[Federal Register: March 27, 2006 (Volume 71, Number 58)]
[Notices]
[Page 15240-15244]
[DOCID:fr27mr06-104]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53514; File No. SR-Phlx-2005-80]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto
Relating to the Automated Delivery and Handling of Stop and Stop-Limit
Orders

March 17, 2006.

    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 15, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. Phlx
filed Amendment No. 1 with the Commission on March 6, 2006.\3\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1, which replaced the original filing in its
entirety, adds clarifying language to the description of the
proposed rule change and adopts a definition of ``agency order'' in
Phlx Rule 1080(b)(i)(A).
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    The Phlx proposes to amend Phlx Rules 1066(c)(1) and 1080(b)(i)(A)
and (C), and to delete Options Floor Procedure Advices (``OFPAs'') A-5
and A-6, to permit customer and off-floor broker-dealer stop \4\ and
stop-limit \5\ orders in options to be delivered via the

Exchange's Automated Options Market (``AUTOM'') System \6\ and to be
handled electronically. The Exchange also proposes to amend Phlx Rule
1080(b)(i)(A) to include the definition of ``agency order'' in the
rule. The text of the proposed rule change is set forth below. Proposed
new language is in italics; deletions are in [brackets].
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    \4\ A stop order is a contingency order to buy or sell when the
market for a particular option contract reaches a specified price. A
stop order to buy becomes a market order when the option contract
trades or is bid at or above the stop price. A stop order to sell
becomes a market order when the option contract trades or is offered
at or below the stop price. See Phlx Rule 1066(c)(1).
    \5\ A stop-limit order is a contingency order to buy or sell at
a limited price when the market for a particular option contract
reaches a specified price. A stop limit order to buy becomes a limit
order executable at the limit price or better when the option
contract trades or is bid at or above the stop-limit price. A stop
limit order to sell becomes a limit order executable at the limit
price or better when the option contract trades or is offered at or
below the stop limit price. See id.
    \6\ See Phlx Rule 1080.
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* * * * *

Rule 1066. Certain Types of Orders Defined

    (a)-(b) No change.
    (c) Contingency Order. A contingency order is a limit or market
order to buy or sell that is contingent upon a condition being
satisfied while the order is at the post.
    (1) Stop-Limit Order. A stop-limit order is a contingency order to
buy or sell at a limited price when [the market] a trade or quote on
the Exchange for a particular option contract reaches a specified
price. A stop-limit order to buy becomes a limit order executable at
the limit price or better when the option contract trades or is bid on
the Exchange at or above the stop-limit price[, after the offer is
represented in the trading crowd]. A stop-limit order to sell becomes a
limit order executable at the limit price or better when the option
contract trades or is offered on the Exchange at or below the stop-
limit price[, after the order is represented in the trading crowd].
    Stop (stop-loss) Order. A stop order is a contingency order to buy
or sell when [the market] a trade or quote on the Exchange for a
particular option contract reaches a specified price. A stop order to
buy becomes a market order when the option contract trades or is bid on
the Exchange at or above the stop price[, after the order is
represented in the trading crowd]. A stop order to sell becomes a
market order when the option contract trades or is offered on the
Exchange at or below the stop price[, after the order is represented in
the trading crowd].
    Notwithstanding the foregoing, a stop or stop-limit order shall not
be elected by a trade that is reported late or out of sequence.
    [Stop and stop-limit orders elected by a quotation must be given
floor official approval prior to execution or, if circumstances make it
impractical for prior approval, promptly following the execution. The
facts surrounding each instance when retroactive approval is requested
must be documented in writing, signed by the specialist and floor
official, and submitted to the Surveillance Department on the day of
the trade.]
    (2)-(7) No change.
    (d)-(g) No change.
    Commentary: No change.
* * * * *

Rule 1080. Philadelphia Stock Exchange Automated Options Market (AUTOM)
and Automatic Execution System (AUTO-X)

    (a) No change.
    (b) Eligible Orders
    (i) The following types of orders are eligible for entry into
AUTOM:
    (A) Agency orders may be entered. The following types of agency
orders are eligible for AUTOM; day, GTC, Immediate or Cancel (``IOC''),
market, limit, stop, stop-limit, all or none, or better, simple cancel,
simple cancel to reduce size (cancel leaves), cancel to change price,
cancel with replacement order, and possible duplicate orders. For
purposes of Exchange options trading, an agency order is any order
entered on behalf of a public customer, and does not include any order
entered for the account of a broker-dealer, or any account in which a
broker-dealer or an associated person of a broker-dealer has any direct
or indirect interest.
    (B) No change.
    (C) Off-floor broker-dealer limit orders, subject to the
restrictions on order entry set forth in Commentary .05 of this Rule,
may be entered. The following types of broker-dealer limit orders are
eligible for AUTOM: Day, GTC, IOC, stop, stop-limit, simple cancel,
simple cancel to reduce size (cancel leaves), cancel to change price,
cancel with replacement order. For purposes of this Rule 1080, the term
``off-floor broker-dealer'' means a broker-dealer that delivers orders
from off the floor of the Exchange for the proprietary account(s) of
such broker-dealer, including a market maker located on an exchange or
trading floor other than the Exchange's trading floor who elects to
deliver orders via AUTOM for the proprietary account(s) of such market
maker.
    (ii)-(iii) No change.
    (c)-(k) No change.
    (l) Directed Orders. For a one-year pilot period, beginning on the
date of approval of this Rule by the Securities and Exchange
Commission, respecting Streaming Quote Options traded on Phlx XL,
specialists, RSQTs and SQTs may receive Directed Orders (as defined in
this Rule) in accordance with the provisions of this Rule 1080(l).
    (i)(A) The term ``Directed Order'' means any customer order (other
than a stop or stop-limit order as defined in Rule 1066) to buy or sell
which has been directed to a particular specialist, RSQT, or SQT by an
Order Flow Provider, as defined below. To qualify as a Directed Order,
an order must be delivered to the Exchange via AUTOM.
    (B)-(C) No change.
    (ii)-(iv) No change.
    Commentary: No change.
* * * * *

A-5 RESERVED [Execution of Stop and Stop Limit Orders

    Stop and stop-limit orders are contingency orders to buy or sell
when the market for a particular option reaches a specified price.
    Stop and stop-limit orders to buy become eligible for execution
when the option trades at or above the stop price or when the bid price
for the option is at or above the stop price. Stop and stop-limit
orders to sell become eligible for execution when the option trades at
or below the stop price or when the offer price for the option is at or
below the stop price. A stop or stop-limit order which will be made
eligible by an opening sale should be executed as the opening trade or
included with the opening trade.
    Stop and stop-limit orders elected by a quotation must be given
Floor Official approval prior to execution or, if circumstances make it
impractical for prior approval, promptly following the execution. The
facts surrounding each instance where retroactive approval is requested
must be documented in writing, signed by the Specialist and Floor
Official, and submitted to the Surveillance Department on the day of
the trade.
    A Specialist may refuse to accept stop and/or stop limit orders on
the book if he has received the approval of one Floor Official no later
than 30 minutes before the opening, or such orders shall be accepted
throughout the day. Notification of such approval will be posted on the
Exchange floor one-half hour before the opening. All stop or stop-limit
orders which have been entrusted to the Specialist shall be returned to
the responsible member immediately upon Floor Official approval for the
return of such orders.

FINE SCHEDULE

A-5
    Fine not applicable]
* * * * *

A-6 RESERVED [Cancel/Replacement Process

    It is the responsibility of the Specialist to notify the
appropriate brokers when orders they placed on the Specialist book
become subject to a

cancel/replacement process. This process shall normally be required
when: (1) There is a change in the contract terms of an option, (2)
there is a transfer of the Specialist book, or (3) in any other
instance where two Floor Officials approve a cancel/replacement of
orders on the book.
    In all instances where a required cancel/replacement of all orders
on the book occurs, it is the responsibility of the Specialist to
ensure that, to the extent possible, any such replacement order will
not incur a loss of the priority it established prior to the cancel/
replacement process.

