Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 520 To Clarify the Description of the Operation of the Exchange's Route Timer, 34698-34700 [2013-13606]
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34698
Federal Register / Vol. 78, No. 111 / Monday, June 10, 2013 / Notices
pursuant to Section 19(b)(3)(A) of the
Act 6 and Rule 19b–4(f)(6) 7 thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),10 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the
operative delay so that the proposed
rule change may take effect
immediately, thereby immediately
preventing any confusion that could
arise from the current references. The
Commission notes that the proposed
rule change does not present any new,
unique or substantive issues, but rather
is merely updating an out of date rule
reference in one CBOE rule. Therefore,
the Commission believes that waiving
the 30-day operative delay is consistent
with the protection of investors and the
public interest and designates the
proposed rule change as operative upon
filing.11
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: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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:
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
8 In addition, Rule 19b–4(f)(6)(iii) requires the
Exchange to give the Commission written notice of
the Exchange’s intent to file the proposed rule
change along with a brief description and text of 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 the prefiling requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
mstockstill on DSK4VPTVN1PROD with NOTICES
7 17
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Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–CBOE–2013–053 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–CBOE–2013–053. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
2013–053 and should be submitted on
or before July 1, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M O’Neill,
Deputy Secretary.
[FR Doc. 2013–13655 Filed 6–7–13; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69685; File No. SR–MIAX–
2013–25]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend Rule 520 To Clarify
the Description of the Operation of the
Exchange’s Route Timer
June 3, 2013.
Pursuant to 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 May 22,
2013, Miami International Securities
Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II, below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend Rule 529(b)(2)(iii) to clarify the
description of the operation of the
Exchange’s route timer set forth in the
rule text.
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.
BILLING CODE 8011–01–P
1 15
12 17
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CFR 200.30–3(a)(12).
Frm 00064
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E:\FR\FM\10JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 78, No. 111 / Monday, June 10, 2013 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to amend Rule 529(b)(2)(iii) to
clarify the description of the operation
of the Exchange’s route timer set forth
in the rule text. Specifically, the
Exchange proposes to amend the
language in Rule 529(b)(2)(iii) to more
clearly specify that (i) at any point
during the route timer the initiating
order and all joining interest on the
same side of the market is either traded
in full or cancelled in full, the route
timer will be terminated and normal
trading will resume, and (ii) if at any
point during the route timer a change in
the ABBO would allow all or part of the
initiating order and any joining interest
on the same side of the market to trade
on the Exchange at the revised NBBO,
the route timer will be terminated and
normal trading will resume.
In accordance with the Options Order
Protection and Locked/Crossed Market
Plan (the ‘‘Plan’’), the Exchange
provides price protection in options by
routing intermarket sweep orders to
other options exchanges. Intermarket
sweep orders may be routed to another
options exchange when trading interest
is not available on MIAX, is of
insufficient size, or when MIAX is not
at the National Best Bid or Offer
(‘‘NBBO’’) consistent with the Plan.
Orders that are routable may either be
eligible for immediate routing, provided
the criteria for immediate routing are
met, or may be subject to a route timer.
Public Customer orders not eligible
for immediate routing are be subject to
a route timer. The route timer allows
Market Makers and other market
participants an opportunity to interact
with an order before it is routed to
another options exchange. At the start of
the route timer, the Exchange’s trading
system broadcasts a Route Notification
message to subscribers of its market data
feeds providing details about the order
to be routed. During the timer, which
does not exceed one second, Market
Makers and other market participants
may submit certain order and quote
types at any price level. If during the
route timer the Exchange receives a new
order or quote on the opposite side of
the market from the initiating order that
can be executed, the System will
immediately execute the remaining
contracts. Conversely, if during the
route timer the Exchange receives orders
or quotes on the same side of the market
as the initiating order, such new orders
or quotes will join the initiating order in
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16:56 Jun 07, 2013
Jkt 229001
the route timer. The Exchange’s trading
system will disseminate an updated
MIAX Best Bid or Offer (‘‘MBBO’’) that
includes the new order or quote size.
If at any point during the route timer
the initiating order and all joining
interest on the same side of the market
is either traded in full or cancelled in
full, the route timer will be terminated
and normal trading will resume. In
addition, if at any point during the route
timer a change in the Away Best Bid or
Offer (‘‘ABBO’’) would allow the
initiating order and any joining interest
on the same side of the market to trade
on the Exchange at the revised NBBO,
the route timer will be terminated and
normal trading will resume.
At the end of the route timer any
contracts that could not be executed and
are marketable at the original NBBO on
another exchange are marked as an
intermarket sweep order and routed to
the appropriate away market.
