[Federal Register Volume 79, Number 150 (Tuesday, August 5, 2014)]
[Notices]
[Pages 45556-45560]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18389]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72715; File No. SR-NASDAQ-2014-038]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove
Proposed Rule Change, as Modified by Amendment Nos. 1 and 2 Thereto,
Relating to Listing and Trading of Shares of the NASDAQ-100 DIVS Index
ETF Under Rule 5705
July 29, 2014.
On April 10, 2014, The NASDAQ Stock Market LLC (``Exchange'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to list and
trade shares (``Shares'') of the Reality Shares NASDAQ-100 DIVS Index
ETF (``Fund'') (formerly, Reality Shares NASDAQ-100 Isolated Dividend
Growth Index ETF) under NASDAQ Rule 5705. The proposed rule change was
published for comment in the Federal Register on April 30, 2014.\3\ On
May 6, 2014, the Exchange filed Amendment No. 1 to the proposed rule
change, which amended and replaced the proposed rule change in its
entirety.\4\ On June 4, 2014, the Exchange filed Amendment No. 2 to the
proposed rule change.\5\ On June 13, 2014, pursuant to Section 19(b)(2)
of the Act,\6\ the Commission designated a longer period within which
to approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to disapprove the
proposed rule change.\7\ The Commission received no comment letters on
the proposed rule change. This Order institutes proceedings under
Section 19(b)(2)(B) of the Act \8\ to determine whether to approve or
disapprove the proposed rule change, as modified by Amendment Nos. 1
and 2 thereto.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 72014 (Apr. 24,
2014), 79 FR 24465 (``Notice'').
\4\ In Amendment No. 1, the Exchange confirmed the hours of the
three trading sessions on the Exchange, clarified the valuation of
investments for purposes of calculating net asset value, clarified
what information would be available on the Fund's Web site, and
provided additional information relating to surveillance with
respect to certain assets held by the Fund. Amendment No. 1 provided
clarification to the proposed rule change, and because it does not
materially affect the substance of the proposed rule change or raise
novel or unique regulatory issues, Amendment No. 1 is not subject to
notice and comment.
\5\ The Exchange filed Amendment No. 2 to the proposal to
reflect a name change to the Fund and the underlying index.
Specifically, the Exchange replaced each reference to ``Reality
Shares NASDAQ-100 Isolated Dividend Growth ETF'' in the proposal
with ``Reality Shares NASDAQ-100 DIVS Index ETF'' and replaced each
reference to ``Reality Shares NASDAQ-100 Isolated Dividend Growth
Index'' in the proposal with ``Reality Shares NASDAQ-100 DIVS
Index.'' Amendment No. 2 is a technical amendment and is not subject
to notice and comment as it does not materially affect the substance
of the filing.
\6\ 15 U.S.C. 78s(b)(2).
\7\ See Securities Exchange Act Release No. 72384, 79 FR 35205
(June 19, 2014). The Commission designated a longer period within
which to take action on the proposed rule change and designated July
29, 2014, as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
\8\ 15 U.S.C. 78s(b)(2)(B).
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I. Description of the Proposal
A. In General
The Exchange proposes to list and trade Shares of the Fund under
NASDAQ Rule 5705(b), which governs the listing and trading of Index
Fund Shares \9\ on the Exchange. The Shares of the Fund will be offered
by the Reality Shares ETF Trust (``Trust''). The Trust will be
registered with the Commission as an open-end management investment
company.\10\ Reality Shares Advisors, LLC will serve as the investment
adviser to the Fund (``Adviser''). ALPS Distributors, Inc. will be the
principal underwriter and distributor of the Fund's Shares. The Bank of
New York Mellon will serve as administrator, custodian, and transfer
agent for the Fund.
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\9\ Index Fund Shares that are issued by an open-end investment
company and listed and traded on the Exchange under NASDAQ Rule 5705
seek to provide investment results that correspond generally to the
price and yield performance of a specific foreign or domestic stock
index, fixed income securities index, or combination thereof. See
Rule 5705(b)(1)(A).
\10\ According to the Exchange, the Trust will be registered
under the Investment Company Act of 1940 (``1940 Act''). On November
12, 2013, the Trust filed a registration statement on Form N-1A
under the Securities Act of 1933 (``1933 Act'') and under the 1940
Act relating to the Fund, as amended by Pre-Effective Amendment
Number 1, filed with the Commission on February 6, 2014 (File Nos.
