[Federal Register Volume 83, Number 6 (Tuesday, January 9, 2018)]
[Notices]
[Pages 1046-1050]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-00159]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82434; File No. SR-DTC-2017-024]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change To Amend Procedures in the DTC
Settlement Service Guide Relating to the Intra-Month Collection of
Required Participants Fund Deposits
January 3, 2018.
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 December 22, 2017, The Depository Trust Company (``DTC'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II and III below, which Items have
been prepared by the clearing agency. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change of DTC is annexed hereto as Exhibit 5.\3\
The proposed rule change would amend the Procedures, set forth in the
Settlement Guide, relating to the amount a Participant is required to
Deposit to the Participants Fund to satisfy a deficiency in its
Required Participants Fund Deposit (``Deficiency''),\4\ as a result of
an
[[Page 1047]]
increase in its Required Participants Fund Deposit calculated on an
intra-month basis, i.e., on a Business Day \5\ other than the last
Business Day of a month, as described below. Specifically, the proposed
rule change would codify in the Settlement Guide the practice currently
followed by DTC, to determine the ``Reference Amount'' (as defined
below) used by DTC, in conjunction with the existing methodology that
determines whether a Participant must Deposit an additional amount to
the Participants Fund to satisfy a Deficiency that occurs intra-
month.\6\ In addition, the proposed rule change would codify a practice
used by DTC relating to calculating a threshold amount, for any intra-
month increase in the Required Participants Fund Deposit for a
Participant that has been placed on the Watch List \7\ (``Watch List
Threshold''), to determine whether the Participant must Deposit an
additional amount to the Participants Fund to satisfy a Deficiency that
occurs intra-month. The proposed rule change would provide that the
Watch List Threshold would be lower than the Standard Threshold (as
defined below).\8\ The proposed rule change would also include
technical and clarifying changes to the text of the Settlement Guide
(a) for enhanced readability, (b) to make grammatical corrections, and
(c) to add new section headings, as discussed below.
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\3\ Each capitalized term not otherwise defined herein has its
respective meaning as set forth in the Rules, By-Laws and
Organization Certificate of The Depository Trust Company
(``Rules''), available at http://www.dtcc.com/legal/rules-and-procedures.aspx and the DTC Settlement Service Guide (``Settlement
Guide''), available at http://www.dtcc.com/~/media/Files/Downloads/
legal/service-guides/Settlement.pdf.
\4\ The Required Participants Fund Deposit of a Participant is
the amount the Participant is required to Deposit to the
Participants Fund pursuant to Section 1 of Rule 4. Rule 4, Section
1, supra note 3. The Participants Fund, described more fully below,
is provided for in Rule 4. Rule 4, supra note 3. Deposit, in this
context, pursuant to Section 1 of Rule 1, means causing the
appropriate amount in cash to be paid to DTC for credit to the
Participants Fund pursuant to Section 1 of Rule 4. Rule 1, Section
1, supra note 3. The Settlement Guide, which is proposed to be
amended hereby, sets forth Procedures for the calculation and
payment of the Required Participants Fund Deposit. See Settlement
Guide, supra note 3 at 47-50. Procedures, in this context, pursuant
to Section 1 of Rule 1, means ``the Procedures, service guides, and
regulations of DTC adopted pursuant to Rule 27, as amended from time
to time.'' Rule 1, Section 1, supra note 3. The Settlement Guide
constitutes Procedures of DTC, as defined in the Rules. See
Settlement Guide, supra note 3 at 1.
\5\ The term ``Business Day'' means any day on which DTC is open
for business. Rule 1, Section 1, supra note 3.
\6\ See Settlement Guide, supra note 3 at 50-51 (describing this
methodology).
\7\ The term ``Watch List'' means, at any time and from time to
time, the list of Participants whose credit ratings derived from the
Credit Risk Rating Matrix are 5, 6 or 7, as well as Participants
that, based on the Corporation's consideration of relevant factors,
including those set forth in Section 10 of Rule 2, are deemed by the
Corporation to pose a heightened risk to the Corporation and its
Participants. Rule 1, Section 1, supra note 3. Rule 1 states: ``The
term ``Credit Risk Rating Matrix'' means a matrix of credit ratings
of Participants specified in Section 10(a) of Rule 2. The matrix is
developed by the Corporation to evaluate the credit risk such
Participants pose to the Corporation and its Participants and is
based on factors determined to be relevant by the Corporation from
time to time, which factors are designed to collectively reflect the
financial and operational condition of a Participant. These factors
include (i) quantitative factors, such as capital, assets, earnings,
and liquidity, and (ii) qualitative factors, such as management
quality, market position/environment, and capital and liquidity risk
management.'' Id.
