[Federal Register Volume 85, Number 158 (Friday, August 14, 2020)]
[Notices]
[Pages 49693-49696]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17754]



[[Page 49693]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89512; File No. SR-Phlx-2020-37]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 3316 
and Rule 3215 Commentary

August 10, 2020.
    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 July 31, 2020, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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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 Rule 3316 (PHLX Kill Switch) and 
Rule 3215 (Exchange Sharing of PSX Participant Risk Settings) 
Commentary to provide PSX Participants with additional optional 
settings and to make certain technical changes.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/phlx/rules, 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 proposed rule changes under PSX Rule 3316 (PHLX 
Kill Switch) and Rule 3215 (Exchange Sharing of PSX Participant Risk 
Settings) Commentary is to provide PSX Participants with additional 
optional settings in order to assist them in their efforts to manage 
their risk levels and to make certain technical changes. Once the 
optional risk controls are set, the Exchange is authorized to take 
automated action if a designated risk level for a PSX Participant is 
exceeded. Such risk settings would provide PSX Participants with 
enhanced abilities to manage their risk with respect to orders on the 
Exchange.
    The proposed pre-trade risk controls described below are meant to 
supplement, and not replace, the PSX Participant's own internal 
systems, monitoring and procedures related to risk management. For 
clarification, the Exchange does not guarantee that these controls will 
be sufficiently comprehensive to meet all of a PSX Participant's needs, 
nor are the controls designed to be the sole means of risk management, 
and using these controls will not necessarily meet a PSX Participant's 
obligations required by Exchange or federal rules (including, without 
limitation, the Rule 15c3-5 under the Act \3\ (``Rule 15c3-5'')). Use 
of the Exchange's Kill Switch or proposed risk setting in Rule 3215 
(Exchange Sharing of Risk Settings) Commentary (h) will not 
automatically constitute compliance with Exchange or federal rules and 
responsibility for compliance with all Exchange and SEC rules remains 
with the PSX Participant.\4\
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    \3\ 17 CFR 240.15c3-5.
    \4\ See Division of Trading and Markets, Responses to Frequently 
Asked Questions Concerning Risk Management Controls for Brokers or 
Dealers with Market Access, available at https://www.sec.gov/divisions/marketreg/faq-15c-5-risk-management-controls-bd.htm.
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    Rule 3316(a) provides the definition of the PHLX Kill Switch, which 
is an optional tool offered at no charge that enables PSX Participants 
to establish a pre-determined level of Net Notional Risk Exposure 
(``NNRE''), to receive notifications as the value of executed orders 
approaches the NNRE level, and to have order entry ports disabled and 
open orders administratively cancelled when the value of executed 
orders exceeds the NNRE level. Most order entry ports are assigned to 
one MPID. In the event that multiple MPIDs are assigned to one port, 
only the affected MPID is disabled from the port. The NNRE, although 
not explicitly defined,\5\ accounts for the daily dollar amount for buy 
and sell orders across all symbols, where both buy and sell orders are 
counted as positive values. For purpose of calculating NNRE, only 
executed orders are included.
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    \5\ The Exchange is not changing the NNRE functionality under 
the proposed amendment. Rather, it is being renamed as the Gross 
Executed Risk Exposure.
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    The Exchange is renaming the NNRE by proposing to remove references 
to ``Net Notional Risk Exposure'' and to replace them with ``Gross 
Executed Risk Exposure''. This risk level refers to a pre-established 
maximum daily dollar amount for buy and sell orders across all symbols, 
where both buy and sell orders are counted as positive values. For 
purposes of calculating Gross Executed Risk Exposure, only executed 
orders are included. The Exchange is not changing the NNRE calculation 
under the proposed amendment. Rather, it will be renamed as the Gross 
Executed Risk Exposure. This risk setting is identical to Nasdaq Stock 
Market LLC (``Nasdaq'') Rule 6130(a)(1) and similar to Cboe BZX 
Exchange, Inc.'s (``BZX'') Interpretations and Policies .03(a)(1) of 
BZX Rule 11.13.
    The Exchange is also proposing to add an additional risk setting 
titled ``Gross Notional Risk Exposure,'' which refers to a pre-
established maximum daily dollar amount for buy and sell orders across 
all symbols, where both buy and sell orders are counted as positive 
values. For purposes of calculating Gross Notional Risk Exposure, 
unexecuted orders on the Exchange book and executed orders are 
included. This setting is identical to Nasdaq Rule 6130(a)(2) and 
similar to Interpretations and Policies .03(a)(2) of BZX Rule 11.13, 
except BZX excludes unexecuted orders and counts purchases as positive 
values and sales are counted negative values. Additionally, the 
Exchange's rule is similar to New York Stock Exchange LLC (``NYSE'') 
Rule 7.19(a)(5) and NYSE Arca, Inc. (``Arca'') Rule 7.19-E(a)(5), 
except NYSE and Arca include orders routed on arrival. While the 
current functionality would continue to be available, this additional 
proposed risk setting would allow a PSX Participant to manage its risk 
more comprehensively, instead of relying solely on the NNRE 
functionality offered today.
    The Exchange also proposes to make a conforming change to Rule 
3316(b) by removing ``Net Notional Risk Exposure'' and replacing it 
with ``Establishing and Adjusting Levels.'' The Exchange is also 
proposing to specify that a PSX

