participant Rebate, which
similarly applies to the each of the first 5,000 Customer contracts per
Singe-Leg CUBE Order for those participants that do not qualify for the
ACE Program.\15\ To qualify for the Alternative Initiating Participant
Rebate, an ATP Holder must execute a minimum of 10,000 contracts ADV in
the Professional range and increase their Initiating CUBE Orders by the
greater of 20% over their August 2019 volume or 10,000 contracts
ADV.\16\ An ATP Holder that qualifies for both the ACE Initiating
Participant Rebate (which is ($0.12)) and the Alternative Initiating
Participant Rebate (which is ($0.10)) would be entitled only to the
greater of the two rebates (i.e., the ACE Initiating Participant
Rebate).\17\
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    \14\ See Fee Schedule, see supra note 9, Section I.G., CUBE
Auction Fees & Credits, note 2 to each table (the ACE Initiating
Participant Rebate is ($0.12) and ($0.10) for Single- Leg and
Complex CUBE Auctions, respectively).
    \15\ See id. (the Alternative Initiating Participant Rebate is
($0.10) per contract).
    \16\ See id.
    \17\ See id.
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    The Exchange proposes to modify the ACE Initiating Participant
Rebate and Alternative Initiating Participant Rebate (collectively, the
``CUBE Initiating Rebates''; each a ``Rebate'') to remove the
limitation of application to ``Customer'' contracts. As proposed, the
CUBE Initiating Rebates would apply to the same number of executed CUBE
Order contracts regardless of account type.\18\ The Exchange is not
proposing to alter the qualifying standards for, or the amount of,
either Rebate at this time. This proposed change is designed to
encourage a variety of account types to use the CUBE Auctions and to
incent an increase in order flow.
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    \18\ See proposed Fee Schedule, Section I.G., CUBE Auction Fees
& Credits, note 2 to each table. The Exchange also proposes to
correct a typographical error (i.e., $(0.45)) that appears in note 1
to the Complex CUBE Auction pricing table to the correct ($0.45),
which would add clarity and transparency to the Fee Schedule. See
proposed Fee Schedule, Section I.G., CUBE Auction Fees & Credits,
note 1.
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    The Exchange cannot predict with certainty whether any ATP Holders
would qualify for the CUBE Initiating Rebates; however, assuming
historical behavior can be predictive of future behavior, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for expanded CUBE Initiating Rebates.
    The Exchange's fees are constrained by intermarket competition, as
ATP Holders may direct their order flow to any of the 16 options
exchanges, including those with similar incentive programs.\19\ Thus,
ATP Holders have a choice of where they direct their order flow. The
proposed modifications to the Professional Incentive program is
designed to encourage ATP Holders to increase the amount of
Professional volume directed to and executed on the Exchange. In
addition, the proposed expansion of the application of the CUBE
Initiating Rebates are designed to encourage the submission of CUBE
Orders from all account types, which should maximize price improvement
opportunities. Because the CUBE Initiating Rebates are tied to Customer
(ACE) and Professional (Alternative) order flow, the Exchange believes
all market participants stand to benefit from increased order flow,
which promotes market depth, facilitates tighter spreads and enhances
price discovery.
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    \19\ See e.g., MIAX Options fee schedule, Section 1.a.iv,
Professional Rebate Program, available here, https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_04012019.pdf (setting forth per contract
credits on volume submitted for the account of Public Customers that
are not Priority Customers, Non-MIAX Market Makers, Non-Member
Broker Dealers, and Firms (collectively, Professional for purposes
of MIAX program), provided the Member achieves certain Professional
volume increase percentage thresholds (set forth in the schedule) in
the month relative to the fourth quarter of 2015).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\20\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\21\ 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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    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable
    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.'' \22\
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    \22\ See Reg NMS Adopting Release, supra note 5, at 37499.
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    There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more