333-192288 and 811-22911) (the ``Registration Statement''). The
description of the operation of the Trust and the Fund herein is
based, in part, on the Registration Statement. In addition, the
Commission has issued an order granting certain exemptive relief to
the Trust under the 1940 Act. Investment Company Act Release No.
30678 (Aug. 27, 2013) (``Exemptive Order''). The Exchange states
that investments made by the Fund will comply with the conditions
set forth in the Exemptive Order.
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B. The Exchange's Description of the Fund
The Exchange has made the following representations concerning the
Fund.
[[Page 45557]]
The Fund will seek long-term capital appreciation by tracking the
performance of the Reality Shares NASDAQ-100 DIVS Index (``Index'').
The Index was developed and is maintained by Reality Shares, Inc.
(``Index Provider'').\11\ The Adviser is a wholly-owned subsidiary of
the Index Provider. The Index Provider is not registered as a broker-
dealer and is not affiliated with any broker-dealer.\12\ The Adviser is
not registered as a broker-dealer and is not affiliated with any
broker-dealer.\13\
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\11\ The Index will be calculated by International Data
Corporation, which is not affiliated with the Adviser, the Index
Provider, or The NASDAQ OMX Group and which is not a broker-dealer
or fund advisor. Rule 5705(b)(5)(A)(i) states that if an index is
maintained by a fund advisor or a broker-dealer, the fund advisor or
broker-dealer shall erect a ``fire wall'' around the personnel who
have access to information concerning changes and adjustments to the
index.
\12\ The Adviser and the Index Provider have represented that a
fire wall exists around the respective personnel who have access to
information concerning changes and adjustments to the Index.
\13\ The Adviser and the Index Provider have represented that a
fire wall exists around the respective personnel who have access to
information concerning changes and adjustments to the Index. The
Exchange notes that, in the event (a) the Adviser, any sub-adviser,
or the Index Provider becomes registered as a broker-dealer or newly
affiliated with a broker-dealer, or (b) any new adviser, sub-
adviser, or Index Provider is a registered broker-dealer or becomes
affiliated with a broker-dealer, that entity will implement a fire
wall with respect to their relevant personnel or broker-dealer
affiliate, as applicable, regarding access to information concerning
the composition of or changes to the portfolio and will be subject
to procedures designed to prevent the use and dissemination of
material, non-public information regarding the portfolio.
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1. Index Methodology
The Index will be calculated using a proprietary, rules-based
methodology designed to track market expectations for dividend growth
conveyed in real-time using the mid-point of the bid-ask spread on
NASDAQ-100 Index options and options on exchange-traded funds
(``ETFs'') designed to track the NASDAQ-100 Index.\14\ All options
included in the Index will be listed and traded on a U.S. national
securities exchange. The Index will consist of a minimum of 20
components.\15\
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\14\ The Index will not directly measure or track actual
dividend payments or the actual growth in dividend payments, but
will instead track market expectations of dividend growth as implied
by the prices of the options that make up the Index.
\15\ Rule 5705(b)(3).
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The prices of index and ETF options reflect the market trading
prices of the securities included in the applicable underlying index or
ETF, as well as market expectations regarding the level of dividends to
be paid on those indexes or ETFs during the term of the option. The
Index constituents, and therefore most of the Fund's portfolio
holdings, will consist of multiple corresponding near-term and long-
term put and call option combinations on the same reference assets
(i.e., options on the NASDAQ-100 Index or the NASDAQ-100 ETF) with the
same strike price. Because option prices reflect both stock price and
dividend expectations, they can be used in combination to isolate
either price exposure or dividend expectations. The use of near-term
and long-term put and call option combinations on the same reference
asset with the same strike price, but with different maturities, is
designed to gain exposure to the expected dividends of the securities
in the NASDAQ-100 Index while neutralizing the impact of stock price
movements. Over time, the Index will increase or decrease in value as
the dividend spread between the near-term and long-term option
combinations increases or decreases as a result of changing market
expectations for dividend growth.
