
[Federal Register Volume 80, Number 214 (Thursday, November 5, 2015)]
[Notices]
[Pages 68586-68590]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-28144]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76317; File No. SR-BX-2015-060]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change to the Risk 
Monitor Mechanism

October 30, 2015.
    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 October 16, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III, below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Chapter VI, Section 19 entitled 
``Risk Monitor Mechanism'' by reserving this rule and relocating the 
rule governing the Risk Monitor Mechanism into BX Rule at Chapter VII, 
Section 6(f)(i), entitled ``Market Maker Quotations'' which contains 
similar market maker \3\ risk monitor tools. The Exchange is also 
modifying the language currently
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    \3\ Pursuant to BX Rules at Chapter VII, Section 5, entitled 
``Obligations of Market Makers'', in registering as a market maker, 
an Options Participant commits himself to various obligations. 
Transactions of a BX Market Maker must constitute a course of 
dealings reasonably calculated to contribute to the maintenance of a 
fair and orderly market, and Market Makers should not make bids or 
offers or enter into transactions that are inconsistent with such 
course of dealings. Further, all Market Makers are designated as 
specialists on BX for all purposes under the Act or rules 
thereunder. See Chapter VII, Section 5.
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    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxbx.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 the filing is to relocate and amend the current rule 
text of the Risk Monitor Mechanism at Chapter VI, Section 19.\4\ The 
Exchange is proposing to relocate the rule text into Chapter VII, 
Section 6, which currently describes two other risk mechanisms offered 
to BX Market Makers today.\5\ Quoting across many series in an option 
creates the possibility of ``rapid fire'' executions that can create 
large, unintended principal positions that expose BX Market Makers, who 
are required to continuously quote in assigned options, to potentially 
significant market risk. The Risk Monitor Mechanism (hereinafter 
``Percentage-Based Threshold'') permits BX Market Makers to monitor 
risk arising from multiple executions across multiple options series of 
a single underlying security.
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    \4\ The proposed amendments will conform the rule text to the 
manner in which the System operates today.
    \5\ The two risk protections, Volume-Based Threshold and the 
Multi-Trigger Threshold, are BX Market Maker protections, similar to 
the Risk Monitor Mechanism to assist BX Market Makers to control 
their trading risks.
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    The Exchange will require BX Market Makers to utilize either the 
Percentage-Based Threshold or the Volume-Based Threshold.\6\ The Multi-
Trigger Threshold will be optional.\7\ Today, BX Market Makers are 
required to utilize the Percentage-Based Threshold.
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    \6\ The Volume-Based Threshold is offered only to BX Market 
Makers.
    \7\ The Multi-Trigger Threshold is offered only to BX Market 
Makers.
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Current Rule Text in Chapter VI, Section 19
    BX Rules at Chapter VI, Section 19 specifically describes the 
counting program that is maintained by the System for each Participant 
in a particular option. Specifically, the counting program counts the 
number of contracts traded in an option by each Participant within a 
specified time period, not to exceed 15 seconds, established by each 
Participant known

[[Page 68587]]

