[Federal Register Volume 85, Number 142 (Thursday, July 23, 2020)]
[Notices]
[Pages 44552-44556]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15910]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89338; File No. SR-NYSEAMER-2020-55]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Modify the
NYSE American Options Fee Schedule
July 17, 2020.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on July 10, 2020, NYSE American LLC (``NYSE American'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 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 modify the NYSE American Options Fee
Schedule (``Fee Schedule'') regarding certain limits or caps on
transactions fee and credits. The Exchange proposes to implement the
fee change effective July 10, 2020.\4\ 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.
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\4\ The Exchange originally filed to amend the Fee Schedule on
June 26, 2020, effective July 1, 2020 (SR-NYSEAMER-2020-48), and
withdrew such filing on July 10, 2020.
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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
[[Page 44553]]
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 purpose of this filing is to modify the Fee Schedule regarding
certain limits or caps on transactions fee and credits. The Exchange
proposes to implement the fee change effective July 10, 2020.
Background
On March 18, 2020, the Exchange announced that it would temporarily
close the Trading Floor, effective Monday, March 23, 2020, as a
precautionary measure to prevent the potential spread of COVID-19.
Following the temporary closure of the Trading Floor, the Exchange
modified certain fees for April and May 2020 and, after the Floor
partially reopened, the Exchange extended those changes through June
2020.\5\ The aforementioned changes--applicable April, May and June
2020 only--included (i) raising the Floor Broker QCC Cap from $425,000
to $625,000 and (ii) modifying the $1,000 daily Strategy Execution Cap
to allow the inclusion of reversal and conversion strategies executed
as QCCs in such Cap.
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\5\ See Securities Exchange Act Release Nos. 88595 (April 8,
2020), 85 FR 20737 (April 14, 2020) (SR-NYSEAMER-2020-25) (waiving
Floor-based fixed fees); 88594 (April 8, 2020), 85 FR 20799 (April
14, 2020) (SR-NYSEAMER-2020-26) (raising the regular FB QCC Rebate
Cap); 88682 (April 17, 2020), 85 FR 22772 (April 23, 2020) (SR-
NYSEAMER-2020-31) (including reversals and conversions in Strategy
Execution Fee Cap). See also Securities Exchange Act Release Nos.
88840 (May 8, 2020), 85 FR 28992 (May 14, 2020) (SR-NYSEAMER-2020-
37) (extending April 2020 fee changes through May 2020); and 89049
(June 11, 2020), 85 FR 36649 (June 17, 2020) (SR-NYSEAMER-2020-44)
(extending April and May fee changes through June 2020).
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The Exchange proposes to (i) indefinitely increase the Floor Broker
QCC Cap to from $425,000 to $525,000, and (ii) continue to allow
reversal and conversion strategies executed as QCCs to be included in
the Strategy Execution Cap.
Floor Broker QCC Cap
Currently, Floor Brokers earn a credit for executed QCC orders of
$0.07 per contact up to 300,000 contracts or $0.10 per contract above
300,000.\6\ The Exchange currently limits the maximum Floor Broker
credit to $425,000 per month per Floor Broker firm (the ``regular FB
QCC Cap''). As noted above, during the months of April through June,
when the Trading Floor was either temporarily closed or reopened with
limited capacity, the Exchange experienced a surge in QCC trades and
increased the regular FB QCC Cap up to $625,000 per month per Floor
Broker (the ``temporary FB QCC Cap'').\7\
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\6\ See Fee Schedule, Section I.F., QCC Fees & Credits, n. 1,
available here, https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf. QCC
executions in which a Customer or Professional Customer is on both
sides of the QCC trade are not eligible for the Floor Broker credit.
\7\ See id.
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The temporary FB QCC Cap increase, which expires at the end of
June, was designed to accommodate the unanticipated and unprecedented
Floor closure resulting from the COVID-19 pandemic. However, even with
the partial reopening of the Trading Floor, the Exchange has continued
to receive increased volumes of QCC trades. Accordingly, the Exchange
proposes to raise the regular FB QCC Cap of $425,000 to $525,000, which
reduces the temporary FB QCC Cap as the Floor is no longer closed, but
still increases the regular FB QCC Cap to accommodate the level of QCC
trading on the Exchange.\8\ This proposed change--to increase by
$100,000 the regular FB QCC Cap--is designed to continue to encourage
ATP Holders acting as Floor Brokers to execute QCCs on the Exchange,
particularly given the increase in QCC transactions on the Exchange
over the last several months. The Exchange believes that $525,000 is a
reasonable increase and remains competitive with similar incentives
offered on other options markets.\9\
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\8\ See proposed Fee Schedule, Section I.F., QCC Fees & Credits,
n. 1 (setting forth available credits to Floor Brokers and providing
that ``[t]he maximum Floor Broker credit paid shall not exceed
$525,000 per month per Floor Broker firm'' and deleting the
following, now obsolete, text: ``(the `Cap'), except that for the
months of April, May and June 2020, the Cap would be $625,000 per
Floor Broker firm'').
