Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change To Require That an Actionable Identifier Be Included on Customer and Non-Customer Securities Options Trades Other Than Market Maker Trades, 20689-20690 [2019-09630]
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Federal Register / Vol. 84, No. 91 / Friday, May 10, 2019 / Notices
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:
• 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–
C2–2019–009 on the subject line.
Paper Comments
khammond on DSKBBV9HB2PROD with NOTICES
• 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–C2–2019–009. 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–C2–2019–009 and should
be submitted on or before May 31, 2019.
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:49 May 09, 2019
[FR Doc. 2019–09634 Filed 5–9–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85779; File No. SR–OCC–
2019–003]
Electronic Comments
116 17
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.116
Eduardo A. Aleman,
Deputy Secretary.
Jkt 247001
Self-Regulatory Organizations; The
Options Clearing Corporation; Order
Approving Proposed Rule Change To
Require That an Actionable Identifier
Be Included on Customer and NonCustomer Securities Options Trades
Other Than Market Maker Trades
May 6, 2019.
I. Introduction
On March 20, 2019, the Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–OCC–2019–
003 (‘‘Proposed Rule Change’’) pursuant
to Section 19(b) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 and Rule 19b–4 2 thereunder to
propose changes to amend OCC Rule
401 to require that an ‘‘Actionable
Identifier’’ (described below) be
included on certain securities options
trades submitted to OCC for processing.3
The Proposed Rule Change was
published for public comment in the
Federal Register on April 3, 2019,4 and
the Commission received no comments
regarding the Proposed Rule Change.
This order approves the Proposed Rule
Change.
II. Background
OCC facilitates several processes by
which a broker may automatically
transfer an executed trade into a
Clearing Member’s accounts. Such
transferred positions could, in certain
circumstances, affect the Clearing
Member’s margin requirements.
Currently, such a transfer may occur
without the provision of information
regarding the person for whom such a
trade was executed.
First, OCC’s Clearing Member Trade
Assignment (‘‘CMTA’’) process allows a
Clearing Member that executes a
securities options trade (i.e., the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Notice of Filing infra note 4, 84 FR 13075.
4 Securities Exchange Act Release No. 85441
(Mar. 28, 2019), 84 FR 13075 (Apr. 3, 2019) (SR–
OCC–2019–003) (‘‘Notice of Filing’’).
2 17
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
20689
Executing Clearing Member) to send the
trade directly through OCC to another
Clearing Member for clearance and
settlement (i.e., the Carrying Clearing
Member).5 Under the CMTA process, an
Executing Clearing Member may send
options trades directly to a Carrying
Clearing Member’s omnibus accounts at
OCC for clearance and settlement
without providing information
identifying the specific accounts to
which the trade should be assigned.
Second, in the ‘‘give-up’’ process, a
broker may execute a transaction on an
exchange and then assign that
transaction to a Clearing Member’s
omnibus account. Specifically, for
customer transactions, a broker who is
not an OCC Clearing Member may
execute a customer’s trade and then
‘‘give-up’’ the trade to the customer’s
clearing broker, which must be an OCC
Clearing Member, without identifying
the customer for whom the transaction
was executed. Similarly, a trading desk
within a Clearing Member Group may
execute a non-customer trade and send
it to a Clearing Member’s omnibus firm
account without clearly identifying the
account to which the trade should be
allocated.6 Finally, a broker-dealer who
participates in a joint back office
arrangement with a Clearing Member
could execute a non-customer trade that
then clears directly in a Clearing
Member’s omnibus firm account.
Transactions executed in this way, as
part of a joint back office arrangement
with a Clearing Member, could result in
a Clearing Member’s receipt of a noncustomer trade in its omnibus firm
account without a clear indication of the
account to which the Clearing Member
should assign the trade.
According to OCC, Clearing Members
have raised concerns regarding the
timely account identification for trades
that a Clearing Member receives through
the CMTA, give-up, and joint back office
processes.7 OCC proposes to require the
inclusion of an ‘‘Actionable Identifier’’
for all transactions related to a customer
account or a non-customer account,
5 See OCC Rule 407. An ‘‘Executing Clearing
Member’’ is defined in Article I, Section 1.E.(12) of
OCC’s By-Laws as ‘‘a Clearing Member, on its own
behalf or as the Clearing Member of an Introducing
Broker that has been authorized by a Carrying
Clearing Member to direct confirmed trades to be
transferred to a designated account of the Carrying
Clearing Member pursuant to such Clearing
Members’ CMTA arrangement.’’ A ‘‘Carrying
Clearing Member’’ is defined in Article I, Section
1.C.(12) of OCC’s By-Laws as ‘‘a Clearing Member
that has authorized an Executing Clearing Member
to direct the transfer of a confirmed trade to a
designated account of such Carrying Clearing
Member pursuant to a CMTA arrangement.’’
