Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Floor Trading Rules to Options 8, 19136-19141 [2019-09019]
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Federal Register / Vol. 84, No. 86 / Friday, May 3, 2019 / Notices
objectives of Section 6(b)(5) of the Act,6
in particular, in that it is 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 by
allowing the Exchange additional time
to consider whether to propose, as part
of a separate rule filing, a related
enhancement to the Closing Cross
process that would be implemented in
conjunction with EOII.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
adoption of the EOII functionality does
not impose an undue burden on
competition. Delaying EOII will simply
allow the Exchange additional time to
determine whether to propose, as part of
a separate rule filing, a related
enhancement to the Closing Cross
process that would be implemented in
conjunction with EOII.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
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)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
6 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6).
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7 15
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the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),10 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the Exchange can
provide notice of the implementation
delay as soon as possible. For this
reason, the Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission waives
the 30-day operative delay and
designates the proposed rule change
operative upon filing.11
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.
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–NASDAQ–2019–032 and
should be submitted on or before May
24, 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.12
Eduardo A. Aleman,
Deputy 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–
NASDAQ–2019–032 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–NASDAQ–2019–032. 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
10 17
CFR 240.19b–4(f)(6)(iii).
purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
11 For
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[FR Doc. 2019–09020 Filed 5–2–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85740; File No. SR–Phlx–
2019–17]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Relocate the Floor
Trading Rules to Options 8
April 29, 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 16,
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
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 84, No. 86 / Friday, May 3, 2019 / Notices
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 relocate rules
related to the trading floor into the new
Rulebook shell at Options 8, entitled
‘‘Options Floor Trading.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqphlx.cchwallstreet.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
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
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1. Purpose
The purpose of this rule change is to
relocate all rules that relate to the
Exchange’s trading floor into the new
Rulebook shell at Options 8, titled
‘‘Floor Trading.’’ The Exchange
proposes to relocate the various rules or
portion of rules into sections with titles
within Options 8. Each rule in the new
Options 8 will be described in greater
detail below. The Exchange notes that
cross-references within the relocated
rules have been amended where
appropriate to reflect relocations. Also,
with respect to the relocation of a
portion of a rule, a reference was added
to the original rule. The Exchange is not
substantively amending rule text unless
noted otherwise within this rule change.
General Provisions
The Exchange proposes to add a title
‘‘General Provisions’’ into Options 8
along with two sections, Section 1,
titled ‘‘Applicability’’ and Section 2,
titled ‘‘Definitions.’’ The Exchange’s
new proposed Section 1 seeks to clarify
the interplay between Options 8 and the
remainder of the Phlx Rulebook. A
member may execute a transaction on
Phlx electronically or from the trading
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floor. The Exchange seeks to identify
which rules are applicable to the trading
floor within Options 8. To the extent
that a portion of a rule applied to the
trading floor, the Exchange relocated
only that portion of the rule to Options
8. The Exchange proposes to provide at
Section 1,
(a) The Options 8 Rules shall apply to
Exchange options transactions by and among
members and member organizations
physically located on the Exchange’s options
trading floor, including the trading crowds,
and shall govern all activity that occurs in
the physical space designated by the
Exchange as ‘‘trading floor’’ as well as trading
conducted through the Options Floor Based
Management. All executions that occur
automatically within the electronic system
operated by the Exchange that receives and
disseminates quotes, executes orders and
reports transactions (‘‘System’’ or ‘‘Electronic
System’’) shall be governed by all other
Options Rules except for the Options 8 Rules.
(b) All Options Rules shall apply to
Exchange Floor Trading, in addition to the
Options 8 Rules, however where the Options
8 Rules disagree with another Options Rule
not within Options 8 a conflict shall be
resolved in favor of the Options 8 Rule as it
applies to the Exchange Trading Floor.
The Exchange seeks to make clear that
the Options 8 Rules should be read
together with rules in the remainder of
the Rulebook and makes clear that in
the event of a conflict, the Options 8
rules apply to the trading floor.
Today, Rules Applicable to Trading of
Options on Indices are drafted in a
similar fashion. With respect to the
Rules Applicable to Trading of Options
on Indices (Rules 1000A—1109A), Phlx
Rule 1000A, ‘‘Applicability and
Definitions,’’ currently provides:
The Rules in this Section are applicable
only to index options (options on indices of
securities as defined below). In addition,
except to the extent that specific rules in this
Section govern, or unless the context
otherwise requires, the provisions of the
Option Rules applicable to stock options and
of the By-Laws and all other Rules and
Policies of the Board of Directors shall be
applicable to the trading on the Exchange of
index options.
Similarly, Cboe Exchange, Inc. (‘‘Cboe’’)
Rule 6.1A. Global Trading Hours has an
applicability rule that is similarly
drafted. The rule provides,
(a) Applicability of Rules. All Rules of the
Exchange apply to trading during Global
Trading Hours except as set forth in this Rule
and except for Rules that by their terms are
inapplicable during Global Trading Hours or
where the context otherwise requires.3
3 Cboe Rule 613, Cboe Options Hybrid System
Automatic Execution Feature, similarly has an
applicability rule that provides, ‘‘. . . This rule is
applicable only to those classes specifically
designated for trading on the Cboe Options Hybrid
System. The Cboe Options Hybrid System is a
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19137
Proposed Section 2 contains
definitions applicable to the trading
floor. Unless otherwise stated, the
proposed relocations do not modify the
existing definition. The term ‘‘floor’’ at
proposed Section 2(1) is relocated from
Rule 1(n). The term ‘‘Floor Broker’’ at
proposed Section 2(2) is relocated from
Rule 1060. The term is being modified
to ‘‘Floor Broker’’ instead of ‘‘Options
Floor Broker’’ because these rules
appear in the Options section of the
Phlx Rulebook. The term ‘‘Inactive
Nominee’’ at proposed Section 2(3) is
being relocated from Rule 1(p). The term
‘‘Presiding Exchange Officials’’ at
proposed Section 2(4) is being relocated
from Rule 1000(e). The term ‘‘Permit’’ at
proposed Section 2(5) references Rule
1(z) and also relocates portions of Rule
908(b)(i). The term ‘‘Public Outcry’’ at
proposed Section 2(6) is being relocated
in part from Rule 1000(g). The term
‘‘Non-SQT ROT’’ at proposed Section
2(7) is being relocated from Rule
1014(b)(ii)(C) and renamed ‘‘Floor
Market Maker.’’ The Exchange proposes
to rename the term ‘‘Non-SQT ROT’’
throughout Options 8 as ‘‘Floor Market
Maker.’’
Administration
The Exchange proposes a new title
‘‘Administration’’ into new Options 8
along with new proposed Sections 3–10.
Proposed Section 3, titled ‘‘Imposition’’
is being relocated from Rule 714.
Proposed Section 4, titled ‘‘Rights and
Privileges of A–1 Permits’’ is relocated
in part from Rule 908(b)(i) 4 with the
addition of the sentence, ‘‘A Series A–
1 permit holder shall be subject to Rule
908.’’ Proposed Section 5, titled
‘‘Qualification as a Member
Organization’’ is relocated in part from
Rule 910(f)(3) 5 with the addition of the
phrase, ‘‘In addition to the requirements
of Rule 910.’’ Proposed Section 6, titled
‘‘Registration of Floor Brokers’’ is being
relocated from Rule 1061. Proposed
Section 7, titled ‘‘Inactive Nominees’’ is
being relocated from Rule 925. Proposed
Section 8, ‘‘Trading Floor Registration’’
is being relocated from Rule 1260.