FINE SCHEDULE (Implemented on a two-year running calendar basis)

A-6
    1st Occurrence: $250.00
    2nd Occurrence: $500.00
    3rd Occurrence: $1,000.00
    4th Occurrence and Thereafter: Sanction is discretionary with
Business Conduct Committee]
* * * * *

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposal and discussed any
comments it received on the proposal. The text of these statements may
be examined at the places specified in Item IV below. The Exchange has
prepared summaries, set forth in sections A, B, and C below, of the
most significant aspects of such statements.

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

1. Purpose
    The purpose of the proposed rule change is to increase the number
of option transactions on the Exchange that are handled automatically
by establishing rules that permit the electronic delivery and handling
of stop and stop-limit orders on the Exchange, and to delete certain
provisions in the Exchange's rules concerning stop and stop-limit
orders that are either redundant or no longer practical. Currently,
stop and stop-limit orders in options are not deliverable
electronically via AUTOM. The proposal would amend the Exchange's rules
to permit the electronic delivery of stop and stop-limit orders to the
Exchange via AUTOM.

Election of Stop and Stop-Limit Orders

    Stop orders delivered electronically on the Exchange's AUTOM System
would be handled in the system as market orders once elected by a trade
or quote on the Exchange.\7\ Stop-limit orders delivered electronically
to the limit order book would become live limit orders in the system
once elected by a trade or quotation on the Exchange, and would be
placed on the limit order book \8\ in price-time priority as of the
time of election.\9\
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    \7\ A stop or stop-limit order is ``elected'' when the market
(i.e., a trade or quotation) for a particular option contract
reaches a specified price. Under the proposal, such orders would be
elected when a trade or quote occurs on the Exchange that causes the
Exchange's market to reach the specified price of the stop or stop-
limit order. See Phlx Rule 1066(c)(1).
    \8\ See Phlx Rule 1080, Commentary .02.
    \9\ An opening trade or quotation would also elect a stop or
stop-limit order. A stop or stop-limit order that is elected by an
opening trade or quotation is treated as a market or limit order for
purposes of the Exchange's rules concerning openings. See Phlx Rule
1017.
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    The proposed rule change would provide that, notwithstanding the
foregoing, a stop or stop-limit order would not be elected by a trade
that is reported late or out of sequence. The purpose of this provision
is to ensure systemically that a stop or stop-limit order would be
elected on the Exchange by the execution price at the actual time of
the execution, instead of at the time of a late or out-of-sequence
report. Absent this provision, it would be possible for a stop or stop-
limit order to be elected by a trade that is reported late or out-of-
sequence, which could result in such stop or stop-limit order being
converted into a market or limit order and, in the case of a stop
order, executed at a significantly different price than the election
price of the stop order.\10\ A stop-limit order that is elected out-of-
sequence could be converted incorrectly into a live limit order that
has a price that is significantly different than the then-current
market price.
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    \10\ For example, if a stop order to sell at $3.00 is elected by
a trade reported late or out-of-sequence with an execution price of
$3.00 when the actual bid price at the time of the report is $1.00,
the stop order would be converted into a market order and executed
at $1.00.
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Eligible Order Types

    Phlx Rules 1080(b)(i)(A) and (C) would be amended to include agency
\11\ and off-floor broker-dealer \12\ stop and stop-limit orders as
order types that are eligible for electronic delivery on the Exchange's
systems.
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    \11\ The Exchange has defined an agency order as any order
entered on behalf of a public customer, excluding any order entered
for the account of a broker-dealer, or any account in which a
broker-dealer or an associated person of a broker-dealer has any
direct or indirect interest. See Securities Exchange Act Release
Nos. 46763 (November 1, 2002), 67 FR 68898 (November 13, 2002) and
40970 (January 25, 1999), 64 FR 4922 (February 1, 1999). The
Exchange proposes to codify this definition in Phlx Rule
1080(b)(i)(A).
    \12\ The term ``off-floor broker-dealer'' means a broker-dealer
that delivers orders from off the floor of the Exchange for the
proprietary account(s) of such broker-dealer, including a market
maker located on an exchange or trading floor other than the
Exchange's trading floor who elects to deliver orders via the
Exchange's electronic order routing, delivery, execution and
reporting system, AUTOM, for the proprietary account(s) of such
market maker. See Phlx Rule 1080(b)(i)(C).
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Floor Official Approval Requirement

    OFPA A-5 and Phlx Rule 1066(c)(1) currently provide that stop and
stop-limit orders elected by a quotation must be given floor official
approval prior to execution or, if circumstances make it impractical
for prior approval, promptly following the execution. The facts
surrounding each instance when retroactive approval is requested must
be documented in writing, signed by the specialist and floor official,
and submitted to the Surveillance Department on the day of the trade.
    Under the instant proposal, stop and stop-limit orders would be
entered electronically and executed and handled automatically on the
Exchange's electronic trading platform for options, Phlx XL.\13\ The
Exchange believes that it would be impractical in an electronic trading
environment to require Floor Official approval prior to the execution
of each stop and stop-limit order that is entered onto the system.
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    \13\ See Securities Exchange Act Release No. 50100 (July 27,
2004), 69 FR 44612 (August 3, 2004).
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    Accordingly, the Exchange proposes to delete the provision from
Phlx Rule 1066(c)(1) requiring Floor Official approval prior to the
execution of stop and stop-limit orders. The provision would also be
deleted from OFPA A-5, which is proposed to be deleted in its entirety,
as set forth more fully below.

In-Crowd Representation Requirement

    Phlx Rule 1066(c)(1) currently provides that stop and stop-limit
orders are elected only after the order is represented in the trading
crowd. The Exchange believes that, with the advent of Phlx XL and
increasingly automated quoting, trading and order handling in options
obviates the need for the requirement that a stop order be represented
in the crowd prior to execution. A stop order (or a stop-limit order
that becomes a marketable limit order) that is elected by a quotation
would be executed, reported and allocated automatically by the

Exchange's systems. Thus, there could be no ``representation in the
crowd'' prior to such an execution. The Exchange therefore proposes to
delete the requirement that such orders be represented in the crowd as
a prerequisite to their election.

Exclusion From the Definition of ``Directed Orders''

    In May 2005, the Exchange adopted rules that permit Exchange
specialists, Streaming Quote Traders (``SQTs''),\14\ and Remote
Streaming Quote Traders (``RSQTs'') \15\ to receive Directed Orders,
and to provide a participation guarantee to specialists, SQTs and RSQTs
that receive Directed Orders.\16\
    Currently, Phlx Rule 1080(l) defines the term ``Directed Order'' as
any customer order to buy or sell that has been directed to a
particular specialist, SQT, or RSQT by an order flow provider. The
Exchange proposes an amendment to Phlx Rule 1080(l) that would
specifically exclude stop and stop-limit orders from the definition of
a Directed Order. Directed Orders must be executed and allocated
electronically in accordance with the Exchange's rules that provide the
participation guarantee described above.\17\ A stop or stop-limit order
that is elected on the Exchange might not be eligible for automatic
execution \18\ and instead would be handled manually by the specialist
and allocated in accordance with Phlx Rule 1014(g)(v), which governs
manual trade allocation and does not provide a participation guarantee
to the recipient of a Directed Order. Such a stop or stop-limit order
that is allocated manually would not be allocated pursuant to Phlx Rule
1014(g)(viii), the trade allocation algorithm applicable to Directed
Orders. Therefore, the Exchange proposes to exclude stop and stop-limit
orders from the definition of ``Directed Order.''
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    \14\ An SQT is an Exchange Registered Options Trader (``ROT'')
who has received permission from the Exchange to generate and submit
option quotations electronically through AUTOM in eligible options
to which such SQT is assigned. An SQT may only submit such
quotations while such SQT is physically present on the floor of the
Exchange. See Phlx Rule 1014(b)(ii)(A).
    \15\ An RSQT is an ROT that is a member or member organization
with no physical trading floor presence who has received permission
from the Exchange to generate and submit option quotations
electronically through AUTOM in eligible options to which such RSQT
has been assigned. An RSQT may only submit such quotations
electronically from off the floor of the Exchange. See Phlx Rule
1014(b)(ii)(B).
    \16\ See Securities Exchange Act Release No. 51759 (May 27,
2005), 70 FR 32860 (June 6, 2005). See also Phlx Rule 1014(g)(viii)
(setting forth the automatic trade allocation algorithm for Directed
Orders).
    \17\ See Phlx Rule 1014(g)(viii).
    \18\ For example, an order is not eligible for automatic
execution on the Exchange when the Exchange's bid or offer is not
the National Best Bid or Offer. See Phlx Rule 1080(c)(iv)(E).
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Deletion of OFPA A-5 in Its Entirety

