80 FR 18894 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 67 (April 8, 2015)
Federal Register Volume 80, Issue 67 (April 8, 2015)
| Page Range | 18894-18896 | |
| FR Document | 2015-07961 |
[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)] [Notices] [Pages 18894-18896] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07961] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74633; File No. SR-MIAX-2015-25] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule April 2, 2015. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 31, 2015, Miami International Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ``Fee Schedule''). The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at MIAX's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the MIAX Options Fee Schedule (the ``Fee Schedule'') to increase the fees for MEI Ports to Market Makers. Specifically, the Exchange proposes to: (i) Increase the MEI Port Fee for the first matching engine used, from $1,000 to $2,500 per month; (ii) increase the MEI Port Fee for each of matching engines 2 through 5, from $500 to $1,200 per month; (iii) increase the MEI Port Fee for each of matching engines 6 and above, from $250 to $700 per month; and (iv) increase the fee for additional Limited Service MEI Ports from $10 to $50 per month. Currently, MIAX assesses monthly MEI Port Fees on Market Makers based upon the number of MIAX matching engines \3\ used by the Market Maker. MEI Port users are allocated two Full Service MEI Ports \4\ and two Limited Service MEI Ports \5\ per matching engine to which they connect. The Exchange currently assesses a fee of $1,000 per month on Market Makers for the first matching engine they use; $500 per month for each of matching engines 2 through 5; and $250 per month for each of matching engines 6 and above. For [[Page 18895]] example, a Market Maker that wishes to make markets in just one symbol would require the two MEI Ports in a single matching engine; a Market Maker wishing to make markets in all symbols traded on MIAX would require the two MEI Ports in each of the Exchange's matching engines. The Exchange also currently charges $10 per month for each additional Limited Service MEI Port per matching engine for Market Makers in addition to the two Limited Service MEI Ports per matching engine that are allocated with the Full Service MEI Ports. The Full Service MEI Ports, Limited Service MEI Ports and the additional Limited Service MEI Ports all include access to MIAX's primary and secondary data centers and its disaster recovery center. --------------------------------------------------------------------------- \3\ A ``matching engine'' is a part of the MIAX electronic system that processes options quotes and trades on a symbol-by- symbol basis. Some matching engines will process option classes with multiple root symbols, and other matching engines will be dedicated to one single option root symbol (for example, options on SPY will be processed by one single matching engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated matching engine. A particular root symbol may not be assigned to multiple matching engines. \4\ Full Service MEI Ports provide Market Makers with the ability to send Market Maker quotes, eQuotes, and quote purge messages to the MIAX System. Full Service MEI Ports are also capable of receiving administrative information. Market Makers are limited to two Full Service MEI Ports per matching engine. \5\ Limited Service MEI Ports provide Market Makers with the ability to send eQuotes and quote purge messages only, but not Market Maker Quotes, to the MIAX System. Limited Service MEI Ports are also capable of receiving administrative information. Market Makers initially receive two Limited Service MEI Ports per matching engine. --------------------------------------------------------------------------- The Exchange notes that another competing exchange charges substantially more for the use of similar ports.\6\ The Exchange established the current lower rates in order to encourage additional market participants to become Members of the Exchange and register as Market Makers and use the service. Now that the Exchange has grown its market share and membership base, the Exchange proposes to modify its fees charged to Market Makers for use of MEI Ports in an effort to increase the Exchange's revenues from non-transaction fee sources and also more closely align the fees with the rates charged by another competing options exchange. Accordingly, the Exchange proposes to increase the fees charged to Market Makers for use of MEI Ports. Specifically, the Exchange proposes to: (i) Increase the MEI Port Fee for the first matching engine used, from $1,000 to $2,500 per month; (ii) increase the MEI Port Fee for each of matching engines 2 through 5, from $500 to $1,200 per month; (iii) increase the MEI Port Fee for each of matching engines 6 and above, from $250 to $700 per month; and (iv) increase the fee for additional Limited Service MEI Ports from $10 to $50 per month. --------------------------------------------------------------------------- \6\ See NASDAQ OMX PHLX LLC (``PHLX'') Pricing Schedule, Section VII. PHLX assesses specialists and market makers Active SQF Port Fee of $2,500 per month for the first port, $4,000 per month for ports 2-6, and $15,000 per month for ports 7 and over. Active SQF Port Fees are capped at $42,000 per month. --------------------------------------------------------------------------- The Exchange proposes to implement the fee changes beginning April 1, 2015. 