[Federal Register Volume 83, Number 249 (Monday, December 31, 2018)]
[Notices]
[Pages 67768-67772]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-28397]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84927; File No. SR-CboeBZX-2018-090]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Halt Auction Process
December 21, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 18, 2018, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ 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\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (the ``Commission'') a
proposed rule change to amend the Halt Auction process. The text of the
proposed rule change is attached as Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
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 Exchange 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 these 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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend the Halt
Auction process used to re-open BZX listed securities following certain
Regulatory Halts. In 2017, the Exchange amended its Halt Auction
process for re-opening a security following a Trading Pause initiated
pursuant to the Plan to Address Extraordinary Market Volatility--i.e.,
the ``Limit Up-Limit Down'' or ``LULD'' Plan.\5\ Specifically, the
Exchange modified its rules such that initial Halt Auction Collars
following a Trading Pause would be calculated using a new methodology
based on the Price Band that triggered the Trading Pause, and
instituted a process for extending the auction and further widening the
collars if necessary to accommodate buy or sell pressure
[[Page 67769]]
outside of the collars then in effect.\6\ The Exchange believes that
these changes have been effective in facilitating a fair and orderly
market following Trading Pauses initiated pursuant to the Limit Up-
Limit Down Plan, and has decided to implement similar functionality for
all other Regulatory Halts, such as material news halts or trading
halts following the initiation of the market wide circuit breaker
mechanism (``Non-LULD Regulatory Halts'').\7\ The Exchange believes
that the proposed changes would promote price formation by providing a
consistent and orderly Halt Auction process for members and investors
following all Regulatory Halts, similar to the current implementation
on NYSE Arca, Inc. (``Arca'').\8\
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\5\ See Securities Exchange Act Release Nos. 79162 (October 26,
2016), 81 FR 75875 (November 1, 2016) (Notice); 79884 (January 26,
2017), 82 FR 8968 (February 2, 2017) (Approval Order) (SR-BatsBZX-
2016-61).
\6\ The Exchange also modified its clearly erroneous rules to
provide that executions as a result of a Halt Auction under Rule
11.23, which encompasses all Halt Auctions, including but not
limited to those following a Trading Pause, are not eligible to for
a request to review as clearly erroneous under Rule 11.23(d).
\7\ A marketwide circuit breaker is triggered if the price of
the S&P 500 Index declines by a specified amount compared to the
closing price for the immediately preceding trading day. See BZX
Rule 11.18(a).
\8\ See Securities Exchange Act Release Nos. 79107 (October 18,
2016), 81 FR 73159 (October 24, 2016) (Notice); 79846 (January 19,
2017), 82 FR 8548 (January 26, 2017) (Approval Order) (SR-NYSEArca-
2016-130).
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Currently, BZX Rule 11.23(d)(2)(B) describes the process for
extending the Quote-Only Period for IPO and Halt Auctions, other than
Halt Auctions following a Trading Pause, which are described in the
recently added BZX Rule 11.23(d)(2)(C).\9\ As provided in BZX Rule
11.23(d)(2)(B), the Quote-Only Period may be extended where: (i) There
are unmatched market orders on the Auction Book associated with the
auction; (ii) in an IPO Auction, the underwriter requests an extension;
(iii) where the Indicative Price moves the greater of 10% or fifty
cents in the fifteen seconds prior to the auction; or (iv) in the event
of a technical or systems issue at the Exchange that may impair the
ability of Users to participate in the IPO Auction or of the Exchange
to complete the IPO Auction. The Exchange proposes to amend this rule
such that this process would continue to be followed solely for IPO
Auctions or Halt Auctions following a Non-Regulatory Halt. For Halt
Auctions following a Non-LULD Regulatory Halt, the Exchange proposes to
follow a process similar to that currently applied for Halt Auctions
following a Trading Pause, as described in BZX Rule 11.23(d)(2)(C).
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\9\ The term ``Quote-Only Period'' means a designated period of
time prior to a Halt Auction, a Volatility Closing Auction, or an
IPO Auction during which Users may submit orders to the Exchange for
participation in the auction. See BZX Rule 11.23(a)(17).
