Self-Regulatory Organizations: Miami International Securities Exchange LLC; Notice of Filing of a Proposed Rule Change To List and Trade Options on Shares of the Market Vectors ETFs, 47165-47170 [2014-18978]
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Federal Register / Vol. 79, No. 155 / Tuesday, August 12, 2014 / Notices
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 15 of the Act 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:
emcdonald on DSK67QTVN1PROD 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–
NYSE–2014–41 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2014–41. 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 Section, 100 F Street NE.,
Washington, DC 20549–1090. Copies of
the filing will also be available for Web
site viewing and printing at the NYSE’s
principal office and on its Internet Web
site at www.nyse.com. 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–NYSE–
2014–41 and should be submitted on or
before September 2, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Kevin M. O’Neill,
Deputy Secretary.
U.S.C. 78s(b)(2)(B).
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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
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
1. Purpose
[FR Doc. 2014–18979 Filed 8–11–14; 8:45 am]
[Release No. 34–72777; File No. SR–MIAX–
2014–39]
Self-Regulatory Organizations: Miami
International Securities Exchange LLC;
Notice of Filing of a Proposed Rule
Change To List and Trade Options on
Shares of the Market Vectors ETFs
August 6, 2014.
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 July 28, 2014, Miami International
Securities Exchange LLC (‘‘MIAX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘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
list and trade on the Exchange options
on shares of the Market Vectors Brazil
Small-Cap ETF (‘‘BRF’’), Market Vectors
Indonesia Index ETF (‘‘IDX’’), Market
Vectors Poland ETF (‘‘PLND’’), and
Market Vectors Russia ETF (‘‘RSX’’).
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.
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
15 15
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The Exchange proposes to list for
trading on the Exchange options on the
shares of the Market Vectors Brazil
Small-Cap ETF,3 Market Vectors
Indonesia Index ETF, Market Vectors
Poland ETF, and Market Vectors Russia
ETF 4 (collectively the ‘‘Market Vector
ETFs’’). MIAX Rule 402 establishes the
Exchange’s initial listing standards for
equity options (the ‘‘Listing
Standards’’). The Listing Standards
permit the Exchange to list options on
the shares of open-end investment
companies, such as the Market Vectors
ETFs, without having to file for
approval with the Commission.5 The
Exchange submits that each of the
Market Vectors ETFs substantially meet
all of the initial listing requirements. In
particular, all of the requirements set
forth in Rule 402(i) for each of the
Market Vectors ETFs are met except for
the requirement concerning the
existence of a comprehensive
surveillance sharing agreement
(‘‘CSSA’’). However, as explained
below, the Exchange submits that
sufficient mechanisms exist in order to
provide adequate surveillance and
regulatory information with respect to
the portfolio securities of each of the
Market Vectors ETFs.
3 Options on Market Vectors Brazil Small-Cap
ETF are currently listed on Chicago Board Options
Exchange, Inc. (‘‘CBOE’’), International Securities
Exchange (‘‘ISE’’), and NASDAQ OMX PHLX
(‘‘PHLX’’).
4 Options on Market Vectors Russia ETF are
currently listed on BATS Options Exchange
(‘‘BATS’’), BOX Options Exchange (‘‘BOX’’), CBOE,
PHLX, NYSE AMEX Options (‘‘AMEX’’), NYSE
ARCA Options (‘‘ARCA’’), ISE, and ISE Gemini.
5 MIAX Rule 402(i) provides the Listing
Standards for shares or other securities (‘‘ExchangeTraded Fund Shares’’) that are traded on a national
securities exchange and are defined as an ‘‘NMS
stock’’ under Rule 600 of Regulation NMS.
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Market Vectors Brazil Small-Cap ETF
(‘‘BRF’’)
BRF is registered pursuant to the
Investment Company Act of 1940 as a
management investment company
designed to hold a portfolio of securities
which track the Market Vectors Brazil
Small-Cap Index (‘‘Brazil Index’’).6 The
Brazil Index consists of stocks traded
primarily on BM&FBOVESPA. BRF
employs a ‘‘passive’’ or indexing
approach to track the Brazil Index by
investing in a portfolio of securities that
generally replicates the Brazil Index.7
Van Eck Associates Corporation (the
‘‘Adviser’’) expects BRF to closely track
the Brazil Index so that, over time, a
tracking error of 5%, or less, is
exhibited. BRF will normally invest at
least eighty percent (80%) of its assets
in the securities comprising the Brazil
Index. The Exchange believes that these
policies prevent BRF from being
excessively weighted in any single
security or small group of securities and
significantly reduce concerns that
trading in BRF could become a surrogate
for trading in unregistered securities.
Shares of the BRF (‘‘BRF Shares’’) are
issued and redeemed, on a continuous
basis, at net asset value (‘‘NAV’’) in
aggregation size of 50,000 shares, or
multiples thereof (a ‘‘Creation Unit’’).
Following issuance, BRF Shares are
traded on an exchange like other equity
securities. BRF Shares trade in the
secondary markets in amounts less than
a Creation Unit and the price per BRF
Share may differ from its NAV which is
calculated once daily as of the regularly
scheduled close of business of NYSE
Arca.8
Bank of New York Mellon is the
custodian, and transfer agent for BRF.
Detailed information on BRF can be
found at www.vaneck.com.
The Exchange has reviewed BRF and
determined that the BRF Shares satisfy
the initial listing standards, except for
the requirement set forth in MIAX Rule
402(i)(5)(ii)(B) which requires BRF to
meet the following condition:
• Component securities of an index or
portfolio of securities on which the
Exchange-Traded Fund Shares are based
for which the primary market is in any
one country that is not subject to a
comprehensive surveillance agreement
6 Market Vectors Index Solutions created and
maintains the Market Vectors Brazil Small-Cap
Index.
7 As of March 20, 2014, BRF was comprised of 82
securities. CIA HERING had the greatest individual
weight at 3.39%. The aggregate percentage
weighting of the top 5 and 10 securities in the Fund
were 15.04% and 27.66%, respectively.
8 The regularly scheduled close of trading on
NYSE Arca is normally 4:00 p.m. Eastern Time
(‘‘ET’’) and 4:15 p.m. for ETFs.
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do not represent 20% or more of the
weight of the index.
The Exchange currently does not have
in place a surveillance agreement with
BOVESPA.
The Exchange submits that the
Commission, in the past, has been
willing to allow a national securities
exchange to rely on a memorandum of
understanding entered into between
regulators in the event that the
exchanges themselves cannot enter into
a CSSA. The Exchange notes that
BM&FBOVESPA is under the regulatory
oversight of the Comissao de Valores
Mobiliarios (‘‘CMV’’), which has the
responsibility for both Brazilian
exchanges and over-the-counter
markets. The Exchange further notes
that the Commission executed a
memorandum of understanding with the
CMV dated as of July 24, 2012 (‘‘BrazilUS MOU’’), which provides a
framework for mutual assistance in
investigatory and regulatory issues.
Based on the relationship between the
SEC and CMV and the terms of the
Brazil-US MOU, the Exchange submits
that both the Commission and the CMV
could acquire information from and
provide information to the other similar
to that which would be required in a
CSSA between exchanges. Moreover,
the Commission could make a request
for information under the Brazil-US
MOU on behalf of an SRO that needed
the information for regulatory purposes.
Thus, should MIAX need information
on Brazilian trading in the Brazil Index
component securities to investigate
incidents involving trading of BRF
options, the SEC could request such
information from the CMV under the
Brazil-US MOU. While this arrangement
certainly would be enhanced by the
existence of direct exchange to exchange
surveillance sharing agreements, it is
nonetheless consistent with other
instances where the Commission has
explored alternatives when the relevant
foreign exchange was unwilling or
unable to enter into a CSSA.9
The practice of relying on
surveillance agreements or MOUs
between regulators when a foreign
exchange was unable, or unwilling, to
provide an information sharing
agreement was affirmed by the
Commission in the Commission’s New
Product Release (‘‘New Product
Release’’).10 The Commission noted in
9 See, e.g., Securities Exchange Act Release No.
36415 (October 25, 1995), 60 FR 55620 (November
1, 1995) (SR–CBOE–95–45) (Order Approving
Proposed Rule Change Relating to the Listing and
Trading of Options on the CBOE Mexico 30 Index).
