Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 55158-55162 [2015-22977]

Download as PDF 55158 Federal Register / Vol. 80, No. 177 / Monday, September 14, 2015 / Notices Dated: September 10, 2015. Glenn Ellmers, Policy Coordinator, Office of the Secretary. [FR Doc. 2015–23173 Filed 9–10–15; 4:15 pm] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–442, OMB Control No. 3235–0498] Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. tkelley on DSK3SPTVN1PROD with NOTICES Extension: Rule 17a–12/Form X–17A–5 Part IIB. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17a–12 (17 CFR 240.17a–12) and Part IIB of Form X– 17A–5 (17 CFR 249.617) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 17a–12 is the reporting rule tailored specifically for over-the-counter (‘‘OTC’’) derivatives dealers registered with the Commission, and Part IIB of Form X–17A–5, the Financial and Operational Combined Uniform Single (‘‘FOCUS’’) Report, is the basic document for reporting the financial and operational condition of OTC derivatives dealers. Rule 17a–12 requires registered OTC derivatives dealers to file Part IIB of the FOCUS Report quarterly. Rule 17a–12 also requires that OTC derivatives dealers file audited financial statements annually. There are currently four registered OTC derivatives dealers. The staff expects that one additional firm will register as an OTC derivatives dealer within the next three years. The staff estimates that the average amount of time necessary to prepare and file the quarterly reports required by the rule is eighty hours per OTC derivatives dealer 1 and that the average amount of time to prepare and file the annual audit report is 100 hours per OTC derivatives 1 Based upon an average of 4 responses per year and an average of 20 hours spent preparing each response. VerDate Sep<11>2014 18:15 Sep 11, 2015 Jkt 235001 dealer per year, for a total reporting burden of 180 hours per OTC derivatives dealer annually. Thus the staff estimates that the total industrywide reporting burden to comply with the requirements of Rule 17a–12 is 900 hours per year (180 × 5). Further, the Commission estimates that the total internal compliance cost associated with this requirement is approximately $255,000 per year.2 The average annual reporting cost per broker-dealer for an independent public accountant to examine the financial statements is approximately $46,300 per brokerdealer. Thus, the total industry-wide annual reporting cost is approximately $231,500 ($46,300 × 5). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. 2 Based on staff experience, an OTC derivatives dealer likely would have a Compliance Manager gather the necessary information and prepare and file the quarterly reports and annual audit report and supporting schedules. According to the Securities Industry and Financial Markets Association Report on Management and Professional Earnings in the Securities Industry dated October 2013, which provides base salary and bonus information for middle-management and professional positions within the securities industry, the hourly cost of a compliance manager, which the Commission staff has modified to account for an 1800-hour work year and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead, is approximately $283/hour. $283/hour times 900 hours = $254,700, rounded to $255,000. PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 Dated: September 8, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–22976 Filed 9–11–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75856; File No. SR–MIAX– 2015–53] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule September 8, 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 August 28, 2015, Miami International Securities Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ‘‘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. 1 15 2 17 E:\FR\FM\14SEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 14SEN1 55159 Federal Register / Vol. 80, No. 177 / Monday, September 14, 2015 / 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 amend its Fee Schedule to increase the transaction fee rebate for Priority Customer 3 orders submitted by Members that meet certain percentage thresholds of national customer volume in multiply-listed option classes listed on MIAX in the Priority Customer Rebate Program (the ‘‘Program’’).4 Priority Customer Rebate Program Currently, the Exchange credits each Member the per contract amount resulting from each Priority Customer order transmitted by that Member that is executed electronically on the Exchange in all multiply-listed option classes (excluding Qualified Contingent Cross Orders,5 mini-options,6 Priority Customer-to-Priority Customer Orders, PRIME Auction Or Cancel Responses, PRIME Contra-side Orders, PRIME Orders for which both the Agency and Contra-side Order are Priority Customers,7 and executions related to contracts that are routed to one or more exchanges in connection with the Options Order Protection and Locked/ Crossed Market Plan referenced in MIAX Rule 1400), provided the Member meets certain tiered percentage thresholds in a month as described in the Priority Customer Rebate Program table.8 For each Priority Customer order transmitted by that Member and executed electronically on the Exchange, MIAX will continue to credit each member at the per contract rate for option classes that are not in MIAX Select Symbols (as defined below). For each Priority Customer order transmitted by that Member and executed electronically on the Exchange in MIAX Select Symbols (as defined below), MIAX will continue to credit each Member at the separate per contract rate for MIAX Select Symbols.9 For each Priority Customer order submitted into the PRIME Auction as a PRIME Agency Order, MIAX will continue to credit each member at the separate per contract rate for PRIME Agency Orders.10 The volume thresholds are calculated based on the customer volume over the course of the month. Volume will be recorded for and Percentage thresholds of national customer volume in multiply-listed options classes listed on MIAX (monthly) Tier Tier Tier Tier Per contract credit (non-select symbols) 1—0.00%–0.50% .................................................................................................................. 