Self-Regulatory Organizations: Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change for the Extension of a Pilot Program for SPY Position and Exercise Limits, 75627-75629 [2013-29618]
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Federal Register / Vol. 78, No. 239 / Thursday, December 12, 2013 / Notices
Board from subsequently overriding
stockholders’ wishes. Finally, the
remaining changes are clarifying in
nature, and they enhance investor
protection by conforming NASDAQ
OMX’s governance documents to
current practices and applicable rules
and by making them clearer and easier
to understand.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Because the proposed rule change
relates to the governance of NASDAQ
OMX and not to the operations of the
Exchange, 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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission shall: (a) By order
approve or disapprove such proposed
rule change, or (b) institute proceedings
to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
maindgalligan on DSK5TPTVN1PROD with NOTICES
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–NASDAQ–2013–148 on the subject
line.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71014; File No. SR–MIAX–
2013–53]
Self-Regulatory Organizations: Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change for the Extension of a Pilot
Program for SPY Position and Exercise
Limits
December 6, 2013.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
16:45 Dec 11, 2013
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.41
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–29611 Filed 12–11–13; 8:45 am]
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
VerDate Mar<15>2010
All submissions should refer to File
Number SR–NASDAQ–2013–148. 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
offices 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–NASDAQ–2013–148, and should be
submitted on or before January 2, 2014.
Jkt 232001
Pursuant to the provisions of Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
PO 00000
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
thereunder,2 notice is hereby given that
on November 26, 2013, Miami
International Securities Exchange LLC
(‘‘MIAX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
as described in Items I, II, and III below,
which Items have been prepared by the
Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend Exchange Rules 307 and 309 to
extend the pilot program that eliminates
the position and exercise limits for
physically-settled options on the SPDR
S&P 500 ETF Trust (‘‘SPY Pilot
Program’’).
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 amend
Exchange Rule 307, Commentary .01,
Position Limits, and Exchange Rule 309,
Commentary .01, Exercise limits, to
extend the duration of the SPY Pilot
Program through December 15, 2014.
There are no substantive changes being
proposed to the SPY Pilot Program.
In proposing to extend the SPY Pilot
Program, the Exchange affirms its
consideration of several factors that
support the proposal to establish the
SPY Pilot Program, which include: (1)
The liquidity of the option and the
underlying security; (2) the market
41 17
1 15
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Fmt 4703
Sfmt 4703
75627
2 17
E:\FR\FM\12DEN1.SGM
CFR 240.19b–4.
12DEN1
maindgalligan on DSK5TPTVN1PROD with NOTICES
75628
Federal Register / Vol. 78, No. 239 / Thursday, December 12, 2013 / Notices
capitalization of the underlying security
and the securities that make up the S&P
500 Index; (3) options reporting
requirements; and (4) financial
requirements imposed by MIAX and the
Commission.
The Pilot Report for the SPY Pilot
Program is not due until on or before
January 5, 2014. However, because not
all self-regulatory organizations
(‘‘SROs’’) have adopted similar rules
eliminating position and exercise limits
for SPY options and because market
participants that are members of such
SROs are required to comply with the
more restrictive SPY option position
and exercise limits, no market
participants have availed themselves of
the SPY Pilot Program. As a result, there
is not sufficient data to compile a
meaningful Pilot Report at this time to
file with this current extension request.
The Exchange believes that it is
appropriate to extend the SPY Pilot
Program for an additional thirteen
months to provide time for other SROs
to adopt similar pilot programs that
eliminate positions and exercise limits
for SPY options. In that event (and in a
year’s time), the Exchange will be able
to either extend the SPY Pilot Program,
adopt the SPY Pilot Program on a
permanent basis, or terminate the SPY
Pilot Program.
The Exchange represents that the Pilot
Report would be submitted within thirty
(30) days of the end of the first twelve
months of the extended SPY Pilot
Program time period and would cover
the twelve months that just ended. The
Pilot Report will compare the impact of
the pilot program, if any, on the
volumes of SPY options and the
volatility in the price of the underlying
SPY contract, particularly at expiration.
The Pilot Report also will detail the size
and different types of strategies
employed with respect to positions
established in SPY options; note
whether any problems, in the
underlying SPY ETF or otherwise, arose
as a result of the no-limit approach; and
include any other information that may
be useful in evaluating the effectiveness
of the pilot program. In preparing the
Pilot Report, the Exchange will utilize
various data elements such as volume
and open interest. In addition the
Exchange would make available to
Commission staff data elements relating
to the effectiveness of the SPY Pilot
Program.
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) 3 of the Act in general, and
3 15
U.S.C. 78f(b).