    OFPA A-5 currently includes a provision that a specialist may
refuse to accept stop and/or stop-limit orders on the book if he has
received the approval of one Floor Official no later than 30 minutes
before the opening. The original purpose of this provision was to allow
the specialist to manage his or her risk of missing, or not timely
executing, elected stop and stop-limit orders in options that are
expected to be volatile during the trading day due to, for example,
pending news or other event-driven changes in the market for the
particular option. The Exchange believes that, because stop and stop-
limit orders would be elected automatically under the proposal,
specialists would no longer be subject to such risks. The Exchange
therefore proposes to delete the provision permitting specialists to
refuse to accept stop and stop-limit orders with the proper Floor
Official approval.
    The Exchange proposes to delete OFPA A-5 in its entirety. The
descriptive language of stop and stop-limit orders contained in OFPA A-
5 is currently contained in Phlx Rule 1066, and would remain in Rule
1066. Additionally, the provision that a stop or stop-limit order which
will be made eligible by an opening sale should be executed as the
opening trade or included with the opening trade is addressed in Phlx
Rule 1017, which includes market orders (such as those that are the
result of a stop order being elected) and limit orders (such as those
resulting from a limit order being elected) that are treated as market
orders under that rule, in the opening of trading in a particular
series.
    The remaining sections of OFPA A-5 regarding the requirement to
obtain Floor Official approval prior to election, and permitting
specialists to refuse to accept stop and stop-limit orders with prior
Floor Official approval, would be deleted for the reasons stated above.
In addition, the Exchange historically adopted some OFPAs in order to
reprint them in a pocket format; this rationale is outdated and no
longer applies.

Deletion of OFPA A-6 in Its Entirety

    Currently, OFPA A-6, Cancel/Replacement Process, requires the
specialist to notify ``the appropriate brokers'' when orders they
placed on the limit order book become subject to a cancel/replacement
process. Notification of the cancel/replacement process is now provided
systemically, except with respect to stop and stop-limit orders placed
with the specialist. Stop and stop-limit orders are the only order
types for which the specialist is currently responsible to notify the
appropriate Exchange member or member organization when stop and stop-
limit orders they placed with the specialist become subject to a
cancel/replacement process (due to, for example, a transfer or an
adjustment for a dividend). Once stop and stop-limit orders are
automated the specialist would no longer be responsible for
notification of cancel/replacement activity for any order type.
Therefore the OFPA is proposed to be deleted in its entirety.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with section
6(b) of the Act \19\ in general, and furthers the objectives of section
6(b)(5) of the Act \20\ in particular, in that it is designed to
promote just and equitable principles of trade, 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, by increasing the number of orders handled electronically and
establishing rules that permit the electronic delivery and handling of
stop and stop-limit orders via the Exchange's AUTOM System.
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    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    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.

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

    The Exchange neither solicited nor received comments with respect
to the proposed rule change.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date 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 such 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, as amended, 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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-Phlx-2005-80 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Phlx-2005-80. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-Phlx-2005-80 and should be submitted on or before April
17, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-4342 Filed 3-24-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: March 5, 2010 (Volume 75, Number 43)]
[Notices]
[Page 10252-10253]
[DOCID:fr05mr10-64]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2008-0015; FRL-9119-7]

Release of Draft Documents Related to the Review of the National
Ambient Air Quality Standards for Carbon Monoxide

AGENCY: Environmental Protection Agency (EPA).

ACTION: Availability of draft documents for public comment.

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SUMMARY: On or about February 22, 2010, the Office of Air Quality
Planning and Standards (OAQPS) of EPA is making available for public
comment a draft assessment document: Risk and Exposure Assessment to
Support the Review of the Carbon Monoxide Primary National Ambient Air
Quality Standards--Second External Review Draft. This draft document
describes the quantitative analyses that are being conducted as part of
the review of the National Ambient Air Quality Standards (NAAQS) for
carbon monoxide (CO). In addition, on or about March 1, 2010, OAQPS is
making available for public comment another draft assessment document:
Policy Assessment for the Review of the Carbon Monoxide National
Ambient Air Quality Standards: External Review Draft.

DATES: Comments should be submitted on or before April 2, 2010.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-
OAR-2008-0015, by one of the following methods:
     http://www.regulations.gov: Follow the on-line
instructions for submitting comments.
     E-mail: Comments may be sent by electronic mail (e-mail)
to<EMAIL_ADDRESS>Attention Docket ID No. EPA-HQ-OAR-2008-
0015.
     Fax: Fax your comments to<PHONE_NUMBER>, Attention Docket
ID. No. EPA-HQ-OAR-2008-0015.
     Mail: Send your comments to: Air and Radiation Docket and
Information Center, Environmental Protection Agency, Mailcode: 2822T,
1200 Pennsylvania Ave., NW., Washington, DC 20460, Attention Docket ID
No. EPA-HQ-OAR-2008-0015.
     Hand Delivery or Courier: Deliver your comments to: EPA
Docket Center, 1301 Constitution Ave., NW., Room 3334, Washington, DC.
Such deliveries are only accepted during the Docket's normal hours of
operation, and special arrangements should be made for deliveries of
boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-HQ-OAR-
2008-0015. The EPA's policy is that all comments received will be
included in the public docket without change and may be made available
online at http://www.regulations.gov, including any personal
information provided, unless the comment includes information claimed
to be Confidential Business Information (CBI) or other information
whose disclosure is restricted by statute. Do not submit information
that you consider to be CBI or otherwise protected through http://
www.regulations.gov or e-mail. The http://www.regulations.gov Web site
is an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an e-mail comment directly to EPA without
going through http://www.regulations.gov, your e-mail address will be
automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of encryption, and be free of
any defects or viruses.
    Docket: All documents in the docket are listed in the http://
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in http://www.regulations.gov or in hard copy at the Air Docket in the
EPA Docket Center, EPA West, Room 3334, 1301 Constitution Ave., NW.,
Washington, DC. This Docket Facility is open from 8:30 a.m. to 4:30
p.m. Monday through Friday, excluding legal holidays. The Docket
telephone number is<PHONE_NUMBER>; fax<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT:
    For questions related to both of these draft documents, titled Risk
and Exposure Assessment to Support the Review of the Carbon Monoxide
Primary National Ambient Air Quality Standards--Second External Review
and Policy Assessment for the Review of the Carbon Monoxide National
Ambient Air Quality Standards: External Review Draft, please contact
Dr. Ines Pagan, Office of Air Quality Planning and Standards (Mail code
C504-06), U.S. Environmental Protection Agency, Research Triangle Park,
NC 27711; e-mail<EMAIL_ADDRESS>telephone:<PHONE_NUMBER>; fax:
919-541-0237.

General Information

A. What Should I Consider as I Prepare My Comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
http://www.regulations.gov or e-mail. Clearly mark the part or all of
the information that you claim to be CBI. For CBI information in a disk
or CD ROM that you mail to EPA, mark the outside of the disk or CD ROM
as CBI and then identify electronically within the disk or CD ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for Preparing Your Comments. When submitting comments,
remember to:
     Identify the rulemaking by docket number and other
identifying information (subject heading, Federal Register date and
page number).
     Follow directions--The agency may ask you to respond to
specific questions or organize comments by referencing a Code of
Federal Regulations (CFR) part or section number.
     Explain why you agree or disagree; suggest alternatives
and substitute language for your requested changes.
     Describe any assumptions and provide any technical
information and/or data that you used.
     If you estimate potential costs or burdens, explain how
you arrived at your estimate in sufficient detail to allow for it to be
reproduced.
     Provide specific examples to illustrate your concerns, and
suggest alternatives.
     Make sure to submit your comments by the comment period
deadline identified.

