Notice2024-14068
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Modify the GSD Rules To Facilitate Access to Clearance and Settlement of All Eligible Secondary Market Transactions in U.S. Treasury Securities
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 27, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 124 (Thursday, June 27, 2024)</title>
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[Federal Register Volume 89, Number 124 (Thursday, June 27, 2024)]
[Notices]
[Pages 53681-53684]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-14068]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100399; File No. SR-FICC-2024-005]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Order Instituting Proceedings To Determine Whether To Approve or
Disapprove a Proposed Rule Change, as Modified by Partial Amendment No.
1, To Modify the GSD Rules To Facilitate Access to Clearance and
Settlement of All Eligible Secondary Market Transactions in U.S.
Treasury Securities
June 21, 2024.
I. Introduction
On March 11, 2024, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-FICC-2024-005 pursuant to Section 19(b) of the
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
\2\ thereunder to modify FICC's Government Securities Division
(``GSD'') Rulebook (``GSD Rules'') to facilitate access to clearance
and settlement services of all eligible secondary market transactions
in U.S. Treasury securities.\3\ On March 19, 2024, FICC filed Partial
Amendment No. 1 to make clarifications and corrections \4\ to the
proposed rule change. The proposed rule change, as modified by Partial
Amendment No. 1, is referred to herein as the ``Proposed Rule Change.''
The Proposed Rule Change was published for public comment in the
Federal Register on March 27, 2024.\5\ The Commission has received
comments regarding the substance of the changes proposed in the
Proposed Rule Change.\6\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice of Filing supra note 5, at 89 FR 21363.
\4\ Partial Amendment No. 1 made clarifications and corrections
to the description of the proposed rule change and Exhibit 5.
Specifically, as originally filed, the description of the proposed
rule change made a reference to an incorrect section of the GSD
Rulebook. Partial Amendment No. 1 corrects that reference.
Additionally, as originally filed, the description of the proposed
rule change and Exhibit 5 contained inconsistent references
regarding whether FICC or its Board would be responsible for
approving membership applications and related membership matters.
Partial Amendment No. 1 clarifies and corrects those references.
These clarifications and corrections have been incorporated, as
appropriate, into the description of the proposed rule change in
this order instituting proceedings.
\5\ Securities Exchange Act Release No. 99817 (March 21, 2024),
89 FR 21362 (March 27, 2024) (File No. SR-FICC-2024-005) (``Notice
of Filing'').
\6\ Comments on the Proposed Rule Change are available at
<a href="https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm">https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm</a>.
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On May 1, 2024, pursuant to Section 19(b)(2) of the Exchange
Act,\7\ the Commission designated a longer period within which to
approve, disapprove, or institute proceedings to determine whether to
approve or disapprove the Proposed Rule Change.\8\ The Commission is
instituting proceedings, pursuant to Section 19(b)(2)(B) of the
Exchange Act,\9\ to determine whether to approve or disapprove the
Proposed Rule Change.
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\7\ 15 U.S.C. 78s(b)(2).
\8\ Securities Exchange Act Release No. 100031 (Apr. 25, 2024),
89 FR 35269 (May 1, 2024) (File No. SR-FICC-2023-005).
\9\ 15 U.S.C. 78s(b)(2)(B).
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II. Summary of the Proposed Rule Change
A. Background
FICC, through GSD, serves as a central counterparty and provides
real-time trade matching, clearing, risk management and netting for
cash purchases and sales of U.S. Treasury securities as well as
repurchase and reverse repurchase transactions involving U.S. Treasury
securities. Currently, FICC is the sole provider of clearance and
settlement services for U.S. Treasury securities.
On December 13, 2023, the Commission adopted amendments to the
standards applicable to covered clearing agencies, such as FICC,\10\
requiring each such clearing agency for U.S. Treasury securities to
have written policies and procedures reasonably designed to, among
other things, ensure that it has appropriate means to facilitate access
to clearance and settlement services of all eligible secondary market
transactions in U.S. Treasury securities, including those of the
clearing agency's direct and indirect participants.\11\
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\10\ A ``covered clearing agency'' is, among other things, a
registered clearing agency that provides the services of a central
counterparty, and a central counterparty is a clearing agency that
interposes itself between the counterparties to securities
transactions, acting functionally as the buyer to every seller and
the seller to every buyer. 17 CFR 240.17Ad-22(a); see also 15 U.S.C.