\8\ Pursuant to the Settlement Guide, if there is a significant
increase to the Participant's Required Participants Fund Deposit as
calculated on an intra-month Business Day, such that the increase
meets a certain threshold amount (``Standard Threshold''), the
Participant is required to Deposit the difference between its Actual
Participants Fund Deposit and its Required Participants Fund
Deposit. See Settlement Guide, supra note 3 at 50-51.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
The proposed rule change would amend the Procedures set forth in
the Settlement Guide relating to the amount a Participant is required
to Deposit \9\ to the Participants Fund to satisfy a Deficiency, due to
an increase to its Required Participants Fund Deposit, as calculated on
an intra-month basis, as described below.\10\ Specifically, the
proposed rule change would codify the practices currently followed by
DTC with respect to (i) determining the Reference Amount for a
Participant (as described below) and (ii) the application of the Watch
List Threshold, as described below. The proposed rule change would also
include technical and clarifying changes to the text of the Settlement
Guide (a) for enhanced readability, (b) to make grammatical
corrections, and (c) to add new section headings, as discussed below.
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\9\ Deposit, in this context, pursuant to Section 1 of Rule 1,
means causing the appropriate amount in cash to be paid to DTC for
credit to the Participants Fund pursuant to Section 1 of Rule 4.
Rule 1, Section 1, supra note 3.
\10\ See Id.
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Background
DTC maintains a cash Participants Fund in an aggregate amount based
on maintaining liquidity resources sufficient to complete net
settlement among non-defaulting Participants if a Participant, or
Affiliated Family of Participants, with the largest net settlement
obligation failed to settle.\11\ The Settlement Guide describes the
methodology for the calculation and procedures for payment of Required
Participants Fund Deposits.\12\ The aggregate Required Participants
Fund Deposits must equal $1.15 billion (BN); however, Participants may
make Voluntary Participants Fund Deposits to support their
activity.\13\ The minimum Required Participants Fund Deposit for each
Participant is $7,500.\14\ The Required Participants Fund Deposit for
each Participant is calculated based on a 60 business-day rolling
average (``60-day Rolling Average'') of the Participant's highest
intra-day Net Debit Balance peaks, to allocate ratably the first $450
million (``MM'') of the aggregate Participants Fund.\15\ An additional
algorithm proportionally allocates an additional $700 MM among
Participants whose Affiliated Family's Net Debit Caps exceed $2.15
BN.\16\ If a Participant defaults, its Actual Participants Fund Deposit
(the Required Participants Fund Deposit plus its Voluntary Participants
Fund Deposit) may be applied to satisfy any liability or loss due to
its default, including liquidity to complete settlement.\17\
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\11\ The DTC net settlement system and the Rules are structured
so that the net settlement obligation of a Participant (its Net
Debit Balance) is limited by its Net Debit Cap. See Settlement
Guide, supra note 3 at 65. The maximum Net Debit Cap of any
Participant is $1.8 BN and the maximum Net Debit Cap for an
Affiliated Family of Participants is $2.85 BN. See Settlement Guide,
supra note 3 at 65-66. These limits are determined based on
liquidity resources available to DTC in the cash Participants Fund
or under a committed line of credit from a syndicate of commercial
lenders for $1.9 BN (``Line of Credit''). Id.
\12\ Settlement Guide, supra note 3 at 47-50.
\13\ Rule 4, Section 3, supra note 3. The term ``Voluntary
Participants Fund Deposit'' of a Participant means, any amount the
Participant has Deposited to the Participants Fund in excess of its
Required Participants Fund Deposit. Rule 1, Section 1, supra note 3.
\14\ Settlement Guide, supra note 3 at 47-50.
\15\ Id.
\16\ Id.
\17\ See Rule 4, supra note 3. See also Settlement Guide, supra
note 3 at 47-50.
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The Required Participants Fund Deposit of each Participant is
calculated on a daily basis.\18\ As the calculation of the Required
Participants Fund Deposit of a Participant takes into account the 60-
day Rolling Average, however, the Required Participants Fund Deposit
remains stable and does not undergo material change from day-to-day.