in this rule as the ``specified time period.''
    The specified time period commences for an option when a 
transaction occurs in any series in such option. The Exchange counts 
Specialized Quote Feed (``SQF'') \8\ quotes only in determining the 
number of contracts traded and removed by the System. When a 
Participant trades the Specified Engagement Size during the specified 
time period, the Percentage-Based Threshold is triggered \9\ and the 
System automatically removes such Participant's quotations from the 
Exchange's orders in all series of the particular option. The 
Percentage-Based Threshold is engaged when the counting program 
determines that the Issue Percentage equals or exceeds a percentage 
established by the Participant, not less than 100%.
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    \8\ SQF permits the receipt of quotes. SQF Auction Responses and 
market sweeps are also not included.
    \9\ A trigger is defined as the event which causes the System to 
automatically remove all quotes in all options series in an 
underlying issue.
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    The Specified Engagement Size is automatically offset by a number 
of contracts that are executed on the opposite side of the market in 
the same option issue during the specified time period known as the 
``Net Offset Specified Engagement Size.'' Long call positions are only 
offset by short call positions, and long put positions are only offset 
by short put positions. The Percentage-Based Threshold is engaged once 
the Net Offset Specified Engagement Size represents a net number of 
contracts executed among all series in an option issue, during the 
specified time period, where the issue percentage is equal to or 
greater than the Specified Percentage.\10\
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    \10\ Any marketable orders or quotes that are executable against 
a Participant's disseminated quotation that are received prior to 
the time the Percentage-Based Threshold is engaged are automatically 
executed at the disseminated price up to the Participant's 
disseminated size, regardless of whether such an execution results 
in executions in excess of the Participant's Specified Engagement 
Size. In the event that the specialist's quote is removed by the 
Percentage-Based Threshold and there are no other Participants 
quoting in the particular option, the System will automatically 
provide two-sided quotes that comply with the Exchange's Rules 
concerning quote spread parameters on behalf of the specialist until 
such time as the specialist revises the quotation. All quotations 
generated by the Exchange on behalf of a specialist shall be 
considered ``firm quotations'' and shall be the obligation of the 
specialist.
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    The System automatically resets the counting program and commences 
a new specified time period when: (i) A previous counting period has 
expired and a transaction occurs in any series in such option; or (ii) 
the Participant refreshes his/her quotation, in a series for which an 
order has been executed (thus commencing the specified time period) 
prior to the expiration of the specified time period.
Proposed Rule
    The Exchange's amendments to the current rule text are described 
below in greater detail. The Exchange proposes to amend the current 
rule to first offer the Percentage-Based Threshold to BX Market Makers 
only. Today, the Percentage-Based Threshold is offered to all 
Participants. No other market participants, other than BX Market 
Makers, currently utilize the Percentage-Based Threshold today.\11\ The 
proposed term ``BX Market Maker'' will be utilized throughout proposed 
Chapter VII, Section 6(f)(i).
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    \11\ The System counts SQF quotes. SQF is available only to BX 
Market Makers.
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Counting Program
    Proposed Rule Chapter VII, Section 6(f)(i) provides, as in the 
current rule, the Percentage-Based Threshold determines: (i) The 
percentage that the number of contracts executed in that series 
represents relative to the Market Maker's disseminated \12\ size of 
each side in that series (``Series Percentage''); and (ii) the sum of 
the Series Percentage in the option issue (``Issue Percentage''). An 
offset occurs during the Percentage-Based Specified Time Period.\13\ 
The Exchange proposes to amend the rule text in proposed Rule Chapter 
VII, Section 6(f)(i) to state that the Percentage-Based Specified Time 
Period operates on a rolling basis among all series in an option in 
that there may be multiple Percentage-Based Specified Time Periods 
occurring simultaneously and such Percentage-Based Specified Time 
periods may overlap. The Exchange proposes to amend the rule text of 
proposed Rule Chapter VII, Section 6(f)(i) to state that the 
Percentage-Based Specified Time Period commences for an option every 
time an execution occurs in any series in such option and continues 
until the System removes quotes as described in current Chapter VII, 
Section 6(f)(iv), which is being amended to include the Percentage-
Based Specified Time Period, or the Percentage-Based Specified Time 
Period expires.
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    \12\ The disseminated size is the original size quoted by the 
Participant.
    \13\ A specified time period is established by the BX Market 
Maker and may not to exceed 15 seconds. See proposed Chapter VII, 
Section 6(f)(i).
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Rounding
    The Exchange proposes to add amended rule text to proposed Rule 
Chapter VII, Section 6(f)(i) to state that if the Issue Percentage, 
rounded to the nearest integer, equals or exceeds a percentage 
established by a Market Maker, not less than 100% (``Specified 
Percentage''), the System automatically removes a Market Maker's quotes 
in all series of the underlying security submitted through designated 
BX protocols, as specified by the Exchange, during the Percentage-Based 
Specified Time Period.\14\ The current text of Chapter IV, Section 6 
states that the Percentage-Based Threshold is engaged when the counting 
program determines that the Issue Percentage equals or exceeds a 
percentage established by the Market Maker, not less than 100%. The 
Exchange's proposal adds amended rule text to proposed Rule Chapter 
VII, Section 6(f)(i) to state, that if the Issue Percentage, rounded to 
the nearest integer, equals or exceeds a percentage established by the 
Market Maker, not less than 100% (``Specified Percentage''), the System 
automatically removes a Market Maker's quotes in all series of an 
underlying security submitted through designated BX protocols, as 
specified by the Exchange, during the Percentage-Based Specified Time 
Period.
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    \14\ The System's count of the number of contracts executed is 
based on trading interest resting on the Exchange book. The Volume-
Based Specified Time Period, in current Chapter VII, Section 
6(f)(ii), designated by the BX Market Maker must be the same time 
period as designated for purposes of the Percentage-Based Threshold. 
The Exchange references protocols more specifically in this rule. 
The Exchange counts SQF quotes only in determining the number of 
contracts traded and removed by the System. See note 8.
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    Today, the System tracks and calculates the net impact of positions 
in the same option issue during the Percentage-Based Specified Time 
Period. The System tracks transactions, i.e., the sum of buy-side put 
percentages, the sum of sell-side put percentages, the sum of buy-side 
call percentages, and the sum of sell-side call percentages, and then 
calculates the absolute value of the difference between the buy-side 
puts and the sell-side puts plus the absolute value of the difference 
between the buy-side calls and the sell-side calls. With this proposal, 
when these values are rounded, if that number is greater than the 
Specified Percentage, the Percentage-Based Threshold would be 
triggered.
Reset
    The Exchange proposes to amend the manner in which the System 
resets. The System will automatically remove quotes in all option 
series of an underlying security when the Percentage-Based Threshold is 
reached and then the Percentage-Based Specified

