80 FR 38789 - 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 129 (July 7, 2015)

Page Range		38789-38791
FR Document		2015-16544

Federal Register, Volume 80 Issue 129 (Tuesday, July 7, 2015)

[Federal Register Volume 80, Number 129 (Tuesday, July 7, 2015)]
[Notices]
[Pages 38789-38791]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-16544]

[[Page 38789]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75334; File No. SR-MIAX-2015-42]

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

June 30, 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 June 24, 2015, Miami International Securities
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

The Exchange is filing a proposal to amend the MIAX Options 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 its current MIAX Market Maker \3\
sliding scale for transaction fees to: (i) Modify the volume thresholds
in tiers 3, 4; \4\ (ii) increase the transaction fee for volume tier 2;
\5\ and (iii) increase the Priority Customer rebate incentive for tier
2.
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\3\ ``MIAX Market Maker'' for purposes of the proposed sliding
scale means any MIAX Market Maker including RMM, LMM, PLMM, DLMM,
and DPLMM.
\4\ The Commission notes that the Exchange proposes to change
the Percentage Thresholds of National Market Maker Volume for tier 3
from ``Above 0.50%-0.80%'' to ``Above 0.50%-1.00%'' and for tier 4
from ``Above 0.80%-1.50%'' to ``Above 1.00%-1.50%.''
\5\ The Commission notes that the Exchange proposes to increase
the transaction fee for tier 2 from $0.17 to $0.19 for Penny Classes
and from $0.21 to $0.23 for Non-Penny Classes.
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The sliding scale for MIAX Market Maker transaction fees is based
on the substantially similar fees of the Chicago Board Options
Exchange, Incorporated (``CBOE'').\6\ Specifically, the program reduces
a MIAX Market Maker's per contract transaction fee based on percentages
of total national Market Maker volume of any options classes that trade
on the exchange during the calendar month, based on the following
scale:
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\6\ See Securities Exchange Act Release Nos. 55193 (January 30,
2007), 72 FR 5476 (February 6, 2007) (SR-CBOE-2006-111); 57191
(January 24, 2008), 73 FR 5611 (January 30, 2008); 58321 (August 6,
2008), 73 FR 46955 (SR-CBOE-2008-78). See also CBOE Fees Schedule,
p. 3.

----------------------------------------------------------------------------------------------------------------
Per contract fee
Tier Percentage of national Market Per contract fee for non-penny
Maker volume for penny classes classes
----------------------------------------------------------------------------------------------------------------
1.......................................... 0.00%-0.05%.................. $0.25 $0.29
2.......................................... Above 0.05%-0.50%............ 0.19 0.23
3.......................................... Above 0.50%-1.00%............ 0.12 0.16
4.......................................... Above 1.00%-1.50%............ 0.07 0.11
5.......................................... Above 1.50%.................. 0.05 0.09
----------------------------------------------------------------------------------------------------------------