6 See Notice of Filing, 84 FR at 13077.
7 See Notice of Filing, 84 FR at 13076–77.
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10MYN1
20690
Federal Register / Vol. 84, No. 91 / Friday, May 10, 2019 / Notices
khammond on DSKBBV9HB2PROD with NOTICES
other than Market-Maker transactions,8
which OCC believes would allow
Clearing Members to more timely
identify trades as attributable to a
particular customer or non-customer
account.9 As defined in the proposed
amendment to Rule 401, the Actionable
Identifier would consist of either a
name, series of numbers, or other
identifying information related to the
account for which the transaction was
executed. OCC would also require that
each Clearing Member establish and
maintain policies and procedures
reasonably designed to include
sufficient information in the Actionable
Identifier regarding the account that
originated the trade to allow the other
Clearing Member to promptly clear the
transaction.10 OCC would enforce the
Actionable Identifier related
requirements through: (1) an annual
Clearing Member certification process;
and (2) a review of Actionable Identifier
policies and procedures during OCC’s
periodic Clearing Member
examinations.
In its proposal, OCC described a
three-phase implementation schedule
for changes pertaining to the Actionable
Identifier.11 During the first 12 months
after approval of the Proposed Rule
Change, the following would not
constitute a violation of OCC’s rules: (i)
Failure to include an Actionable
Identifier for transactions, or (ii) failure
to maintain policies and procedures to
provide that sufficient information is
included in the Actionable Identifier.
Second, from 13 months to 18 months
after approval of the Proposed Rule
Change, failure to maintain policies and
procedures to provide that sufficient
information is included in the
Actionable Identifier would not
constitute a violation of OCC’s rules.
Finally, beginning 19 months after
approval of the Proposed Rule Change,
failure to comply with any part of the
rule would constitute a violation of
OCC’s rules, subject to the manner in
which OCC enforces such violations
pursuant to Rule 1201.
OCC also proposes three changes to
improve the language of its Rule 401.
First, OCC proposes to add the words
‘‘in this rule’’ to the last sentence of
paragraph (a) of Rule 401 to clarify the
8 OCC is not proposing the inclusion of an
Actionable Identifier for Market-Maker transactions
because OCC understands that such trades already
include information that allows a Clearing Member
to assign the trades to individual Market-Maker
accounts. See Notice of Filing, 84 FR at 13076, n.
6.
9 See Notice of Filing, 84 FR at 13078.
10 OCC does not, however, propose to make the
inclusion of an Actionable Identifier a prerequisite
for trade acceptance.
11 See Notice of Filing, 84 FR at 13078.
VerDate Sep<11>2014
17:03 May 09, 2019
Jkt 247001
scope of the sentence. Second, OCC
proposes to replace the phrase ‘‘the
security type’’ with the ‘‘the product
type’’ in paragraphs (a)(1)(G) and
(a)(2)(G) of Rule 401 to accurately
describe the requirements of the rule.
Finally, OCC proposes to replace the
phrase ‘‘the Give-Up Clearing Member’’
with ‘‘the Given-Up Clearing Member’’
for consistency with the definition
provided in Article I, Section 1.G.(3) of
OCC’s By-Laws.
III. Discussion and Commission
Findings
Section 19(b)(2)(C) of the Exchange
Act directs the Commission to approve
a proposed rule change of a selfregulatory organization if it finds that
such proposed rule change is consistent
with the requirements of the Exchange
Act and the rules and regulations
thereunder applicable to such
organization.12 After carefully
considering the Proposed Rule Change,
the Commission believes the proposal is
consistent with the requirements of the
Exchange Act and the rules and
regulations thereunder applicable to
OCC. More specifically, the Commission
believes that the proposal is consistent
with Section 17A(b)(3)(F) of the
Exchange Act.13
A. Consistency With Section
17A(b)(3)(F) of the Exchange Act
Section 17A(b)(3)(F) of the Exchange
Act requires that the rules of a clearing
agency be designed to, among other
things, (i) promote the prompt and
accurate clearance and settlement of
securities transactions, and (ii) foster
cooperation and coordination with
persons engaged in the clearance and
settlement of securities transactions,
and (iii) in general, to protect investors
and the public interest.14 Based on its
review of the record, the Commission
believes that the proposed rule changes
related to the Actionable Identifier are
designed to promote the prompt and
accurate clearance and settlement of
securities transactions and foster
cooperation and coordination with
persons engaged in the clearance and
settlement of securities transactions for
the reasons set forth below.