2—Above 0.50%–1.00% ...................................................................................................... 3—Above 1.00%–1.75%–1.75% [sic] .................................................................................. 4—Above 1.75% .................................................................................................................. The $0.17 per contract credit described in Tier 4 is applied to each contract traded in non-Select Symbols in that month, beginning with the first contract executed in a particular month if the Tier 4 volume threshold is achieved. In addition to the $0.17 rebate, a supplemental rebate of $0.03 tkelley on DSK3SPTVN1PROD with NOTICES credits will be delivered to the Member Firm that submits the order to the Exchange. The amount of the rebate is calculated beginning with the first executed contract at the applicable threshold per contract credit with rebate payments made at the highest achieved volume tier for each contract traded in that month. For example, under the current Program, a Member that executes a number of Priority Customer contracts above 1.75% of the national customer volume in multiply-listed options during a particular calendar month currently receives a credit of $0.17 for each Priority Customer contract (other than Select Symbols) executed during that month, even though there are lower incremental percentages for lower volume tiers leading up to the 1.75% volume threshold. In addition, all contracts (other than Select Symbols) traded in a particular month in excess of 1.75% of the national volume receive a supplemental rebate of $0.03 per contract. The current Priority Customer Rebate Program table designates the following monthly volume tiers and corresponding per contract credits: per contract is applied to contracts executed in excess of 1.75% of the monthly national volume in non-Select Symbols. 3 The term ‘‘Priority Customer’’ means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial accounts(s). See Exchange Rule 100. 4 See Securities Exchange Act Release Nos. 75631 (August 5 [sic], 2015), 80 FR 48382 (August 6 [sic], 2015) (SR–MIAX–2015–51); 74758 (April 17, 2015), 80 FR 22756 (April 23, 2015) (SR–MIAX–2015–27); 74007 (January 9 [sic], 2015), 80 FR 1537 (January 12, 2015) (SR–MIAX–2014–69); 72799 (August 8, 2014), 79 FR 47698 (August 14, 2014) (SR–MIAX– 2014–40); 72355 (June 10, 2014), 79 FR 34368 (June 16, 2014) (SR–MIAX–2014–25); 71698 (March 12, 2014), 79 FR 15185 (March 18, 2014) (SR–MIAX– 2014–12); 71283 (January 10, 2014), 79 FR 2914 (January 16, 2014) (SR–MIAX–2013–63); 71009 (December 6, 2013), 78 FR 75629 (December 12, 2013) (SR–MIAX–2013–56). 5 A Qualified Contingent Cross Order is comprised of an originating order to buy or sell at least 1,000 contracts, or 10,000 mini-option contracts, that is identified as being part of a qualified contingent trade, as that term is defined in Interpretations and Policies .01 below, coupled with a contra-side order or orders totaling an equal number of contracts. A Qualified Contingent Cross Order is not valid during the opening rotation process described in Rule 503. See Exchange Rule 516(j). 6 A mini-option is a series of option contracts with a 10 share deliverable on a stock, Exchange Traded Fund share, Trust Issued Receipt, or other Equity Index-Linked Security. See Exchange Rule 404, Interpretations and Policies .08. 7 The MIAX Price Improvement Mechanism (‘‘PRIME’’) is a process by which a Member may electronically submit for execution (‘‘Auction’’) an order it represents as agent (‘‘Agency Order’’) VerDate Sep<11>2014 18:15 Sep 11, 2015 Jkt 235001 Proposal The Exchange proposes to increase the per contract credit for transactions in non-Select Symbols for Tier 4. As PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 $0.00 0.10 0.15 0.17 Per contract credit in MIAX select symbols $0.00 0.10 0.20 0.20 Per contract credit for PRIME agency order $0.10 0.10 0.10 0.10 stated above, all contracts (other than Select Symbols) traded in a particular month when the Tier 4 volume threshold of 1.75% of the national monthly customer volume is exceeded receive a credit of $0.17 per contract for qualifying Priority Customer transactions on MIAX. The Exchange against principal interest, and/or an Agency Order against solicited interest. For a complete description of PRIME and of PRIME order types and responses, see Exchange Rule 515A. 8 See Fee Schedule Section (1)(a)(iii). 9 See Securities Exchange [sic] Release Nos. 75631 (August 5 [sic], 2015), 80 FR 48382 (August 6 [sic], 2015) (SR–MIAX–2015–51); 74291 (February 18, 2015), 80 FR 9841 (February 24, 2015) (SR– MIAX–2015–09); 74288 (February 18, 2015), 80 FR 9837 (February 24, 2015) (SR–MIAX–2015–08); 71700 (March 12, 2014), 79 FR 15188 (March 18, 2014) (SR–MIAX–2014–13); 72356 (June 10, 2014), 79 FR 34384 (June 16, 2014) (SR–MIAX–2014–26); 72567 (July 8, 2014), 79 FR 40818 (July 14, 2014) (SR–MIAX–2014–34); 73328 (October 9, 2014), 79 FR 62230 (October 16, 2014) (SR–MIAX–2014–50). 