[Federal Register Volume 84, Number 133 (Thursday, July 11, 2019)]
[Notices]
[Pages 33098-33102]
[FR Doc No: 2019-14724]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86315; File No. SR-FINRA-2019-019]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a Proposed Rule Change To Expand
OTC Equity Trading Volume Data Published on FINRA's Website

July 5, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 1, 2019, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by FINRA. 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. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    FINRA is proposing to amend Rules 6110 and 6610 to expand the
summary firm data relating to over-the-counter (``OTC'') equity trading
that FINRA publishes on its website.
    The text of the proposed rule change is available on FINRA's
website at http://www.finra.org, at the principal office of FINRA and
at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

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

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Pursuant to Rules 6110(b) and 6610(b), FINRA currently publishes
certain volume information for OTC transactions \3\ in NMS stocks \4\
and OTC Equity Securities,\5\ respectively, that are executed outside
of an alternative trading system (``ATS'').\6\ All published data is
derived directly from OTC trades reported to a FINRA equity trade
reporting facility (i.e., the Alternative Display Facility, a Trade
Reporting Facility or the OTC Reporting Facility). FINRA does not
charge a fee for this data.\7\
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    \3\ Rules 6110 and 6610 apply only to OTC transactions in NMS
stocks and OTC Equity Securities, respectively, i.e., transactions
effected otherwise than on or through a national securities
exchange.
    \4\ ``NMS stock'' is defined in Rule 600(b)(47) of the SEC's
Regulation NMS. See Rule 6110(a). Generally, NMS stocks include any
security, other than an option, for which transaction reports are
collected, processed, and made available pursuant to an effective
transaction reporting plan. See 17 CFR 242.600(b)(47).
    \5\ ``OTC Equity Security'' means any equity security that is
not an NMS stock, other than a Restricted Equity Security. See Rule
6420(f). A ``Restricted Equity Security'' means any equity security
that meets the definition of ``restricted security'' as contained in
Securities Act Rule 144(a)(3). See Rule 6420(k); 17 CFR
230.144(a)(3).
    \6\ Rules 6110(b) and 6610(b) govern the publication of
information for OTC transactions executed outside of an ATS (``non-
ATS'' volume data or information). Rules 6110(c) and 6610(c)
separately govern the publication of trading information for OTC
transactions executed on ATSs.
    \7\ OTC transaction volume data published pursuant to Rules 6110
and 6610 is available on FINRA's OTC Transparency Data web page,
available at https://otctransparency.finra.org/otctransparency/.
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    Specifically, FINRA publishes weekly non-ATS OTC volume information
(number of trades and shares) by firm and by security on a two-week or
four-week delayed basis. Weekly security-specific information for
transactions in NMS stocks in Tier 1 of the NMS Plan to Address
Extraordinary Market Volatility (``Tier 1 NMS stocks'') is published on
a two-week delayed basis, while information on the remaining NMS stocks
(``Tier 2 NMS stocks'') and OTC Equity Securities is published on a
four-week delayed basis. FINRA also publishes aggregate weekly non-ATS
volume totals by firm and category of security (Tier 1 NMS stocks, Tier
2 NMS stocks and OTC Equity Securities) on the same timeframes, as well
as aggregate non-ATS volume totals by firm for all NMS stocks and OTC
Equity Securities, respectively, for each calendar month on a one-month
delayed basis.\8\ All data is published by firm on an attributed
basis,\9\ except that for firms executing fewer than, on average, 200
non-ATS transactions per day during the reporting period,\10\ FINRA
combines and publishes the volume for these firms on an aggregate non-
attributed basis identified in the published data as ``De Minimis
Firms.'' \11\
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    \8\ Monthly aggregated data is categorized by NMS stocks and OTC
Equity Securities, i.e., there is no differentiation between Tier 1
NMS stocks and Tier 2 NMS stocks.
    \9\ Non-ATS data is published at the firm level, aggregating
each market participant identifier (``MPID'') used by a particular
firm (but excluding any MPIDs used by a firm to report trades
executed on its ATS).
    \10\ For a firm with multiple non-ATS MPIDs, the total volume
across all its MPIDs is combined for purposes of determining whether
the de minimis threshold has been met.
    \11\ There is no parallel de minimis exception for ATS
transactions under Rules 6110(c) and 6610(c). Therefore, all ATS
volume data is currently published on an attributed basis.
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    As part of FINRA's ongoing efforts to improve market transparency,
FINRA is proposing to expand the summary firm data relating to non-ATS
OTC equity trading that FINRA publishes on its website. The proposed
rule change has two primary components. First, FINRA is proposing to
publish new monthly aggregate block-size trading data for non-ATS OTC
trades in NMS stocks, on the same terms as FINRA currently publishes
aggregate block-size trading data for trades in NMS stocks occurring on
ATSs. Second, FINRA is proposing to eliminate the current de minimis
exception for publication of aggregate non-ATS trading volume across
all NMS stocks and OTC Equity Securities and publish each firm's
aggregate non-ATS volume on an attributed basis. These two components
of the proposed rule change are each addressed below.
Non-ATS Block-Size Trading Data
    FINRA currently publishes monthly information on block-size trades
in all NMS stocks occurring on ATSs pursuant to Rule 6110(c)(2). Data
regarding ATS block-size trades is aggregated across all NMS stocks
(i.e., there is no security-by-security block data), is for a time
period of one month of trading, and is published no earlier than one
month following the end of the month for which trading was aggregated.
    As announced in Regulatory Notice 16-14,\12\ FINRA currently
publishes information on block-size ATS trades in NMS stocks using
share-based thresholds, dollar-based thresholds and thresholds that
include both shares and dollar amount as follows:
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    \12\ See Regulatory Notice 16-14 (April 2016).
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     10,000 or more shares;
     $200,000 or more in dollar value;
     10,000 or more shares and $200,000 or more in dollar
value;
     2,000 to 9,999 shares;
     $100,000 to $199,999 in dollar value; and

