Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the MIAX Fee Schedule, 23806-23810 [2013-09340]
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Federal Register / Vol. 78, No. 77 / Monday, April 22, 2013 / Notices
organizational documents and such
Partnership’s reports to its Participants.
In addition, the General Partner will
record and will preserve a description of
all Section 17 Transactions, the General
Partner’s findings and the information
or materials upon which the General
Partner’s findings are based and the
basis for the findings. All such records
will be maintained for the life of the
Partnership and at least six years
thereafter, and will be subject to
examination by the Commission and its
staff. Each Partnership will preserve the
accounts, books and other documents
required to be maintained in an easily
accessible place for the first two years.
2. The General Partner will adopt, and
periodically review and update,
procedures designed to ensure that
reasonable inquiry is made, prior to the
consummation of any Section 17
Transaction, with respect to the possible
involvement in the transaction of any
affiliated person or promoter of or
principal underwriter for such
Partnership, or any affiliated person of
such a person, promoter or principal
underwriter.
3. The General Partner will not make
on behalf of a Partnership any
investment in which a Co-Investor (as
defined below) has acquired or proposes
to acquire the same class of securities of
the same issuer, where the investment
involves a joint enterprise or other joint
arrangement within the meaning of rule
17d–1 in which such Partnership and
the Co-Investor are participants, unless
any such Co-Investor, prior to disposing
of all or part of its investment, (a) gives
such General Partner sufficient, but not
less than one day’s, notice of its intent
to dispose of its investment, and (b)
refrains from disposing of its investment
unless the participating Partnership
holding such investment has the
opportunity to dispose of its investment
prior to or concurrently with, on the
same terms as, and on a pro rata basis
with, the Co-Investor. The term ‘‘CoInvestor’’ with respect to any
Partnership means any person who is:
(a) An ‘‘affiliated person’’ (as defined in
section 2(a)(3) of the Act) of such
Partnership (other than a JPMorgan
Chase Third Party Fund); (b) a JPMorgan
Chase entity; (c) an officer, director or
partner of a JPMorgan Chase entity; or
(d) an entity (other than a JPMorgan
Chase Third Party Fund) in which the
General Partner acts as a general partner
or has a similar capacity to control the
sale or other disposition of the entity’s
securities. The restrictions contained in
this condition, however, shall not be
deemed to limit or prevent the
disposition of an investment by a CoInvestor: (a) To its direct or indirect
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wholly-owned subsidiary, to any
company (a ‘‘Parent’’) of which such CoInvestor is a direct or indirect whollyowned subsidiary, or to a direct or
indirect wholly-owned subsidiary of its
Parent; (b) to immediate family
members of such Co-Investor, including
step and adoptive relationships, or to a
trust or other investment vehicle
established for any such immediate
family member; or (c) when the
investment is comprised of securities
that are (i) listed on any exchange
registered as a national securities
exchange under section 6 of the 1934
Act; (ii) NMS stocks pursuant to section
11A(a)(2) of the 1934 Act and rule
600(b) of Regulation NMS thereunder;
(iii) government securities as defined in
section 2(a)(16) of the Act or other
securities that meet the definition of
‘‘Eligible Security’’ in rule 2a–7 under
the Act; or (iv) listed on or traded on
any foreign securities exchange or board
of trade that satisfies regulatory
requirements under the law of the
jurisdiction in which such foreign
securities exchange or board of trade is
organized similar to those that apply to
a national securities exchange or a
national market system for securities.
4. Each Partnership and its General
Partner will maintain and preserve, for
the life of such Partnership and at least
six years thereafter, such accounts,
books, and other documents as
constitute the record forming the basis
for the audited financial statements that
are to be provided to the Participants in
such Partnership, and each annual
report of such Partnership required to be
sent to such Participants, and agree that
all such records will be subject to
examination by the Commission and its
staff. Each Partnership will preserve the
accounts, books and other documents
required to be maintained in an easily
accessible place for the first two years.
5. The General Partner of each
Partnership will send to each
Participant in that Partnership, at any
time during the fiscal year then ended,
Partnership financial statements audited
by such Partnership’s independent
accountants, except in the case of a
Partnership formed to make a single
Portfolio Investment. In such cases, the
partnership may send unaudited
financial statements, but each
Participant will receive financial
statements of the single Portfolio
Investment audited by such entity’s
independent accountants. At the end of
each fiscal year, the General Partner will
make a valuation or have a valuation
made of all of the assets of the
Partnership as of such fiscal year end in
a manner consistent with customary
practice with respect to the valuation of
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assets of the kind held by the
Partnership. In addition, within 120
days after the end of each fiscal year of
each Partnership or as soon as
practicable thereafter, the General
Partner will send a report to each person
who was a Participant at any time
during the fiscal year then ended,
setting forth such tax information as
shall be necessary for the preparation by
the Participant of his, her or its U.S.
federal and state income tax returns and
a report of the investment activities of
the Partnership during that fiscal year.