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BZX Rule 11.23(d)(2)(C), which describes the current process for
incremental quote period extensions for Halt Auctions following a
Trading Pause, provides that the Quote-Only Period commences five
minutes prior to such Halt Auction, and is extended for an additional
five minutes (``Initial Extension Period'') should a Halt Auction be
unable to be performed due to a market order imbalance under BZX Rule
11.23(d)(2)(B)(i),\10\ or where the Indicative Price,\11\ before being
adjusted for Halt Auction Collars, is outside the applicable Halt
Auction Collars set forth in BZX Rule 11.23(d)(2)(C)(i) and (ii)
(either, an ``Impermissible Price''). After the Initial Extension
Period, the Quote-Only Period is extended for additional five minute
periods should a Halt Auction be unable to be performed due to an
Impermissible Price until a Halt Auction occurs (``Additional Extension
Period'').\12\ The Exchange attempts to conduct a Halt Auction during
the course of each Additional Extension Period. Furthermore, the Halt
Auction is cancelled at 3:50 p.m., at which time the auction for the
security is conducted pursuant to the Volatility Closing Auction
process under BZX Rule 11.23(e).
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\10\ A market order imbalance exists when there are unmatched
market orders on the Auction Book associated with the auction. See
BZX Rule 11.23(d)(2)(B)(i). Since Rule 11.23(d)(2)(B), as amended,
would apply solely to IPO Auctions to Halt Auctions following a Non-
Regulatory Halt, the Exchange proposes to replace the reference to a
market order imbalance under Rule 11.23(d)(2)(B)(i) with the text of
the language included therein.
\11\ The term ``Indicative Price'' means the price at which the
most shares from the Auction Book and the Continuous Book would
match. In the event of a volume based tie at multiple price levels,
the Indicative Price will be the price which results in the minimum
total imbalance. In the event of a volume based tie and a tie in
minimum total imbalance at multiple price levels, the Indicative
Price will be the price closest to the Volume Based Tie Breaker. See
BZX Rule 11.23(a)(10).
\12\ In the event of any extension to the Quote-Only Period as
set forth in Rule 11.23(d)(2)(B) or (C), the Exchange notifies
market participants regarding the circumstances and length of the
extension. See BZX Rule 11.23(d)(2)(D).
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The Exchange now proposes to amend BZX Rule 11.23(d)(2)(C) to
implement this process for Halt Auctions following a Non-LULD
Regulatory Halt as well. The proposed process for re-opening a BZX
listed security after a Non-LULD Regulatory Halt would be identical to
the process employed today for Halt Auctions following a Trading Pause,
with only two differences that relate to the calculation of initial
Halt Auction Collars. First, today the Halt Auction Reference Price for
Halt Auctions following a Trading Pause is equal the price of the Upper
or Lower Price Band that triggered the halt. Similar to the current
implementation on Arca,\13\ the Exchange proposes that the initial Halt
Auction Collar following a Non-LULD Regulatory Halt would instead be
based on a Halt Auction Reference Price equal to the price of the Final
Last Sale Eligible Trade (``FLSET'').\14\ Second, today for Halt
Auctions following a Trading Pause, if the Halt Auction Reference Price
is the Lower (Upper) Price Band: (1) The initial upper (lower) Halt
Auction Collar is the Upper (Lower) Price Band, and (2) the lower
(upper) Halt Auction Collar is five percent less (greater) than the
Halt Auction Reference Price, or $0.15 less (greater) than the Halt
Auction Reference Price for securities with a Halt Auction Reference
Price of $3.00 or less, in each case rounded to the nearest minimum
price variation. Similar to the current implementation on Arca,\15\ the
Exchange proposes that Halt Auction Collars following a Non-LULD
Regulatory Halt, would be calculated as described in (2) above, with
this calculation applied to both the lower and upper collar. For
example, if the FLSET for a security subject to a Non-
[[Page 67770]]
LULD Regulatory Halt is $100.00, then the initial Halt Auction Collars
would be $95.00 x $105.00--i.e., five percent below and above the
FLSET.