     2,000 to 9,999 shares and $100,000 to $199,999 in dollar
value.
    For each of these categories, FINRA publishes monthly trade count
and volume information for each ATS, on an attributed basis, aggregated
across all NMS stocks with no differentiation between Tier 1 NMS stocks
and Tier 2 NMS stocks. FINRA also calculates and displays the average
trade size and each ATS's rank as well as ``ATS Block Market Share''
(i.e., the proportion of each ATS's block-size trading volume in
relation to total block-size trading by all ATSs) and ``ATS Block
Business Share'' (i.e., the proportion of a particular ATS's overall
trading volume that was done as block-size trades) and rankings of
those metrics for each of the above categories.\13\
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    \13\ ATS block-size data can be viewed on FINRA's OTC
Transparency Data web page, available at https://otctransparency.finra.org/otctransparency/AtsBlocks. The data may
also be directly downloaded through the OTC Transparency Data web
page, available at https://otctransparency.finra.org/otctransparency/AtsBlocksDownload.
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    FINRA is proposing to expand the block-size trading data that it
publishes on its website to also include monthly aggregate non-ATS
block-size trading data for all NMS stocks. The new non-ATS block-size
data would be published on the same terms as current ATS block-size
data and FINRA would not charge a fee for the new data. Specifically,
proposed paragraph (b)(3) of Rule 6110 provides that non-ATS block-size
data would be aggregated across all NMS stocks (i.e., there would be no
security-by-security block data), would be for a time period of one
month of trading, and would be published no earlier than one month
following the end of the month for which trading was aggregated. All
published data would be derived directly from OTC trades reported to
the Alternative Display Facility or a Trade Reporting Facility.
    Pursuant to proposed Rule 6110(b)(3), FINRA will publish the new
non-ATS block-size data with elements to be determined from time to
time by FINRA in its discretion as stated in a Regulatory Notice or
other equivalent publication. As with current ATS block-size data,
rather than defining what constitutes a ``block-size'' trade, non-ATS
block-size data would be published using the same share-based, dollar-
based and combination share- and dollar-based thresholds used for ATS
block-size data, as described above. For each category, FINRA would
publish monthly trade count and volume information for each firm, on an
attributed basis,\14\ aggregated across all NMS stocks with no
differentiation between Tier 1 NMS stocks and Tier 2 NMS stocks.\15\
FINRA would also calculate and display the average trade size and each
firm's rank as well as ``Firm Block Market Share'' (i.e., the
proportion of each firm's block-size trading volume in relation to
total block-size trading by all firms) and ``Firm Block Business
Share'' (i.e., the proportion of a particular firm's overall trading
volume that was done as block-size trades) and rankings of those
metrics for each of the above categories.\16\
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    \14\ Each firm that engages in block-size non-ATS trading of NMS
stocks would be separately identified, i.e., FINRA is not proposing
any de minimis exception for non-ATS block-size data.
    \15\ FINRA is not proposing at this time to publish non-ATS
block-size data for trading in OTC Equity Securities, due largely to
the wide variance of trading activity in these securities and the
difficulty associated with determining appropriate block thresholds.
FINRA notes that the currently published ATS block-size data is also
limited to NMS stocks and does not cover trading in OTC Equity
Securities. FINRA will continue to assess whether block-size trading
data should be expanded to include trades in OTC Equity Securities
or a subset thereof.
    \16\ FINRA will announce any changes to these elements in
advance in a Regulatory Notice or similar publication.
