Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by Miami International Securities Exchange LLC To Amend Its Fee Schedule, 15834-15838 [2015-06716]

Download as PDF 15834 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Brent J. Fields, Secretary. IV. Solicitation of Comments 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: 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– Phlx–2015–023 on the subject line. rljohnson on DSK3VPTVN1PROD with NOTICES 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–Phlx–2015–023. 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 20549–1090, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx– 2015–023, and should be submitted on or before April 15, 2015. VerDate Sep<11>2014 15:26 Mar 24, 2015 Jkt 235001 [FR Doc. 2015–06711 Filed 3–24–15; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74534; File No. SR– NYSEArca–2015–01] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Amending NYSE Arca Equities Rule 5.2(j)(3), Commentary .02 Relating to Listing of Investment Company Units Based on Municipal Bond Indexes March 19, 2015. On January 16, 2015, NYSE Arca, Inc. filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend NYSE Arca Equities Rule 5.2(j)(3), Commentary .02 relating to the listing of Investment Company Units based on fixed income securities indexes. The proposed rule change was published for comment in the Federal Register on February 4, 2015.3 The Commission has received no comment letters on the proposed rule change. Section 19(b)(2) of the Act 4 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 17 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 74175 (Jan. 29, 2015), 80 FR 6150. 4 15 U.S.C. 78s(b)(2). 5 Id. 1 15 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 designates May 5, 2015, as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR–NYSEArca-2015–01). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Brent J. Fields, Secretary. [FR Doc. 2015–06712 Filed 3–24–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74538; File No. SR–MIAX– 2015–22] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by Miami International Securities Exchange LLC To Amend Its Fee Schedule March 19, 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 March 12, 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 amend the MIAX Options Fee Schedule. The text of the proposed rule change is available on the Exchange’s Web site at https://www.miaxoptions.com/filter/ wotitle/rule_filing, at MIAX’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed 6 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\25MRN1.SGM 25MRN1 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices 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 Statutor Basis for, the Proposed Rule Change rljohnson on DSK3VPTVN1PROD with NOTICES 1. Purpose The Exchange proposes to amend its Fee Schedule to make several changes to the Member and non-Member testing and certification fees. Specifically, the Exchange proposes to: (i) Change the Member and non-Member Application Programming Interface (‘‘API’’) Testing and Certification Fees from a one-time fee to a per API and per test fee; (ii) increase the API Testing and Certification Fees for non-Members by $200; (ii) [sic] change the Member Network Testing and Certification fee from a one-time per firm fee to a per connection and per test fee; (iii) [sic] change the non-Member Network Testing and Certification fee from a onetime per connection fee to a per connection and per test fee; (iv) [sic] increase the non-Member Network Testing and Certification Fee by $200; and (v) [sic] modify the name of the Network Testing and Certification Fee. API Testing and Certification Fees An API makes it possible for Member and non-Member software to communicate with Exchange software applications, and is subject to Member and non-Member testing with, and certification by, the Exchange. API testing and certification includes testing all available order types, new order entry, order management, order throughput and mass order cancellation, and also includes testing of all available quote types, quote throughput, quote management and cancellation, risk management settings and triggers, and confirmation of quotes within the Exchange’s trading engines. The Exchange currently assesses a one-time API Testing and Certification Fee to Members and non-Members. Electronic Exchange Members (‘‘EEMs’’) 3 are assessed a one-time API Testing and Certification Fee of $1,000. Market Makers 4 are assessed a one-time 3 The term ‘‘Electronic Exchange Member’’ means the holder of a Trading Permit who is not a Market Maker. Electronic Exchange Members are deemed ‘‘members’’ under the Exchange Act. See Exchange Rule 100. 4 The term ‘‘Market Makers’’ refers to ‘‘Lead Market Makers’’, ‘‘Primary Lead Market Makers’’ VerDate Sep<11>2014 15:26 Mar 24, 2015 Jkt 235001 API Testing and Certification Fee of $2,500. Non-Members are assessed a one-time API Testing and Certification Fee of $1,000. The fee represents the costs incurred by the Exchange as it works with each Member or nonMember while testing and certifying that the Member’s software systems communicate properly with the Exchange. The Exchange proposes to modify the API Testing and Certification Fees from a one-time fee to a per API and per test fee in order to compensate for the additional costs associated with testing and certifying Members and nonMembers multiple times for multiple connections. Member and Non-Member API Testing and Certification Fees will be assessed initially per API and each time API testing and certification is required due to a change to existing API either initiated by the Member/nonMember, or in response to a new or modified API offered but not mandated by the Exchange. API Testing and Certification Fees will not be assessed in situations where the Exchange requires API testing and certification due to a change mandated by the Exchange. The Exchange believes that it is reasonable not to charge Testing and Certification Fees in such situations because it involves an Exchange mandated testing and certification. The Member API Testing and Certification Fees will remain unchanged from the current $1,000 for EEMs and $2,500 for Market Makers. The Exchange proposes to increase the non-Member API Testing and Certification Fees from $1,000 to $1,200 for Third Party Vendors,5 Service Bureaus,6 and other non-Members. It has been MIAX’s experience that Member testing takes less time than non-Member testing because Members have more experience testing these systems with the Exchange; generally fewer questions and issues arise during the testing and certification process. Also, because third party vendors and Service Bureaus are redistributing data and reselling services to other Members and ‘‘Registered Market Makers’’ collectively. See Exchange Rule 100. 5 Third Party Vendors are subscribers of MIAX’s market and other data feeds, which they in turn use for redistribution purposes. Third party vendors do not provide connectivity and therefore are not subject to Network testing and certification. See Fee Schedule note 20. 