\9\ See, e.g., NASDAQ PHLX, Options 7 Pricing Schedule, Section
4. Multiply Listed Options Fees, QCC Rebate Schedule, available
here, http://nasdaqphlx.cchwallstreet.com/NASDAQPHLXTools/PlatformViewer.asp?selectednode=chp%5F1%5F1%5F3%5F1&manual=%2Fnasdaqomxphlx%2Fphlx%2Fphlx%2Dllcrules%2F (providing that ``[t]he maximum
QCC Rebate to be paid in a given month will not exceed $550,000'');
NASDAQ ISE, Options 7 Pricing Schedule, Section 6. Other Options
Fees and Rebates, A. QCC and Solicitation Rebate, available here,
http://ise.cchwallstreet.com/tools/PlatformViewer.asp?selectednode=chp_1_1_22&manual=/contents/ise/ise-rules/ (providing no cap on the maximum on the amount of QCC rebate
to be paid in a given month).
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Strategy Fee Execution Cap
Currently, the Exchange offers a $1,000 daily Strategy Execution
Cap (the ``Strategy Cap'') for certain strategy executions, including
(a) reversals and conversions, (b) box spreads, (c) short stock
interest spreads, (d) merger spreads, and (e) jelly rolls, which are
described in detail in the Fee Schedule (the ``Strategy
Executions'').\10\ Any qualifying Strategy Execution executed as a QCC
order is not eligible for this fee cap. As noted above, during the
months of April through June, when the Trading Floor was either
temporarily closed or reopened with limited capacity, in response to
the increase of reversals and conversions executed as QCCs (``RevCon
QCCs''), the Exchange modified the Fee Schedule to include RevCon QCCs
in the Strategy Cap (the ``temporary Strategy Cap'').
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\10\ See Fee Schedule, Section I.J. (Strategy Execution Fee
Cap), supra note 6.
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Although the temporary Strategy Cap expires at the end of June,
because of the continued increase use of RevCon QCCs, the Exchange
proposes to continue to allow the inclusion of RevCon QCCs in the
Strategy Cap, and will therefore remove language regarding the time
limitation.\11\ Absent this change, RevCon QCCs would no longer be
eligible for the Strategy Cap (but instead revert to being subject to
QCC Fees & Credits).\12\ Although the Floor has partially reopened and
open outcry is supported, the Exchange believes that the proposed
continued inclusion of RevCon QCCs in the Strategy Cap, which is
available to all ATP Holders, would encourage ATP Holders (including
those acting as Floor Brokers) to execute their RevCon QCC volume on
the Exchange, and to increase the number of such RevCon QCC
transactions. The Exchange believes that proposed change is a
reasonable increase and remains competitive with similar incentives
offered on other options markets.\13\
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\11\ See proposed Fee Schedule, Sections I.J., Strategy
Execution Fee Cap (including RevCon QCCs in the Strategy Cap) and
Section I.F., QCC Fees & Credits, n. 1 (providing that ``[t]he Floor
Broker credit will not apply to any QCC trades that are included in
the Strategy Cap (per Section I.J.)'').
\12\ See Fee Schedule, Section I.F., QCC Fees & Credits, supra
note 6.
\13\ See e.g., BOX Options Market LLC (``BOX'') fee schedule,
Section II.D (Strategy QOO Order Fee Cap and Rebate). BOX caps fees
for each participants at $1,000 for the following strategies
executed on the same trading day: Short stock interest, long stock
interest, merger, reversal, conversion, jelly roll, and box spread
strategies. BOX also caps participant fees at $1,000 for all
dividend strategies executed on the same trading day in the same
options class. BOX also offers a $500 rebate to floor brokers for
presenting certain Strategy QOO Orders on the BOX trading floor,
which is applied ``once the $1,000 fee cap, per customer, for all
dividend, short stock interest, long stock interest, merger,
reversal, conversion, jelly roll, and box spread strategies is
met.'' See id. The Exchange does not include dividend or long stock
interest strategies in the Strategy Cap, nor does the Exchange offer
a similar rebate.
