Miami International Securities Exchange, LLC; Notice of Filing of Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934, 50184-50185 [2012-20409]
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Federal Register / Vol. 77, No. 161 / Monday, August 20, 2012 / Notices
‘‘ordered, advised, or asked to seek
counseling or treatment as a result of
alcohol use’’ be treated as a stand-alone
question on the SF 85P or alternatively,
that question 4 be placed back on the SF
85P–S to ensure this information is
collected appropriately. OPM accepted
this comment and has added the
question back on the SF 85P–S as a
standalone question, while retaining it
as a conditional question on the SF 85P.
U.S. Office of Personnel Management.
John Berry,
Director.
[FR Doc. 2012–20379 Filed 8–16–12; 8:45 am]
BILLING CODE 6325–53–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67660; File No. 10–207]
Miami International Securities
Exchange, LLC; Notice of Filing of
Application for Registration as a
National Securities Exchange Under
Section 6 of the Securities Exchange
Act of 1934
mstockstill on DSK4VPTVN1PROD with NOTICES
August 15, 2012.
On April 26, 2012, Miami
International Securities Exchange, LLC
(‘‘MIAX’’) submitted to the Securities
and Exchange Commission
(‘‘Commission’’) a Form 1 application
under the Securities Exchange Act of
1934 (‘‘Exchange Act’’), seeking
registration as a national securities
exchange under Section 6 of the
Exchange Act. MIAX’s Form 1
application provides detailed
information on how it proposes to
satisfy the requirements of the Exchange
Act.
The Commission is publishing this
notice to solicit comments on MIAX’s
Form 1 application. The Commission
will take any comments it receives into
consideration in making its
determination about whether to grant
MIAX’s request to be registered as a
national securities exchange. The
Commission will grant the registration if
it finds that the requirements of the
Exchange Act and the rules and
regulations thereunder with respect to
MIAX are satisfied.1
MIAX would be wholly owned by its
parent company, Miami International
Holdings, Inc. (‘‘Miami Holdings’’). If
approved, MIAX would commence
operation of a fully automated
electronic trading platform for the
trading of standardized options with a
continuous, automated matching
function. MIAX would not have a
1 15
U.S.C. 78s(a).
VerDate Mar<15>2010
16:25 Aug 17, 2012
Jkt 226001
physical trading floor. Liquidity would
be derived from orders to buy and
orders to sell submitted to MIAX
electronically by its registered brokerdealer members, as well as from quotes
submitted electronically by market
makers.
A description of the manner of
operation of MIAX’s proposed system
can be found in Exhibit E to MIAX’s
Form 1 application. The proposed
rulebook for the proposed MIAX
exchange can be found in Exhibit B to
MIAX’s Form 1 application, and the
governing documents for both MIAX
and Miami Holdings can be found in
Exhibit A. A listing of the officers and
directors of MIAX can be found in
Exhibit J to MIAX’s Form 1 application.
MIAX’s Form 1 application, including
all of the Exhibits referenced above, is
available online at www.sec.gov/rules/
other.shtml as well as at the
Commission’s Public Reference Room.
With respect to MIAX’s proposed
trading rules, some of the notable
features proposed by MIAX are
highlighted below. For example, in
certain circumstances where MIAX
could not fully execute an incoming
Priority Customer order,2 it has
proposed to use mechanisms and route
timers that would expose the incoming
order to the MIAX market for up to one
second before routing the order to away
markets or otherwise handling the order
in accordance with its proposed trading
rules.3 In addition, in limited
circumstances, certain orders that are
eligible for routing could be routed
immediately, at least in part, without
being subject to a one second route
timer, if they meet a number of criteria.4
MIAX has proposed three different
classes of market makers that would
operate on MIAX: Primary Lead Market
Makers; Lead Market Makers; and
Registered Market Makers. The different
classes of market makers would be
subject to varying levels of affirmative
and negative market making obligations.
Notably, MIAX would allow market
makers to use a variety of quote types,
some of which would have a specific
time in force and would be analogous to
2 See proposed MIAX Rule 100 (defining ‘‘Priority
Customer’’ as a person or entity that is not a broker
or dealer in securities and does not place more than
390 orders in listed options per day on average
during a calendar month for its own beneficial
accounts).
3 See proposed MIAX Rules 515 and 529. See also
Exhibit E to MIAX’s Form 1 submission, at 5–7.
4 See proposed MIAX Rule 529. In short, an order
would be eligible for immediate routing if (1) it is
a customer order significantly greater in size than
the size of the NBBO posted at away markets, and
(2) it arrives at a time when MIAX has significant
interest posted at one minimum price variation
inferior to the NBBO at away markets.