10 See Securities Exchange [sic] Release No. 72943 (August 28, 2014), 79 FR 52785 (September 4, 2014) (SR–MIAX–2014–45). E:\FR\FM\14SEN1.SGM 14SEN1 55160 Federal Register / Vol. 80, No. 177 / Monday, September 14, 2015 / Notices proposes to increase this per contract credit for Priority Customer transactions in non-Select Symbols in Tier 4 to $0.21. Contracts executed in non-Select Symbols in excess of 1.75% of national monthly customer volume currently receive a supplemental rebate of $0.03 per contract. The Exchange proposes to eliminate this additional $0.03 rebate per contract. The Exchange also proposes to increase the per contract credit for transactions in MIAX Select Symbols for tiers 3 and 4. Currently, the Exchange credits $0.20 per contract for qualifying Priority Customer transactions in MIAX Percentage thresholds of national customer volume in multiply-listed options classes listed on MIAX (monthly) Tier Tier Tier Tier Per contract credit (non-select symbols) 1—0.00%–0.50% .................................................................................................................. 2—Above 0.50%–1.00% ...................................................................................................... 3—Above 1.00%–1.75% ...................................................................................................... 4—Above 1.75% .................................................................................................................. The Exchange believes that the proposed new monthly credits should provide incentives for Members to direct greater Priority Customer trade volume to the Exchange. MIAX Select Symbols The proposed new monthly per contract credits will apply to MIAX Select Symbols,11 with the per contract credit increasing for certain monthly volume thresholds. The monthly per contract rebate will increase to $0.21 for all contracts executed in Select Symbols in tiers 3 and 4. MIAX Non-Select Symbols Proposed new monthly per contract credits will apply to non-Select Symbols with the per contract credit increasing for certain monthly volume thresholds. The monthly per contract credit will increase to $0.21 for all contracts executed in non-Select Symbols in tier 4. The Exchange also proposes to eliminate the current additional rebate of $0.03 per contract for non-Select Symbol contracts executed in excess of the Tier 4 monthly volume of 1.75% of the national customer volume. Under the proposal, all contracts (other than Select Symbols) traded in a particular month when the Tier 4 volume threshold of 1.75% of the national monthly customer volume is exceeded will receive a credit of $0.21, and contracts executed in non-Select Symbols in excess of 1.75% of national monthly customer volume will no longer receive a supplemental rebate of tkelley on DSK3SPTVN1PROD with NOTICES Select Symbols in tiers 3 and 4. The Exchange proposes to increase the per contract credit for transactions in MIAX Select Symbols to $0.21 for the tier 3 and 4 volume thresholds. Specifically, the new per contract credits will be as set forth in the following table: 11 The term ‘‘MIAX Select Symbols’’ means options overlying AA, AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, CBS, CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, GILD, GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC, IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX, NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S, SPY, SUNE, T, TSLA, USO, VALE, VXX, WBA, WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM, XOP and YHOO. See Fee Schedule, note 13. VerDate Sep<11>2014 18:15 Sep 11, 2015 Jkt 235001 $0.03 per contract. The Exchange believes that this new, increased rebate which is calculated beginning with the first executed contract at the applicable threshold per contract credit with rebate payments made at $0.21 for each contract trade or [sic] that month obviates the need for the supplemental rebate. All other aspects of the Program will remain unchanged. The Exchange is not proposing any change to the per contract credit for PRIME Agency Orders. Consistent with the current Fee Schedule, the Exchange will continue to aggregate the contracts resulting from Priority Customer orders transmitted and executed electronically on the Exchange from affiliated Members for purposes of the thresholds above, provided there is at least 75% common ownership between the firms as reflected on each firm’s Form BD, Schedule A. In the event of a MIAX System outage or other interruption of electronic trading on MIAX, the Exchange will adjust the national customer volume in multiply-listed options for the duration of the outage. A Member may request to receive its credit under the Priority Customer Rebate Program as a separate direct payment. The purpose of the proposed rule change is to encourage Members to direct greater Priority Customer trade volume to the Exchange and to compete with other options exchanges that have a similar rebate.12 The Exchange believes that increased Priority Customer volume will attract more liquidity to the Exchange, which benefits all market participants. Increased retail customer order flow should attract professional liquidity providers (Market Makers), which in 12 See, e.g., Securities Exchange Act Release No. 75702 (August 14, 2015), 80 FR 50685 (August 20, 2015) (SR–PHLX–2015–68). PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 $0.00 0.10 0.15 0.21 Per contract credit in MIAX select symbols $0.00 0.10 0.21 0.21 Per contract credit for PRIME agency order $0.10 0.10 0.10 0.10 turn should make the MIAX marketplace an attractive venue where Market Makers will submit narrow quotations with greater size, deepening and enhancing the quality of the MIAX marketplace. This should provide more trading opportunities and tighter spreads for other market participants and result in a corresponding increase in order flow from such other market participants. The specific volume thresholds of the Program’s tiers are set based upon business determinations and an analysis of current volume levels. The volume thresholds are intended to incentivize firms to increase the number of Priority Customer