Self-Regulatory Organizations; Miami International Securities Exchange LLC; Order Approving a Proposed Rule Change Relating to the Exposure Periods of the MIAX Price Improvement Mechanism and Solicitation Mechanism, 28369-28370 [2017-12890]
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Federal Register / Vol. 82, No. 118 / Wednesday, June 21, 2017 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–12889 Filed 6–20–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80940; File No. SR–MIAX–
2017–16]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Order Approving a Proposed Rule
Change Relating to the Exposure
Periods of the MIAX Price
Improvement Mechanism and
Solicitation Mechanism
June 15, 2017.
I. Introduction
On April 25, 2017, Miami
International Securities Exchange LLC
(‘‘MIAX Options’’ or the ‘‘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 MIAX Options Rule
515A to modify the exposure periods of
the Exchange’s Price Improvement
Mechanism (‘‘PRIME’’) and PRIME
Solicitation Mechanism from 500
milliseconds to a time period designated
by the Exchange of no less than 100
milliseconds and no more than 1
second. The proposed rule change was
published for comment in the Federal
Register on May 5, 2017.3 The
Commission received no comment
letters on the proposed rule change.
This order approves the proposed rule
change.
asabaliauskas on DSKBBXCHB2PROD with NOTICES
II. Description of the Proposed Rule
Change
PRIME is a process by which a
Member 4 may electronically submit for
execution an order it represents as agent
(‘‘Agency Order’’) against principal
interest, and/or an Agency Order against
solicited interest.5 When the Exchange
receives a properly designated Agency
Order for auction processing, a Request
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 80570
(May 1, 2017), 82 FR 21288 (‘‘Notice’’).
4 The term ‘‘Member’’ means an individual or
organization approved to exercise the trading rights
associated with a Trading Permit. Members are
deemed ‘‘members’’ under the Exchange Act. See
Exchange Rule 100.
5 See Exchange Rule 515A.
1 15
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19:12 Jun 20, 2017
Jkt 241001
for Responses (‘‘RFR’’) detailing the
option, side, size, and initiating price is
sent to all subscribers of the Exchange’s
data feeds. Currently, the RFR period
lasts for 500 milliseconds, unless it is
concluded early.6 The Exchange
proposes to revise the RFR response
period to permit the Exchange to
designate a specific time within a range
of no less than 100 milliseconds and no
more than 1 second.7
III. Discussion and Commission’s
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.8 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,9 which requires,
among other things, that the rules of a
national securities exchange be
designed to promote just and equitable
principles of trade, to foster cooperation
6 A PRIME and PRIME Solicitation Auction will
conclude at the sooner of: (1) Upon receipt of an
unrelated order (in the same option as the Agency
Order) on the opposite side of the market from the
RFR responses, that is marketable against either the
National Best Bid or Offer (‘‘NBBO’’), the initiating
price, or the RFR responses; (2) upon receipt of an
unrelated order (in the same option as the Agency
Order) on the same side of the market as the RFR
responses, that is marketable against the NBBO; (3)
upon receipt of an unrelated limit order (in the
same option as the Agency Order) on the opposite
of the market from the Agency Order that improves
any RFR response; (4) any time an RFR response
matches the NBBO on the opposite side of the
market from the RFR responses; (5) any time there
is a quote lock in the subject option on the
Exchange pursuant to Exchange Rule 1402; or (6)
any time there is a trading halt in the option on the
Exchange. See Exchange Rule 515A.
7 The Exchange notes that its proposal is
consistent with exposure periods permitted in
similar mechanisms on other options exchanges.
