Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Establish a Second Trade Reporting Facility, 31589-31590 [2018-14462]
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Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices
only one method. The Commission will
post all comments on the Commission’s
internet website (https://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
Number SR–NYSE–2018–30 and should
be submitted on or before July 27, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–14465 Filed 7–5–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83559; File No. SR–FINRA–
2018–013]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Order Approving a
Proposed Rule Change, as Modified by
Amendment No. 1, To Establish a
Second Trade Reporting Facility
daltland on DSKBBV9HB2PROD with NOTICES
June 29, 2018.
I. Introduction
On April 19, 2018, the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) 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
25 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
18:25 Jul 05, 2018
Jkt 244001
proposed rule change to establish a
second Trade Reporting Facility
(‘‘TRF’’) to be operated in conjunction
with Nasdaq, Inc. (‘‘Nasdaq’’). The
proposed rule change was published for
comment in the Federal Register on
April 26, 2018.3 The Commission
received no comment letters on the
proposal. On June 21, 2018, FINRA filed
Amendment No. 1.4 This order approves
the proposed rule change, as modified
by Amendment No. 1.
II. Description of the Proposal
Background
31589
stocks in accordance with FINRA rules.9
As set forth in the Trade Reporting
Notice, a firm that routinely reports its
OTC trades in NMS stocks to one FINRA
Facility (‘‘primary facility’’) must
establish and maintain connectivity and
report to a second FINRA Facility
(‘‘secondary facility’’) if the firm intends
to continue to support OTC trading as
an executing broker while its primary
facility is experiencing a widespread
systems issue.10
Proposal
FINRA currently has three facilities
that allow its members to report overthe-counter (‘‘OTC’’) trades in NMS
stocks: 5 The FINRA/Nasdaq TRF, the
FINRA/NYSE TRF, and the Alternative
Display Facility (‘‘ADF’’) (collectively,
the ‘‘FINRA Facilities’’). For each TRF,
FINRA is the SRO Member and, as such,
it has sole regulatory responsibility for
the TRFs, including: Real-time
monitoring and T+1 surveillance,
development and enforcement of trade
reporting rules, and submission of
proposed rule changes to the
Commission. Nasdaq is the ‘‘Business
Member’’ of the FINRA/Nasdaq TRF.6 A
Business Member is primarily
responsible for the management of the
business affairs of its TRF.7 Among
other things, the Business Member
establishes pricing, is obligated to pay
the cost of regulation and is entitled to
the profits and responsible for the losses
derived from the operation of its TRF.8
In January 2016, FINRA published a
Trade Reporting Notice (‘‘Trade
Reporting Notice’’) that provided
guidance on the reporting obligations of
member firms regarding OTC equity
trades in the event of a systems issue
during the trading day that prevents
firms from reporting OTC trades in NMS
FINRA proposed to establish a second
FINRA/Nasdaq TRF (‘‘FINRA/Nasdaq
TRF Chicago’’), to provide FINRA
members an additional facility to which
to report trades in compliance with
FINRA rules and the Trade Reporting
Notice. The FINRA/Nasdaq TRF
Chicago would be governed by the rules
applicable to the existing FINRA/
Nasdaq Trade Reporting Facility
(‘‘FINRA/Nasdaq TRF Carteret’’).11 A
primary user of the FINRA/Nasdaq TRF
Carteret could report on a back-up basis
to the FINRA/Nasdaq TRF Chicago
pursuant to the same rules, pricing,
features and performance to which the
firm is accustomed as a user of the
FINRA/Nasdaq TRF Carteret—and vice
versa.12 FINRA/Nasdaq TRF Chicago
trade reports would be disseminated
with a modifier indicating the source of
the transactions that would distinguish
them from transactions executed on an
exchange or reported to another FINRA
Facility, including the FINRA/Nasdaq
TRF Carteret.