The Actionable Identifier, as
proposed, must include sufficient
information regarding the account that
originated a trade to allow a Clearing
Member to promptly clear and settle the
transaction in the appropriate account.
Additionally, the Actionable Identifier
would support the interactions between
12 15
13 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
14 Id.
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
those firms executing transactions and
those firms clearing transactions by
providing information about the account
to which such transactions are
attributable. In this way, the proposed
rule changes are designed to promote
the prompt and accurate clearance and
settlement of securities transactions and
foster cooperation and coordination
with persons engaged in the clearance
and settlement of securities
transactions, consistent with Section
17A(b)(3)(F) of the Exchange Act.
Further, the Commission believes that
the proposed changes to improve the
language of its Rule 401 are designed to
in general, to protect investors and the
public interest for the following reasons.
As a general matter, enhancing the
clarity of a clearing agency’s rules
would be in the public interest because
doing so could provide information that
may facilitate public interaction with
the clearing agency. OCC’s rules
describe, in part, certain obligations of
an individual submitting a trade to OCC
by defining, for example, the
information necessary for acceptance of
such a trade. As described above, OCC
proposes to revise the language of its
Rule 401 to clarify the scope of the rule,
more accurately state the requirements
of the rule, and ensure internal
consistency across OCC’s rules.
Accordingly, and for the reasons
stated above, the Commission believes
that the Proposed Rule Change is
consistent with Section 17A(b)(3)(F) of
the Exchange Act.15
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the Proposed
Rule Change is consistent with the
requirements of the Exchange Act, and
in particular, the requirements of
Section 17A of the Exchange Act 16 and
the rules and regulations thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,17
that the Proposed Rule Change (SR–
OCC–2019–003) be, and hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–09630 Filed 5–9–19; 8:45 am]
BILLING CODE 8011–01–P
15 Id.
16 In approving this Proposed Rule Change, the
Commission has considered the proposed rules’
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
17 15 U.S.C. 78s(b)(2).
18 17 CFR 200.30–3(a)(12).
E:\FR\FM\10MYN1.SGM
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Agencies
[Federal Register Volume 84, Number 91 (Friday, May 10, 2019)]
[Notices]
[Pages 20689-20690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09630]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85779; File No. SR-OCC-2019-003]
Self-Regulatory Organizations; The Options Clearing Corporation;
Order Approving Proposed Rule Change To Require That an Actionable
Identifier Be Included on Customer and Non-Customer Securities Options
Trades Other Than Market Maker Trades
May 6, 2019.
I. Introduction
On March 20, 2019, the Options Clearing Corporation (``OCC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-OCC-2019-003 (``Proposed Rule Change'')
pursuant to Section 19(b) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 \2\ thereunder to propose changes
to amend OCC Rule 401 to require that an ``Actionable Identifier''
(described below) be included on certain securities options trades
submitted to OCC for processing.\3\ The Proposed Rule Change was
published for public comment in the Federal Register on April 3,
2019,\4\ and the Commission received no comments regarding the Proposed
Rule Change. This order approves the Proposed Rule Change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice of Filing infra note 4, 84 FR 13075.
\4\ Securities Exchange Act Release No. 85441 (Mar. 28, 2019),
84 FR 13075 (Apr. 3, 2019) (SR-OCC-2019-003) (``Notice of Filing'').
---------------------------------------------------------------------------
II. Background
OCC facilitates several processes by which a broker may
automatically transfer an executed trade into a Clearing Member's
accounts. Such transferred positions could, in certain circumstances,
affect the Clearing Member's margin requirements. Currently, such a
transfer may occur without the provision of information regarding the
person for whom such a trade was executed.