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    In developing its proposal to publish non-ATS block-size data,
FINRA discussed the initiative with a number of FINRA's industry
advisory committees, informally consulted a number of firms and
solicited written comment in Regulatory Notice 18-28 (discussed in
greater detail below). Firms were generally supportive of publishing
non-ATS block-size data, which would provide enhanced transparency into
the OTC market as a complement to the currently published ATS block-
size data. Several firms noted potential information leakage concerns
involved with publishing new block-size data, but indicated that such
concerns would be mitigated by publishing data on an aggregated basis,
rather than security-by-security, and by delaying publication.
    FINRA believes that publication of non-ATS block-size data as
described above would be beneficial to firms and the general public and
provide interested parties with more detailed information on non-ATS
trading activities, thus enhancing transparency in the OTC market for
NMS stocks.
Elimination of the De Minimis Exception
    As noted above, pursuant to Rules 6110(b)(2)(B) and 6610(b)(2)(B),
for firms executing fewer than, on average, 200 non-ATS transactions
per day during the reporting period, FINRA publishes the volume for
these firms on an aggregate non-attributed basis identified in the
published data as ``De Minimis Firms.'' FINRA is proposing to eliminate
this de minimis exception and publish on an attributed basis each
firm's aggregate non-ATS volume (number of trades and shares) on a
weekly or monthly basis, as applicable. As a result, each individual
firm would be identified in the published aggregate data and there
would no longer be a de minimis exception for published aggregate
volume information. However, FINRA is not proposing to eliminate the de
minimis exception for purposes of the security-specific non-ATS volume
data under Rules 6110(b)(2)(C) and 6610(b)(2)(C). Therefore, if a firm
averages fewer than 200 non-ATS transactions per day in a given
security during the reporting period, FINRA would continue to aggregate
the firm's volume in that security with that of similarly situated
firms and there would continue to be a De Minimis Firms category for
published security-by-security volume data.
    When FINRA amended its rules to expand its transparency initiative
by publishing non-ATS trading volume, it noted its belief at the time
that publishing volume information for each firm that executed only a
small number of trades or shares in any given period would not provide
meaningful information to the marketplace.\17\ FINRA also noted that it
would consider whether modifications to the de minimis threshold would
be appropriate based on feedback it may receive from interested
parties.\18\ Since that time, FINRA has continued to review and assess
the published data to determine whether changes are warranted that
would improve market transparency, including whether publishing more
granular data on trading currently aggregated in the ``De Minimis
Firms'' category would provide meaningful information to firms and the
public.
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    \17\ See Securities Exchange Act Release No. 75356 (July 2,
2015), 80 FR 39463, 39464 (July 9, 2015) (Notice of Filing of File
No. SR-FINRA-2015-020).
    \18\ See Securities Exchange Act Release No. 75356 (July 2,
2015), 80 FR 39463, 39467 (July 9, 2015) (Notice of Filing of File
No. SR-FINRA-2015-020).
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    Based on a review of trading data for the period from January 1,
2018 through December 30, 2018, FINRA determined that, on average,
there are only 37 and 33 firms with attributed volume for Tier 1 NMS
stocks and Tier 2 NMS stocks, respectively, on a weekly basis. For OTC
Equity Securities during the same time period, there are, on average,
only 23 firms with attributed volume on a weekly basis. By removing the
de minimis exception, on average, 148 and 177 firms would have their
aggregate non-ATS volume in Tier 1 NMS stocks