78c(a)(23) (defining a clearing agency). FICC is a clearing agency
registered with the Commission under Section 17A of the Exchange Act
(15 U.S.C. 78q-1), and it acts as a central counterparty.
\11\ 17 CFR 240.17Ad-22(e)(18)(iv)(C). See Securities Exchange
Act Release No. 99149 (Dec. 13, 2023), 89 FR 2714 (Jan. 16, 2024)
(``Adopting Release'', and the rules adopted therein referred to
herein as ``Treasury Clearing Rules''). FICC must implement the new
requirements of Rule 17Ad-22(e)(18)(iv)(C) by March 31, 2025. FICC
will file separate proposed rule changes to address other
requirements applicable to it and adopted as part of the Treasury
Clearing Rules.
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GSD's central counterparty services are currently available
directly to entities that are approved under the GSD Rules \12\ to be
Netting Members.\13\
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\12\ The GSD Rules are available at https://www.dtcc.com/~/
media/Files/Downloads/legal/rules/ficc_gov_rules.pdf. Terms not
otherwise defined herein are defined in the GSD Rules.
\13\ See Rule 2, supra note 12.
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Currently, there are different Netting Member application
categories based upon the type of legal entity (i.e., Bank Netting
Member, Dealer Netting Member, Inter-Dealer Broker Netting Member) and
whether an entity is incorporated in the United States or not (i.e., a
Foreign Netting Member). Netting Member applicants must meet both
financial and operational minimum eligibility requirements \14\ and, as
GSD Members, must adhere to ongoing minimum membership standards.\15\
Furthermore, both the minimum eligibility requirements and ongoing
standards vary depending on the relevant Netting Membership category.
However, in general, all Netting Member categories may access the
services
[[Page 53682]]
available through GSD's Comparison System \16\ and Netting System.\17\
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\14\ See Rule 2A, supra note 12.
\15\ See Rule 3, supra note 12.
\16\ See Rule 5, supra note 12. GSD also has a limited
membership that permits Comparison-Only Members to participate only
in its Comparison System. FICC does not act as a central
counterparty for activity processed through its Comparison System
and the services offered through its Comparison System are not
guaranteed by FICC.
\17\ See Rule 11, supra note 12.
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Market participants may also access GSD's clearing services
indirectly through a Netting Member. There are currently two indirect
participation models to facilitate this--the Sponsored Service \18\ and
the correspondent clearing/prime broker services.\19\ Each of these
indirect participation models gives market participants different
options to consider in accessing FICC's clearance and settlement
services. The primary difference between the two models is that an
indirect participant who becomes a Sponsored Member must establish an
indirect, limited purpose GSD membership, whereas the correspondent
clearing/prime broker services do not require an indirect member to
establish any relationship with GSD.
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\18\ See Rule 3A, supra note 12.
\19\ See Rule 8, supra note 12.
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The Sponsored Service permits Netting Members, approved under the
GSD Rules as ``Sponsoring Members,'' to sponsor certain institutional
firms, referred to as ``Sponsored Members,'' into GSD membership. The
Sponsoring Member is permitted to submit to FICC for comparison,
novation, and netting certain types of eligible transactions either
between itself and its Sponsored Members (i.e., ``done with''), or
between the Sponsored Members and other third-party Netting Members
(i.e., ``done away''). For operational and administrative purposes, a
Sponsored Member appoints its Sponsoring Member to act as processing
agent with respect to the Sponsored Member's satisfaction of its
securities and funds-only settlement obligations.\20\
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\20\ See Rule 3A, supra note 12. An entity that chooses to
become a Sponsoring Member retains its status as a Netting Member
and can continue to submit any non-Sponsored Member activity to FICC
as such.
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A Sponsored Member is a GSD Member and the legal counterparty to
FICC for any submitted transactions.\21\ However, the Sponsoring Member
unconditionally guarantees to FICC the Sponsored Member's performance
under a Sponsoring Member Guaranty, which guarantees to FICC the
payment and performance of a Sponsored Member's obligations to
FICC.\22\ Therefore, FICC relies on the financial resources of the
Sponsoring Member in relying upon the Sponsoring Member Guaranty. If a
Sponsoring Member fails to perform under the Sponsoring Member
Guaranty, FICC may cease to act for the Sponsoring Member both as a
Sponsoring Member as well as a Netting Member.
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\21\ See Rule 3A, section 7 (describing novation of Sponsored
Member Trades) and 2 (identifying membership types), supra note 12.
\22\ See Rules 3A (describing the operation of the Sponsoring
Member Guaranty) and 1 (defining the Sponsoring Member Guaranty),
supra note 12.
