Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 21371-21375 [2019-09859]
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Federal Register / Vol. 84, No. 93 / Tuesday, May 14, 2019 / Notices
Customer order flow. The Exchange
believes that the increased order flow
will result in increased liquidity which
benefits all Exchange participants by
providing more trading opportunities
and tighter spreads. Because the
proposal makes it easier for a Member
to receive a lower Taker fee for their
Firm Origin instead of the Taker fee
otherwise applicable to such orders in
Tier 1 through Tier 4 for Professional
Members, the Exchange believes that the
proposed rule change will not impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
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
rebates and fees to remain competitive
with other exchanges and to attract
order flow. The Exchange believes that
the proposed rule change reflects this
competitive environment because it
modifies the Exchange’s fees in a
manner that encourages market
participants to continue to provide
liquidity and to send order flow to the
Exchange.
khammond on DSKBBV9HB2PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act,16 and Rule
19b–4(f)(2) 17 thereunder. At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
PEARL–2019–15 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–PEARL–2019–15. 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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–PEARL–2019–15, and
should be submitted on or before June
4, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–09867 Filed 5–13–19; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85808; File No. SR–MIAX–
2019–22]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Its Fee Schedule
May 8, 2019.
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 April 29, 2019, Miami International
Securities Exchange LLC (‘‘MIAX
Options’’ 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’’) to adopt certain
SPIKES transaction fees.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings, at MIAX’s principal office, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange adopted its initial
SPIKES transaction fees on February 15,
BILLING CODE 8011–01–P
16 15
U.S.C. 78s(b)(3)(A)(ii).
17 17 CFR 240.19b–4(f)(2).
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2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 84, No. 93 / Tuesday, May 14, 2019 / Notices
2019.3 The Exchange now proposes to
amend the Fee Schedule to adopt
certain SPIKES transaction fees.
Specifically, the Exchange proposes to
adopt new fees for SPIKES
Combinations 4 in cPRIME,5 and to
make minor non-substantive, technical
changes to the Fee Schedule.
SPIKES Combinations
The Exchange is proposing to adopt a
new fee table for SPIKES Combinations
executed in cPRIME Auctions. As
proposed, the Exchange will charge a
SPIKES Combination executed in a
cPRIME Auction on a per contract per
leg basis, based on Origin. All Origins
will be charged the same rate of $0.01
for Initiating, Contra, and Responder
(with the exception of an Initiating
Priority Customer which will be
assessed a charge of $0.00) per contract
per leg. As proposed, all Origins
(Priority Customer, Market Maker, NonMIAX Market Maker, Broker-Dealer,
Firm Proprietary, and Public Customer
that is Not a Priority Customer) will
receive a $0.01 Break-up Credit.
As proposed, the Combinations in
cPRIME table will be as follows:
COMBINATIONS IN CPRIME
Origin
Initiating
Priority Customer .............................................................................................
Market Maker ...................................................................................................
Non-MIAX Market Maker .................................................................................
Broker-Dealer ...................................................................................................
Firm Proprietary ...............................................................................................
Public Customer that is Not a Priority Customer ............................................
Contra
$0.00
0.01
0.01
0.01
0.01
0.01
‘‘The Complex Large Trade Discount
does not apply to SPIKES Combination
Orders,’’ to the end of the footnote.
The Exchange proposes to make a
minor non-substantive change to the
Simple and Complex Fees table to edit
footnote ‘‘+’’ by adding the sentence,
Responder
$0.01
0.01
0.01
0.01
0.01
0.01
$0.01
0.01
0.01
0.01
0.01
0.01
Break-up
($0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
As proposed, the Simple and
Complex Fees table will be as follows:
SIMPLE AND COMPLEX FEES #
Simple
/complex ¥
maker
Origin
Priority Customer .........
Market Maker ..............
Non-MIAX Market
Maker.
Broker-Dealer ..............
Firm Proprietary ...........
Public Customer that is
Not a Priority Customer.
Simple
/complex ¥
taker
Simple
opening
13,
Combination ∼
!
$0.00
0.00
0.10
$0.00
* 0.20
0.25
$0.00
0.15
0.15
$0.00
0.01
0.01
0.10
0.00
0.10
0.25
* 0.20
0.25
0.15
0.15
0.15
0.01
0.01
0.01
Simple
large trade
discount threshold +
Complex
large trade
discount threshold +
0 ..................................
First 10,000 contracts
First 10,000 contracts
0.
First 25,000 contracts.
First 25,000 contracts.
First 10,000 contracts
First 10,000 contracts
First 10,000 contracts
First 25,000 contracts.
First 25,000 contracts.
First 25,000 contracts.
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* Taker fees for options with a premium price of $0.10 or less will be charged $0.05 per contract.