and Tier 2 NMS stocks, respectively, published. For OTC Equity
Securities, the number of firms that would have their aggregate non-ATS
volume published, on average, is 124. Since a large number of small
trades can add up to significant volume, FINRA believes that the data
at the firm level may be more meaningful if each firm's volume is
published, irrespective of size.
    FINRA discussed the proposed elimination of the de minimis
exception with a number of FINRA's industry advisory committees,
informally consulted a number of firms and solicited written comment.
Based on the feedback received, FINRA believes that removing the de
minimis exception for publication of aggregated non-ATS volume data
would provide valuable additional transparency into the OTC markets
that is not currently available.\19\
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    \19\ FINRA notes that some firms and commenters suggested that
FINRA should also eliminate the de minimis exception for security-
by-security non-ATS volume data. FINRA continues to assess whether
further enhancements to its published volume data may be warranted
but is not at this time proposing to eliminate the de minimis
exception for the security-by-security non-ATS volume data that it
publishes on its website.
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Technical Changes
    The text of the proposed rule change also includes several other
minor, non-substantive and conforming changes to the current rule text
in addition to the two substantive proposed changes discussed above.
These edits are being proposed to improve the readability and
consistency of the rules and are not intended to create or modify any
substantive provisions. First, Rules 6110(b)(1)(A) and (B) and
6610(b)(1)(A) would be amended to clarify that those provisions apply
to the publication of aggregate weekly Trading Information. This
conforms to language in current Rules 6110(c) and 6610(c). Second,
conforming changes would be made to Rules 6110(b)(2)(B) and
6610(b)(2)(B) (as re-designated by the proposed rule change) to clarify
that the remaining de minimis exceptions under those provisions apply
to Trading Information by security. Third, the final sentence of Rule
6610(b)(3) would be amended to correct the cross-reference to the
definition of ``ATS Trading Information.'' Finally, Rule 6610(c)(1)
would be amended to correct the punctuation at the end of the sentence.
    If the Commission approves the proposed rule change, FINRA proposes
that the effective date of the proposed rule change will be no earlier
than October 1, 2019 and no later than March 31, 2020. Currently, FINRA
anticipates that it will begin publication of data in accordance with
the proposed rule change in the fourth quarter of 2019 and will
announce the specific date in a Regulatory Notice.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\20\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA believes that the proposed rule change will
provide enhanced transparency into the OTC market by providing more
detailed information on block-size OTC transactions in NMS stocks and
by enabling market participants and investors to better understand each
individual firm's OTC trading volume and market share in the equity
market.
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    \20\ 15 U.S.C. 78o-3(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. FINRA has undertaken an
economic impact assessment, as set forth below, to analyze the
regulatory need for the proposed rule change, its potential economic
impacts, including anticipated costs and benefits, and any alternatives
FINRA considered in assessing how to best meet its regulatory
objectives.
Regulatory Need
    FINRA is proposing to publish new monthly aggregate block-size
trading data for non-ATS OTC trades in NMS stocks, with the intent to
improve market transparency relating to trading in the OTC market. As
mentioned above, FINRA makes similar block-size trading data for trades
in NMS stocks occurring on ATSs available to the public, and has
received support from the industry on its transparency initiatives in
the non-ATS OTC equity markets.
    FINRA also proposes to eliminate the de minimis exception for firms
that have fewer than, on average, 200 non-ATS transactions per day and
publish, on an attributed basis, each firm's aggregate non-ATS volume
on a weekly or monthly basis, as applicable. FINRA believes that non-
ATS data at the firm level provides better insight into market activity
when each firm's volume is published individually, irrespective of
size.
Economic Baseline
    FINRA currently publishes monthly information on block-size trades
in NMS stocks on ATSs, by share- and dollar-based thresholds as
announced in Regulatory Notice 16-14, but does not make such data
publicly available for trading in NMS stocks outside ATSs in the OTC
equity market. Therefore, market participants and investors have access
to trading data on block trades in only one segment of the market. In
the sample period from January 2018 through December 2018, non-ATS OTC
block trading volume for the 10,000 share threshold constituted, on
average, 39.4% of the monthly share volume in the aggregate non-ATS OTC
volume. For the same sample period, non-ATS OTC block trading volume
for the $200,000 threshold constituted, on average, 37.7% of the
monthly share volume in the aggregate non-ATS OTC volume. This
represents a higher percentage compared to the share of ATS block
trading in the aggregate ATS volume during the same period. From
January 2018 through December 2018, ATS block trading volume for the
10,000-share threshold constituted, on average, 11.9% of the monthly
share volume in the aggregate ATS OTC volume. For the same sample
period, ATS OTC block trading volume for the $200,000 threshold
constituted, on average, 13.5% of the monthly share volume in the
aggregate ATS OTC volume.
    FINRA also currently publishes weekly non-ATS OTC volume
information by firm and by security on a two-week (Tier 1 NMS stocks)
and four-week (Tier 2 NMS stocks and OTC Equity Securities) delayed
basis, as well as aggregate non-ATS volume by firm for all NMS stocks
and OTC Equity Securities for each calendar month on a one-month
delayed basis. FINRA combines and publishes volume data for firms
executing fewer than, on average, 200 non-ATS transactions per day
during the reporting period, on an aggregate non-attributed basis under
``De Minimis Firms.''
Economic Impacts
    The proposal described above would not impose any additional
requirements on firms because the non-ATS OTC block trade data will be
derived solely from trade reports already submitted to the FINRA equity
trade reporting facilities and disseminated trade-by-trade on an
anonymous basis through the securities information processors. In
addition, because the data is available free of charge, FINRA does not
believe

