80 FR 80849 - 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 248 (December 28, 2015)
Federal Register Volume 80, Issue 248 (December 28, 2015)
| Page Range | 80849-80851 | |
| FR Document | 2015-32526 |
[Federal Register Volume 80, Number 248 (Monday, December 28, 2015)] [Notices] [Pages 80849-80851] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-32526] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76717; File No. SR-MIAX-2015-73] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule December 21, 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 December 14, 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 Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ``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 the Fee Schedule to modify the transaction fees for Members that participate in the price improvement auction (``PRIME Auction'' or ``PRIME'') pursuant to Rule 515A.\3\ Specifically, the Exchange proposes to: (i) Increase the fee for a PRIME AOC Response \4\ from $0.49 per [[Page 80850]] contract to $0.50 per contract for standard options in Penny Pilot classes; (ii) increase the fee for a PRIME AOC Response from $0.94 per contract to $0.99 per contract for standard options in non-Penny Pilot classes; and (iii) continue to provide for additional incentives of $0.04 per contract for achieving certain Priority Customer Rebate Program volume tiers. The Exchange also proposes technical clarifying amendments to the Fee Schedule, as described below. --------------------------------------------------------------------------- \3\ See Exchange Rule 515A. See also Securities Exchange Act Release Nos. 75408 (July 9, 2015) 80 FR 41530 (July 15, 2015)(SR- MIAX-2015-45); 72943 (August 28, 2014), 79 FR 52785 (September 4, 2014) (SR-MIAX-2014-45); MIAX Options Fee Schedule, Section (1)(a)(iv). \4\ See Exchange Rule 515A(a)(2)(i). When the Exchange receives a properly designated Agency Order for auction processing, a Request for Responses (``RFR'') detailing the option, side, size, and initiating price will be sent to all subscribers of the Exchange's data feeds. Members may submit RFR responses consisting of an Auction or Cancel (``AOC'') order or an AOC eQuote. Such responses cannot cross the disseminated MIAX Best Bid or Offer (``MBBO'') on the opposite side of the market from the response. --------------------------------------------------------------------------- Currently, the Exchange assesses PRIME AOC Responses $0.49 per contract for standard options in Penny Pilot classes and $0.94 per contract in non-Penny Pilot classes. The Exchange now proposes to modify these fees that apply to PRIME AOC Responses. Specifically, the Exchange proposes to: (i) Increase the fee for a PRIME AOC Response from $0.49 per contract to $0.50 per contract for standard options in Penny Pilot classes; and (ii) increase the fee for a PRIME AOC Response from $0.94 per contract to $0.99 per contract for standard options in non-Penny Pilot classes. The Exchange will continue to assess the standard transaction fees to a PRIME AOC Response if they execute against unrelated orders. The Exchange currently offers Members that submit PRIME AOC Responses the opportunity to reduce transaction fees by $0.04 per contract in 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 or 4 in the Fee Schedule. Currently, 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 or 4 are assessed a PRIME AOC Response fee of $0.45 per contract for standard options in Penny Pilot classes. In addition, 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 or 4 are assessed a PRIME AOC Response fee of $0.90 per contract for standard options in non-Penny Pilot classes. In order to continue to offer Members or their 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 or 4 (``qualifying Members'') the opportunity to reduce transaction fees by $0.04 per contract in standard options, the Exchange is proposing to modify the reduced fees to $0.46 per contract for standard options in Penny Pilot classes, and to $.0.95 per contract for standard options in non-Penny Pilot classes for such qualifying Members. The Exchange believes that these incentives will continue to encourage Members to transact a greater number of contracts on the Exchange. The Exchange notes that these incentives will operate identically to the Priority Customer Rebate Program incentives that apply to 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 or 4 in other types of transaction fees.\5\ --------------------------------------------------------------------------- \5\ See MIAX Options Fee Schedule. --------------------------------------------------------------------------- The Exchange is also proposing technical clarifying amendments to the Fee Schedule. Specifically, the headings in the table in Section 1) a) iv) of the Fee Schedule will be amended from: (i) ``PRIME Order'' to ``PRIME Order Fee,'' (ii) ``Responder to PRIME Auction'' to ``Responder to PRIME Auction Fee,'' and (iii) ``PRIME Break-up'' to ``PRIME Break- up Credit.'' These changes are intended to clarify and more specifically label the various columns in the table for investors using it. 