6. If a Partnership makes purchases or
sales from or to an entity affiliated with
the Partnership by reason of an officer,
director or employee of JPMorgan Chase
(a) serving as an officer, director, general
partner or investment adviser of the
entity, or (b) having a 5% or more
investment in the entity, such
individual will not participate in the
Partnership’s determination of whether
or not to effect the purchase or sale.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013–09344 Filed 4–19–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69381; File No. SR–MIAX–
2013–16 ]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Modify the MIAX Fee
Schedule
April 16, 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 April 5, 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.
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CFR 240.19b–4.
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I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange is filing a proposal to
modify the MIAX Fee Schedule (‘‘Fee
Schedule’’) to establish fees for option
contracts overlying 10 shares of a
security (‘‘Mini Options’’). The
Exchange proposes to implement these
fee changes to coincide with the
Exchange’s listing and trading of Mini
Options on April 17, 2013.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.miaxoptions.com/filter/
wotitle/rule_filing, at MIAX’s principal
office, and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to modify the
Fee Schedule to establish fees for Mini
Options. The Exchange represented in
its filing with the Securities and
Exchange Commission (‘‘SEC’’ or the
‘‘Commission’’) to establish Mini
Options that, ‘‘the current schedule of
Fees will not apply to the trading of
mini-options contracts. The Exchange
will not commence trading of minioption contracts until specific fees for
mini-options contracts trading have
been filed with the Commission.’’ 3 As
the Exchange intends to begin trading
Mini Options on April 17, 2013 it is
submitting this filing to describe the
transaction fees that will be applicable
to the trading of Mini Options.
Mini Options have a smaller exercise
and assignment value due to the
reduced number of shares they deliver
as compared to standard option
contracts. As such, the Exchange is
proposing generally lower per contract
fees as compared to standard option
contracts, with some exceptions to be
fully described below. Despite the
smaller exercise and assignment value
of a Mini Option, the cost to the
Exchange to process quotes and orders
in Mini Options, perform regulatory
surveillance and retain quotes and
orders for archival purposes is the same
as for a standard contract. This leaves
the Exchange in a position of trying to
strike the right balance of fees
applicable to Mini Options—too low
and the costs of processing Mini
Options quotes and orders will
necessarily cause the Exchange to either
raise fees for everyone or only for
participants trading Mini Options; too
high and participants may be deterred
from trading Mini Options, leaving the
Exchange less able to recoup costs
associated with development of the
product, which is designed to offer
investors a way to take less risk in high
dollar securities. The Exchange,
therefore, believes that adopting fees for
Mini Options that are in some cases
lower than fees for standard contracts,
and in other cases the same as for
standard contracts, is appropriate, not
unreasonable, not unfairly
discriminatory and not burdensome on
competition between participants, or
between the Exchange and other
exchanges in the listed options market
place.
Exchange Transaction Fees
The Exchange proposes establishing
Mini Options transaction fees for all
Market Makers and other market
participants that would be 10% of the
fee associated with standard options.
The Mini Options transaction fee, as its
standard option counterpart, would
apply per executed contract to
Registered Market Makers, Lead Market
Makers, Directed Order-Lead Market
Makers, Primary Lead Market Makers,
Directed Order-Primary Lead Market
Makers, Public Customers that are not
Priority Customers, Non-MIAX Market
Makers, Non-Member Broker-Dealers,
and Firms. Below is a chart providing a
comparison of the transaction fees for
standard options and to the proposed
fees for Mini Options:
Standard options
transaction fee
(per executed
contract)
Type of MIAX Market Maker
tkelley on DSK3SPTVN1PROD with NOTICES
Registered Market Maker ........................................................................................................................
Lead Market Maker ..................................................................................................................................
Directed Order—Lead Market Maker ......................................................................................................
Primary Lead Market Maker ....................................................................................................................
Directed Order—Primary Lead Market Maker .........................................................................................
Priority Customer .....................................................................................................................................
Public Customer that is Not a Priority Customer ....................................................................................
Non-MIAX Market Maker .........................................................................................................................
Non-Member Broker-Dealer ....................................................................................................................
Firm ..........................................................................................................................................................
$0.23
0.20
0.18
0.18
0.16
0.00
0.25
0.45
0.45
0.25
Mini options
transaction fee
(per executed
contract)
$0.023
0.020
0.018
0.018
0.016
0.000
0.025
0.045
0.045
0.025
In proposing Mini Options transaction
fees that are 10% of the related standard
option transaction fee, the Exchange
acknowledges and takes into account
that Mini Options have a smaller
exercise and assignment value due to
the reduced number of shares to be
delivered as compared to standard
option contracts. The Mini Options
transaction fee charged to Priority
Customers 4 would remain at $0.00
3 See Securities Exchange Act Release No. 69136
(March 14, 2013), 78 FR 17259 (March 20, 2013)
(SR–MIAX–2013–06). The Commission notes that
the actual language from the Exchange’s filing is:
‘‘the current MIAX Fee Schedule will not apply to
the trading of mini-option contracts. The Exchange
will not commence trading of mini-option contracts
until specific fees for mini-option contracts trading
have been filed with the Commission.’’