Proposed Section 9, ‘‘Trading Floor
Admittance’’ is being relocated from
Rule 443. Proposed Section 10,
‘‘Training’’ is being relocated from Rule
trading platform that allows automatic executions
to occur electronically and open outcry trades to
occur on the floor of the Exchange pursuant to the
priority and allocation principles contained in Rule
6.45.’’
4 Specifically, the Exchange is relocating Rule
908(b)(i) and deleting (c)(i) which is now
highlighted with proposed new Section 4.
5 Specifically, the Exchange is relocating a
portion of Rule 910(f)(3).
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Federal Register / Vol. 84, No. 86 / Friday, May 3, 2019 / Notices
625, in part 6 with the addition of the
phrase, ‘‘In addition to Rule 625
requirements.’’ The proposed rule
changes are non-substantive rule
changes that simply seek to relocate and
add transparency to the current rule
text.
Market Participants
The Exchange proposes a new title
‘‘Market Participants’’ into new Options
8 along with new proposed Sections 11
and 12. Proposed Section 11 titled
‘‘Specialist Appointment’’ is being
relocated in part from Rule 501 7 with
the addition of the phrase, ‘‘In addition
to the requirements specified in Rule
501 related to the appointment of a
Specialist, each Specialist unit . . . .’’
Proposed Section 12, titled ‘‘Clerks’’ is
being relocated from Rule 1090. The
proposed rule changes are nonsubstantive rule changes that simply
seek to relocate and add transparency to
the current rule text.
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Regulation
The Exchange proposes a new title
‘‘Regulation’’ into new Options 8 along
with new proposed Sections 13–19.
Proposed Section 13, titled ‘‘Acts
Detrimental to the Interest or Welfare of
the Exchange’’ is being relocated, in
part, from Rule 708 8 and adds the
phrase, ‘‘In addition to Rule 708, acts
which could be deemed detrimental to
the interest or welfare of the Exchange
include, but are not limited to.’’
Proposed Section 14, titled, ‘‘Financial
Responsibility and Reporting’’ is being
relocated, in part, from Rule 703 and
adding the phrase, ‘‘In addition to the
obligations specified within Rule 703.’’ 9
Proposed Section 15, titled ‘‘Stopping’’
An Option’’ is being relocated from Rule
1018. Proposed Section 16, titled
‘‘Trading for Joint Account’’ is being
relocated from Rule 772. Proposed
Section 17, titled ‘‘Limitations on
Members Trading Because of Customers’
Orders’’ is being relocated, in part, from
Rule 452 10 and adding phrase, ‘‘In
addition to the limitations in Rule 452.’’
Proposed Section 18, titled ‘‘General
Responsibility of Floor Brokers’’ is being
relocated from Rule 155. Proposed
Section 19, titled ‘‘Responsibilities of
Floor Brokers—Treasury Securities
Options’’ is being relocated from Rule
6 Specifically, the last sentence of Rule 625 is
being relocated.
7 Specifically, rule text is being relocated from
Rule 501(d) and (f).
8 Specifically, Commentary .01(e) to Rule 708 is
being relocated.
9 Specifically, sections of Rule 703(c)(vi) are being
relocated.
10 Specifically, rule text is being relocated from
Supplementary Material .03 to Rule 452.
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1017D. The proposed rule changes are
non-substantive rule changes that
simply seek to relocate and add
transparency to the current rule text.
Floor Trading Rules
The Exchange proposes a new title
‘‘Floor Trading Rules’’ into new Options
8 along with new proposed Sections 20–
35. Proposed Section 20, titled
‘‘Dealings on Floor—Hours’’ is being
relocated from Rule 102. Proposed
Section 21, titled ‘‘Dealings on Floor—
Persons’’ is being relocated from Rule
104. Proposed Section 22, titled
‘‘Execution of Options Transactions on
the Trading Floor’’ is being relocated, in
part, from Rule 1000(f) and (g).
Proposed Section 23, titled ‘‘Precedence
of Highest Bid’’ is being relocated, in
part, from Rule 119.11 The Exchange
proposes to replicate the first part of
that rule, ‘‘The highest bid shall have
precedence in all cases pursuant to Rule
119. Where bids are made at the same
price, the priority and precedence shall
be determined in accordance with the
following rules:’’ before the relocated
sections of Rule 119(e) and (f). Proposed
Section 24, titled ‘‘Bids And Offers—
Premium’’ is being relocated from Rule
1033.12
Proposed Section 25, titled ‘‘Floor
Allocation’’ is being relocated, in part,
from Rule 1014(g)(i)–(vi) into Options 8,
Section 25.13 The Exchange proposes to
add a sentence at the beginning of this
rule as ‘‘a’’, which states, ‘‘The
following applies to the allocation of
orders on the Trading Floor’’ to
introduce the information which
follows. The Exchange proposes to
relocate the first paragraph of
Commentary .01 to Rule 1014.14
Commentary .05(c) of Rule 1014 will be
relocated to Options 8, Section 25(f).
Commentary .07 and .08 of Rule 1014
are being relocated to Options 8, Section
25(d)(1) and (e). Commentary .09 of
11 Specifically, rule text is being relocated from
Rule 119(e) and (f).
12 The Exchange is capitalizing the ‘‘The’’ before
‘‘Options Clearing Corporation’’ to properly
represent the name.
13 The term ‘‘Options Floor Broker System’’ is
being amended to ‘‘Options Floor Based System’’ to
conform to the remainder of the rulebook. This term
was amended in a prior rule change. See Securities
Exchange Act Release No. 83656 (July 17, 2018), 83
FR 34899 (July 23, 2018) (SR–Phlx–2018–40). The
same change was made to E–1, ‘‘Use of
Identification Letters and Numbers.’’
14 The paragraph of Commentary .01 of Rule 1014
will remain within this rule. Commentary .02–.04
and .06 of Rule 1014 rule text will remain within
Rule 1014. Commentary .05(b) will remain within
Rule 1014, except that ‘‘(a) RESERVED and (b)’’ will
be deleted. Commentary .10 of Rule 1014 is being
renumbered as ‘‘.07’’. Commentary .15 and .16 of
Rule 1014 are being renumbered as ‘‘.08’’ and ‘‘.09’’
respectively. Commentary .18 of Rule 1014 is being
renumbered as ‘‘.10’’.
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Rule 1014 is being relocated to Options
8, Section 25(g). Commentary .11, .12,
.13 and .14 of Rule 1014 are being
relocated to Options 8, Section 25(h)–
(k). Commentary .17 of Rule 1014 is
being relocated to Options 8, Section
25(l). Commentary .19 of Rule 1014 is
being relocated to Options 8, Section
25(m).
