80_FR_22827 80 FR 22749 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the MIAX Order Feed

80 FR 22749 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the MIAX Order Feed

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 78 (April 23, 2015)

Page Range22749-22751
FR Document2015-09427

Federal Register, Volume 80 Issue 78 (Thursday, April 23, 2015)
[Federal Register Volume 80, Number 78 (Thursday, April 23, 2015)]
[Notices]
[Pages 22749-22751]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-09427]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74759; File No. SR-MIAX-2015-28]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Establish the MIAX Order Feed

April 17, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

[[Page 22750]]

(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 7, 2015, Miami International Securities Exchange LLC (``MIAX'' 
or ``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to establish the MIAX Order Feed 
(``MOR'').
    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 establish the MIAX Order Feed (``MOR'') 
data product. MOR is a real-time full order book data feed that 
provides information for orders on the MIAX order book. The proposed 
data feed is based on the substantially similar market data feed of 
another options exchange.\3\
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    \3\ See Securities Exchange Act Release No. 66993 (May 15, 
2012), 77 FR 30043 (May 21, 2012) (SR-PHLX-2012-63).
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    MOR will provide real-time information to enable users to keep 
track of the simple order book for all symbols listed on MIAX. MOR will 
provide real-time data including the limit price, origin, and size of 
each order for the entire order book to its users. It is a compilation 
of data for orders residing on the Exchange's order book for options 
traded on the Exchange that the Exchange provides through a real-time 
data feed. The Exchange updates the information upon receipt of each 
order or change in status to any order resting on the book (e.g., 
routing, trading, or cancelling of the order).
    The Exchange believes that some users do not wish or need to 
subscribe to the full MIAX Top of Market Options (``ToM'') data 
product; \4\ the MOR data product is being offered to those users that 
want the order book information but don't have the need for the entire 
ToM data product. Accordingly, the Exchange proposes to make available 
the MOR data product for any user that needs or wants only order book 
information.
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    \4\ See Securities Exchange Act Release Nos. 73395 (October 21, 
2014), 79 FR 63979 (October 27, 2014) (SR-MIAX-2014-53); 69007 
(February 28, 2013), 78 FR 14617 (March 6, 2013) (SR-MIAX-2013-05).
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    The Exchange represents that it will make MOR equally available to 
any market participant that wishes to subscribe to it. The Exchange 
will establish monthly fees for the MOR data product by way of a 
separate proposed rule change, which the Exchange will submit after the 
MOR product is established.
    MOR will provide subscribers with specific order book data that 
should enhance their ability to analyze market conditions, and to 
create and test trading models and analytical strategies. The Exchange 
believes that MOR is a valuable tool that subscribers can use to gain 
comprehensive insight into the limit order book in a particular option.
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.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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    The MOR market data product is designed to promote just and 
equitable principles of trade by providing all subscribers with limit 
order book data that should enable them to make informed decisions on 
trading in MIAX options by using the MOR data to assess current market 
conditions that directly affect such decisions. The proposed market 
data product facilitates transactions in securities, removes 
impediments to and perfect the mechanisms of a free and open market and 
a national market system by enhancing the subscribers' ability to make 
decisions on trading strategy, and by providing data that should help 
bring about such decisions in a timely manner to the protection of 
investors and the public interest. The market data provided by MOR 
removes impediments to, and is designed to further perfect, the 
mechanisms of a free and open market and a national market system by 
making the MIAX market more transparent and accessible to market 
participants making routing decisions concerning their options orders. 
The MOR market data product is also designed to protect investors and 
the public interest by providing data to subscribers that is already 
currently available on other exchanges and will enable MIAX to compete 
with such other exchanges, thereby offering market participants with 
additional data in order to seek the market center with the best price 
and the most liquidity on which to execute their transactions, all to 
the benefit of investors and the public interest, and to the 
marketplace as a whole.