VerDate Mar<15>2010
16:45 Dec 11, 2013
Jkt 232001
furthers the objectives of Section
6(b)(5) 4 of the Act in particular, in that
it is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
Specifically, the Exchange believes
that extending the SPY Pilot Program
promotes just and equitable principles
of trade by permitting market
participants, including market makers,
institutional investors and retail
investors, to establish greater positions
when pursuing their investment goals
and needs.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not designed to
address any aspect of competition,
whether between the Exchange and its
competitors, or among market
participants. Instead, the proposed rule
change is designed to allow the SPY
Pilot Program to continue while other
SROs adopt similar provisions.
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–2013–53 on the subject line.
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 5 and Rule 19b–4(f)(6) 6
thereunder.
4 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
5 15
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
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:
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–2013–53. 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
E:\FR\FM\12DEN1.SGM
12DEN1
Federal Register / Vol. 78, No. 239 / Thursday, December 12, 2013 / Notices
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–
2013–53 and should be submitted on or
before January 2, 2014. For the
Commission, by the Division of Trading
and Markets, pursuant to delegated
authority.7
Elizabeth Murphy,
Secretary.
[FR Doc. 2013–29618 Filed 12–11–13; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71009; File No. SR–MIAX–
2013–56]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the MIAX Fee
Schedule
December 6, 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 November 29, 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.
maindgalligan on DSK5TPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend its Fee Schedule.
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
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
16:45 Dec 11, 2013
Jkt 232001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BILLING CODE 8011–01–P
7 17
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.
The Exchange proposes to modify its
current Priority Customer Rebate
Program (the ‘‘Program’’) to (i) lower the
volume thresholds of the four highest
volume tiers; and (ii) increase the per
contract credit for the three highest
volume tiers. The new terms of the
Program will be implemented for a
period beginning December 1, 2013 and
ending December 31, 2013.3 The
Program currently applies to the period
beginning July 1, 2013 and ending
November 30, 2013.4 The Program is
based on the substantially similar fees of
another competing options exchange.5
Under the Program, the Exchange shall
credit each Member the per contract
amount set forth in the table below
resulting from each Priority Customer 6
order transmitted by that Member which
is executed on the Exchange in all
multiply-listed option classes
(excluding mini-options and executions
related to contracts that are routed to
one or more exchanges in connection
with the Options Order Protection and
Locked/Crossed Market Plan referenced
in Rule 1400), provided the Member
meets certain volume thresholds in a
month as described below. The volume
thresholds are calculated based on the
customer average daily volume over the
course of the month. Volume will be
recorded for and credits will be
3 The Exchange notes that at the end of the
period, the Program will expire unless the Exchange
files another 19b-4 Rule Filing to amend its fees.
4 See Securities Exchange Act Release Nos. 70769
(October 29, 2013), 78 FR 66094 (November 4,
2013); 70523 (September 26, 2013), 78 FR 60966
(October 2, 2013) (SR–MIAX–2013–47); 69947 (July
9, 2013), 78 FR 42138 (July 15, 2013) (SR–MIAX–
2013–31).
5 See Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’) Fees Schedule, p. 4. See
also Securities Exchange Act Release Nos. 66054
(December 23, 2011), 76 FR 82332 (December 30,
2011) (SR–CBOE–2011–120); 68887 (February 8,
2013), 78 FR 10647 (February 14, 2013) (SR–CBOE–
2013–017).
6 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 accounts(s).
See MIAX Rule 100.
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
75629
delivered to the Member Firm that
submits the order to the Exchange.
Percentage Thresholds of
National Customer Volume in
Multiply-Listed Options Classes
Listed on MIAX (Monthly)
0.00%–0.25% ...............................
Above 0.25%–0.35% ....................
Above 0.35%–0.75% ....................
Above 0.75%–1.50% ....................
Above 1.50% ................................
Per
Contract
Credit
$0.00
$0.10
$0.15
$0.17
$0.18
The Exchange will aggregate the
contracts resulting from Priority
Customer orders transmitted and
executed electronically on the Exchange
from affiliated Members for purposes of
the thresholds above, provided there is
at least 75% common ownership
between the firms as reflected on each
firm’s Form BD, Schedule A. In the
event of a MIAX System outage or other
interruption of electronic trading on
MIAX, the Exchange will adjust the
national customer volume in multiplylisted options for the duration of the
outage. A Member may request to
receive its credit under the Priority
Customer Rebate Program as a separate
direct payment.
In addition, the rebate payments will
be calculated from the first executed
contract at the applicable threshold per
contract credit with the rebate payments
made at the highest achieved volume
tier for each contract traded in that
month. For example, if Member Firm
XYZ, Inc. (‘‘XYZ’’) has enough Priority
Customer contracts to achieve 2.5% of
the national customer volume in
multiply-listed option contracts during
the month of October, XYZ will receive
a credit of $0.18 for each Priority
Customer contract executed in the
month of October [sic].