10 See Securities Exchange Act Release No. 40761
(December 8, 1998), 63 FR 70952, 70959 at fn. 101
(December 22, 1998).
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the New Product Release that if securing
a CSSA is not possible, an exchange
should contact the Commission prior to
listing a new derivative securities
product. The Commission also noted
that the Commission may determine
instead that it is appropriate to rely on
a memorandum of understanding
between the Commission and the
foreign regulator.
The Exchange has recently contacted
BM&FBOVESPA with a request to enter
into a CSSA. Until the Exchange is able
to secure a CSSA with BM&FBOVESPA,
the Exchange requests that the
Commission allow the listing and
trading of options on BRF without a
CSSA, upon reliance of the Brazil-US
MOU entered into between the
Commission and the CMV. The
Exchange believes this request is
reasonable and notes that the
Commission has provided similar relief
in the past. For example, the
Commission approved the Philadelphia
Stock Exchange, Inc. (‘‘PHLX’’) to rely
on an MOU between the Commission
and the CMV instead of a direct CSSA
with BM&FBOVESPA in order to list
and trade options on Telebras Portoflio
Certicate American Depository
Receipts.11 Additionally, the
Commission approved, on a pilot basis,
proposals of competing exchanges to list
and trade options on the iShares MSCI
Emerging Markets Fund 12 and the
iShares MSCI Mexico Indext Fund.13
The Commission’s approval of this
request to list and trade options on the
BRF would otherwise render BRF
compliant with all of the applicable
Listing Standards.
The Exchange shall continue to use its
best efforts to obtain a CSSA with
BM&FBOVESPA, which shall reflect the
following: (1) Express language
addressing market trading activity,
clearing activity, and customer identity;
(2) BM&FBOVESPA’s reasonable ability
to obtain access to and produce
11 See Securities Exchange Act Release No. 40298
(August 3, 1998), 63 FR 43435 (August 13, 1998)
(SR–Phlx–1998–33).
12 See Securities Exchange Act Release Nos.
53824 (May 17, 2006), 71 FR 30003 (May 24, 2006)
(SR–Amex–2006–43); 54081 (June 30, 2006), 71 FR
38911 (July 10, 2006) (SR–Amex–2006–60); 54553
(September 29, 2006), 71 FR 59561 (October 10,
2006) (SR–Amex–2006–91); 55040 (January 3,
2007), 72 FR 1348 (January 11, 2007) (SR–Amex–
2007–01); and 55955 (June 25, 2007), 72 FR 36079
(July 2, 2007) (SR–Amex–2007–57); 56324 (August
27, 2007), 72 FR 50426 (August 31, 2007) (SR–ISE–
2007–72).
13 See Securities Exchange Act Release Nos.
72213 (May 21, 2014), FR 30699 (May 28, 2014)
(SR–MIAX–2014–19); 56778 (November 9, 2007), 72
FR 65113 (November 19, 2007) (SR–Amex–2007–
100); 57013 (December 20, 2007), 72 FR 73923
(December 28, 2007) (SR–CBOE–2007–140); 57014
(December 20, 2007), 72 FR 73934 (December 28,
2007) (SR–ISE–2007–111).
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requested information; and (3) based on
the CSSA and other information
provided by the BM&FBOVESPA, the
absence of existing rules, law or
practices that would impede the
Exchange from obtaining foreign
information relating to market activity,
clearing activity, or customer identity,
or in the event such rules, laws, or
practices exist, they would not
materially impede the production of
customer or other information.
emcdonald on DSK67QTVN1PROD with NOTICES
Market Vectors Indonesia Index ETF
(‘‘IDX’’)
IDX is registered pursuant to the
Investment Company Act of 1940 as a
management investment company
designed to hold a portfolio of securities
which track the Market Vectors
Indonesia Index (‘‘Indonesia Index’’).14
The Indonesia Index consists of stocks
traded primarily on the Indonesia Stock
Exchange. IDX employs a ‘‘passive’’ or
indexing approach to track the
Indonesia Index by investing in a
portfolio of securities that generally
replicates the Indonesia Index.15 The
Adviser expects IDX to closely track the
Indonesia Index so that, over time, a
tracking error of 5%, or less, is
exhibited. IDX will normally invest at
least eighty percent (80%) of its assets
in the securities comprising the
Indonesia Index. IDX may concentrate
its investments in a particular industry
or group of industries to the extent that
the Indonesia Index concentrates in an
industry or group of industries. The
Exchange believes that these
requirements and policies prevent the
IDX from being excessively weighted in
any single security or small group of
securities and significantly reduce
concerns that trading in IDX could
become a surrogate for trading in
unregistered securities.
Shares of the IDX (‘‘IDX Shares’’) are
issued and redeemed, on a continuous
basis, at NAV in aggregation size of
50,000 shares, or multiples thereof (a
‘‘Creation Unit’’). Following issuance,
IDX Shares are traded on an exchange
like other equity securities. IDX Shares
trade in the secondary markets in
amounts less than a Creation Unit and
the price per IDX Share may differ from
its NAV which is calculated once daily
as of the regularly scheduled close of
business of NYSE Arca.16
14 Market Vectors Index Solutions created and
maintains the Market Vectors Indonesia Index.
15 As of June 30, 2014, IDX was comprised of 52
securities. ASTRA INTERNATIONAL had the
greatest individual weight at 8.05%. The aggregate
percentage weighting of the top 5 and 10 securities
in the Fund were 35.65% and 54.01%, respectively.
16 See supra note 8.
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Bank of New York Mellon is the
custodian, and transfer agent for IDX.
Detailed information on IDX can be
found at www.vaneck.com.
The Exchange has reviewed IDX and
determined that the IDX Shares satisfy
the initial listing standards, except for
the requirement set forth in MIAX Rule
402(i)(5)(ii)(B) which requires IDX to
meet the following condition:
• Component securities of an index or
portfolio of securities on which the
Exchange-Traded Fund Shares are based
for which the primary market is in any
one country that is not subject to a
comprehensive surveillance agreement
do not represent 20% or more of the
weight of the index.
The Exchange currently does not have
in place a surveillance agreement with
the Indonesia Stock Exchange. The
Exchange submits that the Commission,
in the past, has been willing to allow a
national securities exchange to rely on
a memorandum of understanding
entered into between regulators in the
event that the exchanges themselves
cannot enter into a CSSA. The Exchange
notes that the Indonesia Stock Exchange
is under the regulatory oversight of the
Indonesia Financial Services Authority
(‘‘FSA’’), which has the responsibility
for Indonesian stock exchanges. The
Exchange further notes that both the
Commission and FSA are signatories to
the International Organization of
Securities Commissions (‘‘IOSCO’’)
Multilateral Memorandum of
Understanding (‘‘MMOU’’), which
provides a framework for mutual
assistance in investigatory and
regulatory issues. Based on the
relationship between the SEC and FSA
and the terms of the MMOU, the
Exchange submits that both the
Commission and the FSA could acquire
information from and provide
information to the other similar to that
which would be required in a CSSA
between exchanges. Moreover, the
Commission could make a request for
information under the MMOU on behalf
of an SRO that needed the information
for regulatory purposes. Thus, should
MIAX need information on Indonesian
trading in the Indonesia Index
component securities to investigate
incidents involving trading of IDX
options, the SEC could request such
information from the FSA under the
MMOU. While this arrangement
certainly would be enhanced by the
existence of direct exchange to exchange
surveillance sharing agreements, it is
nonetheless consistent with other
instances where the Commission has
explored alternatives when the relevant
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47167
foreign exchange was unwilling or
unable to enter into a CSSA.17
The practice of relying on
surveillance agreements or MOUs
between regulators when a foreign
exchange was unable, or unwilling, to
provide an information sharing
agreement was affirmed by the
Commission in the New Product
Release.18 The Commission noted in the
New Product Release that if securing a
CSSA is not possible, an exchange
should contact the Commission prior to
listing a new derivative securities
product. The Commission also noted
that the Commission may determine
instead that it is appropriate to rely on
a memorandum of understanding
between the Commission and the
foreign regulator.