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Netting Members may also submit to FICC eligible activity on behalf
of their customers through the correspondent clearing/prime broker
services. Currently, the Netting Member is referred to as the
``Submitting Member'' and the customer is referred to as the
``Executing Firm.'' \23\ Unlike the Sponsored Service, FICC has no
relationship with the Executing Firm, and all obligations (i.e., margin
and settlement) under the GSD Rules remain with the Submitting Member.
Executing Firms may execute trades with any Netting Member, including
their submitting Netting Member (i.e., ``done with'' transactions), or
a customer of any other Netting Member in clearing (i.e., ``done away''
transactions). Additionally, Submitting Members have the option of
either netting Executing Firm activity with other activity they submit
to FICC (i.e., Submitting Member proprietary activity) or segregating
Executing Firm activity in separate accounts. In all cases, however,
the Submitting Member must identify the relevant Executing Firm(s) on
the FICC transaction submission file.
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\23\ See Rule 8, supra note 12. There are no operational
differences between the current correspondent clearing service and
the prime broker service. FICC provides a report to prime brokers
that identifies margin calculation for their customers transactions
and does not provide such report to Members using the correspondent
clearing service. FICC would provide consistent reporting to all
Agent Clearing Members under the proposal.
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B. Proposed Changes
First, FICC proposes to re-name GSD's existing correspondent
clearing/prime broker services the ``Agent Clearing Service,'' which
would continue to allow Netting Members to submit, on behalf of their
customers, transactions to FICC for novation. FICC believes that this
proposed change would improve the transparency of the GSD Rules
regarding the availability and operations of this service to both
Netting Members and, indirectly, their customers.\24\ FICC also
believes this proposed change would enhance the ability of indirect
participants to identify the correspondent clearing/prime broker
services as a workable ``done away'' model that allows indirect
participants to access clearing through multiple direct
participants.\25\
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\24\ See Notice of Filing supra note 5, at 89 FR 21365.
\25\ See id.
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FICC would require Agent Clearing Members to process and record
their customers' activity in separate ``Agent Clearing Member Omnibus
Accounts'' to facilitate FICC's ability to monitor and, ultimately,
risk manage that activity appropriately. FICC would also require Agent
Clearing Members to provide FICC with certain customer information,
pursuant to the existing ongoing membership requirements in the GSD
Rules. FICC believes this information sharing would better enable FICC
to identify and manage the risks posed by such indirect participants
and would support FICC's compliance with the requirements of Rule 17ad-
22(e)(18)(iii) under the Exchange Act to monitor compliance with its
participation requirements on an ongoing basis.\26\
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\26\ See id.; 17 CFR 240.17Ad-22(e)(18)(iii).
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Second, FICC proposes to update certain qualifications for GSD's
membership categories. These proposed rule changes would (1) eliminate
the current two Sponsoring Member categories and apply to all
Sponsoring Members the qualifications applicable to the current
Category 2 Sponsoring Members, (2) remove the requirement that
Sponsored Members either be ``qualified institutional buyers'' as such
term is defined by Rule 144A under the Securities Act of 1933,\27\ or
satisfy the financial requirements of such definition, (3) clarify the
eligibility criteria for non-U.S. Netting Member applicants, and (4)
describe how FICC may consider Netting Member applicants that do not
qualify under an existing Netting Member category. FICC believes these
proposed changes would support FICC's continued maintenance of
objective, risk-based and publicly disclosed participation criteria
and, therefore, facilitate open access to GSD's clearing services.\28\
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\27\ 17 CFR 230.144A.
\28\ See Notice of Filing supra note 5, at 89 FR 21365.
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Finally, FICC proposes changes to the GSD Rules designed to
describe the criteria and related requirements regarding direct and
indirect access to GSD's clearing services. FICC believes these
proposed changes should enhance the ability of market participants, and
in particular indirect participants, to understand and evaluate the
comparative tradeoffs of using GSD's
[[Page 53683]]
central clearing services depending on the relevant access model.\29\
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\29\ See id.
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III. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Rule Change and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Exchange Act to determine whether the Proposed Rule
Change should be approved or disapproved.\30\ Institution of
proceedings is appropriate at this time in view of the legal and policy
issues raised by the Proposed Rule Change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, the Commission seeks and
encourages interested persons to comment on the Proposed Rule Change,
which would provide the Commission with arguments to support the
Commission's analysis as to whether to approve or disapprove the
Proposed Rule Change.
