[Federal Register Volume 87, Number 201 (Wednesday, October 19, 2022)]
[Notices]
[Pages 63565-63569]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22659]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96066; File No. SR-NYSEAMER-2022-45]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE 
American Options Fee Schedule Concerning the Options Regulatory Fee

October 13, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on September 28, 2022, NYSE American LLC (``NYSE American'' 
or the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III below, which Items have been prepared by the self-
regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the NYSE American Options Fee 
Schedule (``Fee Schedule'') regarding the Options Regulatory Fee 
(``ORF''), effective September 28, 2022. The proposed change is 
available on the Exchange's website at www.nyse.com, at the 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 self-regulatory organization 
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 those 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 parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Fee Schedule to (1) waive the 
ORF for the period November 1, 2022 through January 31, 2023; (2) 
eliminate the requirement that the Exchange may only modify the ORF 
semi-annually; and (3) delete outdated language relating to the ORF for 
August 30, 2019 (the ``August 2019 ORF'').
Background
    As a general matter, the Exchange may only use regulatory funds 
such as the ORF ``to fund the legal, regulatory, and surveillance 
operations'' of the Exchange.\4\ More specifically, the ORF is designed 
to recover a material portion, but not all, of the Exchange's costs for 
the supervision and regulation of ATP Holders, including the Exchange's 
regulatory program and legal expenses associated with options, such as 
the costs related to in-house staff, third-party service providers, and 
technology that facilitate surveillance, investigation, examinations 
and enforcement (collectively, the ``ORF Costs''). ORF funds may also 
be used for indirect expenses such as human resources and other 
administrative costs. The Exchange monitors the amount of revenue 
collected from the ORF to ensure that this revenue, in combination with 
other regulatory fees and fines, does not exceed regulatory costs.
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    \4\ The Exchange considers surveillance operations part of 
regulatory operations. The limitation on the use of regulatory funds 
also provides that they shall not be distributed. See Thirteenth 
Amended and Restated Operating Agreement of NYSE American LLC, 
Article IV, Section 4.05 and Securities Exchange Act Release No. 
87993 (January 16, 2020), 85 FR 4050 (January 23, 2020) (SR-
NYSEAMER-2020-04).
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    The ORF is assessed on ATP Holders for options transactions that 
are cleared by the ATP Holder through the Options Clearing Corporation 
(``OCC'') in the Customer range regardless of the exchange on which the 
transaction occurs.\5\ All options transactions must clear via a 
clearing firm and such clearing firms can then choose to pass through 
all, a portion, or none of the cost of the ORF to its customers, i.e., 
the entering firms. Because the ORF is collected from ATP Holder 
clearing firms by the OCC on behalf of NYSE American,\6\ the Exchange 
believes that using options transactions in the Customer range serves 
as a proxy for how to apportion regulatory costs among such ATP 
Holders. In addition, the Exchange notes that the costs relating to 
monitoring ATP Holders with respect to Customer trading activity are 
generally higher than the costs associated with monitoring ATP Holders 
that do not engage in Customer trading activity, which tends to be more 
automated and less labor-intensive. By contrast, regulating ATP Holders 
that engage in Customer trading activity is generally more labor 
intensive and requires a greater expenditure of human and technical 
resources as the Exchange needs to review not only the trading activity 
on behalf of Customers, but also the ATP Holder's relationship with its 
Customers via more labor-intensive exam-based programs.\7\ As a result, 
the costs associated with administering the customer component of the 
Exchange's overall regulatory program are materially higher than the 
costs associated with administering the non-customer component (e.g., 
ATP Holder