The Exchange has recently contacted
the Indonesia Stock Exchange with a
request to enter into a CSSA. Until the
Exchange is able to secure a CSSA with
the Indonesia Stock Exchange, the
Exchange requests that the Commission
allow the listing and trading of options
on IDX without a CSSA, upon reliance
of the MMOU entered into between the
Commission and the FSA. The
Exchange believes this request is
reasonable and notes that the
Commission has provided similar relief
in the past. Additionally, the
Commission approved, on a pilot basis,
proposals of competing exchanges to list
and trade options on the iShares MSCI
Emerging Markets Fund 19 and the
iShares MSCI Mexico Index Fund.20
The Commission’s approval of this
request to list and trade options on the
IDX would otherwise render IDX
compliant with all of the applicable
Listing Standards.
The Exchange shall continue to use its
best efforts to obtain a CSSA with the
Indonesia Stock Exchange, which shall
reflect the following: (1) Express
language addressing market trading
activity, clearing activity, and customer
identity; (2) the Indonesia Stock
Exchange’s reasonable ability to obtain
access to and produce requested
information; and (3) based on the CSSA
and other information provided by the
Indonesia Stock Exchange, the absence
of existing rules, law or practices that
would impede the Exchange from
obtaining foreign information relating to
market activity, clearing activity, or
customer identity, or in the event such
rules, laws, or practices exist, they
would not materially impede the
17 See
supra note 9.
supra note 10.
19 See supra note 12.
20 See supra note 13.
18 See
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production of customer or other
information.
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Market Vectors Poland Index ETF
(‘‘PLND’’)
PLND is registered pursuant to the
Investment Company Act of 1940 as a
management investment company
designed to hold a portfolio of securities
which track the Market Vectors Poland
Index (‘‘Poland Index’’).21 The Poland
Index consists of stocks traded primarily
on the Warsaw Stock Exchange. PLND
employs a ‘‘passive’’ or indexing
approach to track the Poland Index by
investing in a portfolio of securities that
generally replicates the Poland Index.22
The Adviser expects PLND to closely
track the Poland Index so that, over
time, a tracking error of 5%, or less, is
exhibited. PLND will normally invest at
least eighty percent (80%) of its assets
in the securities comprising the Poland
Index. PLND may concentrate its
investments in a particular industry or
group of industries to the extent that the
Poland Index concentrates in an
industry or group of industries. The
Exchange believes that these
requirements and policies prevent the
PLND from being excessively weighted
in any single security or small group of
securities and significantly reduce
concerns that trading in PLND could
become a surrogate for trading in
unregistered securities.
Shares of the PLND (‘‘PLND Shares’’)
are issued and redeemed, on a
continuous basis, at NAV in aggregation
size of 50,000 shares, or multiples
thereof (a ‘‘Creation Unit’’). Following
issuance, PLND Shares are traded on an
exchange like other equity securities.
PLND Shares trade in the secondary
markets in amounts less than a Creation
Unit and the price per PLND Share may
differ from its NAV which is calculated
once daily as of the regularly scheduled
close of business of NYSE Arca.23
Bank of New York Mellon is the
custodian, and transfer agent for PLND.
Detailed information on PLND can be
found at www.vaneck.com.
The Exchange has reviewed PLND
and determined that the PLND Shares
satisfy the initial listing standards,
except for the requirement set forth in
MIAX Rule 402(i)(5)(ii)(B) which
requires PLND to meet the following
condition:
21 Market Vectors Index Solutions created and
maintains the Market Vectors Poland Index.
22 As of June 30, 2014, PLND was comprised of
30 securities. PZU had the greatest individual
weight at 8.13%. The aggregate percentage
weighting of the top 5 and 10 securities in the Fund
were 36.20% and 60.49%, respectively.
23 See supra note 8.
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• Component securities of an index or
portfolio of securities on which the
Exchange-Traded Fund Shares are based
for which the primary market is in any
one country that is not subject to a
comprehensive surveillance agreement
do not represent 20% or more of the
weight of the index.
The Exchange currently does not have
in place a surveillance agreement with
the Warsaw Stock Exchange.
The Exchange submits that the
Commission, in the past, has been
willing to allow a national securities
exchange to rely on a memorandum of
understanding entered into between
regulators in the event that the
exchanges themselves cannot enter into
a CSSA. The Exchange notes that the
Warsaw Stock Exchange is under the
regulatory oversight of the Polish
Financial Supervision Authority
(‘‘KNF’’), which has the responsibility
for Polish stock exchanges. The
Exchange further notes that both the
Commission and KNF are signatories to
the IOSCO MMOU, which provides a
framework for mutual assistance in
investigatory and regulatory issues.
Based on the relationship between the
SEC and KNF and the terms of the
MMOU, the Exchange submits that both
the Commission and the KNF could
acquire information from and provide
information to the other similar to that
which would be required in a CSSA
between exchanges. Moreover, the
Commission could make a request for
information under the MMOU on behalf
of an SRO that needed the information
for regulatory purposes. Thus, should
MIAX need information on Polish
trading in the Poland Index component
securities to investigate incidents
involving trading of PLND options, the
SEC could request such information
from the KNF under the MMOU. While
this arrangement certainly would be
enhanced by the existence of direct
exchange to exchange surveillance
sharing agreements, it is nonetheless
consistent with other instances where
the Commission has explored
alternatives when the relevant foreign
exchange was unwilling or unable to
enter into a CSSA.24
The practice of relying on
surveillance agreements or MOUs
between regulators when a foreign
exchange was unable, or unwilling, to
provide an information sharing
agreement was affirmed by the
Commission in the New Product
Release.25 The Commission noted in the
New Product Release that if securing a
CSSA is not possible, an exchange
should contact the Commission prior to
listing a new derivative securities
product. The Commission also noted
that the Commission may determine
instead that it is appropriate to rely on
a memorandum of understanding
between the Commission and the
foreign regulator.
The Exchange has recently contacted
the Warsaw Stock Exchange with a
request to enter into a CSSA. Until the
Exchange is able to secure a CSSA with
the Warsaw Stock Exchange, the
Exchange requests that the Commission
allow the listing and trading of options
on PLND without a CSSA, upon reliance
of the MMOU entered into between the
Commission and the KNF. The
Exchange believes this request is
reasonable and notes that the
Commission has provided similar relief
in the past. Additionally, the
Commission approved, on a pilot basis,
proposals of competing exchanges to list
and trade options on the iShares MSCI
Emerging Markets Fund 26 and the
iShares MSCI Mexico Index Fund.27
The Commission’s approval of this
request to list and trade options on the
PLND would otherwise render PLND
compliant with all of the applicable
Listing Standards.
The Exchange shall continue to use its
best efforts to obtain a CSSA with the
Warsaw Stock Exchange, which shall
reflect the following: (1) Express
language addressing market trading
activity, clearing activity, and customer
identity; (2) the Warsaw Stock
Exchange’s reasonable ability to obtain
access to and produce requested
information; and (3) based on the CSSA
and other information provided by the
Warsaw Stock Exchange, the absence of
existing rules, law or practices that
would impede the Exchange from
obtaining foreign information relating to
market activity, clearing activity, or
customer identity, or in the event such
rules, laws, or practices exist, they
would not materially impede the
production of customer or other
information.
Market Vectors Russia Index ETF
(‘‘RSX’’)
RSX is registered pursuant to the
Investment Company Act of 1940 as a
management investment company
designed to hold a portfolio of securities
which track the Market Vectors Russia
Index (‘‘Russia Index’’).28 The Russia
Index consists of stocks traded primarily
on the Moscow Exchange. RSX employs
26 See
supra note 12.
supra note 13.
28 Market Vectors Index Solutions created and
maintains the Market Vectors Russia Index.