Proposed Section 26, titled ‘‘Trading
Halts’’ is being relocated in part from
Rule 1047 15 and 1047A.16 Proposed
Section 27, titled ‘‘Quoting Obligations
and Required Transactions’’ is being
relocated, in part, from Rule 1014 to
Options 8, Section 27. Specifically,
current Rule 1014(b)(ii)(E) and
(c)(i)(A)(1) are being relocated.17 The
Exchange proposes to add this sentence
‘‘Without limiting the foregoing, a
Specialist and an ROT is expected to
perform the following activities in the
course of maintaining a fair and orderly
market:’’ prior to the current text within
Rule 1014(c)(i)(A)(2). The Exchange also
proposes to relocate Rule 1014(d), in
part, and to replicate the phrase
‘‘Furthermore, an ROT should not:’’ in
relocating Rule 1014(d)(ii) to proposed
Options 8, Section 27(d). The Exchange
proposes to renumber current Rule
1014(d)(iii) as (ii). The Exchange
proposes to relocate Rule 1014(e) to
proposed Options 8, Section 27(e). The
Exchange proposes to amend Rule
1014(g) to reserve the rule text in (i)–
(vi).18 The Exchange proposes to
relocate rule text from the second and
third paragraphs of Commentary .01 to
Rule 1014 into proposed Options 8,
Section 27(f).
Proposed Section 28, titled
‘‘Responsibilities of Floor Brokers’’,
similar to current Rule 1063, is being
relocated from ‘‘General Responsibility
of Floor Brokers’’ in Rule 155, Rule 1063
and Rule 1069, titled ‘‘Snapshot
Feature.’’ Current Rule 155 is relocated
within Options 8, Section 28(a) in the
first sentence. Current Rule 1069 is
relocated at Options 8, Section 28(i).
Proposed Section 29, titled ‘‘Use of
Floor Based Management System by
Registered Options Traders and
Specialists’’ is being relocated from Rule
15 Specifically, the Commentary to Rule 1047 is
being relocated.
16 Specifically, the Exchange proposes to relocate
Rule 1047A(f)(ii) and renumber the remaining
paragraphs in Rule 1047A(f). The Exchange
proposes to add the phrase ‘‘in addition to Rule
1047A.’’
17 The Exchange noted above that the term ‘‘nonSQT ROT’’ is being amended to Floor Market Maker
throughout these rules.
18 As noted above, Rule 1014(g)(i)–(vi) as well as
Commentaries .01 (in part), .05 (in part), .07, .08,
.09, .11–.14, .17 and .19 is being relocated to
Options 8, Section 25 and no changes are proposed
for Rule 1014(g)(vii) and (viii).
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1085. The Exchange is not relocating the
following outdated rule text: 19
The Exchange anticipates that it will make
FBMS available to Registered Options
Traders and Specialists during the Second
Quarter of 2018. To facilitate the transition
to FBMS, the Exchange will not require
Registered Options Traders or Specialists to
utilize FBMS until one month after the date
on which the Commission approves the
Exchange’s proposal. The Exchange will
notify members via an Options Trader Alert,
to be posted on the Exchange’s website, at
least seven calendar days prior to the date
when FBMS will be available for use by
Registered Options Traders and Specialists.
The alert will also contain the mandatory
start date.
Proposed Section 30 is being
‘‘Reserved.’’ The Exchange will relocate
Rule 1064, titled ‘‘Crossing, Facilitation
and Solicited Orders’’ to Section 30 at
a later date. Proposed Section 31, titled
‘‘Discretionary Transactions’’ is being
relocated from 1065. Proposed Section
32 titled, ‘‘Certain Types of Floor-Based
(Non-System) Orders Defined’’ is being
relocated from Rule 1066 and retitled
from ‘‘Certain Types of Floor Based
(Non-PHLX XL) Orders Defined.’’
Proposed Section 33 titled,
‘‘Accommodation Transactions’’ is
being relocated from Rule 1059.
Proposed Section 34 is proposed to be
reserved. The Exchange proposes to
relocate current Rule 1079, titled ‘‘FLEX
Index, Equity and Currency Options’’
into proposed Section 34. Proposed
Section 35, titled ‘‘Disputes’’ is being
relocated from Rule 124 and renamed
from ‘‘Disputes-Options.’’ The proposed
rule changes are non-substantive rule
changes that simply seek to relocate and
add transparency to the current rule
text.
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Floor Trade Administration
The Exchange proposes a new title
‘‘Floor Trade Administration’’ into new
Options 8 along with new proposed
Sections 36–38. Proposed Section 36 is
titled, ‘‘Resolution of Uncompared
Trade’’ is being relocated from Rule
1039. Proposed Section 37, titled
‘‘Letters of Authorization’’ is being
relocated from Rule 1062. Proposed
Section 38 titled, ‘‘Communications and
Equipment’’ is being relocated from
Rule 606. The proposed rule changes are
non-substantive rule changes that
simply seek to relocate and add
transparency to the current rule text.
Option Floor Procedure Advices and
Order and Decorum Regulations
The currently titled ‘‘Option Floor
Procedure Advices and Order and
19 This
feature was made available in 2018 as per
Options Trader Alert #2018–20.
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Decorum Regulations’’ within the
Rulebook is proposed to be renamed
‘‘Options Minor Rule Violations and
Order and Decorum Regulations’’ and
numbered Section 39.20 The Options
Floor Procedure Advices related to the
trading floor are being relocated to
proposed Section 39 and all Order and
Decorum Regulations are also being
relocated within Section 39. The
Exchange proposes to re-letter and renumber the rules within the current
Rulebook that will continue to be
located within the section proposed to
be renamed ‘‘Options Minor Rule
Violations.’’
The Exchange proposes to delete
reserved rules from this section. The
following Option Floor Procedure
Advices are proposed to be relocated
into Section 39:
• A–2 ‘‘Options Floor Based
Management System’’ (re-numbered as
A–1);
• A–3 ‘‘Requesting Market
Quotations’’ (re-numbered as A–2);
• A–9 ‘‘All-or-None Options Orders’’
(re-numbered as A–3);
• B–1 ‘‘Responsibility to Make
Markets’’;
• B–2 ‘‘Crowd Courtesy’’;
• B–3 ‘‘Trading Requirements’’;
• B–4 ‘‘Entering Orders from OnFloor and Off-Floor for Execution on the
Exchange’’;
• B–5 ‘‘Agency-Principal
Restrictions’’;
• B–6 ‘‘Priority of Options Orders for
Equity Options, Index Options and U.S.
Dollar-Settled Foreign Currency Options
by Account Type (EQUITY OPTION,
INDEX OPTION AND U.S. DOLLAR–
SETTLED FOREIGN CURRENCY
OPTION ONLY)’’;
• B–7 ‘‘Options Floor Based
Management System’’
• B–8 ‘‘Use of Floor Brokers by an
ROT While on the Floor’’ (renumbered
as B–7);
• B–9 ‘‘Use of Tickets’’ (renumbered
as B–8);
• B–10 ‘‘Responsibility for
Mismatched or ‘‘Out’’ Trades
• B–11 ‘‘ROTs and Specialists
Entering Orders for Execution on Other
Exchanges in Multiply Traded Options’’
(renumbered as B–9);
• B–12 ‘‘ROTs and Specialists
Entering Orders for Execution on Other
Exchanges in Multiply Traded Options’’
(renumbered as B–11);
• C–1’’ Ascertaining the Presence of
Registered Options Traders in a Trading
Crowd’’;
• C–2 ‘‘Options Floor Broker
Management System’’;
20 The Exchange proposes to also retitle ‘‘Equity
Floor Procedure Advices’’ as ‘‘Minor Rule
Violations.’’
