[Federal Register Volume 83, Number 119 (Wednesday, June 20, 2018)]
[Notices]
[Pages 28671-28675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13165]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83439; File No. SR-NYSENAT-2018-12]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Adopt
Transaction, Routing, and Port Fees In Connection With the Re-Launch of
Trading on the Exchange
June 14, 2018.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 6, 2018, NYSE National, Inc. (the ``Exchange'' or
``NYSE National'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to adopt transaction, routing, and port fees
in connection with the re-launch of trading on the Exchange. The
Exchange proposes to implement the rule change on June 6, 2018.\4\ The
proposed rule change is available on the Exchange's website at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
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\4\ The Exchange originally filed to amend the Fee Schedule on
May 18, 2018 (SR-NYSENAT-2018-08) and withdrew such filing on May
25, 2018. The Exchange re-filed to amend the Fee Schedule on May 25,
2018 (SR-NYSENAT-2018-10) and withdrew such filing on June 6, 2018.
This filing replaces SR-NYSENAT-2018-10 in its entirety.
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II. Self-Regulatory Organization's 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On February 1, 2017, the Exchange ceased trading operations.\5\ On
May 17, 2018, the Commission approved rule changes to support re-launch
of trading operations on Pillar, which is an integrated trading
technology platform designed to use a single specification for
connecting to the equities and options markets operated by the Exchange
and its affiliates, NYSE Arca, Inc. (``NYSE Arca''), NYSE American LLC
(``NYSE American''), and New York Stock Exchange LLC (``NYSE'').\6\
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\5\ See Securities Exchange Act Release No. 80018 (February 10,
2017), 82 FR 10947 (February 16, 2017) (SR-NSX-2017-04)
(``Termination Filing''). On January 31, 2017, Intercontinental
Exchange, Inc. (``ICE''), through its wholly-owned subsidiary NYSE
Group, acquired all of the outstanding capital stock of the Exchange
(the ``Acquisition''). See Securities Exchange Act Release No. 79902
(January 30, 2017), 82 FR 9258 (February 3, 2017) (SR-NSX-2016-16).
Prior to the Acquisition, the Exchange was named ``National Stock
Exchange, Inc.''
\6\ See Securities Exchange Act Release No. 83289 (May 17, 2018)
(SR-NYSENat-2018-02) (Approval Order) (``Re-Launch Filing''); see
generally www.nyse.com/pillar.
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As described in the Re-Launch Filing, with Pillar, the Exchange
will re-launch trading in all Tape A, Tape B, and Tape C securities on
an unlisted trading privileges (``UTP'') basis on a fully automated
price-time priority allocation model.\7\ The Exchange's Pillar trading
platform is based on the rules and trading model of the cash equities
platforms of NYSE Arca, which operates as a fully automated price-time
priority allocation exchange. However, unlike its affiliated exchanges,
the Exchange is not a listing venue and therefore will not have any
``lead'' or ``designated'' market makers for listed securities and
would not operate any auctions. In addition, the Exchange will not
operate a retail liquidity program.
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\7\ See generally Re-Launch Filing.
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In connection with its re-launch of operations, the Exchange
proposes to amend its Schedule of Fees and Rebates to adopt a new
pricing model for trading on the Pillar platform.
The proposed changes would apply to transactions executed in all
trading sessions in securities priced at or above and below $1.00.
The Exchange proposes to implement these changes effective June 6,
2018.
[[Page 28672]]
Proposed Rule Change
The Exchange proposes the following transaction fees for the re-
launch of trading on its Pillar trading platform.
General Information Applicable to the Fee Schedule
The Exchange proposes to summarize general information applicable
to the Fee Schedule in two bullets under the first heading in the Fee
Schedule titled ``Fees and Credits Applicable to Market Participants.''
The first bullet would provide that rebates are indicated by
parentheses.
