Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Closing Date of the Equity Rights Program, 7897-7899 [2015-02897]
Download as PDF
<![CDATA[
Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 17 and Rule
19b–4(f)(6) thereunder.18 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 19 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),20 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
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) 21 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:
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–NYSEMKT–2015–08. 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–
NYSEMKT–2015–08, and should be
submitted on or before March 5, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Brent J. Fields,
Secretary.
[FR Doc. 2015–02893 Filed 2–11–15; 8:45 am]
BILLING CODE 8011–01–P
Rmajette on DSK2VPTVN1PROD 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–
NYSEMKT–2015–08 on the subject line.
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
19 17 CFR 240.19b–4(f)(6).
20 17 CFR 240.19b–4(f)(6)(iii).
21 15 U.S.C. 78s(b)(2)(B).
[Release No. 34–74225; File No. SR–MIAX–
2015–05]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Modify the Closing Date of
the Equity Rights Program
February 6, 2015.
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 January 27, 2015, 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
modify the closing date of the equity
rights 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.
1. Purpose
On January 6, 2015, the Exchange
filed a rule change to implement an
18 17
13:54 Feb 11, 2015
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
17 15
VerDate Sep<11>2014
1 15
22 17
Jkt 235001
7897
PO 00000
CFR 200.30–3(a)(12).
Frm 00071
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\12FEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
12FEN1
Rmajette on DSK2VPTVN1PROD with NOTICES
7898
Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices
equity rights program (‘‘Program’’)
pursuant to which units representing
the right to acquire equity in the
Exchange’s parent holding company,
Miami International Holdings, Inc.
(‘‘MIH’’) would be issued to a
participating Member in exchange for
payment of an initial purchase price or
the prepayment of certain transaction
fees and the achievement of certain
liquidity volume thresholds on the
Exchange over a 29-month period.3 All
applicants are subject to the same
eligibility and designation criteria, and
all participant Members participate in
the Program on the same terms,
conditions and restrictions. To be
designated as a participant Member, an
applicant must: (i) Be a Member in good
standing of MIAX; (ii) qualify as an
‘‘accredited investor’’ as such term is
defined in Regulation D of the Securities
Act of 1933; and (iii) have executed all
required documentation for Program
participation. Participant Members must
have executed the definitive
documentation, satisfied the eligibility
criteria required of Program participants
enumerated above, and tendered the
minimum cash investment or
prepayment of fees by January 27, 2015,
with a closing to occur on January 30,
2015.
Because all prospective participant
Members are not able to execute the
definitive documentation, satisfy the
eligibility criteria required of Program
participants, and tender the minimum
cash investment or prepayment of fees
by the January 27, 2015 deadline, the
Exchange proposes to make a reasonable
accommodation to all prospective
participant Members. Accordingly, the
Exchange proposes to extend the
deadline, by which Participant Members
must have executed the definitive
documentation, satisfied the eligibility
criteria required of Program
participants, and tendered the minimum
cash investment or prepayment of fees
must be submitted [sic] to the Exchange,
by 3 days to January 30, 2015, with a
closing to occur on February 2, 2015.
The Exchange will initiate the
measurement period on February 1,
2015, as previously prescribed.4 This
extension will allow all Members
desiring to participate in the Program to
subscribe. In making such
accommodation, no prospective
Participant Member will be impaired in
their ability to participate in the
Program.
3 See Securities Exchange Act Release No. 74095
(January 20, 2015), 80 FR 4011 (January 26, 2015)
(SR–MIAX–2015–02).
4 See id.
VerDate Sep<11>2014
13:54 Feb 11, 2015
Jkt 235001
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
section 6(b) of the Act 5 in general, and
furthers the objectives of section 6(b)(5)
of the Act 6 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. Additionally, the
Exchange believes the proposed rule
change is consistent with the section
6(b)(5) of the Act 7 requirement that the
rules of an exchange not be designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange also believes the
proposed rule change is consistent with
section 6(b)(4) of the Act,8 which
requires that Exchange rules provide for
the equitable allocation of reasonable
dues, fees, and other charges among its
members and other persons using its
facilities.
In particular, the proposed rule
change is reasonable, equitable and not
unfairly discriminatory because it
proposes to make a reasonable
accommodation to all prospective
participant Members who wish to
participate in the Program. This will
ensure that no prospective participant
Member to the Program would be
impaired in their ability to participate in
the Program.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that the proposed
rule change will improve competition
by allowing all market participants to
subscribe to the Program.
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.
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78f(b)(4).