Therefore, the Settlement Guide only requires collection of the full
amount of any Deficiency on a monthly basis unless an increase to its
Required Participants Fund Deposit as calculated intra-month exceeds
the Standard Threshold.\19\ In this regard, a Participant
[[Page 1048]]
must satisfy any Deficiency as calculated on the last Business Day of a
month.
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\18\ Rule 4, Section 1, supra note 3.
\19\ See Settlement Guide, supra note 3 at 50-51.
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Pursuant to the Settlement Guide, if there is a significant
increase to the Participant's Required Participants Fund Deposit as
calculated on an intra-month Business Day, such that the increase meets
the Standard Threshold, the Participant is required to Deposit the
difference between its Actual Participants Fund Deposit and its
Required Participants Fund Deposit.\20\ The Standard Threshold is met
when the difference between the Participant's Required Participants
Fund Deposit and the Reference Amount (a) equals or exceeds $500,000
and (b) represents a percentage increase of 25 percent or more over the
Reference Amount.\21\
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\20\ See Id.
\21\ See Id.
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Proposed Rule Changes
As mentioned above, the proposed rule change would amend the
Procedures set forth in the Settlement Guide relating to the amount a
Participant is required to Deposit to the Participants Fund to satisfy
a Deficiency, due to an increase to its Required Participants Fund
Deposit, as calculated on an intra-month basis.\22\ Specifically, as
mentioned above, the proposed rule change would codify the practices
currently followed by DTC with respect to (i) determining the Reference
Amount for a Participant (as described below) and (ii) the application
of the Watch List Threshold, as described below. The proposed rule
change would also include technical and clarifying changes to the text
of the Settlement Guide (a) for enhanced readability, (b) to make
grammatical corrections, and (c) to add new section headings, as
discussed below.
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\22\ See Id.
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Proposed Clarification of Reference Amount
The Settlement Guide does not specify the Reference Amount used for
the purpose of determining the Standard Threshold. In practice, DTC
designates the Reference Amount for a Participant to be the
Participant's Required Participants Fund Deposit relating to the most
recent event that required the Participant to Deposit an additional
amount to the Participants Fund. This would be the most recent
occurrence, as it relates to the Participant, of (a) a month-end
calculation, (b) an intra-month calculation that meets the Standard
Threshold resulting in a collection of a Deficiency, or (c) an
adjustment to the Participant's Required Participants Fund Deposit
pursuant to Rule 9(A),\23\ as described below. Pursuant to the proposed
rule change, DTC would codify this practice, and would update it to
take into account increases that a Participant would be required to
Deposit because of an increase in its Required Participants Fund
Deposit that meets the Watch List Threshold, as described below. In
this regard, the proposed rule change would amend the Settlement Guide
to state that the Reference Amount for the determination of the
Standard Threshold and the Watch List Threshold for a Participant, on a
given intra-month Business Day, would equal the Participant's Required
Participants Fund Deposit as previously calculated on the latter of:
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\23\ Rule 9(A), Section 2, supra note 3. See also Settlement
Guide, supra note 1 at 50 (describing adjustments that may be made
pursuant to Rule 9(A).
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(a) The last Business Day of the prior month;
(b) the most recent intra-month Business Day (prior to the then
current Business Day), when the amount resulting from daily calculation
of the Participant's Required Participants Fund Deposit met or exceeded
either the Standard Threshold or the Watch List Threshold and a deficit
collection was effectuated pursuant to the intra-month collection
procedures specified in the Settlement Guide; or
(c) the most recent intra-month Business Day (prior to the then
current Business Day) when DTC effected an adjustment to the
Participant's Required Participants Fund Deposit pursuant to Rule
9(A).\24\
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\24\ Rule 9(A), Section 2, supra note 3.
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Proposed Watch List Threshold
Pursuant to the Rules and Settlement Guide, DTC maintains the
ability to seek additional assurances \25\ and tools allowing it to
conduct enhanced surveillance \26\ of Participants that present
heighted risk to DTC.
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\25\ Infra note 30.
\26\ Infra note 29.
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In this regard, DTC uses the Credit Risk Rating Matrix, the Watch
List and the enhanced surveillance to manage and monitor default risks
of Participants on an ongoing basis.\27\ The level and frequency of
such monitoring for a Participant is determined by the Participant's
risk of default as assessed by DTC.\28\ Participants that are deemed by
DTC to pose a heightened risk to DTC and its Participants are subject
to, among other things, closer and more frequent monitoring and
enhanced reporting requirements.\29\
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\27\ See Securities Exchange Act Release No. 80734 (May 19,
2017), 82 FR 24177 (May 25, 2017) (SR-DTC-2017-002)
\28\ See Id.