∼ A ‘‘SPIKES Combination’’ is a purchase (sale) of a SPIKES call option and sale (purchase) of a SPIKES put option having the same expiration date and strike price.
! The SPIKES Combination portion of a SPIKES Combination Order will be charged at the Combination rate and other legs will be charged at
the Complex rate. All fees are per contract per leg.
+ Tied to Single Order/Quote ID. For any single order/quote, no fee shall apply to the number of contracts executed above the Simple or Complex Large Trade Discount Threshold. This discount does not apply to Priority Customer orders, Maker orders, SPIKES Opening orders, and the
Surcharge. For any SPIKES Combination Order, no fee shall apply to the number of contracts executed above the Complex Large Trade Discount Threshold. The Complex Large Trade Discount does not apply to SPIKES Combination Orders.
¥ For quotes/orders in a Complex Auction, Priority Customer Complex Orders will receive the Complex Maker rate. Origins that are not a Priority Customer will be charged the applicable Complex Taker rate.
The Exchange also proposes to make
a minor non-substantive change to the
PRIME 6 and cPRIME Fees table to edit
footnote ‘‘9’’ by adding the sentence,
‘‘The cPRIME Large Trade Discount
does not apply to SPIKES Combination
Orders,’’ to the end of the footnote.
Additionally, the Exchange proposes to
add explanatory text below the table
3 See Securities Exchange Release No. 85283
(March 11, 2019), 84 FR 9567 (March 15, 2019) (SR–
MIAX–2019–11). (The Exchange initially filed the
proposal on February 15, 2019 (SR–MIAX–2019–
04). That filing was withdrawn and replaced with
(SR–MIAX–2019–11)).
4 A ‘‘Combination’’ is a purchase (sale) of a
SPIKES call option and the sale (purchase) of a
SPIKES put option having the same expiration date
and strike price.
5 cPRIME is the process by which a Member may
electronically submit a ‘‘cPRIME Order’’ (as defined
in Exchange Rule 518(b)(7)) it represents as agent
(a ‘‘cPRIME Agency Order’’) against principal or
solicited interest for execution (a ‘‘cPRIME
Auction’’). See Interpretation and Policy .12 of
Exchange Rule 515A.
6 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. See Exchange Rule
515A(a).
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Federal Register / Vol. 84, No. 93 / Tuesday, May 14, 2019 / Notices
that explains how fees and credits are
charged and assessed for SPIKES in
PRIME and for SPIKES in cPRIME. The
Exchange notes that this text is
substantially similar to existing text in
the current Fee Schedule for PRIME 7
and cPRIME 8 for multi-listed symbols.
21373
As proposed, the PRIME and cPRIME
Fees table will be as follows:
PRIME AND CPRIME FEES #
Origin
Initiating
Priority Customer ....
Market Maker ..........
Non-MIAX Market
Maker.
Broker-Dealer ..........
Firm Proprietary ......
Public Customer that
is Not a Priority
Customer.
Contra
Responder
PRIME
large trade discount
threshold ∧
Break-up
cPRIME
large trade discount
threshold ◊
$0.00
0.10
0.10
$0.20
0.20
0.20
$0.25
0.25
0.25
$(0.15)
(0.15)
(0.15)
First 10,000 contracts ....
First 10,000 contracts ....
First 10,000 contracts ....
First 25,000 contracts.
First 25,000 contracts.
First 25,000 contracts.
0.10
0.10
0.10
0.20
0.20
0.20
0.25
0.25
0.25
(0.15)
(0.15)
(0.15)
First 10,000 contracts ....
First 10,000 contracts ....
First 10,000 contracts ....
First 25,000 contracts.
First 25,000 contracts.
First 25,000 contracts.
# An Index License Surcharge (‘‘Surcharge’’) of $0.075 will apply to any contract that is executed by an Origin except Priority Customer. The
Surcharge applies per contract side per leg. The Surcharge will be waived for the ‘‘Waiver Period’’ which, for purposes of this Section (1)(a)(xi) of
the Fee Schedule, means the period of time from the launch of trading of SPIKES options until such time that the Exchange submits a filing to
terminate the Waiver Period. The Exchange will issue a Regulatory Circular announcing the end of the Waiver Period at least fifteen (15) days
prior to the termination of the Waiver Period and effective date of such Surcharge.
∧ The transaction fee for SPIKES PRIME will be capped at 10,000 contracts from a single order, for the Agency Side and Contra Side independently. Contracts greater than the threshold will not be charged the transaction fee but will continue to be charged the Surcharge. Responder
fees and Break-up Credits will not be capped.