orders they send to the Exchange so that they can achieve the next threshold, and to encourage new participants to send Priority Customer orders as well. Increasing the number of orders sent to the Exchange will in turn provide tighter and more liquid markets, and therefore attract more business overall. Similarly, the different credit rates at the different tier levels are based on an analysis of current revenue and volume levels and are intended to provide increasing ‘‘rewards’’ to MIAX participants for increasing the volume of Priority Customer orders sent to, and Priority Customer contracts executed on, the Exchange. The specific amounts of the tiers and rates are set in order to encourage suppliers of Priority Customer order flow to reach for higher tiers. The credits paid out as part of the program will be drawn from the general revenues of the Exchange.13 The Exchange calculates volume thresholds on a monthly basis. 13 Despite providing credits under the Program, the Exchange represents that it will continue to have adequate resources to fund its regulatory program and fulfill its responsibilities as a selfregulatory organization while the Program is in effect. E:\FR\FM\14SEN1.SGM 14SEN1 Federal Register / Vol. 80, No. 177 / Monday, September 14, 2015 / Notices tkelley on DSK3SPTVN1PROD with NOTICES 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with Section 6(b) of the Act 14 in general, and furthers the objectives of Section 6(b)(4) of the Act 15 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. The Exchange believes that the proposal is equitable and not unfairly discriminatory. The Program and the proposed increase in the per contract rebate is reasonably designed because it will encourage providers of Priority Customer order flow to send that Priority Customer order flow to the Exchange in order to receive an increasing per contract credit with each volume tier achieved. The Exchange believes that the proposed increase in the per contract rate should improve market quality for all market participants. The proposed changes to the rebate program are fair and equitable and not unreasonably discriminatory because they apply equally to all Priority Customer orders. All similarly situated Priority Customer orders are subject to the same rebate schedule, and access to the Exchange is offered on terms that are not unfairly discriminatory. Furthermore, the proposed increase in credits is equitable and not unfairly discriminatory because the proposed rates and changes encourage Members to direct increased amounts of Priority Customer contracts to the Exchange. Market participants want to trade with Priority Customer order flow. To the extent Priority Customer order flow is increased by the proposal, market participants will increasingly compete for the opportunity to trade on the Exchange including sending more orders and providing narrower and larger sized quotations in the effort to trade with such Priority Customer order flow. The resulting increased volume and liquidity will benefit all Exchange participants by providing more trading opportunities and tighter spreads. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed change would increase both intermarket and intramarket competition by encouraging Members to direct their Priority Customer orders to the 14 15 15 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). VerDate Sep<11>2014 18:15 Sep 11, 2015 Exchange, which should enhance the quality of quoting and increase the volume of contracts traded on MIAX. Respecting the competitive position of non-Priority Customers, the Exchange believes that this rebate program should provide additional liquidity that enhances the quality of its markets and increases the number of trading opportunities on MIAX for all participants, including non-Priority Customers, who will be able to compete for such opportunities. This should benefit all market participants and improve competition on the 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 and rebates to remain competitive with other exchanges and to attract order flow to the Exchange. The Exchange believes that the proposed rule change reflects this competitive environment because it increases rebates and thus encourages market participants to direct their customer order flow, to provide liquidity, and to attract additional transaction volume to the Exchange. Given the robust competition for volume among options markets, many of which offer the same products, enhancing the existing volume based customer rebate program to attract order flow is consistent with the goals of the Act. The Exchange believes that the proposal will enhance competition, because market participants will have another additional pricing consideration in determining where to execute orders and post liquidity if they factor the benefits of the proposed rebate program into the determination. 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.16 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 16 15 Jkt 235001 PO 00000 U.S.C. 78s(b)(3)(A)(ii). Frm 00080 Fmt 4703 Sfmt 4703 55161 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–2015–53 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–2015–53. 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– 2015–53, and should be submitted on or before October 5, 2015. E:\FR\FM\14SEN1.SGM 14SEN1 55162 Federal Register / Vol. 80, No. 177 / Monday, September 14, 2015 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–22977 Filed 9–11–15; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Regulatory Fairness Hearing; Region IX—Springerville, Arizona; Cancellation U.S. Small Business Administration (SBA). ACTION: Notice of open hearing of Region IX Small Business Owners and Business Leaders in Springerville, Arizona, cancellation. AGENCY: Federal Register Citation of Previous Announcement: 80 FR 49296, August 17, 2015. Previously Announced Time and Date of The Meeting: Wednesday, September 9, 2015, 8:30 a.m.