Non-Customer Complex Surcharge Extension and Floor Broker Rebate

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1. Public Proceeding(s) II. Self-Regulatory Organization’s Customer Complex Surcharge is Statement of the Purpose of, and described in footnote 5 in Section I.A. None. See Section III for summary Statutory Basis for, the Proposed Rule of the Fee Schedule. proceedings. 8 The Exchange proposes to extend the Change III. Summary Proceeding(s) Non-Customer Complex Surcharge to In its filing with the Commission, the also apply to any Non-Customer Manual 1. Docket No(s).: MC2026–175 and self-regulatory organization included order that is not a Simple Order (a ‘‘non- K2026–175; Filing Title: USPS Request statements concerning the purpose of, Simple order’’) that executes against a to Add New Fulfillment Standardized and basis for, the proposed rule change Customer Manual non-Simple order. Distinct Product, PM–GA Contract 940, and discussed any comments it received 9 To effect this change, the Exchange and Notice of Filing Materials Under on the proposed rule change. The text proposes to amend footnote 5 in Section Seal; Filing Acceptance Date: March 26, of those statements may be examined at I.A. of the Fee Schedule to provide as 2026; Filing Authority: 39 U.S.C. 3642 the places specified in Item IV below. follows: and 3633, 39 CFR 3035.105, and 39 CFR The Exchange has prepared summaries, A $0.12 per contract surcharge will be 3041.325. set forth in sections A, B, and C below, applied to any Non-Customer order that This Notice will be published in the of the most significant parts of such is not a Simple Order that executes Federal Register. statements. against a Customer order that is not a Simple Order (the ‘‘Non-Customer A. Self-Regulatory Organization’s Danielle LeFlore, Complex Surcharge’’), regardless of Statement of the Purpose of, and the Legal Assistant. whether the execution occurs in a Statutory Basis for, the Proposed Rule [FR Doc. 2026–06183 Filed 3–30–26; 8:45 am] Complex Order Auction (‘‘COA’’). The Change BILLING CODE 7710–FW–P surcharge will not apply to executions 1. Purpose in CUBE Auctions. The Exchange will The purpose of this filing is to amend reduce this per contract surcharge for SECURITIES AND EXCHANGE the Fee Schedule to modify fees and Electronic executions to $0.10 for ATP COMMISSION rebates applicable to Non-Customers Holders that achieve at least 0.20% of 4and Floor Brokers. Specifically, the [Release No. 34–105086; File No. SR– TCADV of Electronic Non-Customer NYSEAMER–2026–19] Exchange proposes to (1) extend a Complex Orders in a month. For current surcharge that applies to certain purposes of the Non-Customer Complex Self-Regulatory Organizations; NYSE electronic complex orders to Manual Surcharge with respect to Manual American LLC; Notice of Filing and orders that are not Simple Orders, and executions, interest from the Trading Immediate Effectiveness of a Proposed (2) establish a rebate payable to Floor Crowd is considered ‘‘Non-Customer.’’ Rule Change To Modify the NYSE Broker orders that trade with a Floor The proposed changes to footnote 5 American Options Fee Schedule Market Maker order.The Exchange would define the Non-Customer 5Regarding Certain Fees and Rebates proposes the fee change to be effective Complex Surcharge to apply to both Applicable to Non-Customers and March 10, 2026. electronic and Manual non-Simple 6Floor Brokers The Exchange currently applies a Orders (without any substantive change $0.12 per contract surcharge to any to the current application of the March 26, 2026. electronic Non-Customer Complex surcharge to electronic orders), clarify Pursuant to Section 19(b)(1)of the 1Order that executes against a Customer that the discounted surcharge applies Securities Exchange Act of 1934 Complex Order (the ‘‘Non-Customer only to electronic executions, and (‘‘Act’’)and Rule 19b–4 thereunder, 23Complex Surcharge’’), regardless of define the term ‘‘Non-Customer’’ as notice is hereby given that, on March whether the execution occurs in a used in the context of Manual 11, 2026, NYSE American LLC (‘‘NYSE Complex Order Auction (but does not transactions subject to the Non- American’’ or the ‘‘Exchange’’) filed apply the surcharge to executions in Customer Complex Surcharge. with the Securities and Exchange CUBE Auctions). For ATP Holders that The Exchange also proposes to Commission (the ‘‘Commission’’) the achieve a prescribed volume threshold establish a rebate of $0.20 per contract proposed rule change as described in during a billing month, the Non- payable to Floor Broker orders that trade Items I and II below, which Items have Customer Complex Surcharge is with Market Maker orders on the been prepared by the self-regulatory reduced to $0.10 per contract. The Non- Trading Floor. For Floor Brokers that organization. The Commission is Customer Complex Surcharge is participate in the FB Prepay Program, publishing this notice to solicit consistent with surcharges imposed by the proposed rebate would apply in lieu comments on the proposed rule change other options exchanges.The Non- of any rebates earned through the from interested persons. 