[Federal Register Volume 89, Number 232 (Tuesday, December 3, 2024)]
[Notices]
[Pages 95846-95851]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28342]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101774; File No. SR-C2-2024-021]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt
New Functionality Relating to the Processing of Auction Responses
November 27, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 18, 2024, Cboe C2 Exchange, Inc. (the ``Exchange'' or
``C2'') filed with the
[[Page 95847]]
Securities and Exchange Commission (the ``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to
adopt new functionality relating to the processing of auction
responses. The text of the proposed rule change is provided in Exhibit
5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/options/regulation/rule_filings/ctwo/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange currently offers an auction mechanism which provides
price improvement opportunities for eligible orders. Particularly, the
Exchange offers the Complex Order Auction (``COA'').\5\ The Exchange
notes that eligible orders (``auctioned order'') are electronically
exposed for an Exchange-determined period (referred to herein as
``auction response period'') in accordance with the applicable Exchange
Rule, during which time Users may submit responses (referred to herein
as ``auction responses'' or ``auction response messages'') to an
auction message. An auction response may only execute in the auction
and is cancelled if it does not execute during an auction. If an
auction response is unable to be processed by the System during the
auction response period, that auction response is unable to receive any
execution opportunity or provide liquidity (and possible price
improvement) on the Exchange.\6\
---------------------------------------------------------------------------
\5\ See Rule 5.33(d).
\6\ The Exchange notes that its review of auction responses
during August 2024 indicated that approximately 0.19% of auction
responses had no opportunity to execute in their respective
auctions, notwithstanding being submitted within the auction
response period.
---------------------------------------------------------------------------
By way of further background, Trading Permit Holders (``TPHs'') may
submit auction responses via logical port connectivity.\7\ Each logical
port corresponds to a single running order handler application.\8\ Each
order handler application processes the messages it receives from the
connected TPH. This processing includes determining whether the message
contains the required information to enter the System and where to send
that message within the System (i.e., to which matching engine).
Messages are sent from an order handler application to a matching
engine via User Datagram Protocol (``UDP''). The Exchange has multiple
matching engines, each of which controls the book for one or more
classes of options listed for trading on the Exchange. The Exchange may
run multiple matching engine applications on a single server. Once at a
matching engine, the message is received at a server Network Interface
Card (``NIC''), which timestamps each message upon arrival and places
it in a queue. Currently, each matching engine processes all messages
it receives from a single queue from the NIC and prioritizes the
processing of all message traffic, including auction responses, in the
order in which the NIC received each message (i.e., in time priority).
---------------------------------------------------------------------------
\7\ A User connects to the Exchange using a logical port
available through an API, such as the industry-standard FIX or BOE
protocol. Logical ports represent a technical port established by
the Exchange within the Exchange's trading system for the delivery
and/or receipt of trading messages, including orders, cancels, and
auction responses.
\8\ The Exchange has numerous order handlers and uses an
algorithm to determine at random which ports connect to which order
handlers This algorithm attempts to spread out a single TPH's ports
across order handlers as well as balance the number of ports that
connect to a single order handler.
---------------------------------------------------------------------------
Auction response messages historically have waited in the same
queue as all other order and quote message traffic. As such, if an
auction response is submitted at a time where there is a deep queue of
other message traffic such as mass cancellation messages or other
orders and quotes, it is possible that the auction response may not be
``processed'' by the System in sufficient time (i.e., prior to the end
of the auction response period).\9\ Particularly, the queued auction
response may not be able to participate in the applicable auction
mechanism because the System had unprocessed (queued) messages at the
time of the auction execution despite the fact that the User submitted
the auction response prior to the end of the auction response period.
Auctioned orders may therefore be missing out on potential price
improvement that may have otherwise resulted if queued timely auction
response(s) were able to participate in the auction.
