Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish the MIAX Top of Market (“ToM”) Data Product, 14617-14619 [2013-05166]
Download as PDF
<![CDATA[
Federal Register / Vol. 78, No. 44 / Wednesday, March 6, 2013 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
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
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
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 will also 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 No. SR–NYSEArca–
2013–18 and should be submitted on or
before March 27, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.126
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–05124 Filed 3–5–13; 8:45 am]
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:
BILLING CODE 8011–01–P
Electronic Comments
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Establish the MIAX Top of
Market (‘‘ToM’’) Data Product
• 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 SR–NYSEArca–2013–18 on the
subject line.
pmangrum on DSK3VPTVN1PROD with NOTICES
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 SR–NYSEArca–2013–18. 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
VerDate Mar<15>2010
15:01 Mar 05, 2013
Jkt 229001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69007; File No. SR–MIAX–
2013–05]
February 28, 2013.
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 February 15, 2013, 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
establish a market data product related
126 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
14617
to the trading of standardized options
on MIAX. Specifically, the Exchange is
proposing to provide the MIAX Top of
Market (‘‘ToM’’), a direct data feed that
features the Exchange’s best bid and
offer, with aggregate size and last sale
information on the MIAX system.
The text of the proposed rule change
is also 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 purpose of the proposed rule
change is to establish the ToM market
data product. ToM provides a direct
data feed that includes the Exchange’s
best bid and offer, with aggregate size,
based on displayable order and quoting
interest on the Exchange. The ToM data
feed includes data that is identical to
the data sent to the processor for the
Options Price Reporting Authority
(‘‘OPRA’’). The ToM and OPRA data
leave the MIAX system at the same time,
as required under Section 5.2(c)(iii)(B)
of the Limited Liability Company
Agreement of the Options Price
Reporting Authority LLC (the ‘‘OPRA
Plan’’), which prohibits the
dissemination of proprietary
information on any more timely basis
than the same information is furnished
to the OPRA System for inclusion in
OPRA’s consolidated dissemination of
options information.
In addition to MIAX’s best bid and
offer, with aggregate size and last sale
information, subscribers to ToM will
also receive: Opening imbalance
condition information; opening and
intra-day routing information; Expanded
E:\FR\FM\06MRN1.SGM
06MRN1
14618
Federal Register / Vol. 78, No. 44 / Wednesday, March 6, 2013 / Notices
Quote Range 3 information; Post-Halt
Notification 4 and Liquidity Refresh 5
condition information. MIAX Market
Makers receive this additional
information by way of connectivity with
the MIAX Express Interface (‘‘MEI’’); 6
those who are not MIAX Market Makers
must subscribe to ToM in order to
receive the additional information.
The Exchange expects to file with the
Commission to assess fees applicable to
ToM. Such fees will not be assessed
until the first full calendar month
during which MIAX lists and trades
options overlying at least 100
underlying securities. Once MIAX
begins listing and trading options
overlying at least 100 underlying
securities, and subject to filing with the
Commission, MIAX will assess market
data fees applicable to ToM.
pmangrum on DSK3VPTVN1PROD with NOTICES
2. Statutory Basis
MIAX believes that its proposed rule
change is consistent with Section 6(b) 7
of the Act in general, and furthers the
objectives of Section 6(b)(5) 8 of the Act
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 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 it is not designed to
permit unfair discrimination among
customers, brokers, or dealers.
The ToM product is designed to
promote just and equitable principles of
3 Where there is an imbalance at the price at
which the maximum number of contracts can trade
that is also at or within the highest valid width
quote bid and lowest valid width quote offer, the
System will calculate an Expanded Quote Range
(‘‘EQR’’). The EQR will be recalculated any time a
Route Timer or Imbalance Timer expires if material
conditions of the market (imbalance size, ABBO
price or size, liquidity price or size, etc.) have
changed during the timer. Once calculated, the EQR
will represent the limits of the range in which
transactions may occur during the opening process.
See Exchange Rule 503(f)(5).
4 After the Exchange has determined to end a
trading system halt, the System will broadcast to
subscribers of the Exchange’s data feeds a Post-Halt
Notification. See Exchange Rule 504(d).
