Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 18894-18896 [2015-07961]

Download as PDF 18894 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 19(b)(3)(A)(ii) of the Act.9 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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– 2015–24, and should be submitted on or before April 29, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Brent J. Fields, Secretary. [FR Doc. 2015–07960 Filed 4–7–15; 8:45 am] 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–2015–24 on the subject line. asabaliauskas on DSK5VPTVN1PROD with NOTICES 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: Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule 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–2015–24. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74633; File No. SR–MIAX– 2015–25] April 2, 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 31, 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 the Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ‘‘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 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 9 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the MIAX Options Fee Schedule (the ‘‘Fee Schedule’’) to increase the fees for MEI Ports to Market Makers. Specifically, the Exchange proposes to: (i) Increase the MEI Port Fee for the first matching engine used, from $1,000 to $2,500 per month; (ii) increase the MEI Port Fee for each of matching engines 2 through 5, from $500 to $1,200 per month; (iii) increase the MEI Port Fee for each of matching engines 6 and above, from $250 to $700 per month; and (iv) increase the fee for additional Limited Service MEI Ports from $10 to $50 per month. Currently, MIAX assesses monthly MEI Port Fees on Market Makers based upon the number of MIAX matching engines 3 used by the Market Maker. MEI Port users are allocated two Full Service MEI Ports 4 and two Limited Service MEI Ports 5 per matching engine to which they connect. The Exchange currently assesses a fee of $1,000 per month on Market Makers for the first matching engine they use; $500 per month for each of matching engines 2 through 5; and $250 per month for each of matching engines 6 and above. For 3 A ‘‘matching engine’’ is a part of the MIAX electronic system that processes options quotes and trades on a symbol-by-symbol basis. Some matching engines will process option classes with multiple root symbols, and other matching engines will be dedicated to one single option root symbol (for example, options on SPY will be processed by one single matching engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated matching engine. A particular root symbol may not be assigned to multiple matching engines. 4 Full Service MEI Ports provide Market Makers with the ability to send Market Maker quotes, eQuotes, and quote purge messages to the MIAX System. Full Service MEI Ports are also capable of receiving administrative information. Market Makers are limited to two Full Service MEI Ports per matching engine. 5 Limited Service MEI Ports provide Market Makers with the ability to send eQuotes and quote purge messages only, but not Market Maker Quotes, to the MIAX System. Limited Service MEI Ports are also capable of receiving administrative information. Market Makers initially receive two Limited Service MEI Ports per matching engine. E:\FR\FM\08APN1.SGM 08APN1 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices asabaliauskas on DSK5VPTVN1PROD with NOTICES example, a Market Maker that wishes to make markets in just one symbol would require the two MEI Ports in a single matching engine; a Market Maker wishing to make markets in all symbols traded on MIAX would require the two MEI Ports in each of the Exchange’s matching engines. The Exchange also currently charges $10 per month for each additional Limited Service MEI Port per matching engine for Market Makers in addition to the two Limited Service MEI Ports per matching engine that are allocated with the Full Service MEI Ports. The Full Service MEI Ports, Limited Service MEI Ports and the additional Limited Service MEI Ports all include access to MIAX’s primary and secondary data centers and its disaster recovery center. The Exchange notes that another competing exchange charges substantially more for the use of similar ports.6 The Exchange established the current lower rates in order to encourage additional market participants to become Members of the Exchange and register as Market Makers and use the service. Now that the Exchange has grown its market share and membership base, the Exchange proposes to modify its fees charged to Market Makers for use of MEI Ports in an effort to increase the Exchange’s revenues from non-transaction fee sources and also more closely align the fees with the rates charged by another competing options exchange. Accordingly, the Exchange proposes to increase the fees charged to Market Makers for use of MEI Ports. Specifically, the Exchange proposes to: (i) Increase the MEI Port Fee for the first matching engine used, from $1,000 to $2,500 per month; (ii) increase the MEI Port Fee for each of matching engines 2 through 5, from $500 to $1,200 per month; (iii) increase the MEI Port Fee for each of matching engines 6 and above, from $250 to $700 per month; and (iv) increase the fee for additional Limited Service MEI Ports from $10 to $50 per month. The Exchange proposes to implement the fee changes beginning April 1, 2015. 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with Section 6(b) of the Act 7 in general, and furthers the objectives of 6 See NASDAQ OMX PHLX LLC (‘‘PHLX’’) Pricing Schedule, Section VII. PHLX assesses specialists and market makers Active SQF Port Fee of $2,500 per month for the first port, $4,000 per month for ports 2–6, and $15,000 per month for ports 7 and over. Active SQF Port Fees are capped at $42,000 per month. 7 15 U.S.C. 78f(b). VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 Section 6(b)(4) of the Act 8 in particular, in that it is an equitable allocation of reasonable fees and other charges. The Exchange believes that the proposal is reasonable and not unfairly discriminatory because Market Makers are free to add and remove MEI Ports and will only be charged for the amount of MEI Ports that they desire to use. The proposed fee is fair and equitable and not unreasonably discriminatory because it applies equally to all Market Makers regardless of type. All similarly situated Market Makers, with the same number of MEI Ports, will be subject to the same fee, and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange believes that the proposed fees are reasonable in that the rates are within the range of that charged by another competing options exchange. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange believes that the proposal increases both intermarket and intramarket competition by increasing MEI Port fees for Market Makers on the Exchange in the range of comparable fees on another exchange. 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 in order to attract market participants to use its services. The Exchange believes that the proposal reflects this competitive environment because it increases the Exchange’s fees in a manner that continues to encourage market participants to register as Market Makers on the Exchange, to provide liquidity, and to attract order flow. To the extent that this purpose is achieved, all the Exchange’s market participants should benefit from the improved market liquidity. 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. 8 15 PO 00000 U.S.C. 78f(b)(4). Frm 00090 Fmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.9 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– MIAX–2015–25 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–2015–25. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., 9 15 Sfmt 4703 18895 E:\FR\FM\08APN1.SGM U.S.C. 78s(b)(3)(A)(ii). 08APN1 18896 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal 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– 2015–25, and should be submitted on or before April 29, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Brent J. Fields, Secretary. [FR Doc. 2015–07961 Filed 4–7–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74641; File No. SR– NYSEMKT–2015–20] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Specify That a Member Organization May Request That the Exchange Aggregate Its Eligible Activity With Activity of the Member Organization’s Affiliates for Purposes of Charges or Credits Based on Volume April 2, 2015. asabaliauskas on DSK5VPTVN1PROD with NOTICES Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on March 25, 2015, NYSE MKT LLC (‘‘NYSE MKT’’ or the ‘‘Exchange’’) 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 Price List to specify that a member organization may request that the Exchange aggregate its eligible activity 10 17 CFR 200.30–3(a)(12). U.S.C.78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 with activity of the member organization’s affiliates for purposes of charges or credits based on volume. The text of the proposed rule change is available on the Exchange’s Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Price List to specify that member organizations may request that the Exchange aggregate their eligible activity with activity of member organization’s affiliates for purposes of charges or credits based on volume. The proposed rule change is based on NASDAQ Stock Market LLC (‘‘NASDAQ’’) Rule 7027, NASDAQ Options Market LLC (‘‘NOM’’) Rules at Chapter XV, and the NASDAQ OMX PHLX LLC (‘‘PHLX’’) Pricing Schedule.4 As proposed, for purposes of applying any provision of the Exchange’s Price List where the charge assessed, or credit provided, by the Exchange depends on the volume of a member organization’s activity, a member organization may request that the Exchange aggregate its eligible activity with activity of such member organization’s affiliates. The Exchange further proposes that a member organization requesting 4 Effective December 1, 2014, NASDAQ amended Rule 7027 to harmonize the treatment of aggregation of affiliate activity of affiliated members to be consistent with the rules governing NOM and PHLX. See Securities Exchange Act Release No. 72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014) (SR–NASDAQ–2014–083). NOM and PHLX also amended their respective rules to harmonize the process by which it collects information from its members for purposes of aggregating member activity between its equity and options markets. See Securities Exchange Act Release Nos. 72967 (Sept. 2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR– NASDAQ–2014–082) and 72969 (Sept. 3, 2014), 79 FR 53485 (Sept. 9, 2014) (SR–PHLX–2014–56). PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 aggregation of eligible affiliate activity would be required to (1) certify to the Exchange the affiliate status of member organizations whose activity it seeks to aggregate prior to receiving approval for aggregation, and (2) inform the Exchange immediately of any event that causes an entity to cease being an affiliate. The Exchange would review available information regarding the entities and reserves the right to request additional information to verify the affiliate status of an entity. As further proposed, the Exchange would approve a request, unless it determines that the certificate is not accurate.5 The Exchange also proposes that if two or more member organizations become affiliated on or prior to the sixteenth day of a month, and submit the required request for aggregation on or prior to the twenty-second day of the month, an approval of the request would be deemed to be effective as of the first day of that month. If two or more member organizations become affiliated after the sixteenth day of a month, or submit a request for aggregation after the twenty second day of the month, an approval of the request would be deemed to be effective as of the first day of the next calendar month.6 The Exchange believes that this requirement, which is also similar to requirements of other exchanges,7 would be a fair and objective way to apply the aggregation rule to fees and streamline the billing process. The Exchange further proposes to provide that for purposes of applying any provision of the Price List where the charge assessed, or credit provided, by the Exchange depends upon the volume of a member organization’s activity, references to an entity would be deemed to include the entity and its affiliates that have been approved for aggregation.8 The Exchange notes that its designated market makers (‘‘DMM’’) are subject to specified pricing on the Price List. For purposes of the Price List, a DMM may not aggregate its volume either with other units within the same member organization or affiliates of the member organization operating the DMM unit. In addition, the Exchange proposes to provide that member organizations may not aggregate volume where the Price List specifies that aggregation is not permitted.9 5 See NASDAQ Rule 7027(a)(1). NASDAQ Rule 7027(a)(2). 7 See supra note 4. 8 See supra note 5. 9 For example, the Price List specifies whether quoting and trading activity relating to Supplemental Liquidity Provider activity may be aggregated. 6 See E:\FR\FM\08APN1.SGM 08APN1

