Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 46734-46737 [2016-16858]

Download as PDF 46734 Federal Register / Vol. 81, No. 137 / Monday, July 18, 2016 / Notices designates the proposed rule change to be operative on July 18, 2016.15 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– Phlx–2016–75 on the subject line. asabaliauskas on DSK3SPTVN1PROD with NOTICES Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Phlx–2016–75. 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 (https://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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx– 2016–75 and should be submitted on or before August 8, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–16859 Filed 7–15–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78299; File No. SR–MIAX– 2016–20] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule July 12, 2016. Pursuant to the provisions of 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 June 30, 2016, Miami International Securities Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ‘‘Fee Schedule’’). The text of the proposed rule change is available on the Exchange’s Web site at https://www.miaxoptions.com/filter/ wotitle/rule_filing, at MIAX’s principal office, and at the Commission’s Public Reference Room. 15 For purposes only of waiving the operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Sep<11>2014 17:52 Jul 15, 2016 Jkt 238001 PO 00000 16 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 Frm 00095 Fmt 4703 Sfmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Fee Schedule to assess certain existing transaction fees, provide certain existing credits, and to afford certain existing discounts, concerning executions stemming from unrelated MIAX Market Maker quotes and unrelated MIAX Market Maker orders that participate in the MIAX PRIME Auction, as described more fully below. The Exchange proposes to amend section (1)(a)(i) of the Fee Schedule concerning Market Maker 3 Transaction Fees to exclude volume related to certain transaction fees and rebates for Members that participate in the price improvement auction (‘‘PRIME Auction’’ or ‘‘PRIME’’) pursuant to Exchange Rule 515A,4 and to state 3 The term ‘‘Market Makers’’ refers to ‘‘Lead Market Makers’’, ‘‘Primary Lead Market Makers’’ and ‘‘Registered Market Makers’’ collectively. The term ‘‘Lead Market Maker’’ means a Member registered with the Exchange for the purpose of making markets in securities traded on the Exchange and that is vested with the rights and responsibilities specified in chapter VI of the Exchange’s Rules with respect to Lead Market Makers. When a Lead Market Maker is appointed to act in the capacity of a Primary Lead Market Maker, the additional rights and responsibilities of a Primary Lead Market Maker specified in chapter VI of the Exchange’s Rules will apply. The term ‘‘Primary Lead Market Maker’’ means a Lead Market Maker appointed by the Exchange to act as the Primary Lead Market Maker for the purpose of making markets in securities traded on the Exchange. The Primary Lead Market Maker is vested with the rights and responsibilities specified in chapter VI of the Exchange’s Rules with respect to Primary Lead Market Makers. The term ‘‘Registered Market Maker’’ means a Member registered with the Exchange for the purpose of making markets in securities traded on the Exchange, who is not a Lead Market Maker and is vested with the rights and responsibilities specified in chapter VI of the Exchange’s Rules with respect to Registered Market Makers. See Exchange Rule 100. 4 See Exchange Rule 515A. See also Securities Exchange Act Release Nos. 71640 (March 4, 2014), E:\FR\FM\18JYN1.SGM 18JYN1 Federal Register / Vol. 81, No. 137 / Monday, July 18, 2016 / Notices asabaliauskas on DSK3SPTVN1PROD with NOTICES specifically in section (1)(i)(v) of the Fee Schedule that MIAX will assess the Responder to PRIME Auction Fee to: (i) A PRIME AOC Response that executes against a PRIME Order, and (ii) a PRIME Participating Quote or Order (defined below). The Exchange also proposes to amend section (1)(a)(v) to afford the same discounted fee to Prime Participating Quotes or Orders (defined below) that already applies to PRIME AOC Responses, as described more fully below. Under the proposal, MIAX will apply the PRIME Break-up credit (defined below) to the Electronic Exchange Member (‘‘EEM’’) 5 that submitted the initiating PRIME Order for agency contracts that are submitted to the PRIME Auction that trade with a PRIME AOC Response or with a PRIME Participating Quote or Order (defined below). The Exchange also proposes to amend section (1)(b) of the Fee Schedule to state that MIAX will not assess a Marketing Fee to Market Makers for contracts executed as a PRIME Participating Quote or Order (defined below). PRIME is a process by which a Member may electronically submit for execution an order it represents as agent (‘‘Agency Order’’) against principal interest and/or an Agency Order against solicited interest. The Agency Order is referred to as a ‘‘PRIME Agency Order’’ for purposes of Section 1(b) of the Fee Schedule. The Member that submits the PRIME Agency Order (the ‘‘Initiating Member’’) agrees to guarantee the execution of the PRIME Agency Order by submitting a contra-side order representing principal interest or solicited interest (‘‘Contra-side Order’’).6 When the Exchange receives a properly designated Agency Order for Auction processing, a Request for Responses (‘‘RFR’’) detailing the option, side, size, and initiating price will be sent to all subscribers of the Exchange’s data feeds. Members may submit responses to the RFR (specifying prices and sizes). RFR responses can be either an Auction or Cancel (‘‘AOC’’) order or an AOC eQuote.7 The Exchange proposes to amend section (1) of the Fee Schedule to 79 FR 13334 (March 10, 2014) (SR–MIAX–2014–09) (‘‘Notice’’); 72009 (April 23, 2014), 79 FR 24032 (April 29, 2014) (SR–MIAX–2014–09). 