83 FR 23983 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Fees and Charges

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 100 (May 23, 2018)

Page Range		23983-23985
FR Document		2018-10969
Federal Register, Volume 83 Issue 100 (Wednesday, May 23, 2018)
[Federal Register Volume 83, Number 100 (Wednesday, May 23, 2018)]
[Notices]
[Pages 23983-23985]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10969]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83268; File No. SR-NYSEArca-2018-34]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE 
Arca Equities Fees and Charges

May 17, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on May 9, 2018, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE 
Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend the NYSE Arca Equities Fees and 
Charges (``Fee Schedule'') to introduce a new pricing tier, Retail 
Order Step-Up Tier. The Exchange proposes to implement the fee change 
effective May 9, 2018.\4\ 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.
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    \4\ The Exchange originally filed to amend the Fee Schedule on 
May 1, 2018 (SR-NYSEArca-2018-30) and withdrew such filing on May 9, 
2018.

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[[Page 23984]]

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, as described 
below, to introduce a new pricing tier, Retail Order Step-Up Tier.
    The Exchange currently provides a credit of $0.0033 per share under 
the Retail Order Tier for Retail Orders \5\ that provide liquidity 
during the month in Tape A, Tape B and Tape C Securities to ETP 
Holders, including Market Makers, that execute an average daily volume 
(``ADV'') of Retail Orders that provide liquidity during the month that 
is 0.15% or more of U.S. consolidated ADV (``CADV'').\6\ For all other 
fees and credits, tiered or basic rates apply based on a firm's 
qualifying levels. In order to encourage participation from a greater 
number of ETP Holders, and promote additional liquidity in Retail 
Orders, the Exchange proposes to introduce a new pricing tier, Retail 
Order Step-Up Tier.
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    \5\ A Retail Order is an agency order that originates from a 
natural person and is submitted to the Exchange by an ETP Holder, 
provided that no change is made to the terms of the order to price 
or side of market and the order does not originate from a trading 
algorithm or any other computerized methodology. See Securities 
Exchange Act Release No. 67540 (July 30, 2012), 77 FR 46539 (August 
3, 2012) (SR-NYSEArca-2012-77).
    \6\ U.S. CADV means United States Consolidated Average Daily 
Volume for transactions reported to the Consolidated Tape, excluding 
odd lots through January 31, 2014 (except for purposes of Lead 
Market Maker pricing), and excludes volume on days when the market 
closes early and on the date of the annual reconstitution of the 
Russell Investments Indexes. Transactions that are not reported to 
the Consolidated Tape are not included in U.S. CADV.
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    As proposed, a new Retail Order Step-Up Tier credit of $0.0033 per 
share for Retail Orders that provide liquidity during the month in Tape 
A, Tape B and Tape C Securities would apply to ETP Holders, including 
Market Makers, that execute an ADV of Retail Orders with a time-in-
force designation of Day that add or remove liquidity during the month 
that is an increase of 0.12% or more of the U.S. CADV above their April 
2018 ADV taken as a percentage of U.S. CADV. Retail Orders with a time-
in-force designation of Day that remove liquidity from the Book will 
not be charged a fee. For all other fees and credits, tiered or basic 
rates apply based on a firm's qualifying levels.
    For example, assume an ETP Holder averages 1 million shares in 
Retail Orders with a time-in-force designation of Day that add or 
remove liquidity per day in April, or 0.015% of U.S. CADV, where U.S. 
CADV was 6.6 billion shares.
    If that ETP holder then averages 9 million shares in Retail Orders 
