82 FR 32415 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the SPY Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 133 (July 13, 2017)

Page Range		32415-32417
FR Document		2017-14662
Federal Register, Volume 82 Issue 133 (Thursday, July 13, 2017)
[Federal Register Volume 82, Number 133 (Thursday, July 13, 2017)]
[Notices]
[Pages 32415-32417]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-14662]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81093; File No. SR-BX-2017-030]


Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Extend the SPY 
Pilot Program

July 7, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on June 29, 2017, NASDAQ BX, Inc. (``BX'' 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 the 
Substance of the Proposed Rule Change

    The Exchange proposes to extend for another twelve (12) month time 
period the pilot program to eliminate position limits for options on 
the SPDR[supreg] S&P 500[supreg] exchange-traded fund (``SPY ETF'' or 
``SPY''),\3\ which list and trade under the symbol SPY (``SPY Pilot 
Program'').
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    \3\ ``SPDR[supreg],'' ``Standard & Poor's[supreg],'' 
``S&P[supreg],'' ``S&P 500[supreg],'' and ``Standard & Poor's 500'' 
are registered trademarks of Standard & Poor's Financial Services 
LLC. The SPY ETF represents ownership in the SPDR S&P 500 Trust, a 
unit investment trust that generally corresponds to the price and 
yield performance of the SPDR S&P 500 Index.
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    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqbx.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 proposed rule change is to amend the 
Supplementary Material at the end of Chapter III, Section 7 (Position 
Limits) to extend the current pilot which expires on July 12, 2017 for 
an additional twelve (12) month time period to July 12, 2018 
(``Extended Pilot''). This filing does not propose any substantive 
changes to the SPY Pilot Program. In proposing to extend the SPY Pilot 
Program, the Exchange reaffirms its consideration of several factors 
that supported the original proposal of the SPY Pilot Program, 
including (1) the availability of economically equivalent products and 
their respective position limits; (2) the liquidity of the option and 
the underlying security; (3) the market capitalization of the 
underlying security and the related index; (4) the reporting of large 
positions and requirements surrounding margin; and (5) the potential 
for market on close volatility.
    With this proposal, the Exchange submits the SPY report to the 
Commission, which report reflects, during the time period from May 2016 
through May 2017, the trading of standardized SPY options with no 
position limits consistent with option exchange provisions.\4\ The 
report was prepared in the manner specified in the Exchange's prior 
rule filing extending the SPY Pilot Program.\5\ The Exchange notes that 
it is unaware of any problems created by the SPY Pilot Program and does 
not foresee any as a result of the proposed extension. The proposed 
extension will allow the Exchange and the Commission additional time to

[[Page 32416]]

further evaluate the pilot program and its effect on the market.
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    \4\ The report is attached as Exhibit 3 [sic].
    \5\ See Securities Exchange Act Release No. 78125 (June 22, 
2016), 81 FR 42009 (June 28, 2016) (SR-BX-2016-030).
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    As with the original proposal to establish the SPY Pilot Program, 
the Exchange represents that a SPY Pilot Report will be submitted at 
least thirty (30) days before the end of the Extended Pilot and would 
analyze that period. The Pilot Report will detail the size and 
different types of strategies employed with respect to positions 
established as a result of the elimination of position limits in SPY. 
In addition, the report will note whether any problems resulted due to 
the no limit approach and any other information that may be useful in 
evaluating the effectiveness of the Extended Pilot. The Pilot Report 
will compare the impact of the SPY Pilot Program, if any, on the 
volumes of SPY options and the volatility in the price of the 
underlying SPY shares, particularly at expiration during the Extended 
Pilot. In preparing the report the Exchange will utilize various data 
elements such as volume and open interest. In addition the Exchange 
will make available to Commission staff data elements relating to the 
effectiveness of the SPY Pilot Program. Conditional on the findings in 
the SPY Pilot Report, the Exchange will file with the Commission a 
proposal to extend the pilot program, adopt the pilot program on a 
permanent basis or terminate the pilot. If the SPY Pilot Program is not 
extended or adopted on a permanent basis by the expiration of the 
Extended Pilot, the position limits for SPY options would revert to 
limits in effect prior to the commencement of the SPY Pilot Program.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \7\ in particular, in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, 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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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change would be 
beneficial to market participants, including market makers, 
institutional investors and retail investors, by permitting them to 
establish greater positions when pursuing their investment goals and 
needs. The Exchange also believes that economically equivalent products 
should be treated in an equivalent manner so as to avoid regulatory 
arbitrage, especially with respect to position limits. Treating SPY and 
SPX options differently by virtue of imposing different position limits 
is inconsistent with the notion of promoting just and equitable 
principles of trade and removing impediments to perfect the mechanisms 
of a free and open market. At the same time, the Exchange believes that 
the elimination of position limits for SPY options would not increase 
market volatility or facilitate the ability to manipulate the market.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act. In this regard, the Exchange notes that the rule change is 
being proposed as a competitive response to similar filings that the 
Exchange expects to be filed by other options exchanges. The Exchange 
believes this proposed rule change is necessary to permit fair 
competition among the options exchanges and to establish uniform 
position limits for a multiply listed options class.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\8\
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    \8\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \9\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \10\ 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 so that 
the proposal may become operative immediately upon filing. The Exchange 
believes that waiver of the operative delay is consistent with the 
protection of investors and the public interest because it will allow 
the SPY Pilot Program to continue without interruption. The Commission 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest. Therefore, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\11\
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    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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 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 [email protected]. Please include 
File Number SR-BX-2017-030 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-2017-030. 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

