Document ID: SEC-2019-0111-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Europe, Ltd.
Posted Date: 2019-02-13T05:00Z

[Federal Register Volume 84, Number 30 (Wednesday, February 13, 2019)]
[Notices]
[Pages 3838-3842]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02114]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85072; File No. SR-ICEEU-2019-001]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Order Granting Accelerated Approval of Proposed Rule 
Change Relating to Clearing Member Termination

February 7, 2019.
    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 January 30, 2019, ICE Clear Europe Limited (``ICE Clear Europe'' or 
the ``Clearing House'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change described in Items 
I and II below, which Items have been prepared by ICE Clear Europe. The 
Commission is publishing this notice and order to solicit comments on 
the proposed rule change from interested persons and to approve the 
proposed rule change on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    ICE Clear Europe proposes to amend certain provisions of its 
Clearing Rules \3\ relating to termination by the Clearing House of the 
membership of a CDS Clearing Member.
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    \3\ Capitalized terms used but not defined herein have the 
meanings specified in the ICE Clear Europe Clearing Rules (the 
``Rules'').
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries, 
set forth in sections (A), (B), and (C) below, of the most significant 
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

(a) Purpose
    ICE Clear Europe proposes to amend certain provisions of its Rules 
(and specifically its Continuing CDS Rule Provisions as defined 
therein) relating to termination by the Clearing House of the 
membership of a CDS Clearing Member.
    The Continuing CDS Rule Provisions are certain provisions of the 
Rules as they were in effect prior to the adoption of rule amendments 
relating to recovery, wind-down and default management for the F&O 
Contract Category,\4\ and which continued in effect with respect to the 
CDS Contract Category, as provided in ICE Clear Europe Circular C14/012 
of 31 January 2014 and in the definition thereof in the Rules.
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    \4\ ICE Clear Europe adopted these rules, relating to Clearing 
House recovery and wind-down for the F&O and FX Contract Categories, 
in 2014. Exchange Act Release No. 34-71450 (SR-ICEEU-2014-013) (Jan. 
31, 2014), 79 FR 7250 (Feb. 6, 2014).
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    The Continuing CDS Rule Provisions include Rule 209 as it relates 
to the CDS Contract Category and/or CDS Clearing Members. Under Rule 
209(b) under the Continuing CDS Rule Provisions, the Clearing House may 
terminate the clearing membership of a CDS Clearing Member on not less 
than three months' notice.\5\ ICE Clear Europe proposes to change the 
notice period for such a termination to 30 Business Days. Such change 
would be made through an amendment to the definition of

[[Page 3839]]