SUPPLEMENTARY INFORMATION: Under section 108(a) of the Clean Air Act
(CAA), the Administrator identifies and lists certain pollutants which
``cause or contribute to air pollution which may reasonably be
anticipated to endanger public health or welfare.'' The EPA then

issues air quality criteria for these listed pollutants, which are
commonly referred to as ``criteria pollutants.'' The air quality
criteria are to ``accurately reflect the latest scientific knowledge
useful in indicating the kind and extent of all identifiable effects on
public health or welfare which may be expected from the presence of [a]
pollutant in the ambient air, in varying quantities.'' Under section
109 of the CAA, EPA establishes primary (health-based) and secondary
(welfare-based) NAAQS for pollutants for which air quality criteria are
issued. Section 109(d) of the CAA requires periodic review and, if
appropriate, revision of existing air quality criteria. The revised air
quality criteria reflect advances in scientific knowledge on the
effects of the pollutant on public health or welfare. The EPA is also
required to periodically review and revise the NAAQS, if appropriate,
based on the revised criteria.
    Presently, EPA is reviewing the air quality criteria and NAAQS for
CO. The EPA's overall plan and schedule for this review is presented in
the Plan for Review of the National Ambient Air Quality Standards for
Carbon Monoxide.\1\ A draft of this integrated review plan was released
for public review and comment in March 2008 and was the subject of a
consultation with the Clean Air Scientific Advisory Committee (CASAC)
on April 8, 2008 (73 FR 12998). Comments received from that
consultation and from the public were considered in finalizing the plan
and in beginning the review of the air quality criteria.
---------------------------------------------------------------------------

    \1\ EPA 452R-08-005; August 2008; Available: http://www.epa.gov/
ttn/naaqs/standards/co/s_co_cr_pd.html.
---------------------------------------------------------------------------

    As part of EPA's review of the primary (health-based) CO NAAQS, the
Agency is conducting qualitative and quantitative assessments
characterizing the health risks associated with exposure to ambient CO.
The EPA's plans for conducting these assessments, including the
proposed scope and methods of the analyses, were presented in a
planning document titled, Carbon Monoxide National Ambient Air Quality
Standards: Scope and Methods Plan for Health Risk and Exposure
Assessment (Scope and Methods Plan). This planning document was
released for public comment in April 2009 and was the subject of a
consultation with the CASAC on May 13, 2009 (74 FR 15265).
    The draft exposure and risk assessment document announced today
conveys the approaches taken to assess exposures to ambient CO and to
characterize associated health risks, as well as present the initial
key results, observations, and related uncertainties associated with
the quantitative analyses performed. An earlier draft of the exposure
and risk assessment document was released for CASAC review and public
comment in October 2009 (74 FR 55843; October 29, 2009), and was the
subject of a CASAC review meeting on November 16 and 17, 2009 (74 FR
54042). This draft document will be available on or about February 22,
2010, through the Agency's Technology Transfer Network (TTN) Web site
at http://www.epa.gov/ttn/naaqs/standards/co/s_co_index.html. This
document may be accessed in the ``Documents from Current Review''
section under ``Risk and Exposure Assessments.''
    In addition, on or about March 1, 2010, EPA will make available a
second draft document: Policy Assessment for the Review of the Carbon
Monoxide National Ambient Air Quality Standards: External Review Draft.
The development of this document is a result of recent changes to the
NAAQS review process which included reinstating a policy assessment
document that contains staff analyses of the scientific bases for
alternative policy options for consideration by senior Agency
management prior to rulemaking. This document, which builds upon the
historical ``Staff Paper,'' will serve to ``bridge the gap'' between
the scientific information and the judgments required of the
Administrator in determining whether it is appropriate to retain or
revise the standards. In conjunction with this change, EPA will no
longer issue a policy assessment in the form of an Advance Notice of
Proposed Rulemaking (ANPR).\2\
---------------------------------------------------------------------------

    \2\ See http://www.epa.gov/ttn/naaqs/review.html for a copy of
Administrator Jackson's May 21, 2009 memorandum and for additional
information on the NAAQS review process.
---------------------------------------------------------------------------

    The draft Policy Assessment (PA) builds upon information presented
in the Integrated Science Assessment for Carbon Monoxide and the draft
assessment document described above. This draft document will be
available on or about March 1, 2010, through the Agency's Technology
Transfer Network (TTN) Web site at http://www.epa.gov/ttn/naaqs/
standards/co/s_co_index.html. This document may be accessed in the
``Documents from Current Review'' section under ``Policy Assessments.''
    The EPA is soliciting advice and recommendations from the CASAC by
means of a review of both draft documents at an upcoming public meeting
of the CASAC. Information about this public meeting, including the date
and location, will be published as a separate notice in an upcoming
edition of the Federal Register. Following the CASAC meeting, EPA will
consider comments received from the CASAC and the public in preparing
revisions to these documents.
    The draft documents briefly described above do not represent and
should not be construed to represent any final EPA policy, viewpoint,
or determination. The EPA will consider any public comments submitted
in response to this notice when revising the documents.

    Dated: February 19, 2010.
Jennifer Noonan Edmonds,
Acting Director, Office of Air Quality Planning and Standards.
[FR Doc. 2010-4702 Filed 3-4-10; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: April 12, 2007 (Volume 72, Number 70)]
[Notices]
[Page 18467]
[DOCID:fr12ap07-44]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP07-391-000]

Central Kentucky Transmission Company; Notice of Proposed Changes
in FERC Gas Tariff

April 6, 2007.
    Take notice that on April 2, 2007, Central Kentucky Transmission
Company (Central Kentucky) tendered for filing as part of its FERC Gas
Tariff, Original Volume No. 1, Third Revised Sheet No. 6, with a
proposed effective date of May 1, 2007.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
Section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Philis J. Posey,
Acting Secretary.
[FR Doc. E7-6925 Filed 4-11-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 131 (Tuesday, July 13, 2021)]
[Notices]
[Pages 36827-36833]
[FR Doc No: 2021-14793]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92336; File No. SR-NYSEAMER-2021-32]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 903 To Limit Short Term Options Series Intervals

July 7, 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 June 25, 2021, NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend Rule 903 (Series of Options Open for
Trading) in connection with limiting the number of strikes listed for
Short Term Option Series which are available for quoting and trading on
the Exchange. The proposed rule change is available on the Exchange's
website at www.nyse.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Rule 903 (Series of Options Open for
Trading). Specifically, this proposal seeks to widen the intervals
between strikes in order to limit the number of strikes listed for
multiply listed equity options classes (excluding options on Exchange-
Traded Funds (``ETFs'') and Section 107 Securities (as described
herein, see infra n. 13) within the Short Term Option Series program
that have an expiration date more than 21 days from the listing date.
Background
    Current Rule 903 permits the Exchange, after a particular class of
options has been approved for listing and trading on the Exchange, to
open for trading series of options therein. The Exchange may list
series of options for trading on a weekly,\4\ monthly \5\ or quarterly
\6\ basis. Rule 903 (c) sets forth the intervals between strike prices
of series of options on individual stocks generally \7\ and Rule 903
Commentary .10 (d) specifically sets forth intervals between strike
prices Short Term Option Series. Additionally, the Exchange may list
series of options pursuant to the $1 Strike Price Interval Program,\8\
the $0.50 Strike Program,\9\ the $2.50 Strike Price Program,\10\ and
the $5 Strike Program.\11\ The Exchange's proposal seeks to amend the
listing of weekly series of options (i.e. Short Term Option Series) by
adopting new Rule 903 Commentary .10 (e),\12\ which widens the
permissible intervals between strikes, thereby limiting the number of
strikes listed, for multiply listed equity options (excluding options

on ETFs \13\ and Section 107 Securities \14\) that have an expiration
date more than 21 days from the listing date. This proposal does not
amend the monthly or quarterly listing rules, nor does it amend the $1
Strike Price Interval Program, the $0.50 Strike Program, the $2.50
Strike Price Program, or the $5 Strike Program.
---------------------------------------------------------------------------