PO 00000
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19139
• C–3 ‘‘Handling Orders of ROTs and
Other Registered Options Market
Makers’’; • C–4 ‘‘Floor Brokers
Handling Orders for Same Firm’’;
• C–5 ‘‘ROTs Acting as Floor
Brokers’’;
• C–7 ‘‘Responsibility to Represent
Orders to the Trading Crowd’’ (renumbered as C–6);
• C–9 ‘‘Floor Brokers and Clerks
Trading in their Customer Accounts’’
(renumbered as C–7);
• Staffing is re-lettered from ‘‘E’’ to
‘‘D’’;
• E–1 ‘‘Required Staffing of Options
Floor’’ (re-lettered as D–1);
• Miscellaneous is re-lettered from
‘‘F’’ to ‘‘E’’;
• F–1 Use of Identification Letters
and Numbers (re-lettered and renumbered to E–1);
• F–2 Allocation, Time Stamping,
Matching and Access to Matched Trades
(re-lettered and re-numbered to E–2);
• F–4 ‘‘Orders Executed as Spreads,
Straddles, Combinations or Synthetics
and Other Order Ticket Marking
Requirements’’ (re-lettered and renumbered to E–3);
• F–5 ‘‘Changes or Corrections to
Material Terms of a Matched Trade’’ (relettered and re-numbered to E–4);
• F–6 ‘‘Option Quote Parameters,’’ in
part, (re-lettered and re-numbered as E–
5);
• F–8 ‘‘Failure to Comply with an
Exchange Inquiry,’’ in part, (re-lettered
and renumbered as E–6);
• F–9 ‘‘Affiliations,’’ in part, (relettered and renumbered as E–7);
• F–11 ‘‘Splitting Orders’’ (re-lettered
and renumbered as E–8);
• F–12 ‘‘Responsibility for Assigning
Participation’’ (re-lettered and
renumbered as E–9);
• F–14 Executing Multi-leg and
Synthetic Option Orders’’ (re-lettered
and renumbered as E–10);
• F–16 Two-Way, Three Way and
Multi-Spread Transactions (FOREIGN
CURRENCY OPTION ONLY (re-lettered
and renumbered as E–11);
• F–22 Intra-Day Addition of Strike
Prices (re-lettered and renumbered as E–
12);
• F–23 Clerks in the Crowd (relettered and renumbered as E–13);
• F–25 Fingerprinting Floor
Personnel (re-lettered and renumbered
as E–14);
• F–30 Options Trading Floor
Training (re-lettered and renumbered as
E–15);
• F–31 Communications and
Equipment (re-lettered and renumbered
as E–16);
• F–32 Solicitation of Quotations (relettered and renumbered as E–17);
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Federal Register / Vol. 84, No. 86 / Friday, May 3, 2019 / Notices
Finally, all Regulations are being
relocated to Section 41 and re-lettered
from ‘‘H’’ to ‘‘F’’.
The Exchange is retaining the
following rules in the new Options
Minor Rule Plan Section:
• A–4 ‘‘Specialist as ROT’’ (renumbered as A–1);
• F–6 ‘‘Option Quote Parameters’’ (renumbered as F–1);
• F–8 ‘‘Failure to Comply with an
Exchange Inquiry (re-numbered as (F–
2);
• F–9 ‘‘Affiliations’’ (re-numbered as
(F–3);
• F–10 ‘‘Unusual Market Conditions’’
(re-numbered as (F–4);
• F–13 ‘‘Supervisory Procedures
Relating to ITSFEA’’ (re-numbered as
(F–5);
• F–19 ‘‘Clearing Agents’
Responsibility for Carrying Positions in
Market Maker Accounts’’ (re-numbered
as (F–6);
• F–27 ‘‘Options Exchange Official
Rulings’’ (re-numbered as (F–7);
• F–33 ‘‘Failure to Provide
Notification of Changes in Business
Operations’’ (re-numbered as (F–9);
• F–34 ‘‘Failure to Timely Submit
Amendments to Form U4, Form U5 and
Form BD’’ (re-numbered as (F–10); and
• F–35 Violations of Exercise and
Exercise Advice Rules for NoncashSettled Equity Option Contracts (renumbered as (F–11).
The Exchange notes that were a rule
applied to both the electronic market
and floor trading, the rule was
replicated in both the Options Minor
Rule Violations and the options Floor
Procedure Advice with the applicable
parts.21 The proposed rule changes are
non-substantive rule changes that
simply seek to relocate and add
transparency to the current rule text.
objectives of Section 6(b)(5) of the Act,23
in particular, in that it is designed to
promote just and equitable principles of
trade and to protect investors and the
public interest by bringing greater
transparency to its rules. The Exchange
is not substantively amending rule text
unless noted otherwise within this rule
change. The Exchange’s proposal to
relocate trading floor rules to new
Options 8 will make clear which rules
are applicable to the trading floor. The
renaming of the term ‘‘Non-ROT SQT’’
as ‘‘Floor Market Maker’’ is a nonsubstantive rule change. Finally,
renumbering, re-lettering, deleting
reserved rules and obsolete rule text and
amending cross-references and other
minor technical changes will bring
greater transparency to Phlx’s Rules.
Other Administrative Changes
The Exchange proposes to amend
references to ‘‘XL’’ or ‘‘Phlx XL’’ to
‘‘System’’ as the terms ‘‘XL’’ and ‘‘Phlx
XL’’ are obsolete terms. The Exchange
has removed ‘‘reserved’’ sections
throughout the rules and also renumbered and re-lettered various rules
to bring conformity to the Rulebook.
Finally, the Exchange proposes to
capitalize the term ‘‘specialist’’
throughout the new proposed rules.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,22 in general, and furthers the
21 The following Options Floor Procedure
Advices were replicated: F–6, ‘‘Option Quote
Parameters;’’ F–8, ‘‘Failure to Comply with an
Exchange Inquiry;’’ and F–9, ‘‘Affiliations.’’
22 15 U.S.C. 78f(b).
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that the proposed
amendments do not impose an undue
burden on competition because the
amendments to relocate the floor trading
rules are non-substantive. This rule
change is intended to bring greater
clarity to the Exchange’s Rules. The
renaming of the term ‘‘Non-ROT SQT’’
as ‘‘Floor Market Maker’’ is a nonsubstantive rule change. Finally,
renumbering, re-lettering, deleting
reserved rules and obsolete rule text and
amending cross-references will bring
greater transparency to Phlx’s Rules.
The Exchange is not substantively
amending rule text unless noted
otherwise within this rule change.
No written comments were either
solicited or received.
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
23 15
PO 00000
U.S.C. 78f(b)(5).
Frm 00111
Fmt 4703
Sfmt 4703
19(b)(3)(A) of the Act 24 and Rule 19b–
4(f)(6) thereunder.25
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 26 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 27
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay so that the
proposed rule change may become
operative upon filing. Waiver of the
operative delay would allow the
Exchange to promptly relocate rules
relating to the Exchange’s trading floor,
which the Exchange believes will
improve the organization and
readability of the Exchange’s Rulebook.
Therefore, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.28
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
change 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:
24 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
26 17 CFR 240.19b–4(f)(6).
27 17 CFR 240.19b–4(f)(6)(iii).