The proposed rule change would
establish the FINRA/Nasdaq TRF
Chicago on the same terms as the
FINRA/Nasdaq TRF Carteret. The
FINRA/Nasdaq TRF Chicago would be
built with the same technology, provide
3 See Securities Exchange Act Release No. 83082
(April 20, 2018), 83 FR 18379 (‘‘Notice’’). See also,
Securities Exchange Act Release No. 83398 (June 8,
2018), 83 FR 27807 (June 14, 2018) extending the
time for the Commission to act on the filing.
4 In Amendment No. 1, FINRA states that, if the
Commission approves the proposed rule change,
FINRA anticipates that the FINRA/Nasdaq TRF
Chicago will commence operation in September
2018, but in no event later than December 31, 2018.
Amendment No. 1 is available at: https://
www.sec.gov/comments/sr-finra-2018-013/
finra2018013-3918682-166985.pdf. Because
Amendment No. 1 does not materially alter the
substance of the proposed rule change or raise
unique or novel regulatory issues, Amendment No.
1 is not subject to notice and comment.
5 See Rule 600(b) of Regulation NMS under the
Act.
6 NYSE is the Business Member of the FINRA/
NYSE TRF.
7 See Notice at 18381.
8 See id.
9 See Trade Reporting Notice, January 20, 2016
(OTC Equity Trading and Reporting in the Event of
Systems Issues).
10 As discussed in the Trade Reporting Notice, if
a firm chooses not to have connectivity to a
secondary facility, it should cease executing OTC
trades altogether when its primary trade reporting
facility is experiencing a widespread systems issue.
In that instance, the firm could route orders for
execution to an exchange or another FINRA
member (i.e., a member with connectivity and the
ability to report trades to a FINRA Facility that is
operational).
11 See Securities Exchange Act Release No. 54084
(June 30, 2006), 71 FR 38935 (July 10, 2006) (order
approving SR–NASD–2005–087); and Securities
Exchange Act Release No. 54798 (November 21,
2006), 71 FR 69156 (November 29, 2006) (order
approving SR–NASD–2006–104).
12 A FINRA member also has the option to report
some trades, on a primary basis, to the FINRA/
Nasdaq TRF Chicago, and some trades, on a primary
basis, to the FINRA/Nasdaq TRF Carteret.
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
E:\FR\FM\06JYN1.SGM
06JYN1
31590
Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices
the same features and performance,13
offer the same pricing, and be governed
by the same substantive rules, policies,
and procedures. A single set of
application materials and clearing
arrangements will provide for access to
both TRFs. Moreover, Nasdaq, as the
Business Member, has advised FINRA
that these two TRFs will evolve in
tandem and remain the same going
forward (for example, because the same
fee and credit schedule under the Rule
7600A Series will apply to both TRFs,
any pricing changes would apply to
both TRFs).14 The proposed rule change
would allow firms to aggregate the
volume of trades that they report to the
two TRFs, which will enable firms to
continue to qualify for any volumebased pricing that they would otherwise
qualify for if they limited their trade
reporting to one of those facilities.
Finally, FINRA would amend Rules
6300A, 7200A, and 7600A Series, which
govern the FINRA/Nasdaq TRF Carteret,
to accommodate the establishment of
the FINRA/Nasdaq TRF Chicago.15
III. Discussion and Commission
Findings
daltland on DSKBBV9HB2PROD with NOTICES
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 association.16 In particular,
the Commission finds that the proposed
rule change is consistent with Section
15A(b)(6) of the Act,17 which requires,
among other things, that FINRA rules be
designed to prevent fraudulent and
manipulative acts and practices, to
13 Users of the two FINRA/Nasdaq TRFs may
experience latency differences due to the different
locations of the TRFs.
14 According to Nasdaq, the FINRA/Nasdaq TRF
Chicago will include several new components to
provide performance improvements and operational
efficiencies that Nasdaq intends to incorporate into
the FINRA/Nasdaq TRF Carteret shortly after the
launch of FINRA/Nasdaq TRF Chicago. Nasdaq will
provide participants with notice prior to replatforming the FINRA/Nasdaq TRF Carteret. After
Nasdaq completes this re-platforming, Nasdaq
generally intends to perform updates, upgrades,
fixes or other modifications to the two FINRA/
Nasdaq TRFs in tandem. However, Nasdaq notes
that there may be instances in which it will be
necessary for Nasdaq to act in sequence. During
such instances, there may be disparities between
the two TRFs with respect to function or
performance. Nasdaq expects that any disparity in
function or performance between the two TRFs that
arises during sequential changes will be transitory.
