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]
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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.
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[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
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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
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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’’
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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.
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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-
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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.
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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
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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).
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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.
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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).
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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.
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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