2. Principal Investments of the Fund
The Fund will seek long-term capital appreciation and will seek
investment results that, before fees and expenses, generally correspond
to the performance of the Index. At least 80% of the Fund's total
assets (exclusive of collateral held from securities lending, if any)
will be invested in the component securities of the Index. The Fund
will seek a correlation of 0.95 or better between its performance and
the performance of its Index. A figure of 1.00 would represent perfect
correlation. The Fund generally will use a representative sampling
investment strategy.
The Fund will buy (i.e., hold a ``long'' position in) and sell
(i.e., hold a ``short'' position in) put and call options. The Fund
will have a strategy of taking both a long position in a security
through its ex-dividend date (the last date an investor can own the
security and receive dividends paid on the security) and a
corresponding short position in the same security immediately
thereafter. This is designed to allow the Fund to isolate its exposure
to the growth of the level of dividends expected to be paid on a
security while minimizing its exposure to changes in the trading price
of that security.
The Fund will buy and sell U.S. exchange-listed options on the
NASDAQ-100 Index and U.S. exchange-listed options on ETFs designed to
track the NASDAQ-100 Index. A put option gives the purchaser of the
option the right to sell, and the issuer of the option the obligation
to buy, the underlying security or instrument on a specified date or
during a specified period of time. A call option on a security gives
the purchaser of the option the right to buy, and the writer of the
option the obligation to sell, the underlying security or instrument on
a specified date or during a specified period of time. The Fund will
invest in a combination of put and call options designed to allow the
Fund to isolate its exposure to the growth of the level of expected
dividends reflected in options on the NASDAQ-100 Index and options on
ETFs tracking the NASDAQ-100 Index, while minimizing the Fund's
exposure to changes in the trading price of such securities.
3. Other Investments of the Fund
While, as described above, at least 80% of the Fund's total assets
(exclusive of collateral held from securities lending, if any) will be
invested in the component securities of the Index, the Fund may invest
up to 20% of the Fund's total assets in other securities and financial
instruments, as described below.
The Fund may invest in U.S. exchange-listed futures contracts on
the NASDAQ-100 Index and ETFs designed to track the NASDAQ-100 Index
and may invest in forward contracts on the NASDAQ-100 Index and ETFs
designed to track the NASDAQ-100 Index. The Fund's use of exchange-
listed futures contracts and forward contracts is designed to allow the
Fund to isolate its exposure to the growth of the level of expected
dividends reflected in options on the NASDAQ-100 Index and options on
ETFs tracking the NASDAQ-100 Index, while minimizing the Fund's
exposure to changes in the trading price of such securities. The Fund
may also buy and sell OTC options on the NASDAQ-100 Index and on ETFs
designed to track the NASDAQ-100 Index.
The Fund may enter into dividend and total return swap transactions
(including equity swap transactions) based on the NASDAQ-100 Index and
ETFs designed to track the NASDAQ-100 Index.\16\ In a typical swap
transaction, one party agrees to make periodic payments to another
party (``counterparty'') based on the change in market value or level
of a specified rate, index, or asset. In return, the counterparty
agrees to make periodic payments to the first party based on the return
of a different specified rate, index, or asset. Swap transactions are
usually done on a net basis, with the
[[Page 45558]]
Fund receiving or paying only the net amount of the two payments. In a
typical dividend swap transaction, the Fund would pay the swap
counterparty a premium and would be entitled to receive the value of
the actual dividends paid on the subject index during the term of the
swap contract. In a typical total return swap transaction, the Fund
might exchange long or short exposures to the return of the underlying
securities or index to isolate the value of the dividends paid on the
underlying securities or index constituents. The Fund also may engage
in interest rate swap transactions. In a typical interest rate swap
transaction, one stream of future interest payments is exchanged for
another. Such transactions often take the form of an exchange of a
fixed payment for a variable payment based on a future interest rate.
The Fund intends to use interest rate swap transactions to manage or
hedge exposure to interest rate fluctuations.
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\16\ The Fund will transact only with swap dealers that have in
place an ISDA agreement with the Fund.
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The Fund may invest up to 20% of its assets (exclusive of
collateral held from securities lending, if any) in exchange-listed
equity securities and derivative instruments (specifically, futures
contracts, forward contracts, and swap transactions) \17\ relating to
the Index and its component securities that the Adviser believes will
help the Fund track the Index. For example, the Fund may buy and sell
ETFs and, to a limited extent, individual large-capitalization equity
securities listed and traded on a U.S. national securities exchange.