    \4\ The weekly listing program is known as the Short Term Option
Series Program and is described within Rule 903, Commentary .10.
    \5\ The Exchange will open at least one expiration month for
each class of options open for trading on the Exchange. See Rule
903(a). The monthly expirations are subject to certain listing
criteria for underlying securities described within Rule 915.
Monthly listings expire the third Friday of the month See The
Options Clearing Corporation (``OCC'') By-Laws at Section 1.
    \6\ The quarterly listing program is known as the Quarterly
Options Series Program and is described within Rule 903.
    \7\ The interval between strike prices of series of options on
individual stocks may be $2.50 or greater where the strike price is
$25 or less, provided however, that the Exchange may not list $2.50
intervals below $50 (e.g. $12.50, $17.50) for any class included
within the $1 Strike Price Program, as detailed below in Rule 903
Commentary .06 if the addition of $2.50 intervals would cause the
class to have strike price intervals that are $0.50 apart. For
series of options on Exchange-Traded Fund Shares that satisfy the
criteria set forth in Rule 915 Commentary .06, the interval of
strike prices may be $1 or greater where the strike price is $200 or
less or $5 or greater where the strike price is over $200.
Exceptions to the strike price intervals above are set forth in Rule
903, Commentary .07.
    \8\ The $1 Strike Interval Program is described within Rule 903,
Commentary .06
    \9\ The $0.50 Strike Program is described within Rule 903,
Commentary .13
    \10\ The $2.50 Strike Price Program is described within Rule
903, Commentary .07
    \11\ The $5 Strike Program is described within Rule 903,
Commentary .12
    \12\ As a result, the proposed rule change subsequently updates
current Rule 903, Commentary .10(e) to (f). In this regard, the
Exchange also proposes to update a cross-reference to this newly re-
lettered paragraph .10(g) that appears in Rule 903(h). See proposed
Rule 903(h).
    \13\ The term ``ETF'' (Exchange-Traded Fund) (or ``Fund
Shares'') has the same meaning as the term ``exchange-traded fund''
as defined in Rule 6c-11 under the Investment Company Act of 1940.
See Rule 915, Commentary .06(g). Securities deemed appropriate for
options trading shall include shares or other securities (``Fund
Shares''), including but not limited to Partnership Units as defined
in this Rule, that are principally traded on a national securities
exchange and are defined as an ``NMS stock'' under Rule 600 of
Regulation NMS, and that (1) represent interests in registered
investment companies (or series thereof) organized as open-end
management investment companies, unit investment trusts or similar
entities, and that hold portfolios of securities comprising or
otherwise based on or representing investments in indexes or
portfolios of securities (or that hold securities in one or more
other registered investment companies that themselves hold such
portfolios of securities) (``Funds '') and/or financial instruments
including, but not limited to, stock index futures contracts,
options on futures, options on securities and indexes, equity caps,
collars and floors, swap agreements, forward contracts, repurchase
agreements and reverse repurchase agreements (the ``Financial
Instruments''), and money market instruments, including, but not
limited to, U.S. government securities and repurchase agreements
(the ``Money Market Instruments'') constituting or otherwise based
on or representing an investment in an index or portfolio of
securities and/or Financial Instruments and Money Market
Instruments, or (2) represent commodity pool interests principally
engaged, directly or indirectly, in holding and/or managing
portfolios or baskets of securities, commodity futures contracts,
options on commodity futures contracts, swaps, forward contracts
and/or options on physical commodities and/or non-U.S. currency
(``Commodity Pool ETFs'') or (3) represent interests in a trust or
similar entity that holds a specified non-U.S. currency or
currencies deposited with the trust or similar entity when
aggregated in some specified minimum number may be surrendered to
the trust by the beneficial owner to receive the specified non-U.S.
currency or currencies and pays the beneficial owner interest and
other distributions on the deposited non-U.S. currency or
currencies, if any, declared and paid by the trust (``Currency Trust
Shares''), or (4) represent interests in the SPDR Gold Trust or are
issued by the iShares COMEX Gold Trust or iShares Silver Trust).
    \14\ Securities deemed appropriate for options trading shall
include shares or other securities (``Index-Linked Securities'',
``Commodity-Linked Securities'', ``Currency-Linked Securities'',
``Fixed Income-Linked Securities'', ``Futures-Linked Securities'',
and ``Combination-Linked Securities'', collectively known as
``Section 107 Securities''), as defined in Sections 107D, 107E,
107F, 107G, 107H and 107I of the Company Guide, that are principally
traded on a national securities exchange and an ``NMS stock'' (as
defined in Rule 600 of Regulation NMS under the Securities and
Exchange Act of 1934), and represent ownership of a security that
provides for the payment at maturity, as described below: Index-
Linked Securities are securities that provide for the payment at
maturity of a cash amount based on the performance or the leveraged
(multiple or inverse) performance of an underlying index or indexes
of equity securities (``Equity Reference Asset''); Commodity-Linked
Securities are securities that provide for the payment at maturity
of a cash amount based on the performance or the leveraged (multiple
or inverse) performance of one or more physical commodities or
commodity futures, options on commodities, or other commodity
derivatives or Commodity-Based Trust Shares or a basket or index of
any of the foregoing (``Commodity Reference Asset''); Currency-
Linked Securities are securities that provide for the payment at
maturity of a cash amount based on the performance or the leveraged
(multiple or inverse) performance of one or more currencies, or
options on currencies or currency futures or other currency
derivatives or Currency Trust Shares (as defined in Rule 1200B--
AEMI(b)) or a basket or index of any of the foregoing (``Currency
Reference Asset''); Fixed Income-Linked Securities are securities
that provide for the payment at maturity of a cash amount based on
the performance or the leveraged (multiple or inverse) performance
of one or more notes, bonds, debentures or evidence of indebtedness
that include, but are not limited to, U.S. Department of Treasury
securities (``Treasury Securities''), government-sponsored entity
securities (``GSE Securities''), municipal securities, trust
preferred securities, supranational debt and debt of a foreign
country or a subdivision thereof or a basket or index of any of the
foregoing (``Fixed Income Reference Asset''); Futures-Linked
Securities are securities that provide for the payment at maturity
of a cash amount based on the performance or the leveraged (multiple
or inverse) performance of an index or indexes of futures contracts
or options or derivatives on futures contracts (a ``Futures
Reference Asset''); and Combination-Linked Securities are securities
that provide for the payment at maturity of a cash amount based on
the performance or the leveraged (multiple or inverse) performance
of any combination of two or more Equity Reference Assets, Commodity
Reference Assets, Currency Reference Assets, Fixed Income Reference
Assets, or Futures Reference Assets (a ``Combination Reference
Asset'').
---------------------------------------------------------------------------

Short Term Option Series Program
    After an option class has been approved for listing and trading on
the Exchange,\15\ Rule 903(h) permits the Exchange to open for trading
on any Thursday or Friday that is a business day (``Short Term Option
Opening Date'') series of options on that class that expire at the
close of business on each of the next five Fridays that are business
days and are not Fridays on which monthly options series or Quarterly
Options Series expire (``Short Term Option Expiration Dates''). The
Exchange may select up to fifty currently listed option classes on
which Short Term Option Series may be opened on any Short Term Option
Opening Date. In addition to the fifty option class restriction, the
Exchange may also list Short Term Option Series on any option classes
that are selected by other securities exchanges that employ a similar
program under their respective rules. For each option class eligible
for participation in the Short Term Option Series Program, the Exchange
may open up to 30 Short Term Option Series for each expiration date in
that class. The Exchange may also open Short Term Option Series that
are opened by other securities exchanges in option classes selected by
such exchanges under their respective short term option rules.\16\
Pursuant to Rule 903, Commentary .10 (b), the Exchange may open up to
30 initial series for each option class that participates in the Short
Term Option Series Program and, pursuant to Rule 903,Commentary .10
(c), if the Exchange opens less than 30 Short Term Option Series for a
Short Term Option Expiration Date, additional series may be opened for
trading on the Exchange when Exchange deems it necessary to maintain an
orderly market, to meet customer demand, or when the market price of
the underlying security moves substantially from the exercise price or
prices of the series already opened. Rule 903, Commentary .10 (d)
provides that, if the class does not trade in $1 strike price
intervals, the strike price interval for Short Term Option Series may
be: (i) $0.50 or greater where the strike price is less than $75; (ii)
$1.00 or greater where the strike price is between $75 and $150; or
(iii) $2.50 or greater for strike prices greater than $150.\17\
---------------------------------------------------------------------------