4 The term ‘‘Priority Customer’’ means a person
or entity that (i) is not a broker or dealer in
Continued
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Federal Register / Vol. 78, No. 77 / Monday, April 22, 2013 / Notices
because the transaction fee for standard
options, currently set at $0.00, cannot be
reduced any lower.
Marketing Fee
Currently, the Exchange assesses a
Marketing Fee to all Market Makers for
contracts they execute in their assigned
classes when the contra-party to the
execution is a Priority Customer. The
Exchange proposes assessing a
Marketing Fee for applicable
transactions in Mini Options and setting
the fee to be 10% of the associated fee
for standard options. As noted above,
the Exchange bases this proposal on the
Amount of marketing fee assessed
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$0.70 (per contract) ........................
$0.25 (per contract) ........................
$0.070 (per contract) ......................
$0.025 (per contract) ......................
Option classes
Transactions
Transactions
Transactions
Transactions
Fixed Fee Surcharge
In order to comply with the
requirements of the Distributive Linkage
Plan,5 the Exchange uses various means
of accessing better priced interest
located on other exchanges. Presently,
the Exchange charges a Fixed Fee
Surcharge of $0.10 per contract plus a
pass through of the fees associated with
the execution of the routed order on the
other exchanges. The $0.10 is designed
to recover the Exchange’s costs in
routing orders to the other exchanges.
Those costs include clearance charges
imposed by The Options Clearing
Corporation (‘‘OCC’’) and per contract
routing fees charged by the broker
dealers who charge the Exchange for the
use of their systems to route orders to
other exchanges. It is the Exchange’s
understanding that both the OCC and
the broker dealers have kept their
charges applicable to Mini Options the
same as for standard option contracts, as
their cost to process a contract (i.e.,
routing or clearing) is the same
irrespective of the exercise and
assignment value of the contract. As
such, the Exchange intends to charge
the same Fixed Fee Surcharge for Mini
Options as it presently does for standard
options, as described in Section (1)(c) of
the current Fee Schedule. The Exchange
notes that participants can avoid the
Fixed Fee Surcharge in several ways.
First, they can simply route to the
exchange with the best priced interest.
The Exchange, in recognition of the fact
that markets can move while orders are
in flight, also offers participants the
ability to utilize an order type that does
not route to other exchanges.
Specifically, the Do Not Route (‘‘DNR’’)
order modifier is one such order that
would never route to another exchange.
Given this ability to avoid the Fixed Fee
Surcharge, coupled with the fixed thirdparty costs associated with routing, the
securities, and (ii) does not place more than 390
orders in listed options per day on average during
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smaller exercise and assignment value
due to the reduced number of shares to
be delivered with Mini Options as
compared to standard option contracts.
Below is a chart providing a comparison
of the Marketing Fees for standard
options and to the proposed fees for
Mini Options:
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in
in
in
in
Standard Option Classes that are not in the Penny Pilot Program.
Standard Option Classes that are in the Penny Pilot Program.
Mini Options where the corresponding Standard Option is not in the Penny Pilot Program.
Mini Options where the corresponding Standard Option is in the Penny Pilot Program
Exchange believes it is reasonable to
charge the same Routing Surcharge for
Mini Options that is charged for
standard option contracts.
Options Regulatory Fee
Presently the Exchange charges an
Options Regulatory Fee (‘‘ORF’’) of
$0.004 per contract. The ORF is
assessed on each MIAX Member for all
options transactions executed or cleared
by the MIAX Member that are cleared by
the OCC in the customer range,
regardless of the exchange on which the
transaction occurs. The Exchange is
proposing to charge the same rate for
transactions in Mini Options, $0.004 per
contract, since, as noted, the costs to the
Exchange to process quotes, orders,
trades and the necessary regulatory
surveillance programs and procedures
in Mini Options are the same as for
standard option contracts. As such, the
Exchange feels that it is appropriate to
charge the ORF at the same rate as the
standard option contract.
2. Statutory Basis
MIAX believes that its proposal to
amend fee schedule is consistent with
Section 6(b) of the Act 6 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 7 in particular, in that it is an
equitable allocation of reasonable fees
and other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
The Exchange noted earlier that,
while Mini Options have a smaller
exercise and assignment value due to
the reduced number of shares to be
delivered as compared to standard
option contracts, and despite the
smaller exercise and assignment value
of a Mini Option, the cost to the
Exchange to process quotes and orders
a calendar month for its own beneficial account(s).
See Exchange Rule 100.
5 See Exchange Rule 529.
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in Mini Options, perform regulatory
surveillance and retain quotes and
orders for archival purposes is the same
as for a standard contract. This leaves
the Exchange in a position of trying to
strike the right balance of fees
applicable to Mini Options—too low
and the costs of processing Mini
Options quotes and orders will
necessarily cause the Exchange to either
raise fees for everyone or only for
participants trading Mini Options; too
high and participants may be deterred
from trading Mini Options, leaving the
Exchange less able to recoup costs
associated with development of the
product, which is designed to offer
investors a way to take less risk in high
dollar securities. Given these realities,
the Exchange believes that adopting fees
for Mini Options that are in some cases
lower than standard contracts, and in
other cases the same as for standard
contracts, is appropriate, not
unreasonable, not unfairly
discriminatory and not burdensome on
competition between participants, or
between the Exchange and other
exchanges in the listed options market
place.