7Manual Billable Rebate Program as I. Self-Regulatory Organization’s provided in Section III. E. of the Fee The Fee Schedule defines a ‘‘Non-Customer’’ as 4Statement of the Terms of Substance of Schedule. The Exchange proposes to anyone who is not a ‘‘Customer,’’ and defines a the Proposed Rule Change ‘‘Customer’’ as an individual or organization that is add new text to Section III.E. of the Fee not a Broker-Dealer, per Rule 900.2NY(18), and is The Exchange proposes to modify the not a Professional Customer. See Fee Schedule, NYSE American Options Fee Schedule KEY TERMS and DEFINITIONS. (TRANSACTION FEE—PER CONTRACT), footnote (‘‘Fee Schedule’’) regarding fees and ‘‘Floor Market Maker’’ refers collectively to * (assessing $0.12 per contract surcharge to any 5Specialists, e-Specialists, and Market Makers. electronic Non-Customer Complex Order that rebates applicable to Non-Customers executes against a Customer Complex Order); MIAX The Exchange previously filed to amend the Fee and Floor Brokers. The proposed rule 6Options Fee Schedule, Sections 1)a)i)–ii) (assessing Schedule on January 2, 2026 (SR–NYSEAMER– change is available on the Exchange’s a $0.12 per contract surcharge for trading against a 2026–01), then withdrew such filing and amended website at www.nyse.com and at the Priority Customer Complex Order for Penny and the Fee Schedule on January 16, 2026 (SR– Non-Penny classes). principal office of the Exchange. NYSEAMER–2026–04), then withdrew such filing and amended the Fee Schedule on January 28, 2026 See Fee Schedule, Section I.A. (Rates for 8(SR–NYSEAMER–2026–08), which latter filing the Options transactions). 15 U.S.C. 78s(b)(1). Exchange withdrew on March 10, 2026. A ‘‘Simple Order’’ is any order to purchase or 1915 U.S.C. 78a. See, e.g., NYSE Arca Options Fee Schedule, sell contracts in a single listed option series. See 2717 CFR 240.19b–4. ELECTRONINC COMPLEX ORDER EXECUTION Fee Schedule, KEY TERMS and DEFINITIONS. 3

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liquid market to the benefit of all market Schedule describing the proposed equity and ETF options trades. participants. The Exchange also notes Therefore, currently no exchange rebate. that the proposed rebate is similar in possesses significant pricing power in The Exchange believes that the structure to incentive programs for Floor the execution of multiply-listed equity proposed rebate would continue to Brokers offered by competing options and ETF options order flow. More incentivize Floor Brokers to participate exchanges.specifically, in January 2026, the on the Trading Floor, including when 15The Exchange further believes the Exchange had 9.03% market share of the counterparty to such trading is a proposed change is reasonable because executed volume of multiply-listed Floor Market Maker. In addition, it is intended to extend the existing equity and ETF options trades.In such although the proposed change to the 14Non-Customer Complex Surcharge for a low-concentrated and highly Non-Customer Complex Surcharge electronic non-Simple orders involving competitive market, no single options would increase the fee for Non- a Non-Customer vs. Customer to also exchange possesses significant pricing Customer Manual non-Simple orders apply to Manual non-Simple orders power in the execution of options order that trade with Customer Manual non- involving a Non-Customer vs. Customer flow. Within this environment, market Simple orders, the Exchange believes and is designed to offset costs associated participants can freely and often do shift the proposed change to extend the Non- with the proposed Floor Broker rebate. their order flow among the Exchange Customer Complex Surcharge to Manual To the extent this purpose is achieved, and competing venues in response to transactions and the proposed Floor the Exchange believes that the proposed changes in their respective pricing Broker rebate would, on balance, not surcharge would not disincentivize schedules. discourage Non-Customers to continue The Exchange believes that the ever- Non-Customer activity on the Trading to participate in transactions on the shifting market share among the Floor because increased order flow from Trading Floor, thereby promoting exchanges from month to month Floor Brokers seeking to earn the trading opportunities and competition demonstrates that market participants proposed rebate would result in more on the Trading Floor to the benefit of all can shift order flow or discontinue or opportunities to trade for all market market participants. reduce use of certain categories of participants. 