5 The term ‘‘Electronic Exchange Member’’ means the holder of a Trading Permit who is not a Market Maker. Electronic Exchange Members are deemed ‘‘members’’ under the Exchange Act. See Exchange Rule 100. 6 The paired order submitted to PRIME that includes both the PRIME Agency Order and the Contra-side Order is referred to as the PRIME Order for purposes of the Fee Schedule. 7 See Exchange Rules 515A(a)(2)(i)(D), 516(b)(4), 517(a)(2)(ii). VerDate Sep<11>2014 17:52 Jul 15, 2016 Jkt 238001 exclude from the volume determinations in the Market Maker Sliding Scale 8 both PRIME AOC Responses and unrelated MIAX Market Maker quotes or unrelated MIAX Market Maker orders that are received during the Response Time Interval and executed against the PRIME Order. Such unrelated MIAX Market Maker quotes or unrelated MIAX Market Maker orders will be referred to as ‘‘PRIME Participating Quotes or Orders’’ in the Fee Schedule. The Exchange believes that PRIME AOC Responses should be excluded from the volume threshold determinations with regards to nonPRIME transaction fees because the PRIME Fees set forth in section (1)(a)(v) of the Fee Schedule and discussed below are distinct from the Market Maker Transaction Fees described in Section (1)(a)(i). The volume threshold tiers included in the Market Maker Sliding Scale in Section (1)(a) are intended to provide incentive for Market Makers to quote aggressively outside of the PRIME Auction and to reward volume generated from such quotes, whereas the PRIME Fees do not have a sliding scale and are not dependent on percentage volume tiers. Instead, transactions by PRIME Responders already are assessed fees based upon responses to an Auction notification and are distinguished from regular transaction fees that result from different quoting behavior. Thus, the Exchange believes that it is appropriate to exclude PRIME AOC Responses from the calculation of the volume tier thresholds in the Market Maker Sliding Scale. Similarly, the Exchange believes that PRIME Participating Quotes or Orders should also be excluded from the section (1)(a)(i) volume determinations in the Market Maker Sliding Scale because a PRIME Participating Quote or Order has the same effect as a PRIME AOC Response (i.e., it is received during the Response Time Interval and executed against the PRIME Order). As described more fully below, PRIME Participating Quotes or Orders will be assessed the same Responder to PRIME Auction Fees and credits that are assessed and credited to PRIME AOC Responses. The Exchange proposes to amend section (1)(i)(v) of the Fee Schedule to 8 The MIAX Market Maker Sliding Scale for transaction fees reduces a MIAX Market Maker’s per contract transaction fee based on percentages of total national Market Maker volume of any options classes that trade on the exchange during the calendar month. The Market Maker Sliding Scale applies to all MIAX Market Makers for transactions in all products except mini-options. See Fee Schedule, section (1)(a)(i). PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 46735 state clearly that MIAX will assess the Responder to PRIME Auction Fee to: (i) A PRIME AOC Response that executes against a PRIME Order, and (ii) a PRIME Participating Quote or Order. Currently, the Exchange assesses PRIME AOC Responses a Responder to PRIME Auction Fee of $0.50 per contract for standard options in Penny Pilot classes and $0.99 per contract in non-Penny Pilot classes. The Exchange is not proposing to amend these fees; the Exchange is simply proposing to add clarifying language to section (1)(a)(v) to state that MIAX will assess the Responder to PRIME Auction Fee to a PRIME AOC Response that executes against a PRIME Order, and add that the Responder to PRIME Auction Fee will also apply to a PRIME Participating Quote or Order. The Exchange believes it is appropriate to assess the same fees to PRIME Participating Quotes or Orders that are assessed to Market Maker responders to the PRIME Auction because PRIME Participating Quotes or Orders receive the same benefit of trading against the PRIME Order. PRIME Participating Quotes or Orders interact in the same manner in the PRIME Auction and receive the same Market Maker trade allocation as MIAX Market Maker responders to the PRIME Auction 9 despite being submitted outside of the PRIME Auction. The Exchange believes that it is fair and reasonable to assess the same fees to MIAX Market Makers for all quotes or orders that benefit equally from interaction with the PRIME Order, regardless of whether they are submitted as PRIME Auction Responses or as PRIME Participating Orders or Quotes. The Exchange notes that, while Market Maker Transaction Fees described in section (1)(a)(i) may be subject to Marketing Fees (as set forth in section (1)(b) of the Fee Schedule and discussed below), PRIME AOC Responses and PRIME Participating Quotes or Orders will not be subject to Marketing Fees. This treatment of the Marketing Fees is consistent with the Exchange’s current Fee Schedule since the Responder to Prime Auction Fee of $.50 is not subject to Marketing Fees. The Exchange also proposes to include PRIME Participating Quotes or Orders in the determination of the Prime Break-up Credit. The PRIME Break-up Credit is currently credited on a per contract basis to the Initiating EEM for each PRIME Order contract that trades with a PRIME AOC Response. The Exchange currently applies a per contract PRIME Break-up Credit of $0.25 for Penny Classes, and $0.60 for non9 See E:\FR\FM\18JYN1.SGM Exchange Rule 515A(a)(2)(iii). 