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. On the contrary, the 
Exchange believes that the new market data product will enhance 
competition in the U.S. options markets by providing subscribers on 
MIAX a market data product that is similar to that which is currently 
provided on other options exchange.\7\
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    \7\ See Securities Exchange Act Release No. 66993 (May 15, 
2012), 77 FR 30043 (May 21, 2012) (SR-PHLX-2012-63).
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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

    The Exchange has filed the proposed rule change pursuant to Section

[[Page 22751]]

19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ 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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and 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. The 
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6)\12\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission 
may 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 proposed 
rule change may become operative immediately upon filing. The 
Commission believes that waiver of the operative delay is consistent 
with investor protection and the public interest because the proposal 
will provide market participants with additional data in order to seek 
the market center with the best price and most liquidity on which to 
execute their transactions, and is substantially similar to that of 
another exchange.\14\ Further, waiver of the operative delay would 
provide access to this additional data without delay. Accordingly, the 
Commission hereby waives the 30-day operative delay and designates the 
proposal operative upon filing.\15\
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    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ See supra note 3.
    \15\ For purposes only of waiving the 30-day operative delay, 
the Commission has 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 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-MIAX-2015-28 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-2015-28. 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., 
Washington, DC 20549 on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal offices 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-2015-28, and should be 
submitted on or before May 14, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12), (59).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09427 Filed 4-22-15; 8:45 am]
BILLING CODE 8011-01-P



                                                                                Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices                                                  22749

