[Federal Register Volume 85, Number 93 (Wednesday, May 13, 2020)]
[Notices]
[Pages 28686-28691]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10216]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88834; File No. SR-NYSEAMER-2020-34]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE 
American Options Fee Schedule

May 7, 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 May 1, 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 Items I, II, 
and III below, which Items have been prepared by the self-

[[Page 28687]]

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 
Auction. The Exchange proposes to implement the fee change effective 
May 1, 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to modify the Fee Schedule regarding 
the Professional Step-Up Incentive program and rebates for initiating a 
Customer Best Execution (``CUBE'') auction, in both Single-Leg and 
Complex CUBE transactions.
    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 expand 
the type of volume on which a rebate on initiating CUBE volume would 
apply (from Customer only to all account types).
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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 May 1, 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, currently no exchange possesses significant 
pricing power in the execution of multiply-listed equity & ETF options 
order flow. More specifically, in January 2020, 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 Incentive Program. The Exchange also offers an ACE 
Initiating Participant Rebate to participants in the ACE Program that 
initiate CUBE Auctions as well as an alternative to the ACE Initiating 
Participant Rebate--the Alternative Initiating Participant Rebate--that 
enables 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. The Exchange is 
proposing to (1) modify the Professional Step-Up Incentive Program to 
continue to encourage Professional volume and (2) expand the type of 
volumes to which the ``CUBE Initiating Participant Rebates'' are 
applied to encourage participants to increase their initiating CUBE 
volume.\8\ To the extent that these incentives succeed, the increased 
liquidity on the Exchange would result in enhanced market quality for 
all participants.
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    \8\ As described herein, the ``CUBE Initiating Participant 
Rebates'' include both the ACE Initiating Participant Rebate and the 
Alternative Initiating Participant Rebate.
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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 Total Industry Customer equity and 
ETF option average daily volume (``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'').\9\ Under the current Fee Schedule, ATP Holders 
that qualify for Tier C of the Professional Incentive are also eligible 
to receive ACE Program, Tier 1 credits.\10\
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    \9\ 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. See 
also Fee Schedule, Key Terms and Definitions, TCADV (defining TCADV 
as ``Total Industry Customer equity and ETF option average daily 
volume. TCADV includes OCC calculated Customer volume of all types, 
including Complex Order transactions and QCC transactions, in equity 
and ETF options'').
    \10\ See id., Section I.H. See also Fee Schedule, Section I.E. 
(describing the ACE Program and associated credits).
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    The Exchange proposes to introduce an additional incentive tier--
new Tier D--for ATP Holders that increase (or ``step up'') their 
Qualifying Volume by 0.15% of TCADV. ATP Holders that execute 
sufficient volume to qualify for proposed Tier D would receive the more 
favorable per-contract rate of $0.20 for Penny Pilot issues and $0.50 
for non-

[[Page 28688]]