In the case of most trade related
charges, the Exchange has decided to
offer lower per contract fees to
participants as part of trying to strike
the right balance between recovering
costs associated with trading Mini
Options and encouraging use of the new
Mini Option contracts, which are
designed to allow investors to reduce
risk in high dollar underlying securities.
The Exchange proposal to establish
transaction fees applicable to Market
Makers and all other participants to be
10% of the fee charged for standard
options is reasonable in light of the fact
that the Mini Options do have a smaller
exercise and assignment value,
specifically 1/10th that of a standard
6 15
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U.S.C. 78f(b).
U.S.C. 78f(b)(4).
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Federal Register / Vol. 78, No. 77 / Monday, April 22, 2013 / Notices
option contract. The Exchange’s
proposal is based on the already
established classification of Market
Makers and other market participants
for standard option contracts, which is
an effective fee on the Exchange and has
not been determined to be inequitable or
unfairly discriminatory. Therefore, the
Exchange believes the proposed pricing
for Mini Options to be equitable and not
unfairly discriminatory as it would
apply to all members of a given class
(i.e., the Mini Options transaction fee
for Register Market Makers would apply
to all Register Market Makers).
The Exchange believes the proposal to
charge Priority Customers $.00 per
contract to be reasonable, as Priority
Customers have traded for free all
options on the Exchange since the
inception of the Exchange. The ability to
trade for free attracts Priority Customer
order flow to the Exchange, which is
beneficial to all other participants on
the Exchange who generally seek to
trade with Priority Customer order flow.
The proposed fee of $.00 per contract is
the same fee charged to Priority
Customer orders in standard option
contracts, which is an effective fee on
the Exchange and has not been
determined to be inequitable or unfairly
discriminatory. Therefore, the proposed
Priority Customer pricing for Mini
Options would be equitable and not
unfairly discriminatory.
The Exchange believes its proposal to
assess a Marketing Fee to all Market
Makers for Mini Options contracts they
execute in their assigned classes when
the contra-party to the execution is a
Priority Customer with such Marketing
Fee set at 10% of the related fee charged
for standard options to be reasonable in
light of the fact that the Minis do have
a smaller exercise and assignment value,
specifically 1/10th that of a standard
contract. The Exchange does not believe
its proposal to be unfairly
discriminatory because it applies to all
applicable Market Makers evenly.
The Exchange proposal to treat Mini
Options the same as standard options
for purposes of the Fixed Fee Surcharge
is reasonable, equitable and not unfairly
discriminatory for the following
reasons. Presently, the Exchange charges
a Routing Surcharge of $0.10 per
contract plus a pass through of the fees
associated with the execution of the
routed order on the other exchanges.
The $0.10 is designed to recover the
Exchange’s costs in routing orders to the
other exchanges. Those costs include
clearance charges imposed by the OCC
and per contract routing fees charged by
the broker dealers who charge the
Exchange for the use of their systems to
route orders to other exchanges. The
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Exchange understands that both the
OCC and the broker dealers have kept
their charges applicable to Mini Options
the same as for standard option
contracts, as their cost to process a
contract (i.e., routing or clearing) is the
same irrespective of the exercise and
assignment value of the contract. As
such, the Exchange intends to charge
the same Fixed Fee Surcharge for Mini
Options as it presently does for standard
options, as described in Section (1)(c) of
the current Fee Schedule. The Exchange
notes that participants can avoid the
Fixed Fee Surcharge in several ways.
First they can simply route to the
exchange with the best priced interest.
The Exchange, in recognition of the fact
that markets can move while orders are
in flight, also offers participants the
ability to utilize an order type that does
not route to other exchanges.
Specifically, the DNR order type is an
order that would never route to another
exchange. Given this ability to avoid the
Fixed Fee Surcharge, coupled with the
fixed third party costs associated with
routing, the Exchange feels it is
reasonable and equitable to charge the
same Fixed Fee Surcharge for Mini
Options that is charged for standard
option contracts. Since the Fixed Fee
Surcharge will apply to all participants
in Mini Options as it is applied for
standard options, and because such
surcharge has not previously been found
to be unreasonable, inequitable or
unfairly discriminatory, the Exchange
believes it is the case for Mini Options
as well.
The Exchange notes, particularly in
the context of the ORF, that the cost to
perform surveillance to ensure
compliance with various Exchange and
industry-wide rules is no different for a
Mini Option than it is for a standard
option contract. Reducing the ORF for
Mini options could result in a higher
ORF for standard options. Such an
outcome would arguably be
discriminatory towards investors in
standard options for the benefit of
investors in Minis. As such, the
appropriate approach is to treat both
Mini Options and standard options the
same with respect to the amount of the
ORF that is being charged.
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. The
proposed change designed to provide
greater specificity and precision within
the Fee Schedule with respect to the
fees that will be applicable to Mini
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23809
Options when they begin trading on the
Exchange on or about April 17, 2013.