27 See
24 See
25 See
PO 00000
supra note 9.
supra note 10.
Frm 00087
Fmt 4703
Sfmt 4703
E:\FR\FM\12AUN1.SGM
12AUN1
emcdonald on DSK67QTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 155 / Tuesday, August 12, 2014 / Notices
a ‘‘passive’’ or indexing approach to
track the Russia Index by investing in a
portfolio of securities that generally
replicates the Russia Index.29 The
Adviser expects RSX to closely track the
Russia Index so that, over time, a
tracking error of 5%, or less, is
exhibited. RSX will normally invest at
least eighty percent (80%) of its assets
in the securities comprising the Russia
Index. The Exchange believes that these
requirements and policies prevent the
RSX from being excessively weighted in
any single security or small group of
securities and significantly reduce
concerns that trading in RSX could
become a surrogate for trading in
unregistered securities.
Shares of the RSX (‘‘RSX Shares’’) are
issued and redeemed, on a continuous
basis, at NAV in aggregation size of
50,000 shares, or multiples thereof (a
‘‘Creation Unit’’). Following issuance,
RSX Shares are traded on an exchange
like other equity securities. RSX Shares
trade in the secondary markets in
amounts less than a Creation Unit and
the price per RSX Share may differ from
its NAV which is calculated once daily
as of the regularly scheduled close of
business of NYSE Arca.30
Bank of New York Mellon is the
custodian, and transfer agent for RSX.
Detailed information on RSX can be
found at www.vaneck.com.
The Exchange has reviewed RSX and
determined that the RSX Shares satisfy
the initial listing standards, except for
the requirement set forth in MIAX Rule
402(i)(5)(ii)(B) which requires RSX to
meet the following condition:
• Component securities of an index or
portfolio of securities on which the
Exchange-Traded Fund Shares are based
for which the primary market is in any
one country that is not subject to a
comprehensive surveillance agreement
do not represent 20% or more of the
weight of the index.
The Exchange currently does not have
in place a surveillance agreement with
the Moscow Exchange. The Exchange
submits that the Commission, in the
past, has been willing to allow a
national securities exchange to rely on
a memorandum of understanding
entered into between regulators in the
event that the exchanges themselves
cannot enter into a CSSA. The Exchange
notes that the Moscow Exchange is
under the regulatory oversight of the
Federal Commission on Securities
Market of Russia (‘‘FCSM’’), which has
29 As of June 30, 2014, RSX was comprised of 51
securities. GAZPROM OAO–SPON ADR had the
greatest individual weight at 8.38%. The aggregate
percentage weighting of the top 5 and 10 securities
in the Fund were 35.90% and 60.25%, respectively.
30 See supra note 8.
VerDate Mar<15>2010
17:45 Aug 11, 2014
Jkt 232001
the responsibility for Russian stock
exchanges. The Exchange further notes
that Commission executed a
memorandum of understanding with the
Federal Commission on Securities and
the Capital Market of the Government of
the Russian Federation (‘‘FCSCM’’), a
forerunner of the FCSM, dated as of
December 6, 1995 (‘‘Russia-US MOU’’).
Based on the relationship between the
SEC and FCSM and the terms of the
Russia-US MOU, the Exchange submits
that both the Commission and the FCSM
could acquire information from and
provide information to the other similar
to that which would be required in a
CSSA between exchanges. Moreover,
the Commission could make a request
for information under the Russia-US
MOU on behalf of an SRO that needed
the information for regulatory purposes.
Thus, should MIAX need information
on Russian trading in the Russia Index
component securities to investigate
incidents involving trading of RSX
options, the SEC could request such
information from the FCSM under the
Russia-US MOU. While this
arrangement certainly would be
enhanced by the existence of direct
exchange to exchange surveillance
sharing agreements, it is nonetheless
consistent with other instances where
the Commission has explored
alternatives when the relevant foreign
exchange was unwilling or unable to
enter into a CSSA.31
The practice of relying on
surveillance agreements or MOUs
between regulators when a foreign
exchange was unable, or unwilling, to
provide an information sharing
agreement was affirmed by the
Commission in the New Product
Release.32 The Commission noted in the
New Product Release that if securing a
CSSA is not possible, an exchange
should contact the Commission prior to
listing a new derivative securities
product. The Commission also noted
that the Commission may determine
instead that it is appropriate to rely on
a memorandum of understanding
between the Commission and the
foreign regulator.
The Exchange has recently contacted
the Moscow Exchange with a request to
enter into a CSSA. Until the Exchange
is able to secure a CSSA with the
Moscow Exchange, the Exchange
requests that the Commission allow the
listing and trading of options on RSX
without a CSSA, upon reliance of the
Russia-US MOU entered into between
the Commission and the FCSM. The
Exchange believes this request is
reasonable and notes that the
Commission has provided similar relief
in the past. Additionally, the
Commission approved, on a pilot basis,
proposals of competing exchanges to list
and trade options on the iShares MSCI
Emerging Markets Fund 33 and the
iShares MSCI Mexico Index Fund.34
The Commission’s approval of this
request to list and trade options on the
RSX would otherwise render RSX
compliant with all of the applicable
Listing Standards.
The Exchange shall continue to use its
best efforts to obtain a CSSA with the
Moscow Exchange, which shall reflect
the following: (1) Express language
addressing market trading activity,
clearing activity, and customer identity;
(2) the Moscow Exchange’s reasonable
ability to obtain access to and produce
requested information; and (3) based on
the CSSA and other information
provided by the Moscow Exchange, the
absence of existing rules, law or
practices that would impede the
Exchange from obtaining foreign
information relating to market activity,
clearing activity, or customer identity,
or in the event such rules, laws, or
practices exist, they would not
materially impede the production of
customer or other information.
2. Statutory Basis
MIAX believes that its proposed rule
change is consistent with Section 6(b) of
the Act 35 in general, and furthers the
objectives of Section 6(b)(5) of the Act 36
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. In particular, the
Exchange believes listing and trading of
options on the Market Vectors ETFs will
benefit investors by providing them
with valuable risk management tools.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes this proposed
rule change will benefit investors by
providing additional methods to trade
options on the Market Vectors ETFs,
and by providing them with valuable
risk management tools. Specifically, the
33 See
supra note 12.
supra note 13.
35 15 U.S.C. 78f(b).
36 15 U.S.C. 78f(b)(5).
34 See
31 See
32 See
PO 00000
supra note 9.
supra note 10.
Frm 00088
Fmt 4703
Sfmt 4703
47169
E:\FR\FM\12AUN1.SGM
12AUN1
47170
Federal Register / Vol. 79, No. 155 / Tuesday, August 12, 2014 / Notices
Exchange believes that market
participants on MIAX would benefit
from the introduction and availability of
options on the Market Vectors ETFs in
a manner that is similar to other
exchanges and will provide investors
with yet another venue on which to
trade these products. The Exchange
notes that the rule change is being
proposed as a competitive response to
other competing options exchanges that
already list and trade options on the
Market Vectors ETFs and believes this
proposed rule change is necessary to
permit fair competition among the
options exchanges. For all the reasons
stated above, 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,
and believes the proposed change will
enhance competition.
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
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
emcdonald on DSK67QTVN1PROD 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–
MIAX–2014–39 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
17:45 Aug 11, 2014
Jkt 232001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–18978 Filed 8–11–14; 8:45 am]
BILLING CODE 8011–01–P
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
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MIAX–2014–39. 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–MIAX–
2014–39 and should be submitted on or
before September 2, 2014.
DEPARTMENT OF STATE
[Public Notice: 8824]
Shipping Coordinating Committee;
Notice of Committee Meeting
The Shipping Coordinating
Committee (SHC) will conduct an open
meeting at 9:30 a.m. on Wednesday,
August 27, 2014, in Conference Room 4
of the Department of Transportation
Headquarters Conference Center, West
Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590. The primary
purpose of the meeting is to prepare for
the first Session of the International
37 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00089
Fmt 4703
Sfmt 4703
Maritime Organization’s (IMO) SubCommittee on Carriage of Cargoes and
Containers to be held at the IMO
Headquarters, United Kingdom,
September 8–12, 2014.
