Notice2021-11405
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Credits at Equity 7, Section 118(a)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 1, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 103 (Tuesday, June 1, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 103 (Tuesday, June 1, 2021)]
[Notices]
[Pages 29317-29321]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11405]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92012; File No. SR-NASDAQ-2021-043]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Exchange's Transaction Credits at Equity 7, Section 118(a)
May 25, 2021.
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 May 19, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's transaction credits
at Equity 7, Section 118(a), as described further below.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules</a>, 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 Exchange's
schedule of credits, at Equity 7, Section 118(a). Specifically, the
Exchange proposes to (1) amend an existing credit of $0.0030 per share
executed for members that add at least a certain threshold volume of
liquidity in securities in Tape B; (2) amend an existing credit of
$0.00295 per share executed for members that add at least a certain
threshold volume of liquidity in securities in Tape C and in
``Designated Retail Orders'' \3\ for securities in any Tape; (3) amend
an existing credit of $0.0027 per share for members that meet specified
volume requirements on both Nasdaq and the Nasdaq Options Market
(``NOM'') when adding liquidity; and (4) amend an existing credit of
$0.0025 per share executed for orders that are routed using the
``SCAR'' routing option \4\ and which ultimately execute on Nasdaq BX,
Inc. (``BX'').
---------------------------------------------------------------------------
\3\ Pursuant to Equity 7, Section 118, a ``Designated Retail
Order'' is an agency or riskless principal order that meets the
criteria of FINRA Rule 5320.03 and that originates from a natural
person and is submitted to Nasdaq by a member that designates it
pursuant to this section, provided that no change is made to the
terms of the order with respect to price or side of market and the
order does not originate from a trading algorithm or any other
computerized methodology.
\4\ Pursuant to Equity 4, Section 4758(a)(1)(A)(xv), ``SCAR'' is
a routing option under which orders will check the System for
available shares and simultaneously route to BX and Nasdaq PSX in
accordance with the System routing table. If shares remain
unexecuted after routing, they are posted on the book or cancelled.
Once on the book, should the order subsequently be locked or crossed
by another market center, the System will not route the order to the
locking or crossing market center.
---------------------------------------------------------------------------
Amend Existing Credit for Adding Liquidity in Tape B Securities
First, the Exchange proposes to amend an existing credit of $0.0030
per share executed to a member with shares of liquidity provided in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent 1.30% or more of Consolidated Volume \5\ during the month,
which includes shares of liquidity provided with respect to securities
that are listed on exchanges other than Nasdaq or NYSE (``Tape B
Securities'') that represent 0.40% or more of Consolidated Volume.
---------------------------------------------------------------------------
\5\ Equity 7, Section 118(a) defines ``Consolidated Volume'' to
mean the total consolidated volume reported to all consolidated
transaction reporting plans by all exchanges and trade reporting
facilities during a month in equity securities, excluding executed
orders with a size of less than one round lot. For purposes of
calculating Consolidated Volume and the extent of a member's trading
activity the date of the annual reconstitution of the Russell
Investments Indexes is excluded from both total Consolidated Volume
and the member's trading activity.
---------------------------------------------------------------------------
The Exchange proposes to lower the liquidity adding threshold for
the credit
[[Page 29318]]
from 1.30% of Consolidated Volume to 1.25% of Consolidated Volume. In
doing so, the Exchange intends to render the credit more readily
accessible to members. If more members assess that this credit is
accessible to them, and they increase their liquidity adding activity
on the Exchange to qualify for it, then the quality of the market will
improve, to the benefit of all participants.
Amend Existing Credit for Adding Liquidity in Tape C Securities and in
Designated Retail Orders
Second, the Exchange proposes to amend a credit it presently offers
of $0.00295 per share executed to a member that, through one or more of
its Nasdaq Market Center MPIDs (i) adds shares of liquidity during the
month representing at least 0.80% of Consolidated Volume during the
month; (ii) adds at least 0.35% of Consolidated Volume during the month
in securities in Tape C; and (iii) adds at least 0.15% of Consolidated
Volume during the month in Designated Retail Orders for securities in
any Tape. The Exchange proposes to amend this credit in several ways.
The Exchange proposes to lower the liquidity adding threshold for
the credit from 0.80% of Consolidated Volume to 0.65% of Consolidated
Volume. In doing so, the Exchange intends to render the credit more
readily accessible to members. If more members assess that this credit
is accessible to them, and they increase their liquidity adding
activity on the Exchange to qualify for it, then the quality of the
market will improve, to the benefit of all participants.