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with Section 6(b) of the Act \7\ in general, and furthers the objectives of Section 6(b)(4) of the Act \8\ in particular, in that it is an equitable allocation of reasonable fees and other charges. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposal is reasonable and not unfairly discriminatory because Market Makers are free to add and remove MEI Ports and will only be charged for the amount of MEI Ports that they desire to use. The proposed fee is fair and equitable and not unreasonably discriminatory because it applies equally to all Market Makers regardless of type. All similarly situated Market Makers, with the same number of MEI Ports, will be subject to the same fee, and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange believes that the proposed fees are reasonable in that the rates are within the range of that charged by another competing options exchange. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange believes that the proposal increases both intermarket and intramarket competition by increasing MEI Port fees for Market Makers on the Exchange in the range of comparable fees on another exchange. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and in order to attract market participants to use its services. The Exchange believes that the proposal reflects this competitive environment because it increases the Exchange's fees in a manner that continues to encourage market participants to register as Market Makers on the Exchange, to provide liquidity, and to attract order flow. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\9\ 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-MIAX-2015-25 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-MIAX-2015-25. 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 (http://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., [[Page 18896]] Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-MIAX-2015-25, and should be submitted on or before April 29, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-07961 Filed 4-7-15; 8:45 am] BILLING CODE 8011-01-P
![18894 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
19(b)(3)(A)(ii) of the Act.9 At any time received will be posted without change; concerning the purpose of and basis for
within 60 days of the filing of the the Commission does not edit personal the proposed rule change and discussed
proposed rule change, the Commission identifying information from any comments it received on the
summarily may temporarily suspend submissions. You should submit only proposed rule change. The text of these
such rule change if it appears to the information that you wish to make statements may be examined at the
Commission that such action is available publicly. All submissions places specified in Item IV below. The
necessary or appropriate in the public should refer to File Number SR–MIAX– Exchange has prepared summaries, set
interest, for the protection of investors, 2015–24, and should be submitted on or forth in sections A, B, and C below, of
or otherwise in furtherance of the before April 29, 2015. the most significant aspects of such
purposes of the Act. If the Commission For the Commission, by the Division of statements.
takes such action, the Commission shall Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
institute proceedings to determine authority.10 Statement of the Purpose of, and
whether the proposed rule should be Brent J. Fields, Statutory Basis for, the Proposed Rule
approved or disapproved. Secretary. Change
IV. Solicitation of Comments [FR Doc. 2015–07960 Filed 4–7–15; 8:45 am]
1. Purpose
Interested persons are invited to BILLING CODE 8011–01–P
The Exchange proposes to amend the
submit written data, views, and
MIAX Options Fee Schedule (the ‘‘Fee
arguments concerning the foregoing,
SECURITIES AND EXCHANGE Schedule’’) to increase the fees for MEI
including whether the proposed rule
COMMISSION Ports to Market Makers. Specifically, the
change is consistent with the Act.
Exchange proposes to: (i) Increase the
Comments may be submitted by any of [Release No. 34–74633; File No. SR–MIAX–
2015–25] MEI Port Fee for the first matching
the following methods:
engine used, from $1,000 to $2,500 per
Electronic Comments Self-Regulatory Organizations; Miami month; (ii) increase the MEI Port Fee for
• Use the Commission’s Internet International Securities Exchange LLC; each of matching engines 2 through 5,
comment form (http://www.sec.gov/ Notice of Filing and Immediate from $500 to $1,200 per month; (iii)
rules/sro.shtml); or Effectiveness of a Proposed Rule increase the MEI Port Fee for each of
• Send an email to rule-comments@ Change To Amend Its Fee Schedule matching engines 6 and above, from
sec.gov. Please include File Number SR– $250 to $700 per month; and (iv)
April 2, 2015. increase the fee for additional Limited
MIAX–2015–24 on the subject line.
Pursuant to the provisions of Section Service MEI Ports from $10 to $50 per
Paper Comments 19(b)(1) of the Securities Exchange Act month.
• Send paper comments in triplicate of 1934 (‘‘Act’’),1 and Rule 19b–4 Currently, MIAX assesses monthly
to Brent J. Fields, Secretary, Securities thereunder,2 notice is hereby given that MEI Port Fees on Market Makers based
and Exchange Commission, 100 F Street on March 31, 2015, Miami International upon the number of MIAX matching
NE., Washington, DC 20549–1090. Securities Exchange LLC (‘‘MIAX’’ or engines 3 used by the Market Maker.