28 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
25 17
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Federal Register / Vol. 84, No. 86 / Friday, May 3, 2019 / Notices
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–
Phlx–2019–17 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.
amozie on DSK9F9SC42PROD with NOTICES
All submissions should refer to File
Number SR–Phlx–2019–17. 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–Phlx–2019–17 and should
be submitted on or before June 3, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–09019 Filed 5–2–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85751; File No. SR–
NYSEArca–2019–28]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To List and Trade Shares
of the Virtus WMC Risk-Managed
Alternative Equity ETF
April 30, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 15,
2019, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘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 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 list and
trade shares of the Virtus WMC RiskManaged Alternative Equity ETF under
NYSE Arca Rule 8.600–E. The proposed
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to list and
trade shares (‘‘Shares’’) of the Virtus
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
29 17
CFR 200.30–3(a)(12).
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19141
WMC Risk-Managed Alternative Equity
ETF (the ‘‘Fund’’) under NYSE Arca
Rule 8.600–E, which provides generic
criteria applicable to the listing and
trading of Managed Fund Shares on the
Exchange.4
The Fund is a series of ETFis Series
I (‘‘Trust’’). Virtus ETF Advisors LLC
(the ‘‘Adviser’’) is the investment
adviser for the Fund. Wellington
Management Company LLP is the subadviser to the Fund (the ‘‘SubAdviser’’). The Trust and the Adviser
have engaged the Sub-Adviser to
manage the Fund’s investments, subject
to the oversight and supervision of the
Adviser and the Board of Trustees of the
Trust.5 ETF Distributors LLC
(‘‘Distributor’’), a registered brokerdealer, will act as the distributor for the
Fund’s Shares. The Bank of New York
Mellon (‘‘BNY Mellon’’) will serve as
the custodian, administrator and
transfer agent (‘‘Transfer Agent’’) for the
Fund.
Commentary .06 to Rule 8.600–E
provides that, if the investment adviser
to the investment company issuing
Managed Fund Shares is affiliated with
a broker-dealer, such investment adviser
shall erect and maintain a ‘‘fire wall’’
between the investment adviser and the
broker-dealer with respect to access to
information concerning the composition
and/or changes to such investment
company portfolio. In addition,
Commentary .06 further requires that
personnel who make decisions on the
open-end fund’s portfolio composition
must be subject to procedures designed
to prevent the use and dissemination of
material non-public information
4 A Managed Fund Share is a security that
represents an interest in an investment company
registered under the Investment Company Act of
1940 (15 U.S.C. 80a–1) (the ‘‘1940 Act’’) organized
as an open-end investment company or similar
entity that invests in a portfolio of securities
selected by its investment adviser consistent with
its investment objectives and policies. In contrast,
an open-end investment company that issues
Investment Company Units, listed and traded on
the Exchange under NYSE Arca Rule 5.2–E(j)(3),
seeks to provide investment results that correspond
generally to the price and yield performance of a
specific foreign or domestic stock index, fixed
income securities index or combination thereof.
5 The Trust is registered under the 1940 Act. On
February 28, 2019, the Trust filed with the
Commission Post-Effective Amendment No. 155 to
the Trust’s registration statement on Form N–1A
under the Securities Act of 1933 (15 U.S.C. 77a)
(‘‘Securities Act’’), and under the 1940 Act relating
to the Fund (File Nos. 333–187668 and 811–22819)
(‘‘Registration Statement’’). The Trust will file an
amendment to the Registration Statement as
necessary to conform to the representations in this
filing. The description of the operation of the Trust
and the Fund herein is based, in part, on the
Registration Statement. In addition, the
Commission has issued an order granting certain
exemptive relief to the Trust under the1940 Act.
See Investment Company Act Release No. 30607
(July 23, 2013) (File No. 812–14080).
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]]>Agencies
[Federal Register Volume 84, Number 86 (Friday, May 3, 2019)]
[Notices]
[Pages 19136-19141]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09019]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85740; File No. SR-Phlx-2019-17]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Relocate the
Floor Trading Rules to Options 8
April 29, 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 16, 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
[[Page 19137]]
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\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 relocate rules related to the trading floor
into the new Rulebook shell at Options 8, entitled ``Options Floor
Trading.''
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqphlx.cchwallstreet.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this rule change is to relocate all rules that
relate to the Exchange's trading floor into the new Rulebook shell at
Options 8, titled ``Floor Trading.'' The Exchange proposes to relocate
the various rules or portion of rules into sections with titles within
Options 8. Each rule in the new Options 8 will be described in greater
detail below. The Exchange notes that cross-references within the
relocated rules have been amended where appropriate to reflect
relocations. Also, with respect to the relocation of a portion of a
rule, a reference was added to the original rule. The Exchange is not
substantively amending rule text unless noted otherwise within this
rule change.
General Provisions
The Exchange proposes to add a title ``General Provisions'' into
Options 8 along with two sections, Section 1, titled ``Applicability''
and Section 2, titled ``Definitions.'' The Exchange's new proposed
Section 1 seeks to clarify the interplay between Options 8 and the
remainder of the Phlx Rulebook. A member may execute a transaction on
Phlx electronically or from the trading floor. The Exchange seeks to
identify which rules are applicable to the trading floor within Options
8. To the extent that a portion of a rule applied to the trading floor,
the Exchange relocated only that portion of the rule to Options 8. The
Exchange proposes to provide at Section 1,
(a) The Options 8 Rules shall apply to Exchange options
transactions by and among members and member organizations
physically located on the Exchange's options trading floor,
including the trading crowds, and shall govern all activity that
occurs in the physical space designated by the Exchange as ``trading
floor'' as well as trading conducted through the Options Floor Based
Management. All executions that occur automatically within the
electronic system operated by the Exchange that receives and
disseminates quotes, executes orders and reports transactions
(``System'' or ``Electronic System'') shall be governed by all other
Options Rules except for the Options 8 Rules.
(b) All Options Rules shall apply to Exchange Floor Trading, in
addition to the Options 8 Rules, however where the Options 8 Rules
disagree with another Options Rule not within Options 8 a conflict
shall be resolved in favor of the Options 8 Rule as it applies to
the Exchange Trading Floor.
The Exchange seeks to make clear that the Options 8 Rules should be
read together with rules in the remainder of the Rulebook and makes
clear that in the event of a conflict, the Options 8 rules apply to the
trading floor.
Today, Rules Applicable to Trading of Options on Indices are
drafted in a similar fashion. With respect to the Rules Applicable to
Trading of Options on Indices (Rules 1000A--1109A), Phlx Rule 1000A,
``Applicability and Definitions,'' currently provides:
The Rules in this Section are applicable only to index options
(options on indices of securities as defined below). In addition,
except to the extent that specific rules in this Section govern, or
unless the context otherwise requires, the provisions of the Option
Rules applicable to stock options and of the By-Laws and all other
Rules and Policies of the Board of Directors shall be applicable to
the trading on the Exchange of index options.
Similarly, Cboe Exchange, Inc. (``Cboe'') Rule 6.1A. Global Trading
Hours has an applicability rule that is similarly drafted. The rule
provides,
(a) Applicability of Rules. All Rules of the Exchange apply to
trading during Global Trading Hours except as set forth in this Rule
and except for Rules that by their terms are inapplicable during
Global Trading Hours or where the context otherwise requires.\3\
---------------------------------------------------------------------------
\3\ Cboe Rule 613, Cboe Options Hybrid System Automatic
Execution Feature, similarly has an applicability rule that
provides, ``. . . This rule is applicable only to those classes
specifically designated for trading on the Cboe Options Hybrid
System. The Cboe Options Hybrid System is a trading platform that
allows automatic executions to occur electronically and open outcry
trades to occur on the floor of the Exchange pursuant to the
priority and allocation principles contained in Rule 6.45.''