18JYN1 46736 Federal Register / Vol. 81, No. 137 / Monday, July 18, 2016 / Notices asabaliauskas on DSK3SPTVN1PROD with NOTICES Penny Classes, to MIAX Market Makers. The Exchange is not proposing to amend these credits; the Exchange is simply proposing that in addition to trades with PRIME AOC Responses, MIAX will apply the PRIME Break-up Credit to the EEM that submitted the PRIME Order for agency 10 contracts that are submitted to the PRIME Auction that trade with a PRIME Participating Quote or Order. The Exchange believes that, just as with respect to the PRIME Auction Responder Fees described above, the PRIME Break-up Credit should apply to PRIME Participating Quotes or Orders because a PRIME Participating Quote or Order serves the same function as a PRIME AOC Response (i.e., it is received during the Response Time Interval and executed against the PRIME Order). The Exchange does not currently apply the PRIME Break-up Credit to the Initiating EEM for those PRIME Order contracts that trade with unrelated quotes and orders. Other than the proposed change with regard to PRIME Participating Quotes or Orders discussed above, the Exchange is not proposing any additional change to the application of PRIME Break-up Credits. The Exchange will continue its current practice of not applying the PRIME Break-up Credit to Initiating EEMs for those PRIME Order contracts that trade with unrelated (i.e., non-MIAX Market Maker) orders. The Exchange is also proposing to amend section (1)(a)(v) of the Fee Schedule to include PRIME Participating Quotes or Orders in certain discounted fees that apply to qualifying Members and affiliates, which will be known as the Discounted PRIME Response Fee. The Discounted PRIME Response Fee is $0.46 per contract for standard options in Penny Pilot classes, and $0.95 per contract for standard options in non-Penny Pilot classes. The Discounted PRIME Response Fee, which already applies to PRIME AOC Responses (currently known as the PRIME AOC Response Fee), would apply to any Member or its affiliates of at least 75% common ownership between the firms as reflected on each firm’s Form BD, Schedule A, that qualifies for the Priority Customer Rebate Program 11 volume tiers 3 or 4 and submits a PRIME Participating 10 The Exchange is proposing to add the word ‘‘agency’’ to this provision for clarity. 11 MIAX credits each Member the per contract amount resulting from each Priority Customer order transmitted by that Member which is executed electronically on the Exchange in all multiply-listed option classes (with certain exclusions) provided the Member meets certain percentage thresholds in a month as described in the Priority Customer Rebate Program table. See Fee Schedule Section (1)(a)(iii). VerDate Sep<11>2014 17:52 Jul 15, 2016 Jkt 238001 Quote or Order that is received during the Response Time Interval and executed against the PRIME Order. Members and their affiliates that meet the above criteria qualify for the Discounted PRIME Response Fee through activity that falls outside of the PRIME Auction (i.e., submitting Priority Customer Orders for execution on the Exchange). The Exchange believes that a Member that submits a sufficient number Priority Customer Orders to qualify for Priority Customer Rebate Program volume tiers 3 or 4 should receive the benefit of the Discounted PRIME Response Fee, and the Exchange proposes to reward such Members and their qualified affiliates equally for PRIME AOC Responses and PRIME Participating Quotes or Orders. The Exchange believes that assessing the Discounted PRIME Response Fee to PRIME Participating Quotes or Orders is a fair treatment of PRIME Participating Quotes or Orders because it puts them on equal footing with PRIME AOC Responses, which serve the same function (i.e., execution against PRIME Orders) during the Response Time Interval, and qualifying Members and affiliates submitting [sic] The Exchange will continue its current practice of not applying the PRIME Break-up Credit to Initiating EEMs for those PRIME Order contracts that trade with unrelated (nonMIAX Market Maker) orders. should be entitled to the same discount [sic]. The Exchange is also proposing to exclude PRIME Participating Quotes or Orders from the Marketing Fees described in section (1)(b) of the Fee Schedule. Currently, MIAX assesses a Marketing Fee to all Market Makers for contracts, including mini options, they execute in their assigned classes when the contraparty to the execution is a Priority Customer. MIAX will not assess a Marketing Fee to Market Makers for contracts executed as a PRIME Agency Order, Contra-side Order, Qualified Contingent Cross Order, or a PRIME AOC Response in the PRIME Auction; unless it executes against an unrelated order. The Exchange proposes to amend section (1)(b) to exclude PRIME Participating Quotes or Orders from the Marketing Fees as well. The Exchange believes that this treatment of the PRIME Participating Quote, on an equal basis with a PRIME AOC Response, is consistent with the proposed fees and credits described above. Finally, the Exchange is proposing to exclude PRIME Participating Quotes or Orders from the Posted Liquidity Marketing Fee described in section (1)(b). MIAX currently assesses an additional $0.12 per contract Posted Liquidity Marketing Fee to all Market PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 Makers for any standard options overlying EEM, GLD, IWM, QQQ, and SPY that Market Makers execute in their assigned class when the contra-party to the execution is a Priority Customer and the Priority Customer order was posted on the MIAX Book at the time of the execution. MIAX does not assess the additional Posted Liquidity Marketing Fee to Market Makers for contracts executed as a PRIME Agency Order, Contra-side Order, Qualified Contingent Cross Order, or a PRIME AOC Response in the PRIME Auction. In order to ensure the same treatment afforded to PRIME AOC Responses, the Exchange is proposing to exclude contracts executed as PRIME Participating Quotes from the Posted Liquidity Marketing Fee. The proposed changes to the Fee Schedule will become operative on July 1, 2016. 