Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Options Fee Schedule, 11614-11616 [2016-04708]
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Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Notices
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on February 26,
2016, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail & First-Class Package Service
Contract 14 to Competitive Product List.
Documents are available at
www.prc.gov, Docket Nos. MC2016–88,
CP2016–113.
SUPPLEMENTARY INFORMATION:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2016–04784 Filed 3–3–16; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail Express
Negotiated Service Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: March 4, 2016.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on February 26,
2016, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Express Contract 33 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2016–87,
CP2016–112.
SUMMARY:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2016–04783 Filed 3–3–16; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
jstallworth on DSK7TPTVN1PROD with NOTICES
[Release No. 34–77251; File No. SR–MIAX–
2016–06]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the MIAX Options
Fee Schedule
February 29, 2016.
Pursuant to the provisions of Section
19(b)(1) of the Securities Exchange Act
VerDate Sep<11>2014
15:22 Mar 03, 2016
Jkt 238001
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on February 26, 2016, 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 and II, 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
(‘‘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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to broaden the description of
the information that is provided to users
of the MIAX Financial Information
Exchange (‘‘FIX’’) Drop Copy Port to
reflect information regarding trade
corrections and trade cancellations.
The FIX Drop Copy Port is a
messaging interface that currently
provides a copy of real-time trade
execution information through a FIX
Port 3 to FIX Drop Copy Port users who
1 15
U.S.C. 78s(b)(1).
CFR 240.19bb–4.
3 A FIX Port is an interface with MIAX systems
that enables the Port user (typically an Electronic
Exchange Member or a Market Maker) to submit
orders electronically to MIAX. The term ‘‘Electronic
Exchange Member’’ means the holder of a Trading
Permit who is not a Market Maker. Electronic
2 17
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
subscribe to the service. FIX Drop Copy
Port users are those users who are
designated by an Electronic Exchange
Member (‘‘EEM’’) 4 to receive the
information and the information is
restricted for use by the EEM only. The
Exchange assesses a monthly per port
fee to users of the FIX Drop Copy Ports.
The FIX Drop Copy Port currently
provides the user with a copy of realtime trade execution updates. The
updates contain a copy of trade
execution messages on a low latency,
real-time basis. A FIX Drop Copy Port
can be configured to monitor any
number of FIX Ports used by that EEM
and a FIX Port user can have any
number of FIX Drop Copy Ports. The
FIX Drop Copy Port sends messages
containing reports of order executions to
the user based upon the group of FIX
Ports that it is configured to monitor.
The Exchange proposes to provide
FIX Drop Copy Port users with
information regarding trade corrections
and trade cancellations in addition to
the information regarding trade
executions currently received by such
users. The purpose of including this
additional information in the FIX Drop
Copy Port without charge is to enhance
the service provided by the Exchange by
way of a value-added feature that
transmits trade correction and
cancellation information directly to FIX
Drop Copy Port users. Moreover, this
value-added feature enhances
transparency on the Exchange
respecting the status of trade corrections
and cancellations submitted to the
Exchange.
MIAX currently assesses a FIX Drop
Copy Port fee of $500 per port per
month based on the number of FIX Drop
Copy Ports to which a user subscribes
and the fee includes connectivity to the
Exchange’s primary, secondary and
disaster recovery data centers at no
additional cost. The Exchange is not
proposing a change to the FIX Drop
Copy Port fee.
The proposed change to the
information provided to FIX Drop Copy
Exchange Members are deemed ‘‘members’’ under
the Exchange Act. See Exchange Rule 100. The term
‘‘Market Makers’’ refers to ‘‘Lead Market Makers,’’
‘‘Primary Lead Market Makers’’ and ‘‘Registered
Market Makers’’ collectively. A Lead Market Maker
is a Member registered with the Exchange for the
purpose of making markets in securities traded on
the Exchange and that is vested with the rights and
responsibilities specified in Chapter VI of these
Rules with respect to Lead Market Makers. A
Primary Lead Market Maker is a Lead Market Maker
appointed by the Exchange to act as the Primary
Lead Market Maker for the purpose of making
markets in securities traded on the Exchange. A
Registered Market Maker is a Member registered
with the Exchange for the purpose of making
markets in securities traded on the Exchange, who
is not a Lead Market Maker. See Exchange Rule 100.
