Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fees Schedule

As Enacted

Cited authorities 5

Cited in

Citation	86 FR 21363
Record Number	2021-08309
Published date	22 April 2021
Section	Notices
Court	Securities And Exchange Commission

21363

Federal Register / Vol. 86, No. 76 / Thursday, April 22, 2021 / Notices

15 U.S.C. 78s(b)(1).

15 U.S.C. 78a.

17 CFR 240.19b–4.

The Exchange initially filed the proposed fee

changes April 1, 2021 (SR–CboeBYX–2021–007).

On April 12, 2021, the Exchange withdrew that

filing and submitted this proposal.

See Cboe Global Markets, U.S. Equities Market

Volume Summary, Month-to-Date (March 30, 2021),

available at https://markets.cboe.com/us/equities/

market_statistics/.

Orders yielding Fee Code ‘‘N’’ are orders

removing liquidity from BYX (Tape C).

Orders yielding Fee Code ‘‘W’’ are orders

removing liquidity from BYX (Tape A).

Orders yielding Fee Code ‘‘BB’’ are orders

removing liquidity from BYX (Tape B).

E.g., the Nasdaq BX offers rebates ranging from

$0.0009 to $0.0018 to firms reaching certain adding

and removing liquidity volume thresholds;

however, it charges a fee of $0.0007 to firms

removing liquidity that do not reach the adding and

removing volume thresholds. See http://

nasdaqtrader.com/Trader.aspx?id=PriceList

Trading2.

Additional Information or Comments:

To request more information or to

obtain a copy of the information

collection justification, forms, and/or

supporting material, contact Kennisha

Tucker at (312) 469–2591 or

Kennisha.Tucker@rrb.gov. Comments

regarding the information collection

should be addressed to Brian Foster,

Railroad Retirement Board, 844 North

Rush Street, Chicago, Illinois 60611–

1275 or emailed to Brian.Foster@rrb.gov.

Written comments should be received

within 60 days of this notice.

Brian D. Foster,

Clearance Officer.

[FR Doc. 2021–08300 Filed 4–21–21; 8:45 am]

BILLING CODE 7905–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–91593; File No. SR–

CboeBYX–2021–010]

Self-Regulatory Organizations; Cboe

BYX Exchange, Inc.; Notice of Filing

and Immediate Effectiveness of a

Proposed Rule Change To Amend its

Fees Schedule

April 16, 2021.

Pursuant to Section 19(b)(1)

of the

Securities Exchange Act of 1934 (the

‘‘Act’’)

and Rule 19b–4 thereunder,

notice is hereby given that, on April 12,

2021, Cboe BYX Exchange, Inc. (the

‘‘Exchange’’ or ‘‘BYX’’) filed with the

Securities and Exchange Commission

(the ‘‘Commission’’) the proposed rule

change as described in Items I and II

below, which Items have been prepared

by the Exchange. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

Cboe BYX Exchange, Inc. (the

‘‘Exchange’’ or ‘‘BYX’’ or ‘‘BYX

Equities’’) is filing with the Securities

and Exchange Commission

(‘‘Commission’’) a proposed rule change

to amend its Fee Schedule. The text of

the proposed rule change is provided in

Exhibit 5.

The text of the proposed rule change

is also available on the Exchange’s

website (http://markets.cboe.com/us/

equities/regulation/rule_filings/byx/), at

the Exchange’s Office of the Secretary,

and at the Commission’s Public

Reference Room.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Exchange included statements

concerning the purpose of and basis for

the proposed rule change and discussed

any comments it received on the

proposed rule change. The text of these

statements may be examined at the

places specified in Item IV below. The

Exchange has prepared summaries, set

forth in sections A, B, and C below, of

the most significant aspects of such

statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange proposes to amend its

Fee Schedule to decrease the standard

liquidity removing rebate and eliminate

the Step-Up Tiers provided under

footnote 2. The Exchange proposes to

implement the proposed change to its

Fee Schedule on April 1, 2021.

The Exchange first notes that it

operates in a highly competitive market

in which market participants can

readily direct order flow to competing

venues if they deem fee levels at a

particular venue to be excessive or

incentives to be insufficient. More

specifically, the Exchange is only one of

16 registered equities exchanges, as well

as a number of alternative trading

systems and other off-exchange venues

that do not have similar self-regulatory

responsibilities under the Exchange Act,

to which market participants may direct

their order flow. Based on publicly

available information, no single

registered equities exchange has more

than 16% of the market share.