    \15\ The Exchange may have no more than a total of five Short
Term Option Expiration Dates, not including any Monday or Wednesday
SPY Expirations as provided in paragraph (g). If the Exchange is not
open for business on the respective Thursday or Friday, the Short
Term Option Opening Date will be the first business day immediately
prior to that respective Thursday or Friday. Similarly, if the
Exchange is not open for business on the Friday that the options are
set to expire, the Short Term Option Expiration Date will be the
first business day immediately prior to that Friday. See Rule 903,
Commentary .10. The Exchange may open for trading on any Friday or
Monday that is a business day series of options on the SPDR S&P 500
ETF Trust (``SPY'') to expire on any Monday of the month that is a
business day and is not a Monday on which Quarterly Options Series
expire (``Monday SPY Expirations''), provided that any Friday on
which the Exchange opens for trading a Monday SPY Expiration is one
business week and one business day prior to expiration. The Exchange
may also open for trading on any Tuesday or Wednesday that is a
business day series of SPY options to expire on any Wednesday of the
month that is a business day and is not a Wednesday on which
Quarterly Options Series expire (``Wednesday SPY Expirations''). The
Exchange may list up to five consecutive Monday SPY Expirations and
up to five consecutive Wednesday SPY Expirations at one time; the
Exchange may have no more than a total of five Monday SPY
Expirations and no more than a total of five Wednesday SPY
Expirations. Monday and Wednesday SPY Expirations will be subject to
the provisions of this Rule. See Rule 903, Commentary .10(e). With
the exception of Monday and Wednesday SPY Expirations, no Short Term
Option Series may expire in the same week in which monthly option
series on the same class expire or, in the case of Quarterly Options
Series, on an expiration that coincides with an expiration of
Quarterly Options Series on the same class. See Rule 903, Commentary
.10(e).
    \16\ See Rule 903, Commentary .10(a).
    \17\ Additionally, Rule 903, Commentary .10 (d) provides that
the interval between strike prices on Short Term Option Series shall
be the same as the strike prices for series in that same option
class that expire in accordance with the normal monthly expiration
cycle. During the expiration week of an option class that is
selected for the Short Term Option Series Program pursuant to this
rule (``Short Term Option''), the strike price intervals for the
related non-Short Term Option (``Related non-Short Term Option'')
shall be the same as the strike price intervals for the Short Term
Option.

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

    The Exchange notes that listings in the weekly program comprise a
significant part of the standard listing in options markets and that
the industry has observed a notable increase over approximately the
last five years in compound annual growth rate (``CAGR'') of weekly
strikes as compared to CAGR for standard third-Friday expirations.\18\
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release No. 91125 (February 12,
2021), 86 FR 10375 (February 19, 2021) (SR-BX-2020-032) (``BX Strike
Interval Approval Order''); and SR-2020-BX-032 as amended by
Amendment No. 1 (February 10, 2021) available at: https://www.sec.gov/comments/sr-bx-2020-032/srbx2020032-8359799-229182.pdf
(``BX proposal''); see also BX Options Strike Proliferation Proposal
(February 25, 2021) available at: https://www.nasdaq.com/solutions/bx-options-strike-proliferation-proposal).
---------------------------------------------------------------------------

Proposal
    The Exchange proposes to widen the intervals between strikes in
order to limit the number of strikes listed for equity options
(excluding options on ETFs and Section 107 Securities) listed as part
of the Short Term Option Series Program that have an expiration date
more than 21 days from the listing date, by adopting proposed Rule 903,
Commentary .10 (e). The Exchange notes that this proposal is
substantively identical to the strike interval proposal recently
submitted by Nasdaq BX, Inc. (``BX'') and approved by the Securities
and Exchange Commission (``Commission'').\19\
---------------------------------------------------------------------------

    \19\ See BX Strike Interval Approval Order, id.
---------------------------------------------------------------------------

    The proposal widens intervals between strikes for expiration dates
of equity option series (excluding options on ETFs and Section 107
Securities) beyond 21 days utilizing the three-tiered table in proposed
Rule 903, Commentary .10 (e) (presented below) which considers both the
Share Price and Average Daily Volume for the option series. The table
indicates the applicable strike intervals and supersedes Rule 903,
Commentary .10 (c), which currently permits 10 additional series to be
opened for trading on the Exchange when the Exchange deems it necessary
to maintain an orderly market, to meet customer demand or when the
market price of the underlying security moves substantially from the
exercise price or prices of the series already opened. As a result of
the proposal Rule 903, Commentary .10(e) would not permit an additional
series of an equity option to have an expiration date more than 21 days
from the listing date to be opened for trading on the Exchange despite
the noted circumstances in paragraph (c) when such additional series
may otherwise be added.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Share price
                                                                         -------------------------------------------------------------------------------
                   Tier                         Average daily volume                        $25 to less     $75 to less    $150 to less       $500 or
                                                                           Less than $25     than $75        than $150       than $500        greater
--------------------------------------------------------------------------------------------------------------------------------------------------------
1.........................................  Greater than 5,000..........           $0.50           $1.00           $1.00           $5.00           $5.00
2.........................................  Greater than 1,000 to 5,000.            1.00            1.00            1.00            5.00           10.00
3.........................................  0 to 1,000..................            2.50            5.00            5.00            5.00           10.00
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Proposed 903, Commentary .10 (e)(1) provides that the Share Price
is the closing price on the primary market on the last day of the
calendar quarter. This value is used to derive the column from which to
apply strike intervals throughout the next calendar quarter. Also,
proposed Rule 903, Commentary .10 (e)(1) provides that in the event of
a corporate action, the Share Price of the surviving company is
utilized.\20\ Proposed Rule 903, Commentary .10 (e)(2) provides that
the Average Daily Volume is the total number of option contracts traded
in a given security for the applicable calendar quarter divided by the
number of trading days in the applicable calendar quarter. Beginning on
the second trading day in the first month of each calendar quarter, the
Average Daily Volume is calculated by utilizing data from the prior
calendar quarter based on Customer-cleared volume at OCC. For options
listed on the first trading day of a given calendar quarter, the
Average Daily Volume is calculated using the calendar quarter prior to
the last trading calendar quarter.\21\ Pursuant to current Rule 903,
Commentary .10, if the Exchange is not open for business on the
respective Thursday or Friday, the Short Term Option Opening Date will
be the first business day immediately prior to that respective Thursday
or Friday.
---------------------------------------------------------------------------