``Continuing CDS Rule Provisions'' in the Rules, as set forth in 
Exhibit 5.
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    \5\ ICE Clear Europe may use this provision to terminate the 
membership of a Clearing Member for a variety of reasons. It may, 
for example, be used in a scenario where such termination is 
required in order for the Clearing House and its operations to 
remain in compliance with applicable laws in relevant jurisdictions.
    The Clearing House has the right to terminate a CDS Clearing 
Member without notice in a variety of other circumstances, generally 
relating to the conduct or circumstances of the Clearing Member, as 
specified in Rule 209(a) of the Continuing CDS Rule Provisions. 
Those provisions would be unaffected by the proposed amendment.
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    The change would make the notice period for termination of a CDS 
Clearing Member consistent with the notice period for termination of an 
F&O Clearing Member, which is also 30 Business Days under the Rules. 
The current difference in treatment exists for historical reasons 
relating the timing of the adoption of recovery, wind-down and default 
management related rules for the F&O product category as compared to 
the CDS product category. At this time, ICE Clear Europe does not 
believe that there is a substantive reason to have a different notice 
period for CDS Clearing Members. Furthermore, the current provision 
creates a disparity among F&O Clearing Members, as the three-month 
notice period also applies to F&O Clearing Members that are also CDS 
Clearing Members, whereas the 30 Business Day notice period applies to 
F&O Clearing Members that are not CDS Clearing Members.
    In particular, in a scenario where ICE Clear Europe determined that 
it was necessary or appropriate to terminate the membership of a 
Clearing Member or a group or category of Clearing Members, ICE Clear 
Europe believes that having the shorter, 30 Business Day notice period 
apply to all Clearing Members, both CDS and F&O (including joint CDS 
and F&O Clearing Members), will avoid the additional disruption that 
would be caused by having different notice periods for different 
categories of Clearing Member.
    ICE Clear Europe is proposing to adopt the amendment now in 
connection with the expected departure of the United Kingdom (``UK'') 
from the European Union (``EU''), which pursuant to the European Union 
(Withdrawal) Act 2018 will occur on March 29, 2019. When the UK ceases 
to be an EU member state, there may be regulatory limitations on ICE 
Clear Europe's ability to provide clearing services to persons located 
in the EU. As a result, it may become necessary for ICE Clear Europe to 
terminate the membership of a Clearing Member or a group or category of 
Clearing Members in advance of March 29, 2019 in order for the Clearing 
House to remain in compliance with applicable laws in all relevant 
jurisdictions. Failure to terminate EU-based Clearing Members in that 
scenario, in an orderly and timely way, could, among other 
consequences, result in legal uncertainty as to the rights and 
obligations of the Clearing House and its Clearing Members, and thus 
cause potential disruptions to clearing operations generally, including 
for clearing members in non-EU jurisdictions.
(b) Statutory Basis
    ICE Clear Europe believes that the changes described herein are 
consistent with the requirements of Section 17A of the Act \6\ and the 
regulations thereunder applicable to it. Section 17A(b)(3)(F) of the 
Act \7\ in particular requires, among other things, that the rules of 
the clearing agency be designed to promote the prompt and accurate 
clearance and settlement of securities transactions and, to the extent 
applicable, derivative agreements, contracts and transactions, to 
assure the safeguarding of securities and funds in the custody or 
control of the clearing agency or for which it is responsible and, in 
general, protect investors and the public interest. When the UK ceases 
to be an EU member state, there may be limitations on ICE Clear 
Europe's ability to provide clearing services to persons located in the 
EU. As a result, it may become necessary for ICE Clear Europe to 
terminate the membership of a Clearing Member or a group or category of 
Clearing Members in order to remain in compliance with applicable laws 
and to avoid resulting legal uncertainty and related potential 
disruptions to the functioning of the Clearing House, including with 
respect to default management, use and protection of margin and 
guaranty fund contributions and other matters. As a result, in ICE 
Clear Europe's view, the amendments will facilitate the continued 
prompt and accurate clearance and settlement of cleared transactions, 
the safeguarding of securities and funds in the custody or control of 
ICE Clear Europe or for which it is responsible, and the protection of 
investors and the public interest, within the meaning of Section 
17A(b)(3)(F) of the Act.\8\
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    \6\ 15 U.S.C. 78q-1.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
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    Section 17A(b)(3)(F) further requires that the rules of the 
clearing agency not be designed to permit unfair discrimination in the 
admission of participants or among participants in the use of the 
clearing agency.\9\ The proposed amendments eliminate an unnecessary 
distinction between the termination notice period for CDS Clearing 
Members and F&O Clearing Members. In so doing, the amendments will also 
better enable the Clearing House to manage any scenario in which it may 
determine to terminate Clearing Members (or a category of Clearing 
Members), in response to the UK's expected departure from the EU and 
the resulting potential limitations on ICE Clear Europe's ability to 
provide clearing services to persons located in the EU. As a result, in 
ICE Clear Europe's view, the amendments will facilitate the continued 
prompt and accurate clearance and settlement of cleared transactions 
and will avoid unfair discrimination among Clearing Members, within the 
meaning of Section 17A(b)(3)(F).\10\
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    \9\ 15 U.S.C. 78q-1(b)(3)(F).
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
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    The amendments are also consistent with Rule 17Ad-22(e)(1), which 
requires in relevant part that a covered clearing agency have policies 
and procedures reasonably designed to ``provide for a well-founded, 
clear, transparent and enforceable legal basis for each aspect of its 
activities in all relevant jurisdictions.'' \11\ As noted above, the 
amendments will permit the Clearing House to terminate the membership 
of CDS Clearing Members, on the same basis as F&O Clearing Members, 
where the Clearing House determines it is necessary or appropriate to 
do so in order to remain in compliance with applicable laws in all 
relevant jurisdictions.
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    \11\ 17 CFR 240.17Ad-22(e)(1).
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(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule changes would 
have any impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purpose of the Act. The amendments 
will provide for a uniform notice period for termination of Clearing 
Members, across the F&O and CDS product categories. As such, ICE Clear 
Europe does not believe the amendments will in themselves materially 
affect the cost of, or access to, clearing. Although the market for 
cleared services may be adversely affected if ICE Clear Europe 
terminates the membership of Clearing Members or categories of Clearing 
Members, the amendments will, in ICE Clear Europe's view, assist with 
Clearing House with mitigating and managing any such adverse 
consequences. As a result, ICE Clear Europe does not believe the 
proposed rule changes impose any burden on competition that is 
inappropriate in furtherance of the purposes of the Act.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants or Others