The sliding scale would apply to all MIAX Market Makers for
transactions in all products except mini-options. A MIAX Market Maker's
initial $0.25 per contract rate in Penny Pilot classes and $0.29 per
contract in non-Penny Pilot classes will be reduced if the MIAX Market
Maker reaches the volume thresholds set forth in the sliding scale in a
month. As a MIAX Market Maker's monthly volume increases, its per
contract transaction fee would decrease. The Market Maker sliding scale
will continue to apply to MIAX Market Maker (RMM, LMM, DLMM, PLMM,
DPLMM) transaction fees in all products except mini-options. MIAX
Market Makers will continue to be assessed a $0.02 per executed
contract fee for transactions in mini-options.
The Exchange believes the proposed sliding scale is objective in
that the fee reductions are based solely on reaching stated volume
thresholds. The specific volume thresholds of the tiers were set based
upon business determinations and an analysis of current volume levels.
The specific volume thresholds and rates were set in order to encourage
MIAX Market Makers to reach for higher tiers. The Exchange believes
that the proposed changes to the tiered fee schedule may incent firms
to display their orders on the Exchange and increase the volume of
contracts traded here.
As mentioned above, the Exchange notes that the proposed sliding
fee scale for MIAX Market Makers structured on contract volume
thresholds is based on the substantially similar fees of the CBOE.\7\
The Exchange also notes that a number of other exchanges have tiered
fee schedules which offer different transaction fee rates depending on
the monthly ADV of liquidity providing executions on their
facilities.\8\
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\7\ See Securities Exchange Act Release Nos. 55193 (January 30,
2007), 72 FR 5476 (February 6, 2007) (SR-CBOE-2006-111); 58321
(August 6, 2008), 73 FR 46955 (SR-CBOE-2008-78); 71295 (January 14,
2014), 79 FR 3443 (January 21, 2014) (SR-CBOE-2013-129). The
Exchange notes that CBOE does not charge market makers a
differentiated transaction fee for non-Penny Pilot option classes.
\8\ See, e.g., International Securities Exchange, LLC, Schedule
of Fees, Section IV, C; NASDAQ Options Market, Chapter XV, Section
2.
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The Exchange also proposes to increase the rebate incentive for
Priority Customer orders to correspond with the increase in the
transaction fee for tier 2 of the MIAX Market Maker sliding scale. The
Exchange offers MIAX Market Makers the opportunity to reduce
transaction fees by $0.02 per contract in

[[Page 38790]]

standard options if the Member or its affiliates of at least 75% common
ownership between the firms as reflected on each firm's Form BD,
Schedule A, qualifies in a given month for Priority Customer Rebate
Program volume tiers 3, 4, or 5 in the Fee Schedule. The Exchange
proposes to amend the rebate incentive for Priority Customer orders in
order to increase the rebate incentive for tier 2 to correspond with
the increase in transaction fees for volume tier 2 of the MIAX Market
Maker sliding scale. As proposed, any Member or its affiliates of at
least 75% common ownership between the firms as reflected on each
firm's Form BD, Schedule A, that qualifies for Priority Customer Rebate
Program volume tiers 3, 4, or 5 and is a MIAX Market Maker will be
assessed $0.23 per contract for tier 1, $0.17 per contract for tier 2,
$0.10 per contract for tier 3, $0.05 per contract for tier 4, and $0.03
per contract for tier 5 for transactions in standard options Penny
Pilot classes in lieu of the applicable transaction fees in the Market
Maker sliding scale. Any Member or its affiliates of at least 75%
common ownership between the firms as reflected on each firm's Form BD,
Schedule A, that qualifies for Priority Customer Rebate Program volume
tiers 3, 4, or 5 will be assessed $0.27 per contract for tier 1, $0.21
per contract for tier 2, $0.14 per contract for tier 3, $0.09 per
contract for tier 4, and $0.07 per contract for tier 5 for transactions
in standard options in non-Penny Pilot classes in lieu of the