The Exchange believes that adopting
fees for Mini Options that are in some
cases lower than for standard contracts,
but in other cases the same as for
standard contracts, strikes the
appropriate balance between fees
applicable to standard contracts versus
fees applicable to Mini Options, and
will not impose a burden on
competition among various market
participants on the Exchange, or
between the Exchange and other
exchanges in the listed options market
place, not necessary or appropriate in
furtherance of the purposes of the Act.
In this regard, as Mini Options are a
new product being introduced into the
listed options marketplace, the
Exchange is unable at this time to
absolutely determine the impact that the
fees proposed herein will have on
trading in Mini Options. That said,
however, the Exchange believes that the
rates proposed for Mini Options, would
not impose any burden on competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
Finally, the Exchange notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues. In such
an environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.8 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
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U.S.C. 78s(b)(3)(A)(ii).
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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
Paper Comments
tkelley on DSK3SPTVN1PROD with NOTICES
• 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–MIAX–2013–16. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–MIAX–
2013–16, and should be submitted on or
before May 13, 2013.
17:03 Apr 19, 2013
[FR Doc. 2013–09340 Filed 4–19–13; 8:45 am]
BILLING CODE 8011–01–P
Jkt 229001
The Privacy Act applies to any record
about an individual that is maintained
in a system of records from which
individually identifying information is
retrieved by a unique identifier
associated with each individual, such as
a name or Social Security number.
SYSTEM NAME:
SMALL BUSINESS ADMINISTRATION
Privacy Act System of Records
Small Business Administration.
ACTION: Notice of new Privacy Act
system of records and request for
comment.
AGENCY:
• 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–2013–16 on the
subject line.
VerDate Mar<15>2010
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Elizabeth M. Murphy,
Secretary.
The Small Business
Administration (SBA) is amending its
Privacy Act Systems of Records to add
a new System of Records to maintain
the protected information collected from
applicants and participants in the Small
Business Innovation Research (SBIR)
and Small Business Technology
Transfer (STTR) Programs.
DATES: Written comments on the system
of records must be received on before
May 22, 2013. The notice will be
effective without further publication at
the end of the comment period, unless
comments are received which require
further amendments.
ADDRESSES: Written comments on this
system of records should be directed to
Edsel M. Brown, Assistant
Administrator, Office of Technology,
U.S. Small Business Administration,
409 3rd Street SW., Washington, DC
20416.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Edsel M. Brown, Assistant Director,
Office of Technology, at (202) 205–7343.
SUPPLEMENTARY INFORMATION: The
Privacy Act (5 U.S.C. 552a) requires
federal agencies to publish a notice of
systems of records in the Federal
Register whenever they establish a new
system of records or make a significant
change to an established system of
records. Each notice must identify and
describe the system of records the
Agency maintains, the reasons why the
agency collects the personally
identifying information, the routine uses
for which the agency will disclose such
information outside the agency, and
how individuals may exercise their
rights under the Privacy Act to
determine if, among other things, the
system contains information about
them. The information about each
individual is called a ‘‘record,’’ and the
system, whether manual or computerbased, is called a ‘‘system of records.’’
9 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00076
Fmt 4703
Sfmt 4703
TechNet—SBA 38.
SYSTEM LOCATION:
SBA’s Office of Technology, Office of
Investment and Innovation, Small
Business Administration, 409 Third
Street SW., Washington, DC 20416.
CATEGORIES OF INDIVIDUALS COVERED BY THE
SYSTEM INCLUDES:
Persons who submit applications to or
receive awards under the SBIR and
STTR programs; principal investigators
and key individuals working for SBIR
and STTR applicants and awardees.
CATEGORIES OF RECORDS IN THE SYSTEM:
Names, work phone numbers, and
email addresses for owners, key
individuals and principal investigators;
individual owners’ social security
numbers; fraud related criminal history;
history of civil fraud violations related
to the SBIR and STTR programs; and the
social and economic disadvantaged
status of principal investigators.
AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
15 U.S.C. 638.
ROUTINE USES OF RECORDS MAINTAINED IN THE
SYSTEM, INCLUDING CATEGORIES OF USERS AND
THE PURPOSES OF SUCH USES, THESE RECORDS
MAY BE USED, DISCLOSED OR REFERRED:
a. To the court or administrative
tribunal and other parties in litigation,
when a suit or administrative action has
been initiated.
b. To a Congressional office from an
individual’s record, when that office is
inquiring on the individual’s behalf; the
Member’s access rights are no greater
than the individual’s.
c. To SBA employees, volunteers,
contractors, interns, grantees, and
experts who have been engaged by SBA
to assist in the performance of a service
related to this system of records and
who need access to the records in order
to perform this activity. Recipients of
these records shall be required to
comply with the requirements of the
Privacy Act of 1974, as amended, 5
U.S.C. Sec. 552a.
d. To the Department of Justice (DOJ)
when any of the following is a party to
litigation or has an interest in such
litigation, and the use of such records by
DOJ is deemed by SBA to be relevant
and necessary to the litigation,
provided, however, that in each case,
E:\FR\FM\22APN1.SGM
22APN1
]]>Agencies
[Federal Register Volume 78, Number 77 (Monday, April 22, 2013)]
[Notices]
[Pages 23806-23810]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-09340]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69381; File No. SR-MIAX-2013-16 ]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Modify the MIAX Fee Schedule
April 16, 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 April 5, 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.
