80 FR 41528 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 7018

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 135 (July 15, 2015)

Page Range		41528-41530
FR Document		2015-17297
Federal Register, Volume 80 Issue 135 (Wednesday, July 15, 2015)
[Federal Register Volume 80, Number 135 (Wednesday, July 15, 2015)]
[Notices]
[Pages 41528-41530]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-17297]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75409; File No. SR-BX-2015-038]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Exchange Rule 7018

July 9, 2015.
    Pursuant to 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 30, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``Commission'') 
the 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 Substance 
of the Proposed Rule Change

    The Exchange proposes to amend BX Rule 7018(a) and to eliminate the 
Excess Order Fee in BX Rule 7018(d).
    While the changes proposed herein are effective upon filing, the 
Exchange has designated that the amendments be operative on July 1, 
2015.
    The text of the proposed rule change is also available on the 
Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com, at the 
principal office of the Exchange, 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 is proposing to amend BX Rule 7018(a) and to eliminate 
the Excess Order Fee in BX Rule 7018(d).
    Specifically, BX Rule 7018(a) defines the criteria for a firm to 
become a Qualified Market Maker (``QMM'') as by being a member that 
provides through one or more of its NASDAQ OMX BX Equities System 
(``System'') market participant identifiers (``MPIDs'') more than 0.15% 
of consolidated volume (``Consolidated Volume'') during the month. For 
a member qualifying under this method, the member must have at least 
one qualified MPID (``Qualified MPID''), that is, an MPID through 
which, for at least 200 securities, the QMM quotes at the national best 
bid and offer (``NBBO'') an average of at least 50% of the time during 
regular market hours (9:30 a.m. through 4:00 p.m. ET) during the month. 
Currently, the member must also provide an average daily volume of 1.5M 
shares or more using orders with midpoint pegging during the month.
    The Exchange proposes to modify this last part of the criteria such 
that the member must also provide an average daily volume of 1.5M 
shares or more of non-displayed liquidity (rather than using orders 
with midpoint liquidity) during the month. BX believes that by 
expanding the type of liquidity that allows firms to qualify as a QMM 
will improve the market by incentivizing firms to provide more 
liquidity and meet the other QMM criteria. Non-displayed orders, which 
include midpoint liquidity, can provide price improvement and improve 
the experience of members trading on the Exchange and thus provide a 
benefit to all other Exchange members.
    The Exchange also proposes to delete BX Rule 7018(d), which is the 
Excess Order Fee. The Excess Order Fee was designed to provide a 
disincentive to member organizations to engage in order entry practices 
that are inefficient and thereby burdensome on the systems of BX by 
assessing a fee on member organizations if they reach a threshold of 
order activity based on an Order Entry Ratio calculation.\3\ Although 
not a pervasive characteristic of the market, the fee was adopted to 
encourage member organizations with such practices to enhance the 
efficiency of their systems and modify their order entry practices, 
thus improving the market for all participants.\4\ An unwanted 
consequence of the rule has been to capture beneficial, liquidity 
providing order flow and thereby dissuade member organizations from 
participating in BX in an effort to avoid triggering the fee. Moreover, 
the Exchange has observed that the fee is not assessed on a significant 
number of member organizations nor is it triggered every month, leading 
the Exchange to conclude that the small number of member organizations 
that may have been affected by the fee because of their inefficient 
order practices have taken the steps necessary to avoid such practices. 
The Exchange believes that, in light of the lack of consistent order 
activity that triggers the fee and the negative effect it has had on 
beneficial order flow, the Excess Order Fee should be eliminated. The 
Exchange notes that, should the inefficient order entry practices that 
gave rise to the fee once again arise, it may adopt the fee once again 
or take other steps to provide a disincentive for such practices.
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    \3\ See BX Rule 7018(d)(2) for a definition of ``Order Entry 
Ratio.''
    \4\ See Securities Exchange Act Release No. 67272 (June 27, 
2012), 77 FR 39530 (July 3, 2012) (SR-BX-2012-042) (adopting the 
Excess Order Fee).
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2. Statutory Basis
    BX believes that the proposed rule change is consistent with the 
provisions