                                                  classification changes for the First-Class              exigent surcharges. Order No. 2398 at                 IV. Notice of Commission Action
                                                  Mail and Special Services classes                       4–5.                                                    In accordance with 39 U.S.C. 3622
                                                  respectively.4 In Order No. 2378, the                      In response to Order No. 2398, the                 and 39 CFR part 3010, the Commission
                                                  Commission remanded the proposed                        Postal Service states that it has                     will review the Postal Service’s
                                                  price adjustments for the Standard Mail,                equalized all nonprofit and commercial                amended price adjustments in Docket
                                                  Periodicals, and Package Services                       discounts. Response to Order No. 2398                 No. R2015–4. The Commission invites
                                                  classes for failure to comply with                      at 4. The Postal Service explains that it             comments from interested persons on
                                                  certain legal requirements.5                            also adjusted other discount                          whether the price adjustments, as
                                                     On March 12, 2015, the Postal Service                relationships that were out of alignment              amended in the Response to Order No.
                                                  filed its response to Order No. 2378.6                  in its prior filings. Id. at 4–5. It also             2378 and Response to Order No. 2398,
                                                  The Postal Service stated that it                       states that it has corrected 12 exigent               are consistent with 39 U.S.C. 3622 and
                                                  complied with each of the                               surcharges and provided the                           the requirements of 39 CFR part 3010.
                                                  Commission’s directives and                             calculations used to develop the exigent              Comments are due no later than April
                                                  recommendations from Order No. 2378                     surcharges for each Standard Mail FSS                 23, 2015. 39 CFR 3010.11(g). The Postal
                                                  and included revised Standard Mail and                  price category. Id. at 6.                             Service’s filing can be accessed via the
                                                  Periodicals prices, updated Mail                           Periodicals. In Order No. 2398, the                Commission’s Web site (http://
                                                  Classification (MCS) pages, updated                     Commission ordered the Postal Service                 www.prc.gov).
                                                  workshare discount tables, updated                      to provide a revised price cap                          Pursuant to 39 U.S.C. 505, James
                                                  exigent surcharges affected by the                      calculation that addressed the                        Waclawski will continue to serve as an
                                                  revised prices, and revised price cap                                                                         officer of the Commission (Public
                                                                                                          deficiencies identified by the
                                                  calculation workpapers for Standard                                                                           Representative) representing the
                                                                                                          Commission. Order No. 2398 at 6–7. In
                                                  Mail, Periodicals, and Package Services                                                                       interests of the general public in this
                                                                                                          addition, the Commission found the
                                                  with its response. Id. at 1–2.                                                                                proceeding.8
                                                                                                          Postal Service must demonstrate
                                                     On March 18, 2015, the Commission                    compliance with 39 CFR 3010.12(b)(4).                 V. Ordering Paragraphs
                                                  issued Order No. 2398 and found that                    Id. at 7.
                                                  the Postal Service had not fully                                                                                It is ordered:
                                                                                                             In response to Order No. 2398, the                   1. Comments on the revised planned
                                                  complied with applicable statutory and
                                                                                                          Postal Service proposes a revised set of              price adjustments and related
                                                  regulatory requirements and Order No.
                                                                                                          Periodicals prices and a revised price                classification changes for Standard Mail,
                                                  2378. Order No. 2398 at 2. As a result,
                                                                                                          cap calculation that address the                      Periodicals, and Package Services are
                                                  the Commission remanded the revised
                                                                                                          Commission’s directives. Response to                  due no later than April 23, 2015.
                                                  price adjustments for the Standard Mail,
                                                                                                          Order No. 2398 at 7. The Postal Service                 2. Pursuant to 39 U.S.C. 505, James
                                                  Periodicals, and Package Services
                                                                                                          explains that it has made some                        Waclawski will continue to serve as an
                                                  classes for further revision, correction,
                                                                                                          adjustments to the Commission’s                       officer of the Commission (Public
