80 FR 51641 - 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 164 (August 25, 2015)
Federal Register Volume 80, Issue 164 (August 25, 2015)
| Page Range | 51641-51642 | |
| FR Document | 2015-20932 |
[Federal Register Volume 80, Number 164 (Tuesday, August 25, 2015)] [Notices] [Pages 51641-51642] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-20932] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75735; File No. SR-MIAX-2015-52] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule August 19, 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 August 11, 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 and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ``Fee Schedule'') to establish fees for the MIAX Financial Information Exchange (``FIX'') Drop Copy Port. While changes to the Fee Schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on September 1, 2015. 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 purpose of the proposed rule change is to establish a monthly port fee of $500 per port for the use of the new MIAX FIX Drop Copy Port. Currently, the Exchange assesses fees for the use of its FIX Ports. A FIX Port is an interface with MIAX systems that enables the Port user (typically an Electronic Exchange Member (``EEM'') \3\ or a Market Maker \4\) to submit orders electronically to MIAX. --------------------------------------------------------------------------- \3\ The term ``Electronic Exchange Member'' means the holder of a Trading Permit who is not a Market Maker. Electronic Exchange Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. \4\ The term ``Market Makers'' refers to ``Lead Market Makers,'' ``Primary Lead Market Makers'' and ``Registered Market Makers'' collectively. A Lead Market Maker is a Member registered with the Exchange for the purpose of making markets in securities traded on the Exchange and that is vested with the rights and responsibilities specified in Chapter VI of these Rules with respect to Lead Market Makers. A Primary Lead Market Maker is a Lead Market Maker appointed by the Exchange to act as the Primary Lead Market Maker for the purpose of making markets in securities traded on the Exchange. A Registered Market Maker is a Member registered with the Exchange for the purpose of making markets in securities traded on the Exchange, who is not a Lead Market Maker. See Exchange Rule 100. --------------------------------------------------------------------------- The proposed FIX Drop Copy Port is a messaging interface that will provide a copy of real-time trade execution information to FIX Drop Copy Port users who subscribe to the service. FIX Drop Copy Port users are those users who are designated by an EEM to receive the information and the information is restricted for use by the EEM only. The Exchange proposes to assess a monthly per port fee to users of the FIX Drop Copy Ports. MIAX currently assesses fees for Exchange connectivity and services used by Members. Such Exchange connectivity is gained through various ports. MIAX currently assesses monthly per port fees for FIX Ports. Similarly, the Exchange is proposing to establish a monthly per port fee for the use of the FIX Drop Copy Port. The FIX Drop Copy Port provides the user with a copy of real-time trade execution updates. The updates contain a copy of trade execution messages on a low latency, real-time basis. A FIX Drop Copy Port can be configured to monitor any number of FIX Ports used by that EEM and a FIX Port user can have any number of FIX Drop Copy Ports. The FIX Drop Copy Port will send messages containing reports of order executions to the user based upon the group of FIX Ports that it is configured to monitor. Other order related messages will not be sent via the FIX Drop Copy port. MIAX will assess a FIX Drop Copy Port fee of $500 per port per month. Similar to the FIX Port Fees, the FIX Drop Copy Port Fee will be based on the number of FIX Drop Copy Ports to which a user subscribes and the fee includes connectivity to the Exchange's primary, secondary and disaster recovery data centers at no additional cost. The Exchange intends to assess the fee on a per port basis for the data and information used in trading options contracts and ongoing entitlement management and configuration. The Exchange believes that this should enable it to remain competitive with other exchanges with respect to fees charged for similar ports.\5\ --------------------------------------------------------------------------- \5\ See NYSE Arca Options Fees and Charges, p. 12 [sic]; NYSE Amex Options Fee Schedule, p. 24. Both NYSE Arca Options and NYSE Amex Options charge $500 per port per month for a drop copy port and do not charge for a drop copy port which is connected to their respective backup datacenters if it is configured such that it is duplicative of other drop copy ports. --------------------------------------------------------------------------- The Exchange is also proposing to amend the Fee Schedule's Table of Contents to reflect the addition of the FIX Drop Copy Port Fee in new Section (5)(d)(iv). 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(4) of the Act \7\ in particular, in that it is an equitable allocation of reasonable fees and other charges. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- [[Page 51642]] The Exchange believes that this amendment is equitable and not unfairly discriminatory because the Exchange is uniformly assessing the FIX Drop Copy Port Fees on all users that wish to subscribe to it. The Exchange further believes that the proposed FIX Drop Copy Port Fee is reasonable because it is within the range of similar fees charged by other exchanges, and because the FIX Drop Copy Port is offered as an optional service for those users who wish to subscribe to it. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The proposed fees for services provided to its Members and others using its facilities will not have an impact on competition. In fact, MIAX's proposed FIX Drop Copy Port Fee is comparable to fees charged by other options exchanges for the same or similar services.\8\ --------------------------------------------------------------------------- \8\ See supra note 5. --------------------------------------------------------------------------- The FIX Drop Copy Port is offered as an additional service for users at a price that is within the range of prices for similar ports offered by other exchanges, and therefore the Exchange believes that the price of the port fee does not impose a burden on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act \9\ and subparagraph (f)(2) of Rule 19b-4 thereunder.\10\ At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-MIAX-2015-52 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-2015-52. 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-2015-52, and should be submitted on or before September 15, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ Jill M. Peterson, Assistant Secretary. --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-20932 Filed 8-24-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 164 / Tuesday, August 25, 2015 / Notices 51641
risk, and, thus, help it maintain The text of the proposed rule change per port fee to users of the FIX Drop
sufficient financial resources to is available on the Exchange’s Web site Copy Ports.