---------------------------------------------------------------------------
\9\ For example, it currently takes the Exchange's system an
approximate average of 13 microseconds to process a single order/
quote or auction response message and, on average, approximately 35
microseconds to process a mass cancel message. As such, under the
current system, an auction response that is entered after a mass
cancel message is more likely to be detrimentally delayed as
compared to a mass cancel message that is entered after an auction
response (i.e., a 35 microsecond ``wait time'' versus a 13
microsecond ``wait time'').
---------------------------------------------------------------------------
The Exchange proposes to adopt new functionality under Rule 5.25,
new subparagraph (c), which would apply to the Exchange's auction
mechanism (i.e., COA) to increase the likelihood that timely submitted
auction responses may participate in the auction, even during periods
of high message traffic. Under the proposed functionality, at the time
an auction response period ends, the System will continue to process
its inbound queue for any messages that were received by the System
before the end of the auction period (including auction messages) for
up to an Exchange-determined period of time, not to exceed 100
milliseconds (which the Exchange may determine on a class-by-class
basis which would apply to all auction mechanisms and which would be
announced with reasonable advanced notice via Exchange Notice). That
is, any auction responses that were in the queue before the conclusion
of the auction (as identified by the NIC timestamp on the message)
would be processed as long as the Exchange-determined time on a class-
by-class basis (not to exceed 100 milliseconds) is not exceeded. Only
auction messages received prior to the execution of the applicable
auction are eligible to be processed for that auction. The applicable
auction will execute once all messages, including auction responses,
received before the end time of the auction response period have been
processed or the Exchange-determined
[[Page 95848]]
maximum time limit of up to 100 milliseconds has elapsed, whichever
occurs first. This continuation of processing the queue for an
additional amount of time for messages that were received before the
end of the auction allows for auction responses that would otherwise
have been canceled due to the conclusion of the auction response period
to still have an opportunity to participate in the auction. This
provides such responses with increased opportunities to participate in
the auction, even during periods of high message traffic, thereby
potentially providing customers with additional opportunities for price
improvement, while still providing a processing cut off time to ensure
auction executions aren't unduly delayed.
By way of an example, if an auction with an auction response period
set to 100 milliseconds were to start at 9:00:00 a.m., only auction
responses that were able to be processed by the System by the
conclusion of the auction at 9:00:100 would participate in the auction.
Accordingly, if, for example, an auction response that was submitted at
9:00:090 (within the auction time response period), is still in the
message queue at 9:00:100, that response under the current System
functionality would be canceled and not eligible to participate in the
auction. Under the proposal, at 9:00:100, because the System continues
to process all messages timestamped before 9:00:100, that same auction
response submitted at 9:00:090 would not automatically be canceled but
rather included in the auction as long as it was able to be processed
within an additional 50 milliseconds, which is the additional
processing time set by the Exchange and announced to market
participants with reasonable advance notice via Exchange Notice for
that class in this example. Once that auction response is up for
processing (because the System processes messages sequentially in time
order sequence), the response will be able to participate in the
auction so long as it's processed by 9:00:150, notwithstanding such
processing would occur after the 100-millisecond auction response
period has concluded. Any auction responses for the pending auction
that are still pending after the execution of the auction would be
canceled.\10\ The Exchange notes that using the same example, if an
auction response was submitted at 9:00:120, it would not be eligible
for processing because the timestamp would identify it as being
submitted outside the auction response period which was otherwise set
to conclude at 9:00:100.
---------------------------------------------------------------------------
\10\ If, for example, the System processed all messages received
before 9:00:100 by 9:00:110, then the auction would execute at
9:00:110 (i.e., the System does not need to wait until 9:00:150 to
execute an auction if all messages submitted prior to the end time
of the auction have been processed).