6 A Service Bureau is a technology provider that offers and supplies technology and technology services to a trading firm that does not have its own proprietary system. The technology and technology services supplied by Service Bureaus include both software applications and connectivity, thus Service Bureaus are subject to both API testing and certification and network testing and certification. See Fee Schedule note 21. PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 15835 and market participants the number and types of scenarios that need to be tested are more numerous and complex than those tested and certified for a single Member. Therefore, the Exchange believes that it is reasonable to charge non-Members more for API testing and certification than Members. The Exchange notes that these changes will result in an increase to the API Testing and Certification Fees charged to Members and non-Members for those Members and non-Members that need testing and certification beyond the initial one. For example, Market Maker (‘‘MM1’’) conducts API testing and certification initially upon connection to the Exchange, and then two more times during the year each time it upgrades its software. Currently, MM1 would be assessed $2,500 in API Testing and Certification Fees for the three testing and certifications that were conducted by Exchange staff. As proposed, MM1 would be assessed $7,500 in API Testing and Certification Fees for the three testing and certifications that were conducted by Exchange staff. Example 2, a Third Party Vendor (‘‘V1’’) conducts API testing and certification initially upon connection to the Exchange for (2) API, and then two more times during the year each time it upgrades its software. Currently, V1 would be assessed $2,000 in API Testing and Certification Fees for the four testing and certifications that were conducted by Exchange staff. As proposed, V1 would be assessed $4,800 in API Testing and Certification Fees for the four testing and certifications that were conducted by Exchange staff. The proposed fee changes more closely represent the costs incurred by the Exchange as it works with each Member or non-Member while testing and certifying that the Member’s or nonMember’s software systems communicate properly with the Exchange. Network Testing and Certification Fees Network Testing and Certification Fees are charged to recoup installation and support costs incurred by the Exchange as it works with each Member and non-Member to make sure there are appropriate electronic connections with the Exchange’s system. The Exchange currently assesses Members a one-time Network Testing and Certification Fee of $1,000 per Member firm for a one gigabit connection, and $4,000 per Member firm for a ten gigabit connection. Members are currently not charged a Network Testing and Certification Fee for any additional connections and tests. The Exchange currently assesses non-Members a one- E:\FR\FM\25MRN1.SGM 25MRN1 15836 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices rljohnson on DSK3VPTVN1PROD with NOTICES time Network Testing and Certification Fee of $1,000 per Non-Member for a one gigabit connection, and $4,000 per NonMember for a ten gigabit connection. In contrast to Members, non-Members are charged a Network Testing and Certification Fee for each additional connection, but not additional tests. The Exchange proposes to modify the Member Network Testing and Certification Fee from a one-time fee per firm to a per connection and per test fee in order to compensate for the additional costs associated with testing and certifying Members multiple times. The Exchange also proposes to modify the non-Member Network Testing and Certification Fee from a one-time fee per connection to a per connection and per test fee. Member and non-Member Network Testing and Certification Fees will be assessed initially per connection, and each time testing and certification is required due to a change to existing network connectivity, either initiated by the Member/non-Member or in response to new or modified network connectivity offered but not mandated by the Exchange.7 Network Connectivity Testing and Certification Fees will not be assessed in situations where the Exchange requires network connectivity testing and certification due to a change or changes mandated by the Exchange. As stated above, the Exchange believes that it is reasonable not to charge Testing and Certification Fees in such situations because it involves an Exchange mandated testing and certification. Member Network Testing and Certification Fees will remain unchanged from the current $1,000 per 1 gigabit connection and $4,000 per 10 gigabit connection. The Exchange proposes to increase the non-Member Network Testing and Certification Fees from $1,000 to $1,200 per 1 gigabit connection, and from $4,000 to $4,200 per 10 gigabit connection. It has been MIAX’s experience that Member testing takes less time than non-Member testing because Members have more experience testing these systems with the Exchange; generally fewer questions and issues arise during the testing and certification process. Also, because third party vendors and Service Bureaus are 7 For example, the Exchange could determine to make available a higher Gigabit connection, not currently offered by the Exchange, such as a 15 Gigabit connection. A Member or non-Member with a relatively high level of interaction with the Exchange’s system may wish to establish such a connection, whereas a Member or non-Member with a relatively lower level of interaction with the Exchange’s system may not have a need for such connectivity and would therefore elect not to engage in such a connection. VerDate Sep<11>2014 15:26 Mar 24, 2015 Jkt 235001 redistributing data and reselling services to other Members and market participants the number and types of scenarios that need to be tested are more numerous and complex than those tested and certified for a single Member. Therefore, the Exchange believes that it is reasonable to charge non-Members more for network testing and certification than Members. The Exchange notes that these changes will result in an increase to the Network Testing and Certification Fees charged to Members and non-Members for those Members and non-Members that need testing and certification beyond the initial one. For example, MM1 conducts network testing and certification for a one gigabit connection initially upon connection to the Exchange, and then two more times during the year each time it upgrades its hardware. Currently, MM1 would be assessed $1,000 in Network Testing and Certification Fees for the three testing and certifications that were conducted by Exchange staff. As proposed, MM1 would be assessed $3,000 in Network Testing and Certification Fees for the three testing and certifications that were conducted by Exchange staff. Example 2, MM2 conducts networking and testing for (3) one gigabit connections, and then two more times during the year each time it upgrades its hardware. Currently, MM2 