Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Adopt and Amend Rules To Permit the Exchange To Initiate CHX SNAP Cycles, 26295-26296 [2016-10152]
Download as PDF
<![CDATA[
Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
control number.
Please direct your written comments
to: Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: April 26, 2016.
Robert E. Errett,
Deputy Secretary.
[FR Doc. 2016–10110 Filed 4–29–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77711; File No. SR–CHX–
2016–01]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Order
Approving a Proposed Rule Change To
Adopt and Amend Rules To Permit the
Exchange To Initiate CHX SNAP Cycles
April 26, 2016.
I. Introduction
On February 26, 2016, the Chicago
Stock Exchange, Inc. (‘‘CHX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend the functionality of the
Exchange’s Sub-second Non-displayed
Auction Process (‘‘SNAP’’) to permit the
Exchange to initiate the SNAP when
certain criteria are met. The proposed
rule change was published for comment
in the Federal Register on March 15,
2016.3 The Commission did not receive
any comment letters regarding the
proposed rule change. This order
approves the proposed rule change.
srobinson on DSK5SPTVN1PROD with NOTICES
II. Overview of the Proposal
The SNAP is designed to facilitate the
bulk trading of a security within the
Exchange’s matching system (‘‘Matching
System’’). The SNAP is a fully-hidden,
on-demand auction for a security that,
under the Exchange’s current rules, may
be initiated only by the Exchange’s
Participants 4 and may occur only
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 77331
(March 9, 2016), 81 FR 13857 (‘‘Notice’’).
4 Article 1, Rule 1 of CHX’s Rules defines the term
‘‘Participant.’’
2 17
VerDate Sep<11>2014
20:30 Apr 29, 2016
Jkt 238001
during the Exchange’s regular trading
session. During the stages of a SNAP
(‘‘CHX SNAP Cycle’’), the Exchange
temporarily suspends automated trading
on the Exchange for the security subject
to the SNAP. At the conclusion of a
CHX SNAP Cycle, the Exchange
transitions back to automated trading for
the subject security. The SNAP Cycle
has the following five stages, which are
set forth in CHX Article 18, Rule 1: 5 (1)
Initiating the SNAP; (2) SNAP Order
Acceptance Period; (3) Pricing and
Satisfaction Period; (4) Order Matching
Period; and (5) Transition to Open
Trading State.6
Under the Exchange’s current rules,
only a Participant may initiate the
SNAP Cycle by submitting a valid limit
order marked Start SNAP.7 To initiate a
SNAP Cycle, a Start SNAP order must
meet certain size,8 price,9 and timing
requirements.10 Orders marked with a
SNAP Auction Only modifier (SNAP
AOO—Day, SNAP AOO—One and
5 See generally Securities Exchange Act Release
No. 76087 (October 6, 2015), 80 FR 61540 (SR–
CHX–2015–03) (‘‘Approval Order’’) (order
approving the adoption of the SNAP rules on the
Exchange). The approved rule changes governing
the SNAP are not yet operative and will become
operative upon two weeks’ notice by the Exchange
to its Participants. See Notice, supra note 3, 81 FR
at 13857, n.3.
6 Open Trading State means the period of time
during the regular trading session when orders are
eligible for automatic execution on the Exchange.
See CHX Article 1, Rule 1(qq).
7 See CHX Article 1, Rule 2(h)(1) and CHX Article
18, Rule 1(b)(1).
8 To initiate a SNAP Cycle, a Start SNAP order
must be for (a) at least 2,500 shares and have a
minimum aggregate notional value of $250,000 or
(b) at least 20,000 shares with no minimum
aggregate notional value requirement; provided,
however, that certain issues specified in the rule
may have special minimum size requirements. See
CHX Article 1, Rule 2(h)(1)(A)(i).
9 To initiate a SNAP Cycle, the limit price of a
buy (sell) Start SNAP Order must be priced at or
through the National Best Offer (National Best Bid)
at the time the order was received by the Matching
System. If the National Best Bid and Offer
(‘‘NBBO’’) is crossed or a two-sided NBBO does not
exist at the time the limit order marked Start SNAP
is received by the Matching System, the limit order
marked Start SNAP would not initiate a SNAP
Cycle. A limit order marked Start SNAP and Sell
Short, as defined under CHX Article 1, Rule
2(b)(3)(E), for a covered security subject to short
sale price test restriction, may not initiate a SNAP
Cycle and would be cancelled. See CHX Article 1,
Rule 2(h)(1)(A)(ii).