5 If a Market Maker quote was all or part of the
MIAX Best Bid or Offer (‘‘MBBO’’) and the Market
Maker’s quote was exhausted by the partial
execution of the initiating order, the System will
pause the market for a time period not to exceed
one second to allow additional orders or quotes
refreshing the liquidity at the MBBO to be received
(‘‘liquidity refresh pause’’). See Exchange Rule
515(c)(1)(iii)(A).
6 MEI is a connection to MIAX systems that
enables Market Makers to submit electronic quotes
to MIAX.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
VerDate Mar<15>2010
15:01 Mar 05, 2013
Jkt 229001
trade by providing all subscribers with
top of market data that should enable
them to make informed decisions on
trading in MIAX options by using the
ToM data to assess current market
conditions that directly affect such
decisions. The market data provided by
ToM removes impediments to, and is
designed to further perfect, the
mechanisms of a free and open market
and a national market system by making
the MIAX market more transparent and
accessible to market participants making
routing decisions concerning their
options orders.
The ToM market data product is also
designed to protect investors and the
public interest by providing data to
subscribers that is already currently
available on other exchanges 9 and will
enable MIAX to compete with such
other exchanges, thereby offering market
participants with additional data in
order to seek the market center with the
best price and the most liquidity on
which to execute their transactions, all
to the benefit of investors and the public
interest, and to the marketplace as a
whole.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
On the contrary, the Exchange
believes that the ToM market data
product will enhance competition in the
U.S. options markets by providing
similar data to that which is currently
provided on another options
exchange.10
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, it has
9 See Securities Exchange Act Release No. 60459
(August 7, 2009), 74 FR 41466 (August 17, 2009)
(SR–Phlx–2009–54) (Order Approving a Proposed
Rule Change to Establish Fees for the Top of PHLX
Options Direct Data Feed Product).
10 Id.
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
become effective pursuant to 19(b)(3)(A)
of the Act 11 and Rule 19b-4(f)(6) 12
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:
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 SR–MIAX–2013–05 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.
All submissions should refer to File
Number SR–MIAX–2013–05. 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
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b-4(f)(6). In addition, Rule 19b4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
12 17
E:\FR\FM\06MRN1.SGM
06MRN1
Federal Register / Vol. 78, No. 44 / Wednesday, March 6, 2013 / Notices
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–
2013–05 and should be submitted on or
before March 27, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–05166 Filed 3–5–13; 8:45 am]
BILLING CODE 8011–01–P
[Public Notice 8216]
pmangrum on DSK3VPTVN1PROD with NOTICES
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257 of April 15, 2003), I hereby
determine that the objects to be
included in the exhibition ‘‘Overdrive:
L.A. Constructs the Future, 1940–1990,’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at The J.
Paul Getty Museum, Los Angeles, CA,
from on or about April 9, 2013, until on
or about July 21, 2013; and the National
Building Museum, Washington, DC,
from on or about October 15, 2013, until
on or about March 2, 2014, and at
CFR 200.30–3(a)(12).
15:01 Mar 05, 2013
[FR Doc. 2013–05219 Filed 3–5–13; 8:45 am]
BILLING CODE 4710–05–P
Jkt 229001
19, 2013, at the Cleveland Museum of
Art in Cleveland, Ohio from September
29, 2013 to January 5, 2014, and at
possible additional exhibitions or
venues yet to be determined, is in the
national interest. I have ordered that
Public Notice of these Determinations
be published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the additional exhibit objects, contact
Ona M. Hahs, Attorney-Adviser, Office
of the Legal Adviser, U.S. Department of
State (telephone: 202–632–6473). The
mailing address is U.S. Department of
State, SA–5, L/PD, Fifth Floor (Suite
5H03), Washington, DC 20522–0505.
Dated: February 26, 2013.
J. Adam Ereli,
Principal Deputy Assistant Secretary, Bureau
of Educational and Cultural Affairs,
Department of State.
[FR Doc. 2013–05216 Filed 3–5–13; 8:45 am]
DEPARTMENT OF STATE
BILLING CODE 4710–05–P
[Public Notice 8215]
ACTION:
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Overdrive: L.A. Constructs the
Future, 1940–1990’’
VerDate Mar<15>2010
Dated: February 28, 2013.