The Exchange also proposes to add a new qualifying criterion to the
credit that would require members to achieve at least a 60% ratio of
its liquidity adding activity to its total activity on the Exchange
during the month. The Exchange proposes to add this new criterion so
that the credit rewards members whose activities on the Exchange
consist primarily of adding liquidity. Again, the Exchange believes
that all participants will benefit from an improvement in market
quality to the extent that the Exchange successfully incentivizes
liquidity adding activity.
Finally, the Exchange proposes to eliminate the qualifying
criterion that members must add at least 0.35% of Consolidated Volume
during the month in securities in Tape C. The Exchange proposes to
eliminate this criterion because the Exchange believes it already has
adequate incentives for members to add liquidity in Tape C securities,
such that this criterion is not necessary. Moreover, the Exchange seeks
to avoid rendering this credit overly complex and onerous for members
to attain.
Amend Existing Credit for Adding Liquidity on Nasdaq and NOM
Third, the Exchange proposes to amend an existing credit for
securities in all three Tapes that it provides (other than Supplemental
Orders or Designated Retail Orders) to members that meet a specified
volume threshold on Nasdaq for orders that add liquidity, and that also
meet a specified volume threshold on NOM when adding liquidity. The
existing credit provides that a member will receive a credit of $0.0027
per share executed if the member (1) adds liquidity through one or more
of its Nasdaq Market Center MPIDs during the month that, in all
securities, represents more than 0.10% of Consolidated Volume during
the month, and (2) adds Customer,\6\ Professional,\7\ Firm,\8\ Non-NOM
Market Maker,\9\ and/or Broker-Dealer \10\ liquidity of 0.40% or more
of total industry ADV in the customer clearing range for Equity and ETF
option contracts per day during the month on the Nasdaq Options Market.
---------------------------------------------------------------------------
\6\ The term ``Customer'' applies to any transaction that is
identified by a participant for clearing in the Customer range at
The Options Clearing Corporation (``OCC'') which is not for the
account of broker or dealer or for the account of a
``Professional,'' as defined in Option 7, Section 1.
\7\ A ``Professional'' is defined in Options 1, Section 1(a)(47)
as ``any person or entity that (i) is not a broker or dealer in
securities, and (ii) places more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s).''
\8\ The term ``Firm'' or (``F'') applies to any transaction that
is identified by a Participant for clearing in the Firm range at
OCC.
\9\ The term ``Non-NOM Market Maker'' or (``O'') is a registered
market maker on another options exchange that is not a NOM Market
Maker. A Non-NOM Market Maker must append the proper Non-NOM Market
Maker designation to orders routed to NOM.
\10\ The term ``Broker-Dealer'' or (``B'') applies to any
transaction which is not subject to any of the other transaction
fees applicable within a particular category.
---------------------------------------------------------------------------
The Exchange proposes to amend this credit by deleting the
requirement that members must add a threshold percentage of liquidity
on NOM that is classified as ``Customer, Professional, Firm, Non-NOM
Market Maker, and/or Broker-Dealer'' liquidity. By eliminating this
requirement, the Exchange intends to render the credit easier for
members to attain, as the addition of any type of liquidity in the
customer clearing range on NOM would be acceptable. The Exchange
believes that if more members find the credit to be attainable, then
more will seek to qualify for it by adding liquidity to the Exchange
and NOM, which will improve the quality of both markets.
Amend Existing Credit for Routed Orders Using SCAR That Execute on BX
Finally, the Exchange proposes to lower from $0.0025 to $0.0016 per
share executed the credit that it provides to a member that uses the
SCAR order routing option and executes an order in a security in any of
the three tapes on BX.
BX recently revised its pricing schedule to lower the amounts of
the credits it provides to its members that remove liquidity from
BX.\11\ Currently, all of the credits that BX provides to its members
are lower than $0.0025 per share executed.\12\ As a result, the
Exchange proposes to lower its own $0.0025 per share executed credit
for SCAR routed orders that execute on BX in order to better align this
credit with corresponding credits that BX provides to its own members.
