[Federal Register Volume 86, Number 227 (Tuesday, November 30, 2021)]
[Notices]
[Pages 68014-68018]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26068]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93668; File No. SR-ICEEU-2021-015]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change Relating to Amendments to the
Counterparty Credit Risk Policy and Counterparty Credit Risk Procedures
November 24, 2021.
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 November 15, 2021, ICE Clear Europe Limited (``ICE Clear Europe'' or
the ``Clearing House'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule changes described in
Items I, II and III below, which Items have been prepared primarily by
ICE Clear Europe. 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.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The principal purpose of the proposed amendments is for ICE Clear
Europe to adopt a new Counterparty Credit Risk Policy (the ``CC Risk
Policy'') and a new Counterparty Credit Risk Procedures (the ``CC Risk
Procedures'').
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries,
set forth in sections (A), (B), and (C) below, of the most significant
aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
(a) Purpose
ICE Clear Europe is proposing to adopt the CC Risk Policy that
would consolidate the Clearing House's overall policies for monitoring
counterparty credit risk. ICE Clear Europe is also proposing to adopt
the CC Risk Procedures that would consolidate and provide further
detail as to the application of the Clearinghouse's policies for
monitoring counterparty credit risk, in accordance with the
requirements of the ICE Clear Europe Rules. Certain components of the
CC Risk Policy and the CC Risk Procedures would replace components of
ICE Clear Europe's current Unsecured Credit Limits Procedures and
Capital to Margin Policy (as applicable, explained further below),
which would both be retired. References to the Unsecured Credit Limits
Procedures in other ICE Clear Europe documents would be revised in due
course to reference the CC Risk Policy or the CC Risk Procedures, as
applicable. The adoption of the CC Risk Policy and CC Risk Procedures
is intended to generally reflect and document on a consolidated basis
the Clearing House's existing policies and practices relating to
counterparty credit risk management, as well as provide certain updates
to current Clearing House practices, which are not intended to be
material. Further explanations are provided below.
I. Counterparty Credit Risk Policy
The CC Risk Policy would define Counterparty Credit Risk and set
out the Clearing House's objectives of minimizing the risk of being
materially undercollateralized as a result of a Clearing Member
(``CM'') default or realizing a material loss due to a Financial
Service Provider (``FSP'') default.
Under the policy, the Clearing House classifies prospective CM's
according to risk and sets credit eligibility criteria for prospective
CMs and FSPs in order to check financial stability. Prospective CMs and
FSPs are assessed against such criteria during onboarding. Existing CMs
and FSPs are reviewed against such criteria at least annually.
The CC Risk Policy would describe ICE Clear Europe's counterparty
rating system, which calculates a credit score that represents a
counterparty's credit quality, and together with the exposure is used
to identify the combination of the likeliness of default and heightened
risk in a counterparty's portfolio of risk with ICE Clear Europe.
Credit scores would be calculated by the model or, for FSPs (as
provided in the CC Risk Procedures), a combination of Minimum External
Rating requirements and exposure limits. See Section II below for more
information. Depending on the risk classification, Counterparties may
be subject to additional monitoring and potentially mitigating actions
by the Clearing House.
The CC Risk Policy also would describe ICE Clear Europe's
counterparty risk monitoring processes, which are based on a
combination of continuous monitoring and additional counterparty risk
reviews, tailored to the relationships and obligations of each type of
counterparty. The new policy (and related procedures) provide further
detail as to the content and frequency of such reviews, as well as
distinguish how such reviews would be performed with respect to high
risk counterparties. Specifically, the amendments would provide that
all counterparties are monitored continuously through counterparty
rating system scores, the Clearing House watch list and exposure
limits. The Clearing House also performs Counterparty Risk Reviews on
higher risk counterparties. Triggers for reviews are (i) a counterparty
being added to the watch list, and (ii) there being concerns about the
stability of a counterparty. Periodically, lower risk counterparties
are subject to Counterparty Risk Reviews, such that all counterparties
are subject to a risk review at least once every five years. (As
explained further in Section II below, the CC Risk Procedures would
require the Clearing House to perform a Counterparty Risk Review on CMs
more frequently, at least once every four years.) These aspects of the
Policy are generally consistent with, and will replace, the Unsecured
Credit Limits Procedures.
