Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Related to Rule 7.12, Trading Halts Due to Extraordinary Market Volatility, 15257-15258 [2019-07366]
Download as PDF
Federal Register / Vol. 84, No. 72 / Monday, April 15, 2019 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.79
Jill M. Peterson,
Assistant Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2019–07377 Filed 4–12–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85572; File No. SR–
NYSENAT–2019–08]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Related to Rule 7.12, Trading Halts Due
to Extraordinary Market Volatility
April 9, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on April 5,
2019, NYSE National, Inc. (‘‘NYSE
National’’ or the ‘‘Exchange’’) 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 self-regulatory
organization. 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 extend the
pilot related to Rule 7.12, Trading Halts
Due to Extraordinary Market Volatility,
to the close of business on October 18,
2019. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
amozie on DSK9F9SC42PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
79 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:16 Apr 12, 2019
Jkt 247001
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1. Purpose
Rule 7.12 provides a methodology for
determining when to halt trading in all
stocks due to extraordinary market
volatility, i.e., market-wide circuit
breakers. The market-wide circuit
breaker mechanism under Rule 7.12 was
approved by the Commission to operate
on a pilot basis, the term of which was
to coincide with the pilot period for the
Plan to Address Extraordinary Market
Volatility Pursuant to Rule 608 of
Regulation NMS (the ‘‘LULD Plan’’),4
including any extensions to the pilot
period for the LULD Plan.5 The
Commission published an amendment
to the LULD Plan for it to operate on a
permanent, rather than pilot, basis.6
The Exchange proposes to amend
Rule 7.12 to untie the pilot’s
effectiveness from that of the LULD Plan
and to extend the pilot’s effectiveness to
the close of business on October 18,
2019. The Exchange does not propose
any additional changes to Rule 7.12.
Market-wide circuit breakers under
Rule 7.12 provide an important,
automatic mechanism that is invoked to
promote stability and investor
confidence during a period of
significant stress when securities
markets experience extreme broad-based
declines. All U.S. equity exchanges have
rules relating to market-wide circuit
breakers, which are designed to slow the
effects of extreme price movement
through coordinated trading halts across
securities markets when severe price
declines reach levels that may exhaust
market liquidity. Market-wide circuit
breakers provide for trading halts in all
equities and options markets during a
severe market decline as measured by a
single-day decline in the S&P 500 Index.
Pursuant to Rule 7.12, a market-wide
trading halt will be triggered if the S&P
500 Index declines in price by specified
percentages from the prior day’s closing
4 See Securities Exchange Act Release No. 67091
(May 31, 2012), 77 FR 33498 (June 6, 2012) (the
‘‘Limit Up-Limit Down Release’’).
5 See Securities Exchange Act Release Nos. 67090
(May 31, 2012), 77 FR 33531 (June 6, 2012) (SR–
NSX–2011–11) (Approval Order); and 68779
(January 31, 2013), 78 FR 8638 (February 6, 2013)
(SR–NSX–2013–04) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Delaying the
Operative Date of Rule 7.12 to April 8, 2013).
6 See Securities Exchange Act Release Nos. 84843
(December 18, 2018), 83 FR 66464 (December 26,
2018) (Amendment No. 18 Proposing Release).
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
15257
price of that index. Currently, the
triggers are set at three circuit breaker
thresholds: 7% (Level 1), 13% (Level 2)
and 20% (Level 3). A market decline
that triggers a Level 1 or Level 2 circuit
breaker after 9:30 a.m. ET and before
3:25 p.m. ET would halt market-wide
trading for 15 minutes, while a similar
market decline at or after 3:25 p.m. ET
would not halt market-wide trading. A
market decline that triggers a Level 3
circuit breaker, at any time during the
trading day, would halt market-wide
trading for the remainder of the trading
day.
The Exchange intends to file a
separate proposed rule change with the
Commission to operate Rule 7.12 on a
permanent, rather than pilot, basis.
Extending the effectiveness of Rule 7.12
to the close of business on October 18,
2019 should provide the Commission
adequate time to consider whether to
approve the Exchange’s separate
proposal to operate the market-wide
circuit breaker mechanism under Rule
7.12 on a permanent basis.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of Sections 6(b) 7 and
6(b)(5) of the Act,8 in particular, because
it would promote just and equitable
principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system. The
Exchange also believes that the
proposed rule change promotes just and
equitable principles of trade in that it
promotes transparency and uniformity
across markets concerning when and
how to halt trading in all stocks as a
result of extraordinary market volatility.
