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Federal Register / Vol. 86, No. 31 / Thursday, February 18, 2021 / Notices 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
C22021004 on the subject line.
Paper Comments
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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 SRC22021004. 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 SRC22021004 and should be submitted on or before March 11, 2021.

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For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15
J. Matthew DeLesDernier, Assistant Secretary.

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.

FR Doc. 202103213 Filed 21721; 8:45 am
A. Self-Regulatory Organizations Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change
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SECURITIES AND EXCHANGE
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Electronic Comments
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Release No. 3491110; File No. SR
NYSENAT202102

Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Rebates February 11, 2021.

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 February 1, 2021, NYSE National, Inc. NYSE
National 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 selfregulatory 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 its Schedule of Fees and Rebates Fee Schedule to modify the requirements to qualify for the Adding Tier 1 and 2
and Removing Tier 1. The Exchange proposes to implement the rule change on February 1, 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 15 17

CFR 200.303a12.
U.S.C. 78sb1.
2 15 U.S.C. 78a.
3 17 CFR 240.19b4.
1 15

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1. Purpose The Exchange proposes to amend its Schedule of Fees and Rebates Fee Schedule to modify the requirements to qualify for the Adding Tier 1 and 2
and Removing Tier 1.
The proposed changes respond to the current competitive environment where order flow providers have a choice of where to direct liquidity-providing and liquidity-removing orders by offering further incentives for ETP Holders to send additional displayed and nondisplayed liquidity to the Exchange.
The Exchange proposes to implement the rule change on February 1, 2021.
Current Market and Competitive Environment 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. Specifically, 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. 4
As the Commission itself recognized, the market for trading services in NMS
stocks has become more fragmented and competitive. 5 Indeed, equity trading is currently dispersed across 16
exchanges,6 31 alternative trading systems,7 and numerous broker-dealer 4 See Securities Exchange Act Release No. 51808
June 9, 2005, 70 FR 37496, 37499 S71004
Final Rule Regulation NMS.
5 See Securities Exchange Act Release No. 51808, 84 FR 5202, 5253 February 20, 2019 File No. S7
0518 Transaction Fee Pilot for NMS Stocks Final Rule Transaction Fee Pilot.
6 See Cboe Global Markets, U.S. Equities Market Volume Summary, available at http
markets.cboe.com/us/equities/market_share/. See generally https www.sec.gov/fast-answers/
divisionsmarketregmrexchangesshtml.html.
7 See FINRA ATS Transparency Data, available at https otctransparency.finra.org/otctransparency/
AtsIssueData. Although 54 alternative trading systems were registered with the Commission as of July 29, 2019, only 31 are currently trading. A list of alternative trading systems registered with the
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