[[Page 68015]]
The CC Risk Policy also would address exposure limits and
monitoring. As described in the policy, the Clearing House monitors its
uncollateralized exposure to each CM (assuming the CM were to default)
at least daily against exposure limits. The Clearing House also
monitors a CM's initial margin relative to its capital at least daily
against threshold limits. If an exposure limit or threshold limit is
breached, then the Clearing House would take mitigating actions to
lower the exposure (such as requiring additional margin or requiring
the CM to reduce its positions under the Rules). This aspect of the
policy would replace existing provisions in the Capital to Margin
Policy. Consistent with current practice, monitoring of the capital to
margin ratio will apply to both CDS CMs \3\ and F&O CMs. With respect
to F&O CMs, the capital-to-margin approach is being revised to
eliminate the use of two separate ratios based on house and customer
margin, respectively, and will continue using a single combined margin
ratio, which ICE Clear Europe believes is more representative of the
overall risk. Certain aspects of the Capital to Margin Policy relating
to shortfall margin, while not included in the CC Risk Policy and CC
Risk Procedures, are already covered by the Clearing House's F&O Risk
Procedures. As such, those provisions of the Capital to Margin Policy
are not necessary and can be retired. A copy of the F&O Risk Procedures
is set forth in Exhibit 3.
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\3\ Application of the current capital-to-margin ratio for CDS
Clearing Members is not addressed in the Capital to Margin Policy
but in existing CDS risk documentation.
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The CC Risk Policy would also describe the Clearing House's
monitoring of limits with respect to FSPs. ICE Clear Europe monitors
its overnight unsecured cash exposure to FSPs at least daily against
exposure limits. If an exposure limit is breached, then the Clearing
House would take mitigating actions to reduce its exposure (such as
moving cash to different FSPs or investing cash in securities). These
provisions generally would replace provisions of the Clearing House's
Unsecured Credit Limits Procedures.
Finally, the policy would address the Clearing House's document
governance and exception handling processes, which are similar to those
of other ICE Clear Europe policies. Specifically, the document owner
would be responsible for maintaining up-to-date documents and reviewing
documents in accordance with the Clearing House's governance processes.
The document owner would be required to report material breaches or
unapproved deviations to the Head of Department, the Chief Risk Officer
and the Head of Compliance (or their delegates) who would together
determine if further escalation should be made to relevant senior
executives, the Board, or competent authorities. Exceptions to the CC
Risk Policy would be approved in accordance with ICE Clear Europe's
governance process for approval of changes to the CC Risk Policy.
II. CC Risk Procedures
The CC Risk Procedures supplement the CC Risk Policy with further
detail about procedures for monitoring of counterparty credit risk. The
CC Risk Procedures also would support certain aspects of the existing
Clearing House Liquidity and Investment Management Policy and
Investment Procedures. The criteria and principles set out in the CC
Risk Procedures as well as in the CC Risk Policy are implemented in
further operational detail in the Counterparty Risk Parameters and
Reviews. The Counterparty Risk Parameters and Reviews are set forth in
Exhibit 3.
The CC Risk Procedures would address the credit eligibility
criteria for assessing the financial stability of prospective
counterparties during the onboarding process and existing
counterparties on at least an annual basis. Under the CC Risk
Procedures, the Clearing House would produce a credit recommendation
based on financial and qualitative information concerning prospective
CMs and may propose approaches to mitigating credit risk (including
increased buffer margin or increased capital, among other steps).
The CC Risk Procedures would set out in further detail the credit
scoring process known as Counterparty Rating System (``CRS''),
including the elements considered in producing such scoring, which
include financial information specific to the counterparty and
qualitative operational and conduct information concerning the
counterparty. The CRS score is updated at least quarterly based on the
latest financial statements. Material changes in the CRS score for a
counterparty would be reviewed by the Clearing House.
ICE Clear Europe ranks CMs by their CRS score in order to identify
those with lower relative credit quality that may require further
examination to determine whether additional actions are necessary to
mitigate credit risk. CMs with the weakest classifications, as well as
all other CMs linked to such CMs by a common owner with a controlling
stake in the entities, may be added to the watch list. The CC Risk
Procedures would outline watch list monitoring as well as procedures
for removing CMs from the watch list. The CC Risk Procedures would also
outline the actions the Clearing House may take to reduce exposure to
counterparties on the watch list under the Rules, including requiring
additional or different forms of margin, additional capital or
reduction of positions.
The CC Risk Procedures would also describe in further detail the
ongoing continuous counterparty monitoring and trigger-based
counterparty risk review processes under the CC Risk Policy, as
discussed above. The CC Risk Procedures would provide for trigger-based
reviews to be conducted on higher risk counterparties and additional
periodic reviews on lower risk counterparties and prospective new CMs.