10 A Start SNAP order will initiate a SNAP Cycle
only if it is received during the Exchange’s regular
trading session; provided, however, that it will not
initiate a SNAP Cycle if it is received (a) within five
minutes of the first two-sided quote in the subject
security having been received by the Exchange from
the primary market disseminated after either the
beginning of the Exchange’s regular trading session
or a trading halt or pause that required the
Exchange to suspend trading in the subject security;
(b) within five minutes of the end of the regular
trading session; (c) during a SNAP Cycle or (d)
within one minute after the completion of the
previous SNAP Cycle. See CHX Article 1, Rule
2(h)(1)(A)(iii).
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
26295
Done, SNAP AOO- Pegged) that are
received during Open Trading State are
queued in the SNAP Auction Only
Order (‘‘AOO’’) Queue and are eligible
for execution only during a SNAP
Cycle.11
In the instant proposed rule change,
the Exchange proposes to permit the
Exchange to initiate a SNAP Cycle,
under certain circumstances, in the
absence of a Start SNAP order. The
Exchange would conduct pro forma
SNAP reviews of the contents of the
CHX book, SNAP AOO Queue, and
Protected Quotations of external
markets for each SNAP-eligible security,
consecutively and continuously in a
preset order,12 and would initiate a
SNAP Cycle for a security if a review
projects that the aggregate number of
executions would satisfy certain
minimum size and notional value
requirements, as applicable. In
conducting the pro forma SNAP review,
the Exchange would take a market
snapshot of the Protected Quotations of
external markets in the subject security
and calculate a pro forma SNAP Price
to determine: (1) Whether the projected
execution size (‘‘PES’’) at the pro forma
SNAP Price is equal to or greater than
the corresponding minimum PES; and
(2) whether the PES within the
Matching System at the pro forma SNAP
Price would be equal to or greater than
80% of the corresponding minimum
PES. The minimum PES for an
Exchange-initiated SNAP is either: (1)
2,500 Shares with a minimum aggregate
notional value of $250,000 based on the
midpoint of the NBBO ascertained from
the market snapshot; or (2) 20,000
shares with no minimum aggregate
notional value requirement; provided,
however, that the PES for Berkshire
Hathaway, Inc. (BRK–A) would be a flat
100 shares.
There would be restrictions on when
the Exchange may initiate a SNAP
Cycle. Proposed Rule 1A(c) prohibits
the Exchange from initiating a SNAP
Cycle:
(1) Within five minutes of the first
two-sided quote in the subject security
having been received by the Exchange
from the primary market disseminated
after either the beginning of the regular
trading session or a trading halt, pause
or suspension that required the
Exchange to suspend trading in the
subject security;
(2) within five minutes of the end of
the regular trading session;
11 See CHX Article 20, Rule 8(b)(2)(A) and CHX
Article 18, Rule 1(b)(2)(A)(i).
12 The Exchange represents that it will not modify
this procedure absent an approved filing pursuant
to Rule 19b–4 under the Act. See Notice, supra note
3, 81 FR at 13858, n.21.
E:\FR\FM\02MYN1.SGM
02MYN1
26296
Federal Register / Vol. 81, No. 84 / Monday, May 2, 2016 / Notices
(3) during a SNAP Cycle;
(4) within one minute after the
completion of the previous SNAP Cycle;
(5) if the CHX Routing Services are
not available at the time of the market
snapshot taken pursuant to be proposed
Rule 1A(b);
(6) if the NBBO ascertained from the
market snapshot taken pursuant to
proposed Rule 1A(b) is crossed or a twosided NBBO does not exist.
III. Discussion and Commission
Findings
After careful review and
consideration, the Commission finds
that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder that are applicable to a
national securities exchange.13 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,14 which
requires, among other things, that the
rules of a national securities exchange
be designed to promote just and
equitable principles of trade; to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system; and, in
general, to protect investors and the
public interest, and that the rules of a
national securities exchange not be
designed to permit unfair
discrimination between customers,
issuers, brokers or dealers.