6 15
PO 00000
Frm 00072
Fmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section
19(b)(3)(A)(ii) of the Act.9 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–2015–05 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MIAX–2015–05. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (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.,
9 15
Sfmt 4703
E:\FR\FM\12FEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
12FEN1
Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices
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–2015–05 and should
be submitted on or before March 5,
2015. For the Commission, by the
Division of Trading and Markets,
pursuant to delegated authority.10
Brent J. Fields,
Secretary.
[FR Doc. 2015–02897 Filed 2–11–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74219; File No. SR–
NYSEARCA–2015–03]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Include Internet
Protocol Network Connections and
Fiber Cross Connects Between a
User’s Cabinet and Non-User’s
Equipment as Co-Location Services
February 6, 2015.
Rmajette on DSK2VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
26, 2015, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. 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 proposes to provide
that the co-location services offered by
the Exchange include 1 Gigabit (‘‘Gb’’)
and 10 Gb Internet Protocol (‘‘IP’’)
network connections in the Exchange’s
data center and fiber cross connects
10 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
13:54 Feb 11, 2015
Jkt 235001
(‘‘cross connects’’) between a User’s
cabinet and non-User’s equipment. In
addition, the proposed rule change
reflects changes to the Exchange’s Price
List related to these co-location services.
The text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, 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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to change its
rules to provide that the co-location 4
services offered by the Exchange
include 1 Gb and 10 Gb IP network
connections in the Exchange’s data
center and cross connects between a
User’s cabinet and non-User’s
equipment. In addition, this proposed
rule change reflects changes to the the
[sic] Fee Schedules related to these colocation services.5
4 The Exchange initially filed rule changes
relating to its co-location services with the
Securities and Exchange Commission
(‘‘Commission’’) in 2010. See Securities Exchange
Act Release No. Securities Exchange Act Release
No. 63275 (November 8, 2010), 75 FR 70048
(November 16, 2010) (SR–NYSEArca–2010–100)
(the ‘‘Original Co-location Filing’’). The Exchange
operates a data center in Mahwah, New Jersey (the
‘‘data center’’) from which it provides co-location
services to Users.
5 For purposes of the Exchange’s co-location
services, the term ‘‘User’’ includes (i) ETP Holders
and Sponsored Participants that are authorized to
obtain access to the NYSE Arca Marketplace
pursuant to NYSE Arca Equities Rule 7.29 (see
NYSE Arca Equities Rule 1.1(yy)); (ii) OTP Holders,
OTP Firms and Sponsored Participants that are
authorized to obtain access to the NYSE Arca
System pursuant to NYSE Arca Options Rule 6.2A
(see NYSE Arca Options Rule 6.1A(a)(19)); and (iii)
non-ETP Holder, non-OTP Holder and non-OTP
Firm broker-dealers and vendors that request to
receive co-location services directly from the
Exchange. See, e.g., Securities Exchange Act
Release Nos. 65970 (December 15, 2011), 76 FR
79242 (December 21, 2011) (SR–NYSEArca–2011–
74) and 65971 (December 15, 2011), 76 FR 79267
(December 21, 2011) (SR–NYSEArca–2011–75). As
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
7899
IP Network Connections
The Exchange offers Users access to
the Exchange’s Liquidity Center
Network (‘‘LCN’’), a local area network
available in the data center.6 The LCN
provides Users with access to the
Exchange’s trading and execution
systems and to the Exchange’s
proprietary market data products.
This proposed rule change would
provide that Users may also purchase
access to the IP network, a second local
area network available in the Exchange’s
data center.7 Like the LCN, the IP
network provides Users with access to
the Exchange’s trading and execution
systems and to the Exchanges’
proprietary market data products. The
IP network also provides Users with
access to away market data products.
There is greater latency in the
transmission of data between Users and
the Exchange for the IP Network than
for the LCN.
A User is currently able to select from
two ‘‘bundled’’ connectivity options, at
1 Gb and 10 Gb, when connecting to the
data center.8 Both options include two
connections referred to as ‘‘SFTI’’
connections. These bundled ‘‘SFTI’’
connections are IP network connections;
the reference to ‘‘SFTI’’ is a reflection of
the fact that the IP network is sometimes
referred to as the ‘‘SFTI IP’’ network. To
conform the references to the IP network
in the Fee Schedules, the Exchange
proposes to revise the description of the
bundled connectivity options to remove
the reference to ‘‘SFTI’’ and update it to
‘‘IP network.’’
In addition, the Exchange proposes to
change its rules to provide that the colocation services offered by the
Exchange include 1 Gb and 10 Gb IP
network connections in the Exchange’s
data center. The Exchange also proposes
to revise the Fee Schedules to reflect
fees related to these IP network
connections as follows:
specified in the Fee Schedules, a User that incurs
co-location fees for a particular co-location service
pursuant thereto would not be subject to co-location
fees for the same co-location service charged by the
Exchange’s affiliates NYSE MKT LLC and New York
Stock Exchange LLC. See Securities Exchange Act
Release No. 70173 (August 13, 2013), 78 FR 50459
(August 19, 2013) (SR–NYSEArca–2013–80).