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with section 6(b) of the Act 12 in general, and furthers the objectives of section 6(b)(4) of the Act 13 and section 6(b)(5) of the Act 14 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in, securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest, and in that it is an equitable allocation of reasonable fees and other charges among Exchange members. The Exchange’s proposal to exclude from the volume threshold determination volume related to PRIME AOC Responses and PRIME Participating Quotes or Orders is reasonable because the Exchange already assesses a separate fee for such transactions from the same Market Makers that receive the benefit of interaction with the PRIME Order in the PRIME Auction. The Exchange’s proposal to exclude PRIME Auctionrelated volume from the non-PRIME Auction-related volume threshold determination for Market Maker Transaction Fees is equitable and not unfairly discriminatory because the exclusion will apply to all Market Makers. 12 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 14 15 U.S.C. 78f(b)(5). 13 15 E:\FR\FM\18JYN1.SGM 18JYN1 Federal Register / Vol. 81, No. 137 / Monday, July 18, 2016 / Notices asabaliauskas on DSK3SPTVN1PROD with NOTICES The Exchange’s determination not to apply the PRIME Auction-related volume to the section (1)(a)(i) tiers reflects the Exchange’s belief that these volume tiers are related to quoting and trading activity that falls outside of the PRIME Auction, and that discounted per contract fees for non-PRIME Auction activity should be earned by achieving certain volume thresholds in the Market Maker Sliding Scale through non-PRIME Auction activity. The Exchange believes that a Member that submits a sufficient number of Priority Customer Orders to qualify for the Priority Customer Rebate Program volume tiers 3 or 4 should receive the benefit of the Discounted PRIME Response Fee, and the Exchange proposes to reward such Members and their qualified affiliates equally for PRIME AOC Responses and PRIME Participating Quotes or Orders. Such a reward should provide incentive to Members to submit a greater number of Priority Customer Orders to the Exchange, thus removing impediments to and perfecting the mechanisms of a free and open market and a national market system by providing more opportunities for the execution of Priority Customer Orders on the Exchange. Additionally, the Discounted PRIME Response Fee is fair and reasonable because it will apply equally to PRIME AOC Responses, as it does today, and to PRIME Participating Quotes or Orders, both of which result in executions against the PRIME Order regardless of whether they are submitted as an Auction Response or as an unrelated quote or order. Additionally, the proposed amendments to the Fee Schedule represent the equitable allocation of reasonable fees and other charges among Exchange members, because the proposed fees and credits applicable to Market Makers and EEMs relating to PRIME Participating Quotes or Orders are identical to the fees and credits applicable to PRIME AOC Responses, which function in the same manner as PRIME Participating Quotes or Orders. Moreover, the proposed amendments are equitable and reasonable because the same fees and credits apply equally to all participants in each category (Market Makers or EEMs) respectively. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange 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. The Exchange notes that it operates in a highly competitive market in which VerDate Sep<11>2014 17:52 Jul 15, 2016 Jkt 238001 market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract order flow. The Exchange believes that the proposed rule change reflects this competitive environment because it modifies the Exchange’s Market Maker transaction fees in a manner that encourages market participants to provide liquidity and to send order flow to the Exchange both in the PRIME Auction and outside the PRIME Auction. The Exchange believes that the proposal enhances competition by providing incentives such as the Discounted PRIME Response Fee to Members and their qualified affiliates that submit Priority Customer Orders to the Exchange, which deepens liquidity on the Exchange and thus provides more opportunities to execute transactions on MIAX. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to section 19(b)(3)(A)(ii) of the Act,15 and Rule 19b–4(f)(2) 16 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: PO 00000 15 15 16 17 Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– MIAX–2016–20 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–MIAX–2016–20. 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 (https://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 such filing 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 should refer to File Number SR–MIAX– 2016–20, and should be submitted on or before August 8, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–16858 Filed 7–15–16; 8:45 am] BILLING CODE 8011–01–P U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00098 Fmt 4703 Sfmt 9990 46737 E:\FR\FM\18JYN1.SGM 18JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 81, Number 137 (Monday, July 18, 2016)]
[Notices]
[Pages 46734-46737]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16858]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78299; File No. SR-MIAX-2016-20]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule

July 12, 2016.
Pursuant to the provisions of 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 June 30, 2016, Miami International Securities
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (the ``Fee Schedule'').
The text of the proposed rule change is available on the Exchange's
Web site at https://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.

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

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
The Exchange proposes to amend its Fee Schedule to assess certain
existing transaction fees, provide certain existing credits, and to
afford certain existing discounts, concerning executions stemming from
unrelated MIAX Market Maker quotes and unrelated MIAX Market Maker
orders that participate in the MIAX PRIME Auction, as described more
fully below.
The Exchange proposes to amend section (1)(a)(i) of the Fee
Schedule concerning Market Maker \3\ Transaction Fees to exclude volume
related to certain transaction fees and rebates for Members that
participate in the price improvement auction (``PRIME Auction'' or
``PRIME'') pursuant to Exchange Rule 515A,\4\ and to state

[[Page 46735]]

specifically in section (1)(i)(v) of the Fee Schedule that MIAX will
assess the Responder to PRIME Auction Fee to: (i) A PRIME AOC Response
that executes against a PRIME Order, and (ii) a PRIME Participating
Quote or Order (defined below). The Exchange also proposes to amend
section (1)(a)(v) to afford the same discounted fee to Prime
Participating Quotes or Orders (defined below) that already applies to
PRIME AOC Responses, as described more fully below. Under the proposal,
MIAX will apply the PRIME Break-up credit (defined below) to the
Electronic Exchange Member (``EEM'') \5\ that submitted the initiating
PRIME Order for agency contracts that are submitted to the PRIME
Auction that trade with a PRIME AOC Response or with a PRIME
Participating Quote or Order (defined below). The Exchange also
proposes to amend section (1)(b) of the Fee Schedule to state that MIAX
will not assess a Marketing Fee to Market Makers for contracts executed
as a PRIME Participating Quote or Order (defined below).
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\3\ The term ``Market Makers'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and ``Registered Market Makers''
collectively. The term ``Lead Market Maker'' means a Member
registered with the Exchange for the purpose of making markets in
securities traded on the Exchange and that is vested with the rights
and responsibilities specified in chapter VI of the Exchange's Rules
with respect to Lead Market Makers. When a Lead Market Maker is
appointed to act in the capacity of a Primary Lead Market Maker, the
additional rights and responsibilities of a Primary Lead Market
Maker specified in chapter VI of the Exchange's Rules will apply.
The term ``Primary Lead Market Maker'' means a Lead Market Maker
appointed by the Exchange to act as the Primary Lead Market Maker
for the purpose of making markets in securities traded on the
Exchange. The Primary Lead Market Maker is vested with the rights
and responsibilities specified in chapter VI of the Exchange's Rules
with respect to Primary Lead Market Makers. The term ``Registered
Market Maker'' means a Member registered with the Exchange for the
purpose of making markets in securities traded on the Exchange, who
is not a Lead Market Maker and is vested with the rights and
responsibilities specified in chapter VI of the Exchange's Rules
with respect to Registered Market Makers. See Exchange Rule 100.
\4\ See Exchange Rule 515A. See also Securities Exchange Act
Release Nos. 71640 (March 4, 2014), 79 FR 13334 (March 10, 2014)
(SR-MIAX-2014-09) (``Notice''); 72009 (April 23, 2014), 79 FR 24032
(April 29, 2014) (SR-MIAX-2014-09).
\5\ The term ``Electronic Exchange Member'' means the holder of
a Trading Permit who is not a Market Maker. Electronic Exchange
Members are deemed ``members'' under the Exchange Act. See Exchange
Rule 100.
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PRIME is a process by which a Member may electronically submit for
execution an order it represents as agent (``Agency Order'') against
principal interest and/or an Agency Order against solicited interest.
The Agency Order is referred to as a ``PRIME Agency Order'' for
purposes of Section 1(b) of the Fee Schedule. The Member that submits
the PRIME Agency Order (the ``Initiating Member'') agrees to guarantee
the execution of the PRIME Agency Order by submitting a contra-side
order representing principal interest or solicited interest (``Contra-
side Order'').\6\ When the Exchange receives a properly designated
Agency Order for Auction processing, a Request for Responses (``RFR'')
detailing the option, side, size, and initiating price will be sent to
all subscribers of the Exchange's data feeds. Members may submit
responses to the RFR (specifying prices and sizes). RFR responses can
be either an Auction or Cancel (``AOC'') order or an AOC eQuote.\7\
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\6\ The paired order submitted to PRIME that includes both the
PRIME Agency Order and the Contra-side Order is referred to as the
PRIME Order for purposes of the Fee Schedule.
\7\ See Exchange Rules 515A(a)(2)(i)(D), 516(b)(4),
517(a)(2)(ii).
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The Exchange proposes to amend section (1) of the Fee Schedule to
exclude from the volume determinations in the Market Maker Sliding
Scale \8\ both PRIME AOC Responses and unrelated MIAX Market Maker
quotes or unrelated MIAX Market Maker orders that are received during
the Response Time Interval and executed against the PRIME Order. Such
unrelated MIAX Market Maker quotes or unrelated MIAX Market Maker
orders will be referred to as ``PRIME Participating Quotes or Orders''
in the Fee Schedule. The Exchange believes that PRIME AOC Responses
should be excluded from the volume threshold determinations with
regards to non-PRIME transaction fees because the PRIME Fees set forth
in section (1)(a)(v) of the Fee Schedule and discussed below are
distinct from the Market Maker Transaction Fees described in Section
(1)(a)(i). The volume threshold tiers included in the Market Maker
Sliding Scale in Section (1)(a) are intended to provide incentive for
Market Makers to quote aggressively outside of the PRIME Auction and to
reward volume generated from such quotes, whereas the PRIME Fees do not
have a sliding scale and are not dependent on percentage volume tiers.
Instead, transactions by PRIME Responders already are assessed fees
based upon responses to an Auction notification and are distinguished
from regular transaction fees that result from different quoting
behavior. Thus, the Exchange believes that it is appropriate to exclude
PRIME AOC Responses from the calculation of the volume tier thresholds
in the Market Maker Sliding Scale.
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\8\ The MIAX Market Maker Sliding Scale for transaction fees
reduces a MIAX Market Maker's per contract transaction fee based on
percentages of total national Market Maker volume of any options
classes that trade on the exchange during the calendar month. The
Market Maker Sliding Scale applies to all MIAX Market Makers for
transactions in all products except mini-options. See Fee Schedule,
section (1)(a)(i).
---------------------------------------------------------------------------