[[Page 49694]]

Participant's clearing member, as discussed below, may set the risk 
levels for each MPID individually. This action is identical to Nasdaq 
Rule 6130(b) and similar to Interpretations and Policies .03(b)(1) of 
BZX Rule 11.13 and NYSE Rule 7.19(b)(3)(B) and Arca Rule 7.19-
E(b)(3)(B), except unlike NYSE and Arca, the Exchange does not allow 
for setting risk levels at the sub-ID of an MPID. Additionally, the 
proposal allows for the clearing member, in addition to the PSX 
Participant, to set and adjust the values before the beginning of a 
trading day as well as set and adjust them during the trading day. This 
is identical to Nasdaq Rule 6130(b) and similar to Interpretations and 
Policies .03(b) of BZX Rule 11.13, NYSE Rule 7.19(b)(3)(A) and Arca 
Rule 7.19-E(b)(3)(A).
    The Exchange is proposing under Rule 3316(c) to allow clearing 
members, if designated pursuant to Rule 3316(d), to receive 
notifications when the total value of executed orders, and if 
applicable, unexecuted orders associated with an MPID exceeds 50, 75, 
85, 90, and 95 percent of the applicable risk level values. This rule 
is identical to Nasdaq Rule 6130(c) and similar to Interpretations and 
Policies .03(d) of BZX Rule 11.13, NYSE Rule 7.19(b)(4), and Arca Rule 
7.19-E(b)(4).
    A clearing member guarantees transactions executed on PSX for PSX 
Participants with whom it has entered into a clearing arrangement, and 
therefore bears the risk associated with those transactions. Because 
clearing members bear the risk on behalf of their PSX Participant, the 
Exchange believes that it is appropriate for the clearing member to 
have knowledge of what risk settings the PSX Participant may utilize 
within the Exchange's trading system, as well as the option to set and 
adjust the risk levels. The proposal will permit clearing members who 
have a financial interest in the risk settings of PSX Participants with 
whom the PSX Participants have entered into clearing arrangements to 
better monitor and manage the potential risks assumed by clearing 
members, thereby providing clearing members with greater control and 
flexibility over setting their own risk tolerance and exposure and 
aiding clearing members in complying with the Act. Therefore, the 
Exchange proposes to make the proposed optional risk settings in Phlx 
Rule 3316 available to clearing members, if so authorized by the PSX 
Participant.
    Proposed Rule 3316(d) would allow for a PSX Participant that does 
not self-clear to allocate responsibility for establishing and 
adjusting the risk levels to a clearing member that clears transactions 
on behalf of the PSX Participant. A PSX Participant may request to sign 
up for the Kill Switch optional setting by contacting Nasdaq Subscriber 
Services or by completing a Front End Request form.\6\ In order to 
allocate responsibility to a clearing member, a PSX Participant must 
provide the Exchange with authorization, either by providing Nasdaq 
Subscriber Services with written authorization or by requesting the 
appropriate user role and permission for the clearing member via the 
Front End Request form. The PSX Participant may adjust the user role 
and permissions at any time. If a PSX Participant chooses to designate 
responsibility to its clearing member, the PSX Participant may view any 
risk levels established by the clearing member pursuant to proposed 
Rule 3316(d). Additionally, by allocating responsibility to its 
clearing member, the PSX Participant consents to the Exchange taking 
action as provided for in proposed Rule 3316(e). Even if a clearing 
member is designated, a PSX Participant will continue to be notified by 
the Exchange of any action taken regarding its trading activity. By 
allowing PSX Participants to allocate the responsibility for 
establishing and adjusting such risk settings to its clearing member, 
the Exchange believes clearing members may reduce potential risks that 
they assume when clearing for members of the Exchange. A member may 
revoke responsibility allocated to its clearing member at any time by 
following the same process described above that is used to grant the 