[[Page 68588]]

Time Period is reset. The System will send a Purge Notification Message 
\15\ to the Market Maker for all affected options when the threshold 
has been reached. Pursuant to this proposal, when the System removes 
quotes as a result of the Percentage-Based Threshold, the Market Maker 
will be required to send a re-entry indicator to re-enter the 
System.\16\ If a Market Maker requests the System to remove quotes in 
all options series in an underlying issue, the System will 
automatically reset the Percentage-Based Specified Time Period(s) and 
new Percentage-Based Specified Time Period(s) will commence for the 
Percentage-Based Threshold. With this proposal, when the System removes 
quotes as a result of the Percentage-Based Threshold, the Market Maker 
will be required to send a re-entry indicator to re-enter the System. 
The proposed rule text adds specificity to the manner in which the 
Market Maker re-enters the market after a trigger.
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    \15\ A message entitled ``Purge Notification Message'' is 
systemically sent to the BX Market Maker upon the removal of quotes 
due to the Percentage-Based Threshold. See proposed Chapter VI, 
Section 6(f)(iii).
    \16\ The re-entry indicator must be marked as such to cause the 
System to reset.
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Firm Quote
    The Exchange represents that its proposal operates consistently 
with the firm quote obligations of a broker-dealer pursuant to Rule 602 
of Regulation NMS.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \17\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \18\ 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 enhancing the risk protections available to Exchange 
members. Each of the proposed amendments do not raise a novel 
regulatory issue, rather these proposed amendments provide for 
operational transparency.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
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    The proposed rule text continues to offer BX Market Makers a risk 
protection tool, in addition to other available risk tools,\19\ to 
decrease risk and increase stability. The Exchange offers this risk 
tool to BX Market Makers, in order to encourage them to provide as much 
liquidity as possible and encourage market making generally, the 
proposal removes impediments to and perfects the mechanism of a free 
and open market and a national market system and protect investors and 
the public interest. Further, it is important to note that any interest 
that is executable against a BX Market Maker's quotes that are received 
\20\ by the Exchange prior to the trigger of the Percentage-Based 
Threshold, which is processed by the System, automatically executes at 
the price up to the Market Maker's size. Further, the Purge 
Notification Message is accepted by the System in the order of receipt 
in the queue and is processed in that order so that interest that is 
already accepted into the System is processed prior to the message.
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    \19\ See note 5.
    \20\ The time of receipt for an order or quote is the time such 
message is processed by the Exchange book.
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Offering the Risk Tool to Market Makers
    The Exchange believes that offering the risk tool to BX Market 
Makers as compared to all Participants is just and equitable because 
quoting across many series in an option creates the possibility of 
``rapid fire'' executions that can create large, unintended principal 
positions that expose BX Market Makers, who are required to 
continuously quote in assigned options, to potentially significant 
market risk. The Percentage-Based Threshold permits BX Market Makers to 
monitor risk arising from multiple executions across multiple options 
series of a single underlying security. Other BX Participants do not 
bear the burden of the risk and do not have the obligations that BX 
Market Makers are obligated by rule to comply with on a continuous 
basis.\21\ Also, BX Market Makers are the only participants that 
utilize the risk tool today and therefore no other market participant 
is being denied access to a tool as they never had the ability to 
utilize the risk tool because only SQF quotes are impacted.
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    \21\ See note 3.