                                                  and clarification. Id. The Commission
                                                                                                          suggested approach, corrected                         Representative) representing the
                                                  explained that after the Postal Service
                                                                                                          additional errors it has identified, and              interests of the general public in this
                                                  files an amended notice of rate
                                                                                                          increased the discount provided by the                proceeding.
                                                  adjustment addressing the deficiencies
                                                                                                          per-piece editorial adjustment for                      3. The Commission directs the
                                                  described in Order No. 2398, the
                                                                                                          Outside County Periodicals. Id. at 8–9.               Secretary of the Commission to arrange
                                                  Commission would allow seven days for
                                                                                                          The Postal Service states that the                    for prompt publication of this notice in
                                                  public comment in accordance with 39
                                                                                                          revised price adjustments result in a                 the Federal Register.
                                                  CFR 3010.11(g). Id.
                                                                                                          total percentage price increase of 1.966               By the Commission.
                                                  III. Order No. 2398 and the Postal                      percent for the Periodicals class, which              Ruth Ann Abrams,
                                                  Service’s Response                                      uses all of its price adjustment authority            Acting Secretary.
                                                                                                          for the class. Id. at 9.
                                                    Standard Mail. In Order No. 2398, the                                                                       [FR Doc. 2015–09446 Filed 4–22–15; 8:45 am]
                                                  Commission found that the Postal                           Package Services. In Order No. 2398,               BILLING CODE 7710–FW–P
                                                  Service did not equalize all nonprofit                  the Commission found that it was
                                                  and commercial discounts as it was                      unable to make the finding required
                                                  ordered to in Order No. 2378. Order No.                 under 39 U.S.C. 3622 and 39 CFR                       SECURITIES AND EXCHANGE
                                                  2398 at 3–5.7 In addition, the                          3010.11 due to inaccurate billing                     COMMISSION
                                                  Commission required the Postal Service                  determinant adjustments and data
                                                                                                          inconsistencies. Order No. 2398 at 9–11.              [Release No. 34–74759; File No. SR–MIAX–
                                                  to provide the calculations used to                                                                           2015–28]
                                                  develop the exigent surcharges for each                 The Commission identified specific
                                                  new Standard Mail Flats Sequencing                      information the Postal Service must                   Self-Regulatory Organizations; Miami
                                                  System (FSS) category to assist the                     provide in its response to show the                   International Securities Exchange LLC;
                                                  Commission in verifying the calculated                  deficiencies had been corrected. Id. at               Notice of Filing and Immediate
                                                                                                          11.                                                   Effectiveness of a Proposed Rule
                                                     4 Order No. 2365, Order on Price Adjustments for        In response to Order No. 2398, the                 Change To Establish the MIAX Order
                                                  First-Class Products and Related Mail Classification    Postal Service states that it has provided            Feed
                                                  Changes, February 24, 2015; Order No. 2388, Order
                                                                                                          the information required by the
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  on Price Adjustments for Special Services Products                                                            April 17, 2015.
                                                  and Related Mail Classification Changes, March 10,      Commission in Order No. 2398.
                                                  2015.                                                   Response to Order No. 2398 at 10–23. In                 Pursuant to Section 19(b)(1) of the
                                                     5 Order on Price Adjustments for Standard Mail,
                                                                                                          addition, the Postal Service files revised            Securities Exchange Act of 1934
                                                  Periodicals, and Package Services Products, March
                                                  6, 2015 (Order No. 2378).
                                                                                                          price cap calculation workpapers,                       8 See Order No. 2327, Notice and Order on Rate
                                                     6 Response of the United States Postal Service to    which it represents correct the issues                Adjustments, Classification Changes, and
                                                  Order No. 2378, March 12, 2015.                         previously identified by the                          Temporary Promotions for Market Dominant
                                                     7 See also Order No. 2378 at 8–9.                    Commission. Id. at 24.                                Products, January 20, 2015, at 5.