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\17\ Where practicable, the Fund intends to invest in swaps
cleared through a central clearing house (``Cleared Swaps'').
Currently, only certain of the interest rate swaps in which the Fund
intends to invest are Cleared Swaps, while the dividend and total
return swaps (including equity swaps) in which the Fund may invest
are currently not Cleared Swaps.
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The Fund may invest in the securities of other investment companies
(including money market funds) to the extent permitted under the 1940
Act.
The Fund's short positions and its investments in swaps, futures
contracts, forward contracts, and options based on the NASDAQ-100 Index
and ETFs designed to track the NASDAQ-100 Index will be backed by
investments in cash, high-quality short-term debt securities, and
money-market instruments in an amount equal to the Fund's maximum
liability under the applicable position or contract or will otherwise
be offset in accordance with Section 18 of the 1940 Act. Short-term
debt securities and money market instruments include shares of fixed
income or money market mutual funds, commercial paper, certificates of
deposit, bankers' acceptances, U.S. Government Securities (including
securities issued or guaranteed by the U.S. government or its
authorities, agencies, or instrumentalities), repurchase
agreements,\18\ and bonds that are rated BBB or higher.
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\18\ The Fund may enter into repurchase agreements with banks
and broker-dealers. A repurchase agreement is an agreement under
which securities are acquired by a fund from a securities dealer or
bank, subject to resale at an agreed-upon price on a later date. The
acquiring fund bears a risk of loss in the event that the other
party to a repurchase agreement defaults on its obligations and the
fund is delayed or prevented from exercising its rights to dispose
of the collateral securities.
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In addition to the investments described above, and in a manner
consistent with its investment objective, the Fund may invest a limited
portion of its net assets in high-quality, short-term debt securities
and money market instruments for cash management purposes.\19\
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\19\ The Fund may invest in shares of money market mutual funds
to the extent permitted by the 1940 Act.
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The Fund will attempt to limit counterparty risk in non-cleared
swap, forward, and OTC option contracts by entering into such contracts
only with counterparties the Adviser believes are creditworthy and by
limiting the Fund's exposure to each counterparty. The Adviser will
monitor the creditworthiness of each counterparty and the Fund's
exposure to each counterparty on an ongoing basis.\20\
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\20\ The Fund will seek, where possible, to use counterparties,
as applicable, whose financial status is such that the risk of
default is reduced; however, the risk of losses resulting from
default is still possible. The Adviser will evaluate the
creditworthiness of counterparties on an ongoing basis. In addition
to information provided by credit agencies, the Adviser will
evaluate each approved counterparty using various methods of
analysis, such as, for example, the counterparty's liquidity in the
event of default, the counterparty's reputation, the Adviser's past
experience with the counterparty, and the counterparty's share of
market participation.
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The Exchange represents that the Fund's investments in swaps,
futures contracts, forward contracts, and options will be consistent
with the Fund's investment objective and with the requirements of the
1940 Act.\21\
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\21\ To limit the potential risk associated with such
transactions, the Fund will segregate or ``earmark'' assets
determined to be liquid by the Adviser in accordance with procedures
established by the Trust's Board of Trustees and in accordance with
the 1940 Act (or, as permitted by applicable regulation, will enter
into certain offsetting positions) to cover its obligations arising
from such transactions. These procedures have been adopted
consistent with Section 18 of the 1940 Act and related Commission
guidance. In addition, the Fund will include appropriate risk
disclosure in its offering documents, including leveraging risk.
Leveraging risk is the risk that certain transactions of the Fund,
including the Fund's use of derivatives, may give rise to leverage,
causing the Fund to be more volatile than if it had not been
leveraged. To mitigate leveraging risk, the Adviser will segregate
or ``earmark'' liquid assets or otherwise cover the transactions
that may give rise to such risk.
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4. Investment Restrictions of the Fund
To the extent the Index concentrates (i.e., holds 25% or more of
its total assets) in the securities of a particular industry or group
of industries, the Fund will concentrate its investments to
approximately the same extent as the Index.