The second bullet would provide that, for purposes of determining
transaction fees and credits based on requirements based on quoting
levels, average daily volume (``ADV''), and consolidated ADV
(``CADV''), the Exchange may exclude shares traded any day that (1) the
Exchange is not open for the entire trading day and/or (2) a disruption
affects an Exchange system that lasts for more than 60 minutes during
regular trading hours. The second proposed bullet would reproduce the
language that appears in both the NYSE American Equities and NYSE Arca
Equities price lists.\8\
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\8\ See NYSE American Equities Price List, available at https://www.nyse.com/publicdocs/nyse/markets/nyse-american/NYSE_America_Equities_Price_List.pdf; NYSE Arca Equities Price List,
available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf.
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Transaction Fees
The Exchange proposes the following fees and credits for all
transactions under new heading I titled ``Transaction Fees'':
Liquidity Adding Fees \9\
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\9\ Currently, there are two other exchanges (Cboe BYX and
Nasdaq BX) that have adopted a fee model that offers rebates to
liquidity takers and charges fees to liquidity providers. See Cboe
BYX U.S. Equities Exchange Fee Schedule, available at https://markets.cboe.com/us/equities/membership/fee_schedule/byx/, and
Nasdaq BX Fee Schedule, available at https://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing.
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For securities priced at or above $1.00, the Exchange proposes the
following charges for executions on the Exchange of displayed orders
that add liquidity to the Exchange:
The Exchange proposes to charge $0.0023 per share for
executions on the Exchange of displayed orders that add liquidity to
the Exchange.
The Exchange proposes to charge $0.0021 per share for
executions on the Exchange of orders that set a new BBO \10\ and that
add liquidity to the Exchange.
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\10\ The term ``BBO'' is defined in Rule 1.1 to mean the best
bid or offer that is a Protected Quotation on the Exchange. The term
``BB'' means the best bid that is a Protected Quotation on the
Exchange and the term ``BO'' means the best offer that is a
Protected Quotation on the Exchange.
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The Exchange proposes to charge $0.0025 per share for
executions on the Exchange of non-displayed orders that add liquidity
to the Exchange.
Finally, the Exchange proposes to charge $0.0010 per share
for executions on the Exchange of Mid-Point Liquidity (``MPL'') orders
that add liquidity to the Exchange.
For securities priced below $1.00, the Exchange does not propose to
charge a fee for executions on the Exchange of displayed orders and
non-displayed orders that add liquidity to the Exchange.
Liquidity Removing Fees
The Exchange does not propose to charge a fee for executions on the
Exchange of orders that remove liquidity from the Exchange. The
proposal would apply to securities priced at or above $1.00.
The Exchange also does not propose to charge a fee for executions
on the Exchange of MPL orders that remove liquidity from the Exchange.
The proposal would apply to securities priced at or above $1.00.
For securities priced below $1.00, the Exchange does not propose to
charge a fee for orders that remove liquidity from the Exchange.
Adding and Remove Tiers for Securities at or Above $1.00
The Exchange proposes tiered adding requirements for displayed and
non-displayed orders in securities priced at or above $1.00, as
follows.
Under the proposed Adding Tier, the Exchange would offer the
following fees for transactions in stocks with a per share price of
$1.00 or more when adding liquidity to the Exchange if the ETP Holder
has at least 0.015% of Adding ADV as a percent of US CADV:
$0.0020 per share for displayed orders;
$0.0022 per share for non-displayed orders;
$0.0018 per share for orders that set a new Exchange BBO;
and
$0.0005 per share for MPL orders.
Under the proposed Taking Tier, the Exchange would offer the
following credits for transactions in stocks with a per share price of
$1.00 or more when removing liquidity from the Exchange if the ETP
Holder has at least 50,000 shares of Adding ADV:
($0.0020) per share for orders;
($0.0002) per share for MPL orders.
The Exchange also proposes to waive the Adding Tier and Taking Tier
volume requirements until June 1, 2018, which would be reflected in
footnote *.
Routing Fees
Under a new heading II titled ``Routing Fees,'' the Exchange
proposes the following fees for routing, which would be applicable to
all orders by ETP Holders that are routed.
For all executions in securities with a price at or above $1.00
that route to and execute in an away market,\11\ the Exchange proposes
to charge a fee of $0.0030 per share for executions.
