[Federal Register Volume 84, Number 119 (Thursday, June 20, 2019)]
[Notices]
[Pages 28860-28864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13070]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86109; File No. SR-MIAX-2019-28]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule
June 14, 2019.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 31, 2019, Miami International Securities Exchange LLC (``MIAX''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (the ``Fee Schedule'') to waive certain non-transaction fees
applicable to Market Makers \3\ that trade solely in Proprietary
Products \4\ until September 30, 2019.
---------------------------------------------------------------------------
\3\ The term ``Market Makers'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and ``Registered Market Makers''
collectively. See Exchange Rule 100.
\4\ The term ``Proprietary Product'' means a class of options
that is listed exclusively on the Exchange. See Exchange Rule 100.
---------------------------------------------------------------------------
While changes to the Fee Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated these changes to be
operative on June 1, 2019.
The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings, at MIAX's principal
office, 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
Background
On October 12, 2018, the Exchange received approval from the
Commission to list and trade on the Exchange, options on the
SPIKES[supreg] Index, a new index that measures expected 30-day
volatility of the SPDR S&P 500 ETF Trust (commonly known and referred
to by its ticker symbol, ``SPY'').\5\ The Exchange adopted its initial
SPIKES transaction fees on February 15, 2019.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 84417 (October 12,
2018), 83 FR 52865 (October 18, 2018) (SR-MIAX-2018-14) (Order
Granting Approval of a Proposed Rule Change by Miami International
Securities Exchange, LLC to List and Trade on the Exchange Options
on the SPIKES\TM\ Index).
\6\ See Securities Exchange Release No. 85283 (March 11, 2019),
84 FR 9567 (March 15, 2019) (SR-MIAX-2019-11). (The Exchange
initially filed the proposal on February 15, 2019 (SR-MIAX-2019-04).
That filing was withdrawn and replaced with (SR-MIAX-2019-11)).
---------------------------------------------------------------------------
Proposal
The Exchange now proposes to amend its Fee Schedule to waive
certain non-transaction fees applicable to Market Makers that trade
solely in Proprietary Products (including options on the SPIKES Index)
until September 30, 2019. In particular, the Exchange proposes to amend
Section (1)(a)(xi) of the Fee Schedule to add a definition for
Proprietary Product. The Exchange also proposes to amend Sections
(3)(a), (3)(b), (4)(a), and (5)(d)(ii) of the Fee Schedule to adopt
language that the Exchange will waive Membership Application Fees,
monthly Market Maker Trading Permit Fees, Member Application
Programming Interface (``API'') Testing and Certification Fees, and
monthly MEI Port Fees (as defined below) that are assessed to Market
Makers that trade solely in Proprietary Products (including options on
SPIKES) until September 30, 2019.
Definition for Proprietary Product
Exchange Rule 100 currently provides a definition for Proprietary
Product.\7\ The Exchange now proposes to amend Section (1)(a)(xi) of
the Fee Schedule to insert the symbol ``[xutri]'' immediately following
the SPIKES Simple and Complex Fees table, followed by the definition
for Proprietary Product. The Exchange also proposes to adopt text for
the symbol ``[xutri]'' explicitly stating that SPIKES is a Proprietary
Product. The purpose of this proposal is to clarify that SPIKES is a
Proprietary Product of MIAX and, together with the other proposed
changes, that the Exchange will waive certain non-transaction fees
applicable to Market Makers that trade solely in Proprietary Products
(including options on SPIKES), until September 30, 2019.
---------------------------------------------------------------------------
\7\ See supra note 4.
---------------------------------------------------------------------------
Membership Application Fees
MIAX currently assesses Membership fees for applications of
potential Members. MIAX assesses a one-time Membership Application Fee
on the earlier of (i) the date the applicant is certified in the
membership system, or (ii) once an application for MIAX membership is
finally denied. The one-time application fee is based upon the
applicant's status as either a Market Maker or an Electronic Exchange
[[Page 28861]]
Member (``EEM''). A Market Maker is assessed a one-time Membership
Application Fee of $3,000.00.