When it approved the SNAP, the
Commission stated that it believed that
the SNAP: (1) Was reasonably designed
to facilitate the auction trading of
securities on CHX in a fair and orderly
manner, and could improve market
quality for market participants seeking
to execute bulk trading interests and for
other market participants submitting
orders in response to that interest; 15 and
(2) may promote liquidity while
minimizing potential information
leakage that could disadvantage market
participants whose orders are
participating in the SNAP Cycle.16 The
Commission believes that the Exchange-
initiated SNAP functionality may result
in more bulk executions in SNAPeligible securities by allowing—under
certain circumstances—SNAP AOOs
queued in the Matching System to
match in the absence of a valid Start
SNAP order. Additionally, the
Commission believes that the proposed
restrictions on when the Exchange may
initiate a SNAP Cycle are reasonably
designed to provide for a fair and
orderly market.
Further, the Commission believes that
the proposed rule change would further
minimize information leakage from
SNAP Cycles in that market participants
would not know which initiating
mechanism triggered a particular SNAP
Cycle.
For the above reasons, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act.
IV. Conclusion
It is therefore ordered that, pursuant
to Section 19(b)(2) of the Act,17 the
proposed rule change (SR–CHX–2016–
01) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–10152 Filed 4–29–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77707; File No. SR–Phlx–
2016–53]
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 21,
2016, NASDAQ PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to update
Exchange Rule 3304 and to amend the
public disclosure of the sources of data
that the Exchange utilizes when
performing (1) order handling and
execution; (2) order routing; and (3)
related compliance processes.
The text of the proposed rule change
is below. Proposed new language is
italicized and deleted language is
bracketed.
*
*
*
*
*
Rule 3304. Data Feeds Utilized
The PSX System utilizes the below
proprietary and network processor feeds
for the handling, routing, and execution
of orders, as well as for the regulatory
compliance processes related to those
functions. The Secondary Source of data
is, where applicable, utilized only in
emergency market conditions and only
until those emergency conditions are
resolved.
Self-Regulatory Organizations;
NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Update
Public Disclosure of Exchange Usage
of Market Data
April 26, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
srobinson on DSK5SPTVN1PROD with NOTICES
Market center
Primary source
A—NYSE MKT (AMEX) ..........................................................
B—NASDAQ OMX BX ............................................................
C—NSX ...................................................................................
D—FINRA ADF .......................................................................
J—DirectEdge A ......................................................................
K—DirectEdge X .....................................................................
M—[CSX]CHX .........................................................................
N—NYSE ................................................................................
P—NYSE Arca ........................................................................
NYSE MKT OpenBook Ultra ..................................................
BX ITCH 5.0 ...........................................................................
CQS/UQDF .............................................................................
CQS/UQDF .............................................................................
BATS PITCH ..........................................................................
BATS PITCH ..........................................................................
[CQS/UQDF]CHX Book Feed ................................................
NYSE OpenBook Ultra ...........................................................
NYSE ARCA XDP ..................................................................
13 In approving this proposed rule change, as
amended, the Commission notes that it has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
20:30 Apr 29, 2016
Jkt 238001
14 15
U.S.C. 78f(b)(5).
Approval Order, supra note 5, 80 FR at
15 See
61544.
16 See id.
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
Secondary source
17 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
18 17
E:\FR\FM\02MYN1.SGM
02MYN1
CQS/UQDF.
CQS/UQDF.
n/a.
n/a.
CQS/UQDF.
CQS/UQDF.
[n/a] CQS/UQDF.
CQS/UQDF.
CQS/UQDF.
]]>Agencies
[Federal Register Volume 81, Number 84 (Monday, May 2, 2016)]
[Notices]
[Pages 26295-26296]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-10152]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77711; File No. SR-CHX-2016-01]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Order Approving a Proposed Rule Change To Adopt and Amend Rules To
Permit the Exchange To Initiate CHX SNAP Cycles
April 26, 2016.
I. Introduction
On February 26, 2016, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the functionality of the Exchange's Sub-
second Non-displayed Auction Process (``SNAP'') to permit the Exchange
to initiate the SNAP when certain criteria are met. The proposed rule
change was published for comment in the Federal Register on March 15,
2016.\3\ The Commission did not receive any comment letters regarding
the proposed rule change. This order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 77331 (March 9,
2016), 81 FR 13857 (``Notice'').