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\13\ Arca's halt auction collars are based on an auction
reference price equal to the last consolidated round-lot price of
that trading day and, if none, the prior trading day's official
closing price (except as provided for in Arca Rule 7.35- E(e)(7)(A))
for trading halt auctions other than auctions following a Trading
Pause. See Arca Rule 7.35E(a)(8)(A), (e)(7)(A).
\14\ The term ``Final Last Sale Eligible Trade'' or ``FLSET''
means the last trade occurring during Regular Trading Hours on the
Exchange if the trade was executed within the last one second prior
to either the Closing Auction or, for Halt Auctions, trading in the
security being halted. Where the trade was not executed within the
last one second, the last trade reported to the consolidated tape
received by BZX Exchange during Regular Trading Hours and, where
applicable, prior to trading in the security being halted will be
used. If there is no qualifying trade for the current day, the BZX
Official Closing Price from the previous trading day will be used.
See BZX Rule 11.23(a)(9).
The FLSET is the Commission approved last sale formulation
designed for use in BZX auctions, including the Halt Auction. See
Securities Exchange Act Release Nos. 65266 (September 6, 2011), 76
FR 56249 (September 12, 2011) (Notice); 65619 (October 25, 2011), 76
FR 67238 (October 31, 2011) (Approval Order) (SR-BATS-2011-032). The
FLSET as defined in BZX Rule 11.23(a)(9) is equivalent to Arca's
reference price in substance, except that the most recent trade
executed on BZX during Regular Trading Hours is used if such a trade
is executed within the last one second prior to the halt. The
Exchange believes that is appropriate to use the price of a trade on
the primary listing market, i.e., BZX, to set the reference price
for auctions in BZX-listed securities when such a trade has been
executed recently. Using the FLSET as currently formulated and
approved would therefore ensure that the reference price selected
provides a familiar and desirable experience for member and
investors participating in BZX auctions.
\15\ See Arca Rule 7.35E(e)(7)(B)(ii).
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All other logic currently in place for Halt Auctions Collars
following a Trading Pause would be used for Halt Auctions following a
Non-LULD Regulatory Halt, including the process for initiating
extensions. Specifically, as is the case for Halt Auctions following a
Trading Pause today, at the beginning of the Initial Extension Period
the upper (lower) Halt Auction Collar would be increased (decreased) by
five percent in the direction of the Impermissible Price, rounded to
the nearest minimum price variation. For securities with a Halt Auction
Reference Price of $3.00 or less, the Halt Auction Collar would be
increased (decreased) in $0.15 increments in the direction of the
Impermissible Price. At the beginning of each Additional Extension
Period, the Halt Auction Collar would be widened in accordance with BZX
Rule 11.23(d)(2)(C)(ii) by the same amount as the Initial Extension
Period.
The Exchange also proposes to amend BZX Rule 11.23(d)(2)(E) to
reflect the proposed changes to the Halt Auction Collars described
above, and make other technical corrections to that rule. Currently,
BZX Rule 11.23(d)(2)(E) provides that IPO Auctions for ETPs are
executed within the Collar Price Range, and Halt Auctions for ETPs are
executed within the Halt Auction Collars. Although the Exchange has
traditionally been a listing venue for ETPs, the Exchange now lists one
corporate security--i.e., the stock of its parent company, Cboe Global
Markets, Inc. The Exchange therefore proposes to eliminate the outdated
reference to ETPs in this section. Furthermore, as described in more
detail in the prior paragraphs, the Halt Auction Collars provided in
BZX Rule 11.23(d)(2)(C) would apply to Halt Auctions following a
Regulatory Halt, including both Trading Pauses and Non-LULD Regulatory
Halts. The Collar Price Range, meanwhile, is used for Halt Auctions
following either an IPO Auction or a Non-Regulatory Halt. The Exchange
therefore proposes to amend the rule to state that the applicable
Collar Price Range will be used for IPO Auctions and Halt Auctions
following a Non-Regulatory Halt, while the applicable Halt Auction
Collar will be used for Halt Auctions following a Regulatory Halt.
