[Federal Register Volume 84, Number 207 (Friday, October 25, 2019)]
[Notices]
[Pages 57530-57534]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23277]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87093; File No. SR-BX-2019-031]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Pricing Schedule, at Equity 7, Section 118(a)
September 24, 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 September 12, 2019, Nasdaq BX, Inc. (``BX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the 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 proposes to amend the Exchange's transaction fees and
credits at Equity 7, Section 118(a), as described further below. The
text of the proposed rule change is available on the Exchange's website
at http://nasdaqbx.cchwallstreet.com/, at the
[[Page 57531]]
principal office of the Exchange, 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 Exchange operates on the ``taker-maker'' model, whereby it
generally pays credits to members that take liquidity and charges fees
to members that provide liquidity. Currently, the Exchange has a
schedule, at Equity 7, Section 118(a), which consists of several
different credits that it provides for orders in securities priced at
$1 or more per share that access liquidity on the Exchange and several
different charges that it assesses for orders in such securities that
add liquidity on the Exchange.
Over the course of the last few months, the Exchange has
experimented with various reformulations of its pricing schedule with
the aim of increasing activity on the Exchange, improving market
quality, and increasing market share.\3\ Although these changes have
met with some success, the Exchange has yet to achieve the results it
desires. Accordingly, the Exchange proposes to again restate its
pricing schedule, in large part, in a further attempt to improve the
attractiveness of the market to new and existing participants.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 34-86120 (June 17,
2019); 84 FR 29270 (June 21, 2019) (SR-BX-2019-026) [sic];
Securities Exchange Act Release No. 34-85912 (May 22, 2019); 84 FR
24834 (May 29, 2019) (SR-BX-2019-013).
---------------------------------------------------------------------------
Description of the Changes
Credits for Accessing Liquidity Through the Exchange
The Exchange proposes to eliminate its schedule of existing credits
(except as described below) and replace it with a new schedule of
credits for orders in securities that remove liquidity from the
Exchange (the ``New Credits''). Generally speaking, the proposed New
Credits will be higher than the existing credits for orders in Tapes A
and B and lower than the existing credits for orders in securities in
Tape C.\4\ The Exchange believes that higher overall credits will
incentivize members to increase their liquidity removal activity in
securities in Tapes A and B. Although credits for removal orders for
securities in Tape C will be lower generally than they are now, the
availability of the proposed New Credits will be tied to the level of a
member's liquidity taking activity for orders in securities in Tape C;
this proposal is aligned with the Exchange's objective to encourage an
increase in liquidity in securities in Tape C (together with lower
charges for adding liquidity in securities in Tape C, as discussed
below).
---------------------------------------------------------------------------
\4\ Whereas the highest credit under the existing schedule is
$0.0027 per share executed for orders in securities in Tapes A, B,
and C, the top credit in the proposed schedule for orders in
securities in Tapes A and B is $0.0031 per share executed. Under the
proposal, the highest credit available for orders in Tape C will be
$0.0017 per share executed.
The Exchange notes that, whereas under the existing schedule,
the Exchange provides a $0.0015 per share executed credit for orders
in securities in all Tapes that access liquidity (excluding orders
with Midpoint pegging and excluding orders that receive price
improvement and execute against an order with a non-displayed price)
entered by members that add at least an average daily volume of
50,000 shares to the Exchange during a month, the proposed schedule
will provide a higher credit of $0.0018 per share executed for
orders in Tapes A and B and a lower credit of $0.005 per share
executed for orders in Tape C.
---------------------------------------------------------------------------
Specifically, the Exchange proposes to adopt the following New
Credits:
A $0.0031 per share executed credit for orders in
securities in Tapes A and B and a $0.0017 per share executed credit for
orders in securities in Tape C that access liquidity (excluding orders
with Midpoint pegging and excluding orders that receive price
improvement and execute against an order with a Non-displayed price)
entered by a member that: (i) Accesses liquidity equal to or exceeding
0.225% of total Consolidated Volume during a month; (ii) accesses
liquidity in Securities in Tape C equal to or exceeding 0.045% of total
Consolidated Volume during a month; and (iii) adds liquidity equal to
or exceeding an average daily volume of 50,000 shares in a month.