than 16% of the market share of executed volume of multiply-listed
equity and ETF options trades.\23\ Therefore, currently no exchange
possesses significant pricing power in the execution of multiply-listed
equity & ETF options order flow. More specifically, in January 2020,
the Exchange had less than 10% market share of executed volume of
multiply-listed equity & ETF options trades.\24\
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    \23\ See supra note 6.
    \24\ Based on OCC data, see supra note 7, the Exchange's market
share in equity-based options declined from 9.82% for the month of
January 2019 to 8.08% for the month of January 2020.
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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. Accordingly, competitive forces
constrain options exchange transaction fees. Stated otherwise, changes
to exchange transaction fees and rebates can have a direct effect on
the ability of an exchange to compete for order flow.
    The Exchange believes that the proposed modifications to the Tier C
of Professional Incentive is reasonable because, although the proposed
associated fees for non-Penny Pilot contracts would increase, the rates
would still be discounted and, as such, would continue to be designed
to incent ATP Holders to increase the amount of Professional order flow
directed to the Exchange. In addition, that rate would continue to be
available under the proposed new Tier D. The Exchange believes that new
Tier D as well as the additional incentive are reasonable because they
are designed to incent ATP Holders to continue to increase the amount
of order flow directed to the Exchange. The Exchange further believes
that expanding the application of the CUBE Initiating Rebates may
encourage greater use of the CUBE Auctions, which may lead to greater
opportunities to trade--and for price improvement--for all
participants.
    The Exchange notes that all market participants stand to benefit
from increased transaction volume, as such increase promotes market
depth, facilitates tighter spreads and enhances price discovery, and
may lead to a corresponding increase in order flow from other market
participants that do not participant in (or qualify for) the
Professional Incentive (or the ACE) program.
    The Exchange believes the proposed technical changes (see supra
notes 12 and 18) would add clarity and transparency to the Fee Schedule
making it easier to navigate and comprehend to the benefit of all
market participants.
    The Exchange cannot predict with certainty whether any participants
would qualify for these additional incentives; however, assuming
historical behavior can be predictive of future behavior, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for the new Tier D, and that qualification
for the additional $0.03 reduction is achievable; and that between two
and four firms may qualify for the expanded CUBE Initiating Rebates.
    Finally, to the extent the proposed changes attract greater volume
and liquidity, the Exchange believes the proposed changes would improve
the Exchange's overall competitiveness and strengthen its market
quality for all market participants. In the backdrop of the competitive
environment in which the Exchange operates, the proposed rule changes
are a reasonable attempt by the Exchange to increase the depth of its
market and improve its market share relative to its competitors. The
proposed rule changes are designed to incent ATP Holders to direct
liquidity to the Exchange in Electronic executions, similar to other
exchange programs with competitive pricing programs, thereby promoting
market depth, price discovery and improvement and enhancing order
execution opportunities for market participants.\25\
---------------------------------------------------------------------------

    \25\ See, e.g., supra note 19 (regarding MIAX Professional
Rebate Program).
---------------------------------------------------------------------------

The Proposed Rule Change Is an Equitable Allocation of Fees and Rebates
    The Exchange believes the proposed rule change is an equitable
allocation of its fees and rebates. The proposal is based on the amount
and type of business transacted on the Exchange and ATP Holders can opt
to avail themselves of these incentives or not. Moreover, the proposals
are designed to encourage ATP Holders to aggregate their executions at
the Exchange as a primary execution venue. To the extent that the
proposed changes attract more Professional or CUBE volume to the
Exchange, this increased order flow would continue to make the Exchange
a more competitive venue for order execution. Thus, the Exchange
believes the proposed rule changes would improve market quality for all
market participants on the Exchange and, as a consequence, attract more
order flow to the Exchange thereby improving market-wide quality and
price discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory because the proposed modifications would be available to
all similarly-situated market participants on an equal and non-
discriminatory basis. Regarding the changes to Professional Incentive
Tier C, ATP Holders would continue to have the option of availing
themselves of the still-reduced rates available under that Tier and new
Tier D, and the additional incentive, would increase opportunities to
achieve further discounted fees. The Exchange's proposed expansion of
the CUBE Initiating Rebates is designed to encourage greater use of the
CUBE Auctions, which may lead to greater opportunities to trade--and
for price improvement--for all participants.
    The proposals are based on the amount and type of business
transacted on the Exchange and ATP Holders are not obligated to try to
achieve either of the incentive pricing options. Rather, the proposals
are designed to encourage participants to utilize the Exchange as a
primary trading venue (if they have not done so previously) or increase
Electronic volume sent to the Exchange. To the extent that the proposed
changes attract more executions to the Exchange, this increased order
flow would continue to make the Exchange a more competitive venue for
order execution. Thus, the Exchange believes the proposed rule changes
would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery. The
resulting increased volume and liquidity would provide more trading
opportunities and tighter spreads to all market participants and thus
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, in general, to protect investors and the
public interest.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would 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 all market participants. As a result, the Exchange believes that
the proposed changes further 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.'' \26\
---------------------------------------------------------------------------