withstand, at a minimum, a default by at http://www.miaxoptions.com/filter/ MIAX currently assesses fees for
an NSCC member to which NSCC has wotitle/rule_filing, at MIAX’s principal Exchange connectivity and services
the largest exposure. As such, the office, and at the Commission’s Public used by Members. Such Exchange
Commission believes that the proposal Reference Room. connectivity is gained through various
is consistent with Rule 17Ad–22(b)(3). II. Self-Regulatory Organization’s ports. MIAX currently assesses monthly
Statement of the Purpose of, and per port fees for FIX Ports. Similarly, the
III. Conclusion
Statutory Basis for, the Proposed Rule Exchange is proposing to establish a
It is therefore noticed, pursuant to monthly per port fee for the use of the
Change
Section 806(e)(1)(I) of the Payment, FIX Drop Copy Port.
Clearing and Settlement Supervision In its filing with the Commission, the The FIX Drop Copy Port provides the
Act,22 that the Commission does not Exchange included statements user with a copy of real-time trade
object to Advance Notice, as modified concerning the purpose of and basis for execution updates. The updates contain
by Amendment No. 1, and that NSCC is the proposed rule change and discussed a copy of trade execution messages on
authorized to implement the proposal. any comments it received on the a low latency, real-time basis. A FIX
proposed rule change. The text of these Drop Copy Port can be configured to
By the Commission.
statements may be examined at the monitor any number of FIX Ports used
Jill M. Peterson, places specified in Item IV below. The
Assistant Secretary.
by that EEM and a FIX Port user can
Exchange has prepared summaries, set have any number of FIX Drop Copy
[FR Doc. 2015–20929 Filed 8–24–15; 8:45 am] forth in sections A, B, and C below, of Ports. The FIX Drop Copy Port will send
BILLING CODE P the most significant aspects of such messages containing reports of order
statements. executions to the user based upon the
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s group of FIX Ports that it is configured
COMMISSION Statement of the Purpose of, and to monitor. Other order related messages
Statutory Basis for, the Proposed Rule will not be sent via the FIX Drop Copy
[Release No. 34–75735; File No. SR–MIAX– Change port.
2015–52] MIAX will assess a FIX Drop Copy
1. Purpose
Port fee of $500 per port per month.
Self-Regulatory Organizations; Miami The purpose of the proposed rule Similar to the FIX Port Fees, the FIX
International Securities Exchange LLC; change is to establish a monthly port fee Drop Copy Port Fee will be based on the
Notice of Filing and Immediate of $500 per port for the use of the new number of FIX Drop Copy Ports to
Effectiveness of a Proposed Rule MIAX FIX Drop Copy Port. which a user subscribes and the fee
Change To Amend Its Fee Schedule Currently, the Exchange assesses fees includes connectivity to the Exchange’s
for the use of its FIX Ports. A FIX Port primary, secondary and disaster
August 19, 2015. is an interface with MIAX systems that
Pursuant to the provisions of Section recovery data centers at no additional
enables the Port user (typically an cost. The Exchange intends to assess the
19(b)(1) of the Securities Exchange Act Electronic Exchange Member (‘‘EEM’’) 3
of 1934 (‘‘Act’’),1 and Rule 19b–4 fee on a per port basis for the data and
or a Market Maker 4) to submit orders information used in trading options
thereunder,2 notice is hereby given that electronically to MIAX.