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\11\ The term ``Away Market'' is defined in Rule 1.1 to mean any
exchange, alternative trading system (``ATS'') or other broker-
dealer (1) with which the Exchange maintains an electronic linkage
and (2) that provides instantaneous responses to orders routed from
the Exchange.
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For securities priced below $1.00 that route to and execute in an
away market, the Exchange proposes to charge a fee of 0.30% of the
total dollar value of the transaction.
Port Fees
Under proposed new heading III titled ``Port Fees,'' the Exchange
proposes fees for the use of ports that:
(1) Provide connectivity to the Exchange's trading systems (i.e.,
ports for entry of orders and/or quotes (``order/quote entry ports'')),
and
(2) allow for the receipt of ``drop copies'' of order or
transaction information (``drop copy ports'' and, together with order/
quote entry ports, ``ports'').\12\
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\12\ Firms receive confirmations of their orders and receive
execution reports via the order/quote entry port that is used to
enter the order or quote. A ``drop copy'' contains redundant
information that a firm chooses to have ``dropped'' to another
destination (e.g., to allow the firm's back office and/or compliance
department, or another firm--typically the firm's clearing broker--
to have immediate access to the information). Drop copies can only
be sent via a drop copy port. Drop copy ports cannot be used to
enter orders and/or quotes.
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For order/quote entry ports, the Exchange proposes to charge $250
per port per month. The fee would apply to all market participants.
The Exchange proposes not to charge for order/quote entry ports
until June 1, 2018. Thereafter, the Exchange proposes to implement the
$250 per port per month fee.
Similarly, the Exchange proposes to charge $250 per drop copy port
per month. The fee would apply to all market participants.
Additionally, the Exchange proposes to specify that only one fee per
drop copy port would apply, even if the port receives drop copies from
multiple order/quote entry ports.
The Exchange proposes not to charge for drop copy ports until June
1, 2018. Thereafter, the Exchange proposes to implement the $250 per
port per month fee.
[[Page 28673]]
Equity Trading Permit (``ETP'') Fee
The Exchange proposes a new heading IV titled ``ETP Fee.'' The
Exchange does not propose to charge a fee to obtain an ETP.\13\
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\13\ ETP refers to an Equity Trading Permit issued by the
Exchange for effecting approved securities transactions on the
Exchange. See Rule 1.1 (definition of ETP).
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The proposed changes are not otherwise intended to address any
other issues, and the Exchange is not aware of any problems that ETP
Holders would have in complying with the proposed change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\14\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\15\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4) & (5).
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Liquidity Removing Fees
The Exchange believes that not charging a fee for removing
liquidity in securities priced at or above $1.00 and securities priced
below $1.00 is reasonable, equitable and not unfairly discriminatory
because it would provide a financial incentive to bring additional
removing flow to a public market.
Liquidity Adding Fees
The Exchange believes that charging a fee of $0.0023 per share for
liquidity adding displayed orders in securities priced at or above
$1.00 is reasonable, equitable and not unfairly discriminatory because
the Exchange must balance the cost of credits for orders that remove
liquidity and the fees to provide displayed liquidity. The Exchange
believes that the proposed change is both equitable and not unfairly
discriminatory because the fee would apply uniformly to all similarly-
situated market participants.
The Exchange believes that charging a fee of $0.0021 per share for
liquidity adding orders that set a new Exchange BBO in securities
priced at or above $1.00 is reasonable, equitable and not unfairly
discriminatory because the lower fee, compared with the fee of $0.0023
per share for liquidity adding displayed orders that do not set a new
Exchange BBO, will provide an incentive for ETP Holders to improve
displayed quotes on the Exchange, which would benefit all market
participants.
The Exchange believes that charging a fee of $0.0025 per share for
liquidity adding non-displayed orders in securities priced at or above
$1.00 is reasonable and not unfairly discriminatory because the
proposed rate would be lower than the fee charged by other
exchanges.\16\ The Exchange further believes that the proposed fee is
equitable and not unfairly discriminatory because it would apply to all
non-displayed orders that add liquidity to the Exchange.