◊ The transaction fee for SPIKES cPRIME will be capped at 25,000 contracts that are traded per strategy from a single order, for the Agency
Side and for the Contra Side independently. Contracts greater than the threshold will not be charged the transaction fee but will continue to be
charged the Surcharge. Responder fees and Break-up Credits will not be capped. The cPRIME Large Trade Discount does not apply to SPIKES
Combination Orders.
For SPIKES in PRIME, MIAX will assess the Responder to PRIME Auction Fee to: (i) A PRIME AOC Response that executes against a
PRIME Order, and (ii) a PRIME Participating Quote or Order that executes against a PRIME Order. MIAX will apply the PRIME Break-up credit
to the EEM that submitted the PRIME Order for agency contracts that are submitted to the PRIME Auction that trade with a PRIME AOC Response or a PRIME Participating Quote or Order that trades with the PRIME Order.
For SPIKES in cPRIME, all fees and credits are per contract per leg for Complex and Combination volume. Further, MIAX will assess the Responder to cPRIME Auction Fee to: (i) A cPRIME AOC Response that executes against a cPRIME Order, and (ii) a cPRIME Participating Quote
or Order that executes against a cPRIME Order. MIAX will apply the cPRIME Break-up credit to the EEM that submitted the cPRIME Order for
agency contracts that are submitted to the cPRIME Auction that trade with a cPRIME AOC Response or a cPRIME Participating Quote or Order
that trades with the cPRIME Order.
The proposed rule change is to
become operative May 1, 2019.
2. Statutory Basis
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The Exchange believes that its
proposal to amend its Fee Schedule is
consistent with Section 6(b) of the Act 9
in general, and furthers the objectives of
Section 6(b)(4) of the Act 10 in
particular, in that it provides for the
equitable allocation of reasonable dues,
fees and other charges among Exchange
Members 11 and issuers and other
persons using its facilities. The
Exchange also believes the proposal
furthers the objectives of Section 6(b)(5)
of the Act 12 in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
7 See MIAX Options Fee Schedule (1)(a)(v) MIAX
Price Improvement Mechanism (‘‘PRIME’’) Fees.
8 See MIAX Options Fee Schedule (1)(a)(vi) MIAX
Complex Price Improvement Mechanism
(‘‘cPRIME’’) Fees.
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system, and, in general to protect
investors and the public interest and is
not designed to permit unfair
discrimination between customer,
issuers, brokers and dealers.
SPIKES Combinations in cPRIME
The Exchange believes that the
proposed fee changes for SPIKES
Combinations in cPRIME are consistent
with Section 6(b)(4) of the Act in that
they are reasonable, equitable, and not
unfairly discriminatory. The proposed
fee changes are reasonably designed as
they align to the fees charged for
SPIKES Combination orders under the
Simple and Complex Fees table.13
Under the Simple and Complex Fees
table all Market Maker, Non-MIAX
Market Maker, Broker-Dealer, Firm
Proprietary, and Public Customer that is
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
11 The term ‘‘Member’’ means an individual or
organization approved to exercise the trading rights
associated with a Trading Permit. Members are
10 15
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Not a Priority Customer Origins are
charged the same amount, $0.01
(Priority Customers are charged a fee of
$0.00). The exchanges in general have
historically aimed to improve markets
for investors and develop various
features within market structure for
customer benefit. The Exchange assesses
Priority Customers lower or no
transaction fees because Priority
Customer order flow enhances liquidity
on the Exchange for the benefit of all
market participants. Priority Customer
liquidity benefits all market participants
by providing more trading
opportunities, which attracts Market
Makers. An increase in the activity of
these market participants in turn
facilitates tighter spreads, which may
cause an additional corresponding
deemed ‘‘members’’ under the Exchange Act. See
Exchange Rule 100.
12 15 U.S.C. 78f(b)(5).
13 See MIAX Options Exchange Fee Schedule
(1)(a)(xi).
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Federal Register / Vol. 84, No. 93 / Tuesday, May 14, 2019 / Notices
increase in order flow from other market
participants.
Similarly, under the Combinations in
cPRIME Fee table all Market Maker,
Non-MIAX Market Maker, BrokerDealer, Firm Proprietary, and Public
Customer that is Not a Priority
Customer, Initiating Origins are charged
the same amount, $0.01 (Initiating
Priority Customers are charged a fee of
$0.00). The Exchange believes that its
fees are equitable and not unfairly
discriminatory as all Contra and
Responder Origin types (Priority
Customer included) will be charged a
fee of $0.01, and all Origin types will
receive the same Break-up Credit of
$0.01.
The Exchange also believes that
aligning the Combinations in cPRIME
Fee table with the fees charged for
Combination orders on the Exchange
unifies the Exchange’s fee structure for
SPIKES Combination Orders, which
benefits investors as it clarifies the
Exchange’s fees and reduces the risk of
confusion.