Similarly, the Exchange believes that PRIME Participating Quotes or
Orders should also be excluded from the section (1)(a)(i) volume
determinations in the Market Maker Sliding Scale because a PRIME
Participating Quote or Order has the same effect as a PRIME AOC
Response (i.e., it is received during the Response Time Interval and
executed against the PRIME Order). As described more fully below, PRIME
Participating Quotes or Orders will be assessed the same Responder to
PRIME Auction Fees and credits that are assessed and credited to PRIME
AOC Responses.
The Exchange proposes to amend section (1)(i)(v) of the Fee
Schedule to state clearly that MIAX will assess the Responder to PRIME
Auction Fee to: (i) A PRIME AOC Response that executes against a PRIME
Order, and (ii) a PRIME Participating Quote or Order.
Currently, the Exchange assesses PRIME AOC Responses a Responder to
PRIME Auction Fee of $0.50 per contract for standard options in Penny
Pilot classes and $0.99 per contract in non-Penny Pilot classes. The
Exchange is not proposing to amend these fees; the Exchange is simply
proposing to add clarifying language to section (1)(a)(v) to state that
MIAX will assess the Responder to PRIME Auction Fee to a PRIME AOC
Response that executes against a PRIME Order, and add that the
Responder to PRIME Auction Fee will also apply to a PRIME Participating
Quote or Order. The Exchange believes it is appropriate to assess the
same fees to PRIME Participating Quotes or Orders that are assessed to
Market Maker responders to the PRIME Auction because PRIME
Participating Quotes or Orders receive the same benefit of trading
against the PRIME Order. PRIME Participating Quotes or Orders interact
in the same manner in the PRIME Auction and receive the same Market
Maker trade allocation as MIAX Market Maker responders to the PRIME
Auction \9\ despite being submitted outside of the PRIME Auction. The
Exchange believes that it is fair and reasonable to assess the same
fees to MIAX Market Makers for all quotes or orders that benefit
equally from interaction with the PRIME Order, regardless of whether
they are submitted as PRIME Auction Responses or as PRIME Participating
Orders or Quotes. The Exchange notes that, while Market Maker
Transaction Fees described in section (1)(a)(i) may be subject to
Marketing Fees (as set forth in section (1)(b) of the Fee Schedule and
discussed below), PRIME AOC Responses and PRIME Participating Quotes or
Orders will not be subject to Marketing Fees. This treatment of the
Marketing Fees is consistent with the Exchange's current Fee Schedule
since the Responder to Prime Auction Fee of $.50 is not subject to
Marketing Fees.
---------------------------------------------------------------------------

\9\ See Exchange Rule 515A(a)(2)(iii).
---------------------------------------------------------------------------

The Exchange also proposes to include PRIME Participating Quotes or
Orders in the determination of the Prime Break-up Credit. The PRIME
Break-up Credit is currently credited on a per contract basis to the
Initiating EEM for each PRIME Order contract that trades with a PRIME
AOC Response. The Exchange currently applies a per contract PRIME
Break-up Credit of $0.25 for Penny Classes, and $0.60 for non-