MIAX proposes that the one-time Membership Application Fee of
$3,000.00 for Market Makers that trade solely in Proprietary Products
(including options on SPIKES) will be waived until September 30, 2019,
which the Exchange proposes to state in the Fee Schedule. The purpose
of this proposed change is provide an incentive for potential Market
Makers to submit membership applications, which should result in
increasing potential liquidity in MIAX Proprietary Products, including
options on SPIKES. Even though the Exchange is proposing to waive this
particular fee for Market Makers who will trade solely in Proprietary
Products until September 30, 2019, the overall structure of the fee is
outlined in the Fee Schedule so that there is general awareness that
the Exchange intends to assess such a fee after September 30, 2019.
Trading Permit Fees
MIAX issues Trading Permits that confer the ability to transact on
the Exchange. MIAX Trading Permits are issued to Market Makers and
EEMs. Members receiving Trading Permits during a particular calendar
month are assessed monthly Trading Permit Fees as set forth in the Fee
Schedule. As it relates to Market Makers, MIAX currently assesses a
monthly Trading Permit Fee in any month the Market Maker is certified
in the membership system, is credentialed to use one or more MEI Ports
in the production environment and is assigned to quote in one or more
classes. MIAX assesses its Market Makers the monthly Market Maker
Trading Permit Fee based on the greatest number of classes listed on
MIAX that the MIAX Market Maker was assigned to quote in on any given
day within a calendar month and the applicable fee rate this is the
lesser of either the per class basis or percentage of total national
average daily volume measurements. A MIAX Market Maker is assessed a
monthly Trading Permit Fee according to the following table:
----------------------------------------------------------------------------------------------------------------
Market maker assignments (the lesser of the applicable
Monthly MIAX measurements below)
Type of trading permit trading permit -------------------------------------------------------
fee % of national average
Per class daily volume
----------------------------------------------------------------------------------------------------------------
Market Maker (includes RMM, LMM, PLMM).. $7,000.00 Up to 10 Classes.......... Up to 20% of Classes by
12,000.00 Up to 40 Classes.......... volume.
* 17,000.00 Up to 100 Classes......... Up to 35% of Classes by
* 22,000.00 Over 100 Classes.......... volume.
Up to 50% of Classes by
volume.
Over 50% of Classes by
volume up to all Classes
listed on MIAX.
----------------------------------------------------------------------------------------------------------------
* For these Monthly MIAX Trading Permit Fee levels, if the Market Maker's total monthly executed volume during
the relevant month is less than 0.060% of the total monthly executed volume reported by OCC in the market
maker account type for MIAX-listed option classes for that month, then the fee will be $15,500 instead of the
fee otherwise applicable to such level.
MIAX proposes that the monthly Trading Permit Fee for Market Makers
that trade solely in Proprietary Products (including options on SPIKES)
will be waived until September 30, 2019, which the Exchange proposes to
state in the Fee Schedule. The purpose of this proposed change is to
provide an incentive for Market Makers to provide liquidity in
Proprietary Products on the Exchange, which should result in increasing
potential order flow and volume in MIAX Proprietary Products, including
options on SPIKES. Even though the Exchange is proposing to waive this
particular fee for Market Makers trading solely in Proprietary Products
until September 30, 2019, the overall structure of the fee is outlined
in the Fee Schedule so that there is general awareness by potential
Members seeking a Trading Permit on the Exchange that the Exchange
intends to assess such a fee after September 30, 2019.
The Exchange also proposes that Market Makers who trade MIAX
Proprietary Products (including options on SPIKES) along with multi-
listed classes will not have Proprietary Products (including SPIKES)
counted toward those Market Makers' class assignment count or
percentage of total national average daily volume. The Exchange
proposes to note this exclusion by inserting the new symbol ``[Omega]''
following the table that shows the monthly Trading Permit Fees
currently assessed for Market Makers in Section (3)(b) of the Fee
Schedule.