that there would be any direct costs associated with the proposal--to
firms, investors or data consumers.
    At the same time, the proposal is anticipated to help market
participants better understand the overall OTC trading of equities, by
providing information that could be utilized in assessing where
liquidity is concentrated and how order routing strategies could be
improved. Based on a review of trading data in the sample period, there
would be 236 firms, on average, represented in the monthly non-ATS
block-size data, compared to 32 ATSs during the same sample period.
Hence, the proposal would provide additional transparency into OTC
trading activity by expanding the availability of information about OTC
block-size trading to non-ATS volume at no required cost to firms.
    FINRA evaluated the impact of removing the de minimis exception for
publication of aggregated non-ATS OTC volume. During the sample
period,\21\ there were, on average, 37, 33 and 23 firms in the weekly
volume reports for Tier 1 NMS, Tier 2 NMS and OTC Equity Securities,
respectively. By removing the de minimis exception, the number of
additional firms that would have their aggregate non-ATS volume
published would be 111, 144, and 101, respectively, for the categories
of securities described above. Their average weekly share volume
represented 8.43%, 7.99% and 0.90% of the aggregate non-ATS OTC volume
in the sample period. Hence, FINRA believes that expanding transparency
to all segments of the OTC equity market would bridge gaps in
information published across ATS versus non-ATS segments of the OTC
equity market and removing the de minimis exception would provide a
more complete picture of OTC trading activity, thereby reducing any
competitive distortions that may be associated with such information
gaps.
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    \21\ The sample period included weekly data from January 1, 2018
through December 30, 2018.
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    FINRA also considered information leakage concerns, i.e., whether a
firm's proprietary trading strategy could be discerned from the
published data. FINRA believes that the proposed data dissemination
structure mitigates such information leakage concerns, by limiting the
granularity of the data at the firm level only, with no accompanying
security level data. In addition, FINRA believes that the delay in
publication is a well-calibrated effort to reduce information leakage.
FINRA's previous experience with the publication of ATS OTC trading
volume provides support that the proposed dissemination is expected to
benefit market participants by providing access to meaningful
information on non-ATS trading activity.
    FINRA also notes that there may be differences in non-ATS block-
size trading and ATS block-size trading, e.g., the total number of
shares traded in non-ATS block-size trades of 10,000 or more shares
tends to be a significantly higher percentage of the overall non-ATS
OTC activity as compared to ATS block activity. Nonetheless, such
differences are not expected to produce any information that could be
used as a part of a trading strategy due to the reasons explained in
the above paragraph.
Other Proposals Considered
    FINRA notes that Regulatory Notice 18-28 also solicited comment on
a proposal to separately identify firms' volume of trading on a single
dealer platform (``SDP''). FINRA continues to consider comments
provided in response to Regulatory Notice 18-28 but is not proposing at
this time to require identification of SDP trading volume.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The proposed rule change was published for comment in Regulatory
Notice 18-28 (September 2018). Four comments were received in response
to the Regulatory Notice.\22\ The comments are summarized below.\23\
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    \22\ See Letter from Christopher Bok, Esq., Financial
Information Forum to Marcia E. Asquith, Corporate Secretary, FINRA,
dated November 9, 2018 (``FIF Letter''); letter from Stephen John