---------------------------------------------------------------------------
II. Overview of the Proposal
The SNAP is designed to facilitate the bulk trading of a security
within the Exchange's matching system (``Matching System''). The SNAP
is a fully-hidden, on-demand auction for a security that, under the
Exchange's current rules, may be initiated only by the Exchange's
Participants \4\ and may occur only during the Exchange's regular
trading session. During the stages of a SNAP (``CHX SNAP Cycle''), the
Exchange temporarily suspends automated trading on the Exchange for the
security subject to the SNAP. At the conclusion of a CHX SNAP Cycle,
the Exchange transitions back to automated trading for the subject
security. The SNAP Cycle has the following five stages, which are set
forth in CHX Article 18, Rule 1: \5\ (1) Initiating the SNAP; (2) SNAP
Order Acceptance Period; (3) Pricing and Satisfaction Period; (4) Order
Matching Period; and (5) Transition to Open Trading State.\6\
---------------------------------------------------------------------------
\4\ Article 1, Rule 1 of CHX's Rules defines the term
``Participant.''
\5\ See generally Securities Exchange Act Release No. 76087
(October 6, 2015), 80 FR 61540 (SR-CHX-2015-03) (``Approval Order'')
(order approving the adoption of the SNAP rules on the Exchange).
The approved rule changes governing the SNAP are not yet operative
and will become operative upon two weeks' notice by the Exchange to
its Participants. See Notice, supra note 3, 81 FR at 13857, n.3.
\6\ Open Trading State means the period of time during the
regular trading session when orders are eligible for automatic
execution on the Exchange. See CHX Article 1, Rule 1(qq).
---------------------------------------------------------------------------
Under the Exchange's current rules, only a Participant may initiate
the SNAP Cycle by submitting a valid limit order marked Start SNAP.\7\
To initiate a SNAP Cycle, a Start SNAP order must meet certain size,\8\
price,\9\ and timing requirements.\10\ Orders marked with a SNAP
Auction Only modifier (SNAP AOO--Day, SNAP AOO--One and Done, SNAP AOO-
Pegged) that are received during Open Trading State are queued in the
SNAP Auction Only Order (``AOO'') Queue and are eligible for execution
only during a SNAP Cycle.\11\
---------------------------------------------------------------------------
\7\ See CHX Article 1, Rule 2(h)(1) and CHX Article 18, Rule
1(b)(1).
\8\ To initiate a SNAP Cycle, a Start SNAP order must be for (a)
at least 2,500 shares and have a minimum aggregate notional value of
$250,000 or (b) at least 20,000 shares with no minimum aggregate
notional value requirement; provided, however, that certain issues
specified in the rule may have special minimum size requirements.
See CHX Article 1, Rule 2(h)(1)(A)(i).
\9\ To initiate a SNAP Cycle, the limit price of a buy (sell)
Start SNAP Order must be priced at or through the National Best
Offer (National Best Bid) at the time the order was received by the
Matching System. If the National Best Bid and Offer (``NBBO'') is
crossed or a two-sided NBBO does not exist at the time the limit
order marked Start SNAP is received by the Matching System, the
limit order marked Start SNAP would not initiate a SNAP Cycle. A
limit order marked Start SNAP and Sell Short, as defined under CHX
Article 1, Rule 2(b)(3)(E), for a covered security subject to short
sale price test restriction, may not initiate a SNAP Cycle and would
be cancelled. See CHX Article 1, Rule 2(h)(1)(A)(ii).
\10\ A Start SNAP order will initiate a SNAP Cycle only if it is
received during the Exchange's regular trading session; provided,
however, that it will not initiate a SNAP Cycle if it is received
(a) within five minutes of the first two-sided quote in the subject
security having been received by the Exchange from the primary
market disseminated after either the beginning of the Exchange's
regular trading session or a trading halt or pause that required the
Exchange to suspend trading in the subject security; (b) within five
minutes of the end of the regular trading session; (c) during a SNAP
Cycle or (d) within one minute after the completion of the previous
SNAP Cycle. See CHX Article 1, Rule 2(h)(1)(A)(iii).
\11\ See CHX Article 20, Rule 8(b)(2)(A) and CHX Article 18,
Rule 1(b)(2)(A)(i).