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
orders (MIAX refers to such order types
as ‘‘eQuotes,’’ and market makers would
be able to enter these orders through
their quotation infrastructure).5
Specifically, MIAX has proposed rules
to allow market makers to submit any of
the following ‘‘quote’’ types: Standard
quote; Day eQuote; Immediate or Cancel
eQuote; Fill or Kill eQuote; Intermarket
Sweep eQuote; Auction or Cancel
eQuote; and Opening Only eQuote.6
While market makers could only have
one Standard quote active at any one
time, they would be permitted to have
multiple types of eQuotes active in a
single series.7
MIAX’s proposed rules also provide
for the categorization of certain market
maker quotes as ‘‘priority’’ quotes and
‘‘non-priority’’ quotes.8 Use of priority
quotes, which need to meet certain bid/
ask differential requirements, would
entitle market makers to precedence
over all other professional interest (i.e.,
non-Priority Customer orders and
market maker orders and non-priority
quotes) on MIAX at the same price.9
Interested persons are invited to
submit written data, views, and
arguments concerning MIAX’s Form 1,
including whether the application is
consistent with the Exchange 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 rulecomments@sec.gov. Please include File
Number 10–207 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number 10–207. 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/other.shtml). Copies of the
5 See
Exhibit E to MIAX’s Form 1 submission, at
3.
6 See
proposed MIAX Rule 517.
its application ultimately is approved by the
Commission, MIAX does not expect to make Day
eQuotes available for use upon first commencing
operations. See Exhibit E to MIAX’s Form 1
submission.
8 See proposed MIAX Rule 517.
9 See id.
7 If
E:\FR\FM\20AUN1.SGM
20AUN1
Federal Register / Vol. 77, No. 161 / Monday, August 20, 2012 / Notices
submission, all subsequent
amendments, all written statements
with respect to MIAX’s Form 1 filed
with the Commission, and all written
communications relating to the
application 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 a.m. and 3 p.m.
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 publicly available. All
submissions should refer to File
Number 10–207 and should be
submitted on or before October 4, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–20409 Filed 8–17–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
30168; 812–13913]
LoCorr Fund Management, LLC and
LoCorr Investment Trust; Notice of
Application
August 14, 2012.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under Section 6(c) of the
Investment Company Act of 1940
(‘‘Act’’) for an exemption from Section
15(a) of the Act and Rule 18f–2 under
the Act.
AGENCY:
SUMMARY:
Applicants
request an order that would permit them
to enter into and materially amend
subadvisory agreements without
shareholder approval.
APPLICANTS: LoCorr Fund Management,
LLC (‘‘LFM’’ or the ‘‘Adviser’’) and
LoCorr Investment Trust (the ‘‘Trust’’).
DATES:
FILING DATES: The application was filed
on June 14, 2011, and amended on
December 12, 2011, and May 9, 2012.
mstockstill on DSK4VPTVN1PROD with NOTICES
SUMMARY OF APPLICATION:
10 17
CFR 200.30–3(a)(71)(i).
VerDate Mar<15>2010
16:25 Aug 17, 2012
Jkt 226001
An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on September 10, 2012,
and should be accompanied by proof of
service on the applicants, in the form of
an affidavit or, for lawyers, a certificate
of service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Elizabeth M. Murphy,
Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
Applicants: 261 School Avenue, 4th
Floor, Excelsior, MN 55331.
FOR FURTHER INFORMATION CONTACT:
Deepak T. Pai, Senior Counsel, at (202)
551–6876, or Mary Kay Frech, Branch
Chief, at (202) 551–6821 (Division of
Investment Management, Office of
Investment Company Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or an applicant using the
Company name box, at https://www.sec.
gov/search/search.htm or by calling
(202) 551–8090.