The agenda items to be considered
include:
—Adoption of the agenda
—Decisions of other IMO bodies
—Amendments to CSC 1972 and
associated circulars
—Development of international code of
safety for ships using gases or other
low flashpoint fuels (IGF Code)
—Amendments to the IMSBC Code and
supplements
—Amendments to the IMDG Code and
supplements
—Unified interpretation to provisions of
IMO safety, security and environment
related Conventions
—Consideration of reports of incidents
involving dangerous goods or marine
pollutants in packaged form on board
shops or in port areas
—Revised guidelines for packing of
cargo transport units
—Biennial agenda and provisional
agenda for CCC 2
—Election of Chairman and ViceChairman for 2015
Members of the public may attend
this meeting up to the seating capacity
of the room. Upon request, members of
the public may also participate via
teleconference, up to the capacity of the
teleconference phone line. To facilitate
the building security process, and to
request reasonable accommodation,
those who plan to attend, or participate
via the teleconference line, should
contact the meeting coordinator, Ms.
Amy Parker, by email at Amy.M.Parker@
uscg.mil or by phone at (202) 372–1423,
not later than August 18, 2014, 7
business days prior to the meeting.
Requests made after August 18, 2014
might not be able to be accommodated.
Please note that due to security
considerations, a valid, government
issued photo identification must be
presented to gain entrance to the DOT
Headquarters building. DOT
Headquarters is accessible by metro via
the Navy Yard Metrorail Station, taxi,
and privately owned conveyance.
However, parking in the vicinity of the
building is extremely limited.
Additional information regarding this
and other IMO SHC public meetings
may be found at: www.uscg.mil/imo.
This announcement might appear in
the Federal Register less than 15 days
prior to the meeting. The Department of
State finds that there is an exceptional
circumstance in that this advisory
committee meeting must be held on
August 27, in order to adequately
E:\FR\FM\12AUN1.SGM
12AUN1
]]>Agencies
[Federal Register Volume 79, Number 155 (Tuesday, August 12, 2014)]
[Notices]
[Pages 47165-47170]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-18978]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72777; File No. SR-MIAX-2014-39]
Self-Regulatory Organizations: Miami International Securities
Exchange LLC; Notice of Filing of a Proposed Rule Change To List and
Trade Options on Shares of the Market Vectors ETFs
August 6, 2014.
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 July 28, 2014, Miami International Securities
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``SEC'' or ``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 list and trade on the Exchange
options on shares of the Market Vectors Brazil Small-Cap ETF (``BRF''),
Market Vectors Indonesia Index ETF (``IDX''), Market Vectors Poland ETF
(``PLND''), and Market Vectors Russia ETF (``RSX'').
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 list for trading on the Exchange options
on the shares of the Market Vectors Brazil Small-Cap ETF,\3\ Market
Vectors Indonesia Index ETF, Market Vectors Poland ETF, and Market
Vectors Russia ETF \4\ (collectively the ``Market Vector ETFs''). MIAX
Rule 402 establishes the Exchange's initial listing standards for
equity options (the ``Listing Standards''). The Listing Standards
permit the Exchange to list options on the shares of open-end
investment companies, such as the Market Vectors ETFs, without having
to file for approval with the Commission.\5\ The Exchange submits that
each of the Market Vectors ETFs substantially meet all of the initial
listing requirements. In particular, all of the requirements set forth
in Rule 402(i) for each of the Market Vectors ETFs are met except for
the requirement concerning the existence of a comprehensive
surveillance sharing agreement (``CSSA''). However, as explained below,
the Exchange submits that sufficient mechanisms exist in order to
provide adequate surveillance and regulatory information with respect
to the portfolio securities of each of the Market Vectors ETFs.
---------------------------------------------------------------------------
\3\ Options on Market Vectors Brazil Small-Cap ETF are currently
listed on Chicago Board Options Exchange, Inc. (``CBOE''),
International Securities Exchange (``ISE''), and NASDAQ OMX PHLX
(``PHLX'').
\4\ Options on Market Vectors Russia ETF are currently listed on
BATS Options Exchange (``BATS''), BOX Options Exchange (``BOX''),
CBOE, PHLX, NYSE AMEX Options (``AMEX''), NYSE ARCA Options
(``ARCA''), ISE, and ISE Gemini.
\5\ MIAX Rule 402(i) provides the Listing Standards for shares
or other securities (``Exchange-Traded Fund Shares'') that are
traded on a national securities exchange and are defined as an ``NMS
stock'' under Rule 600 of Regulation NMS.
---------------------------------------------------------------------------
[[Page 47166]]
Market Vectors Brazil Small-Cap ETF (``BRF'')
BRF is registered pursuant to the Investment Company Act of 1940 as
a management investment company designed to hold a portfolio of
securities which track the Market Vectors Brazil Small-Cap Index
(``Brazil Index'').\6\ The Brazil Index consists of stocks traded
primarily on BM&FBOVESPA. BRF employs a ``passive'' or indexing
approach to track the Brazil Index by investing in a portfolio of
securities that generally replicates the Brazil Index.\7\ Van Eck
Associates Corporation (the ``Adviser'') expects BRF to closely track
the Brazil Index so that, over time, a tracking error of 5%, or less,
is exhibited. BRF will normally invest at least eighty percent (80%) of
its assets in the securities comprising the Brazil Index. The Exchange
believes that these policies prevent BRF from being excessively
weighted in any single security or small group of securities and
significantly reduce concerns that trading in BRF could become a
surrogate for trading in unregistered securities.
---------------------------------------------------------------------------
\6\ Market Vectors Index Solutions created and maintains the
Market Vectors Brazil Small-Cap Index.
\7\ As of March 20, 2014, BRF was comprised of 82 securities.
CIA HERING had the greatest individual weight at 3.39%. The
aggregate percentage weighting of the top 5 and 10 securities in the
Fund were 15.04% and 27.66%, respectively.
---------------------------------------------------------------------------
Shares of the BRF (``BRF Shares'') are issued and redeemed, on a
continuous basis, at net asset value (``NAV'') in aggregation size of
50,000 shares, or multiples thereof (a ``Creation Unit''). Following
issuance, BRF Shares are traded on an exchange like other equity
securities. BRF Shares trade in the secondary markets in amounts less
than a Creation Unit and the price per BRF Share may differ from its
NAV which is calculated once daily as of the regularly scheduled close
of business of NYSE Arca.\8\
---------------------------------------------------------------------------
\8\ The regularly scheduled close of trading on NYSE Arca is
normally 4:00 p.m. Eastern Time (``ET'') and 4:15 p.m. for ETFs.
---------------------------------------------------------------------------
Bank of New York Mellon is the custodian, and transfer agent for
BRF. Detailed information on BRF can be found at www.vaneck.com.
The Exchange has reviewed BRF and determined that the BRF Shares
satisfy the initial listing standards, except for the requirement set
forth in MIAX Rule 402(i)(5)(ii)(B) which requires BRF to meet the
following condition:
Component securities of an index or portfolio of
securities on which the Exchange-Traded Fund Shares are based for which
the primary market is in any one country that is not subject to a
comprehensive surveillance agreement do not represent 20% or more of
the weight of the index.
The Exchange currently does not have in place a surveillance agreement
with BOVESPA.
The Exchange submits that the Commission, in the past, has been
willing to allow a national securities exchange to rely on a memorandum
of understanding entered into between regulators in the event that the
exchanges themselves cannot enter into a CSSA. The Exchange notes that
BM&FBOVESPA is under the regulatory oversight of the Comissao de
Valores Mobiliarios (``CMV''), which has the responsibility for both
Brazilian exchanges and over-the-counter markets. The Exchange further
notes that the Commission executed a memorandum of understanding with
the CMV dated as of July 24, 2012 (``Brazil-US MOU''), which provides a
framework for mutual assistance in investigatory and regulatory issues.