---------------------------------------------------------------------------
In the instant proposed rule change, the Exchange proposes to
permit the Exchange to initiate a SNAP Cycle, under certain
circumstances, in the absence of a Start SNAP order. The Exchange would
conduct pro forma SNAP reviews of the contents of the CHX book, SNAP
AOO Queue, and Protected Quotations of external markets for each SNAP-
eligible security, consecutively and continuously in a preset
order,\12\ and would initiate a SNAP Cycle for a security if a review
projects that the aggregate number of executions would satisfy certain
minimum size and notional value requirements, as applicable. In
conducting the pro forma SNAP review, the Exchange would take a market
snapshot of the Protected Quotations of external markets in the subject
security and calculate a pro forma SNAP Price to determine: (1) Whether
the projected execution size (``PES'') at the pro forma SNAP Price is
equal to or greater than the corresponding minimum PES; and (2) whether
the PES within the Matching System at the pro forma SNAP Price would be
equal to or greater than 80% of the corresponding minimum PES. The
minimum PES for an Exchange-initiated SNAP is either: (1) 2,500 Shares
with a minimum aggregate notional value of $250,000 based on the
midpoint of the NBBO ascertained from the market snapshot; or (2)
20,000 shares with no minimum aggregate notional value requirement;
provided, however, that the PES for Berkshire Hathaway, Inc. (BRK-A)
would be a flat 100 shares.
---------------------------------------------------------------------------
\12\ The Exchange represents that it will not modify this
procedure absent an approved filing pursuant to Rule 19b-4 under the
Act. See Notice, supra note 3, 81 FR at 13858, n.21.
---------------------------------------------------------------------------
There would be restrictions on when the Exchange may initiate a
SNAP Cycle. Proposed Rule 1A(c) prohibits the Exchange from initiating
a SNAP Cycle:
(1) Within five minutes of the first two-sided quote in the subject
security having been received by the Exchange from the primary market
disseminated after either the beginning of the regular trading session
or a trading halt, pause or suspension that required the Exchange to
suspend trading in the subject security;
(2) within five minutes of the end of the regular trading session;
[[Page 26296]]
(3) during a SNAP Cycle;
(4) within one minute after the completion of the previous SNAP
Cycle;
(5) if the CHX Routing Services are not available at the time of
the market snapshot taken pursuant to be proposed Rule 1A(b);
(6) if the NBBO ascertained from the market snapshot taken pursuant
to proposed Rule 1A(b) is crossed or a two-sided NBBO does not exist.
III. Discussion and Commission Findings
After careful review and consideration, the Commission finds that
the proposed rule change is consistent with the requirements of the Act
and the rules and regulations thereunder that are applicable to a
national securities exchange.\13\ In particular, the Commission finds
that the proposed rule change is consistent with Section 6(b)(5) of the
Act,\14\ which requires, among other things, that the rules of a
national securities exchange be designed to promote just and equitable
principles of trade; to remove impediments to and perfect the mechanism
of a free and open market and a national market system; and, in
general, to protect investors and the public interest, and that the
rules of a national securities exchange not be designed to permit
unfair discrimination between customers, issuers, brokers or dealers.
---------------------------------------------------------------------------
\13\ In approving this proposed rule change, as amended, the
Commission notes that it has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
When it approved the SNAP, the Commission stated that it believed
that the SNAP: (1) Was reasonably designed to facilitate the auction
trading of securities on CHX in a fair and orderly manner, and could
improve market quality for market participants seeking to execute bulk
trading interests and for other market participants submitting orders
in response to that interest; \15\ and (2) may promote liquidity while
minimizing potential information leakage that could disadvantage market
participants whose orders are participating in the SNAP Cycle.\16\ The
Commission believes that the Exchange-initiated SNAP functionality may
result in more bulk executions in SNAP-eligible securities by
allowing--under certain circumstances--SNAP AOOs queued in the Matching
System to match in the absence of a valid Start SNAP order.
Additionally, the Commission believes that the proposed restrictions on
when the Exchange may initiate a SNAP Cycle are reasonably designed to
provide for a fair and orderly market.
---------------------------------------------------------------------------
\15\ See Approval Order, supra note 5, 80 FR at 61544.
\16\ See id.
---------------------------------------------------------------------------
Further, the Commission believes that the proposed rule change
would further minimize information leakage from SNAP Cycles in that
market participants would not know which initiating mechanism triggered
a particular SNAP Cycle.
For the above reasons, the Commission finds that the proposed rule
change is consistent with the requirements of the Act.
IV. Conclusion
It is therefore ordered that, pursuant to Section 19(b)(2) of the
Act,\17\ the proposed rule change (SR-CHX-2016-01) be, and hereby is,
approved.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10152 Filed 4-29-16; 8:45 am]
BILLING CODE 8011-01-P
