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Federal Register / Vol. 86, No. 103 / Tuesday, June 1, 2021 / Notices
change is consistent with the Act.
Comments may be submitted by any of the following methods:

SECURITIES AND EXCHANGE
COMMISSION

Electronic Comments
Release No. 3492016; File No. SR
NYSEARCA202140

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
CboeBZX2021041 on the subject line.
Paper Comments
May 25, 2021.

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 SR-CboeBZX2021041. 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 SRCboeBZX2021041 and should be submitted on or before June 23, 2021.

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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
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17
J. Matthew DeLesDernier, Assistant Secretary.

Pursuant to Section 19b1 1 of the Securities Exchange Act of 1934 the Act,2 and Rule 19b4 thereunder,3
notice is hereby given that on May 11, 2021, NYSE Arca, Inc. NYSE Arca 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-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE Arca Equities Fees and Charges Fee Schedule to adopt reduced fees for Retail Orders that are executed in the Exchanges opening and closing auctions. The Exchange proposes to implement the fee changes effective May 11, 2021. The proposed rule change is available on the Exchanges website at www.nyse.com, at the principal office of the Exchange, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations 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.

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A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Fee Schedule to adopt reduced fees for Retail Orders 4 that are executed in the Exchanges opening and closing auctions.
The proposed changes respond to the current competitive environment where order flow providers have a choice of where to direct Retail Orders by offering further incentives for ETP Holders 5 to send such orders to the Exchange.
The Exchange proposes to implement the fee changes effective May 11, 2021.6
Background As noted above, 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. 7
While Regulation NMS has enhanced competition, it has also fostered a fragmented market structure where trading in a single stock can occur across multiple trading centers. When multiple trading centers compete for order flow in the same stock, the Commission has recognized that such competition can lead to the fragmentation of order flow in that stock. 8 Indeed, equity trading is 4 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 SRNYSEArca201277.
5 All references to ETP Holders in connection with this proposed fee change include Market Makers.
6 The Exchange originally filed to amend the Fee Schedule on May 3, 2021 SRNYSEArca202136.
SRNYSEArca202136 was subsequently withdrawn and replaced by this filing.
7 See Securities Exchange Act Release No. 51808
June 9, 2005, 70 FR 37496, 37499 June 29, 2005
File No. S71004 Final Rule Regulation NMS.
8 See Securities Exchange Act Release No. 61358, 75 FR 3594, 3597 January 21, 2010 File No. S7
0210 Concept Release on Equity Market Structure.

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