---------------------------------------------------------------------------
\11\ Securities Exchange Act Release No. 91639 (April 22, 2021),
80 FR 22500 (April 28, 2021).
\12\ See BX Equity 7 (Pricing Schedule), available at <a href="https://listingcenter.nasdaq.com/rulebook/bx/rules/BX%20Equity%207">https://listingcenter.nasdaq.com/rulebook/bx/rules/BX%20Equity%207</a>.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposals are consistent with
Section 6(b) of the Act,\13\ in general, and further the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\14\ in particular, in that
they provide for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and are not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The proposals are also
consistent with Section 11A of the Act relating to the establishment of
the national market system for securities.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Proposals Are Reasonable
The Exchange's proposals are reasonable in several respects. As a
threshold matter, the Exchange is subject to significant competitive
forces in the market for equity securities transaction services that
constrain its pricing determinations in that market. The fact that this
market is competitive has long been recognized by the courts. In
NetCoalition v. Securities and Exchange Commission, the D.C. Circuit
stated as follows: ``[n]o one disputes that competition for order flow
is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing
[[Page 29319]]
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .'' \15\
---------------------------------------------------------------------------
\15\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
---------------------------------------------------------------------------
The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, 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\
---------------------------------------------------------------------------
\16\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------
Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
equity security transaction services. The Exchange is only one of
several equity venues to which market participants may direct their
order flow. Competing equity exchanges offer similar tiered pricing
structures to that of the Exchange, including schedules of rebates and
fees that apply based upon members achieving certain volume thresholds.
Within this environment, market participants can freely and often
do shift their order flow among the Exchange and competing venues in
response to changes in their respective pricing schedules. Within the
foregoing context, the proposals represent reasonable attempts by the
Exchange to increase its liquidity and market share relative to its
competitors.
The Exchange believes that it is reasonable to modify the
qualification criteria for two of its transaction credits, at Equity 7,
Section 118(a) because they will each encourage the addition of
liquidity to the Exchange, first by making it easier for additional
members to qualify for the $0.0030 and the $0.00295 credit, and second
by specifying that the $0.00295 per share executed credit will go to
those members whose activities on the Exchange consist primarily of
adding liquidity to the Exchange. If more members seek to qualify for
these credits by adding liquidity to the Exchange, and if members seek
to become net adders of liquidity on the Exchange to qualify or
continue to qualify for the $0.00295 credit, then the quality of the
market will improve, and the Exchange will become more attractive to
existing and prospective participants.
The Exchange also believes that it is reasonable for it to
eliminate the requirement for the $0.00295 credit that members must add
at least 0.35% of Consolidated Volume during the month in securities in
Tape C. The Exchange believes that this proposal is reasonable because
it assesses that it already has adequate incentives for members to add
liquidity in Tape C securities, such that this requirement is not
necessary. Moreover, the Exchange seeks to avoid rendering this credit
overly complex and onerous for members to attain.
Similarly, the Exchange believes that it is reasonable to ease the
qualification criteria for the $0.0027 per share executed credit for a
member that adds certain threshold volumes of liquidity on the Exchange
and on NOM during a month. By eliminating the existing requirement that
a member must add liquidity to NOM that consists of Customer,
Professional, Firm, Non-NOM Market Maker, and/or Broker-Dealer
liquidity, the Exchange again intends to render the credit easier for
members to attain. If as a result of the proposal, more members find
the credit to be attainable and seek to qualify for it by adding
liquidity to the Exchange and NOM, then the quality of both markets
will improve, and the Exchange will become more attractive to existing
and prospective participants.
Finally, the Exchange believes it is reasonable to lower the
$0.0025 per share executed credit that it provides to a member that
enters a SCAR routed order that executes on BX because the proposal
will better align this credit with corresponding credits that BX
provides to its own members that remove liquidity from that exchange.
The Exchange believes that it is appropriate to periodically reassess
and recalibrate its credits. In this instance, aligning the credits
will help to ensure that market participants do not use the Exchange's
SCAR order routing strategy solely to obtain a higher rebate on orders
that are routed and executed on BX.
The Exchange notes that those market participants that are
dissatisfied with the proposals are free to shift their order flow to
competing venues that offer more generous pricing or less stringent
qualifying criteria.
The Proposals Are Equitable Allocations of Credits
The Exchange believes that is an equitable allocation to ease and
otherwise modify the eligibility requirements for three of its
transaction credits because the proposals will encourage members to add
additional liquidity to the Exchange. To the extent that the Exchange
succeeds in increasing liquidity on the Exchange, then the Exchange
will experience improvements in its market quality, which again stands
to benefit all market participants.
The Exchange believes its proposal to lower its credit for SCAR
routed orders that execute on BX is an equitable allocation because the
proposed amended credit amount is better aligned with liquidity removal
credits that BX provides to its members.
Any participant that is dissatisfied with the proposals is free to
shift their order flow to competing venues that provide more generous
pricing or less stringent qualifying criteria.