on August 11, 2015, Miami International contracts and ongoing entitlement
The proposed FIX Drop Copy Port is management and configuration. The
Securities Exchange LLC (‘‘MIAX’’ or a messaging interface that will provide
‘‘Exchange’’) filed with the Securities Exchange believes that this should
a copy of real-time trade execution enable it to remain competitive with
and Exchange Commission information to FIX Drop Copy Port users
(‘‘Commission’’) a proposed rule change other exchanges with respect to fees
who subscribe to the service. FIX Drop charged for similar ports.5
as described in Items I and II below, Copy Port users are those users who are
which Items have been prepared by the The Exchange is also proposing to
designated by an EEM to receive the amend the Fee Schedule’s Table of
Exchange. The Commission is information and the information is
publishing this notice to solicit Contents to reflect the addition of the
restricted for use by the EEM only. The
comments on the proposed rule change FIX Drop Copy Port Fee in new Section
Exchange proposes to assess a monthly
from interested persons. (5)(d)(iv).
I. Self-Regulatory Organization’s
3 The term ‘‘Electronic Exchange Member’’ means 2. Statutory Basis
the holder of a Trading Permit who is not a Market
Statement of the Terms of Substance of Maker. Electronic Exchange Members are deemed The Exchange believes that its
the Proposed Rule Change ‘‘members’’ under the Exchange Act. See Exchange proposal to amend its Fee Schedule is
Rule 100. consistent with Section 6(b) of the Act 6
The Exchange is filing a proposal to 4 The term ‘‘Market Makers’’ refers to ‘‘Lead
amend the MIAX Options Fee Schedule Market Makers,’’ ‘‘Primary Lead Market Makers’’
in general, and furthers the objectives of
(the ‘‘Fee Schedule’’) to establish fees and ‘‘Registered Market Makers’’ collectively. A Section 6(b)(4) of the Act 7 in particular,
for the MIAX Financial Information Lead Market Maker is a Member registered with the in that it is an equitable allocation of
Exchange for the purpose of making markets in reasonable fees and other charges.
Exchange (‘‘FIX’’) Drop Copy Port. securities traded on the Exchange and that is vested
asabaliauskas on DSK5VPTVN1PROD with NOTICES
While changes to the Fee Schedule with the rights and responsibilities specified in
5 See NYSE Arca Options Fees and Charges, p. 12
pursuant to this proposal are effective Chapter VI of these Rules with respect to Lead
Market Makers. A Primary Lead Market Maker is a [sic]; NYSE Amex Options Fee Schedule, p. 24.
upon filing, the Exchange has Lead Market Maker appointed by the Exchange to Both NYSE Arca Options and NYSE Amex Options
designated these changes to be operative act as the Primary Lead Market Maker for the charge $500 per port per month for a drop copy port
on September 1, 2015. purpose of making markets in securities traded on and do not charge for a drop copy port which is
the Exchange. A Registered Market Maker is a connected to their respective backup datacenters if
Member registered with the Exchange for the it is configured such that it is duplicative of other
22 12 U.S.C. 5465(e)(1)(I). drop copy ports.
purpose of making markets in securities traded on
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b).
the Exchange, who is not a Lead Market Maker. See
2 17 CFR 240.19b–4. Exchange Rule 100. 7 15 U.S.C. 78f(b)(4).
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![51642 Federal Register / Vol. 80, No. 164 / Tuesday, August 25, 2015 / Notices
The Exchange believes that this to determine whether the proposed rule For the Commission, by the Division of
amendment is equitable and not should be approved or disapproved. Trading and Markets, pursuant to delegated
unfairly discriminatory because the authority.11
Exchange is uniformly assessing the FIX IV. Solicitation of Comments Jill M. Peterson,
Drop Copy Port Fees on all users that Assistant Secretary.
Interested persons are invited to
wish to subscribe to it. submit written data, views, and [FR Doc. 2015–20932 Filed 8–24–15; 8:45 am]
The Exchange further believes that the arguments concerning the foregoing, BILLING CODE 8011–01–P
proposed FIX Drop Copy Port Fee is including whether the proposed rule
reasonable because it is within the range change is consistent with the Act.
of similar fees charged by other SECURITIES AND EXCHANGE
Comments may be submitted by any of COMMISSION
exchanges, and because the FIX Drop the following methods:
Copy Port is offered as an optional [Release No. 34–75736; File No. SR–CBOE–
service for those users who wish to Electronic Comments 2015–045]
subscribe to it.
