[Federal Register Volume 86, Number 41 (Thursday, March 4, 2021)]
[Notices]
[Pages 12752-12762]
[FR Doc No: 2021-04422]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91215; File No. SR-NYSENAT-2021-04]

Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing of Proposed Rule Change To Amend the Schedule of Wireless
Connectivity Fees and Charges To Add Circuits for Connectivity Into and
Out of the Data Center in Mahwah, New Jersey

February 26, 2021.
    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 February

12, 2021, NYSE National, Inc. (``NYSE National'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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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 schedule of Wireless
Connectivity Fees and Charges (the ``Fee Schedule'') to (1) add
circuits for connectivity into and out of the data center in Mahwah,
New Jersey (the ``Mahwah Data Center''); (2) add services available to
customers of the Mahwah Data Center that are not colocation Users; and
(3) change the name of the Fee Schedule to ``Mahwah Wireless, Circuits,
and Non-Colocation Connectivity Fee Schedule.'' The proposed rule
change is available on the Exchange's website at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend the Fee Schedule to add services
(``NCL Services'') and related fees available to customers of the
Mahwah Data Center that are not colocation Users (``NCL
Customers''),\4\ as well as circuits into and out of the Mahwah Data
Center that are available to both colocation Users and NCL Customers.
In addition, in a conforming change, because the Fee Schedule would no
longer be limited to wireless services, the Exchange proposes to change
the name of the Fee Schedule from ``Wireless Connectivity Fee
Schedule'' to ``Mahwah Wireless, Circuits, and Non-Colocation
Connectivity Fee Schedule.'' \5\
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    \4\ For purposes of the Exchange's colocation services, a
``User'' means any market participant that requests to receive
colocation services directly from the Exchange. See Securities
Exchange Act Release No. 83351 (May 31, 2018), 83 FR 26314 at n.9
(June 6, 2018) (SR-NYSENAT-2018-07) (``NYSE National Colocation
Notice'').
    \5\ Each of the Exchange's affiliates (New York Stock Exchange
LLC, NYSE American LLC, NYSE Arca, Inc., and NYSE Chicago, Inc.)
(the ``Affiliate SROs'') has submitted substantially the same
proposed rule change to propose the changes described herein. See
SR-NYSE-2021-14, SR-NYSEAMER-2021-10, SR-NYSEArca-2021-13, and SR-
NYSECHX-2021-03.
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    The Exchange makes the current proposal solely as a result of its
determination that the Commission's recent interpretations of the Act's
definitions of the terms ``exchange'' and ``facility,'' as expressed in
the Wireless Approval Order,\6\ apply to connectivity services
described herein that are offered by entities other than the Exchange.
The Exchange disagrees with the Commission's interpretations, denies
the services covered herein (and in the Wireless Approval Order) are
offerings of an ``exchange'' or a ``facility'' thereof, and has sought
review of the Commission's interpretations, as expressed in the
Wireless Approval Order, in the Court of Appeals for the District of
Columbia Circuit.\7\ Pending resolution of such appeal, however, the
Exchange is making this proposal in recognition that the Commission's
current interpretation brings certain offerings of the Exchange's
affiliates into the scope of the terms ``exchange'' or ``facility.''
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    \6\ See Securities Exchange Act Release No. 90209 (October 15,
2020), 85 FR 67044 (October 21, 2020) (SR-NYSE-2020-05, SR-NYSEAMER-
2020-05, SR-NYSEArca-2020-08, SR-NYSECHX-2020-02, SR-NYSENAT-2020-
03, SR-NYSE-2020-11, SR-NYSEAMER-2020-10, SR-NYSEArca-2020-15, SR-
NYSECHX-2020-05, SR-NYSENAT-2020-08) (``Wireless Approval Order'').
    \7\ Intercontinental Exchange, Inc. v. SEC, No. 20-1470 (D.C.
Cir. 2020).
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    The Exchange expects the proposed change to be operative 60 days
after the present filing becomes effective.
Mahwah Circuits
    Customers can connect into and out of the Mahwah Data Center using
either wireless connections or wired fiber optic circuits. Both IDS and
numerous third-party telecommunications service providers offer wired
circuits into and out of the Mahwah Data Center. The circuits that IDS
offers are described below. Such IDS circuits are available to all
colocation Users and NCL Customers, but such customers are not
obligated to use them; rather, both colocation Users and NCL Customers
may instead choose to contract directly with third-party telecom
carriers for circuits into and out of the Mahwah Data Center.
    The Exchange proposes to add to the Fee Schedule the circuit
options offered by IDS to both colocation Users and NCL Customers to
connect into and out of the Mahwah Data Center. Specifically, the
Exchange proposes to amend the Fee Schedule to add two different types
of circuits, each available in three different sizes, under the new
heading ``C. Mahwah Circuits.''
    First, the Exchange proposes to amend the Fee Schedule to add
``Optic Access'' circuits, which are circuits that IDS operates and
that customers can use to connect between the Mahwah Data Center and
IDS access centers at the following six third-party owned data centers:
(1) 111 Eighth Avenue, New York, NY; (2) 32 Avenue of the Americas, New
York, NY; (3) 165 Halsey, Newark, NJ; (4) Secaucus, NJ (the ``Secaucus
Access Center''); (5) Carteret, NJ (the ``Carteret Access Center'');
and (6) Weehawken, NJ. Optic Access circuits are available in 1 Gb, 10
Gb, and 40 Gb sizes.
    Second, the Exchange proposes to amend the Fee Schedule to add
lower-latency Optic Low Latency circuits that IDS operates and that
customers can use to connect between the Mahwah Data Center and IDS's
Secaucus Access Center or Carteret Access Center. Optic Low Latency
circuits are available in 1 Gb, 10 Gb, and 40 Gb sizes.
    The Exchange proposes to add the following chart to the Fee
Schedule to include these circuits, as follows:

------------------------------------------------------------------------
            Type of service                      Amount of charge
------------------------------------------------------------------------
Optic Access Circuit--1 Gb.............  $1,500 initial charge plus
                                          $1,500 monthly charge.
Optic Access Circuit--10 Gb............  $5,000 initial charge plus
                                          $2,500 monthly charge.