Berger, Managing Director, Government & Regulatory Policy, Citadel
Securities to Marcia E. Asquith, Corporate Secretary, FINRA, dated
November 12, 2018 (``Citadel Letter''); letter from Thomas M.
Merritt, Deputy General Counsel, Virtu Financial, Inc. to Marcia E.
Asquith, Corporate Secretary, FINRA, dated November 14, 2018
(``Virtu Letter''); and letter from Bob Hill, Global OTC to Marcia
E. Asquith, Corporate Secretary, FINRA, dated November 16, 2018
(``Global OTC Letter'').
    \23\ As noted above, Regulatory Notice 18-28 also solicited
comment on other possible enhancements to the OTC equity trading
volume data published on FINRA's website, including a proposal to
separately identify firms' volume of trading on an SDP. FINRA is not
proposing at this time to require identification of SDP trading
volume. The discussion above is therefore limited to comments
relevant to the proposed rule change.
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    Citadel generally supported efforts to increase market transparency
that benefit end investors, but did not specifically comment on the two
aspects of the proposed rule change that FINRA is proposing at this
time.\24\
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    \24\ See Citadel Letter.
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    Virtu and Global OTC specifically supported the proposal to publish
new non-ATS block-size data for NMS stocks.\25\ Virtu noted its belief
that any concerns about information leakage with respect to non-ATS
block-size data are alleviated by the one-month publication delay and
the fact that disclosure would not be made on a security-by-security
basis or differentiate between Tier 1 NMS stocks and Tier 2 NMS
stocks.\26\
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    \25\ See Virtu Letter; Global OTC Letter.
    \26\ See Virtu Letter.
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    Global OTC suggested that the proposal go further by including all
OTC Equity Securities in published monthly aggregate non-ATS block-size
trading data, noting its belief that the public interest of including
all OTC Equity Securities outweighs the difficulty that may arise in
determining block thresholds that would be appropriate across all OTC
Equity Securities.\27\ As noted above, FINRA is not proposing at this
time to publish non-ATS block-size data for trading in OTC Equity
Securities, but will continue to assess whether block-size trading data
should be expanded in the future.
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    \27\ See Global OTC Letter.
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    FIF stated that the rationale for publication of non-ATS block-size
data does not bear a valid relationship to the costs and risks
associated with the proposal.\28\ However, FIF did not identify any
specific costs or risks associated with the proposed publication of
non-ATS block-size data. FINRA notes that the newly published
information would be derived directly from data already reported to
FINRA's equity reporting facilities and that firms would have no new
reporting obligations as a result of the proposed rule change. Based on
consultations with firms and industry advisory committees, FINRA
believes that the proposal to publish non-ATS block-size data will
provide additional transparency into non-ATS activity and enhance
market participants' and investors' understanding of the OTC market.
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    \28\ See FIF Letter.
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    Global OTC generally supported additional transparency into OTC
trading activity and expanding the availability of information about
OTC trading, but did not specifically address the proposed elimination
of the de minimis exception for publication of aggregate non-ATS volume
data.\29\ Virtu disagreed with the proposed elimination of the de
minimis exception because it is concerned that the ``next `logical'
step'' would be to require the publication of transaction data on a