with a time-in-force designation of Day that add or remove liquidity in 
the billing month, or 0.136% of U.S. CADV, where U.S. CADV was also 6.6 
billion shares, that ETP Holder would qualify for the Retail Order 
Step-Up Tier because it would have met the requirement of the proposed 
new pricing tier, i.e., an increase of at least 0.12% of the U.S. CADV 
over the ETP Holder's April 2018 ADV taken as a percentage of U.S. 
CADV, or 0.121% (0.136% in the billing month over 0.015% in the 
baseline month).
    Also assume that same ETP holder averages 5 million shares in 
Retail Order that remove liquidity in Tape A Securities, of which 1 
million shares are in Retail Orders with a time-in-force designation of 
Day. As a result, the 4 million shares in Retail Orders that remove 
liquidity would be subject to the Tape A fee for removing liquidity of 
$0.0030 per share while the 1 million shares in Retail Orders with a 
time-in-force designation of Day would not be charged a fee.
    Further assume that the same ETP Holder qualified for both the 
Cross-Asset Tier 3 credit of $0.0030 per share and the Tape C 
incremental credit of $0.0004 per share and receive a combined credit 
for adding liquidity in Tape C of $0.0034. Since the combined Cross-
Asset Tier and Tape C Tier credit is higher than the proposed Retail 
Order Step-Up Tier, the ETP holder would receive the higher credit of 
$0.0034 per share instead of the Retail Order Step-Up Tier credit of 
$0.0033 per share.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\7\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\8\ in particular, 
because it provides for the equitable allocation of reasonable dues, 
fees, and other charges among its members, issuers and other persons 
using its facilities and does not unfairly discriminate between 
customers, issuers, brokers or dealers.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes it is reasonable to add the new Retail Order 
Step-Up Tier because the Exchange believes it would encourage 
participation from a greater number of ETP Holders, which would promote 
additional liquidity in Retail Orders. In this regard, an ETP Holder 
that does not qualify for the proposed higher credit could still be 
eligible for a credit for its Retail Orders that provide liquidity 
under the current Retail Order Tier or under Basic Rates. The proposed 
new Retail Order Step-Up Tier would create an added financial incentive 
for ETP Holders to bring additional retail flow to a public market. The 
proposed new credit is also reasonable because it would reduce the 
costs of ETP Holders that represent retail flow and potentially also 
reduce costs to their customers.
    The Exchange believes that it is reasonable that only Retail Orders 
with a time-in-force designation of Day that add or remove liquidity 
would count toward qualifying for the Retail Order Step-Up Tier. This 
would largely result in the type of orders to which the corresponding 
credit applies being the same as the volume that counts toward 
qualification--i.e., only Retail Orders with a time-in-force 
designation of Day. The Exchange believes that the proposed threshold 
of 0.12% or more of CADV above the ETP Holder's April 2018 ADV taken as 
a percentage of U.S. CADV is reasonable because it is within a range 
that the Exchange believes would continue to incentivize ETP Holders to 
submit Retail Orders to the Exchange in order to qualify for the 
proposed credit.
    The Exchange believes that the proposed rule change is equitable 
and not unfairly discriminatory because maintaining or increasing the 
proportion of Retail Orders in exchange-listed securities that are 
executed on a registered national securities exchange (rather than 
relying on certain available off-exchange execution methods) would 
contribute to investors' confidence in the fairness of their 
transactions and would benefit all investors by deepening the 
Exchange's liquidity pool, supporting the quality of price discovery, 
promoting market transparency and improving investor protection. This 
aspect of the proposed

