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Federal Register / Vol. 86, No. 128 / Thursday, July 8, 2021 / Notices
Following the proposed chart, the Exchange would include three bullets, as follows.
Bullet 1 would clarify that for SLPs that are also DMMs and subject to Rule 107Bi2A, the above SLP Tier 1, Tier 1A, Tier 2, Tier 3, Tier 4, Tier 5 and Step Up Tier requirements are after a discount of the percentage for the prior quarter of NYSE CADV in DMM
assigned securities as of the last business day of the prior month. This is unchanged from the current Price List.
Bullet 2 would include text clarifying that SLPs that meet the requirements of
one of the above tiers Tiers 1A, 2, 3, 4
and the SLP Step Up Tier and add liquidity in Tapes B and C securities of at least 0.25% of Tape B and Tape C
CADV combined, will receive an additional credit of $0.0001 if at SLP
Step Up Tier, SLP Tier 3, SLP Tier 2, SLP Tier 1A OR $0.00005 if at SLP Tier 1, SLP Tier 4 and SLP Tier 5. This is unchanged from the current Price List.
Bullet 3 would provide that in SLP
Tier 1 and Tier 5, SLPs will receive an additional $0.00005 per share for adding liquidity, other than MPL and NonDisplay Reserve orders, in securities
where they are not assigned as an SLP
or do not meet the 10% average or more quoting requirement in an assigned security pursuant to Rule 107B. This information will be transposed without change from current SLP Tiers 1 and 5
in the Price List.
Following this proposed text, the Exchange would summarize the current Incremental SLP Step Up Tiers 1, 2 and 3 credits and requirements, renamed SLP Incremental Tier, in the following chart:
SLP adding ADV % Tape A CADV step up over baseline
Tier
SLP Incremental Tier 3
SLP Incremental Tier 2
SLP Incremental Tier1

The requirements and tiered displayed incremental credits applicable to each incremental step up are unchanged from the current Price List.
Proposed footnote in the proposed chart would provide that the combined
SLP credits shall not exceed $0.0032 per share in a billing month, which is the same languages used in the current Price List. The footnote would also clarify that the Baseline for SLP
Incremental Step Up Tiers is the second quarter of 2018, third quarter of 2018, or
0.100
0.150
0.250

Tiered display incremental credit
$0.00010
0.00020
0.00030

the month of January 2021, whichever is lowest.
The Exchange would next set forth the current SLP NBBO Setter Tier Credits and requirements in the following chart under a new heading titled SLP NBBO Setter Tier Credits:

Minimum requirements for tapes A, B and C
SLP NBBO setter tier credit tier for adding liquidity
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Setter Setter Setter Setter
Adding ADV %
Tape ABC
CADV, including DMM ADV

NBBO setting ADV % Tape ABC CADV, including DMM
ADV

0.55
0.65
0.95
1.25

0.05
0.09
0.18
0.30

Tier 4
SLP Tier 3
SLP Tier 2
SLP Tier 1

Once again, the rates and requirements are unchanged from the current Price List.
The Exchange would transpose the last two current credits and requirements in the SLP section of the Price List for SLPs adding liquidity with orders designated as retail and in all assigned SLP securities without change under a new heading titled Other Credits.
Finally, the Exchange would introduce a section titled General that would summarize information from the current Price List in the form of the following four bullets.
Bullet 1 would provide that Adding shares of both an SLP-Prop and an SLMM of the same or an affiliated member organization are aggregated and that quotes of an SLP-Prop and an
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SLMM of the same member organization are not be aggregated. This information will also be transposed without change from the current SLP tiers.
Bullet 2 would provide that affiliated member organizations that are SLPs are eligible for the most favorable rate for any such security traded in an applicable month provided that one or both affiliated member organizations request and are approved for aggregation of eligible activity pursuant to the requirements set forth in this Price List.
This information will also be transposed without change from current footnote +, which the Exchange proposes to delete.
Bullet 3 would provide that in a month where NYSE CADV equals or exceeds 5.5 billion shares per day for the billing month, NYSE CADV for that month will be subject to a cap of 5.5

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Tiered credit for Setting NBBO
ASP

$0.00350
0.00360
0.00370
0.00380

Tiered credit for other displayed add
$0.00305
0.00310
0.00320
0.00330

billion shares per day for the billing month. In a month where Tape B and Tape C CADV combined equals or exceeds 6.0 billion shares per day for the billing month, Tape B and Tape C
CADV combined for that month will be subject to a cap of 6.0 billion shares per day for the billing month. This information will also be transposed without change from current footnote , which will be deleted as redundant.
Finally, bullet 4 would provide that SLPs becoming DMMs after the beginning of a billing month would not be eligible until the next full billing month. This information will also be transposed without change from current footnote 8 of the Price List. As noted, current footnote 8 will be deleted and marked Reserved to maintain the current footnote numbering.

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