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 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 (http://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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the 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 http://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 (http://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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the 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]


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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 http://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 (http://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 (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the

[[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