Penny Pilot issues \11\ and would also be eligible to have ACE Program, 
Tier 1 credits applied to Customer executions.\12\ The Exchange also 
proposes to amend the per contract rate for non-Penny Pilot Issues 
under Tier C to be $0.55 per contract. In addition, the Exchange 
proposes an additional incentive for ATP Holders that meet the Tier D 
requirements and increase Qualifying Volume by 0.20% of TCADV and 
execute posted Professional volume (i.e., that adds liquidity) of at 
least 0.10% of TCADV (the ``additional incentive''). Specifically, ATP 
Holders that qualify for the proposed additional incentive would 
receive a three-cent ($0.03) per contract discount off of the Tier D 
rates.\13\ Based on the proposed Tier D rates (of $0.20 and $0.50 for 
Penny and non-Penny issues, respectively), an ATP Holder that qualifies 
would be charged $0.17 and $0.47 for each such contract.
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    \11\ See Fee Schedule, Section I. A., supra note 9 (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 proposed Fee Schedule, Section I.H., Professional Step-
Up Incentive. The Exchange also proposes to remove an errant open 
parentheses from the preamble of this section, which would add 
clarity and transparency to the Fee Schedule. See id.
    \13\ See id., note 1.
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    The Exchange cannot predict with certainty whether any ATP Holders 
would qualify for these additional incentives;, however, assuming 
historical behavior can be predictive of future behavior, the Exchange 
believes that at present participation rates, between two and four 
firms may be able to qualify for Tier D, and that qualification for the 
additional $0.03 reduction is achievable.
CUBE Auction Fees & Credits: CUBE Initiating Participant Rebates
    Section I.G. of the Fee Schedule sets forth the rates for per 
contract fees and credits for executions associated with Single-Leg and 
Complex CUBE Auctions. To encourage participants to utilize CUBE 
Auctions, the Exchange offers rebates on certain initiating CUBE volume 
in the Customer range. The ACE Initiating Participant Rebate is 
available to ATP Holders that qualify for Tiers 1-5 of the ACE Program 
and applies to the each of the first 5,000 Customer contracts per 
Singe-Leg CUBE Order executed or to each of the first 1,000 Customer 
contracts per leg of a Complex CUBE Order executed.\14\ The Exchange 
also offers an Alternative Initiating Participant Rebate, which 
similarly applies to the each of the first 5,000 Customer contracts per 
Singe-Leg CUBE Order for those participants that do not qualify for the 
ACE Program.\15\ To qualify for the Alternative Initiating Participant 
Rebate, an ATP Holder must execute a minimum of 10,000 contracts ADV in 
the Professional range and increase their Initiating CUBE Orders by the 
greater of 20% over their August 2019 volume or 10,000 contracts 
ADV.\16\ 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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    \14\ See Fee Schedule, see supra note 9, Section I.G., CUBE 
Auction Fees & Credits, note 2 to each table (the ACE Initiating 
Participant Rebate is ($0.12) and ($0.10) for Single- Leg and 
Complex CUBE Auctions, respectively).
    \15\ See id. (the Alternative Initiating Participant Rebate is 
($0.10) per contract).
    \16\ See id.
    \17\ See id.
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    The Exchange proposes to modify the ACE Initiating Participant 
Rebate and Alternative Initiating Participant Rebate (collectively, the 
``CUBE Initiating Rebates''; each a ``Rebate'') to remove the 
limitation of application to ``Customer'' contracts. As proposed, the 
CUBE Initiating Rebates would apply to the same number of executed CUBE 
Order contracts regardless of account type.\18\ The Exchange is not 
proposing to alter the qualifying standards for, or the amount of, 
either Rebate at this time. This proposed change is designed to 
encourage a variety of account types to use the CUBE Auctions and to 
incent an increase in order flow.
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    \18\ See proposed Fee Schedule, Section I.G., CUBE Auction Fees 
& Credits, note 2 to each table. The Exchange also proposes to 
correct a typographical error (i.e., $(0.45)) that appears in note 1 
to the Complex CUBE Auction pricing table to the correct ($0.45), 
which would add clarity and transparency to the Fee Schedule. See 
proposed Fee Schedule, Section I.G., CUBE Auction Fees & Credits, 
note 1.
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    The Exchange cannot predict with certainty whether any ATP Holders 
would qualify for the CUBE Initiating Rebates; however, assuming 
historical behavior can be predictive of future behavior, the Exchange 
believes that at present participation rates, between two and four 
firms may be able to qualify for expanded CUBE Initiating Rebates.
    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.\19\ Thus, 
ATP Holders have a choice of where they direct their order flow. The 
proposed modifications to the Professional Incentive program is 
designed to encourage ATP Holders to increase the amount of 
Professional volume directed to and executed on the Exchange. In 
addition, the proposed expansion of the application of the CUBE 
Initiating Rebates are designed to encourage the submission of CUBE 
Orders from all account types, which should maximize price improvement 
opportunities. Because the CUBE Initiating Rebates are tied to Customer 
(ACE) and Professional (Alternative) order flow, the Exchange believes 
all market participants stand to benefit from increased order flow, 
which promotes market depth, facilitates tighter spreads and enhances 
price discovery.
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    \19\ 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_04012019.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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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\20\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\21\ 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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    \20\ 15 U.S.C. 78f(b).
    \21\ 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.'' \22\
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    \22\ 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