[[Page 46736]]

Penny Classes, to MIAX Market Makers. The Exchange is not proposing to
amend these credits; the Exchange is simply proposing that in addition
to trades with PRIME AOC Responses, MIAX will apply the PRIME Break-up
Credit to the EEM that submitted the PRIME Order for agency \10\
contracts that are submitted to the PRIME Auction that trade with a
PRIME Participating Quote or Order. The Exchange believes that, just as
with respect to the PRIME Auction Responder Fees described above, the
PRIME Break-up Credit should apply to PRIME Participating Quotes or
Orders because a PRIME Participating Quote or Order serves the same
function as a PRIME AOC Response (i.e., it is received during the
Response Time Interval and executed against the PRIME Order). The
Exchange does not currently apply the PRIME Break-up Credit to the
Initiating EEM for those PRIME Order contracts that trade with
unrelated quotes and orders. Other than the proposed change with regard
to PRIME Participating Quotes or Orders discussed above, the Exchange
is not proposing any additional change to the application of PRIME
Break-up Credits. The Exchange will continue its current practice of
not applying the PRIME Break-up Credit to Initiating EEMs for those
PRIME Order contracts that trade with unrelated (i.e., non-MIAX Market
Maker) orders.
---------------------------------------------------------------------------

\10\ The Exchange is proposing to add the word ``agency'' to
this provision for clarity.
---------------------------------------------------------------------------

The Exchange is also proposing to amend section (1)(a)(v) of the
Fee Schedule to include PRIME Participating Quotes or Orders in certain
discounted fees that apply to qualifying Members and affiliates, which
will be known as the Discounted PRIME Response Fee. The Discounted
PRIME Response Fee is $0.46 per contract for standard options in Penny
Pilot classes, and $0.95 per contract for standard options in non-Penny
Pilot classes.
The Discounted PRIME Response Fee, which already applies to PRIME
AOC Responses (currently known as the PRIME AOC Response Fee), would
apply to any Member or its affiliates of at least 75% common ownership
between the firms as reflected on each firm's Form BD, Schedule A, that
qualifies for the Priority Customer Rebate Program \11\ volume tiers 3
or 4 and submits a PRIME Participating Quote or Order that is received
during the Response Time Interval and executed against the PRIME Order.
Members and their affiliates that meet the above criteria qualify for
the Discounted PRIME Response Fee through activity that falls outside
of the PRIME Auction (i.e., submitting Priority Customer Orders for
execution on the Exchange). The Exchange believes that a Member that
submits a sufficient number Priority Customer Orders to qualify for
Priority Customer Rebate Program volume tiers 3 or 4 should receive the
benefit of the Discounted PRIME Response Fee, and the Exchange proposes
to reward such Members and their qualified affiliates equally for PRIME
AOC Responses and PRIME Participating Quotes or Orders.
---------------------------------------------------------------------------

\11\ MIAX credits each Member the per contract amount resulting
from each Priority Customer order transmitted by that Member which
is executed electronically on the Exchange in all multiply-listed
option classes (with certain exclusions) provided the Member meets
certain percentage thresholds in a month as described in the
Priority Customer Rebate Program table. See Fee Schedule Section
(1)(a)(iii).
---------------------------------------------------------------------------

The Exchange believes that assessing the Discounted PRIME Response
Fee to PRIME Participating Quotes or Orders is a fair treatment of
PRIME Participating Quotes or Orders because it puts them on equal
footing with PRIME AOC Responses, which serve the same function (i.e.,
execution against PRIME Orders) during the Response Time Interval, and
qualifying Members and affiliates submitting [sic] The Exchange will
continue its current practice of not applying the PRIME Break-up Credit
to Initiating EEMs for those PRIME Order contracts that trade with
unrelated (non-MIAX Market Maker) orders. should be entitled to the
same discount [sic]. The Exchange is also proposing to exclude PRIME
Participating Quotes or Orders from the Marketing Fees described in
section (1)(b) of the Fee Schedule. Currently, MIAX assesses a
Marketing Fee to all Market Makers for contracts, including mini
options, they execute in their assigned classes when the contra-party
to the execution is a Priority Customer. MIAX will not assess a
Marketing Fee to Market Makers for contracts executed as a PRIME Agency
Order, Contra-side Order, Qualified Contingent Cross Order, or a PRIME
AOC Response in the PRIME Auction; unless it executes against an
unrelated order. The Exchange proposes to amend section (1)(b) to
exclude PRIME Participating Quotes or Orders from the Marketing Fees as
well. The Exchange believes that this treatment of the PRIME
Participating Quote, on an equal basis with a PRIME AOC Response, is
consistent with the proposed fees and credits described above.
Finally, the Exchange is proposing to exclude PRIME Participating
Quotes or Orders from the Posted Liquidity Marketing Fee described in
section (1)(b). MIAX currently assesses an additional $0.12 per
contract Posted Liquidity Marketing Fee to all Market Makers for any
standard options overlying EEM, GLD, IWM, QQQ, and SPY that Market
Makers execute in their assigned class when the contra-party to the
execution is a Priority Customer and the Priority Customer order was
posted on the MIAX Book at the time of the execution. MIAX does not
assess the additional Posted Liquidity Marketing Fee to Market Makers
for contracts executed as a PRIME Agency Order, Contra-side Order,
Qualified Contingent Cross Order, or a PRIME AOC Response in the PRIME
Auction. In order to ensure the same treatment afforded to PRIME AOC
Responses, the Exchange is proposing to exclude contracts executed as
PRIME Participating Quotes from the Posted Liquidity Marketing Fee.
The proposed changes to the Fee Schedule will become operative on
July 1, 2016.
2. Statutory Basis
The Exchange believes that its proposal to amend its fee schedule
is consistent with section 6(b) of the Act \12\ in general, and
furthers the objectives of section 6(b)(4) of the Act \13\ and section
6(b)(5) of the Act \14\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in, securities, to remove impediments to and perfect the mechanisms of
a free and open market and a national market system and, in general, to
protect investors and the public interest, and in that it is an
equitable allocation of reasonable fees and other charges among
Exchange members.
---------------------------------------------------------------------------