First, OCC's Clearing Member Trade Assignment (``CMTA'') process
allows a Clearing Member that executes a securities options trade
(i.e., the Executing Clearing Member) to send the trade directly
through OCC to another Clearing Member for clearance and settlement
(i.e., the Carrying Clearing Member).\5\ Under the CMTA process, an
Executing Clearing Member may send options trades directly to a
Carrying Clearing Member's omnibus accounts at OCC for clearance and
settlement without providing information identifying the specific
accounts to which the trade should be assigned. Second, in the ``give-
up'' process, a broker may execute a transaction on an exchange and
then assign that transaction to a Clearing Member's omnibus account.
Specifically, for customer transactions, a broker who is not an OCC
Clearing Member may execute a customer's trade and then ``give-up'' the
trade to the customer's clearing broker, which must be an OCC Clearing
Member, without identifying the customer for whom the transaction was
executed. Similarly, a trading desk within a Clearing Member Group may
execute a non-customer trade and send it to a Clearing Member's omnibus
firm account without clearly identifying the account to which the trade
should be allocated.\6\ Finally, a broker-dealer who participates in a
joint back office arrangement with a Clearing Member could execute a
non-customer trade that then clears directly in a Clearing Member's
omnibus firm account. Transactions executed in this way, as part of a
joint back office arrangement with a Clearing Member, could result in a
Clearing Member's receipt of a non-customer trade in its omnibus firm
account without a clear indication of the account to which the Clearing
Member should assign the trade.
---------------------------------------------------------------------------
\5\ See OCC Rule 407. An ``Executing Clearing Member'' is
defined in Article I, Section 1.E.(12) of OCC's By-Laws as ``a
Clearing Member, on its own behalf or as the Clearing Member of an
Introducing Broker that has been authorized by a Carrying Clearing
Member to direct confirmed trades to be transferred to a designated
account of the Carrying Clearing Member pursuant to such Clearing
Members' CMTA arrangement.'' A ``Carrying Clearing Member'' is
defined in Article I, Section 1.C.(12) of OCC's By-Laws as ``a
Clearing Member that has authorized an Executing Clearing Member to
direct the transfer of a confirmed trade to a designated account of
such Carrying Clearing Member pursuant to a CMTA arrangement.''
\6\ See Notice of Filing, 84 FR at 13077.
---------------------------------------------------------------------------
According to OCC, Clearing Members have raised concerns regarding
the timely account identification for trades that a Clearing Member
receives through the CMTA, give-up, and joint back office processes.\7\
OCC proposes to require the inclusion of an ``Actionable Identifier''
for all transactions related to a customer account or a non-customer
account,
[[Page 20690]]
other than Market-Maker transactions,\8\ which OCC believes would allow
Clearing Members to more timely identify trades as attributable to a
particular customer or non-customer account.\9\ As defined in the
proposed amendment to Rule 401, the Actionable Identifier would consist
of either a name, series of numbers, or other identifying information
related to the account for which the transaction was executed. OCC
would also require that each Clearing Member establish and maintain
policies and procedures reasonably designed to include sufficient
information in the Actionable Identifier regarding the account that
originated the trade to allow the other Clearing Member to promptly
clear the transaction.\10\ OCC would enforce the Actionable Identifier
related requirements through: (1) an annual Clearing Member
certification process; and (2) a review of Actionable Identifier
policies and procedures during OCC's periodic Clearing Member
examinations.
---------------------------------------------------------------------------
\7\ See Notice of Filing, 84 FR at 13076-77.
\8\ OCC is not proposing the inclusion of an Actionable
Identifier for Market-Maker transactions because OCC understands
that such trades already include information that allows a Clearing
Member to assign the trades to individual Market-Maker accounts. See
Notice of Filing, 84 FR at 13076, n. 6.
\9\ See Notice of Filing, 84 FR at 13078.
\10\ OCC does not, however, propose to make the inclusion of an
Actionable Identifier a prerequisite for trade acceptance.
---------------------------------------------------------------------------
In its proposal, OCC described a three-phase implementation
schedule for changes pertaining to the Actionable Identifier.\11\
During the first 12 months after approval of the Proposed Rule Change,
the following would not constitute a violation of OCC's rules: (i)
Failure to include an Actionable Identifier for transactions, or (ii)
failure to maintain policies and procedures to provide that sufficient
information is included in the Actionable Identifier. Second, from 13
months to 18 months after approval of the Proposed Rule Change, failure
to maintain policies and procedures to provide that sufficient
information is included in the Actionable Identifier would not
constitute a violation of OCC's rules. Finally, beginning 19 months
after approval of the Proposed Rule Change, failure to comply with any
part of the rule would constitute a violation of OCC's rules, subject
to the manner in which OCC enforces such violations pursuant to Rule
1201.