    Written comments relating to the proposed rule changes have not 
been

[[Page 3840]]

solicited or received. ICE Clear Europe will notify the Commission of 
any written comments received by ICE Clear Europe.\12\
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    \12\ ICE Clear Europe has previously conducted public 
consultations with respect to proposed rule changes (not ultimately 
adopted) that included the change in termination notice period 
addressed in these amendments. See ICE Clear Europe Circular C17107 
(Sept. 22, 2017) and C13009 (Feb. 15, 2013), available at https://www.theice.com/clear-europe/circulars. No comments were received in 
those consultations with respect to that proposed change.
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III. 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-ICEEU-2019-001 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-ICEEU-2019-001. 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 such filings will also be available for inspection 
and copying at the principal office of ICE Clear Europe and on ICE 
Clear Europe's website at https://www.theice.com/clear-europe/regulation. 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-ICEEU-2019-001 and should be 
submitted on or before March 6, 2019.

IV. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    Section 19(b)(2)(C) of the Act directs the Commission to approve a 
proposed rule change of a self-regulatory organization if it finds that 
such proposed rule change is consistent with the requirements of the 
Act and the rules and regulations thereunder applicable to such 
organization.\13\ For the reasons given below, the Commission finds 
that the proposed rule change is consistent with Section 17A(b)(3)(F) 
of the Act \14\ and Rule 17Ad-22(e)(1) thereunder.\15\
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    \13\ 15 U.S.C. 78s(b)(2)(C).
    \14\ 15 U.S.C. 78q-1(b)(3)(F).
    \15\ 17 CFR 240.17Ad-22(e)(1).
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(A) Consistency with Section 17A(b)(3)(F) of the Act

    Section 17A(b)(3)(F) of the Act requires, among other things, that 
the rules of ICE Clear Europe be designed to promote the prompt and 
accurate clearance and settlement of securities transactions and, to 
the extent applicable, derivative agreements, contracts, and 
transactions, to assure the safeguarding of securities and funds which 
are in the custody or control of ICE Clear Europe or for which it is 
responsible, and, in general, to protect investors and the public 
interest.\16\
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    \16\ 15 U.S.C. 78q-1(b)(3)(F).
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    As discussed above, when the UK withdraws from the EU on March 29, 
2019, ICE Clear Europe believes that, in certain circumstances, there 
may be regulatory limitations on its ability to provide clearing 
services to persons located in the EU. As a result, ICE Clear Europe 
believes it may become necessary to terminate the membership of 
Clearing Members located in the EU in advance of March 29, 2019 to 
remain in compliance with applicable EU law. In that event, the 
Commission believes the proposed rule change would allow ICE Clear 
Europe to terminate the membership of such Clearing Members. As 
discussed above, Rule 209 of the Continuing CDS Rule Provisions 
currently provides CDS Clearing Members with three months' notice 
before ICE Clear Europe may terminate their membership (as opposed to 
30 business days for F&O Clearing Members). If, as a result of the UK 
ceasing to be an EU member state on March 29, 2019, it becomes unlawful 
under applicable law for ICE Clear Europe to continue providing 
clearing services to persons located in the EU, under current Rule 209 
ICE Clear Europe would not be able to terminate the membership of such 
Clearing Members because the deadline for providing three months' 
notice in advance of March 29, 2019 has already passed. By changing the 
notice required for termination of CDS Clearing Members from three 
months to thirty business days, consistent with the existing notice 
period for F&O Clearing Members, the Commission believes that the 
proposed rule change would allow ICE Clear Europe to terminate the 
membership of CDS Clearing Members if it determines that doing so is 
necessary to avoid providing clearing services to persons located in 
the EU without legal authorization.
    The Commission further understands that, in the event that it 
becomes unlawful for ICE Clear Europe to provide clearing services for 
persons located in the EU as a result of the UK withdrawing from the 
EU, ICE Clear Europe could incur legal liability, and its personnel 
could incur personal legal liability. Potential sanctions for such 
legal liability could include, among other penalties, monetary 
penalties and fines, potentially putting at risk funds which are in the 
custody or control of ICE Clear Europe or for which it is responsible. 
Moreover, providing clearing services to persons located in the EU 
without legal authorization could potentially put at risk ICE Clear 
Europe's ability to safeguard securities and funds held on behalf of 
such persons by negating the legal basis for holding such securities 
and funds. Thus, by allowing ICE Clear Europe to terminate the 
membership of CDS Clearing Members located in the EU if necessary to 
avoid providing clearing services to such Clearing Members in 
contravention of applicable law after March 29, 2019, the Commission 
believes that the proposed rule change would help assure the 
safeguarding of securities and funds which are in the custody or 
control of ICE Clear Europe or for which it is responsible.
    Conversely, the Commission believes that, to help mitigate 
potential disruption to the CDS markets that could result from the 
termination of the membership of EU-based CDS Clearing Members, it 
would be beneficial for ICE Clear Europe to have (i) sufficient time 
prior to March 29, 2019 to determine