[[Page 63566]]

proprietary transactions) of its regulatory program.
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    \5\ See Fee Schedule, Section VII, Regulatory Fees, Options 
Regulatory Fee (``ORF''), available here, https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf.
    \6\ See id. The Exchange uses reports from OCC when assessing 
and collecting the ORF. The ORF is not assessed on outbound linkage 
trades. An ATP Holder is not assessed the fee until it has satisfied 
applicable technological requirements necessary to commence 
operations on NYSE American. See id.
    \7\ The Exchange notes that many of the Exchange's market 
surveillance programs require the Exchange to look at and evaluate 
activity across all options markets, such as surveillance for 
position limit violations, manipulation, front-running and contrary 
exercise advice violations/expiring exercise declarations. The 
Exchange and other options SROs are parties to a 17d-2 agreement 
allocating among the SROs regulatory responsibilities relating to 
compliance by the common members with rules for expiring exercise 
declarations, position limits, OCC trade adjustments, and Large 
Option Position Report reviews. See, e.g., Securities Exchange Act 
Release No. 85097 (February 11, 2019), 84 FR 4871 (February 19, 
2019).
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ORF Collections and Monitoring of ORF
    Exchange rules establish that the Exchange may only increase or 
decrease the ORF semi-annually, that any such fee change will be 
effective on the first business day of February or August, and that 
market participants must be notified of any such change via Trader 
Update at least 30 calendar days prior to the effective date of the 
change.\8\
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    \8\ See Fee Schedule, supra note 5.
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    Because the ORF is based on options transactions volume, the amount 
of ORF collected is variable. For example, if options transactions 
reported to OCC in a given month increase, the ORF collected from ATP 
Holders will likely increase as well. Similarly, if options 
transactions reported to OCC in a given month decrease, the ORF 
collected from ATP Holders will likely decrease as well. Accordingly, 
the Exchange monitors the amount of ORF collected to ensure that it 
does not exceed the ORF Costs. If the Exchange determines the amount of 
ORF collected exceeds costs over an extended period, the Exchange may 
adjust the ORF by submitting a fee change filing to the Securities and 
Exchange Commission (the ``Commission'').
Temporary ORF Waiver
    Based on the Exchange's recent review of regulatory costs and ORF 
collections, the Exchange proposes to waive the ORF from November 1, 
2022 through January 31, 2023 in order to help ensure that the amount 
collected from the ORF, in combination with other regulatory fees and 
fines, does not exceed the Exchange's total regulatory costs. The 
Exchange proposes to resume assessing the ORF on February 1, 2023 at 
the current rate of $0.0055 per contract. The Exchange will notify ATP 
Holders of the proposed change to the ORF via Trader Update at least 30 
calendar days prior to the proposed operative date of the waiver, 
November 1, 2022, so that market participants have an opportunity to 
configure their systems to account for the waiver of the ORF. The 
Exchange's proposal to waive the ORF for the month of January 2023 
would similarly provide ATP Holders with additional time in the new 
year to make any necessary adjustments or preparations for the 
resumption of the ORF effective February 1, 2023.
    The proposed waiver is based on recent options volumes. The options 
industry has experienced extremely high options trading volumes and 
volatility, and options volume in 2022 remains high when compared to 
options volume in 2019, 2020, and 2021. The increased options volumes 
have, in turn, impacted the Exchange's ORF collection.
    For example, total average daily volume in 2022, to date, is 115% 
higher than total average daily volume in 2019, and customer average 
daily volume in 2022, to date, is 123% higher than customer average 
daily volume in 2019. Below is industry data from OCC \9\ illustrating 
the significant increase in options volume between 2019 and 2022:
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    \9\ The OCC publishes options and futures volume in a variety of 
formats, including daily and monthly volume by exchange, available 
here: https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics. The volume 
discussed in this filing is based on a compilation of OCC data for 
monthly volume of equity-based options and monthly volume of ETF-
based options, in contract sides.

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                                                       2019            2020            2021            2022
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Customer ADV....................................      15,234,198      25,598,023      34,730,276      33,939,560
Total ADV.......................................      35,083,673      55,369,993      74,339,870      75,497,647
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    In addition, the below industry data from OCC demonstrates the high 
options trading volumes (especially when compared to 2019, 2020, and 
2021) and volatility that the industry has continued to experience in 
2022:

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                                                            April 2022       May 2022        June 2022       July 2022      August 2022   September 2022
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Customer ADV............................................      33,266,801      34,202,077      31,469,858      30,506,706      33,013,156      34,149,000
Total ADV...............................................      73,140,597      76,254,734      70,628,926      68,535,963      73,487,342      77,134,470
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    Because of the difficulty of predicting when volumes may return to 
more normal levels, the Exchange proposes to waive the ORF from 
November 1, 2022 through January 31, 2023. The Exchange cannot predict 
whether options volume will remain at these levels going forward and 
projections for future regulatory costs are estimated, preliminary, and 
may change. However, the Exchange believes that the proposed waiver of 
the ORF would allow the Exchange to continue to monitor the amount 
collected from the ORF to help ensure that ORF collection, in 
combination with other regulatory fees and fines, does not exceed 
regulatory costs without the need to account for any ORF collection 
during that timeframe. The Exchange proposes to resume assessing the 
current ORF rate of $0.0055 per contract side as of February 1, 2023.
Semi-Annual Changes To ORF
    As noted above, the Fee Schedule currently specifies that the 
Exchange may only increase or decrease the ORF semi-annually and that 
any such fee change will be effective on the first business day of 
February or August.\10\ NYSE American proposes to eliminate this 
requirement to afford the Exchange increased flexibility in amending 
the ORF.\11\ Although the Exchange proposes to eliminate the 
requirement to adjust the ORF only semi-annually, it would continue to 
submit a proposed rule change for each modification of the ORF and 
notify ATP Holders of any planned change to the ORF by Trader Update at 
least 30 calendar days prior to the effective date of such change. The 
Exchange believes that the prior notification to ATP Holders will 
provide guidance on the timing of any changes to the ORF and ensure 
that ATP Holders are prepared to configure their systems to properly 
account for the ORF. The Exchange will also issue a Trader Update 
informing ATP Holders of the ORF adjustment proposed in this filing, as 
described below, at least 30 calendar

[[Page 63567]]