---------------------------------------------------------------------------
The Exchange believes the proposed rule change will result in
increased execution opportunities for liquidity providers that submit
auction responses and enhance the potential for price improvement for
orders submitted to COA to the benefit of investors and public
interest. Indeed, the Exchange believes the proposed functionality will
increase the possibility that timely submitted auction responses are
processed by the Exchange and have an opportunity for execution in the
Exchange's auction mechanism, even if there is a deep pending message
queue. The Exchange believes the proposed maximum amount of additional
time for processing (i.e., 100 milliseconds) is both an adequate amount
of time to provide pending auction responses with such execution
opportunity, but also an amount minimal enough that impact to other
message traffic, if any, would be de minimis. The Exchange also notes
that it previously discussed the proposed maximum amount with market
participants who indicated that 100 milliseconds was acceptable to
them. The Exchange anticipates that in the vast majority of cases, the
additional time needed after the conclusion of auction response period,
if any, to process all pending auction responses will be shorter than
the maximum 100 milliseconds. To the extent the Exchange determines a
lesser amount of time would be sufficient, the Exchange could implement
an additional amount of time for processing auction responses that is
less than 100 milliseconds, which time would be announced with
reasonable advance notice to market participants via Exchange Notice.
Additionally, all message traffic (including auction responses) will
continue to be processed in time-priority.
The Exchange also believes the proposal will continue to allow the
Exchange to set the auction response period to an amount of time that
provides TPHs submitting responses with sufficient time to respond to,
compete for, and provide price improvement for orders, but also
continues to provide auctioned orders with quick executions that may
reduce market and execution risk. Further, the Exchange believes some
market participants choose to submit auction responses towards the end
of an auction response period to better ensure the response is at a
price that the market participant is willing to trade given the market
at the time the auction response period concludes. As such, merely
extending the auction response period in each auction would not itself
prevent auction responses from continuing to miss the auction
notwithstanding being timely submitted.
Moreover, the Exchange notes that it recently adopted the same
functionality on its affiliated exchanges, Cboe Exchange, Inc (``Cboe
Options'') and Cboe EDGX Exchange, Inc. (``EDGX Options'').\11\
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 97738 (June 15,
2023) 88 FR 40878 (June 22, 2023) (SR-CBOE-2022-051) (Order Granting
Accelerated Approval of Proposed Rule Change as Modified by
Amendment Nos. 1 and 2 Relating to the Processing of Auction
Responses). See also Securities Exchange Act Release No. 101434
(October 25, 2024) 89 FR 86856 (October 31, 2024) (SR-CboeEDGX-2024-
067).
---------------------------------------------------------------------------
Implementation
The Exchange will announce via Exchange Notice the implementation
date of implement the proposed rule change, which shall be no later
than 60 days after the operative date of this rule filing.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes modifying its System to allow
it to potentially process more, if not all, timely submitted auction
responses may provide further opportunities for auctioned orders to
receive price
[[Page 95849]]
improvement, which removes impediments to a free and open market and
ultimately protects and benefits investors. In particular, the proposed
rule change will continue to provide investors with timely processing
of their options quote and order messages, while providing investors
who submit auction orders with additional auction liquidity. Indeed,
the proposed rule change may allow more investors additional
opportunities to receive price improvement through an auction
mechanism. Additionally, because the proposed functionality may provide
liquidity providers that submit auction responses with additional
execution opportunities in auctions, the Exchange believes they may be
further encouraged to submit more auction responses, which may
contribute to a deeper, more liquid auction process that provides
investors with additional price improvement opportunities.
The Exchange believes the proposed rule change will result in
increased execution opportunities for liquidity providers that submit
auction responses and enhance the potential for price improvement for
orders submitted to each mechanism to the benefit of investors and
public interest. As described above, the Exchange believes the proposed
functionality will increase the possibility that timely submitted
auction responses are processed by the Exchange and have an opportunity
for execution in the Exchange's auction mechanism, even if there is a
deep pending message queue. The Exchange believes the proposed maximum
amount of additional time for processing (i.e., 100 milliseconds) is
both an adequate amount of time to provide pending auction responses
with such execution opportunity, but also an amount minimal enough that
impact to other message traffic, if any, would be de minimis. The
Exchange also discussed the proposed maximum amount of time with market
participants who indicated that 100 milliseconds was acceptable to
them. As represented above, the Exchange anticipates that in the vast
majority of cases, the additional time needed after the conclusion of
auction response period, if any, to process all pending auction
responses will be shorter than the maximum 100 milliseconds. To the
extent the Exchange determines a lesser amount of time would be
sufficient, the Exchange could implement an additional amount of time
for processing auction responses that is less than 100 milliseconds,
which time would be announced with reasonable advance notice to market
participants via Exchange Notice. Additionally, all message traffic
(including auction responses) will continue to be processed in time-
priority.