[[Page 32417]]

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 such 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-2017-030, and should be 
submitted on or before August 3, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-14662 Filed 7-12-17; 8:45 am]
BILLING CODE 8011-01-P
32416 Federal Register / Vol. 82, No. 133 / Thursday, July 13, 2017 / Notices

further evaluate the pilot program and investment goals and needs. The filing. However, Rule 19b–4(f)(6)(iii) 10
its effect on the market. Exchange also believes that permits the Commission to designate a
As with the original proposal to economically equivalent products shorter time if such action is consistent
establish the SPY Pilot Program, the should be treated in an equivalent with the protection of investors and the
Exchange represents that a SPY Pilot manner so as to avoid regulatory public interest. The Exchange has asked
Report will be submitted at least thirty arbitrage, especially with respect to the Commission to waive the 30-day
(30) days before the end of the Extended position limits. Treating SPY and SPX operative delay so that the proposal may
Pilot and would analyze that period. options differently by virtue of imposing become operative immediately upon
The Pilot Report will detail the size and different position limits is inconsistent filing. The Exchange believes that
different types of strategies employed with the notion of promoting just and waiver of the operative delay is
with respect to positions established as equitable principles of trade and consistent with the protection of
a result of the elimination of position removing impediments to perfect the investors and the public interest
limits in SPY. In addition, the report mechanisms of a free and open market. because it will allow the SPY Pilot
will note whether any problems resulted At the same time, the Exchange believes Program to continue without
due to the no limit approach and any that the elimination of position limits interruption. The Commission believes
other information that may be useful in for SPY options would not increase that waiving the 30-day operative delay
evaluating the effectiveness of the market volatility or facilitate the ability is consistent with the protection of
Extended Pilot. The Pilot Report will to manipulate the market. investors and the public interest.
compare the impact of the SPY Pilot Therefore, the Commission hereby
Program, if any, on the volumes of SPY B. Self-Regulatory Organization’s
waives the operative delay and
options and the volatility in the price of Statement on Burden on Competition
designates the proposed rule change
the underlying SPY shares, particularly The proposed rule change does not operative upon filing.11
at expiration during the Extended Pilot. impose any burden on competition that At any time within 60 days of the
In preparing the report the Exchange is not necessary or appropriate in filing of the proposed rule change, the
will utilize various data elements such furtherance of the purposes of the Act. Commission summarily may
as volume and open interest. In addition In this regard, the Exchange notes that temporarily suspend such rule change if
the Exchange will make available to the rule change is being proposed as a it appears to the Commission that such
Commission staff data elements relating competitive response to similar filings action is necessary or appropriate in the
to the effectiveness of the SPY Pilot that the Exchange expects to be filed by public interest, for the protection of
Program. Conditional on the findings in other options exchanges. The Exchange investors, or otherwise in furtherance of
the SPY Pilot Report, the Exchange will believes this proposed rule change is the purposes of the Act. If the
file with the Commission a proposal to necessary to permit fair competition Commission takes such action, the
extend the pilot program, adopt the among the options exchanges and to Commission shall institute proceedings
pilot program on a permanent basis or establish uniform position limits for a to determine whether the proposed rule
terminate the pilot. If the SPY Pilot multiply listed options class. should be approved or disapproved.
Program is not extended or adopted on C. Self-Regulatory Organization’s IV. Solicitation of Comments
a permanent basis by the expiration of Statement on Comments on the
the Extended Pilot, the position limits Interested persons are invited to
Proposed Rule Change Received From submit written data, views, and
for SPY options would revert to limits Members, Participants, or Others
in effect prior to the commencement of arguments concerning the foregoing,
the SPY Pilot Program. No written comments were either including whether the proposed rule
solicited or received. change is consistent with the Act.
2. Statutory Basis Comments may be submitted by any of
III. Date of Effectiveness of the
The Exchange believes that its Proposed Rule Change and Timing for the following methods:
proposal is consistent with Section 6(b) Commission Action Electronic Comments
of the Act 6 in general, and furthers the
objectives of Section 6(b)(5) of the Act 7 Because the foregoing proposed rule • Use the Commission’s Internet
in particular, in that it is designed to change does not: (i) Significantly affect comment form (http://www.sec.gov/
prevent fraudulent and manipulative the protection of investors or the public rules/sro.shtml); or
acts and practices, to promote just and interest; (ii) impose any significant • Send an email to rule-comments@
equitable principles of trade, to foster burden on competition; and (iii) become sec.gov. Please include File Number SR–
operative for 30 days from the date on BX–2017–030 on the subject line.
cooperation and coordination with
which it was filed, or such shorter time
persons engaged in facilitating Paper Comments
as the Commission may designate, it has
transactions in securities, to remove • Send paper comments in triplicate
become effective pursuant to Section
impediments to and perfect the to Brent J. Fields, Secretary, Securities
19(b)(3)(A) of the Act and Rule 19b–
mechanism of a free and open market and Exchange Commission, 100 F Street
4(f)(6) thereunder.8
and a national market system and, in A proposed rule change filed NE., Washington, DC 20549–1090.
general, to protect investors and the pursuant to Rule 19b–4(f)(6) under the All submissions should refer to File
public interest. Act 9 normally does not become
The Exchange believes that the Number SR–BX–2017–030. This file
operative for 30 days after the date of its number should be included on the
proposed rule change would be
subject line if email is used. To help the
sradovich on DSK3GMQ082PROD with NOTICES

