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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices for settlement on a T+0 or T+1 basis. An executed trade would settle more quickly than on a T+2 basis if certain conditions are met and the execution is eligible for T+0 or T+1 settlement under the rules, policies, and procedures of a registered clearing agency. According to the Exchange, NSCC has authority under its rules, policies, and procedures to clear certain trades on a T+0 or T+1
basis, and NSCC does clear trades in accordance with this authority.370 The Exchange also states that certain industry participants have announced plans to collaborate to help the industry to reduce the standard settlement cycle from T+2 to T+1.371 The Exchange states that it believes that no other national securities exchange currently includes in its rules optional parameters that allow market participants to indicate a preference for potential T+0 or T+1
settlement.372 The Exchange has provided information regarding trades that NSCC clears on a T+0 or T+1 basis, but has not indicated whether these trades involved exchange-traded NMS
stocks.373 It is also unclear whether not having certainty that an order would receive faster settlement at the time of order entry would reduce the ability of a market participant to reap the potential benefits of faster settlement.
Further, the Exchange has not addressed whether introducing the possibility for T+0 or T+1 settlement for on-exchange trades in NMS stocks pursuant to the rules of a single national securities exchange, at a time when the industry standard is still T+2 settlement, might have any adverse market effects.
Accordingly, the Commission believes that there are questions as to whether the Exchanges proposal to provide BSTX Participants with the ability to preference T+0 or T+1 settlement is consistent with Sections 6b5 and 6b8 of the Act, including the requirements that the rules of the Exchange be designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and to protect investors and the public interest;
and not impose any burden on competition not necessary or 370 See
id. at 31.
id. at 3435.
372 See id. at 140.
373 See id. at 34.
371 See
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appropriate in furtherance of the purposes of the Act.
Under the Commissions Rules of Practice, the burden to demonstrate that a proposed rule change is consistent with the Exchange Act and the rules and regulations issued thereunder . . . is on the SRO that proposed the rule change. 374 The description of a proposed rule change, its purpose and operation, its effect, and a legal analysis of its consistency with applicable requirements must all be sufficiently detailed and specific to support an affirmative Commission finding,375 and any failure of an SRO to provide this information may result in the Commission not having a sufficient basis to make an affirmative finding that a proposed rule change is consistent with the Act and the applicable rules and regulations.376
For these reasons, the Commission believes it is appropriate to institute proceedings pursuant to Section 19b2B of the Act to determine whether the proposal, as modified by Amendment No. 1, should be approved or disapproved.
V. Procedure: Request for Written Comments The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues 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 proposal, as modified by Amendment No. 1, is consistent with Sections 6b5,377 6b7,378 and 6b8 379 of the Act or any other provision of the Act, or the rules and regulations thereunder. Although there do not appear to be any issues relevant to approval or disapproval that would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b4 under the Act,380 any request for an opportunity to make an oral presentation.381
374 17

CFR 201.700b3.
id.
376 See id.
377 15 U.S.C. 78fb5.
378 15 U.S.C. 78fb7.
379 15 U.S.C. 78fb8.
380 17 CFR 240.19b4.
381 Section 19b2 of the Act, as amended by the Securities Act Amendments of 1975, Pub. L. 9429
June 4, 1975, grants the Commission flexibility to determine what type of proceedingeither oral or notice and opportunity for written commentsis appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Act Amendments of 1975, Senate Comm.
375 See
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Interested persons are invited to submit written data, views, and arguments regarding whether the proposal, as modified by Amendment No. 1, should be approved or disapproved by September 23, 2021.
Any person who wishes to file a rebuttal to any other persons submission must file that rebuttal by October 7, 2021.
The Commission asks that commenters address the sufficiency of the Exchanges statements in support of the proposal, which are set forth in Amendment No. 1,382 in addition to any other comments they may wish to submit about the proposed rule change.
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
BOX202106 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 SRBOX202106. 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 on Banking, Housing & Urban Affairs, S. Rep. No.
75, 94th Cong., 1st Sess. 30 1975.
382 See Amendment No. 1, supra note 6.

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