---------------------------------------------------------------------------
[[Page 23807]]
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange is filing a proposal to modify the MIAX Fee Schedule
(``Fee Schedule'') to establish fees for option contracts overlying 10
shares of a security (``Mini Options''). The Exchange proposes to
implement these fee changes to coincide with the Exchange's listing and
trading of Mini Options on April 17, 2013.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to modify the Fee Schedule to establish fees
for Mini Options. The Exchange represented in its filing with the
Securities and Exchange Commission (``SEC'' or the ``Commission'') to
establish Mini Options that, ``the current schedule of Fees will not
apply to the trading of mini-options contracts. The Exchange will not
commence trading of mini-option contracts until specific fees for mini-
options contracts trading have been filed with the Commission.'' \3\ As
the Exchange intends to begin trading Mini Options on April 17, 2013 it
is submitting this filing to describe the transaction fees that will be
applicable to the trading of Mini Options.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 69136 (March 14,
2013), 78 FR 17259 (March 20, 2013) (SR-MIAX-2013-06). The
Commission notes that the actual language from the Exchange's filing
is: ``the current MIAX Fee Schedule will not apply to the trading of
mini-option contracts. The Exchange will not commence trading of
mini-option contracts until specific fees for mini-option contracts
trading have been filed with the Commission.''
---------------------------------------------------------------------------
Mini Options have a smaller exercise and assignment value due to
the reduced number of shares they deliver as compared to standard
option contracts. As such, the Exchange is proposing generally lower
per contract fees as compared to standard option contracts, with some
exceptions to be fully described below. Despite the smaller exercise
and assignment value of a Mini Option, the cost to the Exchange to
process quotes and orders in Mini Options, perform regulatory
surveillance and retain quotes and orders for archival purposes is the
same as for a standard contract. This leaves the Exchange in a position
of trying to strike the right balance of fees applicable to Mini
Options--too low and the costs of processing Mini Options quotes and
orders will necessarily cause the Exchange to either raise fees for
everyone or only for participants trading Mini Options; too high and
participants may be deterred from trading Mini Options, leaving the
Exchange less able to recoup costs associated with development of the
product, which is designed to offer investors a way to take less risk
in high dollar securities. The Exchange, therefore, believes that
adopting fees for Mini Options that are in some cases lower than fees
for standard contracts, and in other cases the same as for standard
contracts, is appropriate, not unreasonable, not unfairly
discriminatory and not burdensome on competition between participants,
or between the Exchange and other exchanges in the listed options
market place.
Exchange Transaction Fees
The Exchange proposes establishing Mini Options transaction fees
for all Market Makers and other market participants that would be 10%
of the fee associated with standard options. The Mini Options
transaction fee, as its standard option counterpart, would apply per
executed contract to Registered Market Makers, Lead Market Makers,
Directed Order-Lead Market Makers, Primary Lead Market Makers, Directed
Order-Primary Lead Market Makers, Public Customers that are not
Priority Customers, Non-MIAX Market Makers, Non-Member Broker-Dealers,
and Firms. Below is a chart providing a comparison of the transaction
fees for standard options and to the proposed fees for Mini Options:
------------------------------------------------------------------------
Standard options Mini options
transaction fee transaction fee
Type of MIAX Market Maker (per executed (per executed
contract) contract)
------------------------------------------------------------------------
Registered Market Maker......... $0.23 $0.023
Lead Market Maker............... 0.20 0.020
Directed Order--Lead Market 0.18 0.018
Maker..........................
Primary Lead Market Maker....... 0.18 0.018
Directed Order--Primary Lead 0.16 0.016
Market Maker...................
Priority Customer............... 0.00 0.000
Public Customer that is Not a 0.25 0.025
Priority Customer..............
Non-MIAX Market Maker........... 0.45 0.045
Non-Member Broker-Dealer........ 0.45 0.045
Firm............................ 0.25 0.025
------------------------------------------------------------------------
In proposing Mini Options transaction fees that are 10% of the
related standard option transaction fee, the Exchange acknowledges and
takes into account that Mini Options have a smaller exercise and
assignment value due to the reduced number of shares to be delivered as
compared to standard option contracts. The Mini Options transaction fee
charged to Priority Customers \4\ would remain at $0.00
[[Page 23808]]
because the transaction fee for standard options, currently set at
$0.00, cannot be reduced any lower.
---------------------------------------------------------------------------
\4\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer in securities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Exchange Rule
100.
---------------------------------------------------------------------------
Marketing Fee
Currently, the Exchange assesses a Marketing Fee to all Market
Makers for contracts they execute in their assigned classes when the
contra-party to the execution is a Priority Customer. The Exchange
proposes assessing a Marketing Fee for applicable transactions in Mini
Options and setting the fee to be 10% of the associated fee for
standard options. As noted above, the Exchange bases this proposal on
the smaller exercise and assignment value due to the reduced number of
shares to be delivered with Mini Options as compared to standard option
contracts. Below is a chart providing a comparison of the Marketing
Fees for standard options and to the proposed fees for Mini Options:
------------------------------------------------------------------------
Amount of marketing fee assessed Option classes
------------------------------------------------------------------------
$0.70 (per contract).............. Transactions in Standard Option
Classes that are not in the Penny
Pilot Program.