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Counting Program
    The Exchange's amendment to the operation of the counting program 
to describe that it operates on rolling basis, with a time window after 
each transaction, not singular and sequential time segments is 
consistent with the Act because the purpose of the risk tool is to 
provide BX Market Makers with the ability to monitor its transactions. 
The proposed counting program provides a tracking method for BX Market 
Makers related to the specified time period. The System captures 
information to determine whether a removal of quotes is necessary. The 
proposed function of this counting program will enable the Exchange to 
provide the BX Market Maker with information relative to that BX Market 
Maker's interest currently at risk in the market.
Rounding
    The Exchange's amendment which states that if the Issue Percentage, 
rounded to the nearest integer, equals or exceeds the Specified 
Percentage, the System automatically removes a Market Maker's quotes in 
all series of an underlying security is consistent with the Act because 
investors will be protected by providing BX Market Makers with a risk 
tool which allows BX Market Makers to properly set their risk 
protections at a level that they are able to meet their obligations and 
also manage their risk. This specificity provides more detail so that 
BX Market Makers may properly set their risk controls. Understanding 
the manner in which the System will round is important in determining 
when the System will trigger a risk control. Also, today, BX discusses 
rounding in its Rulebook.\22\ Rounding to the nearest integer is not 
novel.
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    \22\ See BX Rules at Chapter VII, Section 5 regarding Market 
Maker allocations.
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Reset
    The Exchange's proposal to amend the rule text related to resets 
provides guidance to BX Market Makers as to the manner in which they 
may re-enter the System after a removal of quotes. This amendment is 
consistent with the Act because the Exchange desires to provide BX 
Market Makers with access to the market at all times. BX Market Makers 
perform an important function in the marketplace and the Exchange 
desires to provide its market participants with access to the market. 
If the Market Maker is removed from the market due to a trigger of the 
Percentage-Based risk tool, the Exchange will permit re-entry to the 
market provided the Market Maker sends a re-entry indicator to re-enter 
the System. This is important because it informs the Exchange that the 
Market Maker is ready to re-enter the market. Also, the Exchange 
currently has risk mechanisms in place which provide guidance as to the 
manner in which a Market Maker may re-enter the System after a removal 
of quotes.\23\
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    \23\ See BX Chapter VI, Section 6(f)(vi).
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Quoting Obligations--Market Makers
    The Exchange further represents that the System operates 
consistently with the firm quote obligations of a broker-

[[Page 68589]]

dealer pursuant to Rule 602 of Regulation NMS. Specifically, with 
respect to BX Market Makers, their obligation to provide continuous 
two-sided quotes on a daily basis is not diminished by the removal of 
such quotes by the Percentage-Based Threshold. BX Market Makers are 
required to provide continuous two-sided quotes on a daily basis.\24\ 
BX Market Makers that utilize the Percentage-Based Threshold will not 
be relieved of the obligation to provide continuous two-sided quotes on 
a daily basis, nor will it prohibit the Exchange from taking 
disciplinary action against a Market Maker for failing to meet the 
continuous quoting obligation each trading day.
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    \24\ See note 3.
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    Finally, the Exchange believes that its proposal to provide BX 
Market Makers the optionality to either select the Percentage-Based 
Threshold or Volume-Based Threshold as one of their risk tools will 
also protect investors and is consistent with the Act. Today, BX Market 
Makers are required to utilize the Percentage-Based Threshold. With 
this proposal, BX Market Makers will have the ability to select their 
mandatory risk as between the Percentage-Based Threshold or Volume-
Based Threshold.