• Use the Commission’s Internet
B. Self-Regulatory Organization’s Self-Regulatory Organizations;
comment form (http://www.sec.gov/
Statement on Burden on Competition Chicago Board Options Exchange,
rules/sro.shtml); or Incorporated; Order Instituting
The Exchange does not believe that • Send an email to rule-comments@ Proceedings To Determine Whether To
the proposed rule change will result in sec.gov. Please include File Number SR– Approve or Disapprove a Proposed
any burden on competition that is not MIAX–2015–52 on the subject line. Rule Change, as Modified by
necessary or appropriate in furtherance Amendment No. 1, Relating to Rule
Paper Comments
of the purposes of the Act, as amended. 6.53C and Complex Orders on the
The proposed fees for services provided • Send paper comments in triplicate Hybrid System
to its Members and others using its to Brent J. Fields, Secretary, Securities August 19, 2015.
facilities will not have an impact on and Exchange Commission, 100 F Street
competition. In fact, MIAX’s proposed NE., Washington, DC 20549–1090. I. Introduction
FIX Drop Copy Port Fee is comparable On May 12, 2015, Chicago Board
to fees charged by other options All submissions should refer to File
Number SR–MIAX–2015–52. This file Options Exchange, Incorporated (the
exchanges for the same or similar ‘‘Exchange’’ or ‘‘CBOE’’) filed with the
services.8 number should be included on the
Securities and Exchange Commission
The FIX Drop Copy Port is offered as subject line if email is used. To help the
(the ‘‘Commission’’), pursuant to
an additional service for users at a price Commission process and review your Section 19(b)(1) of the Securities
that is within the range of prices for comments more efficiently, please use Exchange Act of 1934 (the ‘‘Exchange
similar ports offered by other exchanges, only one method. The Commission will Act’’ or ‘‘Act’’),1 and Rule 19b–4
and therefore the Exchange believes that post all comments on the Commission’s thereunder,2 a proposed rule change to
the price of the port fee does not impose Internet Web site (http://www.sec.gov/ modify CBOE Rule 6.53C, Complex
a burden on competition. rules/sro.shtml). Copies of the Orders on the Hybrid System, regarding
submission, all subsequent eligibility for participation in the
C. Self-Regulatory Organization’s amendments, all written statements Complex Order Book (‘‘COB’’) and the
Statement on Comments on the with respect to the proposed rule Complex Order Auction (‘‘COA’’). The
Proposed Rule Change Received From
change that are filed with the proposed rule change was published for
Members, Participants, or Others
Commission, and all written comment in the Federal Register on
Written comments were neither communications relating to the May 27, 2015.3 On June 3, 2015, CBOE
solicited nor received. proposed rule change between the filed Amendment No.1 to the proposed
Commission and any person, other than rule change.4 On July 6, 2015, the
III. Date of Effectiveness of the Commission extended the time period
those that may be withheld from the
Proposed Rule Change and Timing for within which to approve the proposed
public in accordance with the
Commission Action rule change, disapprove the proposed
provisions of 5 U.S.C. 552, will be
The foregoing rule change has become available for Web site viewing and rule change, or institute proceedings to
effective pursuant to Section printing in the Commission’s Public determine whether to disapprove the
19(b)(3)(A)(ii) of the Act 9 and Reference Room, 100 F Street NE., proposed rule change, to August 25,
subparagraph (f)(2) of Rule 19b–4 Washington, DC 20549 on official 2015.5 The Commission has received no
thereunder.10 At any time within 60 business days between the hours of comments on the proposed rule change.
days of the filing of the proposed rule This order institutes proceedings under
10:00 a.m. and 3:00 p.m. Copies of such
change, the Commission summarily may Section 19(b)(2)(B) of the Act 6 to
filing also will be available for
temporarily suspend such rule change if inspection and copying at the principal 11 17 CFR 200.30–3(a)(12).
it appears to the Commission that such office of the Exchange. All comments 1 15 U.S.C. 78s(b)(1).
action is necessary or appropriate in the received will be posted without change; 2 17 CFR 240.19b–4.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
public interest, for the protection of the Commission does not edit personal 3 See Securities Exchange Act Release No. 75003
investors, or otherwise in furtherance of identifying information from (May 20, 2015), 80 FR 30306 (‘‘Notice’’).
the purposes of the Act. If the submissions. You should submit only 4 Amendment No. 1 to the proposed rule change
Commission takes such action, the information that you wish to make
amended the statutory basis and burden on
Commission shall institute proceedings competition sections regarding distinguishing
available publicly. All submissions between Professional and non-Professional orders
should refer to File Number SR–MIAX– for purposes of determining eligibility for COA.
8 See supra note 5. 5 See Securities Exchange Act Release No. 75359
9 15
2015–52, and should be submitted on or
U.S.C. 78s(b)(3)(A)(ii). (July 6, 2015), 80 FR 39821 (July 10, 2015).
10 17 CFR 240.19b–4(f)(2). before September 15, 2015. 6 15 U.S.C. 78s(b)(2)(B).
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Document Created: 2018-02-23 11:02:35
Document Modified: 2018-02-23 11:02:35
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 51641 |
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