[[Page 41529]]

of Section 6 of the Act,\5\ in general, and with Sections 6(b)(4) and 
6(b)(5) of the Act,\6\ in particular, in that it provides for the 
equitable allocation of reasonable dues, fees and other charges among 
members and issuers and other persons using any facility or system 
which the Exchange operates or controls, and 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 regulating, clearing, settling, processing 
information with respect to, and facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest; and is not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.
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    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange proposes to amend the criteria for a firm to become a 
QMM. The criteria currently states that a member may become a QMM by 
providing through one or more of its System MPIDs more than 0.15% of 
Consolidated Volume during the month. For a member qualifying under 
this method, the member must have at least one Qualified MPID, that is, 
an MPID through which, for at least 200 securities, the QMM quotes at 
the NBBO an average of at least 50% of the time during regular market 
hours (9:30 a.m. through 4:00 p.m.) during the month. Currently, the 
member must also provide an average daily volume of 1.5M shares or more 
using orders with midpoint pegging during the month.
    [sic] Exchange believes it is reasonable to modify this last part 
of the criteria such that the member must provide an average daily 
volume of 1.5M shares or more of non-displayed liquidity (rather than 
using orders with midpoint liquidity) during the month because non-
displayed orders can provide price improvement and improve the 
experience of members trading on the Exchange and thus provide a 
benefit to all other Exchange members. Also, BX believes the proposed 
change is reasonable because it expands the opportunity for firms to 
qualify as a QMM.
    The Exchange also believes that the proposed change is equitably 
allocated and not unfairly discriminatory because modifying the 
criteria, as stated above, applies uniformly to all members that seek 
to become a QMM. Additionally, the Exchange believes that the proposed 
change further perfects the mechanism of a free and open market by 
refining and making more effective the means by which a member firm may 
become a QMM. Furthermore firms that currently qualify as a QMM will 
not need to change behavior under the new qualification method as 
midpoint liquidity is considered non-displayed liquidity.
    The Exchange believes that elimination of the Excess Order Fee is 
reasonable because the fee is not triggered by a significant number of 
member organizations nor is it triggered every month; however, the 
Exchange believes that certain member organizations are disincentivized 
from providing order activity that is beneficial to market 
participants. Moreover, the Exchange may adopt the fee once again 
should the issues that gave rise to it reemerge. The Exchange believes 
that the proposed change is consistent with an equitable allocation of 
fees and is not unfairly discriminatory because it eliminates a fee, 
which applies to all member organizations and which has served as a 
disincentive to certain market participants in providing beneficial 
order activity while also not being assessed significantly on member 
organizations. The Exchange believes that elimination of the Excess 
Order Fee will not unfairly burden competition because the fee is not 
relevant to competition. The Exchange notes that the fee was adopted to 
deter member organizations from using inefficient order practices that 
place excessive burdens on the systems of BX and, as a consequence, was 
not designed to impact competition among member organizations.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended.\7\ 
BX notes that it operates in a highly competitive market in which 
market participants can readily favor dozens of different competing 
exchanges and alternative trading systems if they deem fee levels at a 
particular venue to be excessive, or rebate opportunities available at 
other venues to be more favorable. In such an environment, BX must 
continually adjust its fees to remain competitive with other exchanges. 
Because competitors are free to modify their own fees in response, and 
because market participants may readily adjust their order routing 
practices, BX believes that the degree to which fee changes in this 
market may impose any burden on competition is extremely limited.
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    \7\ 15 U.S.C. 78f(b)(8).
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    In this instance, the modification to part of the criteria to 
become a QMM does not impose a burden on competition because it is 
optional and is the subject of competition from other exchanges. The 
Exchange does not believe that the proposed change will impair the 
ability of members or competing order execution venues to maintain 
their competitive standing in the financial markets. Moreover, because 
there are numerous competitive alternatives to the use of the Exchange, 
it is likely that BX will lose market share as a result of the changes 
if they are unattractive to market participants.
    As noted above, the Exchange believes that elimination of the 
Excess Order Fee will not unfairly burden competition because the fee 
is not relevant to competition as it was adopted to deter member 
organizations from using inefficient order practices that place 
excessive burdens on the systems of BX. Moreover, other exchanges' fee 
schedules do not restrict order activity by using a fee like the Excess 
Order Fee. As noted, the practices that prompted the Exchange to adopt 
the rule have subsided and, consequently, the change does not impact 
the ability of any market participant or trading venue to compete.
    Accordingly, BX does not believe that the proposed rule change will 
impair the ability of members or competing order execution venues to 
maintain their competitive standing in the financial markets.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing change has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and paragraph (f) of Rule 19b-4 \9\ 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of