API Testing and Certification Fee
MIAX assesses an Application Programming Interface (``API'')
Testing and Certification Fee on all Members depending upon the type of
Member. An API makes it possible for Members' software to communicate
with MIAX software applications, and is subject to Members testing
with, and certification by, MIAX. The Exchange offers four types of
interfaces: (i) The Financial Information Exchange (``FIX'') Port,
which enables the FIX Port user (typically an EEM or a Market Maker) to
submit simple and complex orders electronically to MIAX; (ii) the MIAX
Express Interface (``MEI'') Port, which enables Market Makers to submit
simple and complex electronic quotes to MIAX; (iii) the Clearing Trade
Drop (``CTD'') Port, which provides real-time trade clearing
information to the participants to a trade on MIAX and to the
participants' respective clearing firms; and (iv) the FIX Drop Copy
(``FXD'') Port, which provides a copy of real-time trade execution,
correction and cancellation information through a FIX Port to any
number of FIX Ports designated by an EEM to receive such messages.
API Testing and Certification Fees for Market Makers are assessed
(i) initially per API for CTD and MEI in the month the Market Maker has
been credentialed to use one or more ports in the production
environment for the tested API and the Market Maker has been assigned
to quote in one or more classes, and (ii) each time a Market Maker
initiates a change to its system that requires testing and
certification. API Testing and Certification Fees will not be assessed
in situations where the Exchange initiates a mandatory change to the
Exchange's system that requires testing and certification. A Market
Maker is assessed an API Testing and Certification Fee of $2,500.00.
The fees represent costs incurred by the Exchange as it works with each
Member for testing and certifying that the Member's software systems
communicate properly with MIAX's interfaces.
MIAX proposes that the API Testing and Certification Fee for Market
Makers that trade solely in Proprietary Products (including options on
SPIKES) will be waived until September 30, 2019, which the Exchange
proposes to state in the Fee Schedule. The purpose of this proposed
change is provide an incentive for potential Market Makers to develop
[[Page 28862]]
software applications to trade in MIAX Proprietary Products, including
options on SPIKES. Even though the Exchange is proposing to waive this
particular fee for Market Makers who will trade solely in Proprietary
Products until September 30, 2019, the overall structure of the fee is
outlined in the Fee Schedule so that there is general awareness that
the Exchange intends to assess such a fee after September 30, 2019.
MEI Port Fees
MIAX provides four (4) Port types, including (i) the FIX Port,
which enables the FIX Port user (typically an EEM or a Market Maker) to
submit simple and complex orders electronically to MIAX; (ii) the MEI
Port, which enables Market Makers to submit simple and complex
electronic quotes to MIAX;; [sic] (iii) the CTD Port, which provides
real-time trade clearing information to the participants to a trade on
MIAX and to the participants' respective clearing firms; and (iv) the
FXD Port, which provides a copy of real-time trade execution,
correction and cancellation information through a FIX Port to any
number of FIX Ports designated by an EEM to receive such messages.
MIAX assesses monthly MEI Port Fees on Market Makers in each month
the Member has been credentialed to use the MEI Port in the production
environment and has been assigned to quote in at least one class. The
amount of the monthly MEI Port Fee is based upon the number of classes
in which the Market Maker was assigned to quote on any given day within
the calendar month, and upon the class volume percentages set forth in
the above table. The class volume percentage is based on the total
national average daily volume in classes listed on MIAX in the prior
calendar quarter. Newly listed option classes are excluded from the
calculation of the monthly MEI Port Fee until the calendar quarter
following their listing, at which time the newly listed option classes
will be included in both the per class count and the percentage of
total national average daily volume. The Exchange assesses MIAX Market
Makers the monthly MEI Port Fee based on the greatest number of classes
listed on MIAX that the MIAX Market Maker was assigned to quote in on
any given day within a calendar month and the applicable fee rate that
is the lesser of either the per class basis or percentage of total
national average daily volume measurement. MIAX assesses MEI Port Fees
on Market Makers according to the following table:
------------------------------------------------------------------------
Market maker assignments (the lesser of
the applicable measurements below)
Monthly MIAX MEI fees -----------------------------------------
% of national average
Per class daily volume
------------------------------------------------------------------------
$5,000.00..................... Up to 5 Classes.. Up to 10% of Classes
by volume.