would be assessed $1,000 in Network Testing and Certification Fees for the five testing and certifications that were conducted by Exchange staff. As proposed, MM1 would be assessed $5,000 in Network Testing and Certification Fees for the five testing and certifications that were conducted by Exchange staff. Example 3, V1 conducts networking and testing for (3) one gigabit connections, and then two more times during the year each time it upgrades its software. Currently, V1 would be assessed $3,000 in Network Testing and Certification Fees for the five testing and certifications that were conducted by Exchange staff. As proposed, V1 would be assessed $6,000 in Network Testing and Certification Fees for the five testing and certifications that were conducted by Exchange staff. The proposed fee changes more closely represent the costs incurred by the Exchange as it works with each Member or non-Member while testing and certifying that the Member’s or non-Member’s connections are appropriate for the Exchange’s system. Finally, the Exchange proposes to modify the name of Network Testing and Certification Fee to Network Connectivity Testing and Certification Fee, and the title of the column in the PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 chart from ‘‘Member Network Connectivity Testing and Certification’’ to ‘‘Type of Member’’. The Exchange believes that the new title more clearly describes the type of service that is being provided in exchange for the fee. 2. Statutory Basis The Exchange believes that its proposed rule change is consistent with Section 6(b) of the Act 8 in general, and furthers the objectives of Section 6(b)(4) of the Act 9 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. The Exchange believes that the proposed changes of Member and nonMember API Testing and Certification Fees are reasonable, equitable and not unfairly discriminatory. The Exchange believes that the proposed fees are a reasonable allocation of its costs and expenses among its Members and other persons using its facilities since it is recovering the costs associated with providing such infrastructure testing and certification services, and with offering access through the network connections and access and services through API, responding to customer requests, configuring MIAX systems, programming API user specifications and administering the various services connectivity services. Access to the Exchange is provided on fair and nondiscriminatory terms. The Exchange believes the proposed fees are equitable and not unfairly discriminatory because the new fee levels result in a more reasonable and equitable allocation of fees amongst non-Members and Members for similar services. The Exchange believes that the proposed changes of Member Network Testing and Certification Fees are reasonable, equitable and not unfairly discriminatory. The Exchange believes that the proposed fees are a reasonable allocation of its costs and expenses among its Members and other persons using its facilities since it is recovering the costs associated with providing such infrastructure testing and certification services, and with offering access through the network connections and access and services through Ports, responding to customer requests, configuring MIAX systems, programming user specifications and administering the various connectivity services. Access to the Exchange is provided on fair and non-discriminatory terms. The Exchange believes the proposed fees are equitable and not unfairly discriminatory because the new 8 15 9 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). E:\FR\FM\25MRN1.SGM 25MRN1 rljohnson on DSK3VPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices fee levels result in a more reasonable and equitable allocation of fees amongst non-Members and Members for similar services. The Exchange believes that Testing and Certification Fees and Network Connectivity Testing and Certification Fees should only be assessed when a Member or non-Member initiates a change to its system that requires testing and certification. The Exchange believes that it is reasonable not to charge Testing and Certification Fees and Network Connectivity Testing and Certification Fees in situations where the Exchange initiates a change to its own system that requires testing and certification. The proposed changes to the Fee Schedule are intended, among other things, to eliminate the potential burden of unexpected costs to users of the Exchange’s system when testing and certification is required due to an Exchange-initiated system change. The Exchange believes that the proposed fees are an equitable allocation of its costs and expenses among its Members and other persons using its facilities. The higher fee charged to non-Members reflects the greater amount of technological, financial and human resources devoted to testing and certification of nonMembers. It has been the Exchange’s experience that Members have more experience testing these systems with the Exchange; generally fewer questions and issues arise during the testing and certification process. In addition, nonMembers will be charged a higher Network Testing and Certification Fee because each connection will be used by different customers of a non-Member such as a Service Bureau or Extranet Provider, and each such customer must be individually tested and certified. The complexity, number and various types of scenarios involved in non-Member testing and certification require the Exchange to expend more resources in testing and certifying non-Member API and network connectivity requirements than those tested and certified for a single Member. Therefore, the higher fee applicable to non-Members is not unfairly discriminatory and is an equitable allocation of reasonable fees and other charges among Exchange Members and others using its facilities. Finally, the Exchange believes that the proposed change to modify the name of the Network Testing and Certification Fee to Network Connectivity Testing and Certification Fee is reasonable in that the new title more clearly describes the type of service that is provided by the Exchange. VerDate Sep<11>2014 15:26 Mar 24, 2015 Jkt 235001 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 proposal is reasonably designed to increase the fee charged for testing and certification in a manner to recoup the costs associated with multiple tests and certifications by both Members and nonMembers. The Exchange believes that the proposal should reduce the disparity of testing and certification fees between Members and non-Members in a manner that promotes competition amongst these participants for these types of services. The higher fees charged to non-Members for testing and certification reflects the greater amount of technological, financial and human resources devoted to testing and certification of non-Members. It has been the Exchange’s experience that Members have more experience testing these systems with the Exchange; generally fewer questions and issues arise during the testing and certification process. In addition, non-Members will be charged a higher Network Testing and Certification Fee because each connection will be used by different customers of a non-Member such as a Service Bureau or Extranet Provider, and each such customer must be individually tested and certified. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract order flow. 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.10 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, 10 15 PO 00000 U.S.C. 78s(b)(3)(A)(ii). Frm 00096 Fmt 4703 Sfmt 4703 15837 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–2015–22 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–2015–22. 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– 2015–22 and should be submitted on or before April 15, 2015. E:\FR\FM\25MRN1.SGM 25MRN1 15838 Federal Register / Vol. 80, No. 57 / Wednesday, March 25, 2015 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Brent J. Fields, Secretary. [FR Doc. 2015–06716 Filed 3–24–15; 8:45 am] 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 [Release No. 34–74541; File No. SR– NYSEARCA–2015–16] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Rules Governing the Short Term Option Series Program To Extend Current $0.50 Strike Price Intervals in NonIndex Options to Short Term Options With Strike Prices Less Than $100 March 19, 2015. 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 March 12, 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 and II below, which Items have been prepared by the self-regulatory 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 amend its rules governing the Short Term Option Series program to extend current $0.50 strike price intervals in non-index options to Short Term Options with strike prices less than $100. 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. rljohnson on DSK3VPTVN1PROD with NOTICES 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 11 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 15:26 Mar 24, 2015 Jkt 235001 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. 1. Purpose The Exchange proposes to amend its rules governing the Short Term Option Series program (‘‘STOS Program’’) to introduce finer strike price intervals for certain short term options. In particular, the Exchange proposes to amend Commentary .07(e) to Rule 6.4 to extend current $0.50 strike price intervals in non-index options to short term options with strike prices less than $100 instead of the current $75. This proposed change is intended to eliminate gapped strikes between $75 and $100 that result from conflicting strike price parameters under the STOS and $2.50 Strike Price Programs as described in more detail below. The Exchange believes that the proposed rule change would increase market efficiency as it would align the Exchange’s rules with recently approved changes to the rules governing short term options series programs of other options exchanges,4 which would enable the Exchange to compete equally and fairly with other options exchanges in satisfying strong customer demand to have the ability to execute hedging and trading strategies in finer strike price intervals. Pursuant to Commentary .07(b) to Rule 6.4, the Exchange may list short term options in up to fifty option classes, in addition to option classes that are selected by other securities exchanges that employ a similar program under their respective rules.5 4 See Securities and Exchange Act Release No. 73999 (January 6, 2015), 80 FR 1599 [sic] (January 12, 2015) (SR–ISE–2014–52) (order granting approval of proposed rule change regarding short term option series program). Following approval of filing by the International Securities Exchange, LLC, several other option exchanges submitted ‘‘copycat’’ filings for immediate effectiveness. See, e.g., Securities and Exchange Act Release Nos. 74016 (January 8, 2015), 80 FR 1976 (January 14, 2015) (SR–BOX–2015–01); 74144 (January 27, 2015), 80 FR 5602 (February 2, 2015) (SR–CBOE–2015–09 [sic]); 74145 (January 27, 2015), 80 FR 5600 (February 2, 2015) (SR–Phlx–2015–09); 74146 (January 27, 2015), 80 FR 5595 (February 2, 2015) (SR–NASDAQ–2015–005); 74147 (January 27, 2015), 80 FR 5604 (February 2, 2015) (SR–BX– 2015–006). 5 The Exchange notes that the number of option classes that may participate in the STOS Program is aggregated between equity options and index PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 For each of these option classes, the Exchange may list five short term option expiration dates at any given time, not counting monthly or quarterly expirations.6 Specifically, on any Thursday or Friday that is a business day, the Exchange currently may list short term options that expire at the close of business on each of the next five Fridays that are business days and are not Fridays in which monthly or quarterly options expire.7 These short term option series may be listed in strike price intervals of $0.50, $1, or $2.50, with the finer strike price intervals being offered for lower priced securities,8 and for options that trade in dollar increments in the related monthly expiration.9 More specifically, per current Commentary .07(e) to Rule 6.4, the strike price interval for STOS may be $0.50 or greater for option classes that both trade in $1 strike price intervals and are in the STOS Program. If the class does not trade in $1 strike price intervals, the Exchange may list STOS in $0.50 intervals for strike prices less than $75; in $1 intervals for strike prices that are between $75 and $150; and in $2.50 intervals for strike prices greater than $150.10.10 The Exchange also operates a $2.50 Strike Price Program that permits the Exchange to select up to sixty options classes on individual stocks to trade in $2.50 strike price intervals, in addition to option classes selected by other securities exchanges that employ a similar program under their respective rules.11 Monthly expiration options in classes admitted to the $2.50 Strike Price Program trade in $2.50 intervals where the strike price is (1) greater than $25 but less than $50; or (2) between $50 and $100 if the strikes are no more than $10 from the closing price of the underlying stock in its primary market on the preceding day.12 In certain instances, these strike price parameters conflict with strike prices allowed for short term options as dollar strikes between $75 and $100 otherwise allowed under the STOS Program may options and is not apportioned between equity options and index options. For STOS Program rules regarding index options, see Rule 5.19; Rule 5.10(b)(24). 6 See Commentary .07(a) to Rule 6.4. 7 Id. 8 See Commentary .07(e) to Rule 6.4. 9 See Commentary .04 to Rule 6.4 (allows the Exchange to designate up to 150 options classes on individual stocks to be traded in $1 strike price intervals where the strike price is between $50 and $1). 10 See Commentary .07(e) to Rule 6.4. 11 See Commentary .03 to Rule 6.4. 12 Id. The term ‘‘primary market’’ is defined in Rule 6.1(7) [sic] as the principal market in which an underlying security is traded. E:\FR\FM\25MRN1.SGM 25MRN1