---------------------------------------------------------------------------
\11\ See Notice of Filing, 84 FR at 13078.
---------------------------------------------------------------------------
OCC also proposes three changes to improve the language of its Rule
401. First, OCC proposes to add the words ``in this rule'' to the last
sentence of paragraph (a) of Rule 401 to clarify the scope of the
sentence. Second, OCC proposes to replace the phrase ``the security
type'' with the ``the product type'' in paragraphs (a)(1)(G) and
(a)(2)(G) of Rule 401 to accurately describe the requirements of the
rule. Finally, OCC proposes to replace the phrase ``the Give-Up
Clearing Member'' with ``the Given-Up Clearing Member'' for consistency
with the definition provided in Article I, Section 1.G.(3) of OCC's By-
Laws.
III. Discussion and Commission Findings
Section 19(b)(2)(C) of the Exchange Act directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Exchange Act and the rules and regulations
thereunder applicable to such organization.\12\ After carefully
considering the Proposed Rule Change, the Commission believes the
proposal is consistent with the requirements of the Exchange Act and
the rules and regulations thereunder applicable to OCC. More
specifically, the Commission believes that the proposal is consistent
with Section 17A(b)(3)(F) of the Exchange Act.\13\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2)(C).
\13\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
A. Consistency With Section 17A(b)(3)(F) of the Exchange Act
Section 17A(b)(3)(F) of the Exchange Act requires that the rules of
a clearing agency be designed to, among other things, (i) promote the
prompt and accurate clearance and settlement of securities
transactions, and (ii) foster cooperation and coordination with persons
engaged in the clearance and settlement of securities transactions, and
(iii) in general, to protect investors and the public interest.\14\
Based on its review of the record, the Commission believes that the
proposed rule changes related to the Actionable Identifier are designed
to promote the prompt and accurate clearance and settlement of
securities transactions and foster cooperation and coordination with
persons engaged in the clearance and settlement of securities
transactions for the reasons set forth below.
---------------------------------------------------------------------------
\14\ Id.
---------------------------------------------------------------------------
The Actionable Identifier, as proposed, must include sufficient
information regarding the account that originated a trade to allow a
Clearing Member to promptly clear and settle the transaction in the
appropriate account. Additionally, the Actionable Identifier would
support the interactions between those firms executing transactions and
those firms clearing transactions by providing information about the
account to which such transactions are attributable. In this way, the
proposed rule changes are designed to promote the prompt and accurate
clearance and settlement of securities transactions and foster
cooperation and coordination with persons engaged in the clearance and
settlement of securities transactions, consistent with Section
17A(b)(3)(F) of the Exchange Act.
Further, the Commission believes that the proposed changes to
improve the language of its Rule 401 are designed to in general, to
protect investors and the public interest for the following reasons. As
a general matter, enhancing the clarity of a clearing agency's rules
would be in the public interest because doing so could provide
information that may facilitate public interaction with the clearing
agency. OCC's rules describe, in part, certain obligations of an
individual submitting a trade to OCC by defining, for example, the
information necessary for acceptance of such a trade. As described
above, OCC proposes to revise the language of its Rule 401 to clarify
the scope of the rule, more accurately state the requirements of the
rule, and ensure internal consistency across OCC's rules.
Accordingly, and for the reasons stated above, the Commission
believes that the Proposed Rule Change is consistent with Section
17A(b)(3)(F) of the Exchange Act.\15\
---------------------------------------------------------------------------
\15\ Id.
---------------------------------------------------------------------------
IV. Conclusion
On the basis of the foregoing, the Commission finds that the
Proposed Rule Change is consistent with the requirements of the
Exchange Act, and in particular, the requirements of Section 17A of the
Exchange Act \16\ and the rules and regulations thereunder.
---------------------------------------------------------------------------
\16\ In approving this Proposed Rule Change, the Commission has
considered the proposed rules' impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\17\ that the Proposed Rule Change (SR-OCC-2019-003) be,
and hereby is, approved.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78s(b)(2).
\18\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-09630 Filed 5-9-19; 8:45 am]
BILLING CODE 8011-01-P