–5:00 p.m. (MST). Changes in the Meeting: Hearing Canceled: Due to budgetary constraints and logistical issues, the hearing on Wednesday, September 9, 2015, in Springerville, AZ from 8:30 a.m. to 5:00 p.m. (MST) must be postponed to a later date. Contact Person for More Information: ´ ´ Jose Mendez, Case Management Specialist, Office of the National Ombudsman, 409 3rd Street SW., Suite 7125, Washington, DC 20416, by fax (202) 481–5719, by email at ombudsman-events@sba.gov, by phone (202) 205–6178. Dated: September 3, 2015. Miguel J. L’Heureux, SBA Committee Management Officer. [FR Doc. 2015–22981 Filed 9–11–15; 8:45 am] BILLING CODE P DEPARTMENT OF STATE [Public Notice 9267] 60-Day Notice of Proposed Information Collection: Application Under the Hague Convention on the Civil Aspects of International Child Abduction Notice of request for public comment. tkelley on DSK3SPTVN1PROD with NOTICES ACTION: The Department of State is seeking Office of Management and Budget (OMB) approval for the information collection described below. In accordance with the Paperwork SUMMARY: 17 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:15 Sep 11, 2015 Jkt 235001 Reduction Act of 1995, we are requesting comments on this collection from all interested individuals and organizations. The purpose of this notice is to allow 60 days for public comment preceding submission of the collection to OMB. DATES: The Department will accept comments from the public up to November 13, 2015. ADDRESSES: You may submit comments by any of the following methods: • Web: Persons with access to the Internet may comment on this notice by going to www.Regulations.gov. You can search for the document by entering Docket Number: DOS–2015–0035 in the search field. Then click the ‘‘Comment Now’’ button and complete the comment form. • Email: mailto:Shawkm@state.gov. • Regular Mail: Send written comments to: U.S. Department of State, CA/OCS/PMO, SA–17, 10th Floor, Washington, DC 20036. • Fax: 202–736–9111. • Hand Delivery or Courier: U.S. Department of State, CA/OCS/PMO, 600 19th St. NW., 10th Floor, Washington, DC 20036. You must include the DS form number (if applicable), information collection title, and the OMB control number in any correspondence. FOR FURTHER INFORMATION CONTACT: Direct requests for additional information regarding the collection listed in this notice, including requests for copies of the proposed collection instrument and supporting documents, to Kaye Shaw, Bureau of Consular Affairs, Overseas Citizens Services (CA/ OCS/PMO), U.S. Department of State, SA–17, 10th Floor, Washington, DC 20036 or at mailto:shawkm@state.gov. SUPPLEMENTARY INFORMATION: • Title of Information Collection: Application Under the Hague Convention on the Civil Aspects of International Child Abduction. • OMB Control Number: 1405–0076. • Type of Request: Extension. • Originating Office: CA/OCS/L. • Form Number: DS–3013, 3013–s. • Respondents: Person seeking return of or access to child. • Estimated Number of Respondents: 565. • Estimated Number of Responses: 565. • Average Time per Response: 1 hour. • Total Estimated Burden Time: 565 hours. • Frequency: On Occasion. • Obligation to Respond: Voluntary. We are soliciting public comments to permit the Department to: PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 • Evaluate whether the proposed information collection is necessary for the proper functions of the Department. • Evaluate the accuracy of our estimate of the time and cost burden for this proposed collection, including the validity of the methodology and assumptions used. • Enhance the quality, utility, and clarity of the requests for information to be collected. • Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of information technology. Please note that comments submitted in response to this Notice are public record. Before including any detailed personal information, you should be aware that your comments as submitted, including your personal information, will be available for public review. Abstract of proposed collection: The Application Under the Hague Convention on the Civil Aspects of International Child Abduction (DS–3013 and DS 3013–s) is used by parents or legal guardians who are requesting the State Department’s assistance in seeking the return of, or access to, a child or children alleged to have been wrongfully removed from or retained outside of the child’s habitual residence and currently located in another country that is also party to the Hague Convention on the Civil Aspects of International Child Abduction (the Convention). The application requests information regarding the identities of the applicant, the child or children, and the person alleged to have wrongfully removed or retained the child or children. In addition, the application requires that the applicant provide the circumstances of the alleged wrongful removal or retention and the legal justification for the request for return or access. The State Department, as the U.S. Central Authority for the Convention, uses this information to establish, if possible, the applicants’ claims under the Convention; to inform applicants about available remedies under the Convention; and to provide the information necessary to the foreign Central Authority in its efforts to locate the child or children, and to facilitate return of or access to the child or children pursuant to the Convention. 42 U.S.C. 11608 is the legal authority that permits the Department to gather this information. Methodology: The completed form DS–3013 and DS 3013–s may be submitted to the Office of Children’s Issues by mail, by fax, or electronically accessed through www.travel.state.gov. E:\FR\FM\14SEN1.SGM 14SEN1