$0.25 (per contract).............. Transactions in Standard Option
Classes that are in the Penny Pilot
Program.
$0.070 (per contract)............. Transactions in Mini Options where
the corresponding Standard Option
is not in the Penny Pilot Program.
$0.025 (per contract)............. Transactions in Mini Options where
the corresponding Standard Option
is in the Penny Pilot Program
------------------------------------------------------------------------
Fixed Fee Surcharge
In order to comply with the requirements of the Distributive
Linkage Plan,\5\ the Exchange uses various means of accessing better
priced interest located on other exchanges. Presently, the Exchange
charges a Fixed Fee Surcharge of $0.10 per contract plus a pass through
of the fees associated with the execution of the routed order on the
other exchanges. The $0.10 is designed to recover the Exchange's costs
in routing orders to the other exchanges. Those costs include clearance
charges imposed by The Options Clearing Corporation (``OCC'') and per
contract routing fees charged by the broker dealers who charge the
Exchange for the use of their systems to route orders to other
exchanges. It is the Exchange's understanding that both the OCC and the
broker dealers have kept their charges applicable to Mini Options the
same as for standard option contracts, as their cost to process a
contract (i.e., routing or clearing) is the same irrespective of the
exercise and assignment value of the contract. As such, the Exchange
intends to charge the same Fixed Fee Surcharge for Mini Options as it
presently does for standard options, as described in Section (1)(c) of
the current Fee Schedule. The Exchange notes that participants can
avoid the Fixed Fee Surcharge in several ways. First, they can simply
route to the exchange with the best priced interest. The Exchange, in
recognition of the fact that markets can move while orders are in
flight, also offers participants the ability to utilize an order type
that does not route to other exchanges. Specifically, the Do Not Route
(``DNR'') order modifier is one such order that would never route to
another exchange. Given this ability to avoid the Fixed Fee Surcharge,
coupled with the fixed third-party costs associated with routing, the
Exchange believes it is reasonable to charge the same Routing Surcharge
for Mini Options that is charged for standard option contracts.
---------------------------------------------------------------------------
\5\ See Exchange Rule 529.
---------------------------------------------------------------------------
Options Regulatory Fee
Presently the Exchange charges an Options Regulatory Fee (``ORF'')
of $0.004 per contract. The ORF is assessed on each MIAX Member for all
options transactions executed or cleared by the MIAX Member that are
cleared by the OCC in the customer range, regardless of the exchange on
which the transaction occurs. The Exchange is proposing to charge the
same rate for transactions in Mini Options, $0.004 per contract, since,
as noted, the costs to the Exchange to process quotes, orders, trades
and the necessary regulatory surveillance programs and procedures in
Mini Options are the same as for standard option contracts. As such,
the Exchange feels that it is appropriate to charge the ORF at the same
rate as the standard option contract.
2. Statutory Basis
MIAX believes that its proposal to amend fee schedule is consistent
with Section 6(b) of the Act \6\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \7\ in particular, in that it
is an equitable allocation of reasonable fees and other charges among
its members, issuers and other persons using its facilities and does
not unfairly discriminate between customers, issuers, brokers or
dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange noted earlier that, while Mini Options have a smaller
exercise and assignment value due to the reduced number of shares to be
delivered as compared to standard option contracts, and despite the
smaller exercise and assignment value of a Mini Option, the cost to the
Exchange to process quotes and orders in Mini Options, perform
regulatory surveillance and retain quotes and orders for archival
purposes is the same as for a standard contract. This leaves the
Exchange in a position of trying to strike the right balance of fees
applicable to Mini Options--too low and the costs of processing Mini
Options quotes and orders will necessarily cause the Exchange to either
raise fees for everyone or only for participants trading Mini Options;
too high and participants may be deterred from trading Mini Options,
leaving the Exchange less able to recoup costs associated with
development of the product, which is designed to offer investors a way
to take less risk in high dollar securities. Given these realities, the
Exchange believes that adopting fees for Mini Options that are in some
cases lower than standard contracts, and in other cases the same as for
standard contracts, is appropriate, not unreasonable, not unfairly
discriminatory and not burdensome on competition between participants,
or between the Exchange and other exchanges in the listed options
market place.
In the case of most trade related charges, the Exchange has decided
to offer lower per contract fees to participants as part of trying to
strike the right balance between recovering costs associated with
trading Mini Options and encouraging use of the new Mini Option
contracts, which are designed to allow investors to reduce risk in high
dollar underlying securities.