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[[Page 44554]]
The Exchange cannot predict with certainty whether any Floor
Brokers would benefit from the proposed change to the FB QCC Cap;
however, the Exchange believes the proposal would encourage Floor
Brokers from diverting QCC order flow from the Exchange if and when
they hit the revised (and indefinitely increased) Cap. The Exchange
likewise cannot predict with certainty whether any ATP Holders would
benefit from the proposed Strategy Cap because, at present, whether or
when an ATP Holder qualifies for the Strategy Cap varies day-to-day,
month-to-month. That said, the Exchange believes that ATP Holders would
be encouraged to take advantage of the modified Strategy Cap. In
addition, the Exchange believes the proposed change is necessary to
prevent ATP Holders from diverting RevCon QCC order flow from the
Exchange to a more economical venue.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\14\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\15\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \16\
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\16\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
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There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than 16% of the market
share of executed volume of multiply-listed equity and ETF options
trades.\17\ Therefore, currently no exchange possesses significant
pricing power in the execution of multiply-listed equity & ETF options
order flow. More specifically, in June 2020, the Exchange had less than
10% market share of executed volume of multiply-listed equity & ETF
options trades.\18\
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\17\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: https://www.theocc.com/market-data/volume/default.jsp.
\18\ Based on OCC data, see id., the Exchange's market share in
equity-based options increased slightly from 8.20% for the month of
June 2019 to 8.32% for the month of June 2020.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. Stated otherwise, changes
to exchange transaction fees and credits can have a direct effect on
the ability of an exchange to compete for order flow. The proposed rule
change is a reasonable attempt by the Exchange to increase the depth of
its market and improve its market share relative to its competitors.
The Exchange's fees are constrained by intermarket competition, as ATP
Holders (including those who act as Floor Brokers) may direct their
order flow to any of the 16 options exchanges.
FB QCC Cap
This proposed modification of the regular FB QCC Cap is reasonable,
equitable, and not unfairly discriminatory because it would allow
Exchange incentives to operate as intended and continue to encourage
QCC volume. As noted above, the temporary FB QCC Cap increase (in
effect from April through June), was designed to accommodate the
unanticipated and unprecedented Floor closure resulting from the COVID-
19 pandemic. Given that the Exchange has continued to receive increased
volumes of QCC trades even with the partial reopening of the Floor, the
Exchange believes the proposed increase of the regular FB QCC Cap by
$100,000--from $425,000 to $525,000--is reasonable to accommodate the
level of QCC trading on the Exchange. In addition, this proposed change
is designed to continue to encourage ATP Holders acting as Floor
Brokers to execute QCCs on the Exchange, particularly given the
increase in QCC transactions on the Exchange over the last several
months. The Exchange believes that $525,000 is a reasonable increase
and remains competitive with similar incentives offered on other
options markets.\19\
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\19\ See supra note 9 (regarding NASDAQ PHLX's $550,000 monthly
cap on QCC rebate and NASDAQ ISE's lack of any such monthly cap of
QCC rebate).
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This proposed change--which increases indefinitely the maximum
available monthly credit for Floor Brokers executing QCCs--is designed
to incent Floor Brokers to increase their QCC volumes on the Exchange.
The Exchange notes that all market participants stand to benefit from
increased volume, which promotes market depth, facilitates tighter
spreads and enhances price discovery, and may lead to a corresponding
increase in order flow from other market participants.
To the extent that the proposed change attracts more QCC trades to
the Exchange, this increased order flow would continue to make the
Exchange a more competitive venue for order execution, which, in turn,
promotes just and equitable principles of trade and removes impediments
to and perfects the mechanism of a free and open market and a national
market system.
The Exchange cannot predict with certainty whether any Floor
Brokers would benefit from this proposed fee change. However, the
Exchange also believes the proposed change is necessary to prevent
Floor Brokers from diverting QCC order flow from the Exchange if and
when they hit the proposed regular FB QCC Cap.
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits and not unfairly discriminatory
because it is based on the amount and type of business transacted on
the Exchange and Floor Brokers can opt to avail themselves of the
modified regular FB QCC Cap (i.e., by executing more QCC transactions)
or not. The proposed change would incent Floor Brokers to attract
increased QCC order flow to the Exchange that might otherwise go to
other options exchanges.
The Exchange believes it is not unfairly discriminatory to modify
the maximum allowable credit on QCC transactions to Floor Brokers
because the proposed modification would be available to all similarly-
situated market participants (i.e., Floor Brokers) on an equal and non-
discriminatory basis.
Strategy Cap
This proposed modification to continue to allow the inclusion of
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RevCon QCCs in the $1,000 daily Strategy Cap (and remove the month-to-
month time limitation) is reasonable, equitable, and not unfairly
discriminatory because it would (continue to) encourage ATP Holders to
execute their RevCon QCC volume on the Exchange. Further, the proposal
is designed to encourage ATP Holders to aggregate all Strategy
Executions--particularly RevCon QCCs--at the Exchange as a primary
execution venue. To the extent that the proposed change attracts more
Strategy Executions (including to the Exchange Trading Floor), this
increased order flow would continue to make the Exchange a more
competitive venue for order execution, which, in turn, promotes just
and equitable principles of trade and removes impediments to and
perfects the mechanism of a free and open market and a national market
system. Thus, the Exchange believes the proposed rule change would
improve market quality for all market participants on the Exchange and,
as a consequence, attract more order flow to the Exchange thereby
improving market-wide quality and price discovery.