See Notice, supra note 3, at 21288 & n.6; see also
Securities Exchange Act Release Nos. 76301
(October 29, 2015), 80 FR 68347 (November 4, 2015)
(SR–BX–2015–032) (establishing an exposure
period for the Nasdaq BX’s options price
improvement mechanism (‘‘PRISM’’) of no less than
100 milliseconds and no more than 1 second);
77557 (April 7, 2016), 81 FR 21935 (April 13, 2016)
(SR–Phlx–2016–40) (amending the exposure period
for the Nasdaq Phlx’s Price Improvement XL
(‘‘PIXL’’) to be no less than 100 milliseconds and
no more than 1 second); 79733 (January 4, 2017),
82 FR 3055 (January 10, 2017) (SR–ISE–2016–26)
(amending the exposure period for the Nasdaq ISE’s
Price Improvement Mechanism (‘‘PIM’’) to be no
less than 100 milliseconds and no more than 1
second); and 80738 (May 22, 2017), 82 FR 24417
(May 26, 2017) (SR–CBOE–2017–029) (amending
the exposure periods for the CBOE’s Automated
Improvement Mechanism (‘‘AIM’’) and Solicitation
Auction Mechanism (‘‘SAM’’) to be no less than 100
milliseconds and no more than 1 second).
8 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
28369
and coordination with persons engaged
in regulating 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, and not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Commission also finds that the
proposed rule change is consistent with
Section 6(b)(8) of the Act,10 which
requires that the rules of an exchange
not impose any burden on competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
The Commission believes that, given
the electronic nature of the PRIME and
PRIME Solicitation Mechanism and the
ability of Members to respond within
the proposed exposure periods,
modifying each of the exposure periods
from 500 milliseconds to a time
designated by the Exchange of no less
than 100 milliseconds and no more than
1 second could facilitate the prompt
execution of orders, while continuing to
provide market participants with an
opportunity to compete to trade with
the exposed order by submitting
responses to the auctions. According to
the Exchange, numerous Members have
the capability to and do respond within
a 100 millisecond exposure period or
less.11
To substantiate that its members can
receive, process, and communicate a
response back to the Exchange within
100 milliseconds, the Exchange states
that it surveyed all Members that
responded to an auction broadcast in
the period beginning November 2016
and ending January 2017 (the ‘‘review
period’’).12 According to the Exchange,
each Member it surveyed indicated that
they can receive, process, and
communicate a response back to the
Exchange within 100 milliseconds.13 In
addition, the Exchange states that it
reviewed all responses received in
PRIME and PRIME Solicitation Auctions
from its Members for the review period,
and its review indicated that
approximately 90% of responses were
submitted within 100 milliseconds.14
Furthermore, with regard to the impact
of the proposal on system capacity, the
Exchange states that it has analyzed its
capacity and represents that it has the
necessary systems capacity to handle
the potential additional traffic
associated with the additional
transactions that may occur with the
10 15
U.S.C. 78f(b)(8).
Notice, supra note 3, at 21289.
12 See id.
13 See id.
14 See id.
11 See
E:\FR\FM\21JNN1.SGM
21JNN1
28370
Federal Register / Vol. 82, No. 118 / Wednesday, June 21, 2017 / Notices
implementation of the proposed
reduction response time duration to no
less than 100 milliseconds.15 The
Exchange also represents that its system
will be able to sufficiently maintain an
audit trail for order and trade
information with the reduction in the
response timer.16
Based on the Exchange’s statements,
the Commission believes that market
participants should continue to have
opportunities to compete to trade with
the exposed order by submitting
responses to the PRIME and PRIME
Solicitation Mechanism within an
exposure period of no less than 100
milliseconds and no more than 1
second.17 Accordingly, for the reasons
discussed above, the Commission
believes that the Exchange’s proposal is
consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,18 that the
proposed rule change (SR–MIAX–2017–
16) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–12890 Filed 6–20–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32682; 812–14728]
Westcore Trust and Denver Investment
Advisors LLC; Notice of Application
June 16, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (‘‘Act’’) for an exemption from
section 15(a) of the Act and rule 18f–2
under the Act, as well as from certain
disclosure requirements in rule 20a–1
under the Act, Item 19(a)(3) of Form N–
1A, Items 22(c)(1)(ii), 22(c)(1)(iii),
asabaliauskas on DSKBBXCHB2PROD with NOTICES
15 See
id. at 21289–90.
16 See id. at 21290.
17 The Commission notes that the ability to
designate such an exposure time period is
consistent with the rules of other options
exchanges. See supra note 7. See also NASDAQ
Phlx Rule 1080(n)(ii)(A)(4), NASDAQ BX Options
Rules Chapter VI, Section 9(ii)(A)(3), Nasdaq ISE
Rule 716, Supplementary Material .04, Nasdaq ISE
Rule 723(c)(1), CBOE Rule 6.74A(b)(1)(C), and
CBOE Rule 6.74B(b)(1)(C).