All submissions should refer to File ‘‘Exchange’’) filed with the Securities MEI Port users are allocated two Full
Number SR–MIAX–2015–24. This file and Exchange Commission Service MEI Ports 4 and two Limited
number should be included on the (‘‘Commission’’) a proposed rule change Service MEI Ports 5 per matching engine
subject line if email is used. To help the as described in Items I, II, and III below, to which they connect. The Exchange
Commission process and review your which Items have been prepared by the currently assesses a fee of $1,000 per
comments more efficiently, please use Exchange. The Commission is month on Market Makers for the first
only one method. The Commission will publishing this notice to solicit matching engine they use; $500 per
post all comments on the Commission’s comments on the proposed rule change month for each of matching engines 2
Internet Web site (http://www.sec.gov/ from interested persons. through 5; and $250 per month for each
rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s of matching engines 6 and above. For
submission, all subsequent Statement of the Terms of the Substance 3 A ‘‘matching engine’’ is a part of the MIAX
amendments, all written statements of the Proposed Rule Change electronic system that processes options quotes and
with respect to the proposed rule
The Exchange is filing a proposal to trades on a symbol-by-symbol basis. Some matching
change that are filed with the engines will process option classes with multiple
amend the MIAX Options Fee Schedule
Commission, and all written root symbols, and other matching engines will be
(the ‘‘Fee Schedule’’). dedicated to one single option root symbol (for
communications relating to the The text of the proposed rule change example, options on SPY will be processed by one
proposed rule change between the is available on the Exchange’s Web site single matching engine that is dedicated only to
Commission and any person, other than at http://www.miaxoptions.com/filter/ SPY). A particular root symbol may only be
those that may be withheld from the wotitle/rule_filing, at MIAX’s principal assigned to a single designated matching engine. A
public in accordance with the particular root symbol may not be assigned to
office, and at the Commission’s Public multiple matching engines.
provisions of 5 U.S.C. 552, will be Reference Room. 4 Full Service MEI Ports provide Market Makers
available for Web site viewing and with the ability to send Market Maker quotes,
printing in the Commission’s Public II. Self-Regulatory Organization’s eQuotes, and quote purge messages to the MIAX
Reference Room, 100 F Street NE., Statement of the Purpose of, and System. Full Service MEI Ports are also capable of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Statutory Basis for, the Proposed Rule receiving administrative information. Market
Washington, DC 20549 on official Makers are limited to two Full Service MEI Ports
business days between the hours of Change per matching engine.
10:00 a.m. and 3:00 p.m. Copies of such In its filing with the Commission, the 5 Limited Service MEI Ports provide Market
filing also will be available for Exchange included statements Makers with the ability to send eQuotes and quote
inspection and copying at the principal purge messages only, but not Market Maker Quotes,
to the MIAX System. Limited Service MEI Ports are
office of the Exchange. All comments 10 17 CFR 200.30–3(a)(12). also capable of receiving administrative
1 15 U.S.C. 78s(b)(1). information. Market Makers initially receive two
9 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4. Limited Service MEI Ports per matching engine.
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![18896 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
Washington, DC 20549 on official with activity of the member aggregation of eligible affiliate activity
business days between the hours of organization’s affiliates for purposes of would be required to (1) certify to the
10:00 a.m. and 3:00 p.m. Copies of such charges or credits based on volume. The Exchange the affiliate status of member
filing also will be available for text of the proposed rule change is organizations whose activity it seeks to
inspection and copying at the principal available on the Exchange’s Web site at aggregate prior to receiving approval for
office of the Exchange. All comments www.nyse.com, at the principal office of aggregation, and (2) inform the
received will be posted without change; the Exchange, and at the Commission’s Exchange immediately of any event that
the Commission does not edit personal Public Reference Room. causes an entity to cease being an
identifying information from affiliate. The Exchange would review
submissions. You should submit only II. Self-Regulatory Organization’s
available information regarding the
information that you wish to make Statement of the Purpose of, and
entities and reserves the right to request
available publicly. All submissions Statutory Basis for, the Proposed Rule
additional information to verify the
should refer to File Number SR–MIAX– Change
affiliate status of an entity. As further
2015–25, and should be submitted on or In its filing with the Commission, the proposed, the Exchange would approve
before April 29, 2015. self-regulatory organization included a request, unless it determines that the
For the Commission, by the Division of statements concerning the purpose of, certificate is not accurate.5
Trading and Markets, pursuant to delegated and basis for, the proposed rule change The Exchange also proposes that if
authority.10 and discussed any comments it received two or more member organizations
Brent J. Fields, on the proposed rule change. The text become affiliated on or prior to the
Secretary. of those statements may be examined at sixteenth day of a month, and submit
[FR Doc. 2015–07961 Filed 4–7–15; 8:45 am]
the places specified in Item IV below. the required request for aggregation on
BILLING CODE 8011–01–P
The Exchange has prepared summaries, or prior to the twenty-second day of the
set forth in sections A, B, and C below, month, an approval of the request
of the most significant parts of such would be deemed to be effective as of
SECURITIES AND EXCHANGE statements. the first day of that month. If two or
COMMISSION A. Self-Regulatory Organization’s more member organizations become
[Release No. 34–74641; File No. SR– Statement of the Purpose of, and the affiliated after the sixteenth day of a
NYSEMKT–2015–20] Statutory Basis for, the Proposed Rule month, or submit a request for
Change aggregation after the twenty second day
Self-Regulatory Organizations; NYSE of the month, an approval of the request
MKT LLC; Notice of Filing and 1. Purpose would be deemed to be effective as of
Immediate Effectiveness of Proposed The Exchange proposes to amend its the first day of the next calendar
Rule Change Amending Its Price List Price List to specify that member month.6 The Exchange believes that this
To Specify That a Member organizations may request that the requirement, which is also similar to
Organization May Request That the Exchange aggregate their eligible requirements of other exchanges,7
Exchange Aggregate Its Eligible activity with activity of member would be a fair and objective way to
Activity With Activity of the Member organization’s affiliates for purposes of apply the aggregation rule to fees and
Organization’s Affiliates for Purposes charges or credits based on volume. The streamline the billing process.
