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)
Federal Register Volume 80, Issue 129 (July 7, 2015)
| Page Range | 38789-38791 | |
| FR Document | 2015-16544 |
[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]] ----------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule. The 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. --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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: --------------------------------------------------------------------------- \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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: [[Page 38791]] Electronic CommentsUse 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-2015-42 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\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-16544 Filed 7-6-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices 38789
SECURITIES AND EXCHANGE I. Self-Regulatory Organization’s the most significant aspects of such
COMMISSION Statement of the Terms of the Substance statements.
of the Proposed Rule Change
A. Self-Regulatory Organization’s
[Release No. 34–75334; File No. SR–MIAX–
2015–42] The Exchange is filing a proposal to Statement of the Purpose of, and
amend the MIAX Options Fee Schedule. Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; Miami Change
The text of the proposed rule change
International Securities Exchange LLC; is available on the Exchange’s Web site 1. Purpose
Notice of Filing and Immediate at http://www.miaxoptions.com/filter/
Effectiveness of a Proposed Rule The Exchange proposes to amend its
wotitle/rule_filing, at MIAX’s principal current MIAX Market Maker 3 sliding
Change To Amend Its Fee Schedule office, and at the Commission’s Public scale for transaction fees to: (i) Modify
June 30, 2015. Reference Room. the volume thresholds in tiers 3, 4; 4 (ii)
Pursuant to the provisions of Section II. Self-Regulatory Organization’s increase the transaction fee for volume
19(b)(1) of the Securities Exchange Act Statement of the Purpose of, and tier 2; 5 and (iii) increase the Priority
of 1934 (‘‘Act’’),1 and Rule 19b–4 Statutory Basis for, the Proposed Rule Customer rebate incentive for tier 2.
thereunder,2 notice is hereby given that Change The sliding scale for MIAX Market
on June 24, 2015, Miami International Maker transaction fees is based on the
Securities Exchange LLC (‘‘MIAX’’ or In its filing with the Commission, the substantially similar fees of the Chicago
‘‘Exchange’’) filed with the Securities Exchange included statements Board Options Exchange, Incorporated
and Exchange Commission concerning the purpose of and basis for (‘‘CBOE’’).6 Specifically, the program
(‘‘Commission’’) a proposed rule change the proposed rule change and discussed reduces a MIAX Market Maker’s per
as described in Items I, II, and III below, any comments it received on the contract transaction fee based on
which Items have been prepared by the proposed rule change. The text of these percentages of total national Market
Exchange. The Commission is statements may be examined at the Maker volume of any options classes
publishing this notice to solicit places specified in Item IV below. The that trade on the exchange during the
comments on the proposed rule change Exchange has prepared summaries, set calendar month, based on the following
from interested persons. forth in sections A, B, and C below, of scale:
Per contract fee
Per contract fee
Tier Percentage of national Market Maker volume for non-penny
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 $0.02 per executed contract fee for As mentioned above, the Exchange
MIAX Market Makers for transactions in transactions in mini-options. notes that the proposed sliding fee scale
all products except mini-options. A The Exchange believes the proposed for MIAX Market Makers structured on
MIAX Market Maker’s initial $0.25 per sliding scale is objective in that the fee contract volume thresholds is based on
contract rate in Penny Pilot classes and reductions are based solely on reaching the substantially similar fees of the
$0.29 per contract in non-Penny Pilot CBOE.7 The Exchange also notes that a
stated volume thresholds. The specific
classes will be reduced if the MIAX number of other exchanges have tiered
volume thresholds of the tiers were set
Market Maker reaches the volume fee schedules which offer different
based upon business determinations transaction fee rates depending on the
thresholds set forth in the sliding scale and an analysis of current volume
in a month. As a MIAX Market Maker’s monthly ADV of liquidity providing
levels. The specific volume thresholds executions on their facilities.8
monthly volume increases, its per and rates were set in order to encourage The Exchange also proposes to
contract transaction fee would decrease. MIAX Market Makers to reach for higher increase the rebate incentive for Priority
The Market Maker sliding scale will tiers. The Exchange believes that the Customer orders to correspond with the
continue to apply to MIAX Market proposed changes to the tiered fee increase in the transaction fee for tier 2
Maker (RMM, LMM, DLMM, PLMM, schedule may incent firms to display of the MIAX Market Maker sliding scale.
DPLMM) transaction fees in all products their orders on the Exchange and The Exchange offers MIAX Market
except mini-options. MIAX Market increase the volume of contracts traded Makers the opportunity to reduce
Makers will continue to be assessed a here. transaction fees by $0.02 per contract in
1 15U.S.C. 78s(b)(1). and for tier 4 from ‘‘Above 0.80%–1.50%’’ to 7 See Securities Exchange Act Release Nos. 55193
2 17CFR 240.19b–4. ‘‘Above 1.00%–1.50%.’’ (January 30, 2007), 72 FR 5476 (February 6, 2007)
5 The Commission notes that the Exchange
3 ‘‘MIAX Market Maker’’ for purposes of the (SR–CBOE–2006–111); 58321 (August 6, 2008), 73
proposes to increase the transaction fee for tier 2
tkelley on DSK3SPTVN1PROD with NOTICES
proposed sliding scale means any MIAX Market FR 46955 (SR–CBOE–2008–78); 71295 (January 14,
from $0.17 to $0.19 for Penny Classes and from 2014), 79 FR 3443 (January 21, 2014) (SR–CBOE–
Maker including RMM, LMM, PLMM, DLMM, and $0.21 to $0.23 for Non-Penny Classes.
DPLMM. 6 See Securities Exchange Act Release Nos. 55193
2013–129). The Exchange notes that CBOE does not
4 The Commission notes that the Exchange charge market makers a differentiated transaction
(January 30, 2007), 72 FR 5476 (February 6, 2007)
proposes to change the Percentage Thresholds of (SR–CBOE–2006–111); 57191 (January 24, 2008), 73 fee for non-Penny Pilot option classes.
8 See, e.g., International Securities Exchange,
National Market Maker Volume for tier 3 from FR 5611 (January 30, 2008); 58321 (August 6, 2008),
‘‘Above 0.50%–0.80%’’ to ‘‘Above 0.50%–1.00%’’ 73 FR 46955 (SR–CBOE–2008–78). See also CBOE LLC, Schedule of Fees, Section IV, C; NASDAQ
Fees Schedule, p. 3. Options Market, Chapter XV, Section 2.
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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 | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 38789 |
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