    \26\ See Reg NMS Adopting Release, supra note 5, at 37499.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed change is designed to
continue to attract order flow to the Exchange by offering competitive
rates and rebates (via the Professional Incentive program and the CUBE
Initiating Rebates) based on increased volumes on the Exchange, which
would enhance the quality of quoting and may increase the volumes of
contracts traded on the Exchange. To the extent that this purpose is
achieved, all of the Exchange's market participants should benefit from
the improved market liquidity. Enhanced market quality and increased
transaction volume that results from the anticipated increase in order
flow directed to the Exchange will benefit all market participants and
improve competition on the Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges 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. Based on publicly-
available information, and excluding index-based options, no single
exchange currently has more than 16% of the market share of executed
volume of multiply-listed equity and ETF options trades.\27\ Therefore,
no exchange currently possesses significant pricing power in the
execution of multiply-listed equity & ETF options order flow. More
specifically, in January 2020, the Exchange had less than 10% market
share of executed volume of multiply-listed equity & ETF options
trades.\28\
---------------------------------------------------------------------------

    \27\ See supra note 6.
    \28\ Based on OCC data, supra note 7, the Exchange's market
share in equity-based options was 9.82% for the month of January
2019 and 8.08% for the month of January, 2020.
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees and
rebates in a manner designed to encourage ATP Holders to direct trading
interest to the Exchange, to provide liquidity and to attract order
flow. To the extent that this purpose is achieved, all the Exchange's
market participants should benefit from the improved market quality and
increased opportunities for price improvement.
    The Exchange believes that the proposed changes could promote
competition between the Exchange and other execution venues, including
those that currently offer similar pricing incentives, by encouraging
additional orders to be sent to the Exchange for execution. The
Exchange also believes that the proposed changes are designed to
provide the public and investors with a Fee Schedule that is clear and
consistent, thereby reducing burdens on the marketplace and
facilitating investor protection.

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) \29\ of the Act and subparagraph (f)(2) of Rule
19b-4 \30\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \31\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEAMER-2020-34 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-NYSEAMER-2020-34. 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-NYSEAMER-2020-34, and should be
submitted on or before June 3, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
---------------------------------------------------------------------------

    \32\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-10216 Filed 5-12-20; 8:45 am]
 BILLING CODE 8011-01-P


UNITED STATES ENVIRONMENTAL PROTECTION AGENCY WASHINGTON, D. C.

Engineering and Analysis Division Office of Science and Technology Office of Water MEMORANDUM SUBJECT: Site Visit: for EPRI Grant/ Alden Laboratory, MA CWIS Technologies Workshop, March 26 27, 2002 FROM: Dana Thomas TO: W 00 32 Docket On 26  27 March 2002, I attended the CWIS ( Cooling Water Intake Structure) Technologies Workshop: EPRI Research on Cylindrical Wedgewire Screens and Artificial Fish Barriers at the Alden Research Laboratory in Holden, MA. The conference was part of the grant workplan and included a tour of the test facilities for wedgewire screens and artificial barriers.

