82 FR 37973 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make a Correction to the Exchange Fee Schedule Related to Fees for Executions That Involve Taking Resting Interest With Non-Displayed Priority With a Displayable Order

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 155 (August 14, 2017)

Page Range		37973-37975
FR Document		2017-17051
Federal Register, Volume 82 Issue 155 (Monday, August 14, 2017)
[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Pages 37973-37975]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17051]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81346; File No. SR-IEX-2017-25]


Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Make a 
Correction to the Exchange Fee Schedule Related to Fees for Executions 
That Involve Taking Resting Interest With Non-Displayed Priority With a 
Displayable Order

August 8, 2017.
    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 August 7, 2017, the Investors Exchange LLC (``IEX'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule

[[Page 37974]]

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

    Pursuant to the provisions of Section 19(b)(1) under the Securities 
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ 
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the 
Commission a proposed rule change to make a correction to the Exchange 
Fee Schedule related to fees for executions that involve taking resting 
interest with non-displayed priority with a displayable order. The 
Exchange proposes to implement the change beginning on September 1, 
2017.
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    \4\ 15 U.S.C. 78s(b)(1).
    \5\ 17 CFR 240.19b-4.
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    The text of the proposed rule change is available at the Exchange's 
Web site at www.iextrading.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 the 
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 of these statement [sic] may be examined 
at the places specified in Item IV below. The self-regulatory 
organization 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule, pursuant to IEX 
Rule 15.110(a) and (c), to make a correction related to the fees for 
executions that involve taking non-displayed resting interest with a 
displayable order. Subject to certain exceptions, the Exchange charges 
$0.0009 per share (or 0.30% of the total dollar value of the 
transaction for securities priced below $1.00) to Members for 
executions on IEX that include resting non-displayed interest \6\ for 
both the liquidity providing and liquidity removing order (the ``Non-
Displayed Match Fee'').\7\ One exception relates to certain displayable 
orders that remove non-displayed liquidity upon entry. The Exchange Fee 
Schedule provides that the Non-Displayed Match Fee is not charged for 
displayable orders \8\ that remove non-displayed liquidity upon entry 
if, on a monthly basis, at least 90% of the liquidity removing Member's 
aggregate executed shares of displayable orders added liquidity during 
the month in question.\9\
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    \6\ Non-displayed priority refers to an order or portion of a 
reserve order that is booked and ranked with non-display priority on 
the Order Book. See Rules 11.190(b)(3) and 11.190(b)(2).
    \7\ This pricing is referred to by the Exchange as the ``Non-
Displayed Match Fee'' on the Fee Schedule with a Fee Code of `I' 
which is provided by the Exchange on execution reports.
    \8\ See Rule 11.190(b)(3).
    \9\ However, in such transactions, the non-displayed liquidity 
adding interest will be subject to the Non-Displayed Match Fee. The 
Exchange also does not charge a fee where the adding and removing 
order originated from the same Exchange Member.
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    The Fee Schedule describes the calculation to determine if the Non-
Displayed Match Fee is charged with reference to ``TMVD'' which means 
``total monthly volume displayable calculated as the sum of executions 
from the Member's displayable orders during the calendar month.'' \10\ 
However, the reference to a ``Member's'' displayable orders was 
inadvertent, and should instead have referred to each of a Member's 
market participant identifiers, or MPIDs, which is how the Exchange in 
practice has been calculating TMVD and thus determines whether the Non-
Displayed Match Fee is applicable to particular executions.
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    \10\ See IEX Fee Schedule.
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    Accordingly, the Exchange proposes to correct the IEX Fee Schedule 
to provide that TMVD means ``total monthly volume displayable 
calculated as the sum of executions from each of the Member's MPIDs (on 
a per MPID basis) displayable orders during the calendar month.'' In 
addition, the Exchange proposes a clarifying amendment to the single 
asterisked footnote related to the Non-Displayed Match Fee to specify 
that the 90% calculation will be performed on a per MPID basis. Thus, 
the phrase ``on a per MPID basis'' would be added after the phrase ``at 
least 90% of TMVD'' in the footnote. Finally, the Exchange proposes to 
add a definition of MPID to the Fee Schedule.
    With respect to the calculation of the Non-Displayed Match Fee and 
the applicable 90% threshold exception for executions of displayable 
orders that remove resting non-displayed liquidity upon entry, IEX 
reviewed Member invoices since its launch as an exchange in August 2016 
through June 30, 2017 to assess whether any Members were charged fees 
that differed from those described in the Fee Schedule. In other words, 
IEX recalculated the Non-Displayed Match Fee and the 90% threshold 
exception on a ``per Member'' basis (which is how the Fee Schedule 
currently reads) instead of on a ``per MPID'' basis (which is how IEX 
in practice had been calculating that fee). This assessment identified 
that nine Members were charged such differential fees in particular 
months, in some cases more than the fees described in the Fee Schedule 
and in some cases less than the fees described in the Fee Schedule. In 
total, seven Members were charged and paid $18,948.54 in excess fees 
\11\ and eight Members were not charged $44,175.28 in fees that should 
have been charged.\12\ Five Members were overcharged and undercharged 
in different months.
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    \11\ The range is from $0.09 to 7811.66.
    \12\ The range is from $1.51 to $29,482.12.
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    In order to address the discrepancies, IEX will charge or credit 
each impacted member for the net amount overpaid or underpaid and will 
be included in the August 2017 monthly invoices to be sent in September 
2017 pursuant to IEX Rule 15.120 notwithstanding that fees included 
thereof are for trading activity that occurred over prior months.\13\
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    \13\ In the event that a Member owed a credit declines the 
credit, IEX will make a charitable donation in the amount of such 
credit.
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    The Exchange proposes to implement the revised fee on a going 
forward basis as of September 1, 2017, after which IEX will assess this 
fee on a MPID basis. Members will be charged for July and August based 
on the current Fee Schedule whereby the 90% calculation will be 
performed on a per Member basis, aggregating all of the Member's MPIDs.
2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the 
provisions of Section 6(b) \14\ of the Act in general, and furthers the 
objectives of Sections 6(b)(4) \15\ of the Act, in particular, in that 
it is designed to provide for the equitable allocation of reasonable 
dues, fees and other charges among its Members and other persons using 
its facilities. In addition, the Exchange believes that it is 
consistent with the Act to correct the Fee Schedule so that the Fee 
Schedule is accurate, avoiding