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                                                  22750                         Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices

                                                  (‘‘Act’’),1 and Rule 19b–4 thereunder,2                 limit price, origin, and size of each                 that should enable them to make
                                                  notice is hereby given that on April 7,                 order for the entire order book to its                informed decisions on trading in MIAX
                                                  2015, Miami International Securities                    users. It is a compilation of data for                options by using the MOR data to assess
                                                  Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’)                 orders residing on the Exchange’s order               current market conditions that directly
                                                  filed with the Securities and Exchange                  book for options traded on the Exchange               affect such decisions. The proposed
                                                  Commission (‘‘SEC’’ or ‘‘Commission’’)                  that the Exchange provides through a                  market data product facilitates
                                                  the proposed rule change as described                   real-time data feed. The Exchange                     transactions in securities, removes
                                                  in Items I and II below, which Items                    updates the information upon receipt of               impediments to and perfect the
                                                  have been prepared by the Exchange.                     each order or change in status to any                 mechanisms of a free and open market
                                                  The Commission is publishing this                       order resting on the book (e.g., routing,             and a national market system by
                                                  notice to solicit comments on the                       trading, or cancelling of the order).                 enhancing the subscribers’ ability to
                                                  proposed rule change from interested                       The Exchange believes that some                    make decisions on trading strategy, and
                                                  persons.                                                users do not wish or need to subscribe                by providing data that should help bring
                                                                                                          to the full MIAX Top of Market Options                about such decisions in a timely manner
                                                  I. Self-Regulatory Organization’s                       (‘‘ToM’’) data product; 4 the MOR data                to the protection of investors and the
                                                  Statement of the Terms of Substance of                  product is being offered to those users               public interest. The market data
                                                  the Proposed Rule Change                                that want the order book information                  provided by MOR removes impediments
                                                     The Exchange is filing a proposal to                 but don’t have the need for the entire                to, and is designed to further perfect, the
                                                  establish the MIAX Order Feed                           ToM data product. Accordingly, the                    mechanisms of a free and open market
                                                  (‘‘MOR’’).                                              Exchange proposes to make available                   and a national market system by making
                                                     The text of the proposed rule change                 the MOR data product for any user that                the MIAX market more transparent and
                                                  is available on the Exchange’s Web site                 needs or wants only order book                        accessible to market participants making
                                                  at http://www.miaxoptions.com/filter/                   information.                                          routing decisions concerning their
                                                  wotitle/rule_filing, at MIAX’s principal                   The Exchange represents that it will               options orders. The MOR market data
                                                  office, and at the Commission’s Public                  make MOR equally available to any                     product is also designed to protect
                                                  Reference Room.                                         market participant that wishes to                     investors and the public interest by
                                                                                                          subscribe to it. The Exchange will                    providing data to subscribers that is
                                                  II. Self-Regulatory Organization’s                      establish monthly fees for the MOR data
                                                  Statement of the Purpose of, and                                                                              already currently available on other
                                                                                                          product by way of a separate proposed                 exchanges and will enable MIAX to
                                                  Statutory Basis for, the Proposed Rule                  rule change, which the Exchange will
                                                  Change                                                                                                        compete with such other exchanges,
                                                                                                          submit after the MOR product is                       thereby offering market participants
                                                     In its filing with the Commission, the               established.                                          with additional data in order to seek the
                                                  Exchange included statements                               MOR will provide subscribers with
                                                                                                                                                                market center with the best price and
                                                  concerning the purpose of and basis for                 specific order book data that should
                                                                                                                                                                the most liquidity on which to execute
                                                  the proposed rule change and discussed                  enhance their ability to analyze market
                                                                                                          conditions, and to create and test                    their transactions, all to the benefit of
                                                  any comments it received on the                                                                               investors and the public interest, and to
                                                  proposed rule change. The text of these                 trading models and analytical strategies.
                                                                                                          The Exchange believes that MOR is a                   the marketplace as a whole.
                                                  statements may be examined at the
                                                  places specified in Item IV below. The                  valuable tool that subscribers can use to             B. Self-Regulatory Organization’s
                                                  Exchange has prepared summaries, set                    gain comprehensive insight into the                   Statement on Burden on Competition
                                                  forth in sections A, B, and C below, of                 limit order book in a particular option.
                                                                                                                                                                  The Exchange does not believe that
                                                  the most significant aspects of such                    2. Statutory Basis                                    the proposed rule change will impose
                                                  statements.                                                                                                   any burden on competition that is not
                                                                                                             MIAX believes that its proposed rule
                                                  A. Self-Regulatory Organization’s                       change is consistent with Section 6(b) of             necessary or appropriate in furtherance
                                                  Statement of the Purpose of, and                        the Act 5 in general, and furthers the                of the purposes of the Act. On the
                                                  Statutory Basis for, the Proposed Rule                  objectives of Section 6(b)(5) of the Act 6            contrary, the Exchange believes that the
                                                  Change                                                  in particular, in that it is designed to              new market data product will enhance
                                                                                                          prevent fraudulent and manipulative                   competition in the U.S. options markets
                                                  1. Purpose                                                                                                    by providing subscribers on MIAX a
                                                                                                          acts and practices, to promote just and
                                                     The Exchange proposes to establish                   equitable principles of trade, to foster              market data product that is similar to
                                                  the MIAX Order Feed (‘‘MOR’’) data                      cooperation and coordination with                     that which is currently provided on
                                                  product. MOR is a real-time full order                  persons engaged in facilitating                       other options exchange.7
                                                  book data feed that provides                            transactions in securities, to remove                 C. Self-Regulatory Organization’s
                                                  information for orders on the MIAX                      impediments to and perfect the                        Statement on Comments on the
                                                  order book. The proposed data feed is                   mechanisms of a free and open market                  Proposed Rule Change Received From
                                                  based on the substantially similar                      and a national market system and, in                  Members, Participants, or Others
                                                  market data feed of another options                     general, to protect investors and the
                                                  exchange.3                                              public interest.                                        Written comments were neither
                                                     MOR will provide real-time                              The MOR market data product is                     solicited nor received.
                                                  information to enable users to keep                     designed to promote just and equitable                III. Date of Effectiveness of the
                                                  track of the simple order book for all                  principles of trade by providing all
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                                                                                                                                Proposed Rule Change and Timing for
                                                  symbols listed on MIAX. MOR will                        subscribers with limit order book data                Commission Action
                                                  provide real-time data including the
                                                                                                            4 See Securities Exchange Act Release Nos. 73395      The Exchange has filed the proposed
                                                    1 15 U.S.C. 78s(b)(1).                                (October 21, 2014), 79 FR 63979 (October 27, 2014)    rule change pursuant to Section
                                                    2 17 CFR 240.19b–4.                                   (SR–MIAX–2014–53); 69007 (February 28, 2013), 78
                                                    3 See Securities Exchange Act Release No. 66993       FR 14617 (March 6, 2013) (SR–MIAX–2013–05).             7 See Securities Exchange Act Release No. 66993
                                                                                                            5 15 U.S.C. 78f(b).
                                                  (May 15, 2012), 77 FR 30043 (May 21, 2012) (SR–                                                               (May 15, 2012), 77 FR 30043 (May 21, 2012) (SR–
                                                  PHLX–2012–63).                                            6 15 U.S.C. 78f(b)(5).                              PHLX–2012–63).