While the Exchange may increase the length of the auction response
period to accommodate more auction responses, the Exchange believes the
proposed functionality better addresses the issue of missed auction
responses. Particularly, the Exchange believes the proposed rule change
will accommodate more auction responses while also mitigating market
risk that may accompany a longer auction period by setting the length
of an auction response period to a timeframe that allows an adequate
amount of time for TPHs to respond to an auction message and provides
the auctioned order with fast executions. Additionally, the Exchange
believes TPHs may wait until the end of an auction response period
regardless of how long the Exchange sets it to in order to ensure they
are comfortable with the price the response may execute at the
conclusion of such auction. As such, extending the auction response
period in each auction would not itself prevent auction responses from
continuing to miss the auction notwithstanding being timely submitted.
The Exchange believes adopting the proposed functionality for
auction responses would also better provide customers with additional
opportunities for price improvements with little to no impact to non-
auction response message traffic. Currently, auction responses account
for an incredibly small fraction of message traffic submitted to the
Exchange. Indeed, based on the Exchange's analysis in August 2024,
auction response messages accounted for a mere 0.07% of all message
traffic submitted to the Exchange. The Exchange believe the processing
of such a small amount of message traffic, even after the conclusion of
an auction response period, would therefore have de minimis, if any,
impact on the processing of non-auction response messages waiting in
the queue. The Exchange also notes that all messages are currently
processed one at a time by the System. Therefore, the System still
needs to ``process'' all pending auction responses, regardless of
whether that processing involves canceling the pending auction response
because it wasn't processed in time to participate in the auction or
actually processing the response to participate in the auction. Either
way, the non-auction response messages will still have to wait for
processing of any pending responses ahead of it. Conversely, the
current system may cause investors to miss out on opportunities to
receive price improvement through the Exchange's auction mechanism as
the System is configured to cancel pending auction responses that
``miss'' the auction execution, even if such responses were timely
submitted but not processed due to the System being otherwise occupied
processing messages in queue ahead of it. The Exchange therefore
believes its proposal will make it more likely that the System
processes timely submitted auction responses and includes them in its
auction mechanism, thus providing them with more opportunities to
execute against auctioned orders, even during periods of high message
traffic.
The Exchange believes the proposed rule change is not designed to
permit unfair discrimination between market participants as all market
participants are allowed to submit auction responses. Additionally, the
Exchange believes it's reasonable to adopt the proposed functionality
for auction responses as compared to other messages because auction
responses are submitted only for the purpose of executing (and possibly
providing price improvement) in auctions with short durations, whereas
other messages are generally submitted to rest in or execute against
the book (and generally not used to submit liquidity into auctions). As
discussed above, the Exchange believes the benefits that result from
the adoption of the proposed functionality for auction responses would
outweigh any potential negative impact to other message traffic,
including customer orders, which have an incredibly low chance of being
affected by the proposed change as discussed above and which continue
to receive priority allocation in any event.
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. The Exchange does not
believe that the proposed changes will impose any burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act, as the proposed rule change would apply
equally to all TPHs that submit auction responses. As noted above, all
market participants are able to submit auction responses. Additionally,
the Exchange believes the adoption of the proposed functionality for
auction responses would have little to no impact on non-auction
response message traffic. As discussed, auction response messages
account for an incredibly
[[Page 95850]]
small fraction of message traffic submitted to the Exchange. The
Exchange therefore believes the processing of such a small amount of
message traffic by using the functionality would have a de minimis, if
any, impact on the processing of non-auction response messages.