\29\ Rule 2, Section 10, supra note 3. Section 10 of Rule 2
states: ``A Participant being subject to enhanced surveillance or
being placed on the Watch List shall result in more thorough
monitoring of the Participant's financial condition and/or
operational capability, which could include, for example, on-site
visits or additional due diligence information requests from the
Corporation. In addition, the Corporation may require a Participant
placed on the Watch List and/or subject to enhanced surveillance to
make more frequent financial disclosures, including, without
limitation, interim and/or pro forma reports. Participants that are
subject to enhanced surveillance are also reported to the
Corporation's management committees and regularly reviewed by a
cross-functional team comprised of senior management of the
Corporation. The Corporation may also take such additional actions
with regard to any Participant (including a Participant placed on
the Watch List and/or subject to enhanced surveillance) as are
permitted by the Rules and Procedures.'' Id.
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In addition to the above, pursuant to Rule 9(A), if DTC becomes
concerned with a Participant's operational or financial soundness, DTC
may require adequate assurances of financial or operational capacity
from the Participant, as a risk mitigant,\30\ including requiring the
Participant to Deposit an additional amount to the Participants
Fund.\31\ Any additional requirements are designed to provide
appropriate incentives to affected Participant(s) to address the
underlying condition or activity.
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\30\ Rule 9(A), Section 2, supra note 3.
\31\ Any such additional amount shall be part of the Required
Participants Fund Deposit of the Participant. See Rule 4, Section
1(a), supra note 3.
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In determining whether it is appropriate to require a Participant
to Deposit an additional amount to the Participants Fund for a
Participant, DTC takes into account credit, market, operational or
other concerns regarding the Participant. Typically, the following
factors may be considered, including: (i) The Participant's liquidity
arrangements; (ii) the Participant's overall financial condition; (iii)
published news or reports and/or regulatory observations relating to
the Participant; and (iv) the Participant's internal credit rating, if
any.\32\
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\32\ See Settlement Guide, supra note 3 at 50.
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As a further mitigant of risks presented by Participants that
present heightened risk to DTC, and in light of the fact that a
Participant's internal credit rating is a contributing factor to both
DTC's determination to add a Participant to the Watch List and/or make
an adjustment with respect to the Participant's Required Participants
Required Participants Fund Deposit, the proposed rule change would
amend the Settlement Guide to add the Watch List Threshold.
[[Page 1049]]
As mentioned above, the proposed rule change relating to the Watch
List Threshold would reflect criteria DTC currently uses in practice
for Participants that have been placed on the Watch List, to determine
whether a Participant that has been placed on the Watch List must
Deposit additional amount to the Participants Fund to satisfy a
Deficiency. The Watch List Threshold is lower than the Standard
Threshold and, when met, would require the Participant to Deposit the
full amount of any Deficiency. The proposed rule change would add text
to the Settlement Guide stating that the Watch List Threshold would
apply to a Participant if its Required Participants Fund Deposit
increases and the difference between the Required Participants Fund
Deposit and the Reference Amount equals or is greater than 10 percent
of the Reference Amount.
Technical and Clarifying Changes
The proposed rule change would also include technical and
clarifying changes to the text of the ``Settlement of Participants Fund
Deposits'' section of the Settlement Guide:
(a) To revise and re-order existing text for enhanced readability
and flow of content;
(b) to add subheadings with respect to provisions relating to (i)
settlement of Required Participants Fund Deposits calculated at the end
of a month, (ii) collection of Required Participants Fund Deposits
calculated on an intra-month basis, (iii) return of any amount by which
a Participant's Actual Participants Fund Deposit exceeds its Required
Participants Fund Deposit;
(c) to revise informal references to terms already defined in the
Rules to use the actual defined terms, as applicable, including
changing references from (i) ``requirement'' to ``Required Participants
Fund Deposit, (ii) referring informally to a Participant's ``deposit''
to ``Actual Participants Fund Deposit'' and (iii) ``business day'' to
``Business Day''; and
(d) to make grammatical corrections.
Implementation Timeframe
The proposed rule change would be effective upon approval of the
proposed rule change by the Commission.