Optic Access Circuit--40 Gb............  $5,000 initial charge plus
                                          $6,000 monthly charge.
Optic Low Latency Circuit--1 Gb........  $1,500 initial charge plus
                                          $2,750 monthly charge.
Optic Low Latency Circuit--10 Gb.......  $5,000 initial charge plus
                                          $3,950 monthly charge.
Optic Low Latency Circuit--40 Gb.......  $5,000 initial charge plus
                                          $8,250 monthly charge.
------------------------------------------------------------------------

Non-Colocation Services
    The Exchange proposes to amend the Fee Schedule to add several
services available to NCL Customers as well as several notes, under the
new heading ``D. Non-Colocation (``NCL'') Services.'' These are the
services that IDS offers within the Mahwah Data Center that are not
colocation services. The Exchange proposes to amend the Fee Schedule to
add services that include ports to the IDS Network--a wide area network
available in the Mahwah Data Center and other access centers--and ports
to a dedicated network to access the NMS feeds for which the Securities
Industry Automation Corporation is engaged as the securities
information processor (the ``NMS Network'').\8\ The Fee Schedule would
also specify the data products and data feeds to which an NCL Customer
could connect via these ports. The Exchange also proposes to amend the
Fee Schedule to enable NCL Customers to purchase cross connects and to
request services subject to an ``Expedite Fee'' or ``Change Fee.''
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    \8\ See Securities Exchange Act Release Nos. 88837 (May 7,
2020), 85 FR 28671 (May 13, 2020) (SR-NYSE-2019-46, SR-NYSEAMER-
2019-34, SR-NYSEArca-2019-61, SR-NYSENAT-2019-19) (``NMS Network
Approval Order'') and 88972 (May 29, 2020), 85 FR 34472 (June 4,
2020) (``NYSE Chicago NMS Network Approval Order'').
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1. IDS Network Ports
    The Exchange proposes to amend the Fee Schedule to add services
that IDS offers enabling NCL Customers to connect to the IDS Network in
the Mahwah Data Center.
    The Exchange proposes to add the following fees and language to the
Fee Schedule:

                     IDS Network Ports (See Note 1)
------------------------------------------------------------------------
       Type of service             Description        Amount of charge
------------------------------------------------------------------------
NCL IDS Network Access--10    10 Gb IDS Network     $10,000 initial
 Gb.                           port.                 charge plus $15,250
                                                     monthly charge.
NCL IDS Network Access--40    40 Gb IDS Network     $10,000 initial
 Gb.                           port.                 charge plus $19,750
                                                     monthly charge.
------------------------------------------------------------------------

    The Exchange also proposes to add to the Fee Schedule several notes
regarding these services that are based on General Notes 4, 5, and 6 of
the Exchange's Price List regarding colocation.
    Specifically, the Exchange proposes to add the heading ``NCL
Notes'' after the tables in the proposed section of the Fee Schedule
titled ``D. Non-Colocation (``NCL'') Services.'' Note 1 would establish
that when an NCL Customer purchases access to the IDS Network, the NCL
Customer would receive (a) the ability to access the trading and
execution systems of the Exchange and Affiliate SROs (``Exchange
Systems'') as well as of the Global OTC System (``Global OTC''), and
(b) connectivity to any of the listed data products (``Included Data
Products'') that it selects. References in the proposed Fee Schedule
would refer customers to the applicable note.
    Proposed Note 1 would be titled ``Note 1: IDS Network'' and would
provide:

    When an NCL Customer purchases access to the IDS Network, it
receives the ability to access the trading and execution systems of
the NYSE, NYSE American, NYSE Arca, NYSE Chicago, and NYSE National
(together, the Exchange Systems) as well as of Global OTC (the
Global OTC System), subject, in each case, to authorization by the
NYSE, NYSE American, NYSE Arca, NYSE Chicago, NYSE National, or
Global OTC, as applicable. Each Exchange listed above offers access
to its Exchange Systems to its members and Global OTC offers access
to the Global OTC System to its subscribers, such that an NCL
Customer does not have to purchase a service that includes access to
the IDS Network to obtain access to Exchange Systems or the Global
OTC System.
    When an NCL Customer purchases access to the IDS Network, it
receives connectivity to any of the Included Data Products that it
selects, subject to any necessary technical provisioning
requirements, authorization, and licensing by the provider of the
Included Data Feed. Fees for the Included Data Products are charged
by the provider of such Included Data Products. An NCL Customer can
change the Included Data Products to which it receives connectivity
at any time, subject to authorization from the provider of such
Included Data Product. Because access to the IDS Network is not the
exclusive method to connect to the Included Data Products, an NCL
Customer does not have to purchase a service that includes access to
the IDS Network to connect to such Included Data Products. The
Included Data Products are as follows:

NMS feeds--CTS, CQS, OPRA
    NYSE
    NYSE American
    NYSE American Options
    NYSE Arca
    NYSE Arca Options
    NYSE Best Quote and Trades (BQT)
    NYSE Bonds
    NYSE Chicago
    NYSE National
2. NCL Connectivity to Third Party Systems, Data Feeds, Testing and
Certification Feeds, and DTCC
    The Exchange also proposes to amend the Fee Schedule to provide for
the connectivity services that IDS offers for NCL Customers to Third
Party Systems, Third Party Data Feeds, third party testing and
certification feeds, and DTCC. The Exchange proposes to adopt
substantially similar services and fees as set forth in the Exchange's
Price List regarding colocation.\9\
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    \9\ See NYSE National Colocation Notice, supra note 4 at 26322-
24.
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    Connectivity to Third Party Systems: The Exchange proposes to
specify in the Fee Schedule services that IDS offers NCL Customers to
access the trading and execution services of Third Party markets and
other content service providers (``Third Party Systems'') for a fee.
NCL Customers connect to Third Party Systems over the IDS Network.
    In order to obtain access to a Third Party System, an NCL Customer
enters into an agreement with the relevant third-party content service
provider,

pursuant to which the third-party content service provider charges the
NCL Customer for access to the Third Party System. When such services
are requested, IDS establishes a connection between the NCL Customer
and the relevant third party content service provider over the IDS
Network. IDS charges the NCL Customer for the connectivity to the Third
Party System. An NCL Customer only receives, and is only charged by IDS
for, connectivity to each Third Party System for which the customer
enters into an agreement with the third-party content service provider.
    Neither the Exchange nor IDS has an affiliation with the providers
of the Third Party Systems. Establishing an NCL Customer's access to a
Third Party System does not give either IDS or the Exchange any right
to use the Third Party Systems. Connectivity to a Third Party System
does not provide access or order entry to the Exchange's execution
system, and an NCL Customer's connection to a Third Party System is not
through the Exchange's execution system.
    IDS charges a monthly recurring fee for connectivity to a Third
Party System, which the Exchange proposes to add to its Fee Schedule.
Specifically, when an NCL Customer requests access to a Third Party
System, IDS identifies the applicable third-party market or other
content service provider and the bandwidth connection it requires.
    The Exchange proposes to add the following fees and language to the
Fee Schedule:

    Connectivity to Third Party Systems Over IDS Network (See Note 2)
------------------------------------------------------------------------
              Description                        Amount of charge
------------------------------------------------------------------------
1Mb....................................  $200 per connection monthly
                                          charge.
3Mb....................................  $400 per connection monthly
                                          charge.
5Mb....................................  $500 per connection monthly
                                          charge.
10Mb...................................  $800 per connection monthly
                                          charge.
25Mb...................................  $1,200 per connection monthly
                                          charge.
50Mb...................................  $1,800 per connection monthly
                                          charge.
100Mb..................................  $2,500 per connection monthly
                                          charge.
200Mb..................................  $3,000 per connection monthly
                                          charge.
1Gb....................................  $3,500 per connection monthly
                                          charge.
------------------------------------------------------------------------

    The Exchange proposes to add Note 2 to the section of the Fee
Schedule titled ``D. Non-Colocation (``NCL'') Services.'' Proposed Note
2 would be titled ``Note 2: Third Party Systems'' and would provide:

    When an NCL Customer purchases a connection that includes access
to Third Party Systems, it receives access to Third Party Systems it
selects subject to any technical provisioning requirements,
authorization, and licensing from such Third Party System. Fees for
the Third Party Systems are charged by the provider of such Third
Party System. The Exchange is not the exclusive method to connect to
Third Party Systems. The Third Party Systems are as follows:

                           Third Party Systems
------------------------------------------------------------------------

-------------------------------------------------------------------------
Americas Trading Group (ATG).
BM&F Bovespa.
Boston Options Exchange (BOX).
Canadian Securities Exchange (CSE).
Cboe BYX Exchange (CboeBYX), Cboe BZX Exchange (CboeBZX), Cboe EDGA
 Exchange (CboeEDGA), and Cboe EDGX Exchange (CboeEDGX).
Cboe Exchange (Cboe) and Cboe C2 Exchange (C2).
Chicago Mercantile Exchange (CME Group).
Credit Suisse.
Euronext Optiq Cash and Derivatives Unicast (EUA).
Euronext Optiq Cash and Derivatives Unicast (Production).
Investors Exchange (IEX).
ITG TriAct Matchnow.
Long Term Stock Exchange (LTSE).
Members Exchange (MEMX).
MIAX Options, MIAX PEARL Options, MIAX PEARL Equities, and MIAX Emerald.
Morgan Stanley.
Nasdaq.
NASDAQ Canada (CXC, CXD, CX2).
NASDAQ ISE.
Neo Aequitas.
NYFIX Marketplace.
Omega.
OneChicago.
OTC Markets Group.
TD Ameritrade.
TMX Group.
------------------------------------------------------------------------

    Connectivity to Third Party Data Feeds: The Exchange proposes to
specify in the Fee Schedule connectivity services that IDS offers NCL
Customers to connect to data feeds from third-party markets and other
content service providers (``Third Party Data Feeds'') for a fee. IDS
receives Third Party Data Feeds from multiple national securities

exchanges and other content service providers at the Mahwah Data
Center. IDS provides connectivity to that data to NCL Customers for a
fee. NCL Customers connect to Third Party Data Feeds over the IDS
Network.
    In order to connect to a Third Party Data Feed, an NCL Customer
enters into a contract with the relevant third-party market or other
content service provider, pursuant to which the content service
provider charges the NCL Customer for the Third Party Data Feed. IDS
receives the Third Party Data Feed over its fiber optic network and,
after the data provider and NCL Customer enter into an agreement and
IDS receives authorization from the data provider, IDS retransmits the
data to the NCL Customer over the NCL Customer's IDS Network port. IDS
charges the NCL Customer for the connectivity to the Third Party Data
Feed. An NCL Customer only receives, and is only charged for,
connectivity to the Third Party Data Feeds for which it entered into
contracts.
    With the exception of the ICE Data Services, ICE, and Global OTC
feeds, neither the Exchange nor IDS has any affiliation with the
sellers of the Third Party Data Feeds. The Exchange and IDS have no
right to use the Third Party Data Feeds other than as a redistributor
of the data. The Third Party Data Feeds do not provide access or order
entry to the Exchange's execution system. With the exception of the ICE
feed, the Third Party Data Feeds do not provide access or order entry
to the execution systems of the third party generating the feed. IDS
receives Third Party Data Feeds via arms-length agreements and has no
inherent advantage over any other distributor of such data.
    IDS charges a monthly recurring fee for connectivity to each Third
Party Data Feed. The monthly recurring fee is per Third Party Data
Feed, with the exception that the monthly recurring fee for the ICE
Data Services Consolidated Feeds (including the ICE Data Services
Consolidated Feed Shared Farm feeds), Vela--SuperFeeds, and MSCI feeds
vary by the bandwidth of the connection. Depending on its needs and
bandwidth, an NCL Customer may opt to receive all or some of the Third
Party Data Feeds.
    Third Party Data Feed providers may charge redistribution fees. The
Exchange proposes that, when IDS is charged a redistribution fee by the
Third Party Data Feed provider, IDS would pass through the charge to
the NCL Customer, without change to the fee. The fee would be labeled
as a pass-through of a redistribution fee on the NCL Customer's
invoice.
    The Exchange proposes that it would not charge NCL Customers that
are third-party markets or content providers for connectivity to their
own feeds, as it understands that such parties generally receive their
own feeds for purposes of diagnostics and testing.
    The Exchange proposes to add the following fees and language to the
Fee Schedule:

Connectivity to Third Party Data Feeds Over the IDS Network (See Note 3)
------------------------------------------------------------------------
                      Description                        Monthly charge
------------------------------------------------------------------------
BM&F Bovespa..........................................            $3,000
Boston Options Exchange (BOX).........................             1,000
Canadian Securities Exchange (CSE)....................             1,000
Cboe BZX Exchange (CboeBZX) and Cboe BYX Exchange                  2,000
 (CboeBYX)............................................
Cboe EDGX Exchange (CboeEDGX) and Cboe EDGA Exchange               2,000
 (CboeEDGA)...........................................
Cboe Exchange (Cboe) and Cboe C2 Exchange (C2)........             2,000
CME Group.............................................             3,000
Euronext Optiq Compressed Cash........................               900
Euronext Optiq Compressed Derivatives.................               600
Euronext Optiq Shaped Cash............................             1,200
Euronext Optiq Shaped Derivatives.....................               900
Financial Industry Regulatory Authority (FINRA).......               500
Global OTC............................................               100
ICE Data Services Consolidated Feed <=100 Mb..........               200
ICE Data Services Consolidated Feed >100 Mb to <=1 Gb.               500
ICE Data Services Consolidated Feed >1 Gb.............             1,000
ICE Data Services Consolidated Feed Shared Farm                      200
 <=100Mb..............................................
ICE Data Services Consolidated Feed Shared Farm >100                 500
 Mb to <=1 Gb.........................................
ICE Data Services Consolidated Feed Shared Farm >1 Gb.             1,000
ICE Data Services--ICE TMC............................               200
ICE Data Services PRD.................................               200
ICE Data Services PRD CEP.............................               400
Intercontinental Exchange (ICE).......................             1,500
Investors Exchange (IEX)..............................             1,000
ITG TriAct Matchnow...................................             1,000
Members Exchange (MEMX)...............................             3,000
MIAX Emerald..........................................             3,500
MIAX Options/MIAX PEARL Options.......................             2,000
MIAX PEARL Equities...................................             2,500
Montr[eacute]al Exchange (MX).........................             1,000
MSCI 5 Mb.............................................               500
MSCI 25 Mb............................................             1,200
NASDAQ Stock Market...................................             2,000
NASDAQ OMX Global Index Data Service..................               100
NASDAQ UQDF & UTDF....................................               500
NASDAQ Canada (CXC, CXD, CX2).........................             1,500
NASDAQ ISE............................................             1,000
Neo Aequitas..........................................             1,200
Omega.................................................             1,000
OneChicago............................................             1,000
OTC Markets Group.....................................             1,000
Vela--SuperFeed <500 Mb...............................               250

Vela--SuperFeed >500 Mb to <1.25 Gb...................               800
Vela--SuperFeed >1.25 Gb..............................             1,000
TMX Group.............................................             2,500
------------------------------------------------------------------------

    The Exchange proposes to add Note 3 to the section of the Fee
Schedule titled ``D. Non-Colocation (``NCL'') Services.'' Proposed Note
3 would be titled ``Note 3: Third Party Systems'' and would provide:

    Pricing for data feeds from third party markets and other
service providers (Third Party Data Feeds) is for connectivity only.
Connectivity to Third Party Data Feeds is subject to any technical
provisioning requirements, authorization, and licensing from the
provider of the data feed. Connectivity to Third Party Data Feeds is
over the IDS Network. Fees for Third Party Data Feeds are charged by
the provider of such data feeds. Third Party Data Feed providers may
charge redistribution fees. When IDS is charged a redistribution
fee, IDS passes the charge through to the customer, without change
to the fee. The fee is labeled as a pass-through of a redistribution
fee on the customer's invoice. IDS does not charge third party
markets or content providers for connectivity to their own feeds.
IDS is not the exclusive method to connect to Third Party Data
Feeds.