HEARING OR NOTIFICATION OF HEARING:
Applicants’ Representations
1. The Trust, an Ohio business trust,
is registered under the Act as an openend management investment company
and currently is comprised of two
individually registered series, the
LoCorr Managed Futures Strategy Fund
and LoCorr Long/Short Commodities
Strategy Fund (together, the ‘‘LoCorr
Funds’’). Each of the LoCorr Funds
currently employs one unaffiliated
investment subadviser (‘‘Subadviser’’).1
1 Applicants also request relief with respect to
any existing or future series of the Trust and any
other existing or future registered open-end
management investment company or series thereof
that: (a) Is advised by the Adviser or any entity
controlling, controlled by, or under common
control with the Adviser or its successors (included
within the term ‘‘Adviser’’); (b) uses the manager of
managers structure (‘‘Manager of Managers
Structure’’) described in the application; and (c)
complies with the terms and conditions of the
application (together with the LoCorr Funds, the
‘‘Funds’’ and each, individually, a ‘‘Fund’’). For the
purposes of the requested order, ‘‘successor’’ is
limited to any entity or entities that would result
from a reorganization into another jurisdiction or a
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
50185
LFM, a Minnesota limited liability
company, is, and each other Adviser
will be, registered as an investment
adviser under the Investment Advisers
Act of 1940 (the ‘‘Advisers Act’’). LFM
serves as the investment adviser of the
LoCorr Funds, and an Adviser will serve
as investment adviser to the future
Funds, pursuant to an investment
advisory agreement. The LoCorr Funds
have entered into an investment
advisory agreement with LFM (the
‘‘Advisory Agreement’’),2 approved by
the Trust’s board of trustees (the
‘‘Board’’),3 including a majority of the
trustees who are not ‘‘interested
persons,’’ as defined in section 2(a)(19)
of the Act, of the Trust or the Adviser
(the ‘‘Independent Trustees’’), and by
shareholders representing a majority of
each of the LoCorr Funds’ shares.
2. Under the terms of the Advisory
Agreement, the Adviser is responsible
for the overall management of the
LoCorr Funds’ business affairs and
selecting investments according to the
LoCorr Funds’ investment objectives,
policies and restrictions. For the
investment management services that it
provides to the LoCorr Funds, the
Adviser receives the fee specified in the
Advisory Agreement. The Advisory
Agreement also permits the Adviser to
retain one or more subadvisers for the
purpose of managing the investments of
all or a portion of the assets of the
LoCorr Funds. Pursuant to this
authority, the Adviser intends to enter
into investment subadvisory agreements
with one or more Subadvisers to
provide investment advisory services to
the Funds (each, a ‘‘Subadvisory
Agreement’’ and together, the
‘‘Subadvisory Agreements’’). Each
Subadviser will be registered as an
investment adviser under the Advisers
Act. The Adviser will supervise,
evaluate and allocate assets to the
Subadvisers, and make
change in the type of business organization. All
existing entities that currently intend to rely on the
requested order are named as applicants, and the
LoCorr Funds are the only Funds that currently
intend to rely on the requested order. If the name
of any Fund contains the name of a Subadviser, the
name of the Adviser will precede the name of the
Subadviser.
2 The Adviser will enter into substantially similar
investment advisory agreements to provide
investment management services to future Funds
(‘‘Future Advisory Agreements’’). The terms of
Future Advisory Agreements will comply with
section 15(a) of the Act and Future Advisory
Agreements will be approved by shareholders and
by the Board, including a majority of the
Independent Trustees, in the manner required by
sections 15(a) and 15(c) of the Act and rule 18f–2
thereunder. References to any Advisory Agreement
or Advisory Agreements include Future Advisory
Agreements as they pertain to future Funds.
3 The term ‘‘Board’’ also includes the board of
trustees or directors of a future Fund.
E:\FR\FM\20AUN1.SGM
20AUN1
]]>Agencies
[Federal Register Volume 77, Number 161 (Monday, August 20, 2012)]
[Notices]
[Pages 50184-50185]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-20409]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67660; File No. 10-207]
Miami International Securities Exchange, LLC; Notice of Filing of
Application for Registration as a National Securities Exchange Under
Section 6 of the Securities Exchange Act of 1934
August 15, 2012.
On April 26, 2012, Miami International Securities Exchange, LLC
(``MIAX'') submitted to the Securities and Exchange Commission
(``Commission'') a Form 1 application under the Securities Exchange Act
of 1934 (``Exchange Act''), seeking registration as a national
securities exchange under Section 6 of the Exchange Act. MIAX's Form 1
application provides detailed information on how it proposes to satisfy
the requirements of the Exchange Act.
The Commission is publishing this notice to solicit comments on
MIAX's Form 1 application. The Commission will take any comments it
receives into consideration in making its determination about whether
to grant MIAX's request to be registered as a national securities
exchange. The Commission will grant the registration if it finds that
the requirements of the Exchange Act and the rules and regulations
thereunder with respect to MIAX are satisfied.\1\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(a).