[[Page 37975]]

any potential confusion among Members. The Exchange further believes 
that the correction to the Fee Schedule is reasonable, equitable, and 
not unfairly discriminatory because all similar situated Members will 
be subject to the same fee structure.
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    \14\ 15 U.S.C. 78f.
    \15\ 15 U.S.C. 78f(b)(4).
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    The Exchange also believes that it is consistent with the Act and 
an equitable allocation of reasonable dues, fees and other charges 
among its members and other persons using its facilities to measure 
whether the 90% threshold for adding liquidity with displayable orders 
is reached on an MPID basis. As explained in IEX's rule change adopting 
the exception to the Non-Displayed Match Fee, the flexibility is 
designed to address limited inadvertent liquidity removal by Members 
who are largely adding displayed liquidity and generally intend to add 
displayed liquidity on IEX, to further encourage aggressively priced 
displayed orders.\16\ The Exchange believes that Members that utilize 
multiple MPIDs generally use different MPIDs for different trading 
strategies or customers. Therefore, the Exchange believes that 
measuring by MPIDs is a more precise manner of assessing whether a 
Member's trading strategy (or that of a customer) is largely adding 
displayed liquidity and generally intends to add displayed liquidity 
with displayable orders.
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    \16\ See Securities Exchange Act Release No. 78550 (August 11, 
2016), 81 FR 54873 (August 17, 2016) (SR-IEX-2016-09).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    IEX does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed rule change is 
designed to correct an inadvertent error rather than a competitive 
issue. The Exchange does not believe the proposed rule change will 
result on a burden on intramarket competition because all Members will 
be subject to the Non-Displayed Match Fee in the same manner on a fair 
and consistent basis. While different fees will be assessed in some 
circumstances, these different fees are not based on the type of Member 
entering the order and all Members can submit any type of order. 
Further, assessing whether the Non-Displayed Match Fee is applicable on 
a per MPID basis is intended to encourage market participants to enter 
aggressively priced displayed orders on the Exchange, which enhances 
price discovery and deepens the Exchange's liquidity pool to the 
benefit of all market participants. Further, the Exchange operates in a 
highly competitive environment in which market participants can readily 
favor competing venues if fee schedules at other venues are viewed as 
more favorable.
    The Exchange also does not believe that the proposed rule change 
will result in any burden on intermarket competition because other 
venues are free to adopt comparable pricing.