Conference notes: Presentations of research funded in part by EPA grant # 829108010 Day One ~ March 26th:

Wedgewire screen studies: Used surrogate eggs ( flavor beads) to mimic Striped bass eggs ( 4.5 mm; largest of all species tested). Striped bass larvae are typically 4  9 mm. Conditions tested were 0.5 mm, 1.0 mm and 2.0 mm wedgewire screens with 0.5 or 1.0 ft/ sec through flow velocity and a 0

or 90

orientation of screen to flow.

Fouling on outside of screen is not such a problem; divers can clean it off and air backwashing is effective for debris. A wedgewire screen can be heavily fouled ( as in Delaware Bay) and still pull design capacity. Eggs can be damaged ( abrasion) when rolling along the screen although they are not impinged or entrained.

Highest egg entrainment occurred at 2.0 mm screen, 0.5 ft/ sec slot velocity and 90

orientation. Highest larvae entrainment occurred at 2.0 mm screen, 0.5 ft/ sec slot velocity and 90

orientation.

Less impingement as channel velocity increases to 1.0 ft/ sec. At higher slot velocities, 1 ft/ sec, larvae are unable to un impinge from the screen. Regarding entrainment survival, Ned Taft of Alden stated " It's safe to say with the little guys that they are dead."

Video demonstrations: They will send a CD rom with the video demonstrations ( will be included in docket when received by EPA).

With 0.5 mm screen: Eggs had a tendency to impinge at the back of screen with 0

orientation, even with lowest channel velocity of 0.25 ft/ sec. At 1 ft/ sec channel velocity, eggs moved over the screen with no impingement.

With 1.0 mm screen: more impingement at 0.25 ft/ sec.

With 2.0 mm screen: impingement at back of screen with 0.25 ft/ sec; no impingement at 1.0 ft/ sec.

Larvae tests: With 1.0 mm screen, 1.0 ft/ sec through flow and 0.25 ft/ sec channel velocity, the larvae could swim around the screen and were not impinged.

Regarding MGD pull and screen size: Mark Watson of Johnson Screens is a good contact. Flow through depends on slot size; can reach 800 gallons per minute.

Doug Dixon of EPRI: the earliest lifestages will have the hardest time to get off; they need some swimming ability.

Artificial Barrier ( Gunderboom) presentation: can have perforations 0.5 to 1.5 mm; flow = 10 GPM/ ft2. Uses air bursts to prevent biofouling.

Ed Radle ( NYSDEC): at 0.01 ft/ sec ( 5 GPM/ ft2), American shad ( day old) had no problem swimming to avoid impingement. Critiqued Pisces study of Gunderboom efficacy: algae on boom did not affect filtering ability; the Pisces test did not use air sparging.

Day 2 ~ March 27th:

Louver/ Bar Rack Studies: observed video demonstrations; should be included with CD Rom.

Ned Taft ( Alden): It is possible to install at 0.5 mm mesh overlay ( nylon or polypropylene) on a conventional ( metal) 3/ 8" screen; may have weight problems adding wedgewire screens to traveling screens.


[Federal Register Volume 83, Number 161 (Monday, August 20, 2018)]
[Notices]
[Pages 42183-42185]
[FR Doc No: 2018-17827]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83837; File No. SR-NYSEArca-2018-59]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rules 6.4-
O and 6.4A-O

August 14, 2018.
    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 August 3, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') 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 Rules 6.4-O and 6.4A-O. 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 purpose of this filing is to amend Rules 6.4-O (Series of
Options Open for Trading) and 6.4A-O (Select Provisions of the Options
Listing Procedures Plan)--or OLPP--to conform to recently approved
changes to the OLPP.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release Nos. 82235 (December 7,
2017), 82 FR 58668 (December 13, 2017) (order approving the Fourth
Amendment to the OLPP); 81893 (October 18, 2017), 82 FR 49249
(``OLPP Notice'').
---------------------------------------------------------------------------

    The Exchange, which is one of the Participant Exchanges \5\ to the
OLPP, currently has rules that are designed to incorporate the
requirements of the OLPP. All Participant Exchanges have similar such
(essentially uniform) rules to ensure consistency and compliance with
the OLPP. The Exchange proposes to modify such rules to reflect the
recent updates as described below.
---------------------------------------------------------------------------

