[Federal Register Volume 85, Number 55 (Friday, March 20, 2020)]
[Notices]
[Pages 16172-16177]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05849]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88391; File No. SR-NYSEAMER-2020-18]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Options Fee Schedule
March 16, 2020.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 12, 2020, NYSE American LLC (``NYSE American'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in
[[Page 16173]]
Items I, II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE American Options Fee
Schedule (``Fee Schedule'') regarding the Professional Step-Up
Incentive program and rebates for initiating a Customer Best Execution
(``CUBE'') Auction. The Exchange proposes to implement the fee change
effective March 12, 2020. The proposed change is available on the
Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is modify the Fee Schedule regarding the
Professional Step-Up Incentive program and rebates for initiating a
Customer Best Execution (``CUBE'') Auction.
In brief, the proposed changes are designed to encourage ATP
Holders to increase their Electronic volume in the ``Professional''
range as well as to submit initiating CUBE Orders.\4\ Specifically, the
Exchange proposes to modify the Professional Step-Up Incentive, which
offers discounted rates on monthly Professional volume, and to offer a
new rebate on initiating CUBE volume for those ATP Holders that meet
certain Professional volume requirements and increase their initiating
CUBE volume by a specified amount, as described further below.
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\4\ For purposes of this filing, ``Professional'' Electronic
volume includes: Professional Customer, Broker Dealer, Non-NYSE
American Options Market Maker, and Firm (the ``Professional
volume'').
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The Exchange proposes to implement the rule changes on March 12,
2020.
Background
The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \5\
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\5\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\6\ Therefore, no exchange possesses significant pricing power
in the execution of multiply-listed equity & ETF options order flow.
More specifically, in the fourth quarter of 2019, the Exchange had less
than 10% market share of executed volume of multiply-listed equity &
ETF options trades.\7\
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\6\ The OCC publishes options and futures volume in a variety of
formats, including daily and monthly volume by exchange, available
here: https://www.theocc.com/market-data/volume/default.jsp.
\7\ Based on OCC data, see id., the Exchange's market share in
equity-based options declined from 9.82% for the month of January
2019 to 8.08% for the month of January 2020.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees.
In response to this competitive environment, the Exchange has
established various pricing incentives designed to encourage increased
Electronic volume executed on the Exchange, including (but not limited
to) the American Customer Engagement (``ACE'') Program and the
Professional Step-Up Program. The Exchange also offers an ACE
Initiating Participant Rebate to participants in the ACE Program that
initiate CUBE Auctions. The Exchange is proposing to modify the
Professional Step-Up program to continue to encourage Professional
volume and to introduce an alternative to the ACE Initiating
Participant Rebate that would enable non-ACE Program participants to
qualify for a rebate on certain initiating CUBE Orders provided they
meet certain Professional volume requirements and increase their
initiating CUBE volume. To the extent that these incentives succeed,
the increased liquidity on the Exchange would result in enhanced market
quality for all participants.
Proposed Rule Change
Professional Step-Up Incentive
Section I.H. of the Fee Schedule sets forth the Professional Step-
Up Incentive program (the ``Professional Incentive''), which is
comprised of Tiers A, B, and C, and offers discounted rates on monthly
Professional volume for ATP Holders that increase their Professional
volume by specified percentages of TCADV over their August 2019
volume--or, for new ATP Holders that increase such volume by a
specified percentages of TCADV above 10,000 contracts ADV) (the
``Qualifying Volume'').\8\ Under the current Fee Schedule, ATP Holders
that qualify for Tiers B and C of the Professional Incentive are also
eligible to receive certain ACE Program, Tier 1 credits.\9\
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\8\ See Fee Schedule, Section I.H., Professional Step-Up
Incentive, available here, https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf.
\9\ See id. See also Fee Schedule, Section I.E. (describing the
ACE Program and associated credits). The Exchange notes that under
the current Fee Schedule participants that qualify for Tier B of the
Professional Incentive do not receive all of the benefits that inure
to ATP Holders that qualify for ACE Tier 1; they are solely entitled
to the reduce rates on Customer Electronic Volume. See Fee Schedule,
Section I.H., Professional Step-Up Incentive.
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The Exchange proposes to modify the Professional Incentive program
as shown in the table below. (Proposed text is italicized, while text
to be deleted is in brackets).\10\
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\10\ See proposed Fee Schedule, Section I.H., Professional Step-
Up Incentive.
[[Page 16174]]
Professional Step-Up Incentive
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Qualifying Per contract Per contract
volume as a % Penny Pilot non Penny ACE benefits
of TCADV rate Pilot rate
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Tier A............................. [0.04] 0.06 [$0.42] 0.45 [$0.65] 0.70 N/A.