The Fund may hold up to an aggregate amount of 15% of its net
assets in assets (calculated at the time of investment) deemed illiquid
by the Adviser, consistent with Commission guidance.\22\ The Fund will
monitor its portfolio liquidity on an ongoing basis to determine
whether, in light of current circumstances, an adequate level of
liquidity is being maintained and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets. Illiquid assets include
securities subject to contractual or other restrictions on resale and
other instruments that lack readily available markets as determined in
accordance with Commission staff guidance.
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\22\ In reaching liquidity decisions, the Adviser may consider
the following factors: The frequency of trades and quotes for the
security; the number of dealers wishing to purchase or sell the
security and the number of other potential purchasers; dealer
undertakings to make a market in the security; and the nature of the
security and the nature of the marketplace in which it trades (e.g.,
the time needed to dispose of the security, the method of soliciting
offers, and the mechanics of transfer).
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The Fund may make secured loans of its portfolio securities;
however, securities loans will not be made if, as a result, the
aggregate amount of all outstanding securities loans by the Fund
exceeds 33 1/3% of its total assets (including the market value of
collateral received). To the extent the Fund engages in securities
lending, securities loans will be made to broker-dealers that the
Adviser believes to be of relatively high credit standing pursuant to
agreements requiring that the loans continuously be collateralized by
cash, liquid securities, or shares of other investment companies with a
value at least equal to the market value of the loaned securities.
The Fund will be classified as a ``non-diversified'' investment
company under the 1940 Act and intends to qualify for, and to elect
treatment as, a separate regulated investment company under Subchapter
M of the Internal Revenue Code. The Exchange represents that the Fund's
investments will be consistent with its investment objective and will
[[Page 45559]]
not be used to provide multiple returns of a benchmark or to produce
leveraged returns.
II. Proceedings to Determine Whether To Approve or Disapprove SR-
NASDAQ-2014-038 and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \23\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
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, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change.
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\23\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Act,\24\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \25\
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\24\ Id.
\25\ 15 U.S.C. 78f(b)(5).
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III. 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 proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the 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, any request for an
opportunity to make an oral presentation.\26\
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\26\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants 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 Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by August 26, 2014. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
September 9, 2014.
The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice,\27\ as modified by Amendment Nos. 1 and 2 to the
proposed rule change, 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:
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\27\ See supra note 3.
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1. Because the Index is designed to reflect changes in market
expectations of future dividend growth, rather than to track actual
dividend growth, is the Fund's investment strategy fundamentally based
on an assumption that the options markets systemically underprice
dividend growth? What are commenters' views regarding whether investors
would be able to understand the strategy, risks, potential rewards,
assumptions, and expected performance of the Fund's strategy?
2. With respect to the trading of the Shares on the Exchange, do
commenters believe that the Exchange's rules governing sales practices
are adequately designed to ensure the suitability of recommendations
regarding the Shares? Why or why not? If not, should the Exchange's
rules governing sales practices be enhanced? If so, in what ways?
3. How closely do commenters think the market price of the Shares
will track the Fund's intraday indicative value (``IIV'') or the
intraday value of the Index? Are certain of these values likely to be
more volatile than others? If so, how would this affect trading in the
Shares? Are the Shares likely to trade with a significant premium or
discount to IIV? What are commenters' views of how effectively the IIV
of the Fund would represent the Fund's portfolio? What are commenters'
views of how the Shares' market price, the Fund's IIV, and the intraday
value of the Index will relate to one another during times of market
stress?
4. Does the liquidity of the long-dated options in which the Fund
will invest differ materially from that of the short-dated options in
which the Fund will invest? If so, how would that affect the ability of
market makers to engage in arbitrage or to hedge their positions while
making a market in the Shares? Would the liquidity characteristics of
the Index components or of the options in the Fund's portfolio affect
the calculation of the Index value, the calculation of the Fund's IIV,
the calculation of the Fund's NAV, or the ability of market makers or
other market participants to value the Shares? If so, how?
Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NASDAQ-2014-038 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 Numbers SR-NASDAQ-2014-038.
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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street NE., Washington, DC 20549, on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of these filings also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions
[[Page 45560]]
should refer to File Number SR-NASDAQ-2014-038 and should be submitted
on or before August 26, 2014. Rebuttal comments should be submitted by
September 9, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18389 Filed 8-4-14; 8:45 am]
BILLING CODE 8011-01-P