Reviews are tailored to the relationship and obligation of the
counterparty, and covers such matters as capital metrics, credit
scores, financials, business description, ownership structure and risks
to the Clearing House.
The CC Risk Procedures would also describe the Clearing House's
procedures for setting exposures and limits for CMs and FSPs. For CMs,
exposure is monitored daily against exposure limits for each CM using
the uncollateralised stress loss (``USL'') as a proxy for the
exposures. The procedures would address the Clearing House's processes
for managing breaches of CM exposure limits. Where exposure to a CM
exceeds the limit, the mitigating actions under the Rules that the
Clearing House could take include (i) requiring CMs to post additional
collateral to meet a ``buffer'' margin, (ii) requiring CMs to reduce
their positions, thereby reducing their initial margin requirements,
and (iii) requiring the CM to increase its capital or to implement a
parental guarantee or subordinated debt to increase the exposure limit.
The procedures also address the monitoring of the margin to capital
ratio for each CM. The Clearing House, for each CM and on each business
day, monitors whether the size of a CM's positions are large relative
to the CM by monitoring the ratio of their total margin to their
capital (known as the margin to capital ratio). When a CM's margin to
capital ratio is above a certain threshold, the Clearing House would
investigate the breach in order to understand its cause. If the margin
to capital ratio over a period of time is above the threshold, then ICE
Clear Europe would take mitigating actions including (i) enhanced
monitoring of the CM to assess whether the increased ratio is
temporary, (ii) requiring CMs to reduce
[[Page 68016]]
positions leading to a reduction in their initial margin, and (iii)
requiring the CM to increase its capital or to implement a parental
guarantee or subordinated debt to increase the exposure limit. This
aspect of the CC Risk Procedures replaces (but does not change the
substance of) the provisions of the Capital to Margin Policy, which
would be retired.
The procedures also address monitoring of ``tiering'' concentration
with respect to CM clients, which is intended to identify the risk from
clients of a CM that could cause the default of the CM. The Clearing
House periodically identifies clients of a CM whose initial margin
constitutes more than a defined threshold of all client initial margin
at that CM. The Clearing House may request additional information from
the CM with respect to its risk management for such clients or take
other risk mitigation actions as the Clearing House determines
appropriate.
The procedures also address limits set for issuers of collateral.
With respect to issuers of collateral, the Clearing House will set an
overall limit with sub-limits for CM collateral, Treasury (reverse repo
and other collateral) and Finance (investment of the Clearing House's
own capital and Skin-in-the-Game). The overall limit will equal the sum
of the sub-limits and can be borrowed between departments. This
provision represents an enhancement to the Clearing House's existing
policies and practices relating to exposure limits to address risk
across different departments. If a limit is breached, ICEU may reach
out to CMs for the replacement of collateral or reduce exposures to
FSPs as the case may be.
The CC Risk Procedures would also address the Clearing House's
procedures for setting exposures and limits for FSPs, including the
roles and responsibilities of the Clearing House's credit team and its
treasury team. This aspect of the CC Risk Procedures replaces (but does
not change the substance of) the provisions of the Clearing House's
Unsecured Credit Procedures, which would be retired. Detail would be
provided regarding the allocation and monitoring of unsecured credit
limits with respect to FSPs, including the minimum requirements for
such FSPs and how the Clearing House allocates such limits based on the
capital of the FSP and other exposures of the Clearing House to the
FSP. The section would also outline ICE Clear Europe's mitigating
responses where exposure to an FSP breaches the unsecured cash limit,
including the allocating of unsecured cash to different FSPs, securing
the cash exposure, and escalating material breaches as described in the
Parameters.
Finally, the CC Risk Procedures would detail ICE Clear Europe's
document governance and exception handling procedures, which would be
the same as for the CC Risk Policy, described in Part I hereof. The
Clearing House's Documentation Governance Schedule is attached [sic] in
Exhibit 3.
As discussed above, since the CC Risk Policy and CC Risk Procedures
cover the same substance as the Unsecured Credit Limits Procedures and
Capital to Margin Policy, those documents would be retired.
(b) Statutory Basis
ICE Clear Europe believes that the CC Risk Policy and the CC Risk
Procedures are consistent with the requirements of Section 17A of the
Act \4\ and the regulations thereunder applicable to it. In particular,
Section 17A(b)(3)(F) of the Act \5\ requires, among other things, that
the rules of a clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions and, to
the extent applicable, derivative agreements, contracts, and
transactions, the safeguarding of securities and funds in the custody
or control of the clearing agency or for which it is responsible, and
the protection of investors and the public interest.