Tier B............................. [0.07] 0.08 0.35 [0.55] 0.60 [Tier 1 Customer Credits
only (per Section I.E.)] N/
A.
Tier C............................. [0.09] 0.10 0.25 0.50 Tier 1 [Customer Credits
(per Section I.E.), plus
ACE Initiating Participant
Rebate--All issues (per
Section I.G.)].
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As shown in the table above, the Exchange proposes to increase the
Qualifying Volume requirement for each of the Tiers A, B and C to
0.06%, 0.08% and 0.10% (up from 0.04%, 0.07% and 0.09%), respectively.
For Tier A, the Exchange also proposes to increase the rate per
contract to $0.45 (up from $0.42) for Penny Pilot issues, which would
still be a discounted rate, and $0.70 (up from $0.65) for non-Penny
Pilot Issues, which would still be a discounted rate.\11\ For Tier B,
the Exchange proposes to increase the rate per contract to $0.60 (up
from $0.55) for non-Penny Pilot issues, which would still be a
discounted rate, and to remove the ACE Program ``Tier 1 Customer only
credits.'' \12\ The Exchange proposes to remove the ACE benefit from
Tier B as it did not incent Professional Customer order flow as
anticipated, likely because the ACE benefits were limited to Customer
transactions and thus did not incent increased Professional volume. The
Exchange believes that a better incentive is the Alternative Initiating
Participant Rebate, as described below. Because the Exchange is
removing the limited ACE Benefit for Tier B participants, it proposes
to streamline the description of ACE Benefits available in the preamble
of Section I.H. and regarding Tier C to simply read: ``Tier 1,'' which
the Exchange believes would make the Fee Schedule easier to navigate
and comprehend.\13\
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\11\ See Fee Schedule, Section I. A., supra note 8 (setting
forth options transactions rates for Electronic Professional volume
of $0.50 and $0.75 for Penny and Non-Penny issues respectively;
except that Firm execution in Penny issues are charged $0.47 per
contract).
\12\ See id.
\13\ See proposed Fee Schedule, Section I. H, Professional Step-
up Incentive (citing only ACE ``Tier 1'' in the preamble to Section
I.H. and Tier C, thus removing the now extraneous references to--and
verbiage regarding--ACE ``Section I.E.'' Customer credits and
``Section I.G.'' CUBE Initiating Participant Rebate.''
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CUBE Auction Fees & Credits: Alternative Initiating Participant Rebate
Section I.G. of the Fee Schedule sets forth the rates for per
contract fees and credits for executions associated with a CUBE
Auction. The Exchange currently offers ATP Holders that qualify for
Tiers 1-5 of the ACE Program a ($0.12) per contract rebate for up to
5,000 Customer contracts per CUBE Order executed in a CUBE Auction (the
``ACE Initiating Participant Rebate.'') \14\ The Exchange proposes to
offer an alternative to the ACE Initiating Participant Rebate, which
would be a ($0.10) per contract rebate for all issues that would
likewise apply to first 5,000 Customer contracts per CUBE Order
executed in a CUBE Auction, provided the ATP Holder met certain volume
requirements (the ``Alternative Initiating Participant Rebate'').\15\
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\14\ See Section I.G. of the Fee Schedule, CUBE Auction Fees &
Credits, note 2, see supra note 8.
\15\ See proposed Section I.G. of the Fee Schedule, CUBE Auction
Fees & Credits, note 2.
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Specifically, to qualify for the Alternative Initiating Participant
Rebate, an ATP would have to execute:
A minimum of 10,000 contracts average daily volume
(``ADV'') in the ``Professional range, as defined in Section I.H.'' of
the Fee Schedule, (i.e., in the Professional Incentive program); and
Increase their Initiating CUBE Orders by the greater of
20% over their August 2019 volume or 10,000 contracts ADV.\16\
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\16\ See id.
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The proposed Alternative Initiating Participant Rebate would be
payable in addition to the Initiating Participant Credit for both Penny
and non-Penny Pilot issues, which provide per contract credits of
($0.30) and ($0.70), respectively. However, an ATP Holder that
qualifies for both the ACE Initiating Participant Rebate (which is
($0.12)) and the Alternative Initiating Participant Rebate (which is
($0.10)) would be entitled only to the greater of the two rebates
(i.e., the ACE Initiating Participant Rebate).\17\
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\17\ See id.
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The Exchange's fees are constrained by intermarket competition, as
ATP Holders may direct their order flow to any of the 16 options
exchanges, including those with similar incentive programs.\18\ Thus,
ATP Holders have a choice of where they direct their order flow. The
proposed modification to the Professional Incentive program as well as
the Alternative Initiating Participant Rebate are designed to encourage
ATP Holders to increase the amount of Professional volume directed to
and executed on the Exchange. In addition, the proposed Alternative
Initiating Participant Rebate is designed to increase incentives for
submission of CUBE Orders, which should maximize price improvement
opportunities for Customers. The Exchange notes that all market
participants stand to benefit from increased volume, as increased
liquidity promotes market depth, facilitates tighter spreads and
enhances price discovery, and may lead to a corresponding increase in
order flow from other market participants.