Extending the market-wide circuit
breaker pilot under Rule 7.12 an
additional six months would ensure the
continued, uninterrupted operation of a
consistent mechanism to halt trading
across the U.S. markets while the
Commission considers whether to
approve the pilot on a permanent basis.
The proposed rule change would thus
promote fair and orderly markets and
the protection of investors and the
public interest. Based on the foregoing,
the Exchange believes the benefits to
market participants from the marketwide circuit breaker mechanism under
Rule 7.12 should continue on a pilot
basis while the Commission considers
whether to permanently approve Rule
7.12.
7 15
8 15
E:\FR\FM\15APN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
15APN1
15258
Federal Register / Vol. 84, No. 72 / Monday, April 15, 2019 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change implicates any
competitive issues because the proposal
would ensure the continued,
uninterrupted operation of a consistent
mechanism to halt trading across the
U.S. markets while the Commission
considers whether to permanently
approve the market-wide circuit breaker
mechanism under Rule 7.12. Further,
the Exchange understands that FINRA
and other national securities exchanges
will file proposals to extend their rules
regarding the market-wide circuit
breaker pilot so that the market-wide
circuit breaker mechanism may
continue uninterrupted while the
Commission considers whether to
approve its operation on a permanent
basis.
amozie on DSK9F9SC42PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),12 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
upon filing. Extending the pilot for an
additional six months will allow the
uninterrupted operation of the existing
pilot to halt trading across the U.S.
markets while the Commission
considers whether to approve the pilot
on a permanent basis. The extension
simply maintains the status quo.
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 Id.
12 17 CFR 240.19b–4(f)(g)(iii).
10 17
17:16 Apr 12, 2019
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–NYSENAT–2019–08, and
should be submitted on or before May
6, 2019.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Jill M. Peterson,
Assistant Secretary.
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSENAT–2019–08 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–NYSENAT–2019–08. 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 (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
13 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
9 15
VerDate Sep<11>2014
Therefore, the Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest. The
Commission hereby designates the
proposed rule change to be operative
upon filing.13
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
Jkt 247001
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
[FR Doc. 2019–07366 Filed 4–12–19; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–85579; File No. SR–Phlx–
2019–12]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Related to Rule 133, Trading Halts Due
to Extraordinary Market Volatility
April 9, 2019.
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 April 8,
2019, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
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 extend the
pilot related to Rule 133, Trading Halts
Due to Extraordinary Market Volatility,
to the close of business on October 18,
2019.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\15APN1.SGM
15APN1
Agencies
[Federal Register Volume 84, Number 72 (Monday, April 15, 2019)]
[Notices]
[Pages 15257-15258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07366]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85572; File No. SR-NYSENAT-2019-08]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Pilot Related to Rule 7.12, Trading Halts Due to Extraordinary
Market Volatility
April 9, 2019.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on April 5, 2019, NYSE National, Inc. (``NYSE National'' or
the ``Exchange'') 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 self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 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 pilot related to Rule 7.12,
Trading Halts Due to Extraordinary Market Volatility, to the close of
business on October 18, 2019. The proposed rule change is available on
the Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Rule 7.12 provides a methodology for determining when to halt
trading in all stocks due to extraordinary market volatility, i.e.,
market-wide circuit breakers. The market-wide circuit breaker mechanism
under Rule 7.12 was approved by the Commission to operate on a pilot
basis, the term of which was to coincide with the pilot period for the
Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of
Regulation NMS (the ``LULD Plan''),\4\ including any extensions to the
pilot period for the LULD Plan.\5\ The Commission published an
amendment to the LULD Plan for it to operate on a permanent, rather
than pilot, basis.\6\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down
Release'').
\5\ See Securities Exchange Act Release Nos. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-NSX-2011-11) (Approval Order);
and 68779 (January 31, 2013), 78 FR 8638 (February 6, 2013) (SR-NSX-
2013-04) (Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Delaying the Operative Date of Rule 7.12 to April 8,
2013).