Finally, the Exchange proposes to amend its Volatility Closing
Auction to account for the widened Halt Auction Collars following a
Regulatory Halt, similar to handling on Arca.\16\ The Exchange conducts
a Volatility Closing Auction for a halted security instead of the
normal Closing Auction or Halt Auction, if the security halted between
3:50 p.m. and 4:00 p.m. pursuant to BZX Rule 11.18, or the Quote-Only
Period of a Halt Auction for a security halted before 3:50 p.m.
pursuant to BZX Rule 11.18 would otherwise be extended by the Exchange
after 3:50 p.m. Currently, orders are executed in the Volatility
Closing Auction at the price level within the Collar Price Range that
maximizes the number of shares executed in the auction, with certain
tie-breakers in the event that there is a volume based tie at multiple
price levels. Instead of using the Collar Price Range, the Exchange
proposes to preserve the widened collars discussed in this filing for
Halt Auctions following either a Trading Pause or Non-LULD Regulatory
Halt.\17\ As proposed, orders would be executed at the price level
within the most recently widened Halt Auction Collar calculated
pursuant to BZX Rule 11.23(d)(1)(C) that maximizes the number of shares
executed in the auction.\18\
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\16\ See infra note 18.
\17\ The most recently widened Halt Auction Collars calculated
pursuant to Rule 11.23(d)(1)(C) would be used in all instances,
including where the security goes directly into the Volatility
Closing Auction without first being processed in a Halt Auction.
\18\ Arca also uses auction collars based on the most recently
widened collars for the halt auction that did not occur when
transitioning to a closing auction instead of the regular halt
auction at the end of core trading hours. See Arca Rule 7.35-
E(e)(10)(B).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the requirements of Section 6(b) of the Act,\19\ in general, and
Section 6(b)(5) of the Act,\20\ in particular, in that it is designed
to remove impediments to and perfect the mechanism of a free and open
market and a national market system, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest and not to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change is consistent
with the protection of investors and the public interest because it
would amend the Halt Auction process following a Non-LULD Regulatory
Halt to be more closely aligned with behavior currently implemented for
Halt Auctions following a Trading Pause. The Exchange recently amended
its re-opening process following a Trading Pause to better account for
buy or sell pressure by changing the manner in which initial Halt
Auction Collars are established, and widening the collars as
appropriate to accommodate trading interest submitted to participate in
the auction. The Exchange believes that these changes have been
generally successful in facilitating a fair and orderly process for re-
opening securities following a Trading Pause. The Exchange has
therefore decided to use a similar process for Halt Auctions following
a Non-LULD Regulatory Halt. The Exchange believes that extending the
current process for setting and widening Halt Auction Collars following
a Trading Pause to Halt Auctions following a Non-LULD Regulatory Halt
would benefit investors by facilitating price discovery and promoting
consistency in how the Exchange conducts Halt Auctions following a
Regulatory Halt.
While the proposed process for Halt Auctions following a Non-LULD
Regulatory Halt would largely follow the process in place today for
Halt Auctions following a Trading Pause, there would be two notable
differences. Both of these differences are designed to ensure that
suitable Halt Auction Collars are utilized for Halt Auctions following
Non-LULD Regulatory Halts. For instance, while an Auction Reference
Price based on the Price Band that triggered the Trading Pause
continues to be appropriate in the context of Halt Auctions following
Trading Pauses, the Exchange believes that a different reference is
necessary for Halt Auctions following Regulatory Halts that are
unrelated to the LULD mechanism. The Exchange has chosen to use the
FLSET as the Halt Auction Reference Price in these circumstances as
this price is reflective of the current market for the halted security.
Similarly, the Exchange believes that it is appropriate to calculate
both upper and lower collars that are a specified percentage or dollar
amount from this reference price because Non-LULD Regulatory Halts do
not involve security specific buy or sell pressure. Both of these
differences mirror the application of Halt Auction Collars on Arca
today,\21\ and would therefore provide both a fair and familiar
experience for members
[[Page 67771]]
and investors trading BZX listed securities.