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                                                                                  Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices                                                    22751

                                                  19(b)(3)(A) of the Act 8 and Rule 19b–                    investors, or otherwise in furtherance of              For the Commission, by the Division of
                                                  4(f)(6) thereunder.9 Because the                          the purposes of the Act. If the                      Trading and Markets, pursuant to delegated
                                                  proposed rule change does not: (i)                        Commission takes such action, the                    authority.16
                                                  Significantly affect the protection of                    Commission shall institute proceedings               Brent J. Fields,
                                                  investors or the public interest; (ii)                    to determine whether the proposed rule               Secretary.
                                                  impose any significant burden on                          should be approved or disapproved.                   [FR Doc. 2015–09427 Filed 4–22–15; 8:45 am]
                                                  competition; and (iii) become operative                                                                        BILLING CODE 8011–01–P
                                                  prior to 30 days from the date on which                   IV. Solicitation of Comments
                                                  it was filed, or such shorter time as the                   Interested persons are invited to
                                                  Commission may designate, if                              submit written data, views, and                      SECURITIES AND EXCHANGE
                                                  consistent with the protection of                         arguments concerning the foregoing,                  COMMISSION
                                                  investors and the public interest, the                    including whether the proposed rule                  [Release No. 34–74763; File No. SR–EDGA–
                                                  proposed rule change has become                           change is consistent with the Act.                   2015–10]
                                                  effective pursuant to Section 19(b)(3)(A)                 Comments may be submitted by any of
                                                  of the Act 10 and Rule 19b–4(f)(6)                        the following methods:                               Self-Regulatory Organizations; EDGA
                                                  thereunder.11                                                                                                  Exchange, Inc.; Notice of Designation
                                                     A proposed rule change filed under                     Electronic Comments
                                                                                                                                                                 of Longer Period for Commission
                                                  Rule 19b–4(f)(6)12 normally does not                        • Use the Commission’s Internet                    Action on a Proposed Rule Change, as
                                                  become operative prior to 30 days after                   comment form (http://www.sec.gov/                    Modified by Amendment No. 1, To
                                                  the date of the filing. However, pursuant                 rules/sro.shtml); or                                 Amend Rules 11.6, 11.8, 11.9, 11.10
                                                  to Rule 19b–4(f)(6)(iii),13 the                             • Send an email to rule-comments@                  and 11.11 of EDGA Exchange, Inc.
                                                  Commission may designate a shorter                        sec.gov. Please include File Number SR–
                                                  time if such action is consistent with the                                                                     April 17, 2015.
                                                                                                            MIAX–2015–28 on the subject line.
                                                  protection of investors and the public                                                                            On February 20, 2015, EDGA
                                                  interest. The Exchange has asked the                      Paper Comments                                       Exchange, Inc. (the ‘‘Exchange’’ or
                                                  Commission to waive the 30-day                              • Send paper comments in triplicate                ‘‘EDGA’’) filed with the Securities and
                                                  operative delay so that the proposed                      to Secretary, Securities and Exchange                Exchange Commission (‘‘Commission’’),
                                                  rule change may become operative                          Commission, 100 F Street NE.,                        pursuant to Section 19(b)(1) of the
                                                  immediately upon filing. The                              Washington, DC 20549–1090.                           Securities Exchange Act of 1934
                                                  Commission believes that waiver of the                                                                         (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
                                                                                                            All submissions should refer to File                 proposed rule change to amend Rules
                                                  operative delay is consistent with                        Number SR–MIAX–2015–28. This file
                                                  investor protection and the public                                                                             11.6, 11.8, 11.9, 11.10 and 11.11 to
                                                                                                            number should be included on the                     clarify and to include additional
                                                  interest because the proposal will                        subject line if email is used. To help the
                                                  provide market participants with                                                                               specificity regarding the current
                                                                                                            Commission process and review your                   functionality of the Exchange’s System,3
                                                  additional data in order to seek the                      comments more efficiently, please use
                                                  market center with the best price and                                                                          including the operation of its order
                                                                                                            only one method. The Commission will                 types and order instructions. On
                                                  most liquidity on which to execute their                  post all comments on the Commission’s
                                                  transactions, and is substantially similar                                                                     February 27, 2015, the Exchange filed
                                                                                                            Internet Web site (http://www.sec.gov/               Amendment No. 1 to the proposal.4 The
                                                  to that of another exchange.14 Further,                   rules/sro.shtml). Copies of the
                                                  waiver of the operative delay would                                                                            proposed rule change, as modified by
                                                                                                            submission, all subsequent                           Amendment No. 1, was published for
                                                  provide access to this additional data
                                                                                                            amendments, all written statements                   comment in the Federal Register on
                                                  without delay. Accordingly, the
                                                                                                            with respect to the proposed rule                    March 10, 2015.5 The Commission
                                                  Commission hereby waives the 30-day
                                                                                                            change that are filed with the                       received no comment letters.
                                                  operative delay and designates the
                                                                                                            Commission, and all written                             Section 19(b)(2) of the Act 6 provides
                                                  proposal operative upon filing.15
                                                     At any time within 60 days of the                      communications relating to the                       that within 45 days of the publication of
                                                  filing of the proposed rule change, the                   proposed rule change between the                     notice of the filing of a proposed rule
                                                  Commission summarily may                                  Commission and any person, other than                change, or within such longer period up
                                                  temporarily suspend such rule change if                   those that may be withheld from the                  to 90 days as the Commission may
                                                  it appears to the Commission that such                    public in accordance with the                        designate if it finds such longer period
                                                  action is necessary or appropriate in the                 provisions of 5 U.S.C. 552, will be                  to be appropriate and publishes its
                                                  public interest, for the protection of                    available for Web site viewing and                   reasons for so finding or as to which the
                                                                                                            printing in the Commission’s Public                  self-regulatory organization consents,
                                                    8 15  U.S.C. 78s(b)(3)(A).                              Reference Room, 100 F Street NE.,                    the Commission shall either approve the
                                                    9 17  CFR 240.19b–4(f)(6).                              Washington, DC 20549 on official                     proposed rule change, disapprove the
                                                     10 15 U.S.C. 78s(b)(3)(A).                             business days between the hours of 10                proposed rule change, or institute
                                                     11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                                                                            a.m. and 3 p.m. Copies of such filing
                                                  4(f)(6)(iii) requires the Exchange to give the            also will be available for inspection and              16 17
                                                  Commission written notice of the Exchange’s intent                                                                      CFR 200.30–3(a)(12), (59).
                                                  to file the proposed rule change, along with a brief      copying at the principal offices of the                1 15 U.S.C. 78s(b)(1).
                                                  description and text of the proposed rule change,         Exchange. All comments received will                   2 17 CFR 240.19b–4.