[[Page 41530]]

investors, or otherwise in furtherance of the purposes of the Act.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f).
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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:

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-BX-2015-038 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-BX-2015-038. 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 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-BX-2015-038, 
and should be submitted on or before August 5, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-17297 Filed 7-14-15; 8:45 am]
 BILLING CODE 8011-01-P
41528 Federal Register / Vol. 80, No. 135 / Wednesday, July 15, 2015 / Notices

with respect to the proposed rule I. Self-Regulatory Organization’s daily volume of 1.5M shares or more of
change that are filed with the Statement of the Terms of Substance of non-displayed liquidity (rather than
Commission, and all written the Proposed Rule Change using orders with midpoint liquidity)
communications relating to the The Exchange proposes to amend BX during the month. BX believes that by
proposed rule change between the Rule 7018(a) and to eliminate the Excess expanding the type of liquidity that
Commission and any person, other than Order Fee in BX Rule 7018(d). allows firms to qualify as a QMM will
those that may be withheld from the While the changes proposed herein improve the market by incentivizing
public in accordance with the are effective upon filing, the Exchange firms to provide more liquidity and
provisions of 5 U.S.C. 552, will be has designated that the amendments be meet the other QMM criteria. Non-
available for Web site viewing and operative on July 1, 2015. displayed orders, which include
printing in the Commission’s Public The text of the proposed rule change midpoint liquidity, can provide price
Reference Room, 100 F Street NE., is also available on the Exchange’s Web improvement and improve the
Washington, DC 20549 on official site at http://nasdaqomxbx. experience of members trading on the
business days between the hours of cchwallstreet.com, at the principal Exchange and thus provide a benefit to
10:00 a.m. and 3:00 p.m. Copies of such office of the Exchange, and at the all other Exchange members.
filing also will be available for Commission’s Public Reference Room. The Exchange also proposes to delete
inspection and copying at the principal BX Rule 7018(d), which is the Excess
II. Self-Regulatory Organization’s Order Fee. The Excess Order Fee was
office of the Exchange. All comments
Statement of the Purpose of, and designed to provide a disincentive to
received will be posted without change;
Statutory Basis for, the Proposed Rule member organizations to engage in order
the Commission does not edit personal
Change entry practices that are inefficient and
identifying information from
submissions. You should submit only In its filing with the Commission, the thereby burdensome on the systems of
information that you wish to make Exchange included statements BX by assessing a fee on member
available publicly. All submissions concerning the purpose of and basis for organizations if they reach a threshold
should refer to File Number SR–BATS– the proposed rule change and discussed of order activity based on an Order
2015–48, and should be submitted on or any comments it received on the Entry Ratio calculation.3 Although not a
before August 5, 2015. proposed rule change. The text of these pervasive characteristic of the market,
statements may be examined at the the fee was adopted to encourage
For the Commission, by the Division of
places specified in Item IV below. The member organizations with such
Trading and Markets, pursuant to delegated
Exchange has prepared summaries, set practices to enhance the efficiency of
authority.33
forth in sections A, B, and C below, of their systems and modify their order
Brent J. Fields, the most significant aspects of such entry practices, thus improving the
Secretary. statements. market for all participants.4 An
[FR Doc. 2015–17294 Filed 7–14–15; 8:45 am] unwanted consequence of the rule has
A. Self-Regulatory Organization’s
BILLING CODE 8011–01–P been to capture beneficial, liquidity
Statement of the Purpose of, and
providing order flow and thereby
Statutory Basis for, the Proposed Rule
dissuade member organizations from
Change
SECURITIES AND EXCHANGE participating in BX in an effort to avoid
COMMISSION 1. Purpose triggering the fee. Moreover, the
The Exchange is proposing to amend Exchange has observed that the fee is
[Release No. 34–75409; File No. SR–BX– BX Rule 7018(a) and to eliminate the not assessed on a significant number of
2015–038] Excess Order Fee in BX Rule 7018(d). member organizations nor is it triggered
Specifically, BX Rule 7018(a) defines every month, leading the Exchange to
Self-Regulatory Organizations; the criteria for a firm to become a conclude that the small number of
NASDAQ OMX BX, Inc.; Notice of Filing Qualified Market Maker (‘‘QMM’’) as by member organizations that may have
and Immediate Effectiveness of a being a member that provides through been affected by the fee because of their
Proposed Rule Change To Amend one or more of its NASDAQ OMX BX inefficient order practices have taken
Exchange Rule 7018 Equities System (‘‘System’’) market the steps necessary to avoid such
participant identifiers (‘‘MPIDs’’) more practices. The Exchange believes that, in
July 9, 2015. than 0.15% of consolidated volume light of the lack of consistent order
Pursuant to Section 19(b)(1) of the (‘‘Consolidated Volume’’) during the activity that triggers the fee and the
Securities Exchange Act of 1934 month. For a member qualifying under negative effect it has had on beneficial
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 this method, the member must have at order flow, the Excess Order Fee should
notice is hereby given that on June 30, least one qualified MPID (‘‘Qualified be eliminated. The Exchange notes that,
2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or MPID’’), that is, an MPID through should the inefficient order entry
‘‘Exchange’’) filed with the Securities which, for at least 200 securities, the practices that gave rise to the fee once
and Exchange Commission (‘‘SEC’’ or QMM quotes at the national best bid again arise, it may adopt the fee once
‘‘Commission’’) the proposed rule and offer (‘‘NBBO’’) an average of at again or take other steps to provide a
change as described in Items I, II, and least 50% of the time during regular disincentive for such practices.
III below, which Items have been market hours (9:30 a.m. through 4:00 2. Statutory Basis
mstockstill on DSK4VPTVN1PROD with NOTICES