Agencies

[Federal Register Volume 80, Number 57 (Wednesday, March 25, 2015)]
[Notices]
[Pages 15834-15838]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-06716]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74538; File No. SR-MIAX-2015-22]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change by Miami International Securities Exchange LLC To 
Amend Its Fee Schedule

March 19, 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 March 12, 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 amend the MIAX Options Fee 
Schedule.
    The text of the proposed rule change is available on the Exchange's 
Web site at https://www.miaxoptions.com/filter/wotitle/rule_filing, at 
MIAX's principal office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed

[[Page 15835]]

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 
Statutor Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Fee Schedule to make several 
changes to the Member and non-Member testing and certification fees. 
Specifically, the Exchange proposes to: (i) Change the Member and non-
Member Application Programming Interface (``API'') Testing and 
Certification Fees from a one-time fee to a per API and per test fee; 
(ii) increase the API Testing and Certification Fees for non-Members by 
$200; (ii) [sic] change the Member Network Testing and Certification 
fee from a one-time per firm fee to a per connection and per test fee; 
(iii) [sic] change the non-Member Network Testing and Certification fee 
from a one-time per connection fee to a per connection and per test 
fee; (iv) [sic] increase the non-Member Network Testing and 
Certification Fee by $200; and (v) [sic] modify the name of the Network 
Testing and Certification Fee.
API Testing and Certification Fees
    An API makes it possible for Member and non-Member software to 
communicate with Exchange software applications, and is subject to 
Member and non-Member testing with, and certification by, the Exchange. 
API testing and certification includes testing all available order 
types, new order entry, order management, order throughput and mass 
order cancellation, and also includes testing of all available quote 
types, quote throughput, quote management and cancellation, risk 
management settings and triggers, and confirmation of quotes within the 
Exchange's trading engines.
    The Exchange currently assesses a one-time API Testing and 
Certification Fee to Members and non-Members. Electronic Exchange 
Members (``EEMs'') \3\ are assessed a one-time API Testing and 
Certification Fee of $1,000. Market Makers \4\ are assessed a one-time 
API Testing and Certification Fee of $2,500. Non-Members are assessed a 
one-time API Testing and Certification Fee of $1,000. The fee 
represents the costs incurred by the Exchange as it works with each 
Member or non-Member while testing and certifying that the Member's 
software systems communicate properly with the Exchange.
---------------------------------------------------------------------------