\6\ See Securities Exchange Act Release Nos. 84843 (December 18,
2018), 83 FR 66464 (December 26, 2018) (Amendment No. 18 Proposing
Release).
---------------------------------------------------------------------------
The Exchange proposes to amend Rule 7.12 to untie the pilot's
effectiveness from that of the LULD Plan and to extend the pilot's
effectiveness to the close of business on October 18, 2019. The
Exchange does not propose any additional changes to Rule 7.12.
Market-wide circuit breakers under Rule 7.12 provide an important,
automatic mechanism that is invoked to promote stability and investor
confidence during a period of significant stress when securities
markets experience extreme broad-based declines. All U.S. equity
exchanges have rules relating to market-wide circuit breakers, which
are designed to slow the effects of extreme price movement through
coordinated trading halts across securities markets when severe price
declines reach levels that may exhaust market liquidity. Market-wide
circuit breakers provide for trading halts in all equities and options
markets during a severe market decline as measured by a single-day
decline in the S&P 500 Index.
Pursuant to Rule 7.12, a market-wide trading halt will be triggered
if the S&P 500 Index declines in price by specified percentages from
the prior day's closing price of that index. Currently, the triggers
are set at three circuit breaker thresholds: 7% (Level 1), 13% (Level
2) and 20% (Level 3). A market decline that triggers a Level 1 or Level
2 circuit breaker after 9:30 a.m. ET and before 3:25 p.m. ET would halt
market-wide trading for 15 minutes, while a similar market decline at
or after 3:25 p.m. ET would not halt market-wide trading. A market
decline that triggers a Level 3 circuit breaker, at any time during the
trading day, would halt market-wide trading for the remainder of the
trading day.
The Exchange intends to file a separate proposed rule change with
the Commission to operate Rule 7.12 on a permanent, rather than pilot,
basis. Extending the effectiveness of Rule 7.12 to the close of
business on October 18, 2019 should provide the Commission adequate
time to consider whether to approve the Exchange's separate proposal to
operate the market-wide circuit breaker mechanism under Rule 7.12 on a
permanent basis.
2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of Sections 6(b) \7\ and 6(b)(5) of the Act,\8\ in
particular, because it would promote just and equitable principles of
trade, remove impediments to, and perfect the mechanism of, a free and
open market and a national market system. The Exchange also believes
that the proposed rule change promotes just and equitable principles of
trade in that it promotes transparency and uniformity across markets
concerning when and how to halt trading in all stocks as a result of
extraordinary market volatility. Extending the market-wide circuit
breaker pilot under Rule 7.12 an additional six months would ensure the
continued, uninterrupted operation of a consistent mechanism to halt
trading across the U.S. markets while the Commission considers whether
to approve the pilot on a permanent basis. The proposed rule change
would thus promote fair and orderly markets and the protection of
investors and the public interest. Based on the foregoing, the Exchange
believes the benefits to market participants from the market-wide
circuit breaker mechanism under Rule 7.12 should continue on a pilot
basis while the Commission considers whether to permanently approve
Rule 7.12.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
[[Page 15258]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change
implicates any competitive issues because the proposal would ensure the
continued, uninterrupted operation of a consistent mechanism to halt
trading across the U.S. markets while the Commission considers whether
to permanently approve the market-wide circuit breaker mechanism under
Rule 7.12. Further, the Exchange understands that FINRA and other
national securities exchanges will file proposals to extend their rules
regarding the market-wide circuit breaker pilot so that the market-wide
circuit breaker mechanism may continue uninterrupted while the
Commission considers whether to approve its operation on a permanent
basis.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative upon filing. Extending the pilot for an additional
six months will allow the uninterrupted operation of the existing pilot
to halt trading across the U.S. markets while the Commission considers
whether to approve the pilot on a permanent basis. The extension simply
maintains the status quo. Therefore, the Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest. The Commission hereby designates the
proposed rule change to be operative upon filing.\13\
---------------------------------------------------------------------------
\11\ Id.
\12\ 17 CFR 240.19b-4(f)(g)(iii).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSENAT-2019-08 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-NYSENAT-2019-08. 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 (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-NYSENAT-2019-08, and should be submitted
on or before May 6, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-07366 Filed 4-12-19; 8:45 am]
BILLING CODE 8011-01-P