Based on the relationship between the SEC and CMV and the terms of the
Brazil-US MOU, the Exchange submits that both the Commission and the
CMV could acquire information from and provide information to the other
similar to that which would be required in a CSSA between exchanges.
Moreover, the Commission could make a request for information under the
Brazil-US MOU on behalf of an SRO that needed the information for
regulatory purposes. Thus, should MIAX need information on Brazilian
trading in the Brazil Index component securities to investigate
incidents involving trading of BRF options, the SEC could request such
information from the CMV under the Brazil-US MOU. While this
arrangement certainly would be enhanced by the existence of direct
exchange to exchange surveillance sharing agreements, it is nonetheless
consistent with other instances where the Commission has explored
alternatives when the relevant foreign exchange was unwilling or unable
to enter into a CSSA.\9\
---------------------------------------------------------------------------
\9\ See, e.g., Securities Exchange Act Release No. 36415
(October 25, 1995), 60 FR 55620 (November 1, 1995) (SR-CBOE-95-45)
(Order Approving Proposed Rule Change Relating to the Listing and
Trading of Options on the CBOE Mexico 30 Index).
---------------------------------------------------------------------------
The practice of relying on surveillance agreements or MOUs between
regulators when a foreign exchange was unable, or unwilling, to provide
an information sharing agreement was affirmed by the Commission in the
Commission's New Product Release (``New Product Release'').\10\ The
Commission noted in the New Product Release that if securing a CSSA is
not possible, an exchange should contact the Commission prior to
listing a new derivative securities product. The Commission also noted
that the Commission may determine instead that it is appropriate to
rely on a memorandum of understanding between the Commission and the
foreign regulator.
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 40761 (December 8,
1998), 63 FR 70952, 70959 at fn. 101 (December 22, 1998).
---------------------------------------------------------------------------
The Exchange has recently contacted BM&FBOVESPA with a request to
enter into a CSSA. Until the Exchange is able to secure a CSSA with
BM&FBOVESPA, the Exchange requests that the Commission allow the
listing and trading of options on BRF without a CSSA, upon reliance of
the Brazil-US MOU entered into between the Commission and the CMV. The
Exchange believes this request is reasonable and notes that the
Commission has provided similar relief in the past. For example, the
Commission approved the Philadelphia Stock Exchange, Inc. (``PHLX'') to
rely on an MOU between the Commission and the CMV instead of a direct
CSSA with BM&FBOVESPA in order to list and trade options on Telebras
Portoflio Certicate American Depository Receipts.\11\ Additionally, the
Commission approved, on a pilot basis, proposals of competing exchanges
to list and trade options on the iShares MSCI Emerging Markets Fund
\12\ and the iShares MSCI Mexico Indext Fund.\13\
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 40298 (August 3,
1998), 63 FR 43435 (August 13, 1998) (SR-Phlx-1998-33).
\12\ See Securities Exchange Act Release Nos. 53824 (May 17,
2006), 71 FR 30003 (May 24, 2006) (SR-Amex-2006-43); 54081 (June 30,
2006), 71 FR 38911 (July 10, 2006) (SR-Amex-2006-60); 54553
(September 29, 2006), 71 FR 59561 (October 10, 2006) (SR-Amex-2006-
91); 55040 (January 3, 2007), 72 FR 1348 (January 11, 2007) (SR-
Amex-2007-01); and 55955 (June 25, 2007), 72 FR 36079 (July 2, 2007)
(SR-Amex-2007-57); 56324 (August 27, 2007), 72 FR 50426 (August 31,
2007) (SR-ISE-2007-72).
\13\ See Securities Exchange Act Release Nos. 72213 (May 21,
2014), FR 30699 (May 28, 2014) (SR-MIAX-2014-19); 56778 (November 9,
2007), 72 FR 65113 (November 19, 2007) (SR-Amex-2007-100); 57013
(December 20, 2007), 72 FR 73923 (December 28, 2007) (SR-CBOE-2007-
140); 57014 (December 20, 2007), 72 FR 73934 (December 28, 2007)
(SR-ISE-2007-111).
---------------------------------------------------------------------------
The Commission's approval of this request to list and trade options
on the BRF would otherwise render BRF compliant with all of the
applicable Listing Standards.
The Exchange shall continue to use its best efforts to obtain a
CSSA with BM&FBOVESPA, which shall reflect the following: (1) Express
language addressing market trading activity, clearing activity, and
customer identity; (2) BM&FBOVESPA's reasonable ability to obtain
access to and produce
[[Page 47167]]
requested information; and (3) based on the CSSA and other information
provided by the BM&FBOVESPA, the absence of existing rules, law or
practices that would impede the Exchange from obtaining foreign
information relating to market activity, clearing activity, or customer
identity, or in the event such rules, laws, or practices exist, they
would not materially impede the production of customer or other
information.
Market Vectors Indonesia Index ETF (``IDX'')
IDX is registered pursuant to the Investment Company Act of 1940 as
a management investment company designed to hold a portfolio of
securities which track the Market Vectors Indonesia Index (``Indonesia
Index'').\14\ The Indonesia Index consists of stocks traded primarily
on the Indonesia Stock Exchange. IDX employs a ``passive'' or indexing
approach to track the Indonesia Index by investing in a portfolio of
securities that generally replicates the Indonesia Index.\15\ The
Adviser expects IDX to closely track the Indonesia Index so that, over
time, a tracking error of 5%, or less, is exhibited. IDX will normally
invest at least eighty percent (80%) of its assets in the securities
comprising the Indonesia Index. IDX may concentrate its investments in
a particular industry or group of industries to the extent that the
Indonesia Index concentrates in an industry or group of industries. The
Exchange believes that these requirements and policies prevent the IDX
from being excessively weighted in any single security or small group
of securities and significantly reduce concerns that trading in IDX
could become a surrogate for trading in unregistered securities.
---------------------------------------------------------------------------
\14\ Market Vectors Index Solutions created and maintains the
Market Vectors Indonesia Index.
\15\ As of June 30, 2014, IDX was comprised of 52 securities.
ASTRA INTERNATIONAL had the greatest individual weight at 8.05%. The
aggregate percentage weighting of the top 5 and 10 securities in the
Fund were 35.65% and 54.01%, respectively.
---------------------------------------------------------------------------
Shares of the IDX (``IDX Shares'') are issued and redeemed, on a
continuous basis, at NAV in aggregation size of 50,000 shares, or
multiples thereof (a ``Creation Unit''). Following issuance, IDX Shares
are traded on an exchange like other equity securities. IDX Shares
trade in the secondary markets in amounts less than a Creation Unit and
the price per IDX Share may differ from its NAV which is calculated
once daily as of the regularly scheduled close of business of NYSE
Arca.\16\
---------------------------------------------------------------------------
\16\ See supra note 8.
---------------------------------------------------------------------------
Bank of New York Mellon is the custodian, and transfer agent for
IDX. Detailed information on IDX can be found at www.vaneck.com.
The Exchange has reviewed IDX and determined that the IDX Shares
satisfy the initial listing standards, except for the requirement set
forth in MIAX Rule 402(i)(5)(ii)(B) which requires IDX to meet the
following condition:
Component securities of an index or portfolio of
securities on which the Exchange-Traded Fund Shares are based for which
the primary market is in any one country that is not subject to a
comprehensive surveillance agreement do not represent 20% or more of
the weight of the index.
The Exchange currently does not have in place a surveillance
agreement with the Indonesia Stock Exchange. The Exchange submits that
the Commission, in the past, has been willing to allow a national
securities exchange to rely on a memorandum of understanding entered
into between regulators in the event that the exchanges themselves
cannot enter into a CSSA. The Exchange notes that the Indonesia Stock
Exchange is under the regulatory oversight of the Indonesia Financial
Services Authority (``FSA''), which has the responsibility for
Indonesian stock exchanges. The Exchange further notes that both the
Commission and FSA are signatories to the International Organization of
Securities Commissions (``IOSCO'') Multilateral Memorandum of
Understanding (``MMOU''), which provides a framework for mutual
assistance in investigatory and regulatory issues. Based on the
relationship between the SEC and FSA and the terms of the MMOU, the
Exchange submits that both the Commission and the FSA could acquire
information from and provide information to the other similar to that
which would be required in a CSSA between exchanges. Moreover, the
Commission could make a request for information under the MMOU on
behalf of an SRO that needed the information for regulatory purposes.