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\4\ 15 U.S.C. 78q-1.
\5\ 15 U.S.C. 78q-1(b)(3)(F).
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The CC Risk Procedures and CC Risk Policy are designed to more
clearly document and consolidate certain of the Clearing House's
practices with respect to the management of counterparty credit risk,
including both the risk of losses resulting from defaulting Clearing
Members' and losses resulting from the default of other Financial
Service Providers to the Clearing House. They would clearly describe
the processes, controls and escalations with respect to the ongoing
testing, monitoring and reviewing of counterparty credit risk, and the
mitigation steps the Clearing House can take where risk in excess of
limits is identified. The proposed documents thus enhance the overall
risk management of the Clearing House and promote the stability of the
Clearing House and the prompt and accurate clearance and settlement of
cleared contracts. The new CC Risk Policy and CC Risk Procedures are
thus also generally consistent with the protection of investors and the
public interest in the safe operation of the Clearing House. The
aspects of the CC Risk Policy and CC Risk Procedures that relate to
counterparty credit risk for FSPs will also help manage the risk of the
cash held by the Clearing House from CMs and their customers, and thus
enhance the safeguarding of securities and funds in ICE Clear Europe's
custody or control or for which it is responsible. Accordingly, the
amendments satisfy the requirements of Section 17A(b)(3)(F).\6\
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\6\ 15 U.S.C. 78q-1(b)(3)(F).
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The CC Risk Policy and the Risk Procedures are also consistent with
relevant provisions of Rule 17Ad-22. Rule 17Ad-22(e)(3)(i) \7\ provides
that the ``covered clearing agency shall establish, implement, maintain
and enforce written policies and procedures reasonable designed to, as
applicable [. . .] maintain a sound risk management framework that''
among other matters identifies, measures, monitors and manages the
range of risks that it faces. The CC Risk Policy and the CC Risk
Procedures are intended to document the Clearing House's policies and
practices for monitoring and reviewing counterparty credit risk and
related exposures, through clear descriptions of such policies and
processes, as well as delineation of responsibilities and potential
response to exposures exceeding limits. The documents would thus
strengthen the management of potential counterparty risks, and risk
management more generally. In ICE Clear Europe's view, the amendments
are therefore consistent with the requirements of Rule 17Ad-
22(e)(3)(i).\8\
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\7\ 17 CFR 240.17Ad-22(e)(3)(i).
\8\ 17 CFR 240.17Ad-22(e)(3)(i).
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Rule 17Ad-22(e)(6)(i) \9\ provides that the ``covered clearing
agency shall establish, implement, maintain and enforce written
policies and procedures reasonable designed to, as applicable [. . .]
cover [. . .] its credit exposures to its participants by establishing
a risk-based margin system that, at a minimum,[. . .] considers, and
produces margin levels commensurate with, the risks and particular
attributes of each relevant product, portfolio, and market.'' The
proposed CC Risk Procedures provide descriptions of mitigating actions
the Clearing House would take with respect higher-risk counterparties
for which credit exposure may breach ICE Clear Europe's exposure limits
or exceed the relevant margin to capital ratio, including requiring a
CM to post additional margin and requiring a CM to reduce positions
leading to a reduction in their initial margin. The documents thus
enhance of ICE Clear Europe's overall margin framework and
documentation
[[Page 68017]]
and facilitate compliance with the requirements of Rule 17Ad-
22(e)(6)(i).\10\
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\9\ 17 CFR 240.17Ad-22(e)(6)(i).
\10\ 17 CFR 240.17Ad-22(e)(6)(i).
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Rule 17Ad-22(b)(1) \11\ requires a clearing agency to maintain
policies and procedures to ``[m]easure its credit exposures to its
participants at least once a day and limit its exposures to potential
losses from defaults by its participants under normal market conditions
so that the operations of the clearing agency would not be disrupted
and non-defaulting participants would not be exposed to losses that
they cannot anticipate or control.'' The practices described in the CC
Risk Policy and CC Risk Procedures are consistent with this
requirement. The CRS described in the CC Risk Procedures would
calculate credit scores for each CP on each day to determine their
creditworthiness. CPs with the weakest classifications would then be
added to the watch list, monitored more closely and potentially subject
to mitigating actions such as being required to post additional or
different collateral. For each CM and on each business day, ICE Clear
Europe would also measure a CMs margin to capital ratio. ICE Clear
Europe would also measure CM exposure limits. CMs that exceed ICE Clear
Europe's exposure limit or exceed the relevant margin to capital ratio
could also be subject to mitigating actions, including requiring a CM
to post additional margin and requiring a CM to reduce positions
leading to a reduction in their initial margin. By facilitating the
Clearing House's ability to measure its credit exposures and limit
potential losses, the amendments would therefore be consistent with the
requirements of Rule 17Ad-22(b)(1).\12\
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\11\ 17 CFR 240.17Ad-22(b)(1).