    \5\ In addition to the Exchange, the ``Participant Exchanges''
are: Chicago Board Options Exchange, Incorporated (now known as Cboe
Exchange, Inc.), on behalf of the BATS Exchange, Inc. (now known as
Cboe BZX Exchange, Inc.); Box Options Exchange, LLC; C2 Exchange,
Incorporated (now known as Cboe C2 Exchange, Inc.); EDGX Exchange,
Inc. (now known as Cboe EDGX Exchange, Inc.); Miami International
Securities Exchange, LLC; MIAX PEARL, LLC; Nasdaq BX, Inc.; Nasdaq
GEMX, LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; Nasdaq Options Market,
LLC; Nasdaq PHLX, LLC; and NYSE American, LLC.
---------------------------------------------------------------------------

Addition of Long-Term Equity Options (``LEAPS'')
    First, the OLPP has been amended to change the earliest date on
which new January LEAPS on equity options, options on Exchange Traded
Funds (``ETF''), or options on Trust Issued Receipts (``TIR'') may be
added to a single date (from three separate months).\6\ As noted in the
OLPP Notice, in the past there were operational concerns related to
adding new January LEAPs series for all options classes on which LEAPs
were listed on a single trading day.\7\ And, the addition of new series
in a pre-electronic trading environment was a manual process. To

accommodate this, the addition of new January LEAPs series was spread
across three months (September, October, and November). Today, however,
these operational concerns related to January LEAPs have been
alleviated as new series can be added in bulk electronically. The Plan
Participants, including the Exchange, believe that moving the addition
of new January LEAPs series to no earlier than the Monday prior to the
September expiration would reduce marketplace confusion about available
January LEAPs series. Where previously January LEAPs series for options
classes on the February or March expiration cycles would not have been
available as early as January LEAPs series for options classes on the
January expiration cycle, under the proposed change, all January LEAPs
series will be available concurrently.
---------------------------------------------------------------------------

    \6\ The Exchange proposes to modify Rule 6.4-O(d) to include the
title Long-Term Equity Option Series (LEAPS), to consolidate LEAPS
requirements into one paragraph, and to delete extraneous references
to LEAPS in current paragraphs (d) and (e) to Rule 6.4-O. See
proposed Rule 6.4-O(d). Consistent with this change, the Exchange
also proposes to retitle current paragraph (f) as (e). See proposed
Rule 6.4-O(f).
    \7\ See supra n. 4, 82 FR 49249, at 49249.
---------------------------------------------------------------------------

    Accordingly, to conform to this change, the Exchange proposes to
modify Rule 6.4-O(d)(i) to reflect that new January LEAPS series on
equity options classes, options on ETFs, or options on TIRs, may not be
added on a currently listed and traded option class earlier than the
Monday prior to the September expiration (which is 28 months before the
expiration).\8\
---------------------------------------------------------------------------

    \8\ See proposed Rule 6.4-O(d)(ii).
---------------------------------------------------------------------------

Addition of Equity, ETF, and TIR Option Series After Regular Trading
Hours
    Second, the OLPP has been amended to allow equity, ETF, and TIR
option series to be added based on trading after regular trading hours
(i.e., after-market). As noted in the OLPP Notice, the prior version of
the OLPP did not allow for option series to be added based on trading
following regular trading hours.\9\ As such, the Exchange Participants
were are [sic] unable to add new option series that may result from
trading following regular trading hours until the next morning,
depending on the range of prices in pre-market trading, which is
significant because events that occur after regular trading hours, such
as earnings releases, often have an important impact on the price of an
underlying security. In addition, there are operational difficulties
for market participants throughout the industry adding series after
system startup. To avoid the potential burden that would result from
the inability to add series as a result of trading following regular
trading hours, the OLPP was amended to allow an additional category by
which the price of an underlying security may be measured.
Specifically, to conform to the amended OLPP, the Exchange proposes to
add paragraph (b)(i)(4) to Rule 6.4A-O to provide that ``for option
series to be added based on trading following regular trading hours,''
the price of the underlying security is measured by ``the most recent
share price reported by all national securities exchanges between 4:15
p.m. and 6:00 p.m. Eastern Time.'' \10\
---------------------------------------------------------------------------