6 See Original Co-location Filing, at 70049. See
also Securities Exchange Act Release No. 67667
(August 15, 2012), 77 FR 50743 (August 22, 2012)
(SR–NYSE Arca–2012–63) (‘‘August 2012 Rule
Change’’).
7 The Exchange makes an IP network circuit
available to Users for testing and certification
purposes at no charge. Such circuit can only be
used for testing and certification and is limited to
three months. The Exchange proposes to add
language to the Price List to include this practice.
8 See Securities Exchange Act Release No. 72720
(July 30, 2014), 79 FR 45577 (August 5, 2014) (SR–
NYSEArca–2014–81).
E:\FR\FM\12FEN1.SGM
12FEN1
]]>Agencies
[Federal Register Volume 80, Number 29 (Thursday, February 12, 2015)]
[Notices]
[Pages 7897-7899]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02897]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74225; File No. SR-MIAX-2015-05]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Modify the Closing Date of the Equity Rights
Program
February 6, 2015.
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 January 27, 2015, 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 modify the closing date of the
equity rights 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
On January 6, 2015, the Exchange filed a rule change to implement
an
[[Page 7898]]
equity rights program (``Program'') pursuant to which units
representing the right to acquire equity in the Exchange's parent
holding company, Miami International Holdings, Inc. (``MIH'') would be
issued to a participating Member in exchange for payment of an initial
purchase price or the prepayment of certain transaction fees and the
achievement of certain liquidity volume thresholds on the Exchange over
a 29-month period.\3\ All applicants are subject to the same
eligibility and designation criteria, and all participant Members
participate in the Program on the same terms, conditions and
restrictions. To be designated as a participant Member, an applicant
must: (i) Be a Member in good standing of MIAX; (ii) qualify as an
``accredited investor'' as such term is defined in Regulation D of the
Securities Act of 1933; and (iii) have executed all required
documentation for Program participation. Participant Members must have
executed the definitive documentation, satisfied the eligibility
criteria required of Program participants enumerated above, and
tendered the minimum cash investment or prepayment of fees by January
27, 2015, with a closing to occur on January 30, 2015.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 74095 (January 20,
2015), 80 FR 4011 (January 26, 2015) (SR-MIAX-2015-02).
---------------------------------------------------------------------------
Because all prospective participant Members are not able to execute
the definitive documentation, satisfy the eligibility criteria required
of Program participants, and tender the minimum cash investment or
prepayment of fees by the January 27, 2015 deadline, the Exchange
proposes to make a reasonable accommodation to all prospective
participant Members. Accordingly, the Exchange proposes to extend the
deadline, by which Participant Members must have executed the
definitive documentation, satisfied the eligibility criteria required
of Program participants, and tendered the minimum cash investment or
prepayment of fees must be submitted [sic] to the Exchange, by 3 days
to January 30, 2015, with a closing to occur on February 2, 2015. The
Exchange will initiate the measurement period on February 1, 2015, as
previously prescribed.\4\ This extension will allow all Members
desiring to participate in the Program to subscribe. In making such
accommodation, no prospective Participant Member will be impaired in
their ability to participate in the Program.
---------------------------------------------------------------------------
\4\ See id.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with section 6(b) of the Act \5\ in general, and furthers the
objectives of section 6(b)(5) of the Act \6\ 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. Additionally,
the Exchange believes the proposed rule change is consistent with the
section 6(b)(5) of the Act \7\ requirement that the rules of an
exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange also believes the
proposed rule change is consistent with section 6(b)(4) of the Act,\8\
which requires that Exchange rules provide for the equitable allocation
of reasonable dues, fees, and other charges among its members and other
persons using its facilities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
\7\ 15 U.S.C. 78f(b)(5).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
In particular, the proposed rule change is reasonable, equitable
and not unfairly discriminatory because it proposes to make a
reasonable accommodation to all prospective participant Members who
wish to participate in the Program. This will ensure that no
prospective participant Member to the Program would be impaired in
their ability to participate in the Program.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
proposed rule change will improve competition by allowing all market
participants to subscribe to the Program.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act.\9\ 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-MIAX-2015-05 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2015-05. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (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.,
[[Page 7899]]
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-2015-05 and
should be submitted on or before March 5, 2015. For the Commission, by
the Division of Trading and Markets, pursuant to delegated
authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
Brent J. Fields,
Secretary.
[FR Doc. 2015-02897 Filed 2-11-15; 8:45 am]
BILLING CODE 8011-01-P