A $0.0028 per share executed credit for orders in
securities in Tapes A and B and a $0.0015 per share executed credit for
orders in securities in Tape C that access liquidity (excluding orders
with Midpoint pegging and excluding orders that receive price
improvement and execute against an order with a Non-displayed price)
entered by a member that: (i) Accesses liquidity equal to or exceeding
0.11% of total Consolidated Volume during a month; (ii) accesses
liquidity in Securities in Tape C equal to or exceeding 0.025% of total
Consolidated Volume during a month; and (iii) adds liquidity equal to
or exceeding an average daily volume of 50,000 shares in a month.
A $0.0026 per share executed credit for orders in
securities in Tapes A and B and a $0.0010 per share executed credit for
orders in securities in Tape C that access liquidity (excluding orders
with Midpoint pegging and excluding orders that receive price
improvement and execute against an order with a Non-displayed price)
entered by a member that: (i) Accesses liquidity equal to or exceeding
0.08% of total Consolidated Volume during a month; (ii) accesses
liquidity in Securities in Tape C equal to or exceeding 0.020% of total
Consolidated Volume during a month; and (iii) adds liquidity equal to
or exceeding an average daily volume of 50,000 shares in a month.
A $0.0018 per share executed credit for orders in
securities in Tapes A and B and a $0.0005 per share executed credit for
orders in securities in Tape C that access liquidity (excluding orders
with Midpoint pegging and excluding orders that receive price
improvement and execute against an order with a Non-displayed price)
entered by a member that adds liquidity equal to or exceeding an
average daily volume of 50,000 shares in a month.
As noted above, the proposed New Credits will not supplant all of
the existing credits. Instead, the Exchange proposes that the following
existing credits will continue to apply to orders in securities in all
Tapes:
$0.0000 per share executed for an order that receives
price improvement and executes against an order with a Non-displayed
price; and
$0.0000 per share executed for an order with Midpoint
pegging that removes liquidity.
The Exchange also proposes to continue charging a fee for orders in
securities in any Tape (excluding an order with midpoint pegging and
excluding an order that receives price improvement and executes against
an order with a non-displayed price) that removes liquidity from the
Exchange and that is entered by a member that does not add at least an
average daily volume of 50,000 shares to the Exchange during a month.
However, the Exchange proposes to increase that fee, again for orders
in securities in all Tapes, from $0.0003 to $0.0005 per share executed.
[[Page 57532]]
Charges for Adding Liquidity to the Exchange
Primarily as a means of encouraging the addition of liquidity in
securities in Tape C, the Exchange proposes to largely replace its
existing schedule of charges with a new schedule of charges for
displayed and non-displayed orders in securities that add liquidity to
the Exchange (the ``New Charges''). Generally speaking, the range of
the proposed New Charges will be the same as the existing charges for
orders in Tapes A and B and lower for orders in Tape C (with new and
different qualifying volume thresholds for each charge).\5\
---------------------------------------------------------------------------
\5\ Whereas under the existing pricing schedule, other than for
midpoint pegging orders, the Exchange charges between $0.0025 and
$0.0030 per share executed for orders in securities in all Tapes,
the proposed schedule will charge fees ranging from $0.0025 to
$0.0030 per share executed for orders in securities in Tapes A and B
and $0.0012 to $0.0020 for orders in securities in Tape C.
---------------------------------------------------------------------------
Specifically, the Exchange proposes to delete all of the existing
charges for providing liquidity through the Exchange (except as
provided below) and replace them with the following New Charges:
A $0.0025 per share executed charge for displayed orders
in securities in Tapes A and B that: Add liquidity entered by a member
that (i) adds liquidity equal to or exceeding 0.17% of total
Consolidated Volume and (ii) adds liquidity equal to or exceeding
0.025% of total Consolidated Volume in securities in Tape B during a
month.