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\30\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Exchange Act,\31\ the
Commission is providing notice of the grounds for disapproval under
consideration. The Commission is instituting proceedings to allow for
additional analysis of, and input from commenters with respect to, the
Proposed Rule Change's consistency with Section 17A of the Exchange Act
\32\ and the rules thereunder, including the following provisions:
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\31\ Id.
\32\ 15 U.S.C. 78q-1.
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<bullet> Section 17A(b)(3)(F) of the Exchange Act,\33\ which
requires, among other things, that the rules of a clearing agency are
designed to promote the prompt and accurate clearance and settlement of
securities transactions, as well as to foster cooperation and
coordination with persons engaged in the clearance and settlement of
securities transactions; and, in general, to protect investors and the
public interest;
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\33\ 15 U.S.C. 78q-1(b)(3)(F).
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<bullet> Rule 17ad-22(e)(18)(i) under the Exchange Act,\34\ which
requires that a covered clearing agency establish, implement, maintain,
and enforce written policies and procedures reasonably designed to
establish objective, risk-based, and publicly disclosed criteria for
participation, which permit fair and open access by direct and, where
relevant, indirect participants and other financial market utilities;
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\34\ 17 CFR 240.17ad-22(e)(18)(iii).
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<bullet> Rule 17ad-22(e)(18)(ii) under the Exchange Act,\35\ which
requires that a covered clearing agency establish, implement, maintain,
and enforce written policies and procedures reasonably designed to
establish objective, risk-based, and publicly disclosed criteria for
participation, which require participants to have sufficient financial
resources and robust operational capacity to meet obligations arising
from participation in the clearing agency;
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\35\ 17 CFR 240.17ad-22(e)(18)(iii).
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<bullet> Rule 17ad-22(e)(18)(iv)(C) under the Exchange Act,\36\
which requires that a covered clearing agency establish, implement,
maintain, and enforce written policies and procedures reasonably
designed to establish objective, risk-based, and publicly disclosed
criteria for participation, which, when the covered clearing agency
provides central counterparty services in transactions in U.S. Treasury
securities, ensure that it has appropriate means to facilitate access
to clearance and settlement services of all eligible secondary market
transactions in U.S. Treasury securities, including those of indirect
participants;
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\36\ 17 CFR 240.17ad-22(e)(18)(iv)(C).
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<bullet> Rule 17ad-22(e)(19) under the Exchange Act,\37\ which
requires that a covered clearing agency establish, implement, maintain,
and enforce written policies and procedures reasonably designed to
identify, monitor, and manage the material risks to the covered
clearing agency arising from arrangements in which firms that are
indirect participants in the covered clearing agency rely on the
services provided by direct participants to access the covered clearing
agency's payment, clearing, or settlement facilities; and
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\37\ 17 CFR 240.17ad-22(e)(19).
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<bullet> Rule 17ad-22(e)(23)(ii) under the Exchange Act,\38\ which
requires that a covered clearing agency establish, implement, maintain,
and enforce written policies and procedures reasonably designed to
provide sufficient information to enable participants to identify and
evaluate the risks, fees, and other material costs they incur by
participating in the covered clearing agency.
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\38\ 17 CFR 240.17ad-22(e)(23)(ii).
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The Commission asks that the commenters address the sufficiency of
FICC's statements in support of the Proposed Rule Change, which are set
forth in the Notice of Filing, in addition to any other comments they
may wish to submit about the Proposed Rule Change. In particular, the
Commission seeks comment on the following questions and asks commenters
to submit data where appropriate to support their views.
1. What are commenters' views on whether the changes in the
Proposed Rule Change are consistent with Rule 17ad-22(e)(18)(iv)(C),
i.e., that it is reasonably designed to ensure that FICC has
appropriate means to facilitate access to clearance and settlement
services of all eligible secondary market transactions covered by Rule
17ad-22(e)(18)(iv)(A), including the transactions of indirect
participants? With respect to how the proposed rule change addresses
``done with'' and ``done away'' transactions of indirect participants
(as those transactions were described in part II.A above), what are
commenters' views about whether that proposed approach is consistent
with Rule 17ad-22(e)(18)(iv)(c) and Section 17A(b)(3) of the Exchange
Act?
2. As suggested by commenters, should the proposed rule change be
revised to include additional requirements for the proposed change to
meet Rule 17ad-22(e)(18)(iv)(C)'s requirement that the proposed rule
facilitate access to clearance and settlement of all eligible secondary
market transaction of all eligible secondary market transactions
covered by Rule 17ad-22(e)(18)(iv)(A), including the transactions of
indirect participants?