$10,000.00.................... Up to 10 Classes. Up to 20% of Classes
by volume.
$14,000.00.................... Up to 40 Classes. Up to 35% of Classes
by volume.
$17,500.00 *.................. Up to 100 Classes Up to 50% of Classes
by volume.
$20,500.00 *.................. Over 100 Classes. Over 50% of Classes
by volume up to all
Classes listed on
MIAX.
------------------------------------------------------------------------
* For these Monthly MIAX MEI Fees levels, if the Market Maker's total
monthly executed volume during the relevant month is less than 0.060%
of the total monthly executed volume reported by OCC in the market
maker account type for MIAX-listed option classes for that month, then
the fee will be $14,500 instead of the fee otherwise applicable to
such level.
MIAX proposes that the monthly MEI Port Fee for Market Makers that
trade solely in Proprietary Products (including options on SPIKES) will
be waived until September 30, 2019, which the Exchange proposes to
state in the Fee Schedule. The purpose of this proposal is to provide
an incentive to Market Makers to connect to MIAX through the MEI Port
such that they will be able to trade in MIAX Proprietary Products. Even
though the Exchange is proposing to waive this particular fee for
Market Makers trading solely in Proprietary Products until September
30, 2019, the overall structure of the fee is outlined in the Fee
Schedule so that there is general awareness that the Exchange intends
to assess such a fee after September 30, 2019.
The Exchange notes that for the purposes of this proposed change,
other Market Makers who trade MIAX Proprietary Products (including
options on SPIKES) along with multi-listed classes will not have
Proprietary Products (including SPIKES) counted toward those Market
Makers' class assignment count or percentage of total national average
daily volume. The Exchange proposes to note this exclusion by inserting
the new symbol ``[Omega]'' following the table that shows the monthly
MEI Port Fees currently assessed for Market Makers in Section
(5)(d)(ii) of the Fee Schedule.
The proposed fee waivers are targeted at market participants,
particularly market makers, who are not currently members of MIAX, who
may be interested in being a Market Maker in Proprietary Products on
the Exchange. The Exchange estimates that there are fewer than ten (10)
such market participants that could benefit from these fee waivers. The
proposed fee waivers do not apply differently to different sizes of
market participants, however they do only apply to Market Makers (and
not EEMs). The Exchange believes it is reasonable to only offer fee
waivers to market makers because the Exchange is seeking additional
liquidity providers for Proprietary Products, in order to enhance
liquidity and spreads in Proprietary Products, which is traditionally
provided by Market Makers, as opposed to EEMs.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \8\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \9\ in particular, in that
it is an equitable allocation of reasonable fees and other charges
among its members and issuers and other persons using its facilities.
The Exchange also believes the proposal furthers the objectives of
Section 6(b)(5) of the Act in that it is designed to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general to protect investors and the public interest and is not
designed to permit unfair discrimination between customers, issuers,
brokers and dealers.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes the proposed fee waivers are reasonable and
equitable because they waive non-transaction fees for a limited period
of time in order to enable the Exchange to improve its overall
competitiveness and strengthen its market quality for all market
participants in MIAX's Proprietary Products, including options on
SPIKES.
[[Page 28863]]
The proposed fee waivers are fair and equitable and not unreasonably
discriminatory because they will apply equally to the market
participants not currently registered as Market Makers at the Exchange.
Any market participant may choose to satisfy the additional
requirements and obligations of being a Market Maker and trade solely
in Proprietary Products in order to qualify for the fee waivers.
The Exchange believes that it is equitable and not unfairly
discriminatory to waive certain non-transaction fees for Market Makers
as compared to EEMs because Market Makers, unlike other market
participants, take on a number of obligations, including quoting
obligations that other market participants do not have. Further, Market
Makers have added market making and regulatory requirements, which
normally do not apply to other market participants. For example, Market
Makers have obligations to maintain continuous markets, engage in a
course of dealings reasonably calculated to contribute to the
maintenance of a fair and orderly market, and to not make bids or
offers or enter into transactions that are inconsistent with a course
of dealing.