security-by-security basis.\30\ While Virtu believes that eliminating
the de minimis exception for security-by-security volume data could
expose firms to principal risk,\31\ Virtu did not express any specific
concerns regarding the proposal to eliminate the de minimis exception
for aggregate, rather than security-by-security, data. As noted above,
FINRA is not proposing to eliminate the de minimis exception for
purposes of security-specific non-ATS volume data.
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    \29\ See Global OTC Letter.
    \30\ See Virtu Letter.
    \31\ See Virtu Letter.
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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 (i) as the Commission may
designate up to 90 days of such date 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.

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_ADDRESS>Please include
File Number SR-FINRA-2019-019 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-FINRA-2019-019. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of FINRA. 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-FINRA-2019-019, and should be submitted
on or before August 1, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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    \32\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2019-14724 Filed 7-10-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: March 14, 2008 (Volume 73, Number 51)]
[Notices]
[Page 13883-13884]
[DOCID:fr14mr08-57]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13118-000]

Duquesne Light Company; Notice of Application Accepted for Filing
and Soliciting Motions To Intervene, Protests, and Comments

March 7, 2008.
    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Application: Preliminary Permit.
    b. Project No.: 13118-000.
    c. Date filed: February 21, 2008.
    d. Applicant: Duquesne Light Company.
    e. Name of Project: Dashields Lock & Dam Hydroelectric Project.
    f. Location: Ohio River in Allegheny County, Pennsylvania. It would
use the U.S. Army Corps of Engineers' Dashields Lock & Dam.
    g. Filed Pursuant to: Federal Power Act, 16 USC. 791(a)-825(r).
    h. Applicant Contact: Mr. Chris P. McClain, Paul C. Rizzo
Associates Inc., 105 Mall Boulevard, Suite 270-E, Monroeville, PA
15146,<PHONE_NUMBER>.
    i. FERC Contact: Robert Bell,<PHONE_NUMBER>.
    j. Deadline for filing motions to intervene, protests and comments:
60 days from the issuance date of this notice.
    All documents (original and eight copies) should be filed with:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426. Comments, protests, and
interventions may be filed electronically via the Internet in lieu of
paper; see 18 CFR 385.2001(a)(1)(iii) and the instructions on the
Commission's Web site under the ``e-Filing'' link. The Commission
strongly encourages electronic filings. Please include the project
number (P-13118-000) on any comments or motions filed.
    The Commission's Rules of Practice and Procedure require all
intervenors filing documents with the Commission to serve a copy of
that document on each person in the official service list for the
project. Further, if an intervenor files comments or documents with the
Commission relating to the merits of an issue that may affect the
responsibilities of a particular resource agency, they must also serve
a copy of the document on that resource agency.
    k. Competing Application: Project No. 12904-000, Date Filed: July
30, 2007,