Moreover, the Exchange believes it's reasonable to adopt the proposed
functionality for auction responses as compared to other messages
because auction responses are submitted only for the purpose of
executing (and possibly providing price improvement) in auctions with
short durations, whereas other messages are generally submitted to rest
in or execute against the book (and generally not used to submit
liquidity into auctions). Lastly, the Exchange does not believe the
proposed rule change will impose any burden on inter-market competition
that is not necessary or appropriate in furtherance of the purposes of
the Act, as the proposed change affects how the System processes
auction responses that may only participate in auctions that occur on
the Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange designates that the proposed rule change effects a
change that (i) does not significantly affect the protection of
investors or the public interest; (ii) does not impose any significant
burden on competition; and (iii) by its terms, does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. Additionally, the Exchange has
given the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission.
As described above, the Exchange has observed a number of auction
responses missing opportunities to execute auctions, notwithstanding
being timely submitted within the auction response period. The Exchange
believes adopting the proposed functionality for auction responses
would better provide market participants with additional opportunities
for price improvements with very little, if any, impact to non-auction
response message traffic, thereby removing impediments to a free and
open market and ultimately protecting and benefiting investors.
Additionally, because the proposed functionality may provide liquidity
providers that submit auction responses with additional execution
opportunities in auctions, the Exchange believes they may be further
encouraged to submit more auction responses, which may contribute to a
deeper, more liquid auction process that provides investors with
additional price improvement opportunities.
The Exchange also believes the proposed rule change does not impose
any significant burden on competition, as the proposed functionality
would apply equally to all TPHs that submit auction responses and as
the proposed change only affects how the Exchange's System processes
auction responses that participate in auctions that occur only on the
Exchange.
Finally, the Exchange does not believe the proposed functionality
raises any novel legal or regulatory issues as the Exchange's affiliate
Cboe Options currently maintains the same timestamping functionality,
which was reviewed and approved by the Commission prior to its
implementation and the same functionality was recently adopted on the
Exchange's affiliate and EDGX Options, which was also reviewed by the
Commission.\15\
---------------------------------------------------------------------------
\15\ Supra note 11.
---------------------------------------------------------------------------
For the foregoing reasons, this rule filing qualifies as a ``non-
controversial'' rule change under Rule 19b-4(f)(6), which renders the
proposed rule change effective upon filing with the Commission. At any
time within 60 days of the filing of this 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 will institute proceedings to determine whether
the proposed rule change should be approved or disapproved. The
Exchange respectfully requests that the Commission waive the 30-day
operative delay period after which a proposed rule change under Rule
19b-4(f)(6) becomes effective. The Exchange believes waiver of the
operative delay will benefit investors because it will permit the
proposed rule change to be operative as soon as practicable. As
previously noted, the Exchange's affiliate, Cboe Options recently
received Commission approval of a substantively identical functionality
and the Exchange's affiliate EDGX Options also recently adopted the
same functionality.\16\ Moreover, no comments to either of those
filings were submitted during the respective public comment periods.
Therefore, given that the Commission has noticed for public comment
substantively identical filings and received no comments to such
filings, the Exchange believes an operative delay is not necessary for
this filing. Additionally, waiver of the operative delay will permit
the Exchange to implement the proposed functionality as soon as
possible, which will benefit investors as the System will potentially
process more, if not all, timely submitted auction responses, thereby
provide further opportunities for auctioned orders to receive price
improvement, which removes impediments to a free and open market and
ultimately protects and benefits investors.
---------------------------------------------------------------------------
\16\ Supra note 11.
---------------------------------------------------------------------------
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-C2-2024-021 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-C2-2024-021. 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
[[Page 95851]]
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 a.m. and 3 p.m. Copies of the
filing also will be available for inspection and copying at the
principal office of the Exchange. Do not include personal identifiable
information in submissions; you should submit only information that you
wish to make available publicly. We may redact in part or withhold
entirely from publication submitted material that is obscene or subject
to copyright protection. All submissions should refer to file number
SR-C2-2024-021 and should be submitted on or before December 24, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2024-28342 Filed 12-2-24; 8:45 am]
BILLING CODE 8011-01-P