2. Statutory Basis To the extent the proposed rule products, in response to fee changes. change continues to attract greater Accordingly, competitive forces The Exchange believes that the volume and liquidity by encouraging constrain options exchange transaction proposed rule change is consistent with Floor Brokers to increase their options fees. Section 6(b) of the Act,in general, and 10The Exchange believes that the volume on the Exchange in an effort to furthers the objectives of Sections proposed rebate would incentivize Floor earn the proposed rebate, the Exchange 6(b)(4) and (5) of the Act,in particular, 11Brokers to direct additional Manual believes the proposed changes would because it provides for the equitable orders to the Exchange, thereby creating improve the Exchange’s overall allocation of reasonable dues, fees, and more trading opportunities on the competitiveness and strengthen its other charges among its members, Trading Floor for all market market quality for all market issuers and other persons using its participants, including Floor Market participants. Against the backdrop of facilities and does not unfairly Makers. The Exchange thus believes the competitive environment in which discriminate between customers, that, despite the proposed change to the Exchange operates, the proposed issuers, brokers or dealers. extend the Non-Customer Complex rule change is a reasonable attempt by The Proposed Rule Change Is Surcharge to apply to Non-Customer the Exchange to increase the depth of its Reasonable Manual non-Simple orders that trade market and improve its market share against Customer Manual non-Simple relative to its competitors. The Exchange operates in a highly orders, Non-Customer market competitive market. The Commission The Proposed Rule Change Is an participants would not be discouraged has repeatedly expressed its preference Equitable Allocation of Credits and Fees from continuing to quote and trade for competition over regulatory The Exchange believes the proposed actively on the Exchange. intervention in determining prices, rule change is an equitable allocation of The Exchange believes that the products, and services in the securities its fees and credits because the proposed changes are reasonably markets. In Regulation NMS, the proposed rebate is based on the amount designed to incent Floor Brokers (and Commission highlighted the importance and type of business transacted on the other participants on the Trading Floor) of market forces in determining prices Exchange, and Floor Brokers can try to to increase the number of Manual orders and SRO revenues and, also, recognized earn the proposed rebate, or not. The sent to the Exchange. Any increase in that current regulation of the market Exchange also believes that the trading volume would create more system ‘‘has been remarkably successful proposed surcharge is equitable because trading opportunities for all market in promoting market competition in its participants and would in turn attract broader forms that are most important to additional order flow to the Exchange, investors and listed companies.’’ See, e.g., BOX Exchange Fee Schedule, Section 1512further contributing to a deeper, more V. Manual Transaction Fees, available at https://There are currently 18 registered boxexchange.com/assets/BOX-Fee-Schedule-as-of- options exchanges competing for order January-22-2026.pdf (offering Floor Brokers that flow. Based on publicly-available The OCC publishes options and futures volume submit QOO and FOO Orders a $0.20 per contract 13in a variety of formats, including daily and monthly information, and excluding index-based enhanced rebate for executions that trade with a volume by exchange, available here: https://Floor Market Maker, in lieu of lesser per contract options, no single exchange has more www.theocc.com/Market-Data/Market-Data- rebates also available to Floor Brokers); MIAX than 16% of the market share of Reports/Volume-and-Open-Interest/Monthly- Sapphire Options Exchange, Section 1) c) Trading executed volume of multiply-listed Weekly-Volume-Statistics. Floor Transactions, available at https://www.miaxglobal.com/sites/default/files/fee_Based on a compilation of OCC data for 14schedule-files/MIAXSapphireFeeSchedulemonthly volume of equity-based options and 15 U.S.C. 78f(b). 01212026_b.pdf (providing for the ‘‘Floor Broker monthly volume of equity-based ETF options, see 1015 U.S.C. 78f(b)(4) and (5). id., the Exchange’s market share in equity-based Breakup Credit,’’ a $0.20 credit applicable to Floor 11See Securities Exchange Act Release No. 51808 options increased from 6.54% for the month of Brokers that submit a QFO or cQFO for executions 12(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) January 2025 to 9.03% for the month of January that trade with a Floor Market Maker, instead of the (S7–10–04) (‘‘Reg NMS Adopting Release’’). 2026. $0.10 Floor Broker rebate otherwise available).