 Date Issued: November 26, 2007, Competing Applications Deadline:
closed.
    l. Description of Project: The proposed project, using the U.S.
Army Corps of Engineers' Dashields Lock & Dam and operated in a run-of-
river mode, would consist of: (1) A new intake structure; (2) a new
powerhouse containing three generating units with a total installed
capacity of 25 megawatts; (3) a new 11,000-foot long, 34 kilovolt
transmission line; and (4) appurtenant facilities. The proposed
Dashields Lock & Dam Project would have an average annual generation of
125 gigawatt-hours, which would be used to service its customers.
    m. Locations of Applications: A copy of the application is
available for inspection and reproduction at the Commission in the
Public Reference Room, located at 888 First Street, NE., Room 2A,
Washington, DC 20426, or by calling<PHONE_NUMBER>. This filing may
also be viewed on the Commission's Web site at http://www.ferc.gov
using the ``eLibrary'' link. Enter the docket number excluding the last
three digits in the docket number field to access the document. For
assistance, call toll-free 1-866-208-3676 or e-mail
<EMAIL_ADDRESS>For TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in item h
above.
    n. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    o. Proposed Scope of Studies under Permit: A preliminary permit, if
issued, does not authorize construction. The term of the proposed
preliminary permit would be 36 months. The work proposed under the
preliminary permit would include economic analysis, preparation of
preliminary engineering plans, and a study of environmental impacts.
Based on the results of these studies, the Applicant would decide
whether to proceed with the preparation of a development application to
construct and operate the project.
    p. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    q. Filing and Service of Responsive Documents: Any filings must
bear in all capital letters the title ``COMMENTS'', ``PROTEST'', or
``MOTION TO INTERVENE'', as applicable, and the Project Number of the
particular application to which the filing refers. Any of the above-
named documents must be filed by providing the original and the number
of copies provided by the Commission's regulations to: The Secretary,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426. Any additional copy must be sent to Director,
Division of Hydropower Administration and Compliance, Federal Energy
Regulatory Commission, at the above-mentioned address. A copy of any
motion to intervene must also be served upon each representative of the
Applicant specified in the particular application.
    Comments, protests and interventions may be filed electronically
via the Internet in lieu of paper; see 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's Web site under the ``e-Filing''
link. The Commission strongly encourages electronic filings.
    r. Agency Comments: Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-5113 Filed 3-13-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 43 (Monday, March 5, 2012)]
[Notices]
[Pages 13119-13120]
[FR Doc No: 2012-5237]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PR12-15-000]

Enogex LLC; Notice of Filing

    Take notice that on February 24, 2011, Enogex LLC (Enogex) filed
pursuant to Exhibit A to its Operating Conditions Applicable to
Transportation Services (SOC) and section 284.123(e) of the
Commission's regulations, to revise its annual fuel percentages as more
fully described in the filing.
    Any person desiring to participate in this rate filing must file in
accordance with Rules 211 and 214 of the Commission's Rules of Practice
and Procedure (18 CFR 385.211 and 385.214). Protests will be considered
by the Commission in determining the appropriate action to be taken,
but will not serve to make protestants parties to the proceeding. Any
person wishing to become a party must file a notice of intervention or
motion to intervene, as appropriate. Such notices, motions, or protests
must be filed on or before the date as indicated below. Anyone filing
an intervention or protest must serve a copy of that document on the
Applicant. Anyone filing an intervention or protest on or before the
intervention or protest date need not serve motions to intervene or
protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 7 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a

document is added to a subscribed docket(s). For assistance with any
FERC Online service, please email<EMAIL_ADDRESS>or call
(866) 208-3676 (toll free). For TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on Tuesday, March 27, 2012.

    Dated: February 28, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-5237 Filed 3-2-12; 8:45 am]
BILLING CODE 6717-01-P