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Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices
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RML Orders, which cause the dissemination of the Retail Liquidity Identifier, over those that do not.
Additionally, the Exchange believes that providing execution priority to designated RML Orders is not unfairly discriminatory since any User can designate their RML Orders to be identified as such for purposes of the Retail Liquidity Identifier, and the Exchange believes that Users would only choose not to designate RML
Orders to be identified as such when another purpose, such as the potential for information leakage, outweighs the importance of execution priority for such orders.
In sum, the Exchange submits that the proposed RML Program is a simple, transparent approach designed to provide an opportunity for retail customers orders to receive meaningful price improvement in a manner generally consistent with the approved retail programs of other exchanges.
Thus, the Exchange believes that the proposed RML Program is consistent with the Act in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to 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.
B. Self-Regulatory Organizations Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange believes that the proposed RML Program would enhance competition and execution quality for retail investors and would enhance competition for Users and their clients seeking to interact with retail liquidity.
The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition since competing venues have and can continue to adopt similar retail programs, subject to the SEC rule change process. The Exchange operates in a highly competitive market in which market participants can easily direct their orders to competing venues, including off-exchange venues.
The Exchange also does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As described above, a Retail Midpoint Order may only be
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submitted by firms approved to send Retail Orders on the Exchange i.e., RMOs, which is comparable to an IEX
Retail Order offered under the IEX
Retail Program and retail programs on other exchanges where specific rules have been approved allowing only certain participants to send Retail Orders.54 All Users would be eligible to enter an RML Order, and all Users would be eligible to execute against an incoming Retail Midpoint Order in price priority in accordance with the Exchanges existing rules. Moreover, the proposed rule change would provide potential benefits to all Users to the extent it is successful in attracting additional midpoint liquidity.
C. Self-Regulatory Organizations Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days i as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or ii as to which the Exchange consents, the Commission will: a By order approve or disapprove such proposed rule change, or b institute proceedings to determine whether the proposed rule change should be disapproved.
IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act.
Comments may be submitted by any of the following methods:
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
MEMX202110 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.

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For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.55
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202119294 Filed 9721; 8:45 am BILLING CODE 801101P

SURFACE TRANSPORTATION BOARD
Docket No. FD 36542

Electronic Comments
54 See
All submissions should refer to File Number SRMEMX202110. 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 SRMEMX202110 and should be submitted on or before September 29, 2021.

NCSR, LLC d/b/a New Castle Southern RailroadLease and Operation Exemption With Interchange CommitmentNorfolk Southern Railway Company NCSR, LLC d/b/a New Castle Southern Railroad NCSR, a noncarrier, has filed a verified notice of exemption pursuant to 49 CFR 1150.31 to lease from Norfolk Southern Railway Company NSR and operate approximately 21 miles of rail line 55 17

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