days prior to the proposed effective date.
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    \10\ See Fee Schedule, supra note 5.
    \11\ The Exchange notes that at least one other options exchange 
has previously removed this requirement with respect to adjusting 
the ORF. See, e.g., Securities Exchange Act Release No. 76950 
(January 21, 2016), 81 FR 4687 (January 27, 2016) (SR-NASDAQ-2016-
003) (Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change To Amend the Options Regulatory Fee).
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August 2019 ORF
    The Exchange proposes to delete language in the Fee Schedule 
pertaining to the August 2019 ORF, which was relevant only for the 
August 30, 2019 trading day and thus no longer reflects a fee currently 
assessed by the Exchange. The Exchange believes this change would 
improve the clarity of the Fee Schedule by removing obsolete language.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) \12\ of the Act, in general, and 
Section 6(b)(4) and (5) \13\ of the Act, in particular, in that it is 
designed to provide for the equitable allocation of reasonable dues, 
fees, and other charges among its members and other persons using its 
facilities and does not unfairly discriminate between customers, 
issuers, brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposal Is Reasonable
    The Exchange believes the proposed temporary waiver of the ORF is 
reasonable because it would help ensure that collections from the ORF 
do not exceed a material portion of the Exchange's ORF Costs. As noted 
above, the Exchange may only use regulatory funds such as ORF ``to fund 
the legal, regulatory, and surveillance operations'' of the 
Exchange.\14\ In this regard, the ORF is designed to recover a material 
portion, but not all, of the Exchange's ORF Costs.
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    \14\ See note 4, supra.
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    Although there can be no assurance that the Exchange's final costs 
for 2022 will not differ materially from its expectations and prior 
practice, nor can the Exchange predict with certainty whether options 
volume will remain at the current level going forward, the Exchange 
believes that the amount collected based on the current ORF rate, when 
combined with regulatory fees and fines, may result in collections in 
excess of the estimated ORF Costs for the year. Particularly, as noted 
above, the options market has seen a substantial increase in volume in 
2022 as compared to 2019, 2020, and 2021, due in large part to the 
continued extreme volatility in the marketplace as a result of the 
COVID-19 pandemic. This unprecedented spike in volatility resulted in 
significantly higher volume than was originally projected by the 
Exchange, thereby resulting in substantially higher ORF collections 
than projected. The Exchange therefore believes that it would be 
reasonable to waive ORF from November 1, 2022 through January 31, 2023 
to help ensure that ORF collection does not exceed the ORF Costs for 
2022.\15\ Particularly, the Exchange believes that waiving the ORF from 
November 1, 2022 to January 31, 2023 and taking into account all of the 
Exchange's other regulatory fees and fines would allow the Exchange to 
continue covering a material portion of ORF Costs, while lessening the 
potential for generating excess funds that may otherwise occur using 
the current rate. The Exchange would resume assessing its current ORF 
($0.0055 per contract) as of February 1, 2023. Until effectiveness of 
the waiver on November 1, 2022, the Exchange will continue to monitor 
the amount collected from the ORF to ensure that it, in combination 
with its other regulatory fees and fines, does not exceed ORF Costs. 
The Exchange would also continue monitoring the amount collected from 
the ORF when such collection resumes on February 1, 2023 and, if 
necessary to ensure that such collections do not exceed such costs, 
subsequently adjust the ORF by submitting a filing a proposed rule 
change and notifying ATP Holders of such change by Trader Update.
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    \15\ The Exchange's proposal to also waive the ORF for the month 
of January 2023 would provide ATP Holders with additional time in 
the new year to make any necessary adjustments or preparations for 
the resumption of the ORF effective February 1, 2023.
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    The Exchange believes that the proposed elimination of language 
specifying that the Exchange may only increase or decrease the ORF 
semi-annually and that any such fee change must be effective on the 
first business day of February or August is reasonable because it is 
designed to afford the Exchange increased flexibility in making 
necessary adjustments to the ORF, as the Exchange is required to 
monitor the amount collected from the ORF to ensure that it, in 
combination with its other regulatory fees and fines, does not exceed 
ORF Costs . The Exchange also believes the proposed change is 
reasonable because the Exchange will continue to provide market 
participants with 30 days advance notice of changes to the ORF, thereby 
providing ATP Holders with adequate time to make any necessary 
adjustments to accommodate the change.
    The Exchange also believes that the proposed deletion of language 
relating to the August 2019 ORF is reasonable because it would remove 
obsolete language and thus improve the clarity of the Fee Schedule.
The Proposal Is an Equitable Allocation of Fees
    The Exchange believes its proposal is an equitable allocation of 
fees among its market participants. The Exchange believes that the 
proposed waiver would not place certain market participants at an 
unfair disadvantage because all options transactions must clear via a 
clearing firm. Such clearing firms can then choose to pass through all, 
a portion, or none of the cost of the ORF to its customers, i.e., the 
entering firms. Because the ORF is collected from ATP Holder clearing 
firms by the OCC on behalf of NYSE American, the Exchange believes that 
using options transactions in the Customer range serves as a proxy for 
how to apportion ORF Costs among such ATP Holders. In addition, the 
Exchange notes that the costs relating to monitoring ATP Holders with 
respect to Customer trading activity are generally higher than the 
costs associated with monitoring ATP Holders that do not engage in 
Customer trading activity, which tends to be more automated and less 
labor-intensive. By contrast, regulating ATP Holders that engage in 
Customer trading activity is generally more labor intensive and 
requires a greater expenditure of human and technical resources as the 
Exchange needs to review not only the trading activity on behalf of 
Customers, but also the ATP Holder's relationship with its Customers 
via more labor-intensive exam-based programs. As a result, the costs 
associated with administering the customer component of the Exchange's 
overall regulatory program are materially higher than the costs 
associated with administering the non-customer component (e.g., ATP 
Holder proprietary transactions) of its regulatory program. Thus, the 
Exchange believes that a temporary waiver of the ORF is an equitable 
allocation of fees because it would apply equally to all ATP Holders on 
all their transactions that clear in the Customer range at the OCC.
    The Exchange also believes that the proposed change to eliminate 
the requirement that the Exchange modify the ORF only semi-annually in 
February or August is equitable because the change would impact all ATP 
Holders subject to the ORF uniformly, and all ATP Holders would 
continue to receive at least 30 days' advance notice of changes to the 
ORF. The proposed change to remove language relating to the August 2019 
ORF is also equitable because it would eliminate language