[[Page 23985]]

rule change also is consistent with the Act because all similarly 
situated ETP Holders would pay the same rate, as is currently the case, 
and because all ETP Holders would be eligible to qualify for the rates 
by satisfying the related threshold, where applicable. Furthermore, the 
submission of Retail Orders is optional for ETP Holders, in that an ETP 
Holder could choose whether to submit Retail Orders and, if it does, 
the extent of its activity in this regard.
    For the foregoing reasons, the Exchange believes that the proposal 
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\9\ the Exchange 
believes that the proposed rule change would not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. Instead, the Exchange believes that the proposed 
rule change would encourage the submission of additional liquidity to a 
public exchange, thereby promoting price discovery and transparency and 
enhancing order execution opportunities for ETP Holders and Market 
Makers. The Exchange believes that this could promote competition 
between the Exchange and other execution venues, including those that 
currently offer comparable transaction pricing, by encouraging 
additional orders to be sent to the Exchange for execution. The 
Exchange also believes that the proposed rule change is consistent with 
the Act because it strikes an appropriate balance between fees and 
credits, which will encourage submission of orders to the Exchange, 
thereby promoting competition.
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    \9\ 15 U.S.C. 78f(b)(8).
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    The Exchange notes that it operates in a highly competitive market 
in which market participants can readily favor competing venues if they 
deem fee levels at a particular venue to be excessive or rebate 
opportunities available at other venues to be more favorable. In such 
an environment, the Exchange must continually adjust its fees and 
rebates to remain competitive with other exchanges and to attract order 
flow to the Exchange. Because competitors are free to modify their own 
fees and credits in response, and because market participants may 
readily adjust their order routing practices, the Exchange believes 
that the degree to which fee changes in this market may impose any 
burden on competition is extremely limited. As a result of all of these 
considerations, the Exchange does not believe that the proposed changes 
will impair the ability of ETP Holders or competing order execution 
venues to maintain their competitive standing in the financial markets.