The Proposals Are Not Unfairly Discriminatory
The Exchange believes that its proposals are not unfairly
discriminatory. As an initial matter, the Exchange believes that
nothing about its volume-based tiered pricing model is inherently
unfair; instead, it is a rational pricing model that is well-
established and ubiquitous in today's economy among firms in various
industries--from co-branded credit cards to grocery stores to cellular
telephone data plans--that use it to reward the loyalty of their best
customers that provide high levels of business activity and incent
other customers to increase the extent of their business activity. It
is also a pricing model that the Exchange and its competitors have long
employed with the assent of the Commission. It is fair because it
incentivizes customer activity that increases liquidity, enhances price
discovery, and improves the overall quality of the equity markets.
The Exchange believes that its proposals to ease or otherwise amend
the qualifying criteria for three of its transaction credits are not
unfairly discriminatory because these credits are available to all
members. Moreover, these proposals stand to improve the overall market
quality of the Exchange, to the benefit of all market participants, by
incentivizing members to increase the extent of their liquidity adding
activity on the Exchange.
Meanwhile, the proposal to lower the amount of its credit for
members that use SCAR and execute orders on BX is
[[Page 29320]]
not unfairly discriminatory because the proposed amended credit is
available to all members and is in better alignment with the amounts of
the credits that BX itself provides to members that remove liquidity
from that exchange.
Any participant that is dissatisfied with the proposals is free to
shift their order flow to competing venues that provide more generous
pricing or less stringent qualifying criteria.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Intramarket Competition
The Exchange does not believe that its proposal will place any
category of Exchange participant at a competitive disadvantage.
As noted above, the proposed changes to the qualifying criteria for
three of its transaction credits are intended to have market-improving
effects, to the benefit of all members. Any member may elect to achieve
the levels of liquidity required in order to qualify for the credits.
Likewise, the Exchange's proposal to lower the amount of the credit
it provides to members that utilize the SCAR routing strategy and
execute orders on BX will not competitively disadvantage any category
of Exchange member. The proposal will merely ensure that the amount of
the credit is better aligned with the recently lowered corresponding
credits that BX provides to its own members that remove liquidity from
that exchange.
The Exchange notes that its members are free to trade on other
venues to the extent they believe that the proposed qualification
criteria for or amounts of these credits are not attractive. As one can
observe by looking at any market share chart, price competition between
exchanges is fierce, with liquidity and market share moving freely
between exchanges in reaction to fee and credit changes. The Exchange
notes that its pricing tier structure is consistent with broker-dealer
fee practices as well as the other industries, as described above.
Intermarket Competition
In terms of inter-market competition, the Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its credits and fees to remain competitive with
other exchanges and with alternative trading systems that have been
exempted from compliance with the statutory standards applicable to
exchanges. Because competitors are free to modify their own credits and
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which credit or fee changes in this market may impose any burden on
competition is extremely limited.
The proposed amended credits are reflective of this competition
because, even as one of the largest U.S. equities exchanges by volume,
the Exchange has less than 20% market share, which in most markets
could hardly be categorized as having enough market power to burden
competition. Moreover, as noted above, price competition between
exchanges is fierce, with liquidity and market share moving freely
between exchanges in reaction to fee and credit changes. This is in
addition to free flow of order flow to and among off-exchange venues
which comprises upwards of 44% of industry volume.
The Exchange's proposals to amend three of its transaction credits
are pro-competitive in that the Exchange intends for them to increase
liquidity on the Exchange, thereby rendering the Exchange a more
attractive and vibrant venue to market participants. Meanwhile, the
Exchange's proposal to lower the credit it offers to members that use
SCAR and execute orders on BX is pro-competitive in that the proposal
will result in better competitive alignment between the SCAR credit and
the amounts of liquidity removal credits that BX provides to its own
members that remove liquidity from that exchange.
In sum, if the changes proposed herein are unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
changes will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\17\
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#9fedeaf3fab2fcf0f2f2faf1ebecdfecfafcb1f8f0e9"><span class="__cf_email__" data-cfemail="681a1d040d450b0705050d061c1b281b0d0b460f071e">[email protected]</span></a>. Please include
File Number SR-NASDAQ-2021-043 on the subject line.
Paper Comments
<bullet> 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-NASDAQ-2021-043. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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,
[[Page 29321]]
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-NASDAQ-2021-043 and should
be submitted on or before June 22, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11405 Filed 5-28-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 1, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.