J. Adam Ereli,
Principal Deputy Assistant Secretary, Bureau
of Educational and Cultural Affairs,
Department of State.
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Sicily:
Art and Invention Between Greece and
Rome’’
DEPARTMENT OF STATE
13 17
possible additional exhibitions or
venues yet to be determined, is in the
national interest. I have ordered that
Public Notice of these Determinations
be published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: 202–632–6467). The
mailing address is U.S. Department of
State, SA–5, L/PD, Fifth Floor (Suite
5H03), Washington, DC 20522–0505.
14619
Notice, correction.
SUMMARY: On September 5, 2012, notice
was published on page 54647 of the
Federal Register (volume 77, number
172) of determinations made by the
Department of State pertaining to the
exhibit ‘‘Sicily: Art and Invention
Between Greece and Rome.’’ The
referenced notice is corrected to
accommodate additional objects to be
included in the exhibition. Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, and Delegation of
Authority No. 236–3 of August 28, 2000
(and, as appropriate, Delegation of
Authority No. 257 of April 15, 2003), I
hereby determine that the additional
objects to be included in the exhibition
‘‘Sicily: Art and Invention Between
Greece and Rome,’’ imported from
abroad for temporary exhibition within
the United States, are of cultural
significance. The additional objects are
imported pursuant to a loan agreement
with the foreign owner or custodian. I
also determine that the exhibition or
display of the additional exhibit objects
at The J. Paul Getty Museum in Los
Angeles, California from on or about
April 3, 2013, until on or about August
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
Applications for Certificates of Public
Convenience and Necessity and
Foreign Air Carrier Permits
Notice of Applications for Certificates
of Public Convenience and Necessity
and Foreign Air Carrier Permits Filed
Under Subpart B (formerly Subpart Q)
during the Week Ending February 16,
2013. The following Applications for
Certificates of Public Convenience and
Necessity and Foreign Air Carrier
Permits were filed under Subpart B
(formerly Subpart Q) of the Department
of Transportation’s Procedural
Regulations (See 14 CFR 301.201 et
seq.). The due date for Answers,
Conforming Applications, or Motions to
Modify Scope are set forth below for
each application. Following the Answer
period DOT may process the application
by expedited procedures. Such
procedures may consist of the adoption
of a show-cause order, a tentative order,
or in appropriate cases a final order
without further proceedings.
Docket Number: DOT–OST–2013–
0032.
Date Filed: Februrary 15, 2013.
Due Date for Answers, Conforming
Applications, or Motion to Modify
Scope: March 8, 2013.
Description: Joint application of
United Air Lines, Inc. (‘‘United’’),
Continental Airlines, Inc.
(‘‘Continental’’), Continental
Micronesia, Inc. (‘‘Continental
Micronesia’’) and Air Micronesia, Inc.
E:\FR\FM\06MRN1.SGM
06MRN1
]]>Agencies
[Federal Register Volume 78, Number 44 (Wednesday, March 6, 2013)]
[Notices]
[Pages 14617-14619]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-05166]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69007; File No. SR-MIAX-2013-05]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Establish the MIAX Top of Market (``ToM'') Data Product
February 28, 2013.
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 February 15, 2013, 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to establish a market data
product related to the trading of standardized options on MIAX.
Specifically, the Exchange is proposing to provide the MIAX Top of
Market (``ToM''), a direct data feed that features the Exchange's best
bid and offer, with aggregate size and last sale information on the
MIAX system.
The text of the proposed rule change is also 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 purpose of the proposed rule change is to establish the ToM
market data product. ToM provides a direct data feed that includes the
Exchange's best bid and offer, with aggregate size, based on
displayable order and quoting interest on the Exchange. The ToM data
feed includes data that is identical to the data sent to the processor
for the Options Price Reporting Authority (``OPRA''). The ToM and OPRA
data leave the MIAX system at the same time, as required under Section
5.2(c)(iii)(B) of the Limited Liability Company Agreement of the
Options Price Reporting Authority LLC (the ``OPRA Plan''), which
prohibits the dissemination of proprietary information on any more
timely basis than the same information is furnished to the OPRA System
for inclusion in OPRA's consolidated dissemination of options
information.