18 15 U.S.C. 78s(b)(2).
19 17 CFR 200.30–3(a)(12).
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19:12 Jun 20, 2017
Jkt 241001
22(c)(8) and 22(c)(9) of Schedule 14A
under the Securities Exchange Act of
1934, and Sections 6–07(2)(a), (b), and
(c) of Regulation S–X (‘‘Disclosure
Requirements’’). The requested
exemption would permit an investment
adviser to hire and replace certain subadvisers without shareholder approval
and grant relief from the Disclosure
Requirements as they relate to fees paid
to the sub-advisers.
APPLICANTS: Westcore Trust (the
‘‘Trust’’), a Massachusetts business trust
registered under the Act as an open-end
management investment company with
multiple series (each, a ‘‘Series’’), and
Denver Investment Advisors LLC, a
Colorado limited liability company
registered as an investment adviser
under the Investment Advisers Act of
1940 (the ‘‘Advisor,’’ and, collectively
with the Trust, the ‘‘Applicants’’).
FILING DATES: The application was filed
on December 15, 2016, and amended on
March 13, 2017.
HEARING OR NOTIFICATION OF HEARING:
An order granting the application will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on July 11, 2017 and
should be accompanied by proof of
service on the applicants, in the form of
an affidavit or, for lawyers, a certificate
of service. Pursuant to rule 0–5 under
the Act, hearing requests should state
the nature of the writer’s interest, any
facts bearing upon the desirability of a
hearing on the matter, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants: c/o Peter H. Schwartz, Esq.,
Davis Graham & Stubbs LLP, 1550 17th
Street, Suite 500, Denver, Colorado
80202.
FOR FURTHER INFORMATION CONTACT:
Elizabeth G. Miller, Senior Counsel, at
(202) 551–8707, or Aaron Gilbride,
Acting Branch Chief, at (202) 551–6906
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or an applicant using the
Company name box, at https://
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Summary of the Application
1. The Advisor will serve as the
investment adviser to the Subadvised
Series pursuant to an investment
advisory agreement with the Trust
(each, an ‘‘Investment Management
Agreement’’).1 The Advisor will provide
the Subadvised Series with continuous
and comprehensive investment
management services subject to the
supervision of, and policies established
by, each Subadvised Series’ board of
trustees (the ‘‘Board’’).2 Each Investment
Management Agreement permits the
Advisor, subject to the approval of the
Board, to delegate to one or more SubAdvisors the responsibility to provide
the day-to-day portfolio investment
management of each Subadvised Series,
subject to the supervision and direction
of the Advisor.3 The primary
responsibility for managing the
Subadvised Series will remain vested in
the Advisor. The Advisor will hire,
evaluate, allocate assets to and oversee
the Sub-Advisors, including
determining whether a Sub-Advisor
should be terminated, at all times
subject to the authority of the Board.
2. Applicants request an exemption to
permit the Advisor, subject to Board
approval, to hire a Non-Affiliated SubAdvisor or a Wholly-Owned SubAdvisor, pursuant to Sub-Advisory
Agreements and materially amend Sub1 Applicants request that the relief sought herein
apply to the named Applicants, as well as to any
future Series of the Trust and any other existing or
future registered open-end management investment
company or series thereof that intends to rely on the
requested order in the future and that (i) is advised
by the Advisor, its successors, and any entity
controlling, controlled by or under common control
with an Advisor or its successors (included in the
term ‘‘Advisor’’), (ii) uses the multi-manager
structure described in this application, and (iii)
complies with the terms and conditions of this
application (each, a ‘‘Subadvised Series’’). For the
purposes of the requested order, ‘‘successor’’ is
limited to an entity resulting from a reorganization
into another jurisdiction or a change in the type of
business organization.
2 The term ‘‘Board’’ includes the board of trustees
or directors of a future Subadvised Series.
