Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the MIAX Order Feed, 22749-22751 [2015-09427]
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Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices
classification changes for the First-Class
Mail and Special Services classes
respectively.4 In Order No. 2378, the
Commission remanded the proposed
price adjustments for the Standard Mail,
Periodicals, and Package Services
classes for failure to comply with
certain legal requirements.5
On March 12, 2015, the Postal Service
filed its response to Order No. 2378.6
The Postal Service stated that it
complied with each of the
Commission’s directives and
recommendations from Order No. 2378
and included revised Standard Mail and
Periodicals prices, updated Mail
Classification (MCS) pages, updated
workshare discount tables, updated
exigent surcharges affected by the
revised prices, and revised price cap
calculation workpapers for Standard
Mail, Periodicals, and Package Services
with its response. Id. at 1–2.
On March 18, 2015, the Commission
issued Order No. 2398 and found that
the Postal Service had not fully
complied with applicable statutory and
regulatory requirements and Order No.
2378. Order No. 2398 at 2. As a result,
the Commission remanded the revised
price adjustments for the Standard Mail,
Periodicals, and Package Services
classes for further revision, correction,
and clarification. Id. The Commission
explained that after the Postal Service
files an amended notice of rate
adjustment addressing the deficiencies
described in Order No. 2398, the
Commission would allow seven days for
public comment in accordance with 39
CFR 3010.11(g). Id.
III. Order No. 2398 and the Postal
Service’s Response
mstockstill on DSK4VPTVN1PROD with NOTICES
Standard Mail. In Order No. 2398, the
Commission found that the Postal
Service did not equalize all nonprofit
and commercial discounts as it was
ordered to in Order No. 2378. Order No.
2398 at 3–5.7 In addition, the
Commission required the Postal Service
to provide the calculations used to
develop the exigent surcharges for each
new Standard Mail Flats Sequencing
System (FSS) category to assist the
Commission in verifying the calculated
4 Order No. 2365, Order on Price Adjustments for
First-Class Products and Related Mail Classification
Changes, February 24, 2015; Order No. 2388, Order
on Price Adjustments for Special Services Products
and Related Mail Classification Changes, March 10,
2015.
5 Order on Price Adjustments for Standard Mail,
Periodicals, and Package Services Products, March
6, 2015 (Order No. 2378).
6 Response of the United States Postal Service to
Order No. 2378, March 12, 2015.
7 See also Order No. 2378 at 8–9.
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exigent surcharges. Order No. 2398 at
4–5.
In response to Order No. 2398, the
Postal Service states that it has
equalized all nonprofit and commercial
discounts. Response to Order No. 2398
at 4. The Postal Service explains that it
also adjusted other discount
relationships that were out of alignment
in its prior filings. Id. at 4–5. It also
states that it has corrected 12 exigent
surcharges and provided the
calculations used to develop the exigent
surcharges for each Standard Mail FSS
price category. Id. at 6.
Periodicals. In Order No. 2398, the
Commission ordered the Postal Service
to provide a revised price cap
calculation that addressed the
deficiencies identified by the
Commission. Order No. 2398 at 6–7. In
addition, the Commission found the
Postal Service must demonstrate
compliance with 39 CFR 3010.12(b)(4).
Id. at 7.
In response to Order No. 2398, the
Postal Service proposes a revised set of
Periodicals prices and a revised price
cap calculation that address the
Commission’s directives. Response to
Order No. 2398 at 7. The Postal Service
explains that it has made some
adjustments to the Commission’s
suggested approach, corrected
additional errors it has identified, and
increased the discount provided by the
per-piece editorial adjustment for
Outside County Periodicals. Id. at 8–9.
The Postal Service states that the
revised price adjustments result in a
total percentage price increase of 1.966
percent for the Periodicals class, which
uses all of its price adjustment authority
for the class. Id. at 9.
Package Services. In Order No. 2398,
the Commission found that it was
unable to make the finding required
under 39 U.S.C. 3622 and 39 CFR
3010.11 due to inaccurate billing
determinant adjustments and data
inconsistencies. Order No. 2398 at 9–11.
The Commission identified specific
information the Postal Service must
provide in its response to show the
deficiencies had been corrected. Id. at
11.