    \20\ The Exchange notes that corporate actions resulting in
change ownership would result in a surviving company, such as a
merger of two publicly listed companies, and the Share Price of the
surviving company would be used to determine strike intervals
pursuant to the proposed table. Corporate actions that do not result
in a change of ownership, such as stock-splits or distribution of
special cash dividends, would not result in a ``surviving company,''
therefore would not impact which Share Price to apply pursuant to
the proposed Rule.
    \21\ For example, options listed as of April 1, 2021 would be
calculated on April 2, 2021 using the Average Daily Volume from
October 1, 2020 to December 31, 2020.
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    By way of example, if the Share Price for a symbol was $142 at the
end of a calendar quarter, with an Average Daily Volume greater than
5,000, thereby, requiring strike intervals to be listed $1.00 apart,
that strike interval would apply for the calendar quarter, regardless
of whether the Share Price changed to $150 or greater during that
calendar quarter.\22\ The proposed table within Rule 903, Commentary
.10(e) takes into account the notional value of a security, as well as
Average Daily Volume in the underlying stock, in order to widen the
intervals between strikes and thereby limit the number of strikes
listed for equity options (excluding options on ETFs and Section 107
Securities) in the Short Term Option Series listing program. The
Exchange will utilize OCC Customer-cleared volume, as customer volume
is an appropriate proxy for demand. The OCC Customer-cleared volume
represents the majority of options volume executed on the Exchange,
which, in turn, reflects the demand in the marketplace. The options
series listed on the Exchange are intended to meet customer demand by
offering an appropriate number of strikes. Non-Customer cleared OCC
volume generally represents the supply side.
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    \22\ The Exchange notes that any strike intervals imposed by the
Exchange's Rules will continue to apply. In this example, the
strikes would be in $1 intervals up to (but not including) $150,
which is the upper limit imposed by Rule 903, Commentary .10(d).
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    The proposal is intended to remove repetitive and unnecessary
strike listings across the weekly expiries. Specifically, the proposal
seeks to reduce the number of strikes listed in the furthest weeklies,
which generally have wider markets and therefore lower

market quality.\23\ The proposed strike intervals are intended to widen
permissible strike intervals in multiply listed equity options
(excluding options on ETFs and Section 107 Securities) where there is
less volume as measured by the Average Daily Volume tiers. Therefore,
the lower the Average Daily Volume, the greater the proposed spread
between strike intervals. Options classes with higher volume contain
the most liquid symbols and strikes, which the Exchange believes makes
the finer proposed spread between strike intervals for those symbols
appropriate. Additionally, lower-priced shares have finer strike
intervals than higher-priced shares when comparing the proposed spread
between strike intervals. Today, weeklies are available on 16% of
underlying products. The proposal limits the density of strikes listed
in series of options, without reducing the classes of options available
for trading on the Exchange. Short Term Option Series with an
expiration date greater than 21 days from the listing date currently
equate to 7.5% of the total number of strikes in the options market,
which equals 81,000 strikes.\24\ The Exchange expects this proposal to
result in the limitation of approximately 20,000 strikes within the
Short Term Option Series, which is approximately 2% of the total
strikes in the options markets.\25\ The Exchange understands there has
been an inconsistency of demand for series of options beyond 21
calendar days.\26\ The proposal takes into account customer demand for
certain options classes, by considering both the Share Price and the
Average Daily Volume, in order to remove certain strike intervals where
there exist clusters of strikes whose characteristics closely resemble
one another and, therefore, do not serve different trading needs,\27\
rendering these strikes less useful. The Exchange also notes that the
proposal focuses on strikes in multiply listed equity options, and
excludes ETFs and Section 107 Securities, as the majority of strikes
reside within equity options.
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    \23\ See BX proposal, supra note 18, which presents tables that
focus on data for 10 of the most and least actively traded symbols
and demonstrate average spreads in weekly options during the month
of August 2020.
    \24\ The Exchange notes that this proposal is an initial attempt
at reducing strikes and anticipates filing additional proposals to
continue reducing strikes. The percentage of underlying products and
percentage of and total number of strikes, are approximations and
may vary slightly at the time of this filing. The Exchange intends
to decrease the overall number of strikes listed on the NYSE Group
options exchanges in a methodical fashion, so that it may monitor
progress and feedback from its ATP Holders. The Exchange also notes
that its affiliated options exchange, NYSE Arca Options, Inc. plans
to submit an identical proposal.
    \25\ From information drawn from time period between January
2020 and May 2020. See BX proposal, supra note 18.
    \26\ See BX proposal, supra note 18.
    \27\ For example, two strikes that are densely clustered may
have the same risk properties and may also be the same percentage
out-of-the money.
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    Additionally, proposed Rule 903, Commentary .07(e)(3) provides that
options that are newly eligible for listing pursuant to Rule 915 and
designated to participate in the Short Term Option Series program
pursuant to Rule 903, Commentary .10(e) will not be subject to
subparagraph (e) (as proposed) until after the end of the first full
calendar quarter following the date the option class was first listed
for trading on any options market.\28\ As proposed, the Exchange is
permitted to list options on newly eligible listings, without having to
apply the wider strike intervals, until the end of the first full
calendar quarter after such options were listed. The proposal thereby
permits the Exchange to add strikes to meet customer demand in a newly
listed options class. A newly eligible option class may fluctuate in
price after its initial listing; such volatility reflects a natural
uncertainty about the security. By deferring the application of the
proposed wider strike intervals until after the end of the first full
calendar quarter, additional information on the underlying security
will be available to market participants and public investors, as the
price of the underlying has an opportunity to settle based on the price
discovery that has occurred in the primary market during this deferment
period. Also, the Exchange has the ability to list as many strikes as
are permissible for the Short Term Option Series once the expiry is no
more than 21 days. Short Term Option Series that have an expiration
date no more than 21 days from the listing date are not subject to the
proposed strike intervals, which allows the Exchange to list
additional, and potentially narrower, strikes in the event of market
volatility or other market events. These metrics are intended to align
expectations for determining which strike intervals will be utilized.
Finally, proposed Rule 903, Commentary .10(e)(4) provides that,
notwithstanding the strike intervals imposed in proposed subparagraph
(e), the proposal does not amend the range of strikes that may be
listed pursuant to subparagraph (d).
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    \28\ For example, if an options class became newly eligible for
listing pursuant to Rule 5.3-O on March 1, 2021 (and was actually
listed for trading that day), the first full quarterly lookback
would be available on July 1, 2021. This option would become subject
to the proposed strike intervals on July 2, 2021.
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    While the current listing rules permit the Exchange to list a
number of weekly strikes on its market, in an effort to encourage
Market Makers to deploy capital more efficiently, as well as improve
displayed market quality, the proposal aims to reduce the density of
strikes listed in later weeks by widening the intervals between strikes
listed for equity options (excluding options on ETFs and Section 107
Securities) which have an expiration date more than 21 days from the
listing date. The Exchange requires Specialists and e-Specialists
(``Specialists'') and Market Makers to quote during a certain amount of
time in the trading day and in a certain percentage of series in their
assigned options classes to maintain liquidity in the market.\29\ With
an increasing number of strikes being listed across options exchanges,
Market Makers must expend their capital to ensure that they have the
appropriate infrastructure to meet their quoting obligations on all
options markets in which they are assigned in option classes. The
Exchange believes that by widening the intervals between strikes listed
for equity options (excluding options on ETFs and Section 107
Securities), thus reducing the number of strikes listed on the
Exchange, the proposal will likewise reduce the number of weekly
strikes in which Specialists and Market Makers are required to quote
and, as a result, allow Specialists and Market Makers to expend their
capital in the options market in a more efficient manner. Due to this
increased efficiency, the Exchange believes that the proposal may
improve overall market quality on the Exchange by widening the
intervals between strikes in multiply listed equity options (excluding
options on ETFs and Section 107 Securities) that have an expiration
date more than 21 days from the listing date. The proposal is intended
to balance the goal of limiting the number of listed strikes with the
needs of market participants. The Exchange believes that the various
permissible strike intervals will continue to offer market participants
the ability to select the appropriate strikes to meet their investment
objectives.
---------------------------------------------------------------------------

    \29\ See Rule 925.1NY.
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Implementation
    The Exchange will announce the implementation date of the proposed
rule change by Trader Update to be published no later than 30 days
following the operative date of the proposed rule. The implementation
date

will be no later than 30 days following the issuance of the Trader
Update. The Exchange will issue a Trader Update \30\ to its ATP Holders
whenever the Exchange is the first exchange to list a class as eligible
for Short Term Option Series pursuant to Rule 903, Commentary .10(e).
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    \30\ When the Exchange is the first exchange to list an option
class Rule 6.4-O, Commentary .07 the Exchange shall provide a Trader
Notice OTP Holders regarding the Short Term Option Series to be
listed. Such notice will include for each eligible option class: the
closing price of the underlying, the Average Daily Volume of the
option class; and the eligible strike category (per the proposed
table) in which the eligible option class falls under as a result of
the closing price and the Average Daily Volume.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\31\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \32\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \33\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78f(b).
    \32\ 15 U.S.C. 78f(b)(5).
    \33\ Id.
---------------------------------------------------------------------------