    Connectivity to Third Party Data Testing and Certification Feeds:
The Exchange proposes to specify in the Fee Schedule that NCL Customers
may obtain connectivity to third-party testing and certification feeds.
Certification feeds are used to certify that an NCL Customer conforms
to any of the relevant content service provider's requirements for
accessing Third Party Systems or receiving Third Party Data Feeds,
while testing feeds would provide NCL Customers an environment in which
to conduct tests with non-live data. Such feeds, which are solely used
for certification and testing and do not carry live production data,
are available over the IDS Network.
    Connectivity to third party testing and certification feeds would
be subject to any technical provisioning requirements, authorization,
and licensing from the provider of the data feed. Fees for such feeds
are charged by the provider of the feed. The Exchange is not the
exclusive method to connect to third-party testing and certification
feeds.
    The Exchange proposes to add the following fees and language to the
Fee Schedule:

Connectivity to Third Party Testing and Certification Feeds--$100
monthly recurring charge per feed

    Connectivity to DTCC: The Exchange proposes to specify in the Fee
Schedule services that IDS provides to connect NCL Customers to
Depository Trust & Clearing Corporation (``DTCC'') for clearing, fund
transfer, insurance, and settlement services.
    In order to connect to DTCC, an NCL Customer enters into a contract
with DTCC, pursuant to which DTCC charges the NCL Customer for the
services provided. IDS receives the DTCC feed over its fiber optic
network and, after DTCC and the NCL Customer entered into the services
contract and IDS received authorization from DTCC, IDS provides
connectivity to DTCC to the NCL Customer over the NCL Customer's IDS
Network port. IDS charges the NCL Customer for the connectivity to
DTCC.
    Connectivity to DTCC does not provide access or order entry to the
Exchange's execution system, and an NCL Customer's connection to DTCC
is not through the Exchange's execution system.
    Connectivity to DTCC is subject to any technical provisioning
requirements, authorization, and licensing from DTCC. Fees for such
feeds are charged by DTCC. IDS is not the exclusive provider to connect
to DTCC feeds.
    The Exchange proposes to add the following fees and language to the
Fee Schedule:

                          Connectivity to DTCC
------------------------------------------------------------------------
              Description                        Amount of charge
------------------------------------------------------------------------
5 Mb connection to DTCC................  $500 monthly recurring charge.
50 Mb connection to DTCC...............  $2,500 monthly recurring
                                          charge.
------------------------------------------------------------------------

3. NCL NMS Network Ports
    The Exchange proposes to amend the Fee Schedule to add services
that IDS currently offers enabling NCL Customers to connect to the NMS
Network in the Mahwah Data Center.
    The Exchange proposes to add the following fees and language to the
Fee Schedule:

                   NCL NMS Network Ports (See Note 4)
------------------------------------------------------------------------
       Type of service             Description        Amount of charge
------------------------------------------------------------------------
NCL NMS Network Access--10    10 Gb NCL NMS         $10,000 initial
 Gb.                           Network port.         charge plus $11,000
                                                     monthly charge.
NCL NMS Network Access--40    40 Gb NCL NMS         $10,000 initial
 Gb.                           Network port.         charge plus $18,000
                                                     monthly charge.
------------------------------------------------------------------------

    The Exchange also proposes to add Note 4 to the section of the Fee
Schedule titled ``D. Non-Colocation (``NCL'') Services,'' to establish
that, when an NCL Customer purchases an NMS Network port, it has the
option of receiving the NMS feeds over the NMS Network.
    Proposed Note 4 would be titled ``Note 4: NMS Network'' and would
provide:

    When an NCL Customer purchases access to the NMS Network, upon
its request, it will receive connectivity to any of the NMS feeds
that it selects, subject to any necessary technical provisioning
requirements, authorization, and licensing from the provider of such
NMS feed. Fees for the NMS feeds are charged by the provider of such
NMS feed. The NMS feeds are as follows:

NMS feeds--CTS, CQS, OPRA
4. NCL Cross Connect
    The Exchange proposes to amend the Fee Schedule to specify fiber
cross connect services that IDS offers NCL Customers for an initial and
monthly charge.\10\ A cross connect is used to connect a circuit to a
port. NCL Customers use such cross connects to connect from the IDS
Network or NMS Network to a circuit connecting outside the Mahwah Data
Center. The Exchange proposes that the fees for this service would be
identical to the fees for the corresponding service in colocation.
---------------------------------------------------------------------------

    \10\ Because NCL Customers do not co-locate any equipment in the
Mahwah Data Center, they generally require fewer fiber cross
connects than colocation Users. Accordingly, the Exchange does not
propose amending the Fee Schedule to include bundles of 6, 12, 18,
or 24 cross connects as are available to colocation Users.
---------------------------------------------------------------------------

    The Exchange proposes to add the following fees and language to the
Fee Schedule:

------------------------------------------------------------------------
       Type of service             Description        Amount of charge
------------------------------------------------------------------------
NCL Cross Connect...........  Furnish and install   $500 initial charge
                               one cross-connect.    plus $600 monthly
                                                     charge.
------------------------------------------------------------------------

5. NCL Expedite Fee
    The Exchange proposes to amend the Fee Schedule to specify optional
services that IDS offers NCL Customers to expedite the completion of
services purchased or ordered by the NCL Customer, for which IDS
charges an ``Expedite Fee.'' Similar to the ``Expedite Fee'' applicable
to Users in colocation,\11\ if an NCL Customer wishes to obtain NCL
Services earlier than the expected completion date, the NCL Customer
may pay the Expedite Fee. The time saved would vary depending on the
type(s) of service(s) ordered, but the Expedite Fee would always be a
flat $4,000, allowing the NCL Customer to determine if the expected
time savings warrants payment of the fee.
---------------------------------------------------------------------------

    \11\ See NYSE National Colocation Notice, supra note 4, at
26318.
---------------------------------------------------------------------------

    The Exchange proposes to add the following fees and language to the
Fee Schedule:

----------------------------------------------------------------------------------------------------------------
             Type of service                         Description                      Amount of charge
----------------------------------------------------------------------------------------------------------------
NCL Expedite Fee........................  Expedited installation/           $4,000 per request.
                                           completion of a customer's NCL
                                           service.
----------------------------------------------------------------------------------------------------------------