The purpose of the Program is to
encourage Members to direct greater
Priority Customer trade volume to the
Exchange. Increased Priority Customer
volume will provide for greater
liquidity, which benefits all market
participants. The practice of
incentivizing increased retail customer
order flow in order to attract
professional liquidity providers
(Market-Makers) is, and has been,
commonly practiced in the options
markets. As such, marketing fee
programs,7 and customer posting
incentive programs,8 are based on
attracting public customer order flow.
The Program similarly intends to attract
Priority Customer order flow, which
7 See
MIAX Fee Schedule, Section 1(b).
NYSE Arca, Inc. Fees Schedule, page 4
(section titled ‘‘Customer Monthly Posting Credit
Tiers and Qualifications for Executions in Penny
Pilot Issues’’).
8 See
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Agencies
[Federal Register Volume 78, Number 239 (Thursday, December 12, 2013)]
[Notices]
[Pages 75627-75629]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-29618]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71014; File No. SR-MIAX-2013-53]
Self-Regulatory Organizations: Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change for the Extension of a Pilot Program for SPY
Position and Exercise Limits
December 6, 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 November 26, 2013, Miami International
Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rules 307 and
309 to extend the pilot program that eliminates the position and
exercise limits for physically-settled options on the SPDR S&P 500 ETF
Trust (``SPY Pilot Program'').
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 amend Exchange Rule 307, Commentary .01,
Position Limits, and Exchange Rule 309, Commentary .01, Exercise
limits, to extend the duration of the SPY Pilot Program through
December 15, 2014. There are no substantive changes being proposed to
the SPY Pilot Program.
In proposing to extend the SPY Pilot Program, the Exchange affirms
its consideration of several factors that support the proposal to
establish the SPY Pilot Program, which include: (1) The liquidity of
the option and the underlying security; (2) the market
[[Page 75628]]
capitalization of the underlying security and the securities that make
up the S&P 500 Index; (3) options reporting requirements; and (4)
financial requirements imposed by MIAX and the Commission.
The Pilot Report for the SPY Pilot Program is not due until on or
before January 5, 2014. However, because not all self-regulatory
organizations (``SROs'') have adopted similar rules eliminating
position and exercise limits for SPY options and because market
participants that are members of such SROs are required to comply with
the more restrictive SPY option position and exercise limits, no market
participants have availed themselves of the SPY Pilot Program. As a
result, there is not sufficient data to compile a meaningful Pilot
Report at this time to file with this current extension request.
The Exchange believes that it is appropriate to extend the SPY
Pilot Program for an additional thirteen months to provide time for
other SROs to adopt similar pilot programs that eliminate positions and
exercise limits for SPY options. In that event (and in a year's time),
the Exchange will be able to either extend the SPY Pilot Program, adopt
the SPY Pilot Program on a permanent basis, or terminate the SPY Pilot
Program.
The Exchange represents that the Pilot Report would be submitted
within thirty (30) days of the end of the first twelve months of the
extended SPY Pilot Program time period and would cover the twelve
months that just ended. The Pilot Report will compare the impact of the
pilot program, if any, on the volumes of SPY options and the volatility
in the price of the underlying SPY contract, particularly at
expiration. The Pilot Report also will detail the size and different
types of strategies employed with respect to positions established in
SPY options; note whether any problems, in the underlying SPY ETF or
otherwise, arose as a result of the no-limit approach; and include any
other information that may be useful in evaluating the effectiveness of
the pilot program. In preparing the Pilot Report, the Exchange will
utilize various data elements such as volume and open interest. In
addition the Exchange would make available to Commission staff data
elements relating to the effectiveness of the SPY Pilot Program.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) \3\ of the Act in general, and furthers the
objectives of Section 6(b)(5) \4\ of the Act in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the Exchange believes that extending the SPY Pilot
Program promotes just and equitable principles of trade by permitting
market participants, including market makers, institutional investors
and retail investors, to establish greater positions when pursuing
their investment goals and needs.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not designed to address any aspect of competition, whether between the
Exchange and its competitors, or among market participants. Instead,
the proposed rule change is designed to allow the SPY Pilot Program to
continue while other SROs adopt similar provisions.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \5\ and Rule 19b-4(f)(6) \6\
thereunder.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-MIAX-2013-53 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-2013-53. 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
[[Page 75629]]
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-2013-53 and should be submitted on
or before January 2, 2014. For the Commission, by the Division of
Trading and Markets, pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
Elizabeth Murphy,
Secretary.
[FR Doc. 2013-29618 Filed 12-11-13; 8:45 am]
BILLING CODE 8011-01-P