[[Page 28689]]

than 16% of the market share of executed volume of multiply-listed 
equity and ETF options trades.\23\ Therefore, currently no exchange 
possesses significant pricing power in the execution of multiply-listed 
equity & ETF options order flow. More specifically, in January 2020, 
the Exchange had less than 10% market share of executed volume of 
multiply-listed equity & ETF options trades.\24\
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    \23\ See supra note 6.
    \24\ 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 and rebates 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 Tier C 
of Professional Incentive is reasonable because, although the proposed 
associated fees for non-Penny Pilot contracts would increase, the rates 
would still be discounted and, as such, would continue to be designed 
to incent ATP Holders to increase the amount of Professional order flow 
directed to the Exchange. In addition, that rate would continue to be 
available under the proposed new Tier D. The Exchange believes that new 
Tier D as well as the additional incentive are reasonable because they 
are designed to incent ATP Holders to continue to increase the amount 
of order flow directed to the Exchange. The Exchange further believes 
that expanding the application of the CUBE Initiating Rebates may 
encourage greater use of the CUBE Auctions, which may lead to greater 
opportunities to trade--and for price improvement--for all 
participants.
    The Exchange notes that all market participants stand to benefit 
from increased 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 (or the ACE) program.
    The Exchange believes the proposed technical changes (see supra 
notes 12 and 18) would add clarity and transparency to the Fee Schedule 
making it easier to navigate and comprehend to the benefit of all 
market participants.
    The Exchange cannot predict with certainty whether any participants 
would qualify for these additional incentives; however, assuming 
historical behavior can be predictive of future behavior, the Exchange 
believes that at present participation rates, between two and four 
firms may be able to qualify for the new Tier D, and that qualification 
for the additional $0.03 reduction is achievable; and that between two 
and four firms may qualify for the expanded CUBE Initiating Rebates.
    Finally, to the extent the proposed changes attract greater 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 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.\25\
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    \25\ See, e.g., supra note 19 (regarding MIAX Professional 
Rebate Program).
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The Proposed Rule Change Is an Equitable Allocation of Fees and Rebates
    The Exchange believes the proposed rule change is an equitable 
allocation of its fees and rebates. 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 or CUBE volume 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 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. Regarding the changes to Professional Incentive 
Tier C, ATP Holders would continue to have the option of availing 
themselves of the still-reduced rates available under that Tier and new 
Tier D, and the additional incentive, would increase opportunities to 
achieve further discounted fees. The Exchange's proposed expansion of 
the CUBE Initiating Rebates is designed to encourage greater use of the 
CUBE Auctions, which may lead to greater opportunities to trade--and 
for price improvement--for all 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.
    For the foregoing reasons, the Exchange believes that the proposal 
is consistent with the Act.

[[Page 28690]]

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 changes further 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.'' \26\
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    \26\ 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 rebates (via the Professional Incentive program and the CUBE 
Initiating Rebates) based on increased volumes on the Exchange, which 
would enhance the quality of quoting and may increase the volumes of 
contracts traded 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 currently has more than 16% of the market share of executed 
volume of multiply-listed equity and ETF options trades.\27\ Therefore, 
no exchange currently possesses significant pricing power in the 
execution of multiply-listed equity & ETF options order flow. More 
specifically, in January 2020, the Exchange had less than 10% market 
share of executed volume of multiply-listed equity & ETF options 
trades.\28\
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    \27\ See supra note 6.
    \28\ Based on OCC data, supra note 7, the Exchange's market 
share in equity-based options was 9.82% for the month of January 
2019 and 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 and 
rebates in a manner designed 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 changes 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. The 
Exchange also believes that the proposed changes are designed to 
provide the public and investors with a Fee Schedule that is clear and 
consistent, thereby reducing burdens on the marketplace and 
facilitating investor protection.

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 rule-comments@sec.gov. Please include 
File Number SR-NYSEAMER-2020-34 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-2020-34. 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 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-2020-34, and should be 
submitted on or before June 3, 2020.


[[Page 28691]]


    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. 2020-10216 Filed 5-12-20; 8:45 am]
 BILLING CODE 8011-01-P