Proposed Section 2 contains definitions applicable to the trading
floor. Unless otherwise stated, the proposed relocations do not modify
the existing definition. The term ``floor'' at proposed Section 2(1) is
relocated from Rule 1(n). The term ``Floor Broker'' at proposed Section
2(2) is relocated from Rule 1060. The term is being modified to ``Floor
Broker'' instead of ``Options Floor Broker'' because these rules appear
in the Options section of the Phlx Rulebook. The term ``Inactive
Nominee'' at proposed Section 2(3) is being relocated from Rule 1(p).
The term ``Presiding Exchange Officials'' at proposed Section 2(4) is
being relocated from Rule 1000(e). The term ``Permit'' at proposed
Section 2(5) references Rule 1(z) and also relocates portions of Rule
908(b)(i). The term ``Public Outcry'' at proposed Section 2(6) is being
relocated in part from Rule 1000(g). The term ``Non-SQT ROT'' at
proposed Section 2(7) is being relocated from Rule 1014(b)(ii)(C) and
renamed ``Floor Market Maker.'' The Exchange proposes to rename the
term ``Non-SQT ROT'' throughout Options 8 as ``Floor Market Maker.''
Administration
The Exchange proposes a new title ``Administration'' into new
Options 8 along with new proposed Sections 3-10. Proposed Section 3,
titled ``Imposition'' is being relocated from Rule 714. Proposed
Section 4, titled ``Rights and Privileges of A-1 Permits'' is relocated
in part from Rule 908(b)(i) \4\ with the addition of the sentence, ``A
Series A-1 permit holder shall be subject to Rule 908.'' Proposed
Section 5, titled ``Qualification as a Member Organization'' is
relocated in part from Rule 910(f)(3) \5\ with the addition of the
phrase, ``In addition to the requirements of Rule 910.'' Proposed
Section 6, titled ``Registration of Floor Brokers'' is being relocated
from Rule 1061. Proposed Section 7, titled ``Inactive Nominees'' is
being relocated from Rule 925. Proposed Section 8, ``Trading Floor
Registration'' is being relocated from Rule 1260. Proposed Section 9,
``Trading Floor Admittance'' is being relocated from Rule 443. Proposed
Section 10, ``Training'' is being relocated from Rule
[[Page 19138]]
625, in part \6\ with the addition of the phrase, ``In addition to Rule
625 requirements.'' The proposed rule changes are non-substantive rule
changes that simply seek to relocate and add transparency to the
current rule text.
---------------------------------------------------------------------------
\4\ Specifically, the Exchange is relocating Rule 908(b)(i) and
deleting (c)(i) which is now highlighted with proposed new Section
4.
\5\ Specifically, the Exchange is relocating a portion of Rule
910(f)(3).
\6\ Specifically, the last sentence of Rule 625 is being
relocated.
---------------------------------------------------------------------------
Market Participants
The Exchange proposes a new title ``Market Participants'' into new
Options 8 along with new proposed Sections 11 and 12. Proposed Section
11 titled ``Specialist Appointment'' is being relocated in part from
Rule 501 \7\ with the addition of the phrase, ``In addition to the
requirements specified in Rule 501 related to the appointment of a
Specialist, each Specialist unit . . . .'' Proposed Section 12, titled
``Clerks'' is being relocated from Rule 1090. The proposed rule changes
are non-substantive rule changes that simply seek to relocate and add
transparency to the current rule text.
---------------------------------------------------------------------------
\7\ Specifically, rule text is being relocated from Rule 501(d)
and (f).
---------------------------------------------------------------------------
Regulation
The Exchange proposes a new title ``Regulation'' into new Options 8
along with new proposed Sections 13-19. Proposed Section 13, titled
``Acts Detrimental to the Interest or Welfare of the Exchange'' is
being relocated, in part, from Rule 708 \8\ and adds the phrase, ``In
addition to Rule 708, acts which could be deemed detrimental to the
interest or welfare of the Exchange include, but are not limited to.''
Proposed Section 14, titled, ``Financial Responsibility and Reporting''
is being relocated, in part, from Rule 703 and adding the phrase, ``In
addition to the obligations specified within Rule 703.'' \9\ Proposed
Section 15, titled ``Stopping'' An Option'' is being relocated from
Rule 1018. Proposed Section 16, titled ``Trading for Joint Account'' is
being relocated from Rule 772. Proposed Section 17, titled
``Limitations on Members Trading Because of Customers' Orders'' is
being relocated, in part, from Rule 452 \10\ and adding phrase, ``In
addition to the limitations in Rule 452.'' Proposed Section 18, titled
``General Responsibility of Floor Brokers'' is being relocated from
Rule 155. Proposed Section 19, titled ``Responsibilities of Floor
Brokers--Treasury Securities Options'' is being relocated from Rule
1017D. The proposed rule changes are non-substantive rule changes that
simply seek to relocate and add transparency to the current rule text.
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\8\ Specifically, Commentary .01(e) to Rule 708 is being
relocated.
\9\ Specifically, sections of Rule 703(c)(vi) are being
relocated.
\10\ Specifically, rule text is being relocated from
Supplementary Material .03 to Rule 452.
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Floor Trading Rules
The Exchange proposes a new title ``Floor Trading Rules'' into new
Options 8 along with new proposed Sections 20-35. Proposed Section 20,
titled ``Dealings on Floor--Hours'' is being relocated from Rule 102.
Proposed Section 21, titled ``Dealings on Floor--Persons'' is being
relocated from Rule 104. Proposed Section 22, titled ``Execution of
Options Transactions on the Trading Floor'' is being relocated, in
part, from Rule 1000(f) and (g). Proposed Section 23, titled
``Precedence of Highest Bid'' is being relocated, in part, from Rule
119.\11\ The Exchange proposes to replicate the first part of that
rule, ``The highest bid shall have precedence in all cases pursuant to
Rule 119. Where bids are made at the same price, the priority and
precedence shall be determined in accordance with the following
rules:'' before the relocated sections of Rule 119(e) and (f). Proposed
Section 24, titled ``Bids And Offers--Premium'' is being relocated from
Rule 1033.\12\
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\11\ Specifically, rule text is being relocated from Rule 119(e)
and (f).
\12\ The Exchange is capitalizing the ``The'' before ``Options
Clearing Corporation'' to properly represent the name.
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Proposed Section 25, titled ``Floor Allocation'' is being
relocated, in part, from Rule 1014(g)(i)-(vi) into Options 8, Section
25.\13\ The Exchange proposes to add a sentence at the beginning of
this rule as ``a'', which states, ``The following applies to the
allocation of orders on the Trading Floor'' to introduce the
information which follows. The Exchange proposes to relocate the first
paragraph of Commentary .01 to Rule 1014.\14\ Commentary .05(c) of Rule
1014 will be relocated to Options 8, Section 25(f). Commentary .07 and
.08 of Rule 1014 are being relocated to Options 8, Section 25(d)(1) and
(e). Commentary .09 of Rule 1014 is being relocated to Options 8,
Section 25(g). Commentary .11, .12, .13 and .14 of Rule 1014 are being
relocated to Options 8, Section 25(h)-(k). Commentary .17 of Rule 1014
is being relocated to Options 8, Section 25(l). Commentary .19 of Rule
1014 is being relocated to Options 8, Section 25(m).