The proposed SPIKES Combination in
cPRIME fees are reasonable, equitable,
and not unfairly discriminatory because
they will apply similarly to Priority
Customer orders, Market Maker orders,
Non-MIAX Market Maker orders, Broker
Dealer orders, Firm Proprietary orders,
and Public Customers that are not
Priority Customers orders, in each
respective category for cPRIME orders.
Initiating Priority Customers orders are
provided a discount as Priority
Customer liquidity benefits all market
participants by providing more trading
opportunities, which attracts Market
Makers. Contra, Responder, and Breakup credits are applied uniformly to each
Origin; Priority Customer, Market
Maker, Non-MIAX Market Maker,
Broker-Dealer, Firm Proprietary, and
Public Customer that is Not a Priority
Customer. All similarly situated
categories of participants are subject to
the same transaction fee and credit
schedule, and access to the Exchange is
offered on terms that are not unfairly
discriminatory.
The Exchange believes adding a
footnote to the Simple and Complex
Fees table stating that the Complex
Large Trade Discount does not apply to
SPIKES Combination Orders is
reasonable, equitable, and not unfairly
discriminatory as SPIKES Combination
Orders are charged a substantially
reduced fee as indicated on the Simple
and Complex Fees table and do not need
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the benefit of the Complex Large Trade
Discount as SPIKES Combination
Orders are already substantially
discounted.14 Additionally, the
Exchange believes adding a footnote to
the PRIME and cPRIME Fees table
stating that the cPRIME Large Trade
Discount does not apply to SPIKES
Combination Orders is reasonable,
equitable, and not unfairly
discriminatory as SPIKES Combination
Orders are charged a substantially
reduced fee as indicated on the
proposed Combinations in cPRIME table
and do not need the benefit of the
cPRIME Large Trade Discount as
SPIKES Combination Orders are already
substantially discounted. The Exchange
believes providing this change benefits
investors as it clarifies the Exchange’s
fees and reduces the risk of confusion.
The non-substantive technical change
proposed to the explanatory notes of the
PRIME and cPRIME Fees table to add a
description of how PRIME and cPRIME
fees will be applied to SPIKES Orders
promotes just and equitable principles
of trade, removes impediments to and
perfects the mechanism of a free and
open market and a national market
system, and, in general protects
investors and the public interest by
clarifying how PRIME and cPRIME fees
and credits will be applied similarly to
multi-listed symbols. Additionally,
adding the explanatory text below the
PRIME and cPRIME Fees table benefits
investors as it promotes uniformity
within the Exchange’s Fee Schedule and
clarifies the application of PRIME and
cPRIME fees for SPIKES orders and
other orders on the Exchange.
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 will enhance the
competitiveness of the Exchange
relative to other exchanges that offer
their own singly-listed products. The
Exchange believes that the proposed
fees and rebates for transactions in
SPIKES index options are not going to
have an impact on intra-market
competition based on the total cost for
participants to transact in such order
types versus the cost for participants to
transact in other order types available
for trading on the Exchange.
The Exchange notes that it operates in
a highly competitive market in which
market participants can readily favor
competing venues and competing
products if they deem fee levels at a
particular venue to be excessive. In such
an environment, the Exchange must
continually adjust its fees to remain
competitive with other exchanges and to
attract order flow to the Exchange. The
Exchange believes that the proposed
rule change reflects this competitive
environment because it is adjusting its
fees in a manner that encourages market
participants to provide liquidity in
SPIKES index options.
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,15 and Rule
19b–4(f)(2) 16 thereunder. At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
15 15
14 See
PO 00000
MIAX Options Fee Schedule (1)(a)(xi).
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16 17
E:\FR\FM\14MYN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
14MYN1
Federal Register / Vol. 84, No. 93 / Tuesday, May 14, 2019 / Notices
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MIAX–2019–22 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–85804; File No. SR–
CboeBZX–2019–035]
• 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–2019–22. 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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MIAX–2019–22 and should
be submitted on or before June 4, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–09859 Filed 5–13–19; 8:45 am]
khammond on DSKBBV9HB2PROD with NOTICES
BILLING CODE 8011–01–P
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To List And
Trade Under BZX Rule 14.11(c)(4) the
Shares of the iShares iBonds 2021
Term High Yield and Income ETF,
iShares iBonds 2022 Term High Yield
and Income ETF, iShares iBonds 2023
Term High Yield and Income ETF,
iShares iBonds 2024 Term High Yield
and Income ETF, and iShares iBonds
2025 Term High Yield and Income ETF
of iShares Trust
May 8, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 26,
2019, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade under BZX Rule 14.11(c)(4) the
shares of the iShares iBonds 2021 Term
High Yield and Income ETF (the ‘‘2021
Fund’’), iShares iBonds 2022 Term High
Yield and Income ETF (the ‘‘2022
Fund’’), iShares iBonds 2023 Term High
Yield and Income ETF (the ‘‘2023
Fund’’), iShares iBonds 2024 Term High
Yield and Income ETF (the ‘‘2024
Fund’’), and iShares iBonds 2025 Term
High Yield and Income ETF (the ‘‘2025
Fund’’, each a ‘‘Fund’’ and, collectively,
the ‘‘Funds’’) of iShares Trust (the
‘‘Trust’’).