                                                  at least five business days prior to the date of filing   be posted without change; the                          3 The term ‘‘System’’ is defined as ‘‘the electronic

                                                  of the proposed rule change, or such shorter time         Commission does not edit personal                    communications and trading facility designated by
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  as designated by the Commission. The Exchange                                                                  the Board through which securities orders of Users
                                                  has satisfied this requirement.                           identifying information from                         are consolidated for ranking, execution and, when
                                                     12 17 CFR 240.19b–4(f)(6).                             submissions. You should submit only                  applicable, routing away.’’ See Exchange Rule
                                                     13 17 CFR 240.19b–4(f)(6)(iii).                        information that you wish to make                    1.5(cc).
                                                                                                                                                                   4 Amendment No. 1 replaced SR–EDGA–2015–10
                                                     14 See supra note 3.
                                                                                                            available publicly. All submissions
                                                     15 For purposes only of waiving the 30-day                                                                  and superseded such filing in its entirety.
                                                                                                            should refer to File Number SR–MIAX–                   5 See Securities Exchange Act Release No. 74435
                                                  operative delay, the Commission has considered the
                                                  proposed rule’s impact on efficiency, competition,
                                                                                                            2015–28, and should be submitted on or               (March 4, 2015), 80 FR 12655.
                                                  and capital formation. See 15 U.S.C. 78c(f).              before May 14, 2015.                                   6 15 U.S.C. 78s(b)(2).




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Document Created: 2015-12-16 08:41:35
Document Modified: 2015-12-16 08:41:35
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 22749 

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