    \3\ The term ``Electronic Exchange Member'' means the holder of 
a Trading Permit who is not a Market Maker. Electronic Exchange 
Members are deemed ``members'' under the Exchange Act. See Exchange 
Rule 100.
    \4\ The term ``Market Makers'' refers to ``Lead Market Makers'', 
``Primary Lead Market Makers'' and ``Registered Market Makers'' 
collectively. See Exchange Rule 100.
---------------------------------------------------------------------------

    The Exchange proposes to modify the API Testing and Certification 
Fees from a one-time fee to a per API and per test fee in order to 
compensate for the additional costs associated with testing and 
certifying Members and non-Members multiple times for multiple 
connections. Member and Non-Member API Testing and Certification Fees 
will be assessed initially per API and each time API testing and 
certification is required due to a change to existing API either 
initiated by the Member/non-Member, or in response to a new or modified 
API offered but not mandated by the Exchange. API Testing and 
Certification Fees will not be assessed in situations where the 
Exchange requires API testing and certification due to a change 
mandated by the Exchange. The Exchange believes that it is reasonable 
not to charge Testing and Certification Fees in such situations because 
it involves an Exchange mandated testing and certification.
    The Member API Testing and Certification Fees will remain unchanged 
from the current $1,000 for EEMs and $2,500 for Market Makers.
    The Exchange proposes to increase the non-Member API Testing and 
Certification Fees from $1,000 to $1,200 for Third Party Vendors,\5\ 
Service Bureaus,\6\ and other non-Members. It has been MIAX's 
experience that Member testing takes less time than non-Member testing 
because Members have more experience testing these systems with the 
Exchange; generally fewer questions and issues arise during the testing 
and certification process. Also, because third party vendors and 
Service Bureaus are redistributing data and reselling services to other 
Members and market participants the number and types of scenarios that 
need to be tested are more numerous and complex than those tested and 
certified for a single Member. Therefore, the Exchange believes that it 
is reasonable to charge non-Members more for API testing and 
certification than Members.
---------------------------------------------------------------------------

    \5\ Third Party Vendors are subscribers of MIAX's market and 
other data feeds, which they in turn use for redistribution 
purposes. Third party vendors do not provide connectivity and 
therefore are not subject to Network testing and certification. See 
Fee Schedule note 20.
    \6\ A Service Bureau is a technology provider that offers and 
supplies technology and technology services to a trading firm that 
does not have its own proprietary system. The technology and 
technology services supplied by Service Bureaus include both 
software applications and connectivity, thus Service Bureaus are 
subject to both API testing and certification and network testing 
and certification. See Fee Schedule note 21.
---------------------------------------------------------------------------

    The Exchange notes that these changes will result in an increase to 
the API Testing and Certification Fees charged to Members and non-
Members for those Members and non-Members that need testing and 
certification beyond the initial one. For example, Market Maker 
(``MM1'') conducts API testing and certification initially upon 
connection to the Exchange, and then two more times during the year 
each time it upgrades its software. Currently, MM1 would be assessed 
$2,500 in API Testing and Certification Fees for the three testing and 
certifications that were conducted by Exchange staff. As proposed, MM1 
would be assessed $7,500 in API Testing and Certification Fees for the 
three testing and certifications that were conducted by Exchange staff. 
Example 2, a Third Party Vendor (``V1'') conducts API testing and 
certification initially upon connection to the Exchange for (2) API, 
and then two more times during the year each time it upgrades its 
software. Currently, V1 would be assessed $2,000 in API Testing and 
Certification Fees for the four testing and certifications that were 
conducted by Exchange staff. As proposed, V1 would be assessed $4,800 
in API Testing and Certification Fees for the four testing and 
certifications that were conducted by Exchange staff. The proposed fee 
changes more closely represent the costs incurred by the Exchange as it 
works with each Member or non-Member while testing and certifying that 
the Member's or non-Member's software systems communicate properly with 
the Exchange.
Network Testing and Certification Fees
    Network Testing and Certification Fees are charged to recoup 
installation and support costs incurred by the Exchange as it works 
with each Member and non-Member to make sure there are appropriate 
electronic connections with the Exchange's system. The Exchange 
currently assesses Members a one-time Network Testing and Certification 
Fee of $1,000 per Member firm for a one gigabit connection, and $4,000 
per Member firm for a ten gigabit connection. Members are currently not 
charged a Network Testing and Certification Fee for any additional 
connections and tests. The Exchange currently assesses non-Members a 
one-