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
17 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
16:57 May 13, 2019
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21375
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 Exchange proposes to list and
trade shares (‘‘Shares’’) of the Funds
under BZX Rule 14.11(c)(4),5 which
governs the listing and trading of index
fund shares based on fixed income
securities indexes. The Shares will be
offered by the Trust, which was
established as a Delaware statutory trust
on December 16, 1999. The Trust is
registered with the Commission as an
open-end investment company and has
filed a registration statement on behalf
of the Funds on Form N–1A
(‘‘Registration Statement’’) with the
Commission.6
The Exchange notes that the
Underlying Indexes, as defined below,
currently meet the requirements of Rule
14.11(c)(4)(B)(i)(f) (the ‘‘90% Rule’’),7
5 The Commission approved BZX Rule 14.11(c) in
Securities Exchange Act Release No. 65225 (August
30, 2011), 76 FR 55148 (September 6, 2011) (SR–
BATS–2011–018).
6 See Registration Statement on Form N–1A for
the Trust, dated February 7, 2019 (File Nos. 333–
92935 and 811–09729). The descriptions of the
Funds and the Shares contained herein are based,
in part, on information in the Registration
Statement. The Commission has issued an order
granting certain exemptive relief to the Trust under
the Investment Company Act of 1940 (15 U.S.C.
80a–1) (‘‘1940 Act’’) (the ‘‘Exemptive Order’’). See
Investment Company Act Release No. 27661
(January 17, 2007) (File No. 812–13208).
7 Rule 14.11(c)(4)(B)(i)(f) provides that
‘‘component securities that in aggregate account for
at least 90% of the Fixed Income Securities portion
of the weight of the index or portfolio must be
either: (1) From issuers that are required to file
reports pursuant to Sections 13 and 15(d) of the
Act; (2) from issuers that have a worldwide market
value of its outstanding common equity held by
non-affiliates of $700 million or more; (3) from
issuers that have outstanding securities that are
notes, bonds, debentures, or evidence of
indebtedness having a total remaining principal
amount of at least $1 billion; (4) exempted
Continued
E:\FR\FM\14MYN1.SGM
14MYN1
]]>Agencies
[Federal Register Volume 84, Number 93 (Tuesday, May 14, 2019)]
[Notices]
[Pages 21371-21375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09859]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85808; File No. SR-MIAX-2019-22]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule
May 8, 2019.
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 April 29, 2019, Miami International Securities
Exchange LLC (``MIAX Options'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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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'') to adopt certain SPIKES transaction
fees.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings, at MIAX's principal
office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange adopted its initial SPIKES transaction fees on
February 15,
[[Page 21372]]
2019.\3\ The Exchange now proposes to amend the Fee Schedule to adopt
certain SPIKES transaction fees. Specifically, the Exchange proposes to
adopt new fees for SPIKES Combinations \4\ in cPRIME,\5\ and to make
minor non-substantive, technical changes to the Fee Schedule.
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\3\ See Securities Exchange Release No. 85283 (March 11, 2019),
84 FR 9567 (March 15, 2019) (SR-MIAX-2019-11). (The Exchange
initially filed the proposal on February 15, 2019 (SR-MIAX-2019-04).
That filing was withdrawn and replaced with (SR-MIAX-2019-11)).
\4\ A ``Combination'' is a purchase (sale) of a SPIKES call
option and the sale (purchase) of a SPIKES put option having the
same expiration date and strike price.
\5\ cPRIME is the process by which a Member may electronically
submit a ``cPRIME Order'' (as defined in Exchange Rule 518(b)(7)) it
represents as agent (a ``cPRIME Agency Order'') against principal or
solicited interest for execution (a ``cPRIME Auction''). See
Interpretation and Policy .12 of Exchange Rule 515A.
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SPIKES Combinations
The Exchange is proposing to adopt a new fee table for SPIKES
Combinations executed in cPRIME Auctions. As proposed, the Exchange
will charge a SPIKES Combination executed in a cPRIME Auction on a per
contract per leg basis, based on Origin. All Origins will be charged
the same rate of $0.01 for Initiating, Contra, and Responder (with the
exception of an Initiating Priority Customer which will be assessed a
charge of $0.00) per contract per leg. As proposed, all Origins
(Priority Customer, Market Maker, Non-MIAX Market Maker, Broker-Dealer,
Firm Proprietary, and Public Customer that is Not a Priority Customer)
will receive a $0.01 Break-up Credit.