prepared by the Exchange. The p.m. ET) during the month. Currently,
Commission is publishing this notice to the member must also provide an BX believes that the proposed rule
solicit comments on the proposed rule average daily volume of 1.5M shares or change is consistent with the provisions
change from interested persons. more using orders with midpoint 3 See BX Rule 7018(d)(2) for a definition of
pegging during the month. ‘‘Order Entry Ratio.’’
33 17 CFR 200.30–3(a)(12). The Exchange proposes to modify this 4 See Securities Exchange Act Release No. 67272
1 15 U.S.C. 78s(b)(1). last part of the criteria such that the (June 27, 2012), 77 FR 39530 (July 3, 2012) (SR–BX–
2 17 CFR 240.19b–4. member must also provide an average 2012–042) (adopting the Excess Order Fee).

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41530 Federal Register / Vol. 80, No. 135 / Wednesday, July 15, 2015 / Notices

investors, or otherwise in furtherance of For the Commission, by the Division of A. Self-Regulatory Organization’s
the purposes of the Act. Trading and Markets, pursuant to delegated Statement of the Purpose of, and
authority.10 Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments Brent J. Fields, Change
Secretary.
Interested persons are invited to 1. Purpose
[FR Doc. 2015–17297 Filed 7–14–15; 8:45 am]
submit written data, views, and
BILLING CODE 8011–01–P The Exchange proposes to amend the
arguments concerning the foregoing,
Fee Schedule to modify the transaction
including whether the proposed rule fees for Members that participate in the
change is consistent with the Act. SECURITIES AND EXCHANGE price improvement auction (‘‘PRIME
Comments may be submitted by any of COMMISSION Auction’’ or ‘‘PRIME’’) pursuant to Rule
the following methods: 515A.3 Specifically, the Exchange
[Release No. 34–75408; File No. SR–MIAX–
Electronic Comments 2015–45] proposes: (i) Increase the fee for a
PRIME AOC Response from $0.45 per
• Use the Commission’s Internet Self-Regulatory Organizations; Miami contract to $0.49 per contract for
comment form (http://www.sec.gov/ International Securities Exchange LLC; standard options in Penny Pilot classes;
rules/sro.shtml); or Notice of Filing and Immediate (ii) increase the fee for a PRIME AOC
• Send an email to rule-comments@ Effectiveness of a Proposed Rule Response from $0.90 per contract to
sec.gov. Please include File Number SR– Change To Amend Its Fee Schedule $0.94 per contract for standard options
in non-Penny Pilot classes; and (iii)
BX–2015–038 on the subject line. July 9, 2015. provide for additional incentives for
Paper Comments Pursuant to the provisions of Section achieving certain Priority Customer
19(b)(1) of the Securities Exchange Act Rebate Program volume tiers.
• Send paper comments in triplicate of 1934 (‘‘Act’’),1 and Rule 19b–4 Currently, the Exchange assesses
to Secretary, Securities and Exchange thereunder,2 notice is hereby given that PRIME AOC Responses $0.45 per
Commission, 100 F Street NE., on July 7, 2015, Miami International contract for standard options in Penny
Washington, DC 20549–1090. Securities Exchange LLC (‘‘MIAX’’ or Pilot classes and $0.90 per contract in
‘‘Exchange’’) filed with the Securities non-Penny Pilot classes. The Exchange
All submissions should refer to File and Exchange Commission
Number SR–BX–2015–038. This file now proposes to modify these fees that
(‘‘Commission’’) a proposed rule change apply to PRIME AOC Responses.
number should be included on the as described in Items I, II, and III below, Specifically, the Exchange proposes: (i)
subject line if email is used. To help the which Items have been prepared by the Increase the fee for a PRIME AOC
Commission process and review your Exchange. The Commission is Response from $0.45 per contract to
comments more efficiently, please use publishing this notice to solicit $0.49 per contract for standard options