[[Page 15836]]

time Network Testing and Certification Fee of $1,000 per Non-Member for 
a one gigabit connection, and $4,000 per Non-Member for a ten gigabit 
connection. In contrast to Members, non-Members are charged a Network 
Testing and Certification Fee for each additional connection, but not 
additional tests.
    The Exchange proposes to modify the Member Network Testing and 
Certification Fee from a one-time fee per firm to a per connection and 
per test fee in order to compensate for the additional costs associated 
with testing and certifying Members multiple times. The Exchange also 
proposes to modify the non-Member Network Testing and Certification Fee 
from a one-time fee per connection to a per connection and per test 
fee. Member and non-Member Network Testing and Certification Fees will 
be assessed initially per connection, and each time testing and 
certification is required due to a change to existing network 
connectivity, either initiated by the Member/non-Member or in response 
to new or modified network connectivity offered but not mandated by the 
Exchange.\7\ Network Connectivity Testing and Certification Fees will 
not be assessed in situations where the Exchange requires network 
connectivity testing and certification due to a change or changes 
mandated by the Exchange. As stated above, the Exchange believes that 
it is reasonable not to charge Testing and Certification Fees in such 
situations because it involves an Exchange mandated testing and 
certification.
---------------------------------------------------------------------------

    \7\ For example, the Exchange could determine to make available 
a higher Gigabit connection, not currently offered by the Exchange, 
such as a 15 Gigabit connection. A Member or non-Member with a 
relatively high level of interaction with the Exchange's system may 
wish to establish such a connection, whereas a Member or non-Member 
with a relatively lower level of interaction with the Exchange's 
system may not have a need for such connectivity and would therefore 
elect not to engage in such a connection.
---------------------------------------------------------------------------

    Member Network Testing and Certification Fees will remain unchanged 
from the current $1,000 per 1 gigabit connection and $4,000 per 10 
gigabit connection.
    The Exchange proposes to increase the non-Member Network Testing 
and Certification Fees from $1,000 to $1,200 per 1 gigabit connection, 
and from $4,000 to $4,200 per 10 gigabit connection. It has been MIAX's 
experience that Member testing takes less time than non-Member testing 
because Members have more experience testing these systems with the 
Exchange; generally fewer questions and issues arise during the testing 
and certification process. Also, because third party vendors and 
Service Bureaus are redistributing data and reselling services to other 
Members and market participants the number and types of scenarios that 
need to be tested are more numerous and complex than those tested and 
certified for a single Member. Therefore, the Exchange believes that it 
is reasonable to charge non-Members more for network testing and 
certification than Members.
    The Exchange notes that these changes will result in an increase to 
the Network Testing and Certification Fees charged to Members and non-
Members for those Members and non-Members that need testing and 
certification beyond the initial one. For example, MM1 conducts network 
testing and certification for a one gigabit connection initially upon 
connection to the Exchange, and then two more times during the year 
each time it upgrades its hardware. Currently, MM1 would be assessed 
$1,000 in Network Testing and Certification Fees for the three testing 
and certifications that were conducted by Exchange staff. As proposed, 
MM1 would be assessed $3,000 in Network Testing and Certification Fees 
for the three testing and certifications that were conducted by 
Exchange staff. Example 2, MM2 conducts networking and testing for (3) 
one gigabit connections, and then two more times during the year each 
time it upgrades its hardware. Currently, MM2 would be assessed $1,000 
in Network Testing and Certification Fees for the five testing and 
certifications that were conducted by Exchange staff. As proposed, MM1 
would be assessed $5,000 in Network Testing and Certification Fees for 
the five testing and certifications that were conducted by Exchange 
staff. Example 3, V1 conducts networking and testing for (3) one 
gigabit connections, and then two more times during the year each time 
it upgrades its software. Currently, V1 would be assessed $3,000 in 
Network Testing and Certification Fees for the five testing and 
certifications that were conducted by Exchange staff. As proposed, V1 
would be assessed $6,000 in Network Testing and Certification Fees for 
the five testing and certifications that were conducted by Exchange 
staff. The proposed fee changes more closely represent the costs 
incurred by the Exchange as it works with each Member or non-Member 
while testing and certifying that the Member's or non-Member's 
connections are appropriate for the Exchange's system.
    Finally, the Exchange proposes to modify the name of Network 
Testing and Certification Fee to Network Connectivity Testing and 
Certification Fee, and the title of the column in the chart from 
``Member Network Connectivity Testing and Certification'' to ``Type of 
Member''. The Exchange believes that the new title more clearly 
describes the type of service that is being provided in exchange for 
the fee.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \8\ in general, and furthers the 
objectives of Section 6(b)(4) of the Act \9\ in particular, in that it 
is an equitable allocation of reasonable fees and other charges among 
Exchange members.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that the proposed changes of Member and non-
Member API Testing and Certification Fees are reasonable, equitable and 
not unfairly discriminatory. The Exchange believes that the proposed 
fees are a reasonable allocation of its costs and expenses among its 
Members and other persons using its facilities since it is recovering 
the costs associated with providing such infrastructure testing and 
certification services, and with offering access through the network 
connections and access and services through API, responding to customer 
requests, configuring MIAX systems, programming API user specifications 
and administering the various services connectivity services. Access to 
the Exchange is provided on fair and non-discriminatory terms. The 
Exchange believes the proposed fees are equitable and not unfairly 
discriminatory because the new fee levels result in a more reasonable 
and equitable allocation of fees amongst non-Members and Members for 
similar services.
    The Exchange believes that the proposed changes of Member Network 
Testing and Certification Fees are reasonable, equitable and not 
unfairly discriminatory. The Exchange believes that the proposed fees 
are a reasonable allocation of its costs and expenses among its Members 
and other persons using its facilities since it is recovering the costs 
associated with providing such infrastructure testing and certification 
services, and with offering access through the network connections and 
access and services through Ports, responding to customer requests, 
configuring MIAX systems, programming user specifications and 
administering the various connectivity services. Access to the Exchange 
is provided on fair and non-discriminatory terms. The Exchange believes 
the proposed fees are equitable and not unfairly discriminatory because 
the new