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) \10\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \11\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \12\ 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 Number SR-NYSEArca-2018-34 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2018-34. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of 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. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NYSEArca-2018-34, and should be 
submitted on or before June 13, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10969 Filed 5-22-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 100 / Wednesday, May 23, 2018 / Notices 23983

prices that are significantly worse than post all comments on the Commission’s VI. Conclusion
the NBBO at the time of an order’s internet website (http://www.sec.gov/ It is therefore ordered, pursuant to
submission and may reduce the rules/sro.shtml). Copies of the Section 19(b)(2) of the Exchange Act,27
potential negative impacts of submission, all subsequent that the proposed rule change (SR–
unanticipated volatility in individual amendments, all written statements MRX–2018–08), as modified by
options.25 The Commission notes that with respect to the proposed rule Amendment No. 1 thereto, be, and it
the proposed rule change extends the change that are filed with the hereby is, approved on an accelerated
application of the ATR to orders that Commission, and all written basis.
route away immediately upon entry, communications relating to the
thus offering these orders the same proposed rule change between the For the Commission, by the Division of
protections that the ATR provides to Commission and any person, other than Trading and Markets, pursuant to delegated
authority.28
orders that first trade on the Exchange those that may be withheld from the
before being routed. The Commission public in accordance with the Eduardo A. Aleman,
also believes that recalculating the ATR provisions of 5 U.S.C. 552, will be Assistant Secretary.
for orders routed to away markets available for website viewing and [FR Doc. 2018–10980 Filed 5–22–18; 8:45 am]
pursuant to the Supplementary Material printing in the Commission’s Public BILLING CODE 8011–01–P
to Rule 1901, if the applicable NBB or Reference Room, 100 F Street NE,
NBO price is improved at the time the Washington, DC 20549, on official
order is routed, should help provide business days between the hours of SECURITIES AND EXCHANGE
such orders with a price protection that 10:00 a.m. and 3:00 p.m. Copies of the COMMISSION
better reflects the NBB or NBO. The filing also will be available for
Commission further believes that the inspection and copying at the principal [Release No. 34–83268; File No. SR–
proposed rule change will provide office of the Exchange. All comments NYSEArca–2018–34]
transparency and enhance investors’ received will be posted without change. Self-Regulatory Organizations; NYSE
understanding of the operation of the Persons submitting comments are Arca, Inc.; Notice of Filing and
ATR. The Commission notes that the cautioned that we do not redact or edit Immediate Effectiveness of Proposed
Exchange will continue to use the NBB personal identifying information from Rule Change To Amend the NYSE Arca
or NBO as the reference price for the comment submissions. You should Equities Fees and Charges
ATR. For these reasons, the Commission submit only information that you wish
believes that the proposed rule change, to make available publicly. All May 17, 2018.
as modified by Amendment No. 1, is submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
consistent with the Act. Number SR–MRX–2018–08 and should Securities Exchange Act of 1934 (the
be submitted on or before June 13, 2018. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
III. Solicitation of Comments on
Amendment No. 1 V. Accelerated Approval of Proposed notice is hereby given that, on May 9,
Rule Change, as Modified by 2018, NYSE Arca, Inc. (the ‘‘Exchange’’
Interested persons are invited to or ‘‘NYSE Arca’’) filed with the
submit written data, views, and Amendment No. 1
Securities and Exchange Commission
arguments concerning the foregoing, The Commission finds good cause to (the ‘‘Commission’’) the proposed rule
including whether Amendment No. 1 to approve the proposed rule change, as change as described in Items I, II, and
the proposed rule change is consistent modified by Amendment No. 1, prior to III below, which Items have been
with the Exchange Act. Comments may the 30th day after the date of prepared by the self-regulatory
be submitted by any of the following publication of notice of Amendment No. organization. The Commission is
methods: 1 in the Federal Register. As discussed publishing this notice to solicit
Electronic Comments above, Amendment No. 1 adds detail to comments on the proposed rule change
the proposal and the proposed rule text from interested persons.
• Use the Commission’s internet regarding the operation of the ATR.
comment form (http://www.sec.gov/ I. Self-Regulatory Organization’s
Amendment No. 1 revises the proposed
rules/sro.shtml); or Statement of the Terms of the Substance
rule text to specify that for orders routed
• Send an email to rule-comments@ to away markets pursuant to the
of the Proposed Rule Change
sec.gov. Please include File Number SR– Supplementary Material to Rule 1901, if The Exchange proposes to amend the
MRX–2018–08 on the subject line. the applicable NBB or NBO price is NYSE Arca Equities Fees and Charges
Paper Comments improved at the time the order is routed, (‘‘Fee Schedule’’) to introduce a new
a new ATR will be calculated based on pricing tier, Retail Order Step-Up Tier.
• Send paper comments in triplicate the reference price at that time. The Exchange proposes to implement
to Secretary, Securities and Exchange Amendment No. 1 also sets forth the fee change effective May 9, 2018.4
Commission, 100 F Street NE, additional justification for the proposed The proposed rule change is available
Washington, DC 20549–1090. rule change. The Commission believes on the Exchange’s website at
All submissions should refer to File that these revisions provide greater www.nyse.com, at the principal office of
Number SR–MRX–2018–08. This file clarity with respect to the current and the Exchange, and at the Commission’s
number should be included on the proposed application of the ATR for Public Reference Room.
subject line if email is used. To help the routed away orders. Accordingly, the
daltland on DSKBBV9HB2PROD with NOTICES