Thus, in

such a low-concentrated and highly

competitive market, no single equities

exchange possesses significant pricing

power in the execution of order flow.

The Exchange in particular operates a

‘‘Taker-Maker’’ model whereby it pays

credits to members that remove

liquidity and assesses fees to those that

add liquidity. The Exchange’s Fees

Schedule sets forth the standard rebates

and rates applied per share for orders

that remove and provide liquidity,

respectively. Particularly, for securities

at or above $1.00, the Exchange

provides a standard rebate of $0.00050

per share for orders that remove

liquidity and assesses a fee of $0.00200

per share for orders that add liquidity.

For orders priced below $1.00, the

Exchange does not assess a fee or

provide a rebate for orders that add

liquidity and assesses a fee of 0.10% of

total dollar value for orders that remove

liquidity. The Exchange believes that

the ever-shifting market share among

the exchanges from month to month

demonstrates that market participants

can shift order flow or discontinue to

reduce use of certain categories of

products, in response to fee changes.

Accordingly, competitive forces

constrain the Exchange’s transaction

fees, and market participants can readily

trade on competing venues if they deem

pricing levels at those other venues to

be more favorable.

As stated above, the Exchange

currently provides a standard rebate of

$0.00050 per share for liquidity

removing orders (i.e., those yielding fee

codes N,

and BB

) in securities

priced at or above $1.00. Orders in

securities priced below $1.00 that

remove liquidity are assessed a fee of

0.10% of the total dollar value. The

Exchange now proposes to decrease the

current standard rebate of $0.00050 per

share to $0.00020 per share for orders

that remove liquidity for securities

priced at or above $1.00. Orders that

remove liquidity in securities priced

below $1.00 would continue to be

assessed a fee of 0.10% of the total

dollar value. Although this proposed

standard rebate for liquidity removing

orders is lower than the current base

rate for such orders, other taker-maker

exchanges charge a fee for firms

removing liquidity that do not meet

certain volume thresholds.

The tiered pricing models set forth in

footnote 2 of the Fee Schedule (Step-Up

Tiers) provide Members an opportunity

to qualify for a reduced fee on their

orders that add liquidity where they

increase their relative liquidity each

month over a predetermined baseline.

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21364

Federal Register / Vol. 86, No. 76 / Thursday, April 22, 2021 / Notices

‘‘Step-Up Add TCV’’ means ADAV as a

percentage of TCV in the relevant baseline month

subtracted from current ADAV as a percentage of

TCV.

Orders yielding Fee Code ‘‘B’’ are orders adding

liquidity to BYX (Tape B).

Orders yielding Fee Code ‘‘V’’ are orders

adding liquidity to BYX (Tape A).

Orders yielding Fee Code ‘‘Y’’ are orders

adding liquidity to BYX (Tape C).

15 U.S.C. 78f.

15 U.S.C. 78f(b)(4) and (5).

Supra note 7[sic].

Supra note 3[sic].

See Securities Exchange Act Release No. 51808

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).

NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.

Cir. 2010) (quoting Securities Exchange Act Release

No. 59039 (December 2, 2008), 73 FR 74770, 74782–

83 (December 9, 2008) (SR–NYSEArca–2006–21)).

15 U.S.C. 78s(b)(3)(A).

17 CFR 240.19b–4(f)(2).

Tier 1 of the Step-Up Tiers provides a

reduced fee of $0.0016 per share to a

Member that has a Step-Up Add TCV

from December 2019 equal to or greater

than 0.05%. The Exchange now

proposes to eliminate the Step-Up Tiers

and reserve footnote 2. The Exchange no

longer wishes to, nor is it required to,

maintain such a tier and therefore

proposes to eliminate the Step-Up Tier

from the Fee Schedule. Specifically, the

proposed rule change removes this tier

as the Exchange would rather redirect

resources and funding into other

programs and tiers intended to

incentivize increased order flow. As a

result of the proposed change, the

Exchange also proposes to eliminate

references to footnote 2 from fee codes

and Y.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

the objectives of Section 6 of the Act,

in general, and furthers the objectives of

Section 6(b)(4) and 6(b)(5),

particular, as it is designed to provide

for the equitable allocation of reasonable

dues, fees and other charges among its

Members, issuers and other persons

using its facilities. The Exchange

operates in a highly competitive market

in which market participants can

readily direct order flow to competing

venues if they deem fee levels at a

particular venue to be excessive or

incentives to be insufficient. The

proposed rule changes reflect a

competitive pricing structure designed

to incentivize market participants to

direct their order flow to the Exchange,

which the Exchange believes would

enhance market quality to the benefit of

all Members.