[[Page 15837]]

fee levels result in a more reasonable and equitable allocation of fees 
amongst non-Members and Members for similar services.
    The Exchange believes that Testing and Certification Fees and 
Network Connectivity Testing and Certification Fees should only be 
assessed when a Member or non-Member initiates a change to its system 
that requires testing and certification. The Exchange believes that it 
is reasonable not to charge Testing and Certification Fees and Network 
Connectivity Testing and Certification Fees in situations where the 
Exchange initiates a change to its own system that requires testing and 
certification. The proposed changes to the Fee Schedule are intended, 
among other things, to eliminate the potential burden of unexpected 
costs to users of the Exchange's system when testing and certification 
is required due to an Exchange-initiated system change.
    The Exchange believes that the proposed fees are an equitable 
allocation of its costs and expenses among its Members and other 
persons using its facilities. The higher fee charged to non-Members 
reflects the greater amount of technological, financial and human 
resources devoted to testing and certification of non-Members. It has 
been the Exchange's experience that Members have more experience 
testing these systems with the Exchange; generally fewer questions and 
issues arise during the testing and certification process. In addition, 
non-Members will be charged a higher Network Testing and Certification 
Fee because each connection will be used by different customers of a 
non-Member such as a Service Bureau or Extranet Provider, and each such 
customer must be individually tested and certified. The complexity, 
number and various types of scenarios involved in non-Member testing 
and certification require the Exchange to expend more resources in 
testing and certifying non-Member API and network connectivity 
requirements than those tested and certified for a single Member. 
Therefore, the higher fee applicable to non-Members is not unfairly 
discriminatory and is an equitable allocation of reasonable fees and 
other charges among Exchange Members and others using its facilities.
    Finally, the Exchange believes that the proposed change to modify 
the name of the Network Testing and Certification Fee to Network 
Connectivity Testing and Certification Fee is reasonable in that the 
new title more clearly describes the type of service that is provided 
by the Exchange.

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 proposal is reasonably 
designed to increase the fee charged for testing and certification in a 
manner to recoup the costs associated with multiple tests and 
certifications by both Members and non-Members. The Exchange believes 
that the proposal should reduce the disparity of testing and 
certification fees between Members and non-Members in a manner that 
promotes competition amongst these participants for these types of 
services. The higher fees charged to non-Members for testing and 
certification reflects the greater amount of technological, financial 
and human resources devoted to testing and certification of non-
Members. It has been the Exchange's experience that Members have more 
experience testing these systems with the Exchange; generally fewer 
questions and issues arise during the testing and certification 
process. In addition, non-Members will be charged a higher Network 
Testing and Certification Fee because each connection will be used by 
different customers of a non-Member such as a Service Bureau or 
Extranet Provider, and each such customer must be individually tested 
and certified. The Exchange notes that it operates in a highly 
competitive market in which market participants can readily favor 
competing venues if they deem fee levels at a particular venue to be 
excessive. In such an environment, the Exchange must continually adjust 
its fees to remain competitive with other exchanges and to attract 
order flow.

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.\10\ 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.
---------------------------------------------------------------------------

    \10\ 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-2015-22 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-2015-22. 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-2015-22 and should be 
submitted on or before April 15, 2015.


[[Page 15838]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-06716 Filed 3-24-15; 8:45 am]
 BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.