6. NCL Change Fee
    The Exchange proposes to amend the Fee Schedule to specify the
``Change Fee'' that IDS charges an NCL Customer if the NCL Customer
requests a change to one or more existing NCL Services that IDS has
already established or completed for the NCL Customer.
    In this regard, the Exchange notes that several of the proposed
services that would be added to the Fee Schedule include an initial fee
in addition to an ongoing monthly fee. These initial fees are related
to IDS's initial cost of establishing or installing a particular
service for the NCL Customer. Similar to the ``Change Fee'' applicable
to Users in colocation,\12\ IDS charges a fee of $950 per order if the
NCL Customer requests a change to one or more existing NCL Services
that IDS has already established or completed for the NCL Customer. For
example, the initial installation of an IDS Network connection would
include establishing and configuring market data services requested by
the NCL Customer, which would be covered by the initial install fee.
However, if the NCL Customer requests that IDS establish and configure
additional market data services for its IDS Network connection, the NCL
Customer would be charged a one-time Change Fee of $950 for that
request. If an NCL Customer orders two or more services at one time
(for example, through submitting an order form requesting multiple
services), the NCL Customer would be charged a one-time Change Fee of
$950, which would cover the multiple services.
---------------------------------------------------------------------------

    \12\ See id.
---------------------------------------------------------------------------

    The Exchange proposes to add the following fees and language to the
Fee Schedule:

----------------------------------------------------------------------------------------------------------------
             Type of service                         Description                      Amount of charge
----------------------------------------------------------------------------------------------------------------
NCL Change Fee..........................  Change to an NCL service that     $950 per request.
                                           has already been installed/
                                           completed for a customer.
----------------------------------------------------------------------------------------------------------------

Fee Schedule Name
    In addition, the Exchange proposes to change the name of the
``Wireless Connectivity Fee Schedule'' to ``Connectivity Fee
Schedule.'' [sic] Because the Fee Schedule will no longer be limited to
wireless services, the Exchange proposes to change the name of the Fee
Schedule from ``Wireless Connectivity Fee Schedule'' [sic] to ``Mahwah
Wireless, Circuits, and Non-Colocation Connectivity Fee Schedule.''
Application and Impact of the Proposed Changes
    There are currently few NCL Customers. Accordingly, the Exchange
expects that the impact of the proposed change would be minimal.
    The proposed change is not targeted at, or expected to be limited
in applicability to, a specific segment of market participant. The
Mahwah Circuits are available for purchase for any potential customer
requiring a circuit between the Mahwah Data Center and a remote
location. The NCL Services are available for purchase by any customer.
The proposed changes do not apply differently to distinct types or
sizes of customers. Rather, they apply to all customers equally.
    Use of the services proposed in this filing are completely
voluntary and available to all market participants on a non-
discriminatory basis.

Competitive Environment
    IDS operates in a highly competitive market in which exchanges,
third party telecommunications providers, Hosting Users,\13\ and other
third-party vendors offer connectivity services as a means to
facilitate the trading and other market activities of market
participants. The Commission has repeatedly expressed its preference
for competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \14\
---------------------------------------------------------------------------

    \13\ ``Hosting'' is a service offered by a User to another
entity In the User's space within the Mahwah Data Center. The
Exchange allows Users to act as Hosting Users for a monthly fee. See
NYSE National Colocation Notice, supra note 4, at 26318.
    \14\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------

    The proposed changes are not otherwise intended to address any
other issues relating to services related to the Mahwah Data Center
and/or related fees, and the Exchange is not aware of any problems that
market participants would have in complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\15\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\16\ 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 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
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange further believes
that the proposed rule change is consistent with Section 6(b)(4) of the
Act,\17\ because it provides for the equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities and does not unfairly discriminate between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    The Exchange believes that the proposed rule change is reasonable
and would perfect the mechanisms of a free and open market and a
national market system and, in general, protect investors and the
public interest, for the following reasons.
    General: Only the market participants that voluntarily select to
receive the IDS services described herein are charged for them, and
those services are available to all market participants. Furthermore,
the IDS services described in this filing are available to all market
participants on an equal basis (i.e., the same products and services
are available to all market participants). All market participants that
voluntarily select a specific proposed IDS service would be charged the
same amount for that service as all other market participants
purchasing that service.
    In addition, the Exchange believes that the proposed rule change is
reasonable because the IDS services described herein are offered as a
convenience to market participants, but offering them requires the
provision, maintenance, and operation of the Mahwah Data Center,
including the installation, monitoring, support, and maintenance of the
services.
    Mahwah Circuits: The Exchange believes the fees proposed herein for
IDS's Mahwah Circuits are reasonable. The market for circuits into and
out of the Mahwah Data Center is competitive, and the proposed IDS
offerings are merely one of several options from which market
participants can choose. Each of the third-party telecommunications
providers that has a presence in the Mahwah Data Center's ``Meet Me
Rooms'' offers similar circuits to market participants, in competition
with the IDS offerings proposed here. Each market participant
considering whether to purchase a circuit directly can weigh that
option against similar circuits offered by those third-party carriers,
and can choose which circuit to purchase based on which combination of
latency, bandwidth, price, and other factors best meets its business
needs. Indeed, the Exchange understands that most of the third-party
telecommunications providers that provide circuits do so at fees lower
than those proposed herein, and that most NCL Customers and colocation
Users use such third party telecommunication circuits into and out of
the Mahwah Data Center.
    IDS Network Ports: The Exchange believes that the IDS Network ports
proposed herein are reasonable. The market for connecting with the
Exchange's trading and execution systems is competitive, and the
proposed IDS Network ports that IDS provides are merely one of several
options that market participants may choose. As alternatives to the IDS
Network ports, a market participant would be able to access or connect
to Exchange Systems, Third Party Systems, Included Data Products, Third
Party Data Feeds, third party testing and certification feeds, and DTCC
through (a) a connection to an IDS access center outside of the Mahwah
Data Center, (b) a third-party access center, (c) a third-party vendor,
(d) a Hosting User, or (e) colocation.
    Market participants consider various factors in determining which
connectivity options to choose, including latency; bandwidth size;
amount of network uptime; the equipment that the network uses; the cost
of the connection; and the applicable contractual provisions. IDS's
offering of connectivity services via IDS Network ports gives market
participants another service to evaluate and consider, thereby
broadening their options for connectivity to the Exchange Systems and
allowing them to tailor their connectivity options to their specific
needs.
    The Exchange further believes that the proposed fees for IDS
Network ports for NCL Customers are reasonable because such prices are
constrained by competition with the numerous other providers that offer
connectivity to the Exchange Systems. If IDS were to attempt to offer
such ports at a supra-competitive price, potential customers would
likely respond by seeking out less expensive substitutes from other
providers.
    NCL NMS Network Ports: The Exchange believes that the proposed fees
for NMS Network ports for NCL Customers are reasonable to recoup the
costs of building the NMS Network. Until 2019, SIAC was required to
provide connectivity to the NMS feeds only via the IP network. Although
the operating committees for the CTA/CQ Plans authorized SIAC to offer
connectivity to the NMS feeds in the Mahwah Data Center via an
alternate, dedicated, low-latency NMS Network, the operating committee
did not assume the costs of creating such a network; instead, the
Exchange and the Affiliate SROs funded the capital and operational
expenses to build and operate the NMS Network. The implementation costs
of approximately $3.8 million are