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it is designed to balance costs associated that trade with Customer Manual non- transactions on the Trading Floor, and, with encouraging increased execution Simple orders, the Exchange believes accordingly, the proposed changes opportunities on the Trading Floor, and that Non-Customers would not be would not impose a disparate burden on an increase in such orders would in turn discouraged from continuing to competition among market participants enhance trading opportunities for all participate actively on the Trading Floor on the Exchange. and would benefit from increased market participants. The Exchange also Intermarket Competition. The Manual order flow, including from believes that the proposed rebate to Exchange operates in a highly Floor Brokers seeking to earn the Floor Brokers is an equitable allocation competitive market in which market proposed rebate, as a result of the of fees and credits because it is intended participants can readily favor one of the proposed change. To the extent that this to support Floor Brokers’ role in other 17 competing options exchanges if increased order flow attracts order flow facilitating the execution of Manual they deem the Exchange’s fee levels to orders, which function benefits all from other market participants to the be excessive. In such an environment, market participants on the Trading Trading Floor, the proposed rule change the Exchange must continually adjust its Floor. would improve market quality and fees to remain competitive with other Moreover, the proposal is designed to promote additional trading exchanges and to attract order flow to incent participation on the Trading opportunities for all market participants the Exchange. Based on publicly- Floor in an effort to make the Exchange on the Exchange. available information, and excluding a primary execution venue and to attract Finally, the Exchange believes that it index-based options, no single exchange more Manual transactions to the is subject to significant competitive has more than 16% of the market share Exchange. To the extent that the forces, as described below in the of executed volume of multiply-listed proposed change attracts more Floor Exchange’s statement regarding the equity and ETF options trades. 17Broker orders to the Exchange, this burden on competition. Therefore, currently no exchange increased order flow would continue to possesses significant pricing power in B. Self-Regulatory Organization’s make the Exchange a more competitive the execution of multiply-listed equity Statement on Burden on Competition venue for, among other things, order and ETF options order flow. More In accordance with Section 6(b)(8) of execution. Thus, the Exchange believes specifically, in January 2026, the the Act, the Exchange does not believe the proposed rule change would Exchange had 9.03% market share of that the proposed rule change would improve market quality for all market executed volume of multiply-listed impose any burden on competition that participants on the Exchange and, as a equity and ETF options trades. is not necessary or appropriate in 18consequence, attract more order flow to The Exchange believes that the furtherance of the purposes of the Act. the Exchange thereby improving market- proposed rule change reflects this Instead, as discussed above, the wide quality and price discovery. competitive environment because it Exchange believes that the proposed The Proposed Rule Change Is Not modifies the Exchange’s fees in a changes would encourage the Unfairly Discriminatory manner designed to continue to incent submission of additional liquidity to a participants on the Trading Floor to The Exchange believes it is not public exchange, thereby promoting unfairly discriminatory to extend the direct trading interest to the Exchange, market depth, price discovery and existing Non-Customer Complex to provide liquidity and to attract transparency and enhancing order Surcharge to apply to Non-Customer additional order flow. To the extent that execution opportunities for all market Manual non-Simple orders that trade Floor Brokers are encouraged to utilize participants. As a result, the Exchange against a Customer Manual non-Simple the Exchange as a primary trading venue believes that the proposed change orders because the proposed change for all transactions, all Exchange market furthers the Commission’s goal in would apply to all Non-Customer orders participants stand to benefit from the adopting Regulation NMS of fostering equally, and as discussed above, the improved market quality and increased integrated competition among orders, Exchange believes it is not unfairly opportunities for price improvement. which promotes ‘‘more efficient pricing discriminatory to incent order flow to The Exchange notes that it operates in of individual stocks for all types of the Exchange, which would enhance a highly competitive market in which orders, large and small.’’ 