[[Page 3841]]

whether it will be able to provide clearing services to persons located 
in the EU after the UK's withdrawal from the EU without violating 
applicable law, and (ii) Rules that provide it with sufficient 
flexibility to avoid prematurely terminating the membership of EU-based 
CDS Clearing Members in the event that it makes such a determination. 
Under the current Rule requiring three months' notice ICE Clear Europe 
cannot terminate the membership of EU-based CDS Clearing Members prior 
to March 29, 2019. The Commission believes that, by aligning the 
termination notice period for CDS Clearing Members with the thirty 
business days' notice period for F&O Clearing Members, the proposed 
rule change would allow ICE Clear Europe additional time to determine 
whether it will be able to provide clearing services to persons located 
in the EU after the UK's withdrawal from the EU without violating 
applicable law and, if no such determination is made, still provide ICE 
Clear Europe sufficient time to provide notice of termination of 
membership to EU-based CDS Clearing Members prior to March 29, 2019. In 
allowing ICE Clear Europe to avoid prematurely or unnecessarily 
terminating the membership of EU-based CDS Clearing Members, the 
Commission believes that the proposed rule change would help ICE Clear 
Europe avoid the potential disruptions that could result from Clearing 
Members in the EU no longer being able to clear at ICE Clear Europe. 
For example, if a Clearing Member in the EU is not able to clear CDS 
contracts at ICE Clear Europe and is unable to either reduce its 
positions or transfer them to an alternative clearing house, then the 
Clearing Member may need to cease entering into CDS contracts with its 
clients. Such a potential disruption to the clearing of CDS contracts 
could negatively affect the prompt and accurate clearance and 
settlement of such contracts, and, in general, the protection of 
investors and the public interest.
    Section 17A(b)(3)(F) further requires that the rules of ICE Clear 
Europe not be designed to permit unfair discrimination in the admission 
of participants or among participants in the use of the clearing 
agency.\17\ As discussed above, the proposed rule change would resolve 
a disparity in ICE Clear Europe's rules. Under the current rules, 
Clearing Members that only clear F&O products are provided thirty 
business days' notice before ICE Clear Europe may terminate their 
membership, while Clearing Members that clear CDS contracts (including 
those that also clear F&O products) are provided three months' notice. 
The Commission understands that, as ICE Clear Europe explains above, 
this disparity is the result of ICE Clear Europe adopting recovery, 
wind-down and default management rules with respect to the F&O product 
category but not yet adopting similar rules with respect to the CDS 
product category. Further, the Commission agrees with ICE Clear Europe 
that there is no substantive reason for this difference in notice 
periods and that allowing it to continue could result in unfair 
discrimination between those Clearing Members that only clear F&O 
products and those Clearing Members that also clear CDS contracts. The 
Commission finds that the proposed rule change would resolve this 
disparity and help avoid potential unfair discrimination between F&O 
Clearing Members and CDS Clearing Members.
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    \17\ 15 U.S.C. 78q-1(b)(3)(F).
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    For these reasons, the Commission finds that the proposed rule 
change is consistent with Section 17A(b)(3)(F) of the Exchange Act.\18\
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    \18\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Consistency With Rule 17Ad-22(e)(1)