applicable only to the NMS Network, which is used for the sole purpose
of providing access to the NMS feeds. None of the implementation costs
are applicable to any other Exchange services. As of the date of this
filing, only one customer has contracted with IDS for an NCL NMS
Network port, and the Exchange expects that demand for NMS Network
ports outside of colocation will be very low. The service is
nevertheless available, and so the Exchange proposes to add it to the
Fee Schedule.
    NCL Notes: With respect to proposed NCL Notes 1, 2, 3, and 4, the
Exchange believes they are reasonable because they provide detailed
descriptions of the access and connectivity that NCL Customers receive
when they purchase IDS Network or NMS Network ports. Such detailed
descriptions remove impediments to, and perfect the mechanisms of, a
free and open market and a national market system and, in general,
protect investors and the public interest because they provide market
participants with transparency and clarity as to what connectivity is
included in the purchase of IDS Network or NMS Network ports by NCL
Customers.\18\ The notes would also make clear that all NCL Customers
that voluntarily select to access the IDS Network or NMS Network
receive the same access and connectivity, and are not subject to a
charge above and beyond the fee paid for the relevant IDS Network or
NMS Network ports. The notes further make clear that NCL Customers are
not required to use any of their bandwidth to access Exchange systems
or connect to an Included Data Product unless they wish to do so;
rather, an NCL Customer only receives the access and connectivity that
it selects, and can change what access or connectivity it receives at
any time, subject to authorization from the data provider or the
relevant Exchange or Affiliate SRO.\19\ Notes 1, 2, 3, and 4 are all
based on similar provisions in the Exchange's Price List for
colocation.
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release Nos. 79730 (January 4,
2017), 82 FR 3045 (January 10, 2017) (SR-NYSE-2016-92); 79728
(January 4, 2017), 82 FR 3035 (January 10, 2017) (SR-NYSEMKT-2016-
126); 79729 (January 4, 2017), 82 FR 3061 (January 10, 2017) (SR-
NYSEArca-2016-172).
    \19\ The General Note on page 1 of the Fee Schedule would also
apply to all of the services proposed herein. A market participant
that incurs fees for NCL connectivity or other NCL Services from the
Exchange or one of the Affiliate SROs would not be subject to fees
for the same service charged by the other Affiliate SROs.
---------------------------------------------------------------------------

    Other NCL Services: The Exchange believes it is reasonable to
specify in the Fee Schedule NCL Services that IDS offers including NCL
cross connects, the NCL Expedite Fee, the NCL Change Fee, and NCL
connectivity to Third Party Systems, Third Party Data Feeds, third-
party testing and certification feeds, and DTCC.
    The Exchange believes that the specific fees it has proposed for
NCL cross connects, the NCL Expedite Fee, and the NCL Change Fee are
reasonable. As noted above, IDS faces competition in the market for
connectivity from Hosting Users, IDS access centers outside of the
Mahwah Data Center, third-party access centers, and third-party
vendors. Market participants can consider IDS's proposed fees for the
specific services listed above in the context of this competition, and
choose the connectivity provider that offers the services the market
participant needs at the optimal cost. As such, the proposed fees for
these IDS services are constrained by competition.
    The Exchange believes that charging distinct fees for different NCL
Services is reasonable because not all market participants need or wish
to utilize the same NCL Services. The proposed choice of services
allows market participants to select which NCL Services to use, based
on their business needs, and market participants are only charged for
the services that they select. By charging only those market
participants that utilize an NCL Service the related fee, those market
participants that directly benefit from a service support its cost.
    In addition, the Exchange believes that the proposed fees are
reasonable because they allow the costs associated with offering
different NCL Services to be defrayed or covered while providing market
participants the benefit of such services. The Exchange believes that
the proposed charges are reasonable because IDS offers NCL Services as
conveniences to market participants, but in order to do so must
provide, maintain, and operate the Mahwah Data Center facility hardware
and technology infrastructure. IDS needs to provide network
infrastructure that keeps pace with the number of services available to
NCL Customers, including any increasing demand for bandwidth, and
handle the installation, administration, monitoring, support, and
maintenance of such services, including by responding to any production
issues. In addition, in order to provide connectivity to Third Party
Data Feeds, Third Party Systems, third party testing and certification
feeds, and DTCC, IDS must establish and maintain multiple connections
to each Third Party Data Feed, Third Party System, and DTCC, allowing
IDS to provide resilient and redundant connections, adapt to any
changes made by the relevant third party, and cover any applicable fees
(other than redistribution fees) charged by the relevant third party,
such as port fees.
    The Exchange believes it is reasonable for redistribution fees
charged by providers of Third Party Data Feeds to be passed through to
NCL Customers, without change to the fee. If not passed through, the
cost of the redistribution fees would be factored into the proposed
fees for connectivity to Third Party Data Feeds. The Exchange believes
that passing through the fees makes them more transparent to the NCL
Customer, allowing the NCL Customer to better assess the cost of the
connectivity to a Third Party Data Feed by seeing the individual
components of the cost, i.e., IDS's fee and redistribution fee.
    The Exchange believes that it is reasonable to not charge third-
party markets or content providers for connectivity to their own Third
Party Data Feeds, as the Exchange understands that such parties
generally receive their own feeds for purposes of diagnostics and
testing. The Exchange believes that facilitating such diagnostics and
testing removes impediments to, and perfects the mechanisms of, a free
and open market and a national market system and, in general, protects
investors and the public interest.
    Finally, the Exchange believes it is reasonable to make available
third party testing and certification feeds to enable customers to test
and certify their connections to third party data feeds.
The Proposed Change Is Equitable
    The Exchange believes that its proposal equitably allocates its
fees among market participants.
    The Exchange believes that the proposed change is equitable because
it would not apply differently to distinct types or sizes of market
participants. Rather, it would apply to all NCL Customers equally.
    In addition, the Exchange believes that the proposal is equitable
because only the market participants that voluntarily select to receive
the services described herein would be charged for them. The services
described in this filing are available to all market participants on an
equal basis (i.e., the same products and services are available to all
market participants), and all market participants that voluntarily
select a specific proposed service are charged the same amount for that
service as all other market participants purchasing that service.