16liquidity on the Exchange to the benefit market participants can readily favor Intramarket Competition. The of all market participants. The Exchange competing venues. In such an proposed change is designed to attract also believes that the proposed rebate environment, the Exchange must additional order flow to the Exchange. payable to Floor Brokers for a Manual continually review, and consider The Exchange believes that the order that trades with a Floor Market adjusting, its fees and credits to remain proposed surcharge on Non-Customer Maker order is not unfairly competitive with other exchanges. For Manual non-Simple orders that are a discriminatory because it would be the reasons described above, the counterparty to Customer Manual non- available to all similarly situated market Exchange believes that the proposed Simple orders, and the proposed rebate participants on an equal and non- rule change reflects this competitive payable to the Floor Broker orders that discriminatory basis. The Exchange environment. trade against Floor Market Maker orders further believes that the proposed rebate would not disincentivize Non-Customer available to Floor Brokers is not unfairly activity on the Trading Floor. Greater The OCC publishes options and futures volume discriminatory to other market 17 liquidity benefits all market participants in a variety of formats, including daily and monthly participants because it is intended to on the Exchange and increased order volume by exchange, available here: https://encourage the role performed by Floor www.theocc.com/Market-Data/Market-Data- flow would increase opportunities for Reports/Volume-and-Open-Interest/Monthly- Brokers in facilitating the execution of execution of other trading interest. The Weekly-Volume-Statistics. orders via open outcry, a function proposed modifications would apply Based on a compilation of OCC data for 18which the Exchange wishes to support and be available to all similarly-situated monthly volume of equity-based options and for the benefit of all market participants. monthly volume of equity-based ETF options, see market participants that execute Manual In addition, although the proposed id., the Exchange’s market share in equity-based options increased from 6.54% for the month of change would apply a surcharge to Non- See Reg NMS Adopting Release, supra note 12, January 2025 to 9.03% for the month of January 16Customer Manual non-Simple orders at 37499. 2026.

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1. Self-Regulatory Organization’s internet website (https://www.sec.gov/ C. Self-Regulatory Organization’s Statement of the Purpose of, and rules/sro.shtml). Copies of the filing will Statement on Comments on the Statutory Basis for, the Proposed Rule be available for inspection and copying Proposed Rule Change Received From Change at the principal office of the Exchange. Members, Participants, or Others Do not include personal identifiable No written comments were solicited In its filing with the Commission, the information in submissions; you should or received with respect to the proposed self-regulatory organization included submit only information that you wish rule change. statements concerning the purpose of, to make available publicly. We may and basis for, the proposed rule change III. Date of Effectiveness of the redact in part or withhold entirely from and discussed any comments it received Proposed Rule Change and Timing for publication submitted material that is on the proposed rule change. The text Commission Action obscene or subject to copyright of those statements may be examined at protection. All submissions should refer The foregoing rule change is effective the places specified in Item IV below. to file number SR–NYSEAMER–2026– upon filing pursuant to Section The Exchange has prepared summaries, 19 and should be submitted on or before 19(b)(3)(A)of the Act and set forth in sections A, B, and C below, 19April 21, 2026. subparagraph (f)(2) of Rule 19b–4 of the most significant parts of such 20thereunder, because it establishes a due, For the Commission, by the Division of statements. fee, or other charge imposed by the Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s Exchange. authority. 