A $0.0029 per share executed charge for displayed orders
in securities in Tapes A and B that add liquidity entered by a member
that (i) adds liquidity equal to or exceeding 0.08% of total
Consolidated Volume and (ii) adds liquidity equal to or exceeding
0.020% of total Consolidated Volume in securities in Tape B during a
month.
A $0.0012 per share executed charge for displayed orders
in securities in Tape C that add liquidity entered by a member that (i)
adds liquidity equal to or exceeding 0.17% of total Consolidated Volume
and (ii) adds liquidity equal to or exceeding 0.15% of total
Consolidated Volume in securities in Tape C during a month.
A $0.0014 per share executed charge for displayed orders
in securities in Tape C that add liquidity entered by a member that (i)
adds liquidity equal to or exceeding 0.12% of total Consolidated Volume
and (ii) adds liquidity equal to or exceeding 0.07% of total
Consolidated Volume in securities in Tape C during a month.
A $0.0017 per share executed charge for displayed orders
in securities in Tape C that add liquidity entered by a member that (i)
adds liquidity equal to or exceeding 0.08% of total Consolidated Volume
and (ii) adds liquidity equal to or exceeding 0.025% of total
Consolidated Volume in securities in Tape C during a month.
A $0.0030 per share executed charge for buy (sell) orders
with Midpoint pegging in securities in all Tapes that receive an
execution price that is lower (higher) than the midpoint of the NBBO.
A $0.0030 per share executed charge for all other orders
in securities in Tapes A and B.
A $0.0020 per share executed charge for all other orders
in securities in Tape C.
The Exchange proposes that following existing charges will continue
to apply to orders in securities in all Tapes:
A $0.0005 per share executed charge for orders with
Midpoint pegging entered by a member that adds 0.02% of total
Consolidated Volume of non-displayed liquidity excluding a buy (sell)
order that receives an execution price that is lower (higher) than the
midpoint of the NBBO.
A $0.0015 per share executed charge for orders with
Midpoint pegging entered by other member excluding a buy (sell) order
that receives an execution price that is lower (higher) than the
midpoint of the NBBO.
A $0.0028 per share executed charge for non-displayed
orders (other than orders with Midpoint pegging) entered by a member
that adds liquidity equal to or exceeding 0.25% total Consolidated
Volume during a month.
A $0.0030 per share executed charge for all other non-
displayed orders.
Charges for entering BSTG, BSCN, BMOP, BTFY, BCRT, BDRK,
BCST, and SCAR orders that execute in a venue other than the Nasdaq BX
Equities System.
Applicability to and Impact on Participants
The proposed rule change is a broad restatement of the Exchange's
schedule of credits and charges. The Exchange has designed the restated
schedule to specifically increase liquidity removal activity on the
Exchange for orders in securities in Tapes A and B, to increase
liquidity adding activity in Tape C, and to thereby improve the overall
quality and attractiveness of the Nasdaq BX market. The Exchange
intends to accomplish this objective by providing overall higher
credits to those participants that engage in large volumes of liquidity
removal activity on the Exchange in securities in Tapes A and B and by
charging lower overall fees to those participants that add liquidity to
the Exchange in securities in Tape C.
Those participants that act as net removers of liquidity from the
Exchange in securities in Tapes A and B will benefit directly from the
proposed rule change through the receipts of higher credits. Those
participants that act as net adders of liquidity to the Exchange in
securities in Tape C will also benefit from lower charges and
indirectly from any improvement in the overall quality of the market.