applicable transaction fees in the Market Maker sliding scale. The
Exchange believes that these incentives will encourage MIAX Market
Makers to transact a greater number of orders on the Exchange.
The proposed changes will become operative on July 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 \9\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \10\ in particular, in
that it is an equitable allocation of reasonable fees and other charges
among Exchange members.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
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The proposed volume based discount fee structure is not
discriminatory in that all MIAX Market Makers are eligible to submit
(or not submit) liquidity, and may do so at their discretion in the
daily volumes they choose during the course of the billing period. All
similarly situated MIAX Market Makers are subject to the same fee
structure, and access to the Exchange is offered on terms that are not
unfairly discriminatory. Volume based discounts have been widely
adopted by options and equities markets, and are equitable because they
are open to all MIAX Market Makers on an equal basis and provide
discounts that are reasonably related to the value of an exchange's
market quality associated with higher volumes. The proposed fee levels
and volume thresholds are reasonably designed to be comparable to those
of other options exchanges employing similar fee programs, and also to
attract additional liquidity and order flow to the Exchange.
The Exchange's proposal to provide MIAX Market Makers the
opportunity to reduce transaction fees by $0.02 per contract in
standard options, provided certain criteria are met, is reasonable
because the Exchange desires to offer all such market participants an
opportunity to lower their transaction fees. The Exchange's proposal to
offer MIAX Market Makers the opportunity to reduce transaction fees by
$0.02 per contract in standard options, provided certain criteria are
met, is equitable and not unfairly discriminatory because the Exchange
offers all market participants, excluding Priority Customers, a means
to reduce transaction fees by qualifying for volume tiers in the
Priority Customer Rebate Program. The Exchange believes that offering
all such market participants the opportunity to lower transaction fees
by incentivizing them to transact Priority Customer order flow in turn
benefits all market participants.
The Exchange believes that its proposal to assess transaction fees
in non-Penny Pilot options classes, which differs from Penny Pilot
options classes, is consistent with other options markets that also
assess different transaction fees for non-Penny Pilot options classes
as compared to Penny Pilot options classes. The Exchange believes that
establishing different pricing for non-Penny Pilot options and Penny
Pilot options is reasonable, equitable, and not unfairly discriminatory
because Penny Pilot options are more liquid options as compared to non-
Penny Pilot options. Additionally, other competing options exchanges
differentiate pricing in a similar manner today in other types of
transaction fees.\11\
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\11\ See NASDAQ OMX PHLX LLC Pricing Schedule, Section II
(assessing differentiated transaction fees for Penny Pilot and non-
Penny Pilot options classes); NYSE Amex Options Fee Schedule, p. 6
(assessing differentiated transaction fees for Penny Pilot and non-
Penny Pilot options classes); Chicago Board Options Exchange,
Incorporated, Fee Schedule, p. 1 (assessing differentiated
transaction fees for Penny Pilot and non-Penny Pilot options
classes). See also Securities Exchange Act Release No. 68556
(January 2, 2013), 78 FR 1293 (January 8, 2013) (SR-BX-2012-074).
Please note that neither of these exchanges currently has
differentiated pricing for non-Penny Pilot options classes in a
tiered volume scale for market makers.
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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 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 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 provide liquidity and to send order flow to the
Exchange.