Nasdaq will provide participants with notice if it
anticipates more than a de minimis transition
period.
15 See Notice at 18381–82.
16 In approving this proposed rule change, the
Commission has considered the proposed rule
change’s impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
17 15 U.S.C. 78o–3(b)(6).
VerDate Sep<11>2014
18:25 Jul 05, 2018
Jkt 244001
promote just and equitable principles of
trade, and in general, to protect
investors and the public interest.
The Commission believes that the
proposal to establish the FINRA/Nasdaq
TRF Chicago is consistent with the
purposes of the Act and with FINRA’s
responsibility to enforce compliance by
its members with its rules and with the
Act. FINRA states that geographic
dispersion of these TRFs would reduce
the risk of a regional outage affecting
them both simultaneously. By providing
members with an alternative FINRA
facility in a different location than the
existing FINRA/Nasdaq TRF with which
to satisfy their trade reporting
obligations, the Commission believes
that the proposed rule change should
enhance the resiliency and promote the
integrity of the OTC market.
Accordingly, for the reasons discussed
above, the Commission finds that the
proposed rule change is consistent with
Section 15A(b)(6) of the Act.
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.
IV. Conclusion
It is therefore ordered pursuant to
Section 19(b)(2) of the Act 18 that the
proposed rule change (SR–FINRA–
2018–013), as modified by Amendment
No. 1, be and hereby is approved.
Rule 6.4. Minimum Increments for Bids
and Offers
(a) (No change).
(b) (No change).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–14462 Filed 7–5–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83568; File No. SR–C2–
2018–015]
Self-Regulatory Organizations; Cboe
C2 Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the Penny
Pilot Program
June 29, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 26,
2018, Cboe C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2’’) filed with the
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
PO 00000
18 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
operation of Penny Pilot Program
through December 31, 2017. The text of
the proposed rule change is provided
below.
(additions are in italics; deletions are
[bracketed])
*
*
*
*
*
Rules of Cboe C2 Exchange, Inc.
*
*
*
*
*
CHAPTER 6 Trading on the Exchange
*
*
*
*
*
Interpretations and Policies . . .
.01 (No change).
.02 The Exchange may replace any
option class participating in the Penny
Pilot Program that has been delisted
with the next most actively traded,
multiply listed option class, based on
national average daily volume in the
preceding six calendar months, that is
not yet included in the Pilot Program.
Any replacement class would be added
on the second trading day following
[January]July 1, 2018. The Penny Pilot
will expire on [June 30]December 31,
2018.
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegalRegulatory
Home.aspx), 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
19 17
Frm 00065
Fmt 4703
Sfmt 4703
3 15
4 17
E:\FR\FM\06JYN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
06JYN1
Agencies
[Federal Register Volume 83, Number 130 (Friday, July 6, 2018)]
[Notices]
[Pages 31589-31590]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14462]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83559; File No. SR-FINRA-2018-013]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Order Approving a Proposed Rule Change, as Modified by
Amendment No. 1, To Establish a Second Trade Reporting Facility
June 29, 2018.
I. Introduction
On April 19, 2018, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') 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 establish a second Trade Reporting Facility
(``TRF'') to be operated in conjunction with Nasdaq, Inc. (``Nasdaq'').
The proposed rule change was published for comment in the Federal
Register on April 26, 2018.\3\ The Commission received no comment
letters on the proposal. On June 21, 2018, FINRA filed Amendment No.
1.\4\ This order approves the proposed rule change, as modified by
Amendment No. 1.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 83082 (April 20,
2018), 83 FR 18379 (``Notice''). See also, Securities Exchange Act
Release No. 83398 (June 8, 2018), 83 FR 27807 (June 14, 2018)
extending the time for the Commission to act on the filing.