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\16\ Nasdaq BX, for instance, charges a fee of $0.0030 per share
for providing non-displayed liquidity for securities priced at or
above $1.00 for all other firms. See Nasdaq BX Exchange Fee Schedule
2018, available at https://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing.
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The Exchange believes that charging a lower fee of $0.0010 per
share for liquidity adding MPL orders in securities priced at or above
$1.00 is reasonable, equitable and not unfairly discriminatory because
the lower fee would provide an incentive for participation and provide
price improvement, which would benefit all market participants.
The Exchange believes that not charging a fee for orders that
remove liquidity in securities priced below $1.00 is reasonable,
equitable and not unfairly discriminatory. The Exchange believes that
not charging a fee for orders that remove liquidity would encourage
price discovery and enhance market quality by encouraging more
competitive quoting of displayed orders that add liquidity. The
Exchange further believes that not charging a fee for orders that
remove liquidity is equitable and not unfairly discriminatory because
it is designed to facilitate execution of, and enhance trading
opportunities for, displayed orders that add liquidity and that would
execute against those orders that remove liquidity, thereby further
incentivizing entry of displayed adding orders on the Exchange. The
Exchange believes that not charging a fee for orders that remove
liquidity would also reduce costs for market participants and
investors.
Adding and Remove Tiers for Securities at or Above $1.00
The Exchange believes that the proposed tiered adding requirements
for displayed and non-displayed orders in securities priced at or above
$1.00 are reasonable, equitable and not unfairly discriminatory, as
follows.
The proposed Adding Tier fees for adding liquidity ($0.0020 per
share for displayed orders, $0.0022 per share for non-displayed orders,
$0.0018 per share for orders that set a new Exchange BBO, and $0.0005
per share for MPL orders) for ETP Holders with at least 0.015% of
Adding CADV in securities with a per share price of $1.00 or more when
adding liquidity are reasonable because it would further contribute to
incent ETP Holders to provide increased liquidity on the Exchange,
benefiting all ETP Holders. In addition, the Exchange believes that the
proposed Adding Tier credits are equitable and not unfairly
discriminatory as all similarly situated market participants will be
subject to the same credits on an equal and non-discriminatory basis.
Similarly, the proposed Taking Tier credits (($0.0020) per share
for orders that remove liquidity and ($0.0002) per share for MPL
orders) that remove liquidity for ETP Holders with an Adding ADV of at
least 50,000 shares in securities with a per share price of $1.00 or
more when removing liquidity from the Exchange is reasonable, equitable
and not unfairly discriminatory because the proposed fees are in line
with the fees for removing liquidity on other exchanges.\17\
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\17\ See CBOE BYX Exchange Fee Schedule at https://markets.cboe.com/us/equities/membership/fee_schedule/byx/.
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Finally, the Exchange believes it is reasonable to waive the Adding
Tier and Taking Tier volume requirements until June 1, 2018, because
the waiver for a limited period of time will enable the Exchange to
improve its overall competitiveness and strengthen its market quality
for all market participants. The proposed waiver is not unfairly
discriminatory because it will apply equally to all similarly situated
ETP Holders.
Routing Fees
The Exchange believes that its proposed routing fees are reasonable
and not an unfairly discriminatory allocation of fees because the fee
would be applicable to all ETP Holders in an equivalent manner.
Moreover, the proposed fees for routing shares are also reasonable and
not unfairly discriminatory because they are consistent with fees
charged on other exchanges. In particular, the Exchange's proposal to
charge a fee of $0.0030 per share for all executions that route to and
execute on away markets in securities priced at or above $1.00 is
reasonable and not unfairly discriminatory because it is consistent
with fees charged on other exchanges.\18\
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\18\ See Nasdaq Exchange Fee Schedule at http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2.
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[[Page 28674]]
Finally, the proposal to charge a fee for all executions of 0.30%
of total dollar value for transactions in securities with a price under
$1.00 that route to and execute on away markets is reasonable and not
unfairly discriminatory because it is consistent with fees charged on
other exchanges.\19\
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\19\ NASDAQ, for example, charges a fee of 0.30% (i.e., 30 basis
points) of total dollar volume to remove liquidity for shares
executed below $1.00. See NASDAQ Fee Schedule at http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2.