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.\12\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
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IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

[[Page 38791]]

Electronic Comments

Use 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-2015-42 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-2015-42. 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 10:00 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-2015-42, and should be
submitted on or before July 28, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-16544 Filed 7-6-15; 8:45 am]
BILLING CODE 8011-01-P

38790 Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices

standard options if the Member or its Market Makers are subject to the same B. Self-Regulatory Organization’s
affiliates of at least 75% common fee structure, and access to the Statement on Burden on Competition
ownership between the firms as Exchange is offered on terms that are The Exchange does not believe that
reflected on each firm’s Form BD, not unfairly discriminatory. Volume the proposed rule change will impose
Schedule A, qualifies in a given month based discounts have been widely any burden on competition not
for Priority Customer Rebate Program adopted by options and equities necessary or appropriate in furtherance
volume tiers 3, 4, or 5 in the Fee markets, and are equitable because they of the purposes of the Act. The
Schedule. The Exchange proposes to are open to all MIAX Market Makers on Exchange notes that it operates in a
amend the rebate incentive for Priority an equal basis and provide discounts highly competitive market in which
Customer orders in order to increase the that are reasonably related to the value
market participants can readily favor
rebate incentive for tier 2 to correspond of an exchange’s market quality
competing venues if they deem fee
with the increase in transaction fees for associated with higher volumes. The
levels at a particular venue to be
volume tier 2 of the MIAX Market proposed fee levels and volume
excessive. In such an environment, the
Maker sliding scale. As proposed, any thresholds are reasonably designed to be
Exchange must continually adjust its
Member or its affiliates of at least 75% comparable to those of other options
fees to remain competitive with other
common ownership between the firms exchanges employing similar fee
exchanges and to attract order flow. The
as reflected on each firm’s Form BD, programs, and also to attract additional
Exchange believes that the proposed
Schedule A, that qualifies for Priority liquidity and order flow to the
rule change reflects this competitive
Customer Rebate Program volume tiers Exchange.
The Exchange’s proposal to provide environment because it modifies the
3, 4, or 5 and is a MIAX Market Maker
will be assessed $0.23 per contract for MIAX Market Makers the opportunity to Exchange’s fees in a manner that
tier 1, $0.17 per contract for tier 2, $0.10 reduce transaction fees by $0.02 per encourages market participants to
per contract for tier 3, $0.05 per contract contract in standard options, provided provide liquidity and to send order flow
for tier 4, and $0.03 per contract for tier certain criteria are met, is reasonable to the Exchange.
5 for transactions in standard options because the Exchange desires to offer all C. Self-Regulatory Organization’s
Penny Pilot classes in lieu of the such market participants an opportunity Statement on Comments on the
applicable transaction fees in the Market to lower their transaction fees. The Proposed Rule Change Received From
Maker sliding scale. Any Member or its Exchange’s proposal to offer MIAX Members, Participants, or Others
affiliates of at least 75% common Market Makers the opportunity to
reduce transaction fees by $0.02 per Written comments were neither
ownership between the firms as
contract in standard options, provided solicited nor received.
reflected on each firm’s Form BD,
Schedule A, that qualifies for Priority certain criteria are met, is equitable and III. Date of Effectiveness of the
Customer Rebate Program volume tiers not unfairly discriminatory because the Proposed Rule Change and Timing for
3, 4, or 5 will be assessed $0.27 per Exchange offers all market participants, Commission Action
contract for tier 1, $0.21 per contract for excluding Priority Customers, a means
The foregoing rule change has become
tier 2, $0.14 per contract for tier 3, $0.09 to reduce transaction fees by qualifying
effective pursuant to Section
per contract for tier 4, and $0.07 per for volume tiers in the Priority Customer
19(b)(3)(A)(ii) of the Act.12 At any time
contract for tier 5 for transactions in Rebate Program. The Exchange believes
within 60 days of the filing of the
standard options in non-Penny Pilot that offering all such market
proposed rule change, the Commission
classes in lieu of the applicable participants the opportunity to lower
summarily may temporarily suspend
transaction fees in the Market Maker transaction fees by incentivizing them to
such rule change if it appears to the
sliding scale. The Exchange believes transact Priority Customer order flow in
Commission that such action is
that these incentives will encourage turn benefits all market participants.
The Exchange believes that its necessary or appropriate in the public
MIAX Market Makers to transact a interest, for the protection of investors,
greater number of orders on the proposal to assess transaction fees in
non-Penny Pilot options classes, which or otherwise in furtherance of the
Exchange. purposes of the Act. If the Commission
The proposed changes will become differs from Penny Pilot options classes,
is consistent with other options markets takes such action, the Commission shall
operative on July 1, 2015.
that also assess different transaction fees institute proceedings to determine
2. Statutory Basis for non-Penny Pilot options classes as whether the proposed rule should be
The Exchange believes that its compared to Penny Pilot options approved or disapproved.
proposal to amend its fee schedule is classes. The Exchange believes that IV. Solicitation of Comments
consistent with Section 6(b) of the Act 9 establishing different pricing for non-
Interested persons are invited to
in general, and furthers the objectives of Penny Pilot options and Penny Pilot
submit written data, views, and
Section 6(b)(4) of the Act 10 in options is reasonable, equitable, and not
arguments concerning the foregoing,
particular, in that it is an equitable unfairly discriminatory because Penny
including whether the proposed rule
allocation of reasonable fees and other Pilot options are more liquid options as
change is consistent with the Act.
charges among Exchange members. compared to non-Penny Pilot options.
The proposed volume based discount Comments may be submitted by any of
Additionally, other competing options
fee structure is not discriminatory in the following methods:
exchanges differentiate pricing in a
that all MIAX Market Makers are similar manner today in other types of Incorporated, Fee Schedule, p. 1 (assessing
eligible to submit (or not submit) transaction fees.11 differentiated transaction fees for Penny Pilot and
tkelley on DSK3SPTVN1PROD with NOTICES