3 A ‘‘Sub-Advisor’’ for a Series is (1) an indirect
or direct ‘‘wholly-owned subsidiary’’ (as such term
is defined in the Act) of the Advisor for that Series,
or (2) a sister company of the Advisor for that Series
that is an indirect or direct ‘‘wholly-owned
subsidiary’’ (as such term is defined in the Act) of
the same company that, indirectly or directly,
wholly owns the Advisor (each of (1) and (2) a
‘‘Wholly-Owned Sub-Advisor’’ and collectively, the
‘‘Wholly-Owned Sub-Advisers’’), or (3) an
investment sub-adviser for that Series that is not an
‘‘affiliated person’’ (as such term is defined in
Section 2(a)(3) of the Act) of the Series or the
Advisor, except to the extent that an affiliation
arises solely because the Sub-Advisor serves as a
sub-adviser to one or more Series (each a ‘‘NonAffiliated Sub-Advisor’’ and collectively, the ‘‘NonAffiliated Sub-Advisers’’).
E:\FR\FM\21JNN1.SGM
21JNN1
]]>Agencies
[Federal Register Volume 82, Number 118 (Wednesday, June 21, 2017)]
[Notices]
[Pages 28369-28370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-12890]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80940; File No. SR-MIAX-2017-16]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Order Approving a Proposed Rule Change Relating to the
Exposure Periods of the MIAX Price Improvement Mechanism and
Solicitation Mechanism
June 15, 2017.
I. Introduction
On April 25, 2017, Miami International Securities Exchange LLC
(``MIAX Options'' or the ``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 MIAX Options Rule 515A
to modify the exposure periods of the Exchange's Price Improvement
Mechanism (``PRIME'') and PRIME Solicitation Mechanism from 500
milliseconds to a time period designated by the Exchange of no less
than 100 milliseconds and no more than 1 second. The proposed rule
change was published for comment in the Federal Register on May 5,
2017.\3\ The Commission received no comment letters on 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. 80570 (May 1, 2017),
82 FR 21288 (``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change
PRIME is a process by which a Member \4\ may electronically submit
for execution an order it represents as agent (``Agency Order'')
against principal interest, and/or an Agency Order against solicited
interest.\5\ When the Exchange receives a properly designated Agency
Order for auction processing, a Request for Responses (``RFR'')
detailing the option, side, size, and initiating price is sent to all
subscribers of the Exchange's data feeds. Currently, the RFR period
lasts for 500 milliseconds, unless it is concluded early.\6\ The
Exchange proposes to revise the RFR response period to permit the
Exchange to designate a specific time within a range of no less than
100 milliseconds and no more than 1 second.\7\
---------------------------------------------------------------------------
\4\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
\5\ See Exchange Rule 515A.
\6\ A PRIME and PRIME Solicitation Auction will conclude at the
sooner of: (1) Upon receipt of an unrelated order (in the same
option as the Agency Order) on the opposite side of the market from
the RFR responses, that is marketable against either the National
Best Bid or Offer (``NBBO''), the initiating price, or the RFR
responses; (2) upon receipt of an unrelated order (in the same
option as the Agency Order) on the same side of the market as the
RFR responses, that is marketable against the NBBO; (3) upon receipt
of an unrelated limit order (in the same option as the Agency Order)
on the opposite of the market from the Agency Order that improves
any RFR response; (4) any time an RFR response matches the NBBO on
the opposite side of the market from the RFR responses; (5) any time
there is a quote lock in the subject option on the Exchange pursuant
to Exchange Rule 1402; or (6) any time there is a trading halt in
the option on the Exchange. See Exchange Rule 515A.
\7\ The Exchange notes that its proposal is consistent with
exposure periods permitted in similar mechanisms on other options
exchanges. See Notice, supra note 3, at 21288 & n.6; see also
Securities Exchange Act Release Nos. 76301 (October 29, 2015), 80 FR
68347 (November 4, 2015) (SR-BX-2015-032) (establishing an exposure
period for the Nasdaq BX's options price improvement mechanism
(``PRISM'') of no less than 100 milliseconds and no more than 1
second); 77557 (April 7, 2016), 81 FR 21935 (April 13, 2016) (SR-
Phlx-2016-40) (amending the exposure period for the Nasdaq Phlx's
Price Improvement XL (``PIXL'') to be no less than 100 milliseconds
and no more than 1 second); 79733 (January 4, 2017), 82 FR 3055
(January 10, 2017) (SR-ISE-2016-26) (amending the exposure period
for the Nasdaq ISE's Price Improvement Mechanism (``PIM'') to be no
less than 100 milliseconds and no more than 1 second); and 80738
(May 22, 2017), 82 FR 24417 (May 26, 2017) (SR-CBOE-2017-029)
(amending the exposure periods for the CBOE's Automated Improvement
Mechanism (``AIM'') and Solicitation Auction Mechanism (``SAM'') to
be no less than 100 milliseconds and no more than 1 second).