\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

The Exchange's proposal to exclude from the volume threshold
determination volume related to PRIME AOC Responses and PRIME
Participating Quotes or Orders is reasonable because the Exchange
already assesses a separate fee for such transactions from the same
Market Makers that receive the benefit of interaction with the PRIME
Order in the PRIME Auction. The Exchange's proposal to exclude PRIME
Auction-related volume from the non-PRIME Auction-related volume
threshold determination for Market Maker Transaction Fees is equitable
and not unfairly discriminatory because the exclusion will apply to all
Market Makers.

[[Page 46737]]

The Exchange's determination not to apply the PRIME Auction-related
volume to the section (1)(a)(i) tiers reflects the Exchange's belief
that these volume tiers are related to quoting and trading activity
that falls outside of the PRIME Auction, and that discounted per
contract fees for non-PRIME Auction activity should be earned by
achieving certain volume thresholds in the Market Maker Sliding Scale
through non-PRIME Auction activity.
The Exchange believes that a Member that submits a sufficient
number of Priority Customer Orders to qualify for the Priority Customer
Rebate Program volume tiers 3 or 4 should receive the benefit of the
Discounted PRIME Response Fee, and the Exchange proposes to reward such
Members and their qualified affiliates equally for PRIME AOC Responses
and PRIME Participating Quotes or Orders. Such a reward should provide
incentive to Members to submit a greater number of Priority Customer
Orders to the Exchange, thus removing impediments to and perfecting the
mechanisms of a free and open market and a national market system by
providing more opportunities for the execution of Priority Customer
Orders on the Exchange. Additionally, the Discounted PRIME Response Fee
is fair and reasonable because it will apply equally to PRIME AOC
Responses, as it does today, and to PRIME Participating Quotes or
Orders, both of which result in executions against the PRIME Order
regardless of whether they are submitted as an Auction Response or as
an unrelated quote or order.
Additionally, the proposed amendments to the Fee Schedule represent
the equitable allocation of reasonable fees and other charges among
Exchange members, because the proposed fees and credits applicable to
Market Makers and EEMs relating to PRIME Participating Quotes or Orders
are identical to the fees and credits applicable to PRIME AOC
Responses, which function in the same manner as PRIME Participating
Quotes or Orders. Moreover, the proposed amendments are equitable and
reasonable because the same fees and credits apply equally to all
participants in each category (Market Makers or EEMs) respectively.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange 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. The Exchange
notes that it operates in a highly competitive market in which market
participants can readily favor competing venues if they deem fee levels
at a particular venue to be excessive. In such an environment, the
Exchange must continually adjust its fees to remain competitive with
other exchanges and to attract order flow. The Exchange believes that
the proposed rule change reflects this competitive environment because
it modifies the Exchange's Market Maker transaction fees in a manner
that encourages market participants to provide liquidity and to send
order flow to the Exchange both in the PRIME Auction and outside the
PRIME Auction.
The Exchange believes that the proposal enhances competition by
providing incentives such as the Discounted PRIME Response Fee to
Members and their qualified affiliates that submit Priority Customer
Orders to the Exchange, which deepens liquidity on the Exchange and
thus provides more opportunities to execute transactions on MIAX.

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

Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act,\15\ and Rule 19b-4(f)(2) \16\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

\15\ 15 U.S.C. 78s(b)(3)(A)(ii).
\16\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-MIAX-2016-20 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-MIAX-2016-20. 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 (https://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 such filing 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 should refer to File Number SR-MIAX-2016-20, and should be
submitted on or before August 8, 2016.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-16858 Filed 7-15-16; 8:45 am]
BILLING CODE 8011-01-P

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