only one method. The Commission will comments on the proposed rule change in Penny Pilot classes; and (ii) increase
post all comments on the Commission’s from interested persons. the fee for a PRIME AOC Response from
Internet Web site (http://www.sec.gov/ $0.90 per contract to $0.94 per contract
rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
Statement of the Terms of the Substance for standard options in non-Penny Pilot
submission, all subsequent classes. The Exchange will continue to
of the Proposed Rule Change
amendments, all written statements assess the standard transaction fees to a
with respect to the proposed rule The Exchange is filing a proposal to PRIME AOC Response if they execute
change that are filed with the amend the MIAX Options Fee Schedule. against unrelated orders.
Commission, and all written The text of the proposed rule change The Exchange proposes to offer
communications relating to the is available on the Exchange’s Web site Members that submit PRIME AOC
proposed rule change between the at http://www.miaxoptions.com/filter/ Responses the opportunity to reduce
Commission and any person, other than wotitle/rule_filing, at MIAX’s principal transaction fees by $0.04 per contract in
office, and at the Commission’s Public standard options if the Member or its
those that may be withheld from the
Reference Room. affiliates of at least 75% common
public in accordance with the
provisions of 5 U.S.C. 552, will be II. Self-Regulatory Organization’s ownership between the firms as
available for Web site viewing and Statement of the Purpose of, and reflected on each firm’s Form BD,
printing in the Commission’s Public Statutory Basis for, the Proposed Rule Schedule A, qualifies in a given month
Reference Room, 100 F Street NE., Change for Priority Customer Rebate Program
Washington, DC 20549 on official volume tiers 3, 4, or 5 in the Fee
In its filing with the Commission, the Schedule. Specifically, any Member or
business days between the hours of Exchange included statements its affiliates of at least 75% common
10:00 a.m. and 3:00 p.m. Copies of such concerning the purpose of and basis for ownership between the firms as
filing also will be available for the proposed rule change and discussed reflected on each firm’s Form BD,
inspection and copying at the principal any comments it received on the Schedule A, that qualifies for Priority
offices of the Exchange. All comments proposed rule change. The text of these Customer Rebate Program volume tiers
received will be posted without change; statements may be examined at the 3, 4, or 5 will be assessed a PRIME AOC
the Commission does not edit personal places specified in Item IV below. The Response fee of $0.45 per contract for
mstockstill on DSK4VPTVN1PROD with NOTICES

identifying information from Exchange has prepared summaries, set standard options in Penny Pilot classes.
submissions. You should submit only forth in sections A, B, and C below, of In addition, any Member or its affiliates
information that you wish to make the most significant aspects of such of at least 75% common ownership
available publicly. All submissions statements.
should refer to File Number SR–BX– 10 17
3 See Exchange Rule 515A. See also Securities
CFR 200.30–3(a)(12). Exchange Act Release No.) 72943 (August 28, 2014),
2015–038, and should be submitted on 1 15 U.S.C. 78s(b)(1).
79 FR 52785 (September 4, 2014) (SR–MIAX–2014–
or before August 5, 2015. 2 17 CFR 240.19b–4. 45); MIAX Options Fee Schedule, Section 1)a)iv).

VerDate Sep<11>2014 18:52 Jul 14, 2015 Jkt 235001 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 E:\FR\FM\15JYN1.SGM 15JYN1
Document Created: 2015-12-15 13:32:56
Document Modified: 2015-12-15 13:32:56
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 41528