liquidity, and may do so at their non-Penny Pilot options classes). See also
discretion in the daily volumes they 11 See NASDAQ OMX PHLX LLC Pricing Securities Exchange Act Release No. 68556 (January
choose during the course of the billing Schedule, Section II (assessing differentiated 2, 2013), 78 FR 1293 (January 8, 2013) (SR–BX–
transaction fees for Penny Pilot and non-Penny 2012–074). Please note that neither of these
period. All similarly situated MIAX Pilot options classes); NYSE Amex Options Fee exchanges currently has differentiated pricing for
Schedule, p. 6 (assessing differentiated transaction non-Penny Pilot options classes in a tiered volume
9 15 U.S.C. 78f(b). scale for market makers.
fees for Penny Pilot and non-Penny Pilot options
10 15 U.S.C. 78f(b)(4). classes); Chicago Board Options Exchange, 12 15 U.S.C. 78s(b)(3)(A)(ii).

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Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices 38791

Electronic Comments SECURITIES AND EXCHANGE comments it received on the proposed
COMMISSION rule change. The text of these statements
• Use the Commission’s Internet may be examined at the places specified
comment form (http://www.sec.gov/ [Release No. 34–75339; File No. SR–FINRA–
in Item IV below. FINRA has prepared
rules/sro.shtml); or 2015–021]
summaries, set forth in sections A, B,
• Send an email to rule- Self-Regulatory Organizations; and C below, of the most significant
comments@sec.gov. Please include File Financial Industry Regulatory aspects of such statements.
Number SR–MIAX–2015–42 on the Authority, Inc.; Notice of Filing and A. Self-Regulatory Organization’s
subject line. Immediate Effectiveness of a Proposed Statement of the Purpose of, and
Rule Change To Adopt Rule 7650A Statutory Basis for, the Proposed Rule
Paper Comments Relating to Debit Process for the Change
• Send paper comments in triplicate Collection of FINRA/Nasdaq Trade
Reporting Facility Fees 1. Purpose
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street The FINRA/Nasdaq TRF is a facility
June 30, 2015. of FINRA that is operated by The
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the NASDAQ OMX Group, Inc. (‘‘NASDAQ
All submissions should refer to File Securities Exchange Act of 1934 OMX’’). In connection with the
Number SR–MIAX–2015–42. This file (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 establishment of the FINRA/Nasdaq
number should be included on the notice is hereby given that on June 23, TRF, FINRA and NASDAQ OMX
subject line if email is used. To help the 2015, Financial Industry Regulatory entered into a limited liability company
Authority, Inc. (‘‘FINRA’’) filed with the agreement (the ‘‘LLC Agreement’’).
Commission process and review your
Securities and Exchange Commission Under the LLC Agreement, FINRA, the
comments more efficiently, please use
(‘‘SEC’’ or ‘‘Commission’’) the proposed ‘‘SRO Member,’’ has sole regulatory
only one method. The Commission will rule change as described in Items I and
post all comments on the Commission’s responsibility for the FINRA/Nasdaq
II below, which Items have been TRF. NASDAQ OMX, the ‘‘Business
Internet Web site (http://www.sec.gov/ prepared by FINRA. FINRA has Member,’’ is primarily responsible for
rules/sro.shtml). designated the proposed rule change as the management of the FINRA/Nasdaq
Copies of the submission, all constituting a ‘‘non-controversial’’ rule TRF’s business affairs to the extent
subsequent amendments, all written change under paragraph (f)(6) of Rule those affairs are not inconsistent with
statements with respect to the proposed 19b–4 under the Act,3 which renders the regulatory and oversight functions of
rule change that are filed with the the proposal effective upon receipt of FINRA. As such, the Business Member