The Exchange proposes to amend the
description set forth in Rule
529(b)(2)(iii) to more clearly reflect the
above description of the trading system
functionality with respect to a change in
the ABBO that would allow all or part
of the initiating order and any same side
interest to trade on the Exchange at the
revised NBBO. The Exchange is now
proposing to revise the last sentence in
Rule 529(b)(2)(iii) by splitting the
sentence into two sentences. The
Exchange believes that this less
complicated sentence structure clarifies
that if there is a change in the ABBO at
any point during the route timer that
would allow all or part of 3 the initiating
order and any joining interest on the
same side of the market to trade on the
Exchange at the revised NBBO, the route
timer will be terminated and normal
trading will resume. The Exchange
believes the revised language will help
eliminate potential confusion regarding
the operation of the route timer.
2. Statutory Basis
MIAX believes that its proposed rule
change is consistent with Section 6(b) of
the Act 4 in general, and furthers the
objectives of Section 6(b)(5) of the Act 5
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
3 The
Exchange amended its filing to add the term
‘‘all or part of’’ to this sentence; the term had been
inadvertently omitted from the original filing. See
email from Claire McGrath, Legal Consultant,
MIAX, to Sara Gillis Hawkins, Special Counsel,
Commission, dated May 28, 2013.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
PO 00000
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34699
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
proposed clarification will protect
investors and the public interest by
eliminating potential confusion that
could be caused by the existing
language used to describe trading
system functionality.
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. Specifically,
the Exchange believes the proposed rule
change will not impose any burden
because the Exchange is merely
amending its Rules so that they clearly
reflect the system functionality.
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 Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and Rule
19b–4(f)(6) thereunder.7 Because the
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
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
6 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of 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.
7 17
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10JNN1
34700
Federal Register / Vol. 78, No. 111 / Monday, June 10, 2013 / Notices
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
under Section 19(b)(2)(B) of the Act 8 to
determine whether the proposed rule
change 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:
mstockstill on DSK4VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
No. SR–MIAX–2013–25 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 No.
SR–MIAX–2013–25. 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 No. SR–MIAX–
2013–25 and should be submitted on or
before July 1, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
Responses: 350.
Annual Burden: 263.
Curtis Rich,
Management Analyst.
[FR Doc. 2013–13616 Filed 6–7–13; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Data Collection Available for Public
Comments
[FR Doc. 2013–13606 Filed 6–7–13; 8:45 am]
60-Day Notice and request for
comments.
BILLING CODE 8011–01–P
ACTION:
SMALL BUSINESS ADMINISTRATION
SUMMARY:
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
Notice of 30 day Reporting
Requirements Submitted for OMB
Review.
AGENCY:
ACTION:
Under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35), agencies are required to
submit proposed reporting and
recordkeeping requirements to OMB for
review and approval, and to publish a
notice in the Federal Register notifying
the public that the agency has made
such a submission.
DATES: Submit comments on or before
July 10, 2013. If you intend to comment
but cannot prepare comments promptly,
please advise the OMB Reviewer and
the Agency Clearance Officer before the
deadline.
Copies: Request for clearance (OMB
83–1), supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
ADDRESSES: Address all comments
concerning this notice to: Agency
Clearance Officer, Curtis Rich, Small
Business Administration, 409 3rd Street
SW., 5th Floor, Washington, DC 20416;
and OMB Reviewer, Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030 curtis.rich@sba.gov.
SUPPLEMENTARY INFORMATION:
Title: Federal Agency Comment Form.
Frequency: On Occasion.
SBA Form Number: 1993.
Description of Respondents: Small
Businesses and other Small Entities.
SUMMARY:
In accordance with the
Paperwork Reduction Act of 1995, this
notice announces the Small Business
Administration’s intentions to request
approval on a new and/or currently
approved information collection.
Submit comments on or before
August 9, 2013
DATES:
Send all comments
regarding whether this information
collection is necessary for the proper
performance of the function of the
agency, whether the burden estimates
are accurate, and if there are ways to
minimize the estimated burden and
enhance the quality of the collection, to
Sheila Casey, Lead HR Specialist,
Denver Finance Center, Small Business
Administration, 721 19th Street, 3rd
Floor, Denver, CO 80202.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Sheila Casey, Lead HR Specialist, 303–
844–7792 sheila.casey@sba.gov Curtis
B. Rich, Management Analyst, 202–205–
7030 curtis.rich@sba.gov.
Title: ‘‘Alternative Creditworthiness
Assessment.’’
Abstract: Government wide
requirements in the annual
appropriations act, as well as OMB
Circular A 123 Appendix B require
agencies to conduct an alternative credit
worthiness assessment when the credit
score inquiry results in no score. This
information of collection will be used as
a means of making that alternative.
Description of Respondents:
Personnel that assist in the process of
loan applications.
Form Number: 2294.
Annual Responses: 10.
Annual Burden: 2 hrs.
Curtis Rich,
Management Analyst.
[FR Doc. 2013–13615 Filed 6–7–13; 8:45 am]
8 15
U.S.C. 78s(b)(2)(B).
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CFR 200.30–3(a)(12).