As proposed, the Combinations in cPRIME table will be as follows:
Combinations in cPRIME
----------------------------------------------------------------------------------------------------------------
Origin Initiating Contra Responder Break-up
----------------------------------------------------------------------------------------------------------------
Priority Customer............................... $0.00 $0.01 $0.01 ($0.01)
Market Maker.................................... 0.01 0.01 0.01 (0.01)
Non-MIAX Market Maker........................... 0.01 0.01 0.01 (0.01)
Broker-Dealer................................... 0.01 0.01 0.01 (0.01)
Firm Proprietary................................ 0.01 0.01 0.01 (0.01)
Public Customer that is Not a Priority Customer. 0.01 0.01 0.01 (0.01)
----------------------------------------------------------------------------------------------------------------
The Exchange proposes to make a minor non-substantive change to the
Simple and Complex Fees table to edit footnote ``+'' by adding the
sentence, ``The Complex Large Trade Discount does not apply to SPIKES
Combination Orders,'' to the end of the footnote.
As proposed, the Simple and Complex Fees table will be as follows:
Simple and Complex Fees
--------------------------------------------------------------------------------------------------------------------------------------------------------
Simple / Simple /
complex [yen] complex [yen] 13, Combination Simple large trade Complex large trade
Origin maker taker Simple opening ~ ! discount threshold + discount threshold +
--------------------------------------------------------------------------------------------------------------------------------------------------------
Priority Customer.................... $0.00 $0.00 $0.00 $0.00 0...................... 0.
Market Maker......................... 0.00 * 0.20 0.15 0.01 First 10,000 contracts. First 25,000 contracts.
Non-MIAX Market Maker................ 0.10 0.25 0.15 0.01 First 10,000 contracts. First 25,000 contracts.
Broker-Dealer........................ 0.10 0.25 0.15 0.01 First 10,000 contracts. First 25,000 contracts.
Firm Proprietary..................... 0.00 * 0.20 0.15 0.01 First 10,000 contracts. First 25,000 contracts.
Public Customer that is Not a 0.10 0.25 0.15 0.01 First 10,000 contracts. First 25,000 contracts.
Priority Customer.
--------------------------------------------------------------------------------------------------------------------------------------------------------
* Taker fees for options with a premium price of $0.10 or less will be charged $0.05 per contract.
~ A ``SPIKES Combination'' is a purchase (sale) of a SPIKES call option and sale (purchase) of a SPIKES put option having the same expiration date and
strike price.
! The SPIKES Combination portion of a SPIKES Combination Order will be charged at the Combination rate and other legs will be charged at the Complex
rate. All fees are per contract per leg.
+ Tied to Single Order/Quote ID. For any single order/quote, no fee shall apply to the number of contracts executed above the Simple or Complex Large
Trade Discount Threshold. This discount does not apply to Priority Customer orders, Maker orders, SPIKES Opening orders, and the Surcharge. For any
SPIKES Combination Order, no fee shall apply to the number of contracts executed above the Complex Large Trade Discount Threshold. The Complex Large
Trade Discount does not apply to SPIKES Combination Orders.
[yen] For quotes/orders in a Complex Auction, Priority Customer Complex Orders will receive the Complex Maker rate. Origins that are not a Priority
Customer will be charged the applicable Complex Taker rate.
The Exchange also proposes to make a minor non-substantive change
to the PRIME \6\ and cPRIME Fees table to edit footnote ``d'' by adding
the sentence, ``The cPRIME Large Trade Discount does not apply to
SPIKES Combination Orders,'' to the end of the footnote. Additionally,
the Exchange proposes to add explanatory text below the table
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\6\ 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. See Exchange Rule 515A(a).
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[[Page 21373]]
that explains how fees and credits are charged and assessed for SPIKES
in PRIME and for SPIKES in cPRIME. The Exchange notes that this text is
substantially similar to existing text in the current Fee Schedule for
PRIME \7\ and cPRIME \8\ for multi-listed symbols.
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\7\ See MIAX Options Fee Schedule (1)(a)(v) MIAX Price
Improvement Mechanism (``PRIME'') Fees.
\8\ See MIAX Options Fee Schedule (1)(a)(vi) MIAX Complex Price
Improvement Mechanism (``cPRIME'') Fees.
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As proposed, the PRIME and cPRIME Fees table will be as follows:
PRIME and cPRIME Fees
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
PRIME large trade discount threshold cPRIME large trade discount threshold
Origin Initiating Contra Responder Break-up [supcaret] [diam]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Priority Customer....................... $0.00 $0.20 $0.25 $(0.15) First 10,000 contracts.................... First 25,000 contracts.