Thus, should MIAX need information on Indonesian trading in the
Indonesia Index component securities to investigate incidents involving
trading of IDX options, the SEC could request such information from the
FSA under the MMOU. While this arrangement certainly would be enhanced
by the existence of direct exchange to exchange surveillance sharing
agreements, it is nonetheless consistent with other instances where the
Commission has explored alternatives when the relevant foreign exchange
was unwilling or unable to enter into a CSSA.\17\
---------------------------------------------------------------------------
\17\ See supra note 9.
---------------------------------------------------------------------------
The practice of relying on surveillance agreements or MOUs between
regulators when a foreign exchange was unable, or unwilling, to provide
an information sharing agreement was affirmed by the Commission in the
New Product Release.\18\ The Commission noted in the New Product
Release that if securing a CSSA is not possible, an exchange should
contact the Commission prior to listing a new derivative securities
product. The Commission also noted that the Commission may determine
instead that it is appropriate to rely on a memorandum of understanding
between the Commission and the foreign regulator.
---------------------------------------------------------------------------
\18\ See supra note 10.
---------------------------------------------------------------------------
The Exchange has recently contacted the Indonesia Stock Exchange
with a request to enter into a CSSA. Until the Exchange is able to
secure a CSSA with the Indonesia Stock Exchange, the Exchange requests
that the Commission allow the listing and trading of options on IDX
without a CSSA, upon reliance of the MMOU entered into between the
Commission and the FSA. The Exchange believes this request is
reasonable and notes that the Commission has provided similar relief in
the past. Additionally, the Commission approved, on a pilot basis,
proposals of competing exchanges to list and trade options on the
iShares MSCI Emerging Markets Fund \19\ and the iShares MSCI Mexico
Index Fund.\20\
---------------------------------------------------------------------------
\19\ See supra note 12.
\20\ See supra note 13.
---------------------------------------------------------------------------
The Commission's approval of this request to list and trade options
on the IDX would otherwise render IDX compliant with all of the
applicable Listing Standards.
The Exchange shall continue to use its best efforts to obtain a
CSSA with the Indonesia Stock Exchange, which shall reflect the
following: (1) Express language addressing market trading activity,
clearing activity, and customer identity; (2) the Indonesia Stock
Exchange's reasonable ability to obtain access to and produce requested
information; and (3) based on the CSSA and other information provided
by the Indonesia Stock Exchange, the absence of existing rules, law or
practices that would impede the Exchange from obtaining foreign
information relating to market activity, clearing activity, or customer
identity, or in the event such rules, laws, or practices exist, they
would not materially impede the
[[Page 47168]]
production of customer or other information.
Market Vectors Poland Index ETF (``PLND'')
PLND is registered pursuant to the Investment Company Act of 1940
as a management investment company designed to hold a portfolio of
securities which track the Market Vectors Poland Index (``Poland
Index'').\21\ The Poland Index consists of stocks traded primarily on
the Warsaw Stock Exchange. PLND employs a ``passive'' or indexing
approach to track the Poland Index by investing in a portfolio of
securities that generally replicates the Poland Index.\22\ The Adviser
expects PLND to closely track the Poland Index so that, over time, a
tracking error of 5%, or less, is exhibited. PLND will normally invest
at least eighty percent (80%) of its assets in the securities
comprising the Poland Index. PLND may concentrate its investments in a
particular industry or group of industries to the extent that the
Poland Index concentrates in an industry or group of industries. The
Exchange believes that these requirements and policies prevent the PLND
from being excessively weighted in any single security or small group
of securities and significantly reduce concerns that trading in PLND
could become a surrogate for trading in unregistered securities.
---------------------------------------------------------------------------
\21\ Market Vectors Index Solutions created and maintains the
Market Vectors Poland Index.
\22\ As of June 30, 2014, PLND was comprised of 30 securities.
PZU had the greatest individual weight at 8.13%. The aggregate
percentage weighting of the top 5 and 10 securities in the Fund were
36.20% and 60.49%, respectively.
---------------------------------------------------------------------------
Shares of the PLND (``PLND Shares'') are issued and redeemed, on a
continuous basis, at NAV in aggregation size of 50,000 shares, or
multiples thereof (a ``Creation Unit''). Following issuance, PLND
Shares are traded on an exchange like other equity securities. PLND
Shares trade in the secondary markets in amounts less than a Creation
Unit and the price per PLND Share may differ from its NAV which is
calculated once daily as of the regularly scheduled close of business
of NYSE Arca.\23\
---------------------------------------------------------------------------
\23\ See supra note 8.
---------------------------------------------------------------------------
Bank of New York Mellon is the custodian, and transfer agent for
PLND. Detailed information on PLND can be found at www.vaneck.com.
The Exchange has reviewed PLND and determined that the PLND Shares
satisfy the initial listing standards, except for the requirement set
forth in MIAX Rule 402(i)(5)(ii)(B) which requires PLND to meet the
following condition:
Component securities of an index or portfolio of
securities on which the Exchange-Traded Fund Shares are based for which
the primary market is in any one country that is not subject to a
comprehensive surveillance agreement do not represent 20% or more of
the weight of the index.
The Exchange currently does not have in place a surveillance agreement
with the Warsaw Stock Exchange.
The Exchange submits that the Commission, in the past, has been
willing to allow a national securities exchange to rely on a memorandum
of understanding entered into between regulators in the event that the
exchanges themselves cannot enter into a CSSA. The Exchange notes that
the Warsaw Stock Exchange is under the regulatory oversight of the
Polish Financial Supervision Authority (``KNF''), which has the
responsibility for Polish stock exchanges. The Exchange further notes
that both the Commission and KNF are signatories to the IOSCO MMOU,
which provides a framework for mutual assistance in investigatory and
regulatory issues. Based on the relationship between the SEC and KNF
and the terms of the MMOU, the Exchange submits that both the
Commission and the KNF could acquire information from and provide
information to the other similar to that which would be required in a
CSSA between exchanges. Moreover, the Commission could make a request
for information under the MMOU on behalf of an SRO that needed the
information for regulatory purposes. Thus, should MIAX need information
on Polish trading in the Poland Index component securities to
investigate incidents involving trading of PLND options, the SEC could
request such information from the KNF under the MMOU. While this
arrangement certainly would be enhanced by the existence of direct
exchange to exchange surveillance sharing agreements, it is nonetheless
consistent with other instances where the Commission has explored
alternatives when the relevant foreign exchange was unwilling or unable
to enter into a CSSA.\24\
---------------------------------------------------------------------------
\24\ See supra note 9.
---------------------------------------------------------------------------
The practice of relying on surveillance agreements or MOUs between
regulators when a foreign exchange was unable, or unwilling, to provide
an information sharing agreement was affirmed by the Commission in the
New Product Release.\25\ The Commission noted in the New Product
Release that if securing a CSSA is not possible, an exchange should
contact the Commission prior to listing a new derivative securities
product. The Commission also noted that the Commission may determine
instead that it is appropriate to rely on a memorandum of understanding
between the Commission and the foreign regulator.
---------------------------------------------------------------------------
\25\ See supra note 10.
---------------------------------------------------------------------------
The Exchange has recently contacted the Warsaw Stock Exchange with
a request to enter into a CSSA. Until the Exchange is able to secure a
CSSA with the Warsaw Stock Exchange, the Exchange requests that the
Commission allow the listing and trading of options on PLND without a
CSSA, upon reliance of the MMOU entered into between the Commission and
the KNF. The Exchange believes this request is reasonable and notes
that the Commission has provided similar relief in the past.
Additionally, the Commission approved, on a pilot basis, proposals of
competing exchanges to list and trade options on the iShares MSCI
Emerging Markets Fund \26\ and the iShares MSCI Mexico Index Fund.\27\
---------------------------------------------------------------------------
\26\ See supra note 12.