---------------------------------------------------------------------------
III. Discussion and Commission's Findings
After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange.\8\
In particular, the Commission finds that the proposed rule change is
consistent with Section 6(b)(5) of the Act,\9\ which requires, among
other things, that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating
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, and not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Commission also finds that the proposed rule
change is consistent with Section 6(b)(8) of the Act,\10\ which
requires that the rules of an exchange not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------
\8\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\9\ 15 U.S.C. 78f(b)(5).
\10\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
The Commission believes that, given the electronic nature of the
PRIME and PRIME Solicitation Mechanism and the ability of Members to
respond within the proposed exposure periods, modifying each of the
exposure periods from 500 milliseconds to a time designated by the
Exchange of no less than 100 milliseconds and no more than 1 second
could facilitate the prompt execution of orders, while continuing to
provide market participants with an opportunity to compete to trade
with the exposed order by submitting responses to the auctions.
According to the Exchange, numerous Members have the capability to and
do respond within a 100 millisecond exposure period or less.\11\
---------------------------------------------------------------------------
\11\ See Notice, supra note 3, at 21289.
---------------------------------------------------------------------------
To substantiate that its members can receive, process, and
communicate a response back to the Exchange within 100 milliseconds,
the Exchange states that it surveyed all Members that responded to an
auction broadcast in the period beginning November 2016 and ending
January 2017 (the ``review period'').\12\ According to the Exchange,
each Member it surveyed indicated that they can receive, process, and
communicate a response back to the Exchange within 100
milliseconds.\13\ In addition, the Exchange states that it reviewed all
responses received in PRIME and PRIME Solicitation Auctions from its
Members for the review period, and its review indicated that
approximately 90% of responses were submitted within 100
milliseconds.\14\ Furthermore, with regard to the impact of the
proposal on system capacity, the Exchange states that it has analyzed
its capacity and represents that it has the necessary systems capacity
to handle the potential additional traffic associated with the
additional transactions that may occur with the
[[Page 28370]]
implementation of the proposed reduction response time duration to no
less than 100 milliseconds.\15\ The Exchange also represents that its
system will be able to sufficiently maintain an audit trail for order
and trade information with the reduction in the response timer.\16\
---------------------------------------------------------------------------
\12\ See id.
\13\ See id.
\14\ See id.
\15\ See id. at 21289-90.
\16\ See id. at 21290.
---------------------------------------------------------------------------
Based on the Exchange's statements, the Commission believes that
market participants should continue to have opportunities to compete to
trade with the exposed order by submitting responses to the PRIME and
PRIME Solicitation Mechanism within an exposure period of no less than
100 milliseconds and no more than 1 second.\17\ Accordingly, for the
reasons discussed above, the Commission believes that the Exchange's
proposal is consistent with the Act.
---------------------------------------------------------------------------
\17\ The Commission notes that the ability to designate such an
exposure time period is consistent with the rules of other options
exchanges. See supra note 7. See also NASDAQ Phlx Rule
1080(n)(ii)(A)(4), NASDAQ BX Options Rules Chapter VI, Section
9(ii)(A)(3), Nasdaq ISE Rule 716, Supplementary Material .04, Nasdaq
ISE Rule 723(c)(1), CBOE Rule 6.74A(b)(1)(C), and CBOE Rule
6.74B(b)(1)(C).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\18\ that the proposed rule change (SR-MIAX-2017-16) be, and hereby
is, approved.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-12890 Filed 6-20-17; 8:45 am]
BILLING CODE 8011-01-P