In response to Order No. 2398, the
Postal Service states that it has provided
the information required by the
Commission in Order No. 2398.
Response to Order No. 2398 at 10–23. In
addition, the Postal Service files revised
price cap calculation workpapers,
which it represents correct the issues
previously identified by the
Commission. Id. at 24.
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22749
IV. Notice of Commission Action
In accordance with 39 U.S.C. 3622
and 39 CFR part 3010, the Commission
will review the Postal Service’s
amended price adjustments in Docket
No. R2015–4. The Commission invites
comments from interested persons on
whether the price adjustments, as
amended in the Response to Order No.
2378 and Response to Order No. 2398,
are consistent with 39 U.S.C. 3622 and
the requirements of 39 CFR part 3010.
Comments are due no later than April
23, 2015. 39 CFR 3010.11(g). The Postal
Service’s filing can be accessed via the
Commission’s Web site (https://
www.prc.gov).
Pursuant to 39 U.S.C. 505, James
Waclawski will continue to serve as an
officer of the Commission (Public
Representative) representing the
interests of the general public in this
proceeding.8
V. Ordering Paragraphs
It is ordered:
1. Comments on the revised planned
price adjustments and related
classification changes for Standard Mail,
Periodicals, and Package Services are
due no later than April 23, 2015.
2. Pursuant to 39 U.S.C. 505, James
Waclawski will continue to serve as an
officer of the Commission (Public
Representative) representing the
interests of the general public in this
proceeding.
3. The Commission directs the
Secretary of the Commission to arrange
for prompt publication of this notice in
the Federal Register.
By the Commission.
Ruth Ann Abrams,
Acting Secretary.
[FR Doc. 2015–09446 Filed 4–22–15; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74759; File No. SR–MIAX–
2015–28]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Establish the MIAX Order
Feed
April 17, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
8 See Order No. 2327, Notice and Order on Rate
Adjustments, Classification Changes, and
Temporary Promotions for Market Dominant
Products, January 20, 2015, at 5.
E:\FR\FM\23APN1.SGM
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22750
Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 7,
2015, Miami International Securities
Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I and II 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
establish the MIAX Order Feed
(‘‘MOR’’).
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.
mstockstill on DSK4VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to establish
the MIAX Order Feed (‘‘MOR’’) data
product. MOR is a real-time full order
book data feed that provides
information for orders on the MIAX
order book. The proposed data feed is
based on the substantially similar
market data feed of another options
exchange.3
MOR will provide real-time
information to enable users to keep
track of the simple order book for all
symbols listed on MIAX. MOR will
provide real-time data including the
1 15
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 66993
(May 15, 2012), 77 FR 30043 (May 21, 2012) (SR–
PHLX–2012–63).
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limit price, origin, and size of each
order for the entire order book to its
users. It is a compilation of data for
orders residing on the Exchange’s order
book for options traded on the Exchange
that the Exchange provides through a
real-time data feed. The Exchange
updates the information upon receipt of
each order or change in status to any
order resting on the book (e.g., routing,
trading, or cancelling of the order).
The Exchange believes that some
users do not wish or need to subscribe
to the full MIAX Top of Market Options
(‘‘ToM’’) data product; 4 the MOR data
product is being offered to those users
that want the order book information
but don’t have the need for the entire
ToM data product. Accordingly, the
Exchange proposes to make available
the MOR data product for any user that
needs or wants only order book
information.
The Exchange represents that it will
make MOR equally available to any
market participant that wishes to
subscribe to it. The Exchange will
establish monthly fees for the MOR data
product by way of a separate proposed
rule change, which the Exchange will
submit after the MOR product is
established.
MOR will provide subscribers with
specific order book data that should
enhance their ability to analyze market
conditions, and to create and test
trading models and analytical strategies.
The Exchange believes that MOR is a
valuable tool that subscribers can use to
gain comprehensive insight into the
limit order book in a particular option.