4 See id.
E:\FR\FM\04MRN1.SGM
04MRN1
Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Notices
Port users will be implemented on a
date announced by the Exchange by
Regulatory Circular.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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 proposed rule change is designed
to protect investors and the public
interest and to promote just and
equitable principles of trade by adding
transparency to the Exchange’s
marketplace through the new
information included in the FIX Drop
Copy Port at no additional cost.
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 for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 10 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 11
permits the Commission to 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 proposal may
become operative immediately upon
filing. The Commission believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because it would enable market
participants to benefit from the
additional information provided in the
FIX Drop Copy Port without undue
delay. Therefore, the Commission
hereby waives the operative delay and
designates the proposal operative upon
filing.12
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
change should be approved or
disapproved.
jstallworth on DSK7TPTVN1PROD with NOTICES
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. The
proposed enhancement of services by
the Exchange provided to its Members
and others using its facilities will not
have an impact on competition. In fact,
MIAX’s proposed additional
information provided to users of the FIX
Drop Copy Port at no additional cost
will benefit all Members who desire to
use such services.
The FIX Drop Copy Port will continue
to be offered as a service for FIX Drop
Copy Port users at the same price,
which is within the range of prices for
similar ports offered by other
exchanges,7 and therefore the Exchange
believes that the current price of the
port fee does not impose a burden on
competition.
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.
5 15
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 See NYSE Arca Options Fees and Charges, p. 12,
and NYSE Amex Options Fee Schedule, p .24. Both
NYSE Arca Options and NYSE Amex Options
charge $500 per port per month for a drop copy
port.
6 15
VerDate Sep<11>2014
15:22 Mar 03, 2016
Jkt 238001
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the 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.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
9 17
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
11615
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–2016–06 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–2016–06. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–MIAX–
2016–06, and should be submitted on or
before March 25, 2016.
E:\FR\FM\04MRN1.SGM
04MRN1
11616
Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–04708 Filed 3–3–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32011; 812–14554]
CLS Investments, LLC, et al.; Notice of
Application
February 29, 2016.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
2(a)(32), 5(a)(1), 22(d), and 22(e) of the
Act and rule 22c-1 under the Act, under
sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and
17(a)(2) of the Act, and under section
12(d)(1)(J) for an exemption from
sections 12(d)(1)(A) and 12(d)(1)(B) of
the Act.
AGENCY:
Applicants
request an order that would permit (a)
series of certain open-end management
investment companies to issue shares
(‘‘Shares’’) redeemable in large
aggregations only (‘‘Creation Units’’); (b)
secondary market transactions in Shares
to occur at negotiated market prices
rather than at net asset value (‘‘NAV’’);
(c) certain series to pay redemption
proceeds, under certain circumstances,
more than seven days after the tender of
Shares for redemption; (d) certain
affiliated persons of the series to deposit
securities into, and receive securities
from, the series in connection with the
purchase and redemption of Creation
Units; and (e) certain registered
management investment companies and
unit investment trusts outside of the
same group of investment companies as
the series to acquire Shares.
APPLICANTS: CLS Investments, LLC
(‘‘CLS’’), AdvisorOne Funds (‘‘Trust’’)
and Northern Lights Distributors, LLC
(‘‘NLD’’).
DATES: Filing Dates: The application
was filed on September 29, 2015, and
amended on February 1, 2016.
HEARING OR NOTIFICATION OF HEARING:
An order granting the requested relief
will be issued unless the Commission
orders a hearing. Interested persons may
jstallworth on DSK7TPTVN1PROD with NOTICES
SUMMARY OF APPLICATION:
13 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
15:22 Mar 03, 2016
Jkt 238001
request a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on March 24, 2016, and
should be accompanied by proof of
service on applicants, in the form of an
affidavit, or for lawyers, a certificate of
service. Pursuant to rule 0–5 under the
Act, hearing requests should state the
nature of the writer’s interest, any facts
bearing upon the desirability of a
hearing on the matter, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
ADDRESSES: Secretary, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–1090;
Applicants, 17605 Wright Street,
Omaha, NE 68130
FOR FURTHER INFORMATION CONTACT:
Bruce R. MacNeil, Senior Counsel, at
(202) 551–6817, or Daniele Marchesani,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Applicants’ Representations
1. The Trust is a Delaware statutory
trust and is registered under the Act as
an open-end management investment
company with multiple series. Each
series will operate as an exchange
traded fund (‘‘ETF’’).