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\13\ The term ``Options Floor Broker System'' is being amended
to ``Options Floor Based System'' to conform to the remainder of the
rulebook. This term was amended in a prior rule change. See
Securities Exchange Act Release No. 83656 (July 17, 2018), 83 FR
34899 (July 23, 2018) (SR-Phlx-2018-40). The same change was made to
E-1, ``Use of Identification Letters and Numbers.''
\14\ The paragraph of Commentary .01 of Rule 1014 will remain
within this rule. Commentary .02-.04 and .06 of Rule 1014 rule text
will remain within Rule 1014. Commentary .05(b) will remain within
Rule 1014, except that ``(a) RESERVED and (b)'' will be deleted.
Commentary .10 of Rule 1014 is being renumbered as ``.07''.
Commentary .15 and .16 of Rule 1014 are being renumbered as ``.08''
and ``.09'' respectively. Commentary .18 of Rule 1014 is being
renumbered as ``.10''.
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Proposed Section 26, titled ``Trading Halts'' is being relocated in
part from Rule 1047 \15\ and 1047A.\16\ Proposed Section 27, titled
``Quoting Obligations and Required Transactions'' is being relocated,
in part, from Rule 1014 to Options 8, Section 27. Specifically, current
Rule 1014(b)(ii)(E) and (c)(i)(A)(1) are being relocated.\17\ The
Exchange proposes to add this sentence ``Without limiting the
foregoing, a Specialist and an ROT is expected to perform the following
activities in the course of maintaining a fair and orderly market:''
prior to the current text within Rule 1014(c)(i)(A)(2). The Exchange
also proposes to relocate Rule 1014(d), in part, and to replicate the
phrase ``Furthermore, an ROT should not:'' in relocating Rule
1014(d)(ii) to proposed Options 8, Section 27(d). The Exchange proposes
to renumber current Rule 1014(d)(iii) as (ii). The Exchange proposes to
relocate Rule 1014(e) to proposed Options 8, Section 27(e). The
Exchange proposes to amend Rule 1014(g) to reserve the rule text in
(i)-(vi).\18\ The Exchange proposes to relocate rule text from the
second and third paragraphs of Commentary .01 to Rule 1014 into
proposed Options 8, Section 27(f).
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\15\ Specifically, the Commentary to Rule 1047 is being
relocated.
\16\ Specifically, the Exchange proposes to relocate Rule
1047A(f)(ii) and renumber the remaining paragraphs in Rule 1047A(f).
The Exchange proposes to add the phrase ``in addition to Rule
1047A.''
\17\ The Exchange noted above that the term ``non-SQT ROT'' is
being amended to Floor Market Maker throughout these rules.
\18\ As noted above, Rule 1014(g)(i)-(vi) as well as
Commentaries .01 (in part), .05 (in part), .07, .08, .09, .11-.14,
.17 and .19 is being relocated to Options 8, Section 25 and no
changes are proposed for Rule 1014(g)(vii) and (viii).
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Proposed Section 28, titled ``Responsibilities of Floor Brokers'',
similar to current Rule 1063, is being relocated from ``General
Responsibility of Floor Brokers'' in Rule 155, Rule 1063 and Rule 1069,
titled ``Snapshot Feature.'' Current Rule 155 is relocated within
Options 8, Section 28(a) in the first sentence. Current Rule 1069 is
relocated at Options 8, Section 28(i). Proposed Section 29, titled
``Use of Floor Based Management System by Registered Options Traders
and Specialists'' is being relocated from Rule
[[Page 19139]]
1085. The Exchange is not relocating the following outdated rule text:
\19\
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\19\ This feature was made available in 2018 as per Options
Trader Alert #2018-20.
The Exchange anticipates that it will make FBMS available to
Registered Options Traders and Specialists during the Second Quarter
of 2018. To facilitate the transition to FBMS, the Exchange will not
require Registered Options Traders or Specialists to utilize FBMS
until one month after the date on which the Commission approves the
Exchange's proposal. The Exchange will notify members via an Options
Trader Alert, to be posted on the Exchange's website, at least seven
calendar days prior to the date when FBMS will be available for use
by Registered Options Traders and Specialists. The alert will also
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contain the mandatory start date.
Proposed Section 30 is being ``Reserved.'' The Exchange will relocate
Rule 1064, titled ``Crossing, Facilitation and Solicited Orders'' to
Section 30 at a later date. Proposed Section 31, titled ``Discretionary
Transactions'' is being relocated from 1065. Proposed Section 32
titled, ``Certain Types of Floor-Based (Non-System) Orders Defined'' is
being relocated from Rule 1066 and retitled from ``Certain Types of
Floor Based (Non-PHLX XL) Orders Defined.'' Proposed Section 33 titled,
``Accommodation Transactions'' is being relocated from Rule 1059.
Proposed Section 34 is proposed to be reserved. The Exchange proposes
to relocate current Rule 1079, titled ``FLEX Index, Equity and Currency
Options'' into proposed Section 34. Proposed Section 35, titled
``Disputes'' is being relocated from Rule 124 and renamed from
``Disputes-Options.'' The proposed rule changes are non-substantive
rule changes that simply seek to relocate and add transparency to the
current rule text.
Floor Trade Administration
The Exchange proposes a new title ``Floor Trade Administration''
into new Options 8 along with new proposed Sections 36-38. Proposed
Section 36 is titled, ``Resolution of Uncompared Trade'' is being
relocated from Rule 1039. Proposed Section 37, titled ``Letters of
Authorization'' is being relocated from Rule 1062. Proposed Section 38
titled, ``Communications and Equipment'' is being relocated from Rule
606. The proposed rule changes are non-substantive rule changes that
simply seek to relocate and add transparency to the current rule text.
Option Floor Procedure Advices and Order and Decorum Regulations
The currently titled ``Option Floor Procedure Advices and Order and
Decorum Regulations'' within the Rulebook is proposed to be renamed
``Options Minor Rule Violations and Order and Decorum Regulations'' and
numbered Section 39.\20\ The Options Floor Procedure Advices related to
the trading floor are being relocated to proposed Section 39 and all
Order and Decorum Regulations are also being relocated within Section
39. The Exchange proposes to re-letter and re-number the rules within
the current Rulebook that will continue to be located within the
section proposed to be renamed ``Options Minor Rule Violations.''
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\20\ The Exchange proposes to also retitle ``Equity Floor
Procedure Advices'' as ``Minor Rule Violations.''
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The Exchange proposes to delete reserved rules from this section.