beneficial to market participants, 8 17 CFR 240.19b–4(f)(6). As required under Rule
including market makers, institutional Commission process and review your
19b–4(f)(6)(iii), the Exchange provided the
investors and retail investors, by Commission with written notice of its intent to file
comments more efficiently, please use
permitting them to establish greater the proposed rule change, along with a brief
description and the text of the proposed rule 10 17CFR 240.19b–4(f)(6)(iii).
positions when pursuing their change, at least five business days prior to the date 11 Forpurposes only of waiving the 30-day
of filing of the proposed rule change, or such operative delay, the Commission has considered the
6 15 U.S.C. 78f(b). shorter time as designated by the Commission. proposed rule’s impact on efficiency, competition,
7 15 U.S.C. 78f(b)(5). 9 17 CFR 240.19b–4(f)(6). and capital formation. See 15 U.S.C. 78c(f).

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Federal Register / Vol. 82, No. 133 / Thursday, July 13, 2017 / Notices 32417

only one method. The Commission will the proposed rule change as described (A) Clearing Agency’s Statement of the
post all comments on the Commission’s in Items I, II and III below, which Items Purpose of, and Statutory Basis for, the
Internet Web site (http://www.sec.gov/ have been prepared by the clearing Proposed Rule Change
rules/sro.shtml). Copies of the agency. DTC filed the proposed rule 1. Purpose
submission, all subsequent change pursuant to Section 19(b)(3)(A)
amendments, all written statements of the Act 3 and Rule 19b–4(f)(4) 4 Background
with respect to the proposed rule thereunder. The proposed rule change Memo Seg allows a Participant to
change that are filed with the was effective upon filing with the elect to protect a designated quantity of
Commission, and all written Commission. The Commission is Securities in a given CUSIP
communications relating to the publishing this notice to solicit (‘‘Designated Quantity’’) from
proposed rule change between the comments on the proposed rule change unintended intraday Delivery at DTC.8
Commission and any person, other than from interested persons. When a Participant uses Memo Seg, if
those that may be withheld from the the total quantity of Securities in its
public in accordance with the I. Clearing Agency’s Statement of the account in a given CUSIP as a result of
provisions of 5 U.S.C. 552, will be Terms of Substance of the Proposed processing the Delivery would be equal
available for Web site viewing and Rule Change to, or less than, the Designated Quantity,
printing in the Commission’s Public the Securities will not be Delivered,
Reference Room, 100 F Street NE., The proposed rule change would unless (a) the Participant elects to
Washington, DC 20549 on official revise the DTC Settlement Service reduce the Designated Quantity or (b)
business days between the hours of Guide (‘‘Service Guide’’) 5 to enhance the Designated Quantity is
10:00 a.m. and 3:00 p.m. Copies of such the Memo Segregation function (‘‘Memo automatically reduced as a result of the
filing also will be available for Seg’’) with respect to its use by a Participant executing certain
inspection and copying at the principal Participant 6 in connection with transactions (e.g., withdrawals-by-
office of the Exchange. All comments Deliveries processed at DTC for transfer, certificate-on-demand
received will be posted without change; transactions related to DRS,7 as withdrawals, and free Deliveries that are
the Commission does not edit personal discussed below. not identified as stock loan or stock loan
identifying information from returns).9 This allows for automated
submissions. You should submit only II. Clearing Agency’s Statement of the processing of Securities, reducing
information that you wish to make Purpose of, and Statutory Basis for, the manual entries of a Participant to
available publicly. All submissions Proposed Rule Change maintain a certain quantity of Securities
should refer to File Number SR–BX– in an Account.
2017–030, and should be submitted on In its filing with the Commission, the
or before August 3, 2017. clearing agency included statements Proposed Rule Change
concerning the purpose of and basis for
For the Commission, by the Division of 1. Proposal That Standing Instructions
the proposed rule change and discussed From a Receiving Participant Would
Trading and Markets, pursuant to delegated