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) \17\ of the Act. 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 under Section 19(b)(2)(B) \18\ 
of the Act to determine whether the proposed rule change should be 
approved or disapproved.
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    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \18\ 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-IEX-2017-25 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-IEX-2017-25. This 
file number should be included in 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 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-IEX-2017-25 and should be 
submitted on or before September 5, 2017.

    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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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-17051 Filed 8-11-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 155 / Monday, August 14, 2017 / Notices 37973

regulatory program. The Exchange competition. Rather, it is designed to Internet Web site (http://www.sec.gov/
proposes assessing higher fees to those enable the Exchange to recover a rules/sro.shtml). Copies of the
members that will require more material portion of the Exchange’s cost submission, all subsequent
Exchange regulatory services based on related to its regulatory activities. The amendments, all written statements
the amount of customer options Exchange is obligated to ensure that the with respect to the proposed rule
business they conduct. Additionally, the amount of regulatory revenue collected change that are filed with the
dues and fees paid by members go into from the ORF, in combination with its Commission, and all written
the general funds of the Exchange, a other regulatory fees and fines, does not communications relating to the
portion of which is used to help pay the exceed regulatory costs. proposed rule change between the
costs of regulation. The Exchange has in Commission and any person, other than
place a regulatory structure to surveil, C. Self-Regulatory Organization’s those that may be withheld from the
conduct examinations and monitor the Statement on Comments on the public in accordance with the
marketplace for violations of Exchange Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be
Rules. The ORF assists the Exchange to Members, Participants, or Others available for Web site viewing and
fund the cost of this regulation of the No written comments were either printing in the Commission’s Public
marketplace. solicited or received. Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
Proposal 2—Semi-Annual Changes to III. Date of Effectiveness of the
business days between the hours of
ORF Proposed Rule Change and Timing for
10:00 a.m. and 3:00 p.m. Copies of the
The Exchange believes that the Commission Action
filing also will be available for
proposed rule change to remove the The foregoing rule change has become inspection and copying at the principal
limit to amend the ORF only semi- effective pursuant to Section office of the Exchange. All comments
annually, with advance notice, is 19(b)(3)(A)(ii) of the Act.12 At any time received will be posted without change;
reasonable because the Exchange will within 60 days of the filing of the the Commission does not edit personal
continue to provide market participants proposed rule change, the Commission identifying information from
with thirty (30) days advance notice of summarily may temporarily suspend submissions. You should submit only
amending the amount of the ORF. Also, such rule change if it appears to the information that you wish to make
the Exchange is required to monitor the Commission that such action is: (i) available publicly. All submissions
amount of revenue collected from the Necessary or appropriate in the public should refer to File No. SR–GEMX–
ORF to ensure that it, in combination interest; (ii) for the protection of 2017–31, and should be submitted on or
with its other regulatory fees and fines, investors; or (iii) otherwise in before September 5, 2017.
do not exceed regulatory costs. furtherance of the purposes of the Act. For the Commission, by the Division of
Therefore, the Exchange believes it is If the Commission takes such action, the Trading and Markets, pursuant to delegated
reasonable to remove the semi-annual Commission shall institute proceedings authority.13
limit to amend its ORF in order to to determine whether the proposed rule Eduardo A. Aleman,
permit the Exchange to make should be approved or disapproved. Assistant Secretary.
amendments to its ORF as necessary to IV. Solicitation of Comments [FR Doc. 2017–17047 Filed 8–11–17; 8:45 am]
comply with the Exchange’s obligations. BILLING CODE 8011–01–P
This proposed change would conform Interested persons are invited to
this rule with that of NASDAQ PHLX submit written data, views, and
LLC (‘‘Phlx’’), The NASDAQ Options arguments concerning the foregoing, SECURITIES AND EXCHANGE
Market LLC (‘‘NOM’’) and NASDAQ BX, including whether the proposed rule COMMISSION
Inc. (‘‘BX’’).11 change is consistent with the Act.
The Exchange believes that the Comments may be submitted by any of [Release No. 34–81346; File No. SR–IEX–
the following methods: 2017–25]
proposed rule change to remove the
limit to amend the ORF only semi- Electronic Comments Self-Regulatory Organizations;
annually, with advance notice, is Investors Exchange LLC; Notice of
equitable and not unfairly • Use the Commission’s Internet
comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of
discriminatory because it will apply in Proposed Rule Change To Make a
the same manner to all members that are rules/sro.shtml); or
• Send an email to rule-comments@ Correction to the Exchange Fee
subject to the ORF. The Exchange has in Schedule Related to Fees for
place a regulatory structure to surveil sec.gov. Please include File No. SR–
GEMX–2017–31 on the subject line. Executions That Involve Taking
for, conduct examinations and monitor Resting Interest With Non-Displayed
the marketplace for violations of Paper Comments Priority With a Displayable Order
Exchange Rules. The ORF assists the
• Send paper comments in triplicate August 8, 2017.
Exchange to fund the cost of this
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) 1 of the
regulation of the marketplace.
Commission, 100 F Street NE., Securities Exchange Act of 1934 (the
B. Self-Regulatory Organization’s Washington, DC 20549–1090. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Statement on Burden on Competition All submissions should refer to File No. notice is hereby given that, on August
The Exchange does not believe that SR–GEMX–2017–31. This file number 7, 2017, the Investors Exchange LLC
sradovich on DSK3GMQ082PROD with NOTICES