However, net liquidity adders in securities in Tapes A and B and net
removers of liquidity in securities in Tape C will bear the costs of
these proposals. The Exchange notes that its proposal is not otherwise
targeted at or expected to be limited in its applicability to a
specific segment(s) of market participants nor will it apply
differently to different types of market participants.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. The proposal is also consistent with
Section 11A of the Act relating to the establishment of the national
market system for securities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Proposal Is Reasonable
The Exchange's proposed change to its schedule of credits and
charges is reasonable in several respects. As a threshold matter, the
Exchange is subject to significant competitive forces in the market for
equity securities transaction services that constrain its pricing
determinations in that market. The fact that this market is competitive
has long been recognized by the courts. In NetCoalition v. Securities
and Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted'
[[Page 57533]]
because `no exchange possesses a monopoly, regulatory or otherwise, in
the execution of order flow from broker dealers' . . . .'' \8\
---------------------------------------------------------------------------
\8\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------
The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \9\
---------------------------------------------------------------------------
\9\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------
Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
equity security transaction services. The Exchange is only one of
several equity venues to which market participants may direct their
order flow, and it represents a small percentage of the overall market.
It is also only one of several taker-maker exchanges. Competing equity
exchanges offer similar tiered pricing structures to that of the
Exchange, including schedules of rebates and fees that apply based upon
members achieving certain volume thresholds.\10\
---------------------------------------------------------------------------
\10\ CBOE EDGA provides a standard rebate for liquidity removers
of $0.0024 per share executed (or $0.0026 per share executed if a
member qualifies for a volume tier), and a standard charge of
$0.0030 per share executed for liquidity adders (or between $0.0022
and $0.0026 if a member qualifies for a volume tier). NYSE National
has a standard charge of $0.0005 per share executed for liquidity
removers ($0.0025-$0.0030 rebate if a member qualifies for a volume
tier) and a standard charge of $0.0028 per share executed for
liquidity adders (and a range of charges from $0.0020-$0.0026 if a
member qualifies for a volume tier).
---------------------------------------------------------------------------
Within this environment, market participants can freely and often
do shift their order flow among the Exchange and competing venues in
response to changes in their respective pricing schedules.\11\
Separately, the Exchange has provided the SEC staff with multiple
examples of instances where pricing changes by BX and other exchanges
have resulted in shifts in exchange market share. Within the foregoing
context, the proposal represents a reasonable attempt by the Exchange
to increase its liquidity and market share relative to its competitors.
---------------------------------------------------------------------------
\11\ The Exchange perceives no regulatory, structural, or cost
impediments to market participants shifting order flow away from it.
In particular, the Exchange notes that these examples of shifts in
liquidity and market share, along with many others, have occurred
within the context of market participants' existing duties of Best
Execution and obligations under the Order Protection Rule under
Regulation NMS.
---------------------------------------------------------------------------
The Exchange has designed its proposed schedule of credits and
charges to provide increased overall incentives to members to increase
their liquidity removal and adding activity on the Exchange in
securities in the three Tapes. An increase in liquidity removal and
adding activity on the Exchange will, in turn, improve the quality of
the Nasdaq BX market and increase its attractiveness to existing and
prospective participants. Generally, the proposed New Credits and
Charges will be comparable to, if not favorable to, those that its
competitors provide.\12\
---------------------------------------------------------------------------
\12\ See n. 10, supra.
---------------------------------------------------------------------------
The Exchange notes that those participants that are dissatisfied
with the New Charges or New Credits are free to shift their order flow
to competing venues that offer them lower charges.
The Proposal Is an Equitable Allocation of Credits and Charges
The Exchange believes its proposal will allocate its New Credits
and New Charges fairly among its market participants. It is equitable
for the Exchange to increase its credits to participants whose orders
remove liquidity from the Exchange as a means of incentivizing
increased liquidity removal activity. Likewise, it is equitable for the
Exchange to reduce charges to participants whose orders add liquidity
to the Exchange as a means of incentivizing liquidity adding activity.
An increase in overall liquidity removal and addition activity on the
Exchange will improve the quality of the Nasdaq BX market and increase
its attractiveness to existing and prospective participants.
Likewise, it is equitable for the Exchange to specifically increase
overall credits for orders that remove liquidity from the Exchange in
Tapes A and B as a means of increasing liquidity removal activity in
those Tapes, and to specifically lower overall charges for orders that
add liquidity to the Exchange in Tape C as a means of increasing
liquidity adding activity in Tape C. Again, the Exchange intends for
these changes to improve the overall quality and attractiveness of the
Nasdaq BX market.