\12\ 17 CFR 240.17Ad-22(b)(1).
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Rule 17A-22(e)(16) provides that the ``covered clearing agency
shall establish, implement, maintain and enforce written policies and
procedures reasonable designed to, as applicable [. . .] safeguard
[its] own and its participants' assets, minimize the risk of loss and
delay in access to these assets, and invest such assets in instruments
with minimal credit, market and liquidity risks.'' \13\ As discussed
above, the CC Risk Policy and CC Risk Procedures are intended to
document Clearing House practices with respect to the management of
credit risk with respect to FSPs with which assets of the Clearing
House and CMs may be maintained. The policy and procedures address the
monitoring of FSP counterparty credit risk and the steps the Clearing
House may take to mitigate such risk where it exceeds exposure limits.
As such, the policy and procedure will continue to enable the Clearing
House to safeguard such assets and minimize the risk of loss from FSP
default, consistent with the requirements of Rule 17Ad-22(e)(16).\14\
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\13\ 17 CFR 240.17Ad-22(e)(16).
\14\ 17 CFR 240.17Ad-22(e)(16).
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Rule 17Ad-22(e)(2) \15\ provides that the ``covered clearing agency
shall establish, implement, maintain and enforce written policies and
procedures reasonable designed to, as applicable [. . .] provide for
governance arrangements'' that ``are clear and transparent'' \16\ and
``specify clear and direct lines of responsibility''.\17\ Consistent
with existing policies, the proposed CC Risk Policy and the CC Risk
Procedures would continue to provide for review by the document owner
to ensure that each remains up-to-date and is reviewed in accordance
with the Clearing House's governance processes. They would also
describe the role of the Chief Risk Officer and the Head of Compliance
(or their delegates) in managing material breaches of the documents. In
ICE Clear Europe's view, the documents are therefore consistent with
the aforementioned requirements of Rule 17Ad-22(e)(2).\18\
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\15\ 17 CFR 240.17Ad-22(e)(2).
\16\ 17 CFR 240.17Ad-22(e)(2)(i).
\17\ 17 CFR 240.17Ad-22(e)(2)(v).
\18\ 17 CFR 240.17Ad-22(e)(2).
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(B) Clearing Agency's Statement on Burden on Competition
ICE Clear Europe does not believe the proposed documents would have
any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The CC Risk
Policy and the CC Risk Procedures are intended to document existing
practices with respect to counterparty credit risk, for both CMs and
FSPs, and are not intended to impose new requirements on CMs. The
proposed documents clarify ICE Clear Europe risk management procedures
and ensure that ICE Clear Europe continues to appropriately monitors
and limit risks relating to Clearing Members' creditworthiness, capital
to margin ratio and uncovered stress losses. The policy and procedures
would apply to all Clearing Members. The proposed documents are not
expected to materially change margin requirements or costs for Clearing
Members and any such change which may occur would be tailored to the
counterparty credit risk presented by a particular CM. ICE Clear Europe
does not believe that the new CC Risk Policy and the CC Risk Procedures
will otherwise impact competition among Clearing Members or other
market participants or affect the ability of market participants to
access clearing generally. Therefore, ICE Clear Europe does not believe
the proposed rule change imposes any burden on competition that is
inappropriate or unnecessary in furtherance of the purposes of the Act.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others
Written comments relating to the proposed amendments have not been
solicited or received by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any written comments received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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-ICEEU-2021-015 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-ICEEU-2021-015. This
file number should be included on the subject line if email is used. To
help the Commission process and review your
[[Page 68018]]
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
such filings will also be available for inspection and copying at the
principal office of ICE Clear Europe and on ICE Clear Europe's website
at https://www.theice.com/clear-europe/regulation. 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-ICEEU-2021-015 and should be submitted
on or before December 21, 2021.
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\19\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26068 Filed 11-29-21; 8:45 am]
BILLING CODE 8011-01-P