2. Statutory Basis
Section 17A(b)(3)(F) of the Securities Exchange Act of 1934, as
amended (``Act'') \33\ requires, inter alia, that the Rules promote the
prompt and accurate clearance and settlement of securities
transactions. DTC believes that the proposed rule changes are
consistent with this provision because they would (i) add provisions in
the Settlement Guide that provide for, among other things, the criteria
currently used by DTC to determine whether a Participant must increase
the amount of its Actual Participants Fund Deposit on an intra-month
basis, and (ii) include technical and clarifying changes to the text of
the Settlement Guide (a) for enhanced readability, (b) to make
grammatical corrections and (c) to add new section headings, as
discussed above. In this regard, the proposed changes would enhance the
transparency and clarity of the applicable provisions of the Settlement
Guide, which would facilitate stakeholders' ability to understand DTC's
criteria the determination of whether a Participant would be required
to make an additional Deposit to the Participants Fund based on the
intra-month calculation of its Required Participants Fund Deposit. As
mentioned above, the Participants Fund provides DTC with the liquidity
to complete end-of-day settlement notwithstanding the failure to settle
of the Participant or Affiliated Family of Participants with the
largest settlement obligation. Therefore, by providing stakeholders
with enhanced transparency with regard to the criteria and related
Procedures related to whether a Participant must Deposit additional
amounts to satisfy a Deficiency, DTC believes that the proposed rule
change would promote the prompt and accurate clearance and settlement
of securities transactions consistent with Section 17A(b)(3)(F) of the
Act.
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\33\ 15 U.S.C. 78q-1(b)(3)(F).
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The proposed rule change is also designed to be consistent with
Rule 17Ad-22(e)(23)(ii) of the Act.\34\ Rule 17Ad-22(e)(ii) requires
DTC, inter alia, to establish, implement, maintain and enforce written
policies and procedures reasonably designed to provide sufficient
information to enable participants to identify and evaluate the risks
and material costs they incur by participating in the covered clearing
agency.\35\ As discussed above, the proposed rule change would (i)
provide greater transparency in the Settlement Guide with respect to,
the methodology used by DTC to determine whether a Participant must
Deposit an additional amount to the Participants Fund based on an
intra-month calculation of its Required Participants Fund Deposit and
(ii) make other clarifying changes for readability and grammatical
changes to the text of the Settlement Guide in this regard. By
providing for greater transparency and clarity in this regard, DTC
believes that the proposed rule change is consistent with Rule 17Ad-
22(e)(23)(ii), cited above.
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\34\ 17 CFR 240.17Ad-22(e)(23)(ii).
\35\ DTC is a ``covered clearing agency'' as defined by new Rule
17Ad-22(a)(5) and must comply with subsection (e) of Rule 17Ad-22.
See Securities Exchange Act Release No. 78961 (September 28, 2016),
81 FR 70786 (October 13, 2016) (S7-03-14).
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(B) Clearing Agency's Statement on Burden on Competition
DTC does not believe that the proposed rule change to add
provisions to the Settlement Guide relating to the Watch List
Threshold, as discussed above, would impact competition.\36\ The
proposed rule change codifies a procedure that is consistent with the
existing core concept relating to DTC's authority to impose an
adjustment on a Required Participants Fund Deposit on a Participant
because of its internal credit rating,\37\ i.e., relating to Credit
Risk Rating Matrix, which determines a Participant's placement on the
Watch List, as described above. Based on the foregoing, DTC believes
that the proposed rule change relating to addition of provisions to the
Settlement Guide relating to the Watch List Threshold would not have
any impact on competition.
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\36\ 15 U.S.C. 78q-1(b)(3)(I).
\37\ See Settlement Guide at 50 (stating that a Participant's
internal credit rating is a factor DTC may take into consideration
in determining whether to increase the Participant's Required
Participants Fund Deposit, pursuant to Rule 9(A), cited above).
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DTC does not believe that the proposed rule change to codify in the
Settlement Guide the criteria DTC currently uses to determine the
Reference Amount would impact competition.\38\ The proposed rule change
consists of changes to the Settlement Guide that do not alter the
methodology by which Required Participants Fund Deposits are calculated
and collected. Based on the foregoing, DTC believes that the proposed
rule change clarifying the criteria for determining the Reference
Amount would not have any impact on competition.
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\38\ Supra note 36.
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
Written comments relating to this proposed rule change have not
been solicited or received. DTC will notify the Commission of any
written comments received by DTC.
[[Page 1050]]
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self- regulatory organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-DTC-2017-024 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SR-DTC-2017-024. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of DTC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2017-024 and should be submitted on
or before January 30, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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\39\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00159 Filed 1-8-18; 8:45 am]
BILLING CODE 8011-01-P