In particular, the Exchange believes

that the proposed amendment to reduce

the standard liquidity removing rebate

is reasonable, equitable and non-

discriminatory because the proposed

change represents a rebate decrease and

such rebates are equally applicable to

liquidity removing orders and thus are

also equally applicable to all Members

of the Exchange. Additionally, the

proposed rebate for liquidity removing

orders are still higher than rebates

offered at other exchanges for similar

transactions.

The Exchange also believes the

proposed amendment to remove the

Step-Up Tier is reasonable because no

Member has achieved this tier in several

months. Furthermore, the Exchange is

not required to maintain this tier and as

discussed, Members still have a number

of other opportunities and a variety of

ways to receive reduced fees, including

the including existing Tiers 1 through 5

of the Add/Remove Volume Tiers. The

Exchange believes the proposal to

eliminate the Step-Up Tier is also

equitable and not unfairly

discriminatory because it applies to all

Members.

As noted above, the Exchange

operates in a highly competitive market.

The Exchange is only one of 16 equity

venues to which market participants

may direct their order flow, and it

represents a small percentage of the

overall market. It is also only one of

several taker-maker exchanges.

Competing equity exchanges offer

similar rates and tiered pricing

structures to that of the Exchange,

including schedules of rebates and fees

that apply based upon members

achieving certain volume thresholds.

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 intramarket or

intermarket competition that is not

necessary or appropriate in furtherance

of the purposes of the Act. Particularly,

the proposed changes apply to all

liquidity removing orders equally, and

thus apply to all Members equally.

Additionally, the Exchange believes the

proposed rule change does not impose

any burden on intermarket competition

that is not necessary or appropriate in

furtherance of the purpose of the Act.

As previously discussed, the

Exchange operates in a highly

competitive market. Members have

numerous alternative venues that they

may participate on and direct their

order flow, including other equities

exchanges, off-exchange venues, and

alternative trading systems.

Additionally, the Exchange represents a

small percentage of the overall market.

Based on publicly available information,

no single equities exchange has more

than 16% of the market share.

Therefore, no exchange possesses

significant pricing power in the

execution of order flow. Indeed,

participants can readily choose to send

their orders to other exchange and off-

exchange venues if they deem fee levels

at those other venues to be more

favorable. Moreover, the Commission

has repeatedly expressed its preference

for competition over regulatory

intervention in determining prices,

products, and services in the securities

markets. Specifically, in Regulation

NMS, the Commission highlighted the

importance of market forces in

determining prices and SRO revenues

and, also, recognized that current

regulation of the market system ‘‘has

been remarkably successful in

promoting market competition in its

broader forms that are most important to

investors and listed companies.’’

The

fact that this market is competitive has

also long been recognized by the courts.

In NetCoalition v. Securities and

Exchange Commission, the D.C. Circuit

stated as follows: ‘‘[n]o one disputes

that competition for order flow is

‘fierce.’ . . . As the SEC explained, ‘[i]n

the U.S. national market system, buyers

and sellers of securities, and the broker-

dealers that act as their order-routing

agents, have a wide range of choices of

where to route orders for execution’;

[and] ‘no exchange can afford to take its

market share percentages for granted’

because ‘no exchange possesses a

monopoly, regulatory or otherwise, in

the execution of order flow from broker

dealers’. . . .’’.