    \9\ See supra n. 4, 82 FR 49249, at 49250.
    \10\ See proposed Rule 6.4A-O(b)(i)(4). The Exchange proposes to
relocate ``and'' from paragraph (2) to (3) to conform to the change.
See proposed Rule 6.4A-O(b)(i)(2),(3).
---------------------------------------------------------------------------

Technical Changes
    The Exchange proposes to modify Rule 6.4-O(d)(i) to delete now
obsolete operational language, which dates back to when LEAPs were
first adopted. The language in question provides that:

    When open for trading, trading in such option series shall
commence either when there is buying or selling interest, or forty
minutes prior to the close of trading for the day, whichever occurs
first. Quotations will not be posted for extended far term option
series until trading in such series is commenced on the day.

    The Exchange proposes to delete this language because when this
language was adopted LEAPs were not opened for trading until late in
the trading day unless there was buying or selling interest.\11\ Today,
however, technological improvements allow the Exchange to open all LEAP
series at the same time as all other series in an option class.
---------------------------------------------------------------------------

    \11\ See proposed Rule 6.4-O(d)(i).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \12\ of
the Act, in general, and furthers the objectives of Section
6(b)(5),\13\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the proposed rule change, which conforms to the
recently adopted provisions of the OLPP, as amended, allows the
Exchange to continue to list extended far term option series that have
been viewed as beneficial to traders, investors and public customers.
Accordingly, the Exchange believes that the proposal is consistent with
the Act because it will allow the Exchange to list all January, 2021
expiration series on the Monday prior to the September, 2018
expiration. Moreover, this change would simplify the process for adding
new January LEAP options series and reduce potential for investor
confusion because all new January LEAP options would be made available
beginning at the same time, consistent with the amended OLPP. The
Exchange notes that this proposal does not propose any new provisions
that have not already been approved by the Commission in the amended
OLPP, but instead maintains series listing rules that conform to the
amended OLPP.
    The proposal to permit series to be added based on after-market
trading is designed to promote just and equitable principles of trade,
to foster cooperation and coordination with persons engaged in
facilitating transactions in securities, and to remove impediments to
and perfect the mechanisms of a free and open market and a national
market system, by allowing the Exchange to make series available for
trading with reduced operational difficulties. The Exchange notes that
this proposed change, which is consistent with the amended OLPP should
provide market participants with earlier notice regarding what options
series will be available for trading the following day, and should help
to enhance investors' ability to plan their options trading.
    The Exchange also believes that the proposed technical changes,
including deleting obsolete language and reorganizing and consolidating
the rule, promote just and equitable principles of trade, foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and remove impediments to and perfect the
mechanism of a free and open market and a national market system.

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. Specifically, the Exchange
believes that by conforming Exchange rules to the amended OLPP, the
Exchange would promote regulatory clarity and consistency, thereby
reducing burdens on the marketplace and facilitating investor
protection. The Exchange believes that adopting rules, which it
anticipates will likewise be adopted by Participant Exchanges, would
allow for continued competition between Exchange market participants
trading similar products as their counterparts

on other exchanges, while at the same time allowing the Exchange to
continue to compete for order flow with other exchanges in option
issues.

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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission notes that
the Exchange's proposal would conform the Exchange's rules to the
amended OLPP, which the Commission previously approved.\18\
Accordingly, the Commission believes that the proposal raises no new or
novel regulatory issues and waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
The Commission therefore waives the 30-day operative delay and
designates the proposed rule change to be operative upon filing.\19\
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ See OLPP Notice, supra note 4.
    \19\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    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) \20\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \20\ 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-2018-59 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-2018-59. 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-2018-59 and should be submitted
on or before September 10, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-17827 Filed 8-17-18; 8:45 am]
 BILLING CODE 8011-01-P