clearing member authorization.
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    \6\ The Front End Request form is available at https://www.nasdaqtrader.com/EASP/TraderEASP.aspx?id=FrontEndForm.
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    Nasdaq, BZX, NYSE and Arca also provide similar designations to its 
clearing members pursuant to Nasdaq Rule 6130(d), Interpretations and 
Policies .03(c) of BZX Rule 11.13, NYSE Rule 7.19(b)(2), and Arca Rule 
7.19-E(b)(2). However, unlike NYSE and Arca, the Exchange does not 
allow for multiple risk level values to be in place at one time.
    The Exchange also proposes to renumber current Rule 3316(d) as Rule 
3316(e) and retitle it to more accurately describe the provision by 
removing ``Operation'' and replacing it with ``Breach Action and 
Reinstatement.'' Additionally, the Exchange is proposing to clarify 
that when a pre-established risk level is breached and the Kill Switch 
is triggered, it shall result in the immediate cancellation of all 
unexecuted orders of any type or duration entered by the PSX 
Participant via the affected MPID, and in the immediate prevention of 
order entry of any type via affected MPID. The PSX Participant or the 
clearing member, if designated pursuant to paragraph (d), must request 
reactivation of the MPID before trading will be reauthorized.
    Additionally, the Exchange refers to ``member'' throughout Rule 
3316. The term ``PSX Participant'' more accurately refers to the entity 
\7\ that would utilize the Kill Switch and therefore, the term 
``member'' was used in error. The Exchange is proposing to make a 
technical change to correct the reference to ``member'' by replacing it 
with ``PSX Participant.'' Therefore, the Exchange will refer to 
``member'' as ``PSX Participant'' throughout this discussion.
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    \7\ Pursuant to PSX Rule 3301(c), a ``PSX Participant'' is 
defined as an entity that fulfills the obligations contained in Rule 
3211 regarding participation in the System, and shall include: (1) 
``Equities ECNs,'' which are member organizations that meet all of 
the requirements of Rule 3223, and that participate in the System 
with respect to one or more System Securities; (2) ``PSX Market 
Makers'' or ``Market Makers'', member organizations that are 
registered as PSX Market Makers for purposes of participation in the 
System on a fully automated basis with respect to one or more System 
securities; and (3) ``Order Entry Firms,'' which are member 
organizations that are registered for the purposes of entering 
orders in System Securities into the System. This term shall also 
include any Electronic Communications Network or Alternative Trading 
System (as such terms are defined in Regulation NMS) that fails to 
meet all the requirements of Rule 3223.
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    As a reminder, pursuant to current Rule 3215, the Exchange will 
continue to share any PSX Participant risk settings in the trading 
system that are specified in the Rule 3215 Commentary and Rule 3316 
with the clearing member that clears transactions on behalf of the 
member even if the clearing member is not designated. Under current 
Rule 3215 Commentary, the Exchange offers certain risk settings 
applicable to a PSX Participant on the Exchange. Proposed Rule 3215 
Commentary (h) would allow for a PSX Participant to limit the maximum 
dollar amount that the PSX Participant may associate with an order 
placed on the Exchange. This risk setting is identical to Nasdaq Rule 
IM-6200-1(h) and similar to the risk control provided by NYSE pursuant 
to Rule 7.19(a)(3) and Arca pursuant to Rule 7.19-E(a)(3). When the 
Maximum Single Order Notional Check is enabled, if a PSX Participant 
breaches this risk setting, the single order will be rejected by the 
system. The action taken is identical to Nasdaq Rule IM-6200-1(h) and 
similar to NYSE Rule 7.19(c)(2) and Arca Rule 7.19-E(c)(2).
    The Exchange is also proposing to make the following non-
substantive conforming changes:

[[Page 49695]]

     Remove the term ``open orders'' and replace with 
``unexecuted orders''.
     Remove all references to the acronym ``NNRE'' throughout 
the rule in conjunction with the removal of the reference to ``Net 
Notional Risk Exposure.''
     Renumber Rule 3215 Commentary to conform to the addition 
of proposed Rule 3215 Commentary (h).
    The Exchange will announce the implementation date of the proposed 
rule change in a Trader Alert to be published no later than 60 days 
following the effective date. The implementation date will be no later 
than 90 days following the effective date.\8\
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    \8\ The Exchange will implement the Net Notional Risk Exposure 
and the Gross Notional Risk Exposure risk settings as soon as 
possible. The Maximum Single Order Notional Check will be 
implemented within 90 days following the effective date.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\9\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\10\ 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.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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    Specifically, the Exchange believes the proposed amendment will 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system because it provides functionality 
for a PSX Participant to manage its risk exposure under Rule 3316 and 
Rule 3215 Commentary, while also providing a notification system under 
Rule 3316(c) that would help to ensure the PSX Participant and a PSX 
Participant's clearing member are aware of developing issues. In 
addition, the proposed amendments to Rule 3316 would provide clearing 
members, who have assumed certain risks of PSX Participants, greater 
control over risk tolerance and exposure on behalf of their 
correspondent PSX Participant, while helping to ensure that both PSX 
Participant and a PSX Participant's clearing member are aware of 
developing issues.
    A clearing member guarantees transactions executed on PSX for PSX 
Participants with whom it has entered into a clearing arrangement, and 
therefore bears the risk associated with those transactions. The 
Exchange therefore believes that it is appropriate for the clearing 
member to have knowledge of what risk settings the PSX Participant may 
utilize within the Exchange's trading system, as well as the option to 
set and adjust the risk levels. The proposal will permit clearing 
members who have a financial interest in the risk settings of PSX 
Participants with whom the PSX Participants have entered into clearing 
arrangements to better monitor and manage the potential risks assumed 
by clearing members, thereby providing clearing members with greater 
control and flexibility over setting their own risk tolerance and 
exposure and aiding clearing members in complying with the Act.
    In addition, the Exchange believes that the proposed amendments 
under Rule 3316 and Rule 3215 Commentary are designed to protect 
investors and the public interest because the proposed functionalities 
are a form of risk mitigation that will aid PSX Participants and 
clearing members in minimizing their financial exposure and reduce the 
potential for disruptive, market-wide events. The proposed Gross 
Executed Risk Exposure and Gross Notional Risk Exposure settings are 
appropriate measures to serve as an additional tool for PSX 
Participants and clearing members to assist them in identifying risk 
exposure by identifying when the PSX Participant is reaching its 
maximum dollar amount for purchases and sales across all symbols. The 
Exchange also believes the proposed amendments will assist PSX 
Participants and clearing members in managing their financial exposure 
which, in turn, could enhance the integrity of trading on the 
securities markets and help to assure the stability of the financial 
system. Moreover, a PSX Participant may revoke responsibility allocated 
to its clearing member at any time.
    Further, the Exchange believes that the proposed amendments under 
Rule 3316 and Rule 3215 Commentary (h) will foster cooperation and 
coordination with persons facilitating transactions in securities 
because under Rule 3316(c), the Exchange will provide alerts when a PSX 
Participant's trading activity reaches certain thresholds and under 
Rule 3215 Commentary (h), the Exchange will limit the PSX Participant's 