the proposed rule change will impose should be included on the subject line (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
any burden on competition not if email is used. To help the Securities and Exchange Commission
necessary or appropriate in furtherance Commission process and review your (the ‘‘Commission’’) the proposed rule
of the purposes of the Act. The ORF is comments more efficiently, please use
not intended to have any impact on only one method. The Commission will 13 17 CFR 200.30–3(a)(12).
post all comments on the Commission’s 1 15 U.S.C. 78s(b)(1).
11 See Phlx’s Pricing Schedule and NOM and BX 2 15 U.S.C. 78a.

Rules at Chapter XV, Sections 5. 12 15 U.S.C. 78s(b)(3)(A)(ii). 3 17 CFR 240.19b–4.

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Federal Register / Vol. 82, No. 155 / Monday, August 14, 2017 / Notices 37975

any potential confusion among Exchange operates in a highly Commission process and review your
Members. The Exchange further believes competitive environment in which comments more efficiently, please use
that the correction to the Fee Schedule market participants can readily favor only one method. The Commission will
is reasonable, equitable, and not competing venues if fee schedules at post all comments on the Commission’s
unfairly discriminatory because all other venues are viewed as more Internet Web site (http://www.sec.gov/
similar situated Members will be subject favorable. rules/sro.shtml). Copies of the
to the same fee structure. The Exchange also does not believe submission, all subsequent
The Exchange also believes that it is that the proposed rule change will result amendments, all written statements
consistent with the Act and an equitable in any burden on intermarket with respect to the proposed rule
allocation of reasonable dues, fees and competition because other venues are change that are filed with the
other charges among its members and free to adopt comparable pricing. Commission, and all written
other persons using its facilities to communications relating to the
measure whether the 90% threshold for C. Self-Regulatory Organization’s
proposed rule change between the
adding liquidity with displayable orders Statement on Comments on the
Commission and any person, other than
is reached on an MPID basis. As Proposed Rule Change Received From
those that may be withheld from the
explained in IEX’s rule change adopting Members, Participants, or Others
public in accordance with the
the exception to the Non-Displayed Written comments were neither provisions of 5 U.S.C. 552, will be
Match Fee, the flexibility is designed to solicited nor received. available for Web site viewing and
address limited inadvertent liquidity printing in the Commission’s Public
III. Date of Effectiveness of the
removal by Members who are largely Reference Room, 100 F Street NE.,
Proposed Rule Change and Timing for
adding displayed liquidity and Washington, DC 20549, on official
Commission Action
generally intend to add displayed business days between the hours of
liquidity on IEX, to further encourage The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
aggressively priced displayed orders.16 effective pursuant to Section filing also will be available for
The Exchange believes that Members 19(b)(3)(A)(ii) 17 of the Act. At any time inspection and copying at principal
that utilize multiple MPIDs generally within 60 days of the filing of the office of the Exchange. All comments
use different MPIDs for different trading proposed rule change, the Commission received will be posted without change;
strategies or customers. Therefore, the summarily may temporarily suspend the Commission does not edit personal
Exchange believes that measuring by such rule change if it appears to the identifying information from
MPIDs is a more precise manner of Commission that such action is submissions. You should submit only