\4\ In Amendment No. 1, FINRA states that, if the Commission
approves the proposed rule change, FINRA anticipates that the FINRA/
Nasdaq TRF Chicago will commence operation in September 2018, but in
no event later than December 31, 2018. Amendment No. 1 is available
at: https://www.sec.gov/comments/sr-finra-2018-013/finra2018013-3918682-166985.pdf. Because Amendment No. 1 does not materially
alter the substance of the proposed rule change or raise unique or
novel regulatory issues, Amendment No. 1 is not subject to notice
and comment.
---------------------------------------------------------------------------
II. Description of the Proposal
Background
FINRA currently has three facilities that allow its members to
report over-the-counter (``OTC'') trades in NMS stocks: \5\ The FINRA/
Nasdaq TRF, the FINRA/NYSE TRF, and the Alternative Display Facility
(``ADF'') (collectively, the ``FINRA Facilities''). For each TRF, FINRA
is the SRO Member and, as such, it has sole regulatory responsibility
for the TRFs, including: Real-time monitoring and T+1 surveillance,
development and enforcement of trade reporting rules, and submission of
proposed rule changes to the Commission. Nasdaq is the ``Business
Member'' of the FINRA/Nasdaq TRF.\6\ A Business Member is primarily
responsible for the management of the business affairs of its TRF.\7\
Among other things, the Business Member establishes pricing, is
obligated to pay the cost of regulation and is entitled to the profits
and responsible for the losses derived from the operation of its
TRF.\8\
---------------------------------------------------------------------------
\5\ See Rule 600(b) of Regulation NMS under the Act.
\6\ NYSE is the Business Member of the FINRA/NYSE TRF.
\7\ See Notice at 18381.
\8\ See id.
---------------------------------------------------------------------------
In January 2016, FINRA published a Trade Reporting Notice (``Trade
Reporting Notice'') that provided guidance on the reporting obligations
of member firms regarding OTC equity trades in the event of a systems
issue during the trading day that prevents firms from reporting OTC
trades in NMS stocks in accordance with FINRA rules.\9\ As set forth in
the Trade Reporting Notice, a firm that routinely reports its OTC
trades in NMS stocks to one FINRA Facility (``primary facility'') must
establish and maintain connectivity and report to a second FINRA
Facility (``secondary facility'') if the firm intends to continue to
support OTC trading as an executing broker while its primary facility
is experiencing a widespread systems issue.\10\
---------------------------------------------------------------------------
\9\ See Trade Reporting Notice, January 20, 2016 (OTC Equity
Trading and Reporting in the Event of Systems Issues).
\10\ As discussed in the Trade Reporting Notice, if a firm
chooses not to have connectivity to a secondary facility, it should
cease executing OTC trades altogether when its primary trade
reporting facility is experiencing a widespread systems issue. In
that instance, the firm could route orders for execution to an
exchange or another FINRA member (i.e., a member with connectivity
and the ability to report trades to a FINRA Facility that is
operational).
---------------------------------------------------------------------------
Proposal
FINRA proposed to establish a second FINRA/Nasdaq TRF (``FINRA/
Nasdaq TRF Chicago''), to provide FINRA members an additional facility
to which to report trades in compliance with FINRA rules and the Trade
Reporting Notice. The FINRA/Nasdaq TRF Chicago would be governed by the
rules applicable to the existing FINRA/Nasdaq Trade Reporting Facility
(``FINRA/Nasdaq TRF Carteret'').\11\ A primary user of the FINRA/Nasdaq
TRF Carteret could report on a back-up basis to the FINRA/Nasdaq TRF
Chicago pursuant to the same rules, pricing, features and performance
to which the firm is accustomed as a user of the FINRA/Nasdaq TRF
Carteret--and vice versa.\12\ FINRA/Nasdaq TRF Chicago trade reports
would be disseminated with a modifier indicating the source of the
transactions that would distinguish them from transactions executed on
an exchange or reported to another FINRA Facility, including the FINRA/
Nasdaq TRF Carteret.
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 54084 (June 30,
2006), 71 FR 38935 (July 10, 2006) (order approving SR-NASD-2005-
087); and Securities Exchange Act Release No. 54798 (November 21,
2006), 71 FR 69156 (November 29, 2006) (order approving SR-NASD-
2006-104).