maximum dollar amount placed on an order. As such, the Exchange may 
help clearing members monitor the risk levels of corresponding PSX 
Participants.
    Additionally, the proposed change to replace the term ``member'' 
with PSX Participant in Rule 3316 will provide greater clarity to the 
public regarding the Exchange's optional risk control rules and it is 
in the public interest for the rules to be accurate as to eliminate 
potential confusion.
    Finally, the Exchange believes that the proposed rule changes do 
not unfairly discriminate among PSX Participants because use of the 
risk settings under Rule 3316 and Rule 3215 Commentary (h) are optional 
and available to all PSX Participants, and not a prerequisite for 
participation on the Exchange. In addition, because all orders on the 
Exchange would pass through the risk checks, there would be no 
difference in the latency experienced by PSX Participants who have 
opted to use the risk settings versus those who have not opted to use 
them.\11\
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    \11\ All Exchange orders pass through a basic risk check 
regardless of whether a PSX Participant opts into a risk setting.
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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. In fact, the Exchange believes 
that the proposal will have a positive effect on competition because, 
it would allow the Exchange to offer risk management functionality that 
is comparable to functionality being offered by other national 
securities exchanges.\12\ Moreover, by providing PSX Participants and 
their clearing members additional means to monitor and control risk, 
the proposed rule may increase confidence in the proper functioning of 
the markets and contribute to additional competition among trading 
venues and broker-dealers. Rather than impede competition, the proposal 
is designed to facilitate more robust risk management by PSX 
Participants and clearing members, which, in turn, could enhance the 
integrity of trading on the securities markets and help to assure the 
stability of the financial system.
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    \12\ See Securities Exchange Act Release Nos. 89225 (July 6, 
2020) 85 FR 41650 (July 10, 2020) (SR-NASDAQ-2020-034); 88904 (May 
19, 2020) 85 FR 31560 (May 26, 2020) (SR-NYSEArca-2020-43); 88776 
(April 29, 2020) 85 FR 26768 (May 5, 2020) (SR-NYSE-2020-17) 
(Approval Order); 88599 (April 8, 2020) 85 FR 20793 (April 14, 2020) 
(SR-CboeBZX-2020-006) (Approval Order).
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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.

[[Page 49696]]

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 \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 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 \15\ normally does not become operative for 30 days from the date 
of filing. However, Rule 19b-4(f)(6)(iii) \16\ 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 asked 
the Commission to waive the 30-day operative delay. The Commission 
notes that the Exchange plans to implement the Gross Executed Risk 
Exposure and the Gross Notional Risk Exposure risk settings as soon as 
possible.\17\ The Commission believes that waiver of the operative 
delay would allow the Exchange to provide PSX Participants and their 
clearing members expeditiously with additional optional settings to 
manage their risk levels. 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 waives the 30-day 
operative delay and designates the proposed rule change operative upon 
filing.\18\
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    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ According to the Exchange, the Maximum Single Order 
Notional Check will be implemented within 90 days following the 
effective date.
    \18\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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:

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-Phlx-2020-37 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-2020-37. 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 (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 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-2020-37 and should be submitted on 
or before September 4, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-17754 Filed 8-13-20; 8:45 am]
BILLING CODE 8011-01-P