authority.12 any comments it received on the Automatically Increase the Participant’s
Eduardo A. Aleman,
proposed rule change. The text of these Designated Quantity for Deliveries
statements may be examined at the Associated With DRS Transactions
Assistant Secretary.
places specified in Item IV below. The
[FR Doc. 2017–14662 Filed 7–12–17; 8:45 am]
clearing agency has prepared By providing standing instructions, a
BILLING CODE 8011–01–P
summaries, set forth in sections A, B, Receiving Participant may currently
and C below, of the most significant elect to have Deliveries of Securities for
certain types of transactions
SECURITIES AND EXCHANGE aspects of such statements.
automatically increase the Receiving
COMMISSION Participant’s Designated Quantity.10
3 15
U.S.C. 78s(b)(3)(A).
[Release No. 34–81099; File No. SR–DTC– 4 17
However, Securities transferred through
CFR 240.19b–4(f)(4).
2017–012] 5 Available at http://www.dtcc.com/∼/media/ DRS do not automatically increase the
Files/Downloads/legal/service-guides/ Receiving Participant’s Designated
Self-Regulatory Organizations; The Settlement.pdf. Each term not otherwise defined Amount. The Regulatory and Clearance
Depository Trust Company; Notice of herein has its respective meaning as set forth in the
Filing and Immediate Effectiveness of Rules, By-Laws and Organization Certificate of DTC 8 Participants that are registered broker-dealers
(the ‘‘Rules’’), available at http://www.dtcc.com/ use Memo Seg as a tool to maintain compliance
a Proposed Rule Change To Modify the legal/rules-and-procedures.aspx, and the Service with their obligations under Rule 15c3–3
DTC Settlement Service Guide in Order Guide. (‘‘Customer Protection Rule’’). 17 CFR 240.15c3–3.
To Enhance the Memo Segregation 6 For the purposes of this proposed rule change,
The Customer Protection Rule requires, among
Function in Connection With Deliveries the term Participant refers to both Participants and other things, that broker-dealers maintain control of
Limited Participants that use the Direct Registration all fully-paid or excess margin Securities they hold
Processed at DTC Related to the Direct System (‘‘DRS’’), as discussed below. (Pursuant to for the accounts of customers. Compliance with
Registration System Rule 2 ‘‘. . . the term ‘‘Participant’’ shall include those obligations by such broker-dealers is external
the term ‘‘Limited Participant’’ unless the (i) to DTC. See Rule 2, supra note 5.
July 7, 2017. context otherwise requires or (ii) the Procedures 9 See Service Guide, supra note 5, at 43–45.
Pursuant to Section 19(b)(1) of the otherwise provide.’’ See Rule 2, supra note 5.) 10 Transaction types are designated by the

Securities Exchange Act of 1934 7 External to DTC, DRS allows an investor to hold
Delivering Participant using a reason code provided
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a Security as the registered owner in electronic form on a Delivery instruction (‘‘Code’’) (e.g., stock loan
on the books of a transfer agent rather than holding
sradovich on DSK3GMQ082PROD with NOTICES

transactions, DRS-related, etc.). The Receiving
notice is hereby given that on June 30, a certificate or holding indirectly through a Participant may provide standing instructions
2017, The Depository Trust Company Securities Intermediary (e.g., a broker-dealer). DRS- regarding its Designated Quantity using an indicator
(‘‘DTC’’) filed with the Securities and related transactions between transfer agents and (‘‘Indicator’’), as discussed in the Service Guide. By
Exchange Commission (‘‘Commission’’) broker-dealers that are both Participants may be selecting Indicators numbered 1, 2, 3 and 6, the
processed through DTC. (Typically, transfer agents Participant provides a standing instruction for its
are Limited Participants for purposes of processing Designated Quantity to automatically increase when
12 17 CFR 200.30–3(a)(12). DRS-related transactions.) See Securities Exchange it is the Receiving Participant of a transaction
1 15 U.S.C. 78s(b)(1). Act Release No. 37931 (November 7, 1996), 61 FR designated with an applicable Code. See Service
2 17 CFR 240.19b–4. 58600 (November 15, 1996) (SR–DTC–96–15). Guide, supra note 5 at 43–45.

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Document Created: 2017-07-13 01:00:34
Document Modified: 2017-07-13 01:00:34
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 32415