---------------------------------------------------------------------------
MIAX would be wholly owned by its parent company, Miami
International Holdings, Inc. (``Miami Holdings''). If approved, MIAX
would commence operation of a fully automated electronic trading
platform for the trading of standardized options with a continuous,
automated matching function. MIAX would not have a physical trading
floor. Liquidity would be derived from orders to buy and orders to sell
submitted to MIAX electronically by its registered broker-dealer
members, as well as from quotes submitted electronically by market
makers.
A description of the manner of operation of MIAX's proposed system
can be found in Exhibit E to MIAX's Form 1 application. The proposed
rulebook for the proposed MIAX exchange can be found in Exhibit B to
MIAX's Form 1 application, and the governing documents for both MIAX
and Miami Holdings can be found in Exhibit A. A listing of the officers
and directors of MIAX can be found in Exhibit J to MIAX's Form 1
application. MIAX's Form 1 application, including all of the Exhibits
referenced above, is available online at www.sec.gov/rules/other.shtml
as well as at the Commission's Public Reference Room.
With respect to MIAX's proposed trading rules, some of the notable
features proposed by MIAX are highlighted below. For example, in
certain circumstances where MIAX could not fully execute an incoming
Priority Customer order,\2\ it has proposed to use mechanisms and route
timers that would expose the incoming order to the MIAX market for up
to one second before routing the order to away markets or otherwise
handling the order in accordance with its proposed trading rules.\3\ In
addition, in limited circumstances, certain orders that are eligible
for routing could be routed immediately, at least in part, without
being subject to a one second route timer, if they meet a number of
criteria.\4\
---------------------------------------------------------------------------
\2\ See proposed MIAX Rule 100 (defining ``Priority Customer''
as a person or entity that is not a broker or dealer in securities
and does not place more than 390 orders in listed options per day on
average during a calendar month for its own beneficial accounts).
\3\ See proposed MIAX Rules 515 and 529. See also Exhibit E to
MIAX's Form 1 submission, at 5-7.
\4\ See proposed MIAX Rule 529. In short, an order would be
eligible for immediate routing if (1) it is a customer order
significantly greater in size than the size of the NBBO posted at
away markets, and (2) it arrives at a time when MIAX has significant
interest posted at one minimum price variation inferior to the NBBO
at away markets.
---------------------------------------------------------------------------
MIAX has proposed three different classes of market makers that
would operate on MIAX: Primary Lead Market Makers; Lead Market Makers;
and Registered Market Makers. The different classes of market makers
would be subject to varying levels of affirmative and negative market
making obligations.
Notably, MIAX would allow market makers to use a variety of quote
types, some of which would have a specific time in force and would be
analogous to orders (MIAX refers to such order types as ``eQuotes,''
and market makers would be able to enter these orders through their
quotation infrastructure).\5\ Specifically, MIAX has proposed rules to
allow market makers to submit any of the following ``quote'' types:
Standard quote; Day eQuote; Immediate or Cancel eQuote; Fill or Kill
eQuote; Intermarket Sweep eQuote; Auction or Cancel eQuote; and Opening
Only eQuote.\6\ While market makers could only have one Standard quote
active at any one time, they would be permitted to have multiple types
of eQuotes active in a single series.\7\
---------------------------------------------------------------------------
\5\ See Exhibit E to MIAX's Form 1 submission, at 3.
\6\ See proposed MIAX Rule 517.
\7\ If its application ultimately is approved by the Commission,
MIAX does not expect to make Day eQuotes available for use upon
first commencing operations. See Exhibit E to MIAX's Form 1
submission.
---------------------------------------------------------------------------
MIAX's proposed rules also provide for the categorization of
certain market maker quotes as ``priority'' quotes and ``non-priority''
quotes.\8\ Use of priority quotes, which need to meet certain bid/ask
differential requirements, would entitle market makers to precedence
over all other professional interest (i.e., non-Priority Customer
orders and market maker orders and non-priority quotes) on MIAX at the
same price.\9\
---------------------------------------------------------------------------
\8\ See proposed MIAX Rule 517.
\9\ See id.
---------------------------------------------------------------------------
Interested persons are invited to submit written data, views, and
arguments concerning MIAX's Form 1, including whether the application
is consistent with the Exchange 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 10-207 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number 10-207. 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/other.shtml).
Copies of the
[[Page 50185]]
submission, all subsequent amendments, all written statements with
respect to MIAX's Form 1 filed with the Commission, and all written
communications relating to the application 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 a.m. and 3 p.m. 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 publicly available. All submissions
should refer to File Number 10-207 and should be submitted on or before
October 4, 2012.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(71)(i).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-20409 Filed 8-17-12; 8:45 am]
BILLING CODE 8011-01-P