of Charges or Credits Based on proposed rule change is based on The Exchange further proposes to
Volume NASDAQ Stock Market LLC provide that for purposes of applying
(‘‘NASDAQ’’) Rule 7027, NASDAQ any provision of the Price List where the
April 2, 2015. Options Market LLC (‘‘NOM’’) Rules at charge assessed, or credit provided, by
Pursuant to Section 19(b)(1) 1 of the Chapter XV, and the NASDAQ OMX the Exchange depends upon the volume
Securities Exchange Act of 1934 (the PHLX LLC (‘‘PHLX’’) Pricing Schedule.4 of a member organization’s activity,
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 As proposed, for purposes of applying references to an entity would be deemed
notice is hereby given that on March 25, any provision of the Exchange’s Price to include the entity and its affiliates
2015, NYSE MKT LLC (‘‘NYSE MKT’’ or List where the charge assessed, or credit that have been approved for
the ‘‘Exchange’’) filed with the provided, by the Exchange depends on aggregation.8 The Exchange notes that
Securities and Exchange Commission the volume of a member organization’s its designated market makers (‘‘DMM’’)
(the ‘‘Commission’’) the proposed rule activity, a member organization may are subject to specified pricing on the
change as described in Items I and II request that the Exchange aggregate its Price List. For purposes of the Price List,
below, which Items have been prepared eligible activity with activity of such a DMM may not aggregate its volume
by the self-regulatory organization. The member organization’s affiliates. The either with other units within the same
Commission is publishing this notice to Exchange further proposes that a member organization or affiliates of the
solicit comments on the proposed rule member organization requesting member organization operating the
change from interested persons. DMM unit. In addition, the Exchange
I. Self-Regulatory Organization’s 4 Effective December 1, 2014, NASDAQ amended
proposes to provide that member
Rule 7027 to harmonize the treatment of aggregation organizations may not aggregate volume
Statement of the Terms of Substance of of affiliate activity of affiliated members to be
the Proposed Rule Change consistent with the rules governing NOM and where the Price List specifies that
aggregation is not permitted.9
asabaliauskas on DSK5VPTVN1PROD with NOTICES
PHLX. See Securities Exchange Act Release No.
The Exchange proposes to amend its 72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014)
Price List to specify that a member (SR–NASDAQ–2014–083). NOM and PHLX also 5 See NASDAQ Rule 7027(a)(1).
organization may request that the amended their respective rules to harmonize the 6 See
process by which it collects information from its NASDAQ Rule 7027(a)(2).
Exchange aggregate its eligible activity 7 See supra note 4.
members for purposes of aggregating member
8 See supra note 5.
10 17
activity between its equity and options markets. See
CFR 200.30–3(a)(12). Securities Exchange Act Release Nos. 72967 (Sept. 9 For example, the Price List specifies whether
1 15 U.S.C.78s(b)(1). 2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR– quoting and trading activity relating to
2 15 U.S.C. 78a.
NASDAQ–2014–082) and 72969 (Sept. 3, 2014), 79 Supplemental Liquidity Provider activity may be
3 17 CFR 240.19b–4. FR 53485 (Sept. 9, 2014) (SR–PHLX–2014–56). aggregated.
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Document Created: 2018-02-21 10:06:41
Document Modified: 2018-02-21 10:06:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 18894 |
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