2. CLS will be the investment adviser
to the new series of the Trust (‘‘Initial
Fund’’). Each Adviser (as defined
below) will be registered as an
investment adviser under the
Investment Advisers Act of 1940
(‘‘Advisers Act’’). The Adviser may
enter into sub-advisory agreements with
one or more investment advisers to act
as sub-advisers to particular Funds
(each, a ‘‘Sub-Adviser’’). Any SubAdviser will either be registered under
the Advisers Act or will not be required
to register thereunder.
3. The Trust will enter into a
distribution agreement with one or more
distributors. Each distributor for a Fund
will be a broker-dealer (‘‘Broker’’)
registered under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
and will act as distributor and principal
underwriter (‘‘Distributor’’) for one or
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
more of the Funds. No Distributor will
be affiliated with any national securities
exchange, as defined in Section 2(a)(26)
of the Act (‘‘Exchange’’). The Distributor
for each Fund will comply with the
terms and conditions of the requested
order. NLD, a Nebraska limited liability
company and broker-dealer registered
under the Exchange Act, will act as the
initial Distributor of the Funds.
4. Applicants request that the order
apply to the Initial Fund and any
additional series of the Trust, and any
other open-end management investment
company or series thereof, that may be
created in the future (‘‘Future Funds’’
and together with the Initial Fund,
‘‘Funds’’), each of which will operate as
an ETF and will track a specified index
comprised of domestic or foreign equity
and/or fixed income securities (each, an
‘‘Underlying Index’’). Any Future Fund
will (a) be advised by CLS or an entity
controlling, controlled by, or under
common control with CLS (each, an
‘‘Adviser’’) and (b) comply with the
terms and conditions of the
application.1
5. Each Fund will hold certain
securities, currencies, other assets, and
other investment positions (‘‘Portfolio
Holdings’’) selected to correspond
generally to the performance of its
Underlying Index. The Underlying
Indexes will be comprised solely of
equity and/or fixed income securities
issued by one or more of the following
categories of issuers: (i) Domestic
issuers and (ii) non-domestic issuers
meeting the requirements for trading in
U.S. markets. Other Funds will be based
on Underlying Indexes that will be
comprised solely of foreign and
domestic, or solely foreign, equity and/
or fixed income securities (‘‘Foreign
Funds’’).
6. Applicants represent that each
Fund will invest at least 80% of its
assets (excluding securities lending
collateral) in the component securities
of its respective Underlying Index
(‘‘Component Securities’’) and TBA
Transactions,2 and in the case of
Foreign Funds, Component Securities
1 All existing entities that intend to rely on the
requested order have been named as applicants.
Any other existing or future entity that
subsequently relies on the order will comply with
the terms and conditions of the order. A Fund of
Funds (as defined below) may rely on the order
only to invest in Funds and not in any other
registered investment company.
2 A ‘‘to-be-announced transaction’’ or ‘‘TBA
Transaction’’ is a method of trading mortgagebacked securities. In a TBA Transaction, the buyer
and seller agree upon general trade parameters such
as agency, settlement date, par amount and price.
The actual pools delivered generally are determined
two days prior to settlement date.
E:\FR\FM\04MRN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 43 (Friday, March 4, 2016)]
[Notices]
[Pages 11614-11616]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04708]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77251; File No. SR-MIAX-2016-06]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the MIAX Options Fee Schedule
February 29, 2016.
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 February 26, 2016, 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 and II, 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 240.19bb-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (``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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to broaden the
description of the information that is provided to users of the MIAX
Financial Information Exchange (``FIX'') Drop Copy Port to reflect
information regarding trade corrections and trade cancellations.
The FIX Drop Copy Port is a messaging interface that currently
provides a copy of real-time trade execution information through a FIX
Port \3\ to FIX Drop Copy Port users who subscribe to the service. FIX
Drop Copy Port users are those users who are designated by an
Electronic Exchange Member (``EEM'') \4\ to receive the information and
the information is restricted for use by the EEM only. The Exchange
assesses a monthly per port fee to users of the FIX Drop Copy Ports.