    Rule 17Ad-22(e)(1) requires that ICE Clear Europe establish, 
implement, maintain and enforce written policies and procedures 
reasonably designed to provide for a well-founded, clear, transparent, 
and enforceable legal basis for each aspect of its activities in all 
relevant jurisdictions.\19\
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    \19\ 17 CFR 240.17Ad-22(e)(1).
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    As discussed above, ICE Clear Europe believes that, in certain 
circumstances, it could become unlawful under applicable law to 
continue providing clearing services to EU-based Clearing Members after 
the UK's withdrawal from the EU on March 29, 2019. In that event, ICE 
Clear Europe may determine that it must terminate the membership of 
such Clearing Members prior to that date in order to remain in 
compliance with applicable law. However, because Rule 209 of the 
Continuing CDS Rule Provisions currently provides CDS Clearing Members 
with three months' notice before ICE Clear Europe may terminate their 
membership, ICE Clear Europe would not be able to terminate the 
membership of EU-based CDS Clearing Members by March 29, 2019 because 
the deadline for providing notice by that time has already passed. The 
Commission believes that the proposed rule change would remedy this 
issue by permitting ICE Clear Europe to provide thirty business days' 
notice rather than three months, which would be consistent with the 
current notice requirement for F&O Clearing Members and allow ICE Clear 
Europe sufficient time to determine whether it must terminate the 
membership of EU-based Clearing Members and, if such a determination is 
made, provide the required notice. At the same time, if ICE Clear 
Europe determines that it continues to be able to comply with 
applicable laws and still provide clearing services to EU-based 
Clearing Members after March 29, 2019, the proposed rule change would 
allow ICE Clear Europe to avoid prematurely terminating the membership 
of such Clearing Members. Thus, by permitting ICE Clear Europe to 
remain in compliance with applicable law and with its own Rules, and by 
providing ICE Clear Europe sufficient time to determine whether it must 
terminate the membership of EU-based CDS Clearing Members to remain in 
compliance with applicable law, the Commission believes that the 
proposed rule change would allow ICE Clear Europe to provide for a 
well-founded, clear, transparent, and enforceable legal basis for its 
clearing services as required by Rule 17Ad-22(e)(1).
    For these reasons, the Commissions finds that the proposed rule 
change is consistent with Rule 17Ad-22(e)(1).\20\
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    \20\ 17 CFR 240.17Ad-22(e)(1).
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(C) Accelerated Approval of the Proposed Rule Change

    In its filing, ICE Clear Europe requests that the Commission grant 
accelerated approval of the proposed rule change pursuant to Section 
19(b)(2)(C)(iii) of the Exchange Act.\21\ Under Section 
19(b)(2)(C)(iii) of the Act,\22\ the Commission may grant accelerated 
approval of a proposed rule change if the Commission finds good cause 
for doing so. ICE Clear Europe believes that accelerated approval is 
warranted because, in the event that ICE Clear Europe determines that 
it must terminate the membership of EU-based Clearing Members to remain 
in compliance with applicable law following the UK's withdrawal from 
the EU on March 29, 2019, the thirty business day notice period that 
would be afforded by the proposed rule change is necessary to provide 
ICE Clear Europe with sufficient time prior to that date to provide 
such Clearing Members with the required notice of termination.
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    \21\ 15 U.S.C. 78s(b)(2)(C)(iii).
    \22\ Id.
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    The Commission finds good cause, pursuant to Section 
19(b)(2)(C)(iii) of

[[Page 3842]]

the Act,\23\ for approving the proposed rule change on an accelerated 
basis, prior to the 30th day after the date of publication of notice in 
the Federal Register, because the proposed rule change is required to 
permit ICE Clear Europe to terminate the membership of EU-based CDS 
Clearing Members prior to the UK's withdrawal from the EU on March 29, 
2019 should ICE Clear Europe determine that such termination is 
necessary to remain in compliance with applicable law after that date. 
Additionally, the Commission notes that the proposed rule change would 
help ICE Clear Europe to avoid prematurely terminating the membership 
of EU-based CDS Clearing Members in the event that ICE Clear Europe 
determines that it can continue to provide clearing services to such 
members after March 29, 2019 while remaining in compliance with 
applicable law.
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    \23\ 15 U.S.C. 78s(b)(2)(C)(iii).
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V. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposed rule change is consistent with the requirements of the Act and 
in particular with the requirements of Section 17A(b)(3)(F) of the Act 
\24\ and the Rule 17Ad-22(e)(1) \25\ thereunder.
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    \24\ 15 U.S.C. 78q-1(b)(3)(F).
    \25\ 17 CFR 240.17Ad-22(e)(1).
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    It is therefore ordered pursuant to Section 19(b)(2) of the Act 
\26\ that the proposed rule change (SR-ICEEU-2019-001) be, and hereby 
is, approved on an accelerated basis.\27\
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    \26\ 15 U.S.C. 78s(b)(2).
    \27\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).
    \28\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\28\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02114 Filed 2-12-19; 8:45 am]
BILLING CODE 8011-01-P