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\18\ See e.g., MIAX Options fee schedule, Section 1.a.iv,
Professional Rebate Program, available here, https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_01142020.pdf (setting forth per contract
credits on volume submitted for the account of Public Customers that
are not Priority Customers, Non-MIAX Market Makers, Non-Member
Broker Dealers, and Firms (collectively, Professional for purposes
of MIAX program), provided the Member achieves certain Professional
volume increase percentage thresholds (set forth in the schedule) in
the month relative to the fourth quarter of 2015).
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The Exchange cannot predict with certainty whether any ATP Holders
would avail themselves of this proposed fee change. Assuming historical
behavior can be predictive of future behavior, however, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for Professional Incentive program and
between two and four firms may qualify for the Alternative Initiating
Participant Rebate on initiating CUBE volume.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\20\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly
[[Page 16175]]
discriminate between customers, issuers, brokers or dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposed Rule Change Is Reasonable
The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \21\
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\21\ See Reg NMS Adopting Release, supra note 5, at 37499.
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There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\22\ Therefore, no exchange possesses significant pricing power
in the execution of multiply-listed equity & ETF options order flow.
More specifically, in the fourth quarter of 2019, the Exchange had less
than 10% market share of executed volume of multiply-listed equity &
ETF options trades.\23\
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\22\ See supra note 6.
\23\ Based on OCC data, see supra note 7, the Exchange's market
share in equity-based options declined from 9.82% for the month of
January 2019 to 8.08% for the month of January 2020.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. Stated otherwise, changes
to exchange transaction fees can have a direct effect on the ability of
an exchange to compete for order flow.
The Exchange believes that the proposed modifications to the
existing Professional Incentive program are reasonable because,
although the proposed volume requirements and associated fees would
increase, the rates would still be discounted and the Program would
continue to be designed to incent ATP Holders to increase the amount of
Professional order flow directed to the Exchange. The Exchange also
notes that with the Alternative Initiating Participant Rebate, it is
offering participants another means of achieving a rebate based on
Professional volume, which should provide additional incentive to
direct such order flow to the Exchange. The Exchange proposes to remove
the ACE benefit from Tier B of the Professional Incentive program
because it did not increase Professional order flow as anticipated,
likely because the ACE benefits were limited to Customer transactions
and thus did not incent increased Professional volume. Instead, the
Exchange believes that the Alternative Initiating Participant Rebate
may better incent ATP Holder's to increase Professional volume.
The Exchange also believes that the proposed Alternative Initiating
Participant Rebate for initiating CUBE volume is reasonable because it
may encourage ATP Holders that choose to participate in the CUBE to
direct order flow, including initiating CUBE volume to the Exchange.
The Exchange notes that all market participants stand to benefit from
increased Electronic transaction volume, as such increase promotes
market depth, facilitates tighter spreads and enhances price discovery,
and may lead to a corresponding increase in order flow from other
market participants that do not participant in (or qualify for) the
Professional Incentive program or the Alternative Initiating
Participant Rebate. The Exchange believes that the baseline of 10,000
ADV Professional volumes for new ATP Holders is reasonable because
these volumes are comparable to trading volumes in August 2019 for
those firms that were active on the Exchange and eligible to increase
their CUBE initiating volume by 20% to qualify for the Alternative
Initiating Participant Rebate. Moreover, the proposed Alternative
Initiating Participant Rebate provides another avenue (outside of the
ACE Program) for participants to avail themselves of a rebate for
initiating CUBE Auctions.
The Exchange cannot predict with certainty whether any ATP Holders
would avail themselves of this proposed fee change. Assuming historical
behavior can be predictive of future behavior, however, the Exchange
believes that at present participation rates, between two and four
firms may be able to qualify for Professional Incentive program and
between two and four additional firms may qualify for the Alternative
Initiating Participant Rebate on initiating CUBE volume.
Finally, to the extent the proposed pricing incentives continue to
attract volume and liquidity, the Exchange believes the proposed
changes would improve the Exchange's overall competitiveness and
strengthen its market quality for all market participants. In the
backdrop of the competitive environment in which the Exchange operates,
the proposed rule changes are a reasonable attempt by the Exchange to
increase the depth of its market and improve its market share relative
to its competitors. The proposed rule changes are designed to continue
to incent ATP Holders to direct liquidity to the Exchange in Electronic
executions, similar to other exchange programs with competitive pricing
programs, thereby promoting market depth, price discovery and
improvement and enhancing order execution opportunities for market
participants.\24\
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\24\ See, e.g., supra note 18 (regarding MIAX Professional
Rebate Program).