    The proposal seeks to widen the permissible intervals between
strikes listed for equity options (excluding options on ETFs and
Section 107 Securities) in order to limit the number of strikes listed
in the Short Term Option Series program that have an expiration date
more than 21 days. The proposal removes impediments to and perfects the
mechanism of a free and open market and a national market system by
encouraging Market Makers to deploy capital more efficiently, which may
improve market quality overall on the Exchange, by widening the
intervals between strikes when applying the strike interval table to
multiply listed equity options (excluding options on ETFs and Section
107 Securities) that have an expiration date more than 21 days from the
listing date. As described above, the Exchange requires Specialists and
Market Makers to quote during a certain amount of time in the trading
day and in a certain percentage of series in their assigned options
classes to maintain liquidity in the market.\34\ With an increasing
number of strikes due, in part, to tighter intervals being listed
across options exchanges, Market Makers must expend their capital to
ensure that they have the appropriate infrastructure to meet their
quoting obligations on all options markets in which they are assigned
in options classes. The Exchange believes that this proposal will widen
the intervals between strikes listed on the Exchange, thereby reducing
the number of weekly options listed on its market in later weeks in
which Market Makers are required to quote and, in turn, allowing DPMs
and Market Makers to expend their capital in the options market in a
more efficient manner.
---------------------------------------------------------------------------

    \34\ See supra note 30.
---------------------------------------------------------------------------

    The Exchange believes that limiting the permissible strikes for
multiply listed equity options (excluding options on ETFs and Section
107 Securities) that have an expiration date more than 21 days from the
listing date will not significantly disrupt the market, as the majority
of the volume traded in weekly options exists in options series which
have an expiration date of 21 days or less. The proposal will limit the
number of strikes listed in series of options without reducing the
number of classes of options available for trading on the Exchange. The
proposal allows the Exchange to determine the weekly strike intervals
for multiply listed equity Short Term Option Series listed in the later
weeks by taking into account customer demand for certain options
classes by considering both the Share Price and the Average Daily
Volume in the underlying security. The Exchange utilizes OCC Customer-
cleared volume, as customer volume is an appropriate proxy for demand.
Whereas non-Customer cleared OCC volume generally represents the supply
side, the Exchange believes OCC Customer-cleared volume represents the
majority of options volume executed on the Exchange, which, in turn,
reflects the demands in the marketplace and is therefore intended to
assist the Exchange in meeting customer demand by offering an
appropriate number of strikes.
    The proposal is intended to remove certain strikes where there
exist clusters of strikes whose characteristics closely resemble one
another and, therefore, do not serve different trading needs, which
currently results in less useful strikes. As such, the proposal
protects investors and the general public by removing unnecessary
choices for an options series, which the Exchange believes may improve
market quality. The proposal seeks to reduce the number of strikes in
the furthest weeklies, which generally have wider markets, and,
therefore, lower market quality. The implementation of the Strike
Interval table is intended to allow for greater spreads between strike
intervals in multiply listed equity options where there is less volume
as measured by the Average Daily Volume tiers. Therefore, the lower the
Average Daily Volume, the wider the proposed spread between strike
intervals, and the higher the Average Daily Volume (i.e., the options
classes that contain the most liquid symbols and strikes), the narrower
the proposed spread between strike intervals. Additionally, the
proposed strike intervals are finer for lower-priced shares than
higher-priced shares.\35\ As a result, the Exchange believes that, by
limiting the permissible strikes for multiply listed equity options
(excluding options on ETFs and Section 107 Securities) that have an
expiration date more than 21 days from the listing date pursuant to the
proposed Strike Interval table, the proposal may improve overall market
quality on the Exchange, which serves to protect investors and the
general public.
---------------------------------------------------------------------------

    \35\ The Exchange notes that is has discussed the proposed
strike intervals with various ATP Holders.
---------------------------------------------------------------------------

    Further, utilizing the second trading day of a calendar quarter
allows the Exchange to accumulate data regarding OCC Customer-cleared
volume from the entire prior calendar quarter and allows the
calculation of Average Daily Volume to account for trades executed on
the last day of the previous calendar quarter, which will have settled
by the second trading day.\36\ The Exchange believes that applying the
previous calendar quarter for the calculation is appropriate to reduce
the impact of unusual trading activity as a result of unique market
events, such as a corporate action (i.e., it may result in a more
reliable measure of Average Daily Volume than a shorter period).
---------------------------------------------------------------------------

    \36\ Options contracts settle one business day after trade date.
Strike listing determinations are made the day prior to the start of
trading in each series.
---------------------------------------------------------------------------

    As stated, the proposal is substantively identical to the strike
interval proposal recently submitted by BX and approved by the
Commission.\37\

The Exchange believes that varied strike intervals will continue to
offer market participants the ability to select the appropriate strike
interval to meet that market participants' investment objectives.
---------------------------------------------------------------------------

    \37\ See BX Strike Interval Approval Order, supra note 18.
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act as the proposed rule change
limits the number of Short Term Option Series strikes available for
quoting and trading on the Exchange for all market participants.
Therefore, all market participants will equally be able to transact in
options series in the strikes listed for trading on the Exchange. The
proposal is intended to reduce the number of strikes for weekly options
listed in later weeks without reducing the number of classes of options
available for trading on the Exchange while also continuing to offer an
appropriate number of strikes the Exchange believes will meet market
participants' investment objectives.
    The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act as it only
impacts the permissible strike intervals for certain options series
listed on the Exchange. Additionally, another options exchange has
recently implemented a substantively identical rule for listing Short
Term Option Series strike intervals on its exchange, approved by the
Commission.\38\ The proposal is a competitive response that will permit
the Exchange to list the same series in multiply listed options as
another options exchange.
---------------------------------------------------------------------------

    \38\ See BX Strike Interval Approval Order, supra note 18.
---------------------------------------------------------------------------

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) \39\ of the Act and Rule 19b-4(f)(6) thereunder.\40\
Because the foregoing 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 for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A)(iii) of the Act and subparagraph (f)(6) of Rule
19b-4 thereunder.\41\
---------------------------------------------------------------------------

    \39\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \40\ 17 CFR 240.19b-4(f)(6).
    \41\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to
give the Commission written notice of its intent to file the
proposed rule change at least five business days prior to the date
of filing of the proposed rule change, or such shorter time as
designated by the Commission. The Exchange has satisfied this
requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \42\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \43\ permits the
Commission to 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 Exchange may implement the proposed rule change at the same time
that all other options exchanges implement their respective rule
changes. The Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest because the proposed rule change is substantively identical to
rules adopted by each other options exchange, and therefore the
Exchange's proposal does not raise any new or novel issues. Waiver of
the operative delay will allow the Exchange to implement its new rule
on the same timeline as the other options exchanges, and such
coordinated implementation will reduce potential investor confusion and
facilitate a harmonized approach to strike listings for options within
the Short Term Option Series program that have an expiration date more
than 21 days from the listing date. Therefore, the Commission hereby
waives the operative delay and designates the proposal as operative
upon filing.\44\
---------------------------------------------------------------------------

    \42\ 17 CFR 240.19b-4(f)(6).
    \43\ 17 CFR 240.19b-4(f)(6)(iii).
    \44\ For purposes only of waiving the 30-day operative delay,
the Commission also has 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 the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

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-2021-32 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-2021-32. 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-2021-32, and should
be submitted on or before August 3, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
---------------------------------------------------------------------------

    \45\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-14793 Filed 7-12-21; 8:45 am]
BILLING CODE 8011-01-P