Commission process and review your Commission finds good cause, pursuant 27 15 U.S.C. 78s(b)(2).
comments more efficiently, please use to Section 19(b)(2) of the Exchange 28 17 CFR 200.30–3(a)(12).
only one method. The Commission will Act,26 to approve the proposed rule 1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
change, as modified by Amendment No. 3 17 CFR 240.19b–4.
25 See Securities Exchange Act Release No. 81204
1 on an accelerated basis.
(July 25, 2017), 82 FR 35557, 35559–60 (July 31, 4 The Exchange originally filed to amend the Fee

2017) (SR–MRX–2017–02) (Order approving, among Schedule on May 1, 2018 (SR–NYSEArca–2018–30)
other things, proposal to establish ATR). 26 15 U.S.C. 78s(b)(2). and withdrew such filing on May 9, 2018.

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Federal Register / Vol. 83, No. 100 / Wednesday, May 23, 2018 / Notices 23985

rule change also is consistent with the not believe that the proposed changes subject line if email is used. To help the
Act because all similarly situated ETP will impair the ability of ETP Holders or Commission process and review your
Holders would pay the same rate, as is competing order execution venues to comments more efficiently, please use
currently the case, and because all ETP maintain their competitive standing in only one method. The Commission will
Holders would be eligible to qualify for the financial markets. post all comments on the Commission’s
the rates by satisfying the related internet website (http://www.sec.gov/
threshold, where applicable. C. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Furthermore, the submission of Retail Statement on Comments on the
submission, all subsequent
Orders is optional for ETP Holders, in Proposed Rule Change Received From
amendments, all written statements
that an ETP Holder could choose Members, Participants, or Others
with respect to the proposed rule
whether to submit Retail Orders and, if No written comments were solicited change that are filed with the
it does, the extent of its activity in this or received with respect to the proposed Commission, and all written
regard. rule change. communications relating to the
For the foregoing reasons, the proposed rule change between the
Exchange believes that the proposal is III. Date of Effectiveness of the
Proposed Rule Change and Timing for Commission and any person, other than
consistent with the Act. those that may be withheld from the
Commission Action
B. Self-Regulatory Organization’s public in accordance with the
The foregoing rule change is effective provisions of 5 U.S.C. 552, will be
Statement on Burden on Competition
upon filing pursuant to Section available for website viewing and
In accordance with Section 6(b)(8) of 19(b)(3)(A) 10 of the Act and printing in the Commission’s Public
the Act,9 the Exchange believes that the subparagraph (f)(2) of Rule 19b–4 11 Reference Room, 100 F Street NE,
proposed rule change would not impose thereunder, because it establishes a due, Washington, DC 20549 on official
any burden on competition that is not fee, or other charge imposed by the business days between the hours of
necessary or appropriate in furtherance Exchange. 10:00 a.m. and 3:00 p.m. Copies of such
of the purposes of the Act. Instead, the At any time within 60 days of the filing also will be available for
Exchange believes that the proposed filing of such proposed rule change, the inspection and copying at the principal
rule change would encourage the Commission summarily may office of the Exchange. All comments
submission of additional liquidity to a temporarily suspend such rule change if received will be posted without change.
public exchange, thereby promoting it appears to the Commission that such Persons submitting comments are
price discovery and transparency and action is necessary or appropriate in the cautioned that we do not redact or edit
enhancing order execution public interest, for the protection of personal identifying information from
opportunities for ETP Holders and investors, or otherwise in furtherance of
Market Makers. The Exchange believes comment submissions. You should
the purposes of the Act. If the submit only information that you wish
that this could promote competition Commission takes such action, the
between the Exchange and other to make available publicly. All
Commission shall institute proceedings submissions should refer to File
execution venues, including those that under Section 19(b)(2)(B) 12 of the Act to
currently offer comparable transaction Number SR–NYSEArca–2018–34, and
determine whether the proposed rule should be submitted on or before June
pricing, by encouraging additional change should be approved or
orders to be sent to the Exchange for 13, 2018.
disapproved.
execution. The Exchange also believes For the Commission, by the Division of
that the proposed rule change is IV. Solicitation of Comments Trading and Markets, pursuant to delegated
consistent with the Act because it authority.13
Interested persons are invited to
strikes an appropriate balance between submit written data, views, and Eduardo A. Aleman,
fees and credits, which will encourage arguments concerning the foregoing, Assistant Secretary.
submission of orders to the Exchange, including whether the proposed rule [FR Doc. 2018–10969 Filed 5–22–18; 8:45 am]
thereby promoting competition. change is consistent with the Act. BILLING CODE 8011–01–P
The Exchange notes that it operates in Comments may be submitted by any of
a highly competitive market in which the following methods:
market participants can readily favor
competing venues if they deem fee Electronic Comments SELECTIVE SERVICE SYSTEM
levels at a particular venue to be • Use the Commission’s internet Forms Submitted to the Office of
excessive or rebate opportunities comment form (http://www.sec.gov/ Management and Budget for Extension
available at other venues to be more rules/sro.shtml); or of Clearance
favorable. In such an environment, the • Send an email to rule-comments@
Exchange must continually adjust its sec.gov. Please include File Number SR– AGENCY: Selective Service System.
fees and rebates to remain competitive NYSEArca–2018–34 on the subject line. ACTION: Notice.
with other exchanges and to attract
order flow to the Exchange. Because Paper Comments The following form has been
competitors are free to modify their own • Send paper comments in triplicate submitted to the Office of Management
fees and credits in response, and to Brent J. Fields, Secretary, Securities and Budget (OMB) for extension of
because market participants may readily and Exchange Commission, 100 F Street clearance with change in compliance
adjust their order routing practices, the NE, Washington, DC 20549–1090. with the Paperwork Reduction Act (44
daltland on DSKBBV9HB2PROD with NOTICES

Exchange believes that the degree to All submissions should refer to File U.S.C. Chapter 35):
which fee changes in this market may Number SR–NYSEArca–2018–34. This SSS Form 1
impose any burden on competition is file number should be included on the
extremely limited. As a result of all of Title: The Selective Service System
these considerations, the Exchange does 10 15 U.S.C. 78s(b)(3)(A). Registration Form.
11 17 CFR 240.19b–4(f)(2).
9 15 U.S.C. 78f(b)(8). 12 15 U.S.C. 78s(b)(2)(B). 13 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 17:33 May 22, 2018 Jkt 244001 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\23MYN1.SGM 23MYN1
Document Created: 2018-05-22 23:48:16
Document Modified: 2018-05-22 23:48:16
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 23983