Accordingly, the

Exchange does not believe its proposed

fee changes 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 on the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section

19(b)(3)(A)

of the Act and paragraph

(f) of Rule 19b–4

thereunder. At any

time within 60 days of the filing of the

proposed rule change, the Commission

summarily may temporarily suspend

such rule change if it appears to the

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21365

Federal Register / Vol. 86, No. 76 / Thursday, April 22, 2021 / Notices

17 CFR 200.30–3(a)(12).

15 U.S.C. 78s(b)(1).

15 U.S.C. 78a.

17 CFR 240.19b–4.

See Securities Exchange Act Release No. 90209

(October 15, 2020), 85 FR 67044 (October 21, 2020)

(SR–NYSE–2020–05, SR–NYSEAMER–2020–05,

SR–NYSEArca–2020–08, SR–NYSECHX–2020–02,

SR–NYSENAT–2020–03, SR–NYSE–2020–11, SR–

NYSEAMER–2020–10, SR–NYSEArca–2020–15,

SR–NYSECHX–2020–05, SR–NYSENAT–2020–08)

(‘‘Wireless Approval Order’’).

Intercontinental Exchange, Inc. v. SEC, No. 20–

1470 (D.C. Cir. 2020).

Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Act. If the Commission

takes such action, the Commission will

institute proceedings to determine

whether the proposed rule change

should be approved or disapproved.

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 rule-comments@

sec.gov. Please include File Number SR–

CboeBYX–2021–010 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–CboeBYX–2021–010. 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–CboeBYX–2021–010, and

should be submitted on or before May

13, 2021.

For the Commission, by the Division

of Trading and Markets, pursuant to

delegated authority.

J. Lynn Taylor,

Assistant Secretary.

[FR Doc. 2021–08309 Filed 4–21–21; 8:45 am]

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–91599; File No. SR–

NYSEAMER–2021–21]

Self-Regulatory Organizations; NYSE

American LLC; Notice of Filing of

Proposed Rule Change To Amend the

Schedule of Wireless, Circuits, and

Non-Colocation Connectivity Services

Available at the Mahwah Data Center

April 16, 2021.

Pursuant to Section 19(b)(1)

of the

Securities Exchange Act of 1934

(‘‘Act’’),

and Rule 19b–4 thereunder,

notice is hereby given that on April 9,

2021, NYSE American LLC (‘‘NYSE

American’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which Items have

been prepared by the Exchange. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to amend the

schedule of wireless, circuits, and non-

colocation connectivity services

available at the Mahwah data center (the

‘‘Fee Schedule’’) to add services

available to customers in the meet me

rooms in the Mahwah data center and

procedures for the allocation of cabinets

and power to such customers. The

proposed rule change is available on the

Exchange’s website at www.nyse.com, at

the principal office of the Exchange, and

at the Commission’s Public Reference

Room.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization included

statements concerning the purpose of,

and basis for, the proposed rule change

and discussed any comments it received

on the proposed rule change. The text

of those statements may be examined at

the places specified in Item IV below.

The Exchange has prepared summaries,

set forth in sections A, B, and C below,

of the most significant parts of such

statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange proposes to amend the

Fee Schedule to add services available

to customers in the two meet me rooms

on the north and south sides of the

Mahwah data center (‘‘MMRs’’) and

procedures for the allocation of cabinets

and power to MMR customers.

The Exchange makes the current

proposal solely as a result of its

determination that the Commission’s

recent interpretations of the Act’s

definitions of the terms ‘‘exchange’’ and

‘‘facility,’’ as expressed in the Wireless

Approval Order,

apply to the

connectivity services described herein

that are offered by entities other than

the Exchange. The Exchange disagrees

with the Commission’s interpretations,

denies the services covered herein (and

in the Wireless Approval Order) are

offerings of an ‘‘exchange’’ or a

‘‘facility’’ thereof, and has sought review

of the Commission’s interpretations, as

expressed in the Wireless Approval

Order, in the Court of Appeals for the

District of Columbia Circuit.

Pending

resolution of such appeal, however, the

Exchange is making this proposed rule

change in recognition that the

Commission’s current interpretation

brings certain offerings of the

Exchange’s affiliates into the scope of

the terms ‘‘exchange’’ or ‘‘facility.’’

Background

Through its ICE Data Services (‘‘IDS’’)

business, Intercontinental Exchange,

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Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fees Schedule

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Over 100 Countries

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Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users

You can sign up for a trial and make the most of our service including these benefits.

Why Sign-up to vLex?

Over 100 Countries

Thousands of Data Sources

Find What You Need, Quickly

Over 2 million registered users