---------------------------------------------------------------------------
\3\ A FIX Port is an interface with MIAX systems that enables
the Port user (typically an Electronic Exchange Member or a Market
Maker) to submit orders electronically to MIAX. The term
``Electronic Exchange Member'' means the holder of a Trading Permit
who is not a Market Maker. Electronic Exchange Members are deemed
``members'' under the Exchange Act. See Exchange Rule 100. The term
``Market Makers'' refers to ``Lead Market Makers,'' ``Primary Lead
Market Makers'' and ``Registered Market Makers'' collectively. A
Lead Market Maker is a Member registered with the Exchange for the
purpose of making markets in securities traded on the Exchange and
that is vested with the rights and responsibilities specified in
Chapter VI of these Rules with respect to Lead Market Makers. A
Primary Lead Market Maker is a Lead Market Maker appointed by the
Exchange to act as the Primary Lead Market Maker for the purpose of
making markets in securities traded on the Exchange. A Registered
Market Maker is a Member registered with the Exchange for the
purpose of making markets in securities traded on the Exchange, who
is not a Lead Market Maker. See Exchange Rule 100.
\4\ See id.
---------------------------------------------------------------------------
The FIX Drop Copy Port currently provides the user with a copy of
real-time trade execution updates. The updates contain a copy of trade
execution messages on a low latency, real-time basis. A FIX Drop Copy
Port can be configured to monitor any number of FIX Ports used by that
EEM and a FIX Port user can have any number of FIX Drop Copy Ports. The
FIX Drop Copy Port sends messages containing reports of order
executions to the user based upon the group of FIX Ports that it is
configured to monitor.
The Exchange proposes to provide FIX Drop Copy Port users with
information regarding trade corrections and trade cancellations in
addition to the information regarding trade executions currently
received by such users. The purpose of including this additional
information in the FIX Drop Copy Port without charge is to enhance the
service provided by the Exchange by way of a value-added feature that
transmits trade correction and cancellation information directly to FIX
Drop Copy Port users. Moreover, this value-added feature enhances
transparency on the Exchange respecting the status of trade corrections
and cancellations submitted to the Exchange.
MIAX currently assesses a FIX Drop Copy Port fee of $500 per port
per month based on the number of FIX Drop Copy Ports to which a user
subscribes and the fee includes connectivity to the Exchange's primary,
secondary and disaster recovery data centers at no additional cost. The
Exchange is not proposing a change to the FIX Drop Copy Port fee.
The proposed change to the information provided to FIX Drop Copy
[[Page 11615]]
Port users will be implemented on a date announced by the Exchange by
Regulatory Circular.
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 proposed rule change is designed to protect investors and the
public interest and to promote just and equitable principles of trade
by adding transparency to the Exchange's marketplace through the new
information included in the FIX Drop Copy Port at no additional cost.
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. The proposed enhancement of
services by the Exchange provided to its Members and others using its
facilities will not have an impact on competition. In fact, MIAX's
proposed additional information provided to users of the FIX Drop Copy
Port at no additional cost will benefit all Members who desire to use
such services.
The FIX Drop Copy Port will continue to be offered as a service for
FIX Drop Copy Port users at the same price, which is within the range
of prices for similar ports offered by other exchanges,\7\ and
therefore the Exchange believes that the current price of the port fee
does not impose a burden on competition.
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\7\ See NYSE Arca Options Fees and Charges, p. 12, and NYSE Amex
Options Fee Schedule, p .24. Both NYSE Arca Options and NYSE Amex
Options charge $500 per port per month for a drop copy port.
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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
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 for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the
Commission to 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 proposal may become operative immediately upon filing. The
Commission believes that waiver of the operative delay is consistent
with the protection of investors and the public interest because it
would enable market participants to benefit from the additional
information provided in the FIX Drop Copy Port without undue delay.
Therefore, the Commission hereby waives the operative delay and
designates the proposal operative upon filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 change 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-2016-06 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-2016-06. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-MIAX-2016-06, and should be
submitted on or before March 25, 2016.
[[Page 11616]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-04708 Filed 3-3-16; 8:45 am]
BILLING CODE 8011-01-P