The Exchange believes it is reasonable and equitable to waive the
one-time Membership Application Fee, monthly Trading Permit Fee, API
Testing and Certification Fee, and monthly MEI Port Fee for Market
Makers that trade solely in Proprietary Products (including options on
SPIKES) until September 30, 2019, since the waiver of such fees
provides incentives to interested market participants to trade in
Proprietary Products. This should result in increasing potential order
flow and liquidity in MIAX Proprietary Products, including options on
SPIKES.
MIAX believes it is reasonable and equitable to waive the API
Testing and Certification fee assessable to Market Makers that trade
solely in Proprietary Products (including options on SPIKES) since the
waiver of such fees provides incentives to interested Members to
develop and test their APIs sooner. Determining system operability with
the Exchange's system will in turn provide MIAX with potential order
flow and liquidity providers in Proprietary Products.
The Exchange believes it is reasonable, equitable and not unfairly
discriminatory that Market Makers who trade in Proprietary Products
along with multi-listed classes will not have Proprietary Products
counted toward those Market Makers' class assignment count or
percentage of total national average daily volume for monthly Trading
Permit Fees and monthly MEI Port Fees in order to incentivize existing
Market Makers who currently trade in multi-listed classes to also trade
in Proprietary Products, without incurring certain additional fees.
The Exchange believes that the proposed fee waivers constitute an
equitable allocation of reasonable fees and other charges among its
members and issuers and other persons using its facilities. The
proposed fee waivers are available to all prospective market makers
that wish to become Market Maker Members of the Exchange and quote
solely in Proprietary Products. The proposed fee waivers do not apply
to potential EEMs, because the Exchange is seeking to enhance the
quality of its markets in Proprietary Products through introducing more
competition among market makers in Proprietary Products. In order to
increase the competition, the Exchange believes that it must waive
entry type fees for such market makers. EEMs do not provide the benefit
of enhanced liquidity which is provided by market makers, therefore the
Exchange believes it is reasonable and not unfairly discriminatory to
only offer the proposed fee waivers to market makers (and not EEMs).
Further, the Exchange believes it is reasonable and not unfairly
discriminatory to exclude Proprietary Products from an existing Market
Maker's permit fees and port fees, in order to incentive such Market
Makers to quote in Proprietary Products. The amount of a Market Maker's
permit and port fee is determined by the number of classes quoted and
volume of the Market Maker. By excluding Proprietary Products from such
fees, the Exchange is able to incentivize Market Makers to quote in
Proprietary Products. EEMs do not pay permit and port fees based on the
classes traded or volume, so the Exchange believes it is reasonable,
equitable, and not unfairly discriminatory to only offer the exclusion
to market makers (and not EEMs).
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
proposed changes would increase intramarket competition by
incentivizing new potential market makers to quote in Proprietary
Products, which will enhance the quality of quoting and increase the
volume of contracts in Proprietary Products traded on MIAX. To the
extent that this purpose is achieved, all the Exchange's market
participants should benefit from the improved market liquidity for the
Exchange's Proprietary Products. Enhanced market quality and increased
transaction volume in Proprietary Products that results from the
anticipated increase in Market Maker activity on the Exchange will
benefit all market participants and improve competition on the
Exchange.
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed changes for each separate type of market participant (new
market makers and existing market makers) will be assessed equally to
all such market participants. While different fees are assessed to
different market participants in some circumstances, these different
market participants have different obligations and different
circumstances as discussed above. For example, Market Makers have
quoting obligations that other market participants (such as EEMs) do
not have.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
propose fee waivers relate solely to Proprietary Products, which are
traded exclusively on the Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\10\ and Rule 19b-4(f)(2) \11\ thereunder.
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
[[Page 28864]]
whether the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-MIAX-2019-28 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-MIAX-2019-28. 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. 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-MIAX-2019-28 and should be submitted on
or before July 11, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13070 Filed 6-19-19; 8:45 am]
BILLING CODE 8011-01-P