assessing whether a Member’s trading necessary or appropriate in the public information that you wish to make
strategy (or that of a customer) is largely interest, for the protection of investors, available publicly. All submissions
adding displayed liquidity and or otherwise in furtherance of the should refer to File Number SR–IEX–
generally intends to add displayed purposes of the Act. If the Commission 2017–25 and should be submitted on or
liquidity with displayable orders. takes such action, the Commission shall before September 5, 2017.
institute proceedings under Section
B. Self-Regulatory Organization’s 19(b)(2)(B) 18 of the Act to determine For the Commission, by the Division of
Statement on Burden on Competition Trading and Markets, pursuant to delegated
whether the proposed rule change authority.19
IEX does not believe that the should be approved or disapproved.
Eduardo A. Aleman,
proposed rule change will result in any
burden on competition that is not IV. Solicitation of Comments Assistant Secretary.
necessary or appropriate in furtherance Interested persons are invited to [FR Doc. 2017–17051 Filed 8–11–17; 8:45 am]
of the purposes of the Act. The submit written data, views and BILLING CODE 8011–01–P
proposed rule change is designed to arguments concerning the foregoing,
correct an inadvertent error rather than including whether the proposed rule
a competitive issue. The Exchange does change is consistent with the Act. DEPARTMENT OF STATE
not believe the proposed rule change Comments may be submitted by any of
will result on a burden on intramarket the following methods: [Delegation of Authority: 245–2]
competition because all Members will
Electronic Comments Delegation From the Secretary to the
be subject to the Non-Displayed Match
Fee in the same manner on a fair and • Use the Commission’s Internet Deputy Secretary of Authorities of the
consistent basis. While different fees comment form (http://www.sec.gov/ Secretary of State
will be assessed in some circumstances, rules/sro.shtml); or
• Send an email to rule-comments@ By virtue of the authority vested in
these different fees are not based on the
sec.gov. Please include File Number SR– the Secretary of State by the laws of the
type of Member entering the order and
IEX–2017–25 on the subject line. United States, including 22 U.S.C.
all Members can submit any type of
2651a, I hereby delegate to the Deputy
order. Further, assessing whether the Paper Comments Secretary, to the extent authorized by
Non-Displayed Match Fee is applicable
• Send paper comments in triplicate law, all authorities and functions vested
on a per MPID basis is intended to
to Brent J. Fields, Secretary, Securities in the Secretary of State or the head of
encourage market participants to enter
and Exchange Commission, 100 F Street agency by any act, order, determination,
aggressively priced displayed orders on
delegation of authority, regulation, or
sradovich on DSK3GMQ082PROD with NOTICES

the Exchange, which enhances price NE., Washington, DC 20549–1090.
All submissions should refer to File executive order, now or hereafter
discovery and deepens the Exchange’s
Number SR–IEX–2017–25. This file issued.
liquidity pool to the benefit of all
number should be included in the This Delegation includes all
market participants. Further, the
subject line if email is used. To help the authorities and functions that have been
16 See Securities Exchange Act Release No. 78550
or may be delegated or re-delegated to
17 15 U.S.C. 78s(b)(3)(A)(ii).
(August 11, 2016), 81 FR 54873 (August 17, 2016)
(SR–IEX–2016–09). 18 15 U.S.C. 78s(b)(2)(B). 19 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 16:45 Aug 11, 2017 Jkt 241001 PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 E:\FR\FM\14AUN1.SGM 14AUN1
Document Created: 2018-10-24 11:50:45
Document Modified: 2018-10-24 11:50:45
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 37973