2. Statutory Basis
MIAX believes that its proposed rule
change is consistent with Section 6(b) of
the Act 5 in general, and furthers the
objectives of Section 6(b)(5) of the Act 6
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The MOR market data product is
designed to promote just and equitable
principles of trade by providing all
subscribers with limit order book data
4 See Securities Exchange Act Release Nos. 73395
(October 21, 2014), 79 FR 63979 (October 27, 2014)
(SR–MIAX–2014–53); 69007 (February 28, 2013), 78
FR 14617 (March 6, 2013) (SR–MIAX–2013–05).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
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that should enable them to make
informed decisions on trading in MIAX
options by using the MOR data to assess
current market conditions that directly
affect such decisions. The proposed
market data product facilitates
transactions in securities, removes
impediments to and perfect the
mechanisms of a free and open market
and a national market system by
enhancing the subscribers’ ability to
make decisions on trading strategy, and
by providing data that should help bring
about such decisions in a timely manner
to the protection of investors and the
public interest. The market data
provided by MOR removes impediments
to, and is designed to further perfect, the
mechanisms of a free and open market
and a national market system by making
the MIAX market more transparent and
accessible to market participants making
routing decisions concerning their
options orders. The MOR market data
product is also designed to protect
investors and the public interest by
providing data to subscribers that is
already currently available on other
exchanges and will enable MIAX to
compete with such other exchanges,
thereby offering market participants
with additional data in order to seek the
market center with the best price and
the most liquidity on which to execute
their transactions, all to the benefit of
investors and the public interest, and to
the marketplace as a whole.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. On the
contrary, the Exchange believes that the
new market data product will enhance
competition in the U.S. options markets
by providing subscribers on MIAX a
market data product that is similar to
that which is currently provided on
other options exchange.7
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 Exchange has filed the proposed
rule change pursuant to Section
7 See Securities Exchange Act Release No. 66993
(May 15, 2012), 77 FR 30043 (May 21, 2012) (SR–
PHLX–2012–63).
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Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6)12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),13 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waiver of the
operative delay is consistent with
investor protection and the public
interest because the proposal will
provide market participants with
additional data in order to seek the
market center with the best price and
most liquidity on which to execute their
transactions, and is substantially similar
to that of another exchange.14 Further,
waiver of the operative delay would
provide access to this additional data
without delay. Accordingly, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.15
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
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 See supra note 3.
15 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
mstockstill on DSK4VPTVN1PROD with NOTICES
9 17
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22751
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
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–
MIAX–2015–28 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MIAX–2015–28. 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
a.m. and 3 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–MIAX–
2015–28, and should be submitted on or
before May 14, 2015.
PO 00000
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[FR Doc. 2015–09427 Filed 4–22–15; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74763; File No. SR–EDGA–
2015–10]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Designation
of Longer Period for Commission
Action on a Proposed Rule Change, as
Modified by Amendment No. 1, To
Amend Rules 11.6, 11.8, 11.9, 11.10
and 11.11 of EDGA Exchange, Inc.
April 17, 2015.
On February 20, 2015, EDGA
Exchange, Inc. (the ‘‘Exchange’’ or
‘‘EDGA’’) 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 Rules
11.6, 11.8, 11.9, 11.10 and 11.11 to
clarify and to include additional
specificity regarding the current
functionality of the Exchange’s System,3
including the operation of its order
types and order instructions. On
February 27, 2015, the Exchange filed
Amendment No. 1 to the proposal.4 The
proposed rule change, as modified by
Amendment No. 1, was published for
comment in the Federal Register on
March 10, 2015.5 The Commission
received no comment letters.
Section 19(b)(2) of the Act 6 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
16 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The term ‘‘System’’ is defined as ‘‘the electronic
communications and trading facility designated by
the Board through which securities orders of Users
are consolidated for ranking, execution and, when
applicable, routing away.’’ See Exchange Rule
1.5(cc).
4 Amendment No. 1 replaced SR–EDGA–2015–10
and superseded such filing in its entirety.
5 See Securities Exchange Act Release No. 74435
(March 4, 2015), 80 FR 12655.
6 15 U.S.C. 78s(b)(2).
1 15
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]]>Agencies
[Federal Register Volume 80, Number 78 (Thursday, April 23, 2015)]
[Notices]
[Pages 22749-22751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-09427]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74759; File No. SR-MIAX-2015-28]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Establish the MIAX Order Feed
April 17, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 22750]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 7, 2015, Miami International Securities Exchange LLC (``MIAX''
or ``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II 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 establish the MIAX Order Feed
(``MOR'').