\12\ A FINRA member also has the option to report some trades,
on a primary basis, to the FINRA/Nasdaq TRF Chicago, and some
trades, on a primary basis, to the FINRA/Nasdaq TRF Carteret.
---------------------------------------------------------------------------
The proposed rule change would establish the FINRA/Nasdaq TRF
Chicago on the same terms as the FINRA/Nasdaq TRF Carteret. The FINRA/
Nasdaq TRF Chicago would be built with the same technology, provide
[[Page 31590]]
the same features and performance,\13\ offer the same pricing, and be
governed by the same substantive rules, policies, and procedures. A
single set of application materials and clearing arrangements will
provide for access to both TRFs. Moreover, Nasdaq, as the Business
Member, has advised FINRA that these two TRFs will evolve in tandem and
remain the same going forward (for example, because the same fee and
credit schedule under the Rule 7600A Series will apply to both TRFs,
any pricing changes would apply to both TRFs).\14\ The proposed rule
change would allow firms to aggregate the volume of trades that they
report to the two TRFs, which will enable firms to continue to qualify
for any volume-based pricing that they would otherwise qualify for if
they limited their trade reporting to one of those facilities. Finally,
FINRA would amend Rules 6300A, 7200A, and 7600A Series, which govern
the FINRA/Nasdaq TRF Carteret, to accommodate the establishment of the
FINRA/Nasdaq TRF Chicago.\15\
---------------------------------------------------------------------------
\13\ Users of the two FINRA/Nasdaq TRFs may experience latency
differences due to the different locations of the TRFs.
\14\ According to Nasdaq, the FINRA/Nasdaq TRF Chicago will
include several new components to provide performance improvements
and operational efficiencies that Nasdaq intends to incorporate into
the FINRA/Nasdaq TRF Carteret shortly after the launch of FINRA/
Nasdaq TRF Chicago. Nasdaq will provide participants with notice
prior to re-platforming the FINRA/Nasdaq TRF Carteret. After Nasdaq
completes this re-platforming, Nasdaq generally intends to perform
updates, upgrades, fixes or other modifications to the two FINRA/
Nasdaq TRFs in tandem. However, Nasdaq notes that there may be
instances in which it will be necessary for Nasdaq to act in
sequence. During such instances, there may be disparities between
the two TRFs with respect to function or performance. Nasdaq expects
that any disparity in function or performance between the two TRFs
that arises during sequential changes will be transitory. Nasdaq
will provide participants with notice if it anticipates more than a
de minimis transition period.
\15\ See Notice at 18381-82.
---------------------------------------------------------------------------
III. Discussion and Commission 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
association.\16\ In particular, the Commission finds that the proposed
rule change is consistent with Section 15A(b)(6) of the Act,\17\ which
requires, among other things, that FINRA rules be designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and in general, to protect investors and
the public interest.
---------------------------------------------------------------------------
\16\ In approving this proposed rule change, the Commission has
considered the proposed rule change's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\17\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------
The Commission believes that the proposal to establish the FINRA/
Nasdaq TRF Chicago is consistent with the purposes of the Act and with
FINRA's responsibility to enforce compliance by its members with its
rules and with the Act. FINRA states that geographic dispersion of
these TRFs would reduce the risk of a regional outage affecting them
both simultaneously. By providing members with an alternative FINRA
facility in a different location than the existing FINRA/Nasdaq TRF
with which to satisfy their trade reporting obligations, the Commission
believes that the proposed rule change should enhance the resiliency
and promote the integrity of the OTC market. Accordingly, for the
reasons discussed above, the Commission finds that the proposed rule
change is consistent with Section 15A(b)(6) of the Act.
IV. Conclusion
It is therefore ordered pursuant to Section 19(b)(2) of the Act
\18\ that the proposed rule change (SR-FINRA-2018-013), as modified by
Amendment No. 1, 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. 2018-14462 Filed 7-5-18; 8:45 am]
BILLING CODE 8011-01-P