[[Page 63568]]

from the Fee Schedule that is no longer applicable to any ATP Holders.
The Proposed Fee Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly 
discriminatory. The Exchange believes that the proposed waiver of the 
ORF would not place certain market participants at an unfair 
disadvantage because all options transactions must clear via a clearing 
firm. Such clearing firms can then choose to pass through all, a 
portion, or none of the cost of the ORF to its customers, i.e., the 
entering firms. Because the ORF is collected from ATP Holder clearing 
firms by the OCC on behalf of NYSE American, the Exchange believes that 
using options transactions in the Customer range serves as a proxy for 
how to apportion regulatory costs among such ATP Holders. In addition, 
the Exchange notes that the costs relating to monitoring ATP Holders 
with respect to Customer trading activity are generally higher than the 
costs associated with monitoring ATP Holders that do not engage in 
Customer trading activity, which tends to be more automated and less 
labor-intensive. By contrast, regulating ATP Holders that engage in 
Customer trading activity is generally more labor intensive and 
requires a greater expenditure of human and technical resources as the 
Exchange needs to review not only the trading activity on behalf of 
Customers, but also the ATP Holder's relationship with its Customers 
via more labor-intensive exam-based programs. As a result, the costs 
associated with administering the customer component of the Exchange's 
overall regulatory program are materially higher than the costs 
associated with administering the non-customer component (e.g., ATP 
Holder proprietary transactions) of its regulatory program. Thus, the 
Exchange believes the temporary waiver of the ORF and the proposed 
modification of language relating to the Exchange's ability to modify 
the ORF is not unfairly discriminatory because the changes would apply 
to all ATP Holders subject to the ORF and the Exchange would provide 
all such ATP Holders with 30 days' advance notice of planned changes to 
the ORF.
    The Exchange believes that the proposed change to eliminate the 
semi-annual change requirement is not unfairly discriminatory because 
the change would apply to all ATP Holders subject to the ORF. 
Furthermore, all ATP Holders would continue to be notified of changes 
to the ORF at least 30 days prior to the effectiveness of any such 
change. The proposed change to remove language relating to the August 
2019 ORF is also not unfairly discriminatory because it would eliminate 
language from the Fee Schedule describing a fee that was effective only 
for August 30, 2019 and thus no longer impacts any ATP Holders.

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act.
    Intramarket Competition. The Exchange believes the proposed change 
would not impose an undue burden on competition because the ORF is 
charged to all ATP Holders on all their transactions that clear in the 
Customer range at the OCC; thus, the amount of ORF imposed is based on 
the amount of Customer volume transacted. The Exchange believes that 
the proposed temporary waiver of the ORF would not place certain market 
participants at an unfair disadvantage because all options transactions 
must clear via a clearing firm. Such clearing firms can then choose to 
pass through all, a portion, or none of the cost of the ORF to its 
customers, i.e., the entering firms. In addition, because the ORF is 
collected from ATP Holder clearing firms by the OCC on behalf of NYSE 
American, the Exchange believes that using options transactions in the 
Customer range serves as a proxy for how to apportion regulatory costs 
among such ATP Holders. The Exchange further believes that the proposed 
change to remove the semi-annual requirement would not impose any 
burden on competition because the change would impact all ATP Holders 
subject to the ORF, and the Exchange will continue to provide advance 
notice of changes to the ORF to all ATP Holders via Trader Update. The 
Exchange also believes that the proposed change to eliminate language 
relating to the August 2019 ORF would not impact intramarket 
competition because it would simply add clarity to the Fee Schedule by 
removing text describing a fee that is no longer effective.
    Intermarket Competition. The proposed fee change is not designed to 
address any competitive issues. Rather, the proposed change is designed 
to help the Exchange adequately fund its regulatory activities while 
seeking to ensure that total collections from regulatory fees do not 
exceed total regulatory costs and to promote clarity in the Fee 
Schedule by deleting obsolete text.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \16\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \17\ thereunder, because it establishes a due, fee, or other 
charge imposed by the Exchange.
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \18\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \18\ 15 U.S.C. 78s(b)(2)(B).
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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 No. SR-NYSEAMER-2022-45 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 No. SR-NYSEAMER-2022-45. 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

[[Page 63569]]

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 No. SR-NYSEAMER-2022-45, and should be submitted 
on or before November 9, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22659 Filed 10-18-22; 8:45 am]
BILLING CODE 8011-01-P