Agencies

[Federal Register Volume 80, Number 177 (Monday, September 14, 2015)]
[Notices]
[Pages 55158-55162]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-22977]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75856; File No. SR-MIAX-2015-53]


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

September 8, 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 August 28, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the MIAX Options Fee 
Schedule (the ``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.

[[Page 55159]]

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 its Fee Schedule to increase the 
transaction fee rebate for Priority Customer \3\ orders submitted by 
Members that meet certain percentage thresholds of national customer 
volume in multiply-listed option classes listed on MIAX in the Priority 
Customer Rebate Program (the ``Program'').\4\
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    \3\ The term ``Priority Customer'' means a person or entity that 
(i) is not a broker or dealer in securities, and (ii) does not place 
more than 390 orders in listed options per day on average during a 
calendar month for its own beneficial accounts(s). See Exchange Rule 
100.
    \4\ See Securities Exchange Act Release Nos. 75631 (August 5 
[sic], 2015), 80 FR 48382 (August 6 [sic], 2015) (SR-MIAX-2015-51); 
74758 (April 17, 2015), 80 FR 22756 (April 23, 2015) (SR-MIAX-2015-
27); 74007 (January 9 [sic], 2015), 80 FR 1537 (January 12, 2015) 
(SR-MIAX-2014-69); 72799 (August 8, 2014), 79 FR 47698 (August 14, 
2014) (SR-MIAX-2014-40); 72355 (June 10, 2014), 79 FR 34368 (June 
16, 2014) (SR-MIAX-2014-25); 71698 (March 12, 2014), 79 FR 15185 
(March 18, 2014) (SR-MIAX-2014-12); 71283 (January 10, 2014), 79 FR 
2914 (January 16, 2014) (SR-MIAX-2013-63); 71009 (December 6, 2013), 
78 FR 75629 (December 12, 2013) (SR-MIAX-2013-56).
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Priority Customer Rebate Program
    Currently, the Exchange credits each Member the per contract amount 
resulting from each Priority Customer order transmitted by that Member 
that is executed electronically on the Exchange in all multiply-listed 
option classes (excluding Qualified Contingent Cross Orders,\5\ mini-
options,\6\ Priority Customer-to-Priority Customer Orders, PRIME 
Auction Or Cancel Responses, PRIME Contra-side Orders, PRIME Orders for 
which both the Agency and Contra-side Order are Priority Customers,\7\ 
and executions related to contracts that are routed to one or more 
exchanges in connection with the Options Order Protection and Locked/
Crossed Market Plan referenced in MIAX Rule 1400), provided the Member 
meets certain tiered percentage thresholds in a month as described in 
the Priority Customer Rebate Program table.\8\ For each Priority 
Customer order transmitted by that Member and executed electronically 
on the Exchange, MIAX will continue to credit each member at the per 
contract rate for option classes that are not in MIAX Select Symbols 
(as defined below). For each Priority Customer order transmitted by 
that Member and executed electronically on the Exchange in MIAX Select 
Symbols (as defined below), MIAX will continue to credit each Member at 
the separate per contract rate for MIAX Select Symbols.\9\ For each 
Priority Customer order submitted into the PRIME Auction as a PRIME 
Agency Order, MIAX will continue to credit each member at the separate 
per contract rate for PRIME Agency Orders.\10\ The volume thresholds 
are calculated based on the customer volume over the course of the 
month. Volume will be recorded for and credits will be delivered to the 
Member Firm that submits the order to the Exchange.
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    \5\ A Qualified Contingent Cross Order is comprised of an 
originating order to buy or sell at least 1,000 contracts, or 10,000 
mini-option contracts, that is identified as being part of a 
qualified contingent trade, as that term is defined in 
Interpretations and Policies .01 below, coupled with a contra-side 
order or orders totaling an equal number of contracts. A Qualified 
Contingent Cross Order is not valid during the opening rotation 
process described in Rule 503. See Exchange Rule 516(j).
    \6\ A mini-option is a series of option contracts with a 10 
share deliverable on a stock, Exchange Traded Fund share, Trust 
Issued Receipt, or other Equity Index-Linked Security. See Exchange 
Rule 404, Interpretations and Policies .08.
    \7\ The MIAX Price Improvement Mechanism (``PRIME'') is a 
process by which a Member may electronically submit for execution 
(``Auction'') an order it represents as agent (``Agency Order'') 
against principal interest, and/or an Agency Order against solicited 
interest. For a complete description of PRIME and of PRIME order 
types and responses, see Exchange Rule 515A.
    \8\ See Fee Schedule Section (1)(a)(iii).
    \9\ See Securities Exchange [sic] Release Nos. 75631 (August 5 
[sic], 2015), 80 FR 48382 (August 6 [sic], 2015) (SR-MIAX-2015-51); 
74291 (February 18, 2015), 80 FR 9841 (February 24, 2015) (SR-MIAX-
2015-09); 74288 (February 18, 2015), 80 FR 9837 (February 24, 2015) 
(SR-MIAX-2015-08); 71700 (March 12, 2014), 79 FR 15188 (March 18, 
2014) (SR-MIAX-2014-13); 72356 (June 10, 2014), 79 FR 34384 (June 
16, 2014) (SR-MIAX-2014-26); 72567 (July 8, 2014), 79 FR 40818 (July 
14, 2014) (SR-MIAX-2014-34); 73328 (October 9, 2014), 79 FR 62230 
(October 16, 2014) (SR-MIAX-2014-50).
    \10\ See Securities Exchange [sic] Release No. 72943 (August 28, 
2014), 79 FR 52785 (September 4, 2014) (SR-MIAX-2014-45).
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    The amount of the rebate is calculated beginning with the first 
executed contract at the applicable threshold per contract credit with 
rebate payments made at the highest achieved volume tier for each 
contract traded in that month. For example, under the current Program, 
a Member that executes a number of Priority Customer contracts above 
1.75% of the national customer volume in multiply-listed options during 
a particular calendar month currently receives a credit of $0.17 for 
each Priority Customer contract (other than Select Symbols) executed 
during that month, even though there are lower incremental percentages 
for lower volume tiers leading up to the 1.75% volume threshold. In 
addition, all contracts (other than Select Symbols) traded in a 
particular month in excess of 1.75% of the national volume receive a 
supplemental rebate of $0.03 per contract.
    The current Priority Customer Rebate Program table designates the 
following monthly volume tiers and corresponding per contract credits:

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                                                                   Per contract                    Per contract
 Percentage thresholds of national customer volume in multiply-    credit (non-    Per contract     credit for
         listed options classes listed on MIAX (monthly)              select      credit in MIAX   PRIME agency
                                                                     symbols)     select symbols       order
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Tier 1--0.00%-0.50%.............................................           $0.00           $0.00           $0.10
Tier 2--Above 0.50%-1.00%.......................................            0.10            0.10            0.10
Tier 3--Above 1.00%-1.75%-1.75% [sic]...........................            0.15            0.20            0.10
Tier 4--Above 1.75%.............................................            0.17            0.20            0.10
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    The $0.17 per contract credit described in Tier 4 is applied to 
each contract traded in non-Select Symbols in that month, beginning 
with the first contract executed in a particular month if the Tier 4 
volume threshold is achieved. In addition to the $0.17 rebate, a 
supplemental rebate of $0.03 per contract is applied to contracts 
executed in excess of 1.75% of the monthly national volume in non-
Select Symbols.
Proposal
    The Exchange proposes to increase the per contract credit for 
transactions in non-Select Symbols for Tier 4. As stated above, all 
contracts (other than Select Symbols) traded in a particular month when 
the Tier 4 volume threshold of 1.75% of the national monthly customer 
volume is exceeded receive a credit of $0.17 per contract for 
qualifying Priority Customer transactions on MIAX. The Exchange

[[Page 55160]]

proposes to increase this per contract credit for Priority Customer 
transactions in non-Select Symbols in Tier 4 to $0.21. Contracts 
executed in non-Select Symbols in excess of 1.75% of national monthly 
customer volume currently receive a supplemental rebate of $0.03 per 
contract. The Exchange proposes to eliminate this additional $0.03 
rebate per contract.
    The Exchange also proposes to increase the per contract credit for 
transactions in MIAX Select Symbols for tiers 3 and 4. Currently, the 
Exchange credits $0.20 per contract for qualifying Priority Customer 
transactions in MIAX Select Symbols in tiers 3 and 4. The Exchange 
proposes to increase the per contract credit for transactions in MIAX 
Select Symbols to $0.21 for the tier 3 and 4 volume thresholds.
    Specifically, the new per contract credits will be as set forth in 
the following table:

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                                                                   Per contract                    Per contract
 Percentage thresholds of national customer volume in multiply-    credit (non-    Per contract     credit for
         listed options classes listed on MIAX (monthly)              select      credit in MIAX   PRIME agency
                                                                     symbols)     select symbols       order
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Tier 1--0.00%-0.50%.............................................           $0.00           $0.00           $0.10
Tier 2--Above 0.50%-1.00%.......................................            0.10            0.10            0.10
Tier 3--Above 1.00%-1.75%.......................................            0.15            0.21            0.10
Tier 4--Above 1.75%.............................................            0.21            0.21            0.10
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    The Exchange believes that the proposed new monthly credits should 
provide incentives for Members to direct greater Priority Customer 
trade volume to the Exchange.
MIAX Select Symbols
    The proposed new monthly per contract credits will apply to MIAX 
Select Symbols,\11\ with the per contract credit increasing for certain 
monthly volume thresholds. The monthly per contract rebate will 
increase to $0.21 for all contracts executed in Select Symbols in tiers 
3 and 4.
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    \11\ The term ``MIAX Select Symbols'' means options overlying 
AA, AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BBRY, BIDU, BP, C, 
CAT, CBS, CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, GILD, GLD, 
GM, GOOGL, GPRO, HAL, HTZ, INTC, IWM, JCP, JNJ, JPM, KMI, KO, MO, 
MRK, NFLX, NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S, SPY, 
SUNE, T, TSLA, USO, VALE, VXX, WBA, WFC, WMB, WY, X, XHB, XLE, XLF, 
XLP, XOM, XOP and YHOO. See Fee Schedule, note 13.
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MIAX Non-Select Symbols
    Proposed new monthly per contract credits will apply to non-Select 
Symbols with the per contract credit increasing for certain monthly 
volume thresholds. The monthly per contract credit will increase to 
$0.21 for all contracts executed in non-Select Symbols in tier 4. The 
Exchange also proposes to eliminate the current additional rebate of 
$0.03 per contract for non-Select Symbol contracts executed in excess 
of the Tier 4 monthly volume of 1.75% of the national customer volume. 
Under the proposal, all contracts (other than Select Symbols) traded in 
a particular month when the Tier 4 volume threshold of 1.75% of the 
national monthly customer volume is exceeded will receive a credit of 
$0.21, and contracts executed in non-Select Symbols in excess of 1.75% 
of national monthly customer volume will no longer receive a 
supplemental rebate of $0.03 per contract. The Exchange believes that 
this new, increased rebate which is calculated beginning with the first 
executed contract at the applicable threshold per contract credit with 
rebate payments made at $0.21 for each contract trade or [sic] that 
month obviates the need for the supplemental rebate.
    All other aspects of the Program will remain unchanged. The 
Exchange is not proposing any change to the per contract credit for 
PRIME Agency Orders. Consistent with the current Fee Schedule, the 
Exchange will continue to aggregate the contracts resulting from 
Priority Customer orders transmitted and executed electronically on the 
Exchange from affiliated Members for purposes of the thresholds above, 
provided there is at least 75% common ownership between the firms as 
reflected on each firm's Form BD, Schedule A. In the event of a MIAX 
System outage or other interruption of electronic trading on MIAX, the 
Exchange will adjust the national customer volume in multiply-listed 
options for the duration of the outage. A Member may request to receive 
its credit under the Priority Customer Rebate Program as a separate 
direct payment.
    The purpose of the proposed rule change is to encourage Members to 
direct greater Priority Customer trade volume to the Exchange and to 
compete with other options exchanges that have a similar rebate.\12\ 
The Exchange believes that increased Priority Customer volume will 
attract more liquidity to the Exchange, which benefits all market 
participants. Increased retail customer order flow should attract 
professional liquidity providers (Market Makers), which in turn should 
make the MIAX marketplace an attractive venue where Market Makers will 
submit narrow quotations with greater size, deepening and enhancing the 
quality of the MIAX marketplace. This should provide more trading 
opportunities and tighter spreads for other market participants and 
result in a corresponding increase in order flow from such other market 
participants.
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    \12\ See, e.g., Securities Exchange Act Release No. 75702 
(August 14, 2015), 80 FR 50685 (August 20, 2015) (SR-PHLX-2015-68).
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    The specific volume thresholds of the Program's tiers are set based 
upon business determinations and an analysis of current volume levels. 
The volume thresholds are intended to incentivize firms to increase the 
number of Priority Customer orders they send to the Exchange so that 
they can achieve the next threshold, and to encourage new participants 
to send Priority Customer orders as well. Increasing the number of 
orders sent to the Exchange will in turn provide tighter and more 
liquid markets, and therefore attract more business overall. Similarly, 
the different credit rates at the different tier levels are based on an 
analysis of current revenue and volume levels and are intended to 
provide increasing ``rewards'' to MIAX participants for increasing the 
volume of Priority Customer orders sent to, and Priority Customer 
contracts executed on, the Exchange. The specific amounts of the tiers 
and rates are set in order to encourage suppliers of Priority Customer 
order flow to reach for higher tiers.
    The credits paid out as part of the program will be drawn from the 
general revenues of the Exchange.\13\ The Exchange calculates volume 
thresholds on a monthly basis.
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    \13\ Despite providing credits under the Program, the Exchange 
represents that it will continue to have adequate resources to fund 
its regulatory program and fulfill its responsibilities as a self-
regulatory organization while the Program is in effect.

