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Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices
mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest.26
For the reasons discussed above, the Commission believes it is appropriate to institute proceedings pursuant to Section 19b2B of the Act to determine whether the proposal should be approved or disapproved.

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IV. Procedure: Request for Written Comments The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the concerns identified above, as well as any other concerns they may have with the proposal. In particular, the Commission invites the written views of interested persons concerning whether the proposed rule change is inconsistent with Section 6b5 or any other provision of the Act, or the rules and regulation thereunder. Although there do not appear to be any issues relevant to approval or disapproval which would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b4, any request for an opportunity to make an oral presentation.27
Interested persons are invited to submit written data, views, and arguments regarding whether the proposal should be approved or disapproved by March 10, 2021. Any person who wishes to file a rebuttal to any other persons submission must file that rebuttal by March 24, 2021. The Commission asks that commenters address the sufficiency of the Exchanges statements in support of the proposal which are set forth in the Notice,28 in addition to any other comments they may wish to submit about the proposed rule change. In particular, the Commission seeks comment, including where relevant, any specific data, statistics, or studies, on the following:
1. The NYSE proposal for its exchange-facilitated auctions would differ from other primary listing markets MWCB re-opening processes in that it would establish price collars of the greater of $0.15 or 10% away from the Auction Reference Price, with interest that cannot be satisfied within 26 Id.
27 Rule 700c2 of the Commissions Rules of Practice provides that the Commission, in its sole discretion, may determine whether any issues relevant to approval or disapproval would be facilitated by the opportunity for an oral presentation of views. 17 CFR 201.700c2.
28 See Notice, supra note 3.

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the collars being canceled, whereas Nasdaq, NYSE Arca, and Cboe BZX
establish 5% price bands for re-opening and then widen those price bands in increments of 5% until market interest can be satisfied. Should the primary listing exchanges harmonize their respective processes for reopening trading by electronic auction after a halt pursuant to the market-wide circuit breaker mechanism following a Level 1
or Level 2 market decline, and if so, why? If so, which aspects of the reopening processes following MWCB
Halts should be harmonized e.g., auction reference price, determination of auction match price, width of auction collars, or expansions of auction collars and what are the appropriate parameters? Should NYSE further harmonize its proposed MWCB
reopening process for exchangefacilitated auctions to align with Nasdaq, NYSE Arca, and Cboe BZX on the establishment of auction reference prices, auction collars levels, and/or the limit or lack thereof on auction collar adjustments?
2. Is it appropriate for the Exchange to derive and expand the lower/upper MWCB Auction Collar by subtracting from or adding to the Auction Reference Price the greater of $0.15 or 10% of the Auction Reference Price, which are currently wider than the parameters that Nasdaq, NYSE Arca, and Cboe BZX use to derive and expand their respective MWCB auction collars? Are there any specific data, statistics, or studies to support the Exchanges belief that the wider parameters proposed for MWCB
Auction Collars are set at appropriate levels that would allow the Exchange to re-open trading in securities more quickly while still reducing the potential to re-open at a price that is significantly away from the last traded price of the security? Are there any considerations regarding why the NYSE
exchange-facilitated MWCB re-openings should be handled differently from other primary listing markets that list equities?
3. Are the other aspects of the proposal appropriate for auctions following a Trading Halt? Is it appropriate for the Exchange to have the authority to facilitate a Trading Halt Auction if a security has not re-opened by 3:30 p.m., following a MWCB Halt?
Or should the Exchange afford the DMM
additional time to open the security?
4. Should DMM Interest be eligible to participate in an Exchange-facilitated Auction, if that Auction results in a quote? Should DMM Interest be canceled when a security opens or reopens on a trade? When a security opens or reopens, should DMM Interest
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be canceled when the limit price of that DMM Interest prices through the Auction Price or the Auction Collars?
Should DMM Interest be canceled when it is marketable against contra-side unexecuted orders?
Comments may be submitted by any of the following methods:
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
NYSE202089 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Number SRNYSE202089. 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 Commissions 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 Commissions 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 SRNYSE202089 and should be submitted on or before March 10, 2021. Rebuttal comments should be submitted by March 24, 2021.

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