Although under the proposal, certain participants will pay higher
charges or attain lower credits than they do now, those participants
will also benefit from any improvements in the quality and
attractiveness of the market that the New Credits and New Charges
provide. Moreover, any participant that wishes to avoid paying higher
charges or receiving lower credits is free to shift their order flow to
competing venues that provide more favorable pricing.
The Proposed Fee Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory. As an initial matter, the Exchange believes that
nothing about its volume-based tiered pricing model is inherently
unfair; instead, it is a rational pricing model that is well-
established and ubiquitous in today's economy among firms in various
industries--from co-branded credit cards to grocery stores to cellular
telephone data plans--that use it to reward the loyalty of their best
customers that provide high levels of business activity and incent
other customers to increase the extent of their business activity. It
is also a pricing model that the Exchange and its competitors have long
employed with the assent of the Commission. It is fair because it
incentivizes customer activity that increases liquidity, enhances price
discovery, and improves the overall quality of the equity markets.
The Exchange intends for the proposal to improve market quality for
all members on the Exchange and by extension attract more liquidity to
the market, improving market wide quality and price discovery. Although
net removers of liquidity in Tapes A and B and net adders of liquidity
in Tape C will benefit most from the proposal, this result is fair
insofar as increased activity in securities in these Tapes will help to
improve market quality and the attractiveness of the Nasdaq BX market
to all existing and prospective participants. And although certain
participants will bear the costs of the proposed rule change through
higher charges or lower credits, this too is fair because these
participants will also benefit from improvements in market quality.
Moreover, any participant that does not wish to pay higher charges or
receive lower credits is free to shift its order flow to a competing
venue.
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.
[[Page 57534]]
Intramarket Competition
The Exchange does not believe that its proposal will place any
category of Exchange participant at a competitive disadvantage. As
noted above, all members of the Exchange will benefit from any increase
in market activity that the proposal effectuates. Members may grow or
modify their businesses so that they can receive the higher credits or
pay lower charges. Moreover, members are free to trade on other venues
to the extent they believe that the fees assessed and credits provided
are not attractive. As one can observe by looking at any market share
chart, price competition between exchanges is fierce, with liquidity
and market share moving freely between exchanges in reaction to fee and
credit changes. The Exchange notes that the tier structure is
consistent with broker-dealer fee practices as well as the other
industries, as described above.
Intermarket Competition
Addressing whether the proposed fee could impose a burden on
competition on other SROs that is not necessary or appropriate, the
Exchange believes that its proposed modifications to its schedule of
credits and charges will not impose a burden on competition because the
Exchange's execution services are completely voluntary and subject to
extensive competition both from the other 12 live exchanges and from
off-exchange venues, which include 32 alternative trading systems. 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 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 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.
The proposed restated schedule of credits and charges is reflective
of this competition because, as a threshold issue, the Exchange is a
relatively small market so its ability to burden intermarket
competition is limited. In this regard, even the largest U.S. equities
exchange by volume only has 17-18% market share, which in most markets
could hardly be categorized as having enough market power to burden
competition. Moreover, as noted above, price competition between
exchanges is fierce, with liquidity and market share moving freely
between exchanges in reaction to fee and credit changes. This is in
addition to free flow of order flow to and among off-exchange venues
which comprised more than 37% of industry volume for the month of July
2019.
The Exchange intends for the proposed changes, in the aggregate, to
increase member incentives to engage in the removal and addition of
liquidity on the Exchange. These changes are procompetitive and
reflective of the Exchange's efforts to make it an attractive and
vibrant venue to market participants.
In sum, if the changes proposed herein are unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
changes will impair the ability of members 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 either solicited or 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.\13\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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 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-BX-2019-031 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-BX-2019-031. 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-BX-2019-031 and should be submitted on
or before November 15, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-23277 Filed 10-24-19; 8:45 am]
BILLING CODE 8011-01-P