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Port Fees
The Exchange believes that the proposed rates for order/quote entry
ports and drop copy ports are reasonable because the fees charged for
both types of ports are expected to permit the Exchange to offset, in
part, its connectivity costs associated with making such ports
available, including costs based on software and hardware enhancements
and resources dedicated to gateway development, quality assurance, and
support. The proposed port fees are also reasonable because the
proposed fees are comparable to the rates charged by other venues, and
in some cases are less expensive than many of the Exchange's
competitors.\20\
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\20\ For example, NASDAQ charges $575 for order entry ports and
$550 for DROP ports. See NASDAQ Fee Schedule at http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2#connectivity.
Also, Cboe BZX charges $550 per month per pair for logical ports.
See Cboe BZX U.S. Equities Exchange Fee Schedule at https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
Additionally, Cboe EDGA and Cboe EDGX each charge $550 per port per
month. See Cboe EDGA U.S. Equities Exchange Fee Schedule at https://markets.cboe.com/us/equities/membership/fee_schedule/edga/ and Cboe
EDGX U.S. Equities Exchange Fee Schedule at https://markets.cboe.com/us/equities/membership/fee_schedule/edgx/.
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The Exchange believes that the proposed fee for order/quote entry
ports is equitable and not unfairly discriminatory because charges for
order/entry ports will be based on the number of ports utilized. This
aspect of the proposed rule change is also equitable and not unfairly
discriminatory because it will apply on an equal basis for all ports on
the Exchange. The Exchange also believes that these fees are equitable
and not unfairly discriminatory because they would apply to all users
of order/quote entry ports on the Exchange.
The Exchange believes that the proposed fee for drop copy ports is
reasonable because it will result in a fee being charged for the use of
technology and infrastructure provided by the Exchange. In this regard,
the Exchange believes that the rate is reasonable because it is
comparable to the rate charged by other exchanges for drop copy
ports.\21\
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\21\ See note 20, supra.
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The Exchange also believes that it is reasonable that only one fee
per drop copy port would apply, even if the port receives drop copies
from multiple order/quote entry ports, because the purpose of drop
copies is such that a trading unit's or a firm's entire order and
execution activity is captured. The Exchange believes that the proposed
new fee for drop copy ports is equitable and not unfairly
discriminatory because it will apply on an equal basis to all users of
drop copy ports and to all drop copy ports on the Exchange. In this
regard, all firms will be able to request drop copy ports, as would be
the case with order/quote entry ports.
ETP Fee
The Exchange believes that not charging a fee to obtain an ETP on
the Exchange is reasonable because it may incentivize broker-dealers to
become Exchange permit holders and to direct order flow to the
Exchange, which benefits all market participants through increased
liquidity and enhanced price discovery.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\22\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, the Exchange believes that the proposed
changes would encourage the submission of additional liquidity to a
public exchange, thereby promoting price discovery and transparency and
enhancing order execution opportunities for ETP Holders. The Exchange
believes that this could promote competition between the Exchange and
other execution venues, including those that currently offer similar
order types and comparable transaction pricing, by encouraging
additional orders to be sent to the Exchange for execution.
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\22\ 15 U.S.C. 78f(b)(8).
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Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees and rebates to remain competitive with other exchanges and
with alternative trading systems that have been exempted from
compliance with the statutory standards applicable to exchanges.
Because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. As a result of all of these considerations, the
Exchange does not believe that the proposed changes will impair the
ability of ETP Holders or competing order execution venues to maintain
their competitive standing in the financial markets.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
[[Page 28675]]
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSENAT-2018-12 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSENAT-2018-12. 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 Commission's 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 Commission's 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; the Commission does not edit
personal identifying information from submissions. 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 SR-NYSENAT-2018-12 and should
be submitted on or before July 11, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13165 Filed 6-19-18; 8:45 am]
BILLING CODE 8011-01-P