22Statement of the Purpose of, and the At any time within 60 days of the Sherry R. Haywood, Statutory Basis for, the Proposed Rule filing of such proposed rule change, the Assistant Secretary. Change Commission summarily may [FR Doc. 2026–06156 Filed 3–30–26; 8:45 am] temporarily suspend such rule change if 1. Purpose BILLING CODE 8011–01–P it appears to the Commission that such The purpose of this filing is to amend action is necessary or appropriate in the the Fee Schedule to modify fees and public interest, for the protection of SECURITIES AND EXCHANGE rebates applicable to Non-Customers investors, or otherwise in furtherance of COMMISSION 4and Floor Brokers. Specifically, the the purposes of the Act. If the [Release No. 34–105085; File No. SR– Exchange proposes to (1) extend a Commission takes such action, the NYSEARCA–2026–28] current surcharge that applies to certain Commission shall institute proceedings electronic complex orders to Manual under Section 19(b)(2)(B)of the Act to Self-Regulatory Organizations; NYSE 21complex orders, and (2) establish a determine whether the proposed rule Arca, Inc.; Notice of Filing and rebate payable to Floor Broker orders change should be approved or Immediate Effectiveness of a Proposed that trade with a Market Maker order on disapproved. Rule Change To Modify the NYSE Arca the Trading Floor. The Exchange Options Fee Schedule Regarding IV. Solicitation of Comments proposes the fee change to be effective Certain Fees and Rebates Applicable Interested persons are invited to March 10, 2026. to Non-Customers and Floor Brokers 5submit written data, views and The Exchange currently applies a arguments concerning the foregoing, $0.12 per contract surcharge to any March 26, 2026. Pursuant to Section 19(b)(1)of the including whether the proposed rule electronic Non-Customer Complex 1Securities Exchange Act of 1934 change is consistent with the Act. Order that executes against a Customer (‘‘Act’’),and Rule 19b–4 thereunder, Comments may be submitted by any of Complex Order (the ‘‘Non-Customer 23notice is hereby given that on March 11, the following methods: Complex Surcharge’’). The Non- 2026, NYSE Arca, Inc. (‘‘NYSE Arca’’ or Customer Complex Surcharge is Electronic Comments the ‘‘Exchange’’) filed with the consistent with surcharges imposed by • Use the Commission’s internet Securities and Exchange Commission other options exchanges. The Non- 6comment form (https://www.sec.gov/ (the ‘‘Commission’’) the proposed rule Customer Complex Surcharge is rules/sro.shtml); or change as described in Items I and II denoted with an ‘‘*’’ in the transaction • Send an email to rule-comments@below, which Items have been prepared fee table in the Electronic Complex sec.gov. Please include file number SR– by the self-regulatory organization. The Order Executions section of the Fee NYSEAMER–2026–19 on the subject Commission is publishing this notice to Schedule. line. solicit comments on the proposed rule change from interested persons. Paper Comments The Fee Schedule refers to Firms, Broker 4I. Self-Regulatory Organization’s • Send paper comments in triplicate Dealers, and Market Makers collectively as ‘‘Non- Customers.’’ See NYSE Arca OPTIONS: TRADE– Statement of the Terms of Substance of to Secretary, Securities and Exchange RELATED CHARGES FOR STANDARD OPTIONS. the Proposed Rule Change Commission, 100 F Street NE, The Exchange previously filed to amend the Fee 5Washington, DC 20549–1090. Schedule on January 2, 2026 (SR–NYSEARCA– The Exchange proposes to modify the 2026–02), then withdrew such filing and amended All submissions should refer to file NYSE Arca Options Fee Schedule (‘‘Fee the Fee Schedule on January 16, 2026 (SR– number SR–NYSEAMER–2026–19. This Schedule’’) regarding fees and rebates NYSEARCA–2026–05), and then withdrew such file number should be included on the applicable to Non-Customers and Floor filing and amended the Fee Schedule on January 28, subject line if email is used. To help the 2026 (SR–NYSEARCA–2026–07), which latter filing Brokers. The proposed rule change is the Exchange withdrew on March 10, 2026. Commission process and review your available on the Exchange’s website at See, e.g., NYSE American Options Fee comments more efficiently, please use www.nyse.com and at the principal 6 Schedule, Section I.A. (Rates for Options only one method. The Commission will office of the Exchange. transactions), footnote 5 (assessing $0.12 per post all comments on the Commission’s contract surcharge to any Electronic Non-Customer Complex Order that executes against a Customer 17 CFR 200.30–3(a)(12). Complex Order); MIAX Options Fee Schedule, 2215 U.S.C. 78s(b)(3)(A). 15 U.S.C. 78s(b)(1). Sections 1)a)i)–ii) (assessing a $0.12 per contract 19117 CFR 240.19b–4(f)(2). 15 U.S.C. 78a. surcharge for trading against a Priority Customer 20215 U.S.C. 78s(b)(2)(B). 17 CFR 240.19b–4. Complex Order for Penny and Non-Penny classes). 213

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