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\21\ Although there are minor differences between the FLSET and
the reference price used by Arca, the Exchange believes that it is
appropriate to use the FLSET as the reference price as this price
represents the last sale calculation used for auctions in BZX listed
securities pursuant to Rule 11.23. See supra note 14.
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Similar to Halt Auctions following a Trading Pause, the Exchange
believes that the proposed changes are consistent with the protection
of investors and the public interest because they are designed to
facilitate price discovery by ensuring that all market order interest
could be satisfied in Halt Auctions following a Non-LULD Regulatory
Halt. Furthermore, the Exchange believes that the standardized
procedures to extend Halt Auctions an additional five minutes are
appropriate because this would provide additional time to attract
offsetting liquidity. If at the end of such extension, market orders
still cannot be satisfied within the applicable Halt Auction Collar, or
if the re-opening auction would be priced outside of the applicable
collars, the Exchange would extend the Halt Auction an additional five
minutes. The Exchange believes that extending the auction in these
circumstances would protect investors and the public interest by
reducing the potential for significant price disparity in post-auction
trading. With each such extension, the Exchange believes that it is
appropriate to widen the Halt Auction Collar on the side of the market
on which there is buying or selling pressure as market conditions may
prevent an imbalance from being resolved within the prior auction
collars.
The Exchange also believes that it is appropriate to amend its
rules to properly indicate when the Collar Price Range and Halt Auction
Collars are used. As discussed elsewhere in this proposed rule change,
the applicable Collar Price Range would be used for IPO Auctions and
Halt Auctions following a Non-Regulatory Halt, and the applicable Halt
Auction Collar described in Rule 11.23(d)(2)(C) would be used for all
Halt Auctions following a Regulatory Halt, including both Trading
Pauses and Non-LULD Regulatory Halts. The proposed rule changes would
remove unnecessary and outdated references to ETPs and make other
changes consistent with the framework discussed in this proposed rule
change for the calculation of auction collars. The Exchange therefore
believes that the amended rule would increase transparency around the
operation of the Exchange's auctions, and is therefore consistent with
the public interest and the protection of investors.
Finally, the Exchange believes that it is consistent with the
protection of investors and the public interest to preserve the widened
Halt Auction Collars following a Regulatory Halt when no Halt Auction
has occurred prior to 3:50 p.m. and the Exchange therefore performs a
Volatility Closing Auction. Using the most recently widened Halt
Auction Collars in these circumstances ensures that buy or sell pricing
pressure that resulted in the Exchange widening the Halt Auction
Collars is appropriately accounted for when the Exchange transitions to
a Volatility Closing Auction. The Exchange believes that the process
for setting Halt Auction Collars following a Regulatory Halt
facilitates price discovery and the maintenance of a fair and orderly
market. Allowing these collars to persist, similar to Arca, would
further ensure that the collars used for the Volatility Closing Auction
would appropriately reflect the market for the security in a manner
that facilitates price discovery when the Exchange transitions to a
closing process instead of re-opening the security pursuant to the Halt
Auction process.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
designed to provide for a measured and transparent process for re-
opening BZX listed securities after a Non-LULD Regulatory Halt that
mirrors the current Halt Auction process following a Trading Pause
initiated pursuant to the Limit Up-Limit Down Plan. A similar process
is already used by Arca across all Regulatory Halts, and the Exchange
believes that this handling would be beneficial for market participants
that trade BZX listed securities. Rather than burden competition, the
Exchange believes that the proposed rule change is evidence of the
robust competition between equities markets that benefits members and
investors.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No comments were solicited or received on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
A. Significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \22\ and
Rule 19b-4(f)(6) thereunder.\23\
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\22\ 15 U.S.C. 78s(b)(3)(A).
\23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the 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 to
determine whether the proposed rule change should be approved or
disapproved.
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:
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-CboeBZX-2018-090 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-CboeBZX-2018-090.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
[[Page 67772]]
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. 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-CboeBZX-2018-090 and should
be submitted on or before January 22, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2018-28397 Filed 12-28-18; 8:45 am]
BILLING CODE 8011-01-P