In addition to MIAX's best bid and offer, with aggregate size and
last sale information, subscribers to ToM will also receive: Opening
imbalance condition information; opening and intra-day routing
information; Expanded
[[Page 14618]]
Quote Range \3\ information; Post-Halt Notification \4\ and Liquidity
Refresh \5\ condition information. MIAX Market Makers receive this
additional information by way of connectivity with the MIAX Express
Interface (``MEI''); \6\ those who are not MIAX Market Makers must
subscribe to ToM in order to receive the additional information.
---------------------------------------------------------------------------
\3\ Where there is an imbalance at the price at which the
maximum number of contracts can trade that is also at or within the
highest valid width quote bid and lowest valid width quote offer,
the System will calculate an Expanded Quote Range (``EQR''). The EQR
will be recalculated any time a Route Timer or Imbalance Timer
expires if material conditions of the market (imbalance size, ABBO
price or size, liquidity price or size, etc.) have changed during
the timer. Once calculated, the EQR will represent the limits of the
range in which transactions may occur during the opening process.
See Exchange Rule 503(f)(5).
\4\ After the Exchange has determined to end a trading system
halt, the System will broadcast to subscribers of the Exchange's
data feeds a Post-Halt Notification. See Exchange Rule 504(d).
\5\ If a Market Maker quote was all or part of the MIAX Best Bid
or Offer (``MBBO'') and the Market Maker's quote was exhausted by
the partial execution of the initiating order, the System will pause
the market for a time period not to exceed one second to allow
additional orders or quotes refreshing the liquidity at the MBBO to
be received (``liquidity refresh pause''). See Exchange Rule
515(c)(1)(iii)(A).
\6\ MEI is a connection to MIAX systems that enables Market
Makers to submit electronic quotes to MIAX.
---------------------------------------------------------------------------
The Exchange expects to file with the Commission to assess fees
applicable to ToM. Such fees will not be assessed until the first full
calendar month during which MIAX lists and trades options overlying at
least 100 underlying securities. Once MIAX begins listing and trading
options overlying at least 100 underlying securities, and subject to
filing with the Commission, MIAX will assess market data fees
applicable to ToM.
2. Statutory Basis
MIAX believes that its proposed rule change is consistent with
Section 6(b) \7\ of the Act in general, and furthers the objectives of
Section 6(b)(5) \8\ of the Act 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 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 it is not designed to
permit unfair discrimination among customers, brokers, or dealers.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The ToM product is designed to promote just and equitable
principles of trade by providing all subscribers with top of market
data that should enable them to make informed decisions on trading in
MIAX options by using the ToM data to assess current market conditions
that directly affect such decisions. The market data provided by ToM
removes impediments to, and is designed to further perfect, the
mechanisms of a free and open market and a national market system by
making the MIAX market more transparent and accessible to market
participants making routing decisions concerning their options orders.
The ToM market data product is also designed to protect investors
and the public interest by providing data to subscribers that is
already currently available on other exchanges \9\ and will enable MIAX
to compete with such other exchanges, thereby offering market
participants with additional data in order to seek the market center
with the best price and the most liquidity on which to execute their
transactions, all to the benefit of investors and the public interest,
and to the marketplace as a whole.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 60459 (August 7,
2009), 74 FR 41466 (August 17, 2009) (SR-Phlx-2009-54) (Order
Approving a Proposed Rule Change to Establish Fees for the Top of
PHLX Options Direct Data Feed Product).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
On the contrary, the Exchange believes that the ToM market data
product will enhance competition in the U.S. options markets by
providing similar data to that which is currently provided on another
options exchange.\10\
---------------------------------------------------------------------------
\10\ Id.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\
thereunder.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
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-MIAX-2013-05 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.
All submissions should refer to File Number SR-MIAX-2013-05. 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
[[Page 14619]]
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-2013-05 and should be submitted on or before March
27, 2013.
For the Commission, by the Division of Trading and Markets, pursuant
to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-05166 Filed 3-5-13; 8:45 am]
BILLING CODE 8011-01-P