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 establish the MIAX Order Feed (``MOR'')
data product. MOR is a real-time full order book data feed that
provides information for orders on the MIAX order book. The proposed
data feed is based on the substantially similar market data feed of
another options exchange.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 66993 (May 15,
2012), 77 FR 30043 (May 21, 2012) (SR-PHLX-2012-63).
---------------------------------------------------------------------------
MOR will provide real-time information to enable users to keep
track of the simple order book for all symbols listed on MIAX. MOR will
provide real-time data including the limit price, origin, and size of
each order for the entire order book to its users. It is a compilation
of data for orders residing on the Exchange's order book for options
traded on the Exchange that the Exchange provides through a real-time
data feed. The Exchange updates the information upon receipt of each
order or change in status to any order resting on the book (e.g.,
routing, trading, or cancelling of the order).
The Exchange believes that some users do not wish or need to
subscribe to the full MIAX Top of Market Options (``ToM'') data
product; \4\ the MOR data product is being offered to those users that
want the order book information but don't have the need for the entire
ToM data product. Accordingly, the Exchange proposes to make available
the MOR data product for any user that needs or wants only order book
information.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release Nos. 73395 (October 21,
2014), 79 FR 63979 (October 27, 2014) (SR-MIAX-2014-53); 69007
(February 28, 2013), 78 FR 14617 (March 6, 2013) (SR-MIAX-2013-05).
---------------------------------------------------------------------------
The Exchange represents that it will make MOR equally available to
any market participant that wishes to subscribe to it. The Exchange
will establish monthly fees for the MOR data product by way of a
separate proposed rule change, which the Exchange will submit after the
MOR product is established.
MOR will provide subscribers with specific order book data that
should enhance their ability to analyze market conditions, and to
create and test trading models and analytical strategies. The Exchange
believes that MOR is a valuable tool that subscribers can use to gain
comprehensive insight into the limit order book in a particular option.
2. Statutory Basis
MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \5\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \6\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The MOR market data product is designed to promote just and
equitable principles of trade by providing all subscribers with limit
order book data that should enable them to make informed decisions on
trading in MIAX options by using the MOR data to assess current market
conditions that directly affect such decisions. The proposed market
data product facilitates transactions in securities, removes
impediments to and perfect the mechanisms of a free and open market and
a national market system by enhancing the subscribers' ability to make
decisions on trading strategy, and by providing data that should help
bring about such decisions in a timely manner to the protection of
investors and the public interest. The market data provided by MOR
removes impediments to, and is designed to further perfect, the
mechanisms of a free and open market and a national market system by
making the MIAX market more transparent and accessible to market
participants making routing decisions concerning their options orders.
The MOR market data product is also designed to protect investors and
the public interest by providing data to subscribers that is already
currently available on other exchanges and will enable MIAX to compete
with such other exchanges, thereby offering market participants with
additional data in order to seek the market center with the best price
and the most liquidity on which to execute their transactions, all to
the benefit of investors and the public interest, and to the
marketplace as a whole.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. On the contrary, the
Exchange believes that the new market data product will enhance
competition in the U.S. options markets by providing subscribers on
MIAX a market data product that is similar to that which is currently
provided on other options exchange.\7\
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\7\ See Securities Exchange Act Release No. 66993 (May 15,
2012), 77 FR 30043 (May 21, 2012) (SR-PHLX-2012-63).
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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 Exchange has filed the proposed rule change pursuant to Section
[[Page 22751]]
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ Because
the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6)\12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiver of the operative delay is consistent
with investor protection and the public interest because the proposal
will provide market participants with additional data in order to seek
the market center with the best price and most liquidity on which to
execute their transactions, and is substantially similar to that of
another exchange.\14\ Further, waiver of the operative delay would
provide access to this additional data without delay. Accordingly, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\15\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ See supra note 3.
\15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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-2015-28 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2015-28. 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
a.m. and 3 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-MIAX-2015-28, and should be
submitted on or before May 14, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12), (59).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09427 Filed 4-22-15; 8:45 am]
BILLING CODE 8011-01-P