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Agencies
[Federal Register Volume 78, Number 111 (Monday, June 10, 2013)]
[Notices]
[Pages 34698-34700]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-13606]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69685; File No. SR-MIAX-2013-25]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend Rule 520 To Clarify the Description of the
Operation of the Exchange's Route Timer
June 3, 2013.
Pursuant to 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 May 22, 2013, Miami International Securities Exchange LLC (``MIAX''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II, 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 amend Rule 529(b)(2)(iii) to
clarify the description of the operation of the Exchange's route timer
set forth in the rule text.
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.
[[Page 34699]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Rule
529(b)(2)(iii) to clarify the description of the operation of the
Exchange's route timer set forth in the rule text. Specifically, the
Exchange proposes to amend the language in Rule 529(b)(2)(iii) to more
clearly specify that (i) at any point during the route timer the
initiating order and all joining interest on the same side of the
market is either traded in full or cancelled in full, the route timer
will be terminated and normal trading will resume, and (ii) if at any
point during the route timer a change in the ABBO would allow all or
part of the initiating order and any joining interest on the same side
of the market to trade on the Exchange at the revised NBBO, the route
timer will be terminated and normal trading will resume.
In accordance with the Options Order Protection and Locked/Crossed
Market Plan (the ``Plan''), the Exchange provides price protection in
options by routing intermarket sweep orders to other options exchanges.
Intermarket sweep orders may be routed to another options exchange when
trading interest is not available on MIAX, is of insufficient size, or
when MIAX is not at the National Best Bid or Offer (``NBBO'')
consistent with the Plan. Orders that are routable may either be
eligible for immediate routing, provided the criteria for immediate
routing are met, or may be subject to a route timer.
Public Customer orders not eligible for immediate routing are be
subject to a route timer. The route timer allows Market Makers and
other market participants an opportunity to interact with an order
before it is routed to another options exchange. At the start of the
route timer, the Exchange's trading system broadcasts a Route
Notification message to subscribers of its market data feeds providing
details about the order to be routed. During the timer, which does not
exceed one second, Market Makers and other market participants may
submit certain order and quote types at any price level. If during the
route timer the Exchange receives a new order or quote on the opposite
side of the market from the initiating order that can be executed, the
System will immediately execute the remaining contracts. Conversely, if
during the route timer the Exchange receives orders or quotes on the
same side of the market as the initiating order, such new orders or
quotes will join the initiating order in the route timer. The
Exchange's trading system will disseminate an updated MIAX Best Bid or
Offer (``MBBO'') that includes the new order or quote size.
If at any point during the route timer the initiating order and all
joining interest on the same side of the market is either traded in
full or cancelled in full, the route timer will be terminated and
normal trading will resume. In addition, if at any point during the
route timer a change in the Away Best Bid or Offer (``ABBO'') would
allow the initiating order and any joining interest on the same side of
the market to trade on the Exchange at the revised NBBO, the route
timer will be terminated and normal trading will resume.
At the end of the route timer any contracts that could not be
executed and are marketable at the original NBBO on another exchange
are marked as an intermarket sweep order and routed to the appropriate
away market.
The Exchange proposes to amend the description set forth in Rule
529(b)(2)(iii) to more clearly reflect the above description of the
trading system functionality with respect to a change in the ABBO that
would allow all or part of the initiating order and any same side
interest to trade on the Exchange at the revised NBBO. The Exchange is
now proposing to revise the last sentence in Rule 529(b)(2)(iii) by
splitting the sentence into two sentences. The Exchange believes that
this less complicated sentence structure clarifies that if there is a
change in the ABBO at any point during the route timer that would allow
all or part of \3\ the initiating order and any joining interest on the
same side of the market to trade on the Exchange at the revised NBBO,
the route timer will be terminated and normal trading will resume. The
Exchange believes the revised language will help eliminate potential
confusion regarding the operation of the route timer.
---------------------------------------------------------------------------
\3\ The Exchange amended its filing to add the term ``all or
part of'' to this sentence; the term had been inadvertently omitted
from the original filing. See email from Claire McGrath, Legal
Consultant, MIAX, to Sara Gillis Hawkins, Special Counsel,
Commission, dated May 28, 2013.
---------------------------------------------------------------------------
2. Statutory Basis
MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \4\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \5\ 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
proposed clarification will protect investors and the public interest
by eliminating potential confusion that could be caused by the existing
language used to describe trading system functionality.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. Specifically, the Exchange
believes the proposed rule change will not impose any burden because
the Exchange is merely amending its Rules so that they clearly reflect
the system functionality.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of 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.
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if
[[Page 34700]]
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 under
Section 19(b)(2)(B) of the Act \8\ to determine whether the proposed
rule change should be approved or disapproved.
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\8\ 15 U.S.C. 78s(b)(2)(B).
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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 No. SR-MIAX-2013-25 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 No. SR-MIAX-2013-25. 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 No. SR-MIAX-2013-25 and should be
submitted on or before July 1, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-13606 Filed 6-7-13; 8:45 am]
BILLING CODE 8011-01-P