Agencies

[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)]
[Notices]
[Pages 18894-18896]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07961]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74633; File No. SR-MIAX-2015-25]


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

April 2, 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 31, 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 the 
Substance of the Proposed Rule Change

    The Exchange is filing a proposal to amend the MIAX Options Fee 
Schedule (the ``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 any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

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

1. Purpose
    The Exchange proposes to amend the MIAX Options Fee Schedule (the 
``Fee Schedule'') to increase the fees for MEI Ports to Market Makers. 
Specifically, the Exchange proposes to: (i) Increase the MEI Port Fee 
for the first matching engine used, from $1,000 to $2,500 per month; 
(ii) increase the MEI Port Fee for each of matching engines 2 through 
5, from $500 to $1,200 per month; (iii) increase the MEI Port Fee for 
each of matching engines 6 and above, from $250 to $700 per month; and 
(iv) increase the fee for additional Limited Service MEI Ports from $10 
to $50 per month.
    Currently, MIAX assesses monthly MEI Port Fees on Market Makers 
based upon the number of MIAX matching engines \3\ used by the Market 
Maker. MEI Port users are allocated two Full Service MEI Ports \4\ and 
two Limited Service MEI Ports \5\ per matching engine to which they 
connect. The Exchange currently assesses a fee of $1,000 per month on 
Market Makers for the first matching engine they use; $500 per month 
for each of matching engines 2 through 5; and $250 per month for each 
of matching engines 6 and above. For

[[Page 18895]]

example, a Market Maker that wishes to make markets in just one symbol 
would require the two MEI Ports in a single matching engine; a Market 
Maker wishing to make markets in all symbols traded on MIAX would 
require the two MEI Ports in each of the Exchange's matching engines. 
The Exchange also currently charges $10 per month for each additional 
Limited Service MEI Port per matching engine for Market Makers in 
addition to the two Limited Service MEI Ports per matching engine that 
are allocated with the Full Service MEI Ports. The Full Service MEI 
Ports, Limited Service MEI Ports and the additional Limited Service MEI 
Ports all include access to MIAX's primary and secondary data centers 
and its disaster recovery center.
---------------------------------------------------------------------------