Market Maker............................ 0.10 0.20 0.25 (0.15) First 10,000 contracts.................... First 25,000 contracts.
Non-MIAX Market Maker................... 0.10 0.20 0.25 (0.15) First 10,000 contracts.................... First 25,000 contracts.
Broker-Dealer........................... 0.10 0.20 0.25 (0.15) First 10,000 contracts.................... First 25,000 contracts.
Firm Proprietary........................ 0.10 0.20 0.25 (0.15) First 10,000 contracts.................... First 25,000 contracts.
Public Customer that is Not a Priority 0.10 0.20 0.25 (0.15) First 10,000 contracts.................... First 25,000 contracts.
Customer.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
An Index License Surcharge (``Surcharge'') of $0.075 will apply to any contract that is executed by an Origin except Priority Customer. The Surcharge applies per contract side per leg. The
Surcharge will be waived for the ``Waiver Period'' which, for purposes of this Section (1)(a)(xi) of the Fee Schedule, means the period of time from the launch of trading of SPIKES options
until such time that the Exchange submits a filing to terminate the Waiver Period. The Exchange will issue a Regulatory Circular announcing the end of the Waiver Period at least fifteen (15)
days prior to the termination of the Waiver Period and effective date of such Surcharge.
[caret] The transaction fee for SPIKES PRIME will be capped at 10,000 contracts from a single order, for the Agency Side and Contra Side independently. Contracts greater than the threshold
will not be charged the transaction fee but will continue to be charged the Surcharge. Responder fees and Break-up Credits will not be capped.
[diam] The transaction fee for SPIKES cPRIME will be capped at 25,000 contracts that are traded per strategy from a single order, for the Agency Side and for the Contra Side independently.
Contracts greater than the threshold will not be charged the transaction fee but will continue to be charged the Surcharge. Responder fees and Break-up Credits will not be capped. The cPRIME
Large Trade Discount does not apply to SPIKES Combination Orders.
For SPIKES in PRIME, MIAX will assess the Responder to PRIME Auction Fee to: (i) A PRIME AOC Response that executes against a PRIME Order, and (ii) a PRIME Participating Quote or Order that
executes against a PRIME Order. MIAX will apply the PRIME Break-up credit to the EEM that submitted the PRIME Order for agency contracts that are submitted to the PRIME Auction that trade
with a PRIME AOC Response or a PRIME Participating Quote or Order that trades with the PRIME Order.
For SPIKES in cPRIME, all fees and credits are per contract per leg for Complex and Combination volume. Further, MIAX will assess the Responder to cPRIME Auction Fee to: (i) A cPRIME AOC
Response that executes against a cPRIME Order, and (ii) a cPRIME Participating Quote or Order that executes against a cPRIME Order. MIAX will apply the cPRIME Break-up credit to the EEM that
submitted the cPRIME Order for agency contracts that are submitted to the cPRIME Auction that trade with a cPRIME AOC Response or a cPRIME Participating Quote or Order that trades with the
cPRIME Order.
The proposed rule change is to become operative May 1, 2019.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \9\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \10\ in particular, in
that it provides for the equitable allocation of reasonable dues, fees
and other charges among Exchange Members \11\ and issuers and other
persons using its facilities. The Exchange also believes the proposal
furthers the objectives of Section 6(b)(5) of the Act \12\ in that it
is designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general to protect
investors and the public interest and is not designed to permit unfair
discrimination between customer, issuers, brokers and dealers.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
\11\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
\12\ 15 U.S.C. 78f(b)(5).
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SPIKES Combinations in cPRIME
The Exchange believes that the proposed fee changes for SPIKES
Combinations in cPRIME are consistent with Section 6(b)(4) of the Act
in that they are reasonable, equitable, and not unfairly
discriminatory. The proposed fee changes are reasonably designed as
they align to the fees charged for SPIKES Combination orders under the
Simple and Complex Fees table.\13\ Under the Simple and Complex Fees
table all Market Maker, Non-MIAX Market Maker, Broker-Dealer, Firm
Proprietary, and Public Customer that is Not a Priority Customer
Origins are charged the same amount, $0.01 (Priority Customers are
charged a fee of $0.00). The exchanges in general have historically
aimed to improve markets for investors and develop various features
within market structure for customer benefit. The Exchange assesses
Priority Customers lower or no transaction fees because Priority
Customer order flow enhances liquidity on the Exchange for the benefit
of all market participants. Priority Customer liquidity benefits all
market participants by providing more trading opportunities, which
attracts Market Makers. An increase in the activity of these market
participants in turn facilitates tighter spreads, which may cause an
additional corresponding
[[Page 21374]]
increase in order flow from other market participants.