3. For example, in terms of additional requirements, what are
commenters' views on whether FICC needs to include a porting mechanism
(i.e., a process at FICC to transfer a customer's positions from one
direct participant to another, particularly in the event of the default
of the direct participant submitting the customer's positions) \39\ in
order for the rules to facilitate access to clearance and settlement
services?
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\39\ See, e.g., Letter from Robert Toomey, Head of Capital
Markets, Managing Director/Associate General Counsel, Securities
Industry and Financial Markets Association (May 22, 2024), at 4;
Letter from Katherine Darras, General Counsel, International Swaps
and Derivatives Association (Apr. 17, 2024) at 5 (stating that FICC
should include a porting mechanism or process in its Rules),
available at <a href="https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm">https://www.sec.gov/comments/sr-ficc-2024-005/srficc2024005.htm</a>.
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4. In addition, what are commenters' views on whether changes to
particular clearing models at FICC are necessary for the rules to
facilitate access to clearance and settlement services? Which clearing
model(s) (i.e., Sponsored or Agent Clearing Programs), and which margin
configuration(s), (i.e., segregated and/or net), are the most
[[Page 53684]]
appropriate place to make such requirements? \40\
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\40\ See, e.g., Letter from Jennifer W. Han, Executive Vice
President, Chief Counsel and Head of Regulatory Affairs, MFA, at 7
(Apr. 17, 2024) stating that FICC should, with respect to a direct
participant that offers clearing services to an indirect
participant, require the direct participant to allow, but not
require, the direct participant to post or finance its own margin
for the transactions it clears at FICC, and, if the indirect
participant chooses to post or finance its own margin, require the
direct participant to accept done-away transactions executed by the
indirect participant with third parties), available at <a href="https://www.sec.gov/comments/sr-ficc-2024-007/srficc2024007-461691-1208034.pdf">https://www.sec.gov/comments/sr-ficc-2024-007/srficc2024007-461691-1208034.pdf</a>.
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5. Are there other steps FICC must take for the proposed rule
change to facilitate those transactions consistent with Section 17A of
the Exchange Act, including, but not limited to, Section 17A(b)(3)(E)?
IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the Proposed Rule Change. In particular, the Commission invites
the written views of interested persons concerning whether the Proposed
Rule Change is consistent with Section 17A(b)(3)(F) \41\ and Rules
17ad-22(e)(18)(iii), (e)(18)(iv)(C), (e)(19), and (e)(23)(ii) \42\ of
the Exchange Act, or any other provision of the Exchange Act, or the
rules and regulations thereunder. Although there do not appear to be
any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4(g) under the Exchange
Act,\43\ any request for an opportunity to make an oral
presentation.\44\
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\41\ 15 U.S.C. 78q-1(b)(3)(F).
\42\ 17 CFR 240.17Ad-22(e)(18)(iii), 17 CFR 240.17Ad-
22(e)(18)(iv)(C), 17 CFR 240.17Ad-22(e)(19), and 17 CFR 240.17Ad-
22(e)(23)(ii).
\43\ 17 CFR 240.19b-4(g).
\44\ Section 19(b)(2) of the Exchange Act grants to the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Acts Amendments of 1975, Senate Comm.
on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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The Commission asks that commenters address the sufficiency of
FICC's statements in support of the Proposed Rule Change, which are set
forth in the Notice of Filing \45\ in addition to any other comments
they may wish to submit about the Proposed Rule Change.
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\45\ See Notice of Filing, supra note 5.
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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#0f7d7a636a226c6062626a617b7c4f7c6a6c21686079"><span class="__cf_email__" data-cfemail="453730292068262a2828202b3136053620266b222a33">[email protected]</span></a>. Please include
file number SR-FICC-2024-005 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-FICC-2024-005. 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="https://www.sec.gov/rules/sro.shtml">https://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,
Washington, DC 20549 on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of FICC and on FICC's
website (<a href="http://www.dtcc.com/legal/sec-rule-filings">www.dtcc.com/legal/sec-rule-filings</a>).
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to File Number SR-FICC-2024-005 and
should be submitted on or before July 18, 2024. Rebuttal comments
should be submitted by August 1, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\46\
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\46\ 17 CFR 200.30-3(a)(31).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-14068 Filed 6-26-24; 8:45 am]
BILLING CODE 8011-01-P
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