    \3\ A ``matching engine'' is a part of the MIAX electronic 
system that processes options quotes and trades on a symbol-by-
symbol basis. Some matching engines will process option classes with 
multiple root symbols, and other matching engines will be dedicated 
to one single option root symbol (for example, options on SPY will 
be processed by one single matching engine that is dedicated only to 
SPY). A particular root symbol may only be assigned to a single 
designated matching engine. A particular root symbol may not be 
assigned to multiple matching engines.
    \4\ Full Service MEI Ports provide Market Makers with the 
ability to send Market Maker quotes, eQuotes, and quote purge 
messages to the MIAX System. Full Service MEI Ports are also capable 
of receiving administrative information. Market Makers are limited 
to two Full Service MEI Ports per matching engine.
    \5\ Limited Service MEI Ports provide Market Makers with the 
ability to send eQuotes and quote purge messages only, but not 
Market Maker Quotes, to the MIAX System. Limited Service MEI Ports 
are also capable of receiving administrative information. Market 
Makers initially receive two Limited Service MEI Ports per matching 
engine.
---------------------------------------------------------------------------

    The Exchange notes that another competing exchange charges 
substantially more for the use of similar ports.\6\ The Exchange 
established the current lower rates in order to encourage additional 
market participants to become Members of the Exchange and register as 
Market Makers and use the service. Now that the Exchange has grown its 
market share and membership base, the Exchange proposes to modify its 
fees charged to Market Makers for use of MEI Ports in an effort to 
increase the Exchange's revenues from non-transaction fee sources and 
also more closely align the fees with the rates charged by another 
competing options exchange. Accordingly, the Exchange proposes to 
increase the fees charged to Market Makers for use of MEI Ports. 
Specifically, the Exchange proposes to: (i) Increase the MEI Port Fee 
for the first matching engine used, from $1,000 to $2,500 per month; 
(ii) increase the MEI Port Fee for each of matching engines 2 through 
5, from $500 to $1,200 per month; (iii) increase the MEI Port Fee for 
each of matching engines 6 and above, from $250 to $700 per month; and 
(iv) increase the fee for additional Limited Service MEI Ports from $10 
to $50 per month.
---------------------------------------------------------------------------

    \6\ See NASDAQ OMX PHLX LLC (``PHLX'') Pricing Schedule, Section 
VII. PHLX assesses specialists and market makers Active SQF Port Fee 
of $2,500 per month for the first port, $4,000 per month for ports 
2-6, and $15,000 per month for ports 7 and over. Active SQF Port 
Fees are capped at $42,000 per month.
---------------------------------------------------------------------------

    The Exchange proposes to implement the fee changes beginning April 
1, 2015.
2. Statutory Basis
    The Exchange believes that its proposal to amend its fee schedule 
is consistent with Section 6(b) of the Act \7\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act \8\ in particular, in that 
it is an equitable allocation of reasonable fees and other charges.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that the proposal is reasonable and not 
unfairly discriminatory because Market Makers are free to add and 
remove MEI Ports and will only be charged for the amount of MEI Ports 
that they desire to use. The proposed fee is fair and equitable and not 
unreasonably discriminatory because it applies equally to all Market 
Makers regardless of type. All similarly situated Market Makers, with 
the same number of MEI Ports, will be subject to the same fee, and 
access to the Exchange is offered on terms that are not unfairly 
discriminatory. The Exchange believes that the proposed fees are 
reasonable in that the rates are within the range of that charged by 
another competing options exchange.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. The 
Exchange believes that the proposal increases both intermarket and 
intramarket competition by increasing MEI Port fees for Market Makers 
on the Exchange in the range of comparable fees on another exchange. 
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 in order to attract market 
participants to use its services. The Exchange believes that the 
proposal reflects this competitive environment because it increases the 
Exchange's fees in a manner that continues to encourage market 
participants to register as Market Makers on the Exchange, to provide 
liquidity, and to attract order flow. To the extent that this purpose 
is achieved, all the Exchange's market participants should benefit from 
the improved market liquidity.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\9\ At any time within 60 days of the filing 
of the proposed rule change, the Commission summarily may temporarily 
suspend such rule change if it appears to the Commission that such 
action is necessary or appropriate in the public interest, for the 
protection of investors, or otherwise in furtherance of the purposes of 
the Act. If the Commission takes such action, the Commission shall 
institute proceedings to determine whether the proposed rule should be 
approved or disapproved.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-MIAX-2015-25 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-2015-25. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE.,

[[Page 18896]]

Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal 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-2015-25, and should be 
submitted on or before April 29, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-07961 Filed 4-7-15; 8:45 am]
 BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.