Commission, and all written this filing by the Commission. The establishes pricing for use of the FINRA/
communications relating to the Commission is publishing this notice to Nasdaq TRF, and such pricing is
proposed rule change between the solicit comments on the proposed rule implemented pursuant to FINRA rules
Commission and any person, other than change from interested persons. that must be filed with the SEC and be
those that may be withheld from the I. Self-Regulatory Organization’s consistent with the Act. In addition, the
public in accordance with the Statement of the Terms of the Substance Business Member is obligated to pay the
provisions of 5 U.S.C. 552, will be of the Proposed Rule Change cost of regulation and is entitled to the
available for Web site viewing and profits and losses, if any, derived from
FINRA is proposing to adopt FINRA the operation of the FINRA/Nasdaq
printing in the Commission’s Public Rule 7650A (Collection of Fees) to TRF.
Reference Room, 100 F Street NE., require FINRA members that are Pursuant to the FINRA Rule 7600A
Washington, DC 20549 on official FINRA/Nasdaq Trade Reporting Facility Series, FINRA members that are FINRA/
business days between the hours of (‘‘FINRA/Nasdaq TRF’’) participants to Nasdaq TRF participants are charged
10:00 a.m. and 3:00 p.m. Copies of such provide a clearing account number for fees (Rule 7620A) and also may qualify
filing also will be available for an account at the National Securities for credits for trade reporting to the
inspection and copying at the principal Clearing Corporation (‘‘NSCC’’) for FINRA/Nasdaq TRF (Rule 7610A).
office of the Exchange. All comments purposes of permitting the FINRA/ These rules are administered by
received will be posted without change; Nasdaq TRF to debit undisputed or final NASDAQ OMX, in its capacity as the
the Commission does not edit personal fees due and owing by the member ‘‘Business Member’’ and operator of the
identifying information from under the Rule 7600A Series. FINRA/Nasdaq TRF on behalf of
submissions. You should submit only The text of the proposed rule change FINRA,4 and NASDAQ OMX collects all
information that you wish to make is available on FINRA’s Web site at fees on behalf of the FINRA/Nasdaq
available publicly. All submissions http://www.finra.org, at the principal TRF. FINRA is proposing to adopt Rule
should refer to File Number SR–MIAX– office of FINRA and at the 7650A to require FINRA members that
2015–42, and should be submitted on or Commission’s Public Reference Room. are FINRA/Nasdaq TRF participants to
before July 28, 2015. II. Self-Regulatory Organization’s provide a clearing account number for
Statement of the Purpose of, and an account at NSCC to the FINRA/
For the Commission, by the Division of
Statutory Basis for, the Proposed Rule Nasdaq TRF for purposes of permitting
Trading and Markets, pursuant to delegated
Change NASDAQ OMX, on behalf of the
authority.13
FINRA/Nasdaq TRF, to debit any
Robert W. Errett, In its filing with the Commission, undisputed or final fees due and owing
tkelley on DSK3SPTVN1PROD with NOTICES

Deputy Secretary. FINRA included statements concerning under the FINRA Rule 7600A Series
[FR Doc. 2015–16544 Filed 7–6–15; 8:45 am] the purpose of and basis for the relating to the FINRA/Nasdaq TRF.
proposed rule change and discussed any
BILLING CODE 8011–01–P
4 FINRA’s oversight of this function performed by
1 15 U.S.C. 78s(b)(1). the Business Member is conducted through a
2 17 CFR 240.19b–4.
recurring assessment and review of TRF operations
13 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4(f)(6). by an outside independent audit firm.

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Document Created: 2015-12-15 13:27:40
Document Modified: 2015-12-15 13:27:40

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 38789