The Exchange proposal to establish transaction fees applicable to
Market Makers and all other participants to be 10% of the fee charged
for standard options is reasonable in light of the fact that the Mini
Options do have a smaller exercise and assignment value, specifically
1/10th that of a standard
[[Page 23809]]
option contract. The Exchange's proposal is based on the already
established classification of Market Makers and other market
participants for standard option contracts, which is an effective fee
on the Exchange and has not been determined to be inequitable or
unfairly discriminatory. Therefore, the Exchange believes the proposed
pricing for Mini Options to be equitable and not unfairly
discriminatory as it would apply to all members of a given class (i.e.,
the Mini Options transaction fee for Register Market Makers would apply
to all Register Market Makers).
The Exchange believes the proposal to charge Priority Customers
$.00 per contract to be reasonable, as Priority Customers have traded
for free all options on the Exchange since the inception of the
Exchange. The ability to trade for free attracts Priority Customer
order flow to the Exchange, which is beneficial to all other
participants on the Exchange who generally seek to trade with Priority
Customer order flow. The proposed fee of $.00 per contract is the same
fee charged to Priority Customer orders in standard option contracts,
which is an effective fee on the Exchange and has not been determined
to be inequitable or unfairly discriminatory. Therefore, the proposed
Priority Customer pricing for Mini Options would be equitable and not
unfairly discriminatory.
The Exchange believes its proposal to assess a Marketing Fee to all
Market Makers for Mini Options contracts they execute in their assigned
classes when the contra-party to the execution is a Priority Customer
with such Marketing Fee set at 10% of the related fee charged for
standard options to be reasonable in light of the fact that the Minis
do have a smaller exercise and assignment value, specifically 1/10th
that of a standard contract. The Exchange does not believe its proposal
to be unfairly discriminatory because it applies to all applicable
Market Makers evenly.
The Exchange proposal to treat Mini Options the same as standard
options for purposes of the Fixed Fee Surcharge is reasonable,
equitable and not unfairly discriminatory for the following reasons.
Presently, the Exchange charges a Routing Surcharge of $0.10 per
contract plus a pass through of the fees associated with the execution
of the routed order on the other exchanges. The $0.10 is designed to
recover the Exchange's costs in routing orders to the other exchanges.
Those costs include clearance charges imposed by the OCC and per
contract routing fees charged by the broker dealers who charge the
Exchange for the use of their systems to route orders to other
exchanges. The Exchange understands that both the OCC and the broker
dealers have kept their charges applicable to Mini Options the same as
for standard option contracts, as their cost to process a contract
(i.e., routing or clearing) is the same irrespective of the exercise
and assignment value of the contract. As such, the Exchange intends to
charge the same Fixed Fee Surcharge for Mini Options as it presently
does for standard options, as described in Section (1)(c) of the
current Fee Schedule. The Exchange notes that participants can avoid
the Fixed Fee Surcharge in several ways. First they can simply route to
the exchange with the best priced interest. The Exchange, in
recognition of the fact that markets can move while orders are in
flight, also offers participants the ability to utilize an order type
that does not route to other exchanges. Specifically, the DNR order
type is an order that would never route to another exchange. Given this
ability to avoid the Fixed Fee Surcharge, coupled with the fixed third
party costs associated with routing, the Exchange feels it is
reasonable and equitable to charge the same Fixed Fee Surcharge for
Mini Options that is charged for standard option contracts. Since the
Fixed Fee Surcharge will apply to all participants in Mini Options as
it is applied for standard options, and because such surcharge has not
previously been found to be unreasonable, inequitable or unfairly
discriminatory, the Exchange believes it is the case for Mini Options
as well.
The Exchange notes, particularly in the context of the ORF, that
the cost to perform surveillance to ensure compliance with various
Exchange and industry-wide rules is no different for a Mini Option than
it is for a standard option contract. Reducing the ORF for Mini options
could result in a higher ORF for standard options. Such an outcome
would arguably be discriminatory towards investors in standard options
for the benefit of investors in Minis. As such, the appropriate
approach is to treat both Mini Options and standard options the same
with respect to the amount of the ORF that is being charged.
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. The proposed change designed to
provide greater specificity and precision within the Fee Schedule with
respect to the fees that will be applicable to Mini Options when they
begin trading on the Exchange on or about April 17, 2013.
The Exchange believes that adopting fees for Mini Options that are
in some cases lower than for standard contracts, but in other cases the
same as for standard contracts, strikes the appropriate balance between
fees applicable to standard contracts versus fees applicable to Mini
Options, and will not impose a burden on competition among various
market participants on the Exchange, or between the Exchange and other
exchanges in the listed options market place, not necessary or
appropriate in furtherance of the purposes of the Act. In this regard,
as Mini Options are a new product being introduced into the listed
options marketplace, the Exchange is unable at this time to absolutely
determine the impact that the fees proposed herein will have on trading
in Mini Options. That said, however, the Exchange believes that the
rates proposed for Mini Options, would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues. In such an environment, the Exchange must continually
review, and consider adjusting, its fees and credits to remain
competitive with other exchanges. For the reasons described above, the
Exchange believes that the proposed rule change reflects this
competitive environment.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\8\ 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
[[Page 23810]]
whether the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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-2013-16 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 SR-MIAX-2013-16. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-MIAX-2013-16, and should be
submitted on or before May 13, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-09340 Filed 4-19-13; 8:45 am]
BILLING CODE 8011-01-P