\27\ See supra note 13.
---------------------------------------------------------------------------
The Commission's approval of this request to list and trade options
on the PLND would otherwise render PLND compliant with all of the
applicable Listing Standards.
The Exchange shall continue to use its best efforts to obtain a
CSSA with the Warsaw Stock Exchange, which shall reflect the following:
(1) Express language addressing market trading activity, clearing
activity, and customer identity; (2) the Warsaw Stock Exchange's
reasonable ability to obtain access to and produce requested
information; and (3) based on the CSSA and other information provided
by the Warsaw Stock Exchange, the absence of existing rules, law or
practices that would impede the Exchange from obtaining foreign
information relating to market activity, clearing activity, or customer
identity, or in the event such rules, laws, or practices exist, they
would not materially impede the production of customer or other
information.
Market Vectors Russia Index ETF (``RSX'')
RSX is registered pursuant to the Investment Company Act of 1940 as
a management investment company designed to hold a portfolio of
securities which track the Market Vectors Russia Index (``Russia
Index'').\28\ The Russia Index consists of stocks traded primarily on
the Moscow Exchange. RSX employs
[[Page 47169]]
a ``passive'' or indexing approach to track the Russia Index by
investing in a portfolio of securities that generally replicates the
Russia Index.\29\ The Adviser expects RSX to closely track the Russia
Index so that, over time, a tracking error of 5%, or less, is
exhibited. RSX will normally invest at least eighty percent (80%) of
its assets in the securities comprising the Russia Index. The Exchange
believes that these requirements and policies prevent the RSX from
being excessively weighted in any single security or small group of
securities and significantly reduce concerns that trading in RSX could
become a surrogate for trading in unregistered securities.
---------------------------------------------------------------------------
\28\ Market Vectors Index Solutions created and maintains the
Market Vectors Russia Index.
\29\ As of June 30, 2014, RSX was comprised of 51 securities.
GAZPROM OAO-SPON ADR had the greatest individual weight at 8.38%.
The aggregate percentage weighting of the top 5 and 10 securities in
the Fund were 35.90% and 60.25%, respectively.
---------------------------------------------------------------------------
Shares of the RSX (``RSX Shares'') are issued and redeemed, on a
continuous basis, at NAV in aggregation size of 50,000 shares, or
multiples thereof (a ``Creation Unit''). Following issuance, RSX Shares
are traded on an exchange like other equity securities. RSX Shares
trade in the secondary markets in amounts less than a Creation Unit and
the price per RSX Share may differ from its NAV which is calculated
once daily as of the regularly scheduled close of business of NYSE
Arca.\30\
---------------------------------------------------------------------------
\30\ See supra note 8.
---------------------------------------------------------------------------
Bank of New York Mellon is the custodian, and transfer agent for
RSX. Detailed information on RSX can be found at www.vaneck.com.
The Exchange has reviewed RSX and determined that the RSX Shares
satisfy the initial listing standards, except for the requirement set
forth in MIAX Rule 402(i)(5)(ii)(B) which requires RSX to meet the
following condition:
Component securities of an index or portfolio of
securities on which the Exchange-Traded Fund Shares are based for which
the primary market is in any one country that is not subject to a
comprehensive surveillance agreement do not represent 20% or more of
the weight of the index.
The Exchange currently does not have in place a surveillance
agreement with the Moscow Exchange. The Exchange submits that the
Commission, in the past, has been willing to allow a national
securities exchange to rely on a memorandum of understanding entered
into between regulators in the event that the exchanges themselves
cannot enter into a CSSA. The Exchange notes that the Moscow Exchange
is under the regulatory oversight of the Federal Commission on
Securities Market of Russia (``FCSM''), which has the responsibility
for Russian stock exchanges. The Exchange further notes that Commission
executed a memorandum of understanding with the Federal Commission on
Securities and the Capital Market of the Government of the Russian
Federation (``FCSCM''), a forerunner of the FCSM, dated as of December
6, 1995 (``Russia-US MOU''). Based on the relationship between the SEC
and FCSM and the terms of the Russia-US MOU, the Exchange submits that
both the Commission and the FCSM could acquire information from and
provide information to the other similar to that which would be
required in a CSSA between exchanges. Moreover, the Commission could
make a request for information under the Russia-US MOU on behalf of an
SRO that needed the information for regulatory purposes. Thus, should
MIAX need information on Russian trading in the Russia Index component
securities to investigate incidents involving trading of RSX options,
the SEC could request such information from the FCSM under the Russia-
US MOU. While this arrangement certainly would be enhanced by the
existence of direct exchange to exchange surveillance sharing
agreements, it is nonetheless consistent with other instances where the
Commission has explored alternatives when the relevant foreign exchange
was unwilling or unable to enter into a CSSA.\31\
---------------------------------------------------------------------------
\31\ See supra note 9.
---------------------------------------------------------------------------
The practice of relying on surveillance agreements or MOUs between
regulators when a foreign exchange was unable, or unwilling, to provide
an information sharing agreement was affirmed by the Commission in the
New Product Release.\32\ The Commission noted in the New Product
Release that if securing a CSSA is not possible, an exchange should
contact the Commission prior to listing a new derivative securities
product. The Commission also noted that the Commission may determine
instead that it is appropriate to rely on a memorandum of understanding
between the Commission and the foreign regulator.
---------------------------------------------------------------------------
\32\ See supra note 10.
---------------------------------------------------------------------------
The Exchange has recently contacted the Moscow Exchange with a
request to enter into a CSSA. Until the Exchange is able to secure a
CSSA with the Moscow Exchange, the Exchange requests that the
Commission allow the listing and trading of options on RSX without a
CSSA, upon reliance of the Russia-US MOU entered into between the
Commission and the FCSM. The Exchange believes this request is
reasonable and notes that the Commission has provided similar relief in
the past. Additionally, the Commission approved, on a pilot basis,
proposals of competing exchanges to list and trade options on the
iShares MSCI Emerging Markets Fund \33\ and the iShares MSCI Mexico
Index Fund.\34\
---------------------------------------------------------------------------
\33\ See supra note 12.
\34\ See supra note 13.
---------------------------------------------------------------------------
The Commission's approval of this request to list and trade options
on the RSX would otherwise render RSX compliant with all of the
applicable Listing Standards.
The Exchange shall continue to use its best efforts to obtain a
CSSA with the Moscow Exchange, which shall reflect the following: (1)
Express language addressing market trading activity, clearing activity,
and customer identity; (2) the Moscow Exchange's reasonable ability to
obtain access to and produce requested information; and (3) based on
the CSSA and other information provided by the Moscow Exchange, the
absence of existing rules, law or practices that would impede the
Exchange from obtaining foreign information relating to market
activity, clearing activity, or customer identity, or in the event such
rules, laws, or practices exist, they would not materially impede the
production of customer or other information.
2. Statutory Basis
MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \35\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \36\ 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. In particular, the Exchange
believes listing and trading of options on the Market Vectors ETFs will
benefit investors by providing them with valuable risk management
tools.
---------------------------------------------------------------------------
\35\ 15 U.S.C. 78f(b).
\36\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes this proposed rule change will benefit
investors by providing additional methods to trade options on the
Market Vectors ETFs, and by providing them with valuable risk
management tools. Specifically, the
[[Page 47170]]
Exchange believes that market participants on MIAX would benefit from
the introduction and availability of options on the Market Vectors ETFs
in a manner that is similar to other exchanges and will provide
investors with yet another venue on which to trade these products. The
Exchange notes that the rule change is being proposed as a competitive
response to other competing options exchanges that already list and
trade options on the Market Vectors ETFs and believes this proposed
rule change is necessary to permit fair competition among the options
exchanges. For all the reasons stated above, 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, and believes the proposed change will enhance competition.
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
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
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-2014-39 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2014-39. 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-MIAX-2014-39 and should be
submitted on or before September 2, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
---------------------------------------------------------------------------
\37\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18978 Filed 8-11-14; 8:45 am]
BILLING CODE 8011-01-P