The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits and not unfairly discriminatory
because it is based on the amount and type of business transacted on
the Exchange and ATP Holders can opt to avail themselves of the
modified Strategy Cap (i.e., by executing more RevCon QCC transactions)
or not. In addition, the proposal caps fees on all similar
transactions, regardless of size and similarly-situated ATP Holders can
opt to try to achieve the modified Strategy Cap. The proposal is
designed to encourage ATP Holders to send all Strategy Executions to
the Exchange regardless of size or type.
The Exchange believes the Strategy Cap, as modified, it is not
unfairly discriminatory because the proposed change would be available
to all similarly-situated market participants on an equal and non-
discriminatory basis.
Further, to the extent the proposed change continues to attract
greater volume and liquidity (to the Floor or otherwise), the Exchange
believes the proposed change would improve the Exchange's overall
competitiveness and strengthen its market quality for all market
participants. In the backdrop of the competitive environment in which
the Exchange operates, the proposed rule change is a reasonable attempt
by the Exchange to increase the depth of its market and improve its
market share relative to its competitors. The Exchange's fees are
constrained by intermarket competition, as ATP Holders may direct their
order flow to any of the 16 options exchanges, including those with
similar Strategy Fee Caps.\20\ Thus, ATP Holders have a choice of where
they direct their order flow--including their Strategy Executions. The
proposed rule change is designed to incent ATP Holders to direct
liquidity to the Exchange--in particular RevCon QCCs, thereby promoting
market depth, price discovery and improvement and enhancing order
execution opportunities for market participants.
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\20\ See supra note 13 (regarding BOX's Strategy QOO Order Fee
Cap and Rebate).
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The Exchange cannot predict with certainty whether any ATP Holders
would benefit from this proposed fee change. At present, whether or
when an ATP Holder qualifies for the Strategy Cap varies day-to-day,
month-to-month. That said, the Exchange believes that ATP Holders would
be encouraged to take advantage of the modified Cap. In addition, the
Exchange believes the proposed change is necessary to prevent ATP
Holders from diverting RevCon QCC order flow from the Exchange to a
more economical venue.
Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange believes that the proposed changes
would encourage the continued participation of affected ATP Holders,
thereby promoting market depth, price discovery and transparency and
enhancing order execution opportunities for all market participants. As
a result, the Exchange believes that the proposed change furthers the
Commission's goal in adopting Regulation NMS of fostering integrated
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \21\
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\21\ See Reg NMS Adopting Release, supra note 16, at 37499.
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Intramarket Competition. The proposed fee changes are designed to
attract additional order flow (particularly Floor Broker executed QCCs
and RevCon QCCs) to the Exchange. The Exchange believes that the
proposal would incent market participants to direct their volume to the
Exchange. Greater liquidity benefits all market participants on the
Exchange and increased Floor Broker executed QCCs and RevCon QCCs would
increase opportunities for execution of other trading interest. The
proposed Strategy Cap would be available to all similarly-situated
market participants that incur transaction fees or credits on QCCs or
Strategy Executions, and, as such, the proposed change would not impose
a disparate burden on competition among market participants on the
Exchange.
Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. Based on publicly-
available information, and excluding index-based options, no single
exchange currently has more than 16% of the market share of executed
volume of multiply-listed equity and ETF options trades.\22\ Therefore,
currently no exchange possesses significant pricing power in the
execution of multiply-listed equity & ETF options order flow. More
specifically, in June 2020, the Exchange had less than 10% market share
of executed volume of multiply-listed equity & ETF options trades.\23\
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\22\ See supra note 17.
\23\ Based on OCC data, supra note 18, the Exchange's market
share in equity-based options was 8.20% for the month of June 2019
and 8.32% for the month of June 2020.
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The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to be competitive with other options markets and to
encourage ATP Holders to direct trading interest (particularly QCCs and
RevCon QCCs) to the Exchange, to provide liquidity and to attract order
flow. To the extent that this purpose is achieved, all the Exchange's
market participants should benefit from the improved market quality and
increased opportunities for price improvement.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
[[Page 44556]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \24\ of the Act and paragraph (f)(2) of Rule 19b-4
\25\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \26\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\26\ 15 U.S.C. 78s(b)(2)(B).
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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 [email protected]. Please include
File Number SR-NYSEAMER-2020-55 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-NYSEAMER-2020-55. 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-NYSEAMER-2020-55, and should be
submitted on or before August 13, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-15910 Filed 7-22-20; 8:45 am]
BILLING CODE 8011-01-P