The following Option Floor Procedure Advices are proposed to be
relocated into Section 39:
A-2 ``Options Floor Based Management System'' (re-numbered
as A-1);
A-3 ``Requesting Market Quotations'' (re-numbered as A-2);
A-9 ``All-or-None Options Orders'' (re-numbered as A-3);
B-1 ``Responsibility to Make Markets'';
B-2 ``Crowd Courtesy'';
B-3 ``Trading Requirements'';
B-4 ``Entering Orders from On-Floor and Off-Floor for
Execution on the Exchange'';
B-5 ``Agency-Principal Restrictions'';
B-6 ``Priority of Options Orders for Equity Options, Index
Options and U.S. Dollar-Settled Foreign Currency Options by Account
Type (EQUITY OPTION, INDEX OPTION AND U.S. DOLLAR-SETTLED FOREIGN
CURRENCY OPTION ONLY)'';
B-7 ``Options Floor Based Management System''
B-8 ``Use of Floor Brokers by an ROT While on the Floor''
(renumbered as B-7);
B-9 ``Use of Tickets'' (renumbered as B-8);
B-10 ``Responsibility for Mismatched or ``Out'' Trades
B-11 ``ROTs and Specialists Entering Orders for Execution
on Other Exchanges in Multiply Traded Options'' (renumbered as B-9);
B-12 ``ROTs and Specialists Entering Orders for Execution
on Other Exchanges in Multiply Traded Options'' (renumbered as B-11);
C-1'' Ascertaining the Presence of Registered Options
Traders in a Trading Crowd'';
C-2 ``Options Floor Broker Management System'';
C-3 ``Handling Orders of ROTs and Other Registered Options
Market Makers''; C-4 ``Floor Brokers Handling Orders for Same
Firm'';
C-5 ``ROTs Acting as Floor Brokers'';
C-7 ``Responsibility to Represent Orders to the Trading
Crowd'' (re-numbered as C-6);
C-9 ``Floor Brokers and Clerks Trading in their Customer
Accounts'' (renumbered as C-7);
Staffing is re-lettered from ``E'' to ``D'';
E-1 ``Required Staffing of Options Floor'' (re-lettered as
D-1);
Miscellaneous is re-lettered from ``F'' to ``E'';
F-1 Use of Identification Letters and Numbers (re-lettered
and re-numbered to E-1);
F-2 Allocation, Time Stamping, Matching and Access to
Matched Trades (re-lettered and re-numbered to E-2);
F-4 ``Orders Executed as Spreads, Straddles, Combinations
or Synthetics and Other Order Ticket Marking Requirements'' (re-
lettered and re-numbered to E-3);
F-5 ``Changes or Corrections to Material Terms of a
Matched Trade'' (re-lettered and re-numbered to E-4);
F-6 ``Option Quote Parameters,'' in part, (re-lettered and
re-numbered as E-5);
F-8 ``Failure to Comply with an Exchange Inquiry,'' in
part, (re-lettered and renumbered as E-6);
F-9 ``Affiliations,'' in part, (re-lettered and renumbered
as E-7);
F-11 ``Splitting Orders'' (re-lettered and renumbered as
E-8);
F-12 ``Responsibility for Assigning Participation'' (re-
lettered and renumbered as E-9);
F-14 Executing Multi-leg and Synthetic Option Orders''
(re-lettered and renumbered as E-10);
F-16 Two-Way, Three Way and Multi-Spread Transactions
(FOREIGN CURRENCY OPTION ONLY (re-lettered and renumbered as E-11);
F-22 Intra-Day Addition of Strike Prices (re-lettered and
renumbered as E-12);
F-23 Clerks in the Crowd (re-lettered and renumbered as E-
13);
F-25 Fingerprinting Floor Personnel (re-lettered and
renumbered as E-14);
F-30 Options Trading Floor Training (re-lettered and
renumbered as E-15);
F-31 Communications and Equipment (re-lettered and
renumbered as E-16);
F-32 Solicitation of Quotations (re-lettered and
renumbered as E-17);
[[Page 19140]]
Finally, all Regulations are being relocated to Section 41 and re-
lettered from ``H'' to ``F''.
The Exchange is retaining the following rules in the new Options
Minor Rule Plan Section:
A-4 ``Specialist as ROT'' (re-numbered as A-1);
F-6 ``Option Quote Parameters'' (re-numbered as F-1);
F-8 ``Failure to Comply with an Exchange Inquiry (re-
numbered as (F-2);
F-9 ``Affiliations'' (re-numbered as (F-3);
F-10 ``Unusual Market Conditions'' (re-numbered as (F-4);
F-13 ``Supervisory Procedures Relating to ITSFEA'' (re-
numbered as (F-5);
F-19 ``Clearing Agents' Responsibility for Carrying
Positions in Market Maker Accounts'' (re-numbered as (F-6);
F-27 ``Options Exchange Official Rulings'' (re-numbered as
(F-7);
F-33 ``Failure to Provide Notification of Changes in
Business Operations'' (re-numbered as (F-9);
F-34 ``Failure to Timely Submit Amendments to Form U4,
Form U5 and Form BD'' (re-numbered as (F-10); and
F-35 Violations of Exercise and Exercise Advice Rules for
Noncash-Settled Equity Option Contracts (re-numbered as (F-11).
The Exchange notes that were a rule applied to both the electronic
market and floor trading, the rule was replicated in both the Options
Minor Rule Violations and the options Floor Procedure Advice with the
applicable parts.\21\ The proposed rule changes are non-substantive
rule changes that simply seek to relocate and add transparency to the
current rule text.
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\21\ The following Options Floor Procedure Advices were
replicated: F-6, ``Option Quote Parameters;'' F-8, ``Failure to
Comply with an Exchange Inquiry;'' and F-9, ``Affiliations.''
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Other Administrative Changes
The Exchange proposes to amend references to ``XL'' or ``Phlx XL''
to ``System'' as the terms ``XL'' and ``Phlx XL'' are obsolete terms.
The Exchange has removed ``reserved'' sections throughout the rules and
also re-numbered and re-lettered various rules to bring conformity to
the Rulebook. Finally, the Exchange proposes to capitalize the term
``specialist'' throughout the new proposed rules.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\22\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\23\ in particular, in that it is designed to
promote just and equitable principles of trade and to protect investors
and the public interest by bringing greater transparency to its rules.
The Exchange is not substantively amending rule text unless noted
otherwise within this rule change. The Exchange's proposal to relocate
trading floor rules to new Options 8 will make clear which rules are
applicable to the trading floor. The renaming of the term ``Non-ROT
SQT'' as ``Floor Market Maker'' is a non-substantive rule change.
Finally, renumbering, re-lettering, deleting reserved rules and
obsolete rule text and amending cross-references and other minor
technical changes will bring greater transparency to Phlx's Rules.
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\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
proposed amendments do not impose an undue burden on competition
because the amendments to relocate the floor trading rules are non-
substantive. This rule change is intended to bring greater clarity to
the Exchange's Rules. The renaming of the term ``Non-ROT SQT'' as
``Floor Market Maker'' is a non-substantive rule change. Finally,
renumbering, re-lettering, deleting reserved rules and obsolete rule
text and amending cross-references will bring greater transparency to
Phlx's Rules. The Exchange is not substantively amending rule text
unless noted otherwise within this rule change.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
No written comments were either solicited or received.
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 \24\ and Rule 19b-
4(f)(6) thereunder.\25\
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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \26\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \27\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing. Waiver
of the operative delay would allow the Exchange to promptly relocate
rules relating to the Exchange's trading floor, which the Exchange
believes will improve the organization and readability of the
Exchange's Rulebook. Therefore, the Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest. Accordingly, the Commission hereby
waives the operative delay and designates the proposed rule change
operative upon filing.\28\
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\26\ 17 CFR 240.19b-4(f)(6).
\27\ 17 CFR 240.19b-4(f)(6)(iii).
\28\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 change 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:
[[Page 19141]]
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-Phlx-2019-17 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-Phlx-2019-17. 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-Phlx-2019-17 and should be submitted on
or before June 3, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-09019 Filed 5-2-19; 8:45 am]
BILLING CODE 8011-01-P