    IDS faces competition from numerous other providers that offer
market participants choices for connectivity to the Mahwah Data Center,
Exchange Systems, Third Party Systems, Included Data Products, Third
Party Data Feeds, third party testing and certification feeds, and
DTCC. Without this proposed rule change, market participants seeking
such connectivity would have fewer options. With this proposal, market
participants would have more choices with respect to the form and price
of the services they use, allowing market participants to select the
services and connectivity options that better suit their needs, thereby
helping them tailor their connectivity operations to the requirements
of their businesses.
    The Exchange believes that the proposed NCL Notes 1 and 4 are
equitable because they specify that NCL Customers that voluntarily
select to access the IDS Network or NMS Network would not be subject to
charges above and beyond the fee paid for the relevant IDS Network or
NMS Network port. Further, Notes 1, 2, 3, and 4 specify that NCL
Customers will not be charged for any access or connectivity that they
had not selected.
The Proposed Change Is Not Unfairly Discriminatory
    The Exchange believes its proposal is not unfairly discriminatory.
The proposed change does not apply differently to distinct types or
sizes of market participants. Rather, it applies to all market
participants equally. The purchase of any proposed service is
completely voluntarily and the Fee Schedule will be applied uniformly
to all market participants.
    IDS faces competition from numerous other providers that offer
market participants choices for connectivity to the Mahwah Data Center,
Exchange Systems, Third Party Systems, Included Data Products, Third
Party Data Feeds, third party testing and certification feeds, and
DTCC. Without this proposed rule change, market participants seeking
such connectivity would have fewer options. With this proposal, market
participants would have more choices with respect to the form and price
of the services they use, allowing market participants to select the
services and connectivity options that better suit their needs, thereby
helping them tailor their connectivity operations to the requirements
of their businesses.
    The Exchange believes that the proposed NCL Notes 1 and 4 are not
be unfairly discriminatory because they specify that NCL Customers that
voluntarily select to access the IDS Network or NMS Network are not be
subject to charges above and beyond the fee paid for the relevant IDS
Network or NMS Network port. Further, Notes 1, 2, 3, and 4 specify that
NCL Customers will not be charged for any access or connectivity that
they had not selected.\20\
---------------------------------------------------------------------------

    \20\ In addition, the General Note on page 1 of the Fee Schedule
would apply to all of the services proposed herein. See supra note
19.
---------------------------------------------------------------------------

    For these reasons, the Exchange believes that the proposal is
consistent with the Act.

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

    The proposed change does not affect competition among national
securities exchanges or among members of the Exchange, but rather
between IDS and its commercial competitors.
    As noted above, the Exchange is making the current proposal solely
as a result of the Commission's recent interpretation of the
definitions of ``exchange'' and ``facility'' in the Wireless Approval
Order, which the Exchange is presently challenging on appeal to the
Court of Appeals for the District of Columbia Circuit.\21\ The Exchange
has nevertheless proposed this rule change in order to preserve the
ability of IDS to offer the services at issue herein. If IDS were
compelled to stop offering such services, consumers would have fewer
service providers to choose from for their connectivity needs, which
would be a detriment to competition overall.
---------------------------------------------------------------------------

    \21\ Intercontinental Exchange, Inc. v. SEC, No. 20-1470 (D.C.
Cir. 2020).
---------------------------------------------------------------------------

    Notwithstanding the foregoing, the Exchange notes that there are
numerous other third parties that provide circuits and connectivity at
the Mahwah Data Center, and that IDS competes with those third parties
for the provision of such services to customers. None of these third
parties have been compelled to file their services or fees with the
Commission, and requiring IDS to do so puts IDS at a competitive
disadvantage vis-[agrave]-vis its competitors. Requiring the Exchange
to file IDS services and fees herein is therefore a burden on
competition.
    The Exchange believes competition would be best served by allowing
IDS to freely compete with the other providers of connectivity
services, without the additional burden on IDS alone to file any
proposed changes to services and fees with the Commission.

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_ADDRESS>Please include
File Number SR-NYSENAT-2021-04 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-NYSENAT-2021-04. 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-NYSENAT-2021-04, and should
be submitted on or before March 25, 2021.

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

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

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-04422 Filed 3-3-21; 8:45 am]
BILLING CODE 8011-01-P