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[[Page 55161]]

2. Statutory Basis
    The Exchange believes that its proposal to amend its fee schedule 
is consistent with Section 6(b) of the Act \14\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \15\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among Exchange members.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the proposal is equitable and not 
unfairly discriminatory. The Program and the proposed increase in the 
per contract rebate is reasonably designed because it will encourage 
providers of Priority Customer order flow to send that Priority 
Customer order flow to the Exchange in order to receive an increasing 
per contract credit with each volume tier achieved. The Exchange 
believes that the proposed increase in the per contract rate should 
improve market quality for all market participants. The proposed 
changes to the rebate program are fair and equitable and not 
unreasonably discriminatory because they apply equally to all Priority 
Customer orders. All similarly situated Priority Customer orders are 
subject to the same rebate schedule, and access to the Exchange is 
offered on terms that are not unfairly discriminatory. Furthermore, the 
proposed increase in credits is equitable and not unfairly 
discriminatory because the proposed rates and changes encourage Members 
to direct increased amounts of Priority Customer contracts to the 
Exchange. Market participants want to trade with Priority Customer 
order flow. To the extent Priority Customer order flow is increased by 
the proposal, market participants will increasingly compete for the 
opportunity to trade on the Exchange including sending more orders and 
providing narrower and larger sized quotations in the effort to trade 
with such Priority Customer order flow. The resulting increased volume 
and liquidity will benefit all Exchange participants by providing more 
trading opportunities and tighter spreads.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange believes that the 
proposed change would increase both intermarket and intramarket 
competition by encouraging Members to direct their Priority Customer 
orders to the Exchange, which should enhance the quality of quoting and 
increase the volume of contracts traded on MIAX. Respecting the 
competitive position of non-Priority Customers, the Exchange believes 
that this rebate program should provide additional liquidity that 
enhances the quality of its markets and increases the number of trading 
opportunities on MIAX for all participants, including non-Priority 
Customers, who will be able to compete for such opportunities. This 
should benefit all market participants and improve competition on the 
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 and rebates 
to remain competitive with other exchanges and to attract order flow to 
the Exchange. The Exchange believes that the proposed rule change 
reflects this competitive environment because it increases rebates and 
thus encourages market participants to direct their customer order 
flow, to provide liquidity, and to attract additional transaction 
volume to the Exchange. Given the robust competition for volume among 
options markets, many of which offer the same products, enhancing the 
existing volume based customer rebate program to attract order flow is 
consistent with the goals of the Act. The Exchange believes that the 
proposal will enhance competition, because market participants will 
have another additional pricing consideration in determining where to 
execute orders and post liquidity if they factor the benefits of the 
proposed rebate program into the determination.

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.\16\ 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.
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    \16\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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-2015-53 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-2015-53. 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-2015-53, and should be 
submitted on or before October 5, 2015.


[[Page 55162]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-22977 Filed 9-11-15; 8:45 am]
BILLING CODE 8011-01-P
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