Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 38782-38783 [2015-16545]

Download as PDF 38782 Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices sharing program to be used to obtain, aggregate, and enter site-specific and industry-wide operating experience, as discussed in Section 3.6.1.10. Dated at Rockville, Maryland, this 25th day of June 2015. For the Nuclear Regulatory Commission. Anthony H. Hsia, Deputy Director, Division of Spent Fuel Management, Office of Nuclear Material Safety and Safeguards. [FR Doc. 2015–16540 Filed 7–6–15; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION tkelley on DSK3SPTVN1PROD with NOTICES Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Thursday, July 9, 2015 at 2:00 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or her designee, has certified that, in her opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Stein, as duty officer, voted to consider the items listed for the Closed Meeting in closed session. The subject matter of the Closed Meeting will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: July 2, 2015. Brent J. Fields, Secretary. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75335; File No. SR–MIAX– 2015–43] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule June 30, 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 June 24, 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 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 modify the fees for FIX [FR Doc. 2015–16725 Filed 7–2–15; 4:15 pm] 1 15 BILLING CODE 8011–01–P 2 17 VerDate Sep<11>2014 20:31 Jul 06, 2015 Jkt 235001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00122 Fmt 4703 Sfmt 4703 Ports. Specifically, the Exchange proposes to adopt the following fees for FIX Ports: (i) $500 per month for the first FIX Port; (ii) $300 per month for each FIX Port 2 through 5; and (iii) $100 per month for each additional FIX Port over 5. Currently, MIAX assesses monthly FIX Port fees on Members based upon the number of FIX Ports used by the Member submitting orders to the Exchange. The Exchange currently assesses a fee of $250 per month for the first FIX Port, $150 per month for each FIX Port 2 through 5; and $50 per month for each additional FIX Port over 5. The FIX Ports 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.3 The Exchange established the current lower rates in order to encourage additional market participants to become Members of the Exchange 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 Members for use of FIX 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 Members for use of FIX Ports. Specifically, the Exchange proposes to: (i) increase the fee for the first FIX Port, from $250 to $500 per month; (ii) increase the fee for each FIX Port 2 through 5, from $150 to $300 per month; and (iii) increase the fee for each FIX Port over 5, from $50 to $100 per month. The Exchange proposes to implement the fee changes beginning July 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 4 in general, and furthers the objectives of Section 6(b)(4) of the Act 5 in particular, in that it is an equitable allocation of reasonable fees and other charges. The Exchange believes that the proposed fees are reasonable, equitable and not unfairly discriminatory because Members are free to add and remove FIX Ports and will only be charged for the amount of FIX Ports that they desire to use. The proposed fee is fair and 3 See NASDAQ OMX PHLX LLC (‘‘PHLX’’) Pricing Schedule, Section VII. PHLX assesses members an Order Entry Port Fee of $650 per month per mnemonic. 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(4). E:\FR\FM\07JYN1.SGM 07JYN1 Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices equitable and not unreasonably discriminatory because it applies equally to all Members regardless of type. All similarly situated Members, with the same number of FIX 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 FIX Port fees for Members 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 Members 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. tkelley on DSK3SPTVN1PROD with NOTICES 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.6 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 6 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Sep<11>2014 20:31 Jul 06, 2015 Jkt 235001 38783 2015–43, and should be submitted on or before July 28,2015. 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. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Robert W. Errett, Deputy Secretary. IV. Solicitation of Comments [FR Doc. 2015–16545 Filed 7–6–15; 8:45 am] 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: BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75333; File No. SR–FINRA– 2015–019] • 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–2015–43 on the subject line. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend FINRA Rule Series 9100, 9200, 9300, 9550, and 9800 Regarding Temporary and Permanent Cease and Desist Orders Paper Comments June 30, 2015. • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Pursuant to 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 June 16, 2015, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by FINRA. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. Electronic Comments All submissions should refer to File Number SR–MIAX–2015–43. 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 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– PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule Series 9100, 9200, 9300, 9550, and 9800 to modify the evidentiary standard that must be met to impose a temporary cease and desist order, to adopt a new expedited proceeding for repeated failures to comply with temporary or permanent cease and desist orders, to ease administrative burdens in temporary cease and desist proceedings, to harmonize the provisions governing how documents are served in temporary cease and desist proceedings and expedited proceedings, to clarify the process for issuing permanent cease and desist orders, and to make conforming changes throughout FINRA’s Code of Procedure. The text of the proposed rule change is available on FINRA’s Web site at https://www.finra.org, at the principal 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\07JYN1.SGM 07JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 80, Number 129 (Tuesday, July 7, 2015)]
[Notices]
[Pages 38782-38783]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16545]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75335; File No. SR-MIAX-2015-43]


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

June 30, 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 June 24, 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 modify the fees for FIX Ports. Specifically, the 
Exchange proposes to adopt the following fees for FIX Ports: (i) $500 
per month for the first FIX Port; (ii) $300 per month for each FIX Port 
2 through 5; and (iii) $100 per month for each additional FIX Port over 
5.
    Currently, MIAX assesses monthly FIX Port fees on Members based 
upon the number of FIX Ports used by the Member submitting orders to 
the Exchange. The Exchange currently assesses a fee of $250 per month 
for the first FIX Port, $150 per month for each FIX Port 2 through 5; 
and $50 per month for each additional FIX Port over 5. The FIX Ports 
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.\3\ The Exchange 
established the current lower rates in order to encourage additional 
market participants to become Members of the Exchange 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 
Members for use of FIX 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 
Members for use of FIX Ports. Specifically, the Exchange proposes to: 
(i) increase the fee for the first FIX Port, from $250 to $500 per 
month; (ii) increase the fee for each FIX Port 2 through 5, from $150 
to $300 per month; and (iii) increase the fee for each FIX Port over 5, 
from $50 to $100 per month.
---------------------------------------------------------------------------

    \3\ See NASDAQ OMX PHLX LLC (``PHLX'') Pricing Schedule, Section 
VII. PHLX assesses members an Order Entry Port Fee of $650 per month 
per mnemonic.
---------------------------------------------------------------------------

    The Exchange proposes to implement the fee changes beginning July 
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 \4\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act \5\ in particular, in that 
it is an equitable allocation of reasonable fees and other charges.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that the proposed fees are reasonable, 
equitable and not unfairly discriminatory because Members are free to 
add and remove FIX Ports and will only be charged for the amount of FIX 
Ports that they desire to use. The proposed fee is fair and

[[Page 38783]]

equitable and not unreasonably discriminatory because it applies 
equally to all Members regardless of type. All similarly situated 
Members, with the same number of FIX 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 FIX Port fees for Members 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 
Members 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.\6\ 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.
---------------------------------------------------------------------------

    \6\ 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-2015-43 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-2015-43. 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 
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-2015-43, and should be 
submitted on or before July 28, 2015.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-16545 Filed 7-6-15; 8:45 am]
BILLING CODE 8011-01-P

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