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On the backdrop of the competitive environment in which the
Exchange operates, the proposed rule change is a reasonable attempt by
the Exchange to increase the depth of its market and improve its market
share relative to its competitors.
The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits. The proposal is based on the amount
and type of business transacted on the Exchange and ATP Holders can opt
to avail themselves of these incentives or not. Moreover, the proposals
are designed to encourage ATP Holders to aggregate their executions at
the Exchange as a primary execution venue. To the extent that the
proposed changes attract more Professional and Customer volume to the
Exchange, this increased order flow would continue to make the Exchange
a more competitive venue for, among other things, order execution.
Thus, the Exchange believes the proposed rule changes would improve
market quality for all market participants on the Exchange and, as a
consequence, attract more order flow to the Exchange thereby improving
market-wide quality and price discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory because the proposed modifications would be available to
all similarly-situated market participants on an equal and non-
discriminatory basis. ATP Holders would continue to have the option of
availing themselves of the still-reduced rates available under the
Professional Incentive program and
[[Page 16176]]
would have increased opportunity to qualify for rebates based on their
Professional volume with the Alternative Initiating Participant Rebate.
The Alternative Initiating Participant Rebate also offers participants
that choose to participate in the CUBE, but do not qualify for the ACE
Initiating Participant Program to be eligible to receive a rebate on
initiating CUBE volume. The Exchange believes that this proposal should
incent ATP Holders to direct volume to the Exchange, which would
increase liquidity on the Exchange to the benefit of all market
participants.
The proposals are based on the amount and type of business
transacted on the Exchange and ATP Holders are not obligated to try to
achieve either of the incentive pricing options. Rather, the proposals
are designed to encourage participants to utilize the Exchange as a
primary trading venue (if they have not done so previously) or increase
Electronic volume sent to the Exchange. To the extent that the proposed
changes attract more executions to the Exchange, this increased order
flow would continue to make the Exchange a more competitive venue for
order execution. Thus, the Exchange believes the proposed rule changes
would improve market quality for all market participants on the
Exchange and, as a consequence, attract more order flow to the Exchange
thereby improving market-wide quality and price discovery. The
resulting increased volume and liquidity would provide more trading
opportunities and tighter spreads to all market participants and thus
would promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for all market participants. As a result, the Exchange believes that
the proposed change furthers the Commission's goal in adopting
Regulation NMS of fostering integrated competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \25\
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\25\ See Reg NMS Adopting Release, supra note 5, at 37499.
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Intramarket Competition. The proposed change is designed to
continue to attract order flow to the Exchange by offering competitive
rates and credits (via the Professional Incentive program and the
Alternative Initiating Participant Rebate) based on increased volumes
on the Exchange, which would enhance the quality of quoting and may
increase the volumes of contracts trade on the Exchange. To the extent
that this purpose is achieved, all of the Exchange's market
participants should benefit from the improved market liquidity.
Enhanced market quality and increased transaction volume that results
from the anticipated increase in order flow directed to the Exchange
will benefit all market participants and improve competition on the
Exchange.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. Based on publicly-
available information, and excluding index-based options, no single
exchange has more than 16% of the market share of executed volume of
multiply-listed equity and ETF options trades.\26\ Therefore, no
exchange possesses significant pricing power in the execution of
multiply-listed equity & ETF options order flow. More specifically, in
the fourth quarter of 2019, the Exchange had less than 10% market share
of executed volume of multiply-listed equity & ETF options trades.\27\
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\26\ See supra note 6.
\27\ Based on OCC data, supra note 7, the Exchange's market
share in equity-based options declined from 9.82% for the month of
January 2019 to 8.08% for the month of January 2020.
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The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to continue to encourage ATP Holders to direct trading
interest to the Exchange, to provide liquidity and to attract order
flow. To the extent that this purpose is achieved, all the Exchange's
market participants should benefit from the improved market quality and
increased opportunities for price improvement.
The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar pricing incentives, by encouraging
additional orders to be sent to the Exchange for execution.\28\
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\28\ See, e.g., supra note 18 (regarding MIAX Professional
Rebate Program).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \29\ of the Act and subparagraph (f)(2) of Rule
19b-4 \30\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \31\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\31\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File No. SR-
[[Page 16177]]
NYSEAMER-2020-18 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 No. SR-NYSEAMER-2020-18. 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 No. SR-NYSEAMER-2020-18, and should be submitted
on or before April 10, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05849 Filed 3-19-20; 8:45 am]
BILLING CODE 8011-01-P