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\13\ See MIAX Options Exchange Fee Schedule (1)(a)(xi).
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Similarly, under the Combinations in cPRIME Fee table all Market
Maker, Non-MIAX Market Maker, Broker-Dealer, Firm Proprietary, and
Public Customer that is Not a Priority Customer, Initiating Origins are
charged the same amount, $0.01 (Initiating Priority Customers are
charged a fee of $0.00). The Exchange believes that its fees are
equitable and not unfairly discriminatory as all Contra and Responder
Origin types (Priority Customer included) will be charged a fee of
$0.01, and all Origin types will receive the same Break-up Credit of
$0.01.
The Exchange also believes that aligning the Combinations in cPRIME
Fee table with the fees charged for Combination orders on the Exchange
unifies the Exchange's fee structure for SPIKES Combination Orders,
which benefits investors as it clarifies the Exchange's fees and
reduces the risk of confusion.
The proposed SPIKES Combination in cPRIME fees are reasonable,
equitable, and not unfairly discriminatory because they will apply
similarly to Priority Customer orders, Market Maker orders, Non-MIAX
Market Maker orders, Broker Dealer orders, Firm Proprietary orders, and
Public Customers that are not Priority Customers orders, in each
respective category for cPRIME orders. Initiating Priority Customers
orders are provided a discount as Priority Customer liquidity benefits
all market participants by providing more trading opportunities, which
attracts Market Makers. Contra, Responder, and Break-up credits are
applied uniformly to each Origin; Priority Customer, Market Maker, Non-
MIAX Market Maker, Broker-Dealer, Firm Proprietary, and Public Customer
that is Not a Priority Customer. All similarly situated categories of
participants are subject to the same transaction fee and credit
schedule, and access to the Exchange is offered on terms that are not
unfairly discriminatory.
The Exchange believes adding a footnote to the Simple and Complex
Fees table stating that the Complex Large Trade Discount does not apply
to SPIKES Combination Orders is reasonable, equitable, and not unfairly
discriminatory as SPIKES Combination Orders are charged a substantially
reduced fee as indicated on the Simple and Complex Fees table and do
not need the benefit of the Complex Large Trade Discount as SPIKES
Combination Orders are already substantially discounted.\14\
Additionally, the Exchange believes adding a footnote to the PRIME and
cPRIME Fees table stating that the cPRIME Large Trade Discount does not
apply to SPIKES Combination Orders is reasonable, equitable, and not
unfairly discriminatory as SPIKES Combination Orders are charged a
substantially reduced fee as indicated on the proposed Combinations in
cPRIME table and do not need the benefit of the cPRIME Large Trade
Discount as SPIKES Combination Orders are already substantially
discounted. The Exchange believes providing this change benefits
investors as it clarifies the Exchange's fees and reduces the risk of
confusion.
---------------------------------------------------------------------------
\14\ See MIAX Options Fee Schedule (1)(a)(xi).
---------------------------------------------------------------------------
The non-substantive technical change proposed to the explanatory
notes of the PRIME and cPRIME Fees table to add a description of how
PRIME and cPRIME fees will be applied to SPIKES Orders promotes just
and equitable principles of trade, removes impediments to and perfects
the mechanism of a free and open market and a national market system,
and, in general protects investors and the public interest by
clarifying how PRIME and cPRIME fees and credits will be applied
similarly to multi-listed symbols. Additionally, adding the explanatory
text below the PRIME and cPRIME Fees table benefits investors as it
promotes uniformity within the Exchange's Fee Schedule and clarifies
the application of PRIME and cPRIME fees for SPIKES orders and other
orders on the Exchange.
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 will enhance the competitiveness of the Exchange
relative to other exchanges that offer their own singly-listed
products. The Exchange believes that the proposed fees and rebates for
transactions in SPIKES index options are not going to have an impact on
intra-market competition based on the total cost for participants to
transact in such order types versus the cost for participants to
transact in other order types available for trading on the Exchange.
The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues and
competing products if they deem fee levels at a particular venue to be
excessive. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and to attract
order flow to the Exchange. The Exchange believes that the proposed
rule change reflects this competitive environment because it is
adjusting its fees in a manner that encourages market participants to
provide liquidity in SPIKES index options.
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,\15\ and Rule 19b-4(f)(2) \16\ thereunder.
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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\15\ 15 U.S.C. 78s(b)(3)(A)(ii).
\16\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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
[[Page 21375]]
Send an email to [email protected]. Please include
File Number SR-MIAX-2019-22 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-2019-22. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-MIAX-2019-22 and should be submitted on
or before June 4, 2019.
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\17\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-09859 Filed 5-13-19; 8:45 am]
BILLING CODE 8011-01-P