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 Percentage-Based Threshold 
is meant to protect BX Market Makers from inadvertent exposure to 
excessive risk. Accordingly, this proposal will have no impact on 
competition. Specifically, the proposal does not impose a burden on 
intra-market or inter-market competition, rather, it provides BX Market 
Makers with the opportunity to avail themselves of similar risk tools 
which are currently available on other exchanges.\25\ BX Market Makers 
quote across many series in an option creates the possibility of 
``rapid fire'' executions that can create large, unintended principal 
positions that expose BX Market Makers. The Percentage-Based Threshold 
permits BX Market Makers to monitor risk arising from multiple 
executions across multiple options series of a single underlying 
security.
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    \25\ See Section 8 of the 19b-4.
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    The Exchange is proposing this rule change to continue to permit BX 
Market Makers to reduce their risk in the event the Market Maker is 
suffering from a system issue or due to the occurrence of unusual or 
unexpected market activity. Reducing such risk will enable BX Market 
Makers to enter quotations without any fear of inadvertent exposure to 
excessive risk, which in turn will benefit investors through increased 
liquidity for the execution of their orders. Such increased liquidity 
benefits investors because they receive better prices and because it 
lowers volatility in the options market. Reducing risk by utilizing the 
proposed risk protections enables BX Market Makers, specifically, to 
enter quotations with larger size, which in turn will benefit investors 
through increased liquidity for the execution of their orders. Such 
increased liquidity benefits investors because they receive better 
prices and because it lowers volatility in the options market.
Offering the Risk Tool to Market Makers
    The Exchange believes that offering the risk tool to BX Market 
Makers as compared to all Participants does not create an undue burden 
on competition because other BX Participants do not bear the burden of 
the risk and do not have the obligations that BX Market Makers are 
obligated by rule to comply with on a continuous basis.\26\ Also, BX 
Market Makers are the only participants that utilize the risk tool 
today and therefore no other market participant is being denied access 
to a tool as they never had the ability to utilize the risk tool 
because only SQF quotes are impacted.
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    \26\ See note 3.
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Counting Program
    The Exchange's amendment to the operation of the counting program 
to describe that it operates on rolling basis, with a time window after 
each transaction, not singular and sequential time segments does not 
create an undue burden on competition, rather, it provides the Market 
Maker with clarity as to the manner in which the System counts quotes 
and thereby provides BX Market Makers with an increased ability to 
monitor transactions.
Rounding
    The Exchange's amendment to add that if the Issue Percentage, 
rounded to the nearest integer, equals or exceeds the Specified 
Percentage, the System automatically removes a Market Maker's quotes in 
all series of an underlying security does not create an undue burden on 
competition because this amendment also provides the Market Maker with 
clarity as to the manner in which the System will remove quotes and 
thereby provides BX Market Makers with an increased ability to monitor 
transactions and set risk limits.
Reset
    The amendment to the rule text concerning resetting does not create 
an undue burden on competition. The Exchange proposes to amend the 
manner in which a Market Maker may re-enter the System after a removal 
of quotes. This amendment provides information to BX Market Makers as 
to the procedure to re-enter the System after a trigger. This 
information is intended to provide BX Market Makers with access to the 
market.

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 \27\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\28\
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    \27\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \28\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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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    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act.

[[Page 68590]]

Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-BX-2015-060 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-BX-2015-060. 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 Web site (http://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 Web site 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; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-BX-2015-060 and should be 
submitted on or before November 27, 2015.
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    \29\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-28144 Filed 11-4-15; 8:45 am]
 BILLING CODE 8011-01-P