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 among Exchange members and issuers and other persons using its facilities. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange's proposal to increase the transaction fees for certain participants that submit PRIME AOC Responses is reasonable because the Exchange's fees will remain competitive with fees at other options exchanges.\8\ The Exchange's proposal to increase the transaction fees for certain participants in the PRIME Auction is equitable and not unfairly discriminatory because the increase applies equally to all such participants. The Exchange believes that the transaction fees for PRIME AOC Responses will not deter market participants from providing price improvement. --------------------------------------------------------------------------- \8\ See e.g., NYSE Amex Options Fee Schedule; International Securities Exchange LLC Schedule of Fees; BOX Options Exchange Fee Schedule. --------------------------------------------------------------------------- The Exchange's proposal to offer qualifying PRIME Auction participants the opportunity to reduce transaction fees by $0.04 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 qualifying PRIME Auction participants the opportunity to reduce transaction fees by $0.04 per contract in standard options, provided certain criteria are met, is equitable and not unfairly discriminatory because the Exchange will offer all market participants a means to reduce transaction fees by qualifying for volume tiers in the Priority Customer Rebate Program. The Exchange believes that continuing to offer all such market participants the opportunity to lower transaction fees by transacting Priority Customer order flow in turn benefits all market participants. To the extent that there are higher transaction fees assessed on market participants without Priority Customer order flow, the Exchange believes that this is appropriate because the proposal creates incentives for Members to direct additional order flow to the Exchange and thus provide additional liquidity that enhances the quality of its markets and increases the volume of contracts traded on MIAX. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. Enhanced market quality and increased transaction volume that results from the anticipated increase in order flow directed to the Exchange will benefit all market participants and improve competition on the Exchange. The Exchange believes that the proposal to allow the aggregation of trading activity of separate Members or its affiliates for purposes of the fee reduction is fair, equitable and not unreasonably discriminatory. The Exchange believes the proposed rule change is reasonable because it would allow aggregation of the trading activity of separate Members or its affiliates for purposes of the fee reduction only in very narrow circumstances, namely, where the firm is an affiliate, as defined herein. The Exchange believes that all such market participants should have the opportunity to lower transaction fees by transacting additional Priority Customer order flow, which in turn benefits all market participants. The Exchange believes that the technical clarifying amendments to the [[Page 80851]] Fee Schedule ensure that the Fee Schedule is transparent regarding the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities, and are thus consistent with the Act. 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. The Exchange believes that the proposed change will enhance the competiveness of the Exchange relative to other exchanges that offer their own electronic price improvement mechanism. The Exchange believes that the proposed fees do not impact intra- market competition notwithstanding that the proposed per contract fees assessed to participants in the PRIME Auction that respond to an Agency Order (for purposes of this discussion, ``responders'') are greater than the per contract fees assessed to participants that begin the auction process by submitting an Agency Order (for purposes of this discussion, ``initiators''). Initiators guarantee execution of the entire Agency Order in full, either at a single price or at multiple prices using the ``auto-match'' option.\9\ Responders may elect not to respond at all, or may elect to respond only at a single price, and are not required to guarantee the execution of the entire order at any price. Because of this guarantee, initiators are assuming greater risk and are providing more liquidity in the Exchange's markets. The Exchange believes therefore that it is reasonable, equitable and not unfairly discriminatory, and consequently not a burden on competition, to charge responders and initiators differently, as proposed. The Exchange believes that these market participants understand that the price-improving benefits, based on their experience with PRIME, and on electronic price improvement mechanisms on other markets, justify the transaction fees associated with the PRIME Auction, based upon the disparity in risk assumed in the PRIME Auction process. --------------------------------------------------------------------------- \9\ See Exchange Rule 515A(a)(2)(i)(A). --------------------------------------------------------------------------- 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 to the Exchange. The Exchange believes that the proposed rule change reflects this competitive environment because it establishes a fee structure in a manner that encourages market participants to submit their order flow, to provide liquidity, and to attract additional transaction volume 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,\10\ and Rule 19b-4(f)(2) \11\ 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 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(ii). \11\ 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-2015-73 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-MIAX-2015-73. 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 Section, 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 the filing will also 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-2015-73 and should be submitted on or before January 19, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-32526 Filed 12-24-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 248 / Monday, December 28, 2015 / Notices 80849
table and the effectiveness of the for all routing and the same will be true thereunder,2 notice is hereby given that
Committee.49 for RTFY.58 If the Committee on December 14, 2015, Miami
In response, NASDAQ states its belief determines that a particular routing International Securities Exchange LLC
that providing additional price destination is underperforming based on (‘‘MIAX’’ or ‘‘Exchange’’) filed with the
improvement opportunities for retail the various parameters, such as price Securities and Exchange Commission
investors is a ‘‘critical component of its improvement, fill rate, and latency, the (‘‘Commission’’) a proposed rule change
best execution obligations.’’ 50 In its Committee may either remove that as described in Items I, II, and III below,
supplemental response letter, NASDAQ destination altogether or lower its which Items have been prepared by the
states that, in all routing of orders, when priority within the routing table.59 Exchange. The Commission is
one routing destination is chosen over According to NASDAQ, this process publishing this notice to solicit
another, there is always a possibility ensures that these comments on the proposed rule change
that an execution will be missed.51 The destinations will compete from interested persons.
Commission notes, however, that aggressively with each other in order to
NASDAQ believes that any chance of an receive RTFY orders.60 I. Self-Regulatory Organization’s
RTFY order missing a better price at the Based on the foregoing, the Statement of the Terms of Substance of
Exchange is ‘‘miniscule.’’ 52 The Commission believes that the proposed the Proposed Rule Change
Commission notes that, according to rule change is consistent with the Act. The Exchange is filing a proposal to
NASDAQ, some routing destinations amend the MIAX Options Fee Schedule
IV. Conclusion
agree to a guaranteed minimum price (the ‘‘Fee Schedule’’).
improvement per share for RTFY orders, It is therefore ordered, pursuant to The text of the proposed rule change
some focus more on the average price Section 19(b)(2) of the Act,61 that the is available on the Exchange’s Web site
improvement, and others are unsure of proposed rule change (SR–NASDAQ– at http://www.miaxoptions.com/filter/
what the level of price improvement 2015–112) be and hereby is approved. wotitle/rule_filing, at MIAX’s principal
will be, but provide assurances that they For the Commission, by the Division of office, and at the Commission’s Public
will compete vigorously with their Trading and Markets, pursuant to delegated Reference Room.
execution quality.53 Consequently, authority.62
II. Self-Regulatory Organization’s
NASDAQ believes that the competition Brent J. Fields,
Statement of the Purpose of, and
for RTFY orders, and thus the resulting Secretary.
Statutory Basis for, the Proposed Rule
execution quality, will be better than [FR Doc. 2015–32527 Filed 12–24–15; 8:45 am] Change
what is experienced today.54 BILLING CODE 8011–01–P
The Commission notes that, with In its filing with the Commission, the
respect to commenters’ concerns Exchange included statements
regarding the RTFY routing table and SECURITIES AND EXCHANGE concerning the purpose of and basis for
the Committee, NASDAQ states that—as COMMISSION the proposed rule change and discussed
with all other routing options, other any comments it received on the
[Release No. 34–76717; File No. SR–MIAX– proposed rule change. The text of these
than Directed Orders—the RTFY routing
2015–73]
table will be monitored and approved statements may be examined at the
by the Committee.55 According to Self-Regulatory Organizations; Miami places specified in Item IV below. The
NASDAQ, the use of a best execution International Securities Exchange LLC; Exchange has prepared summaries, set
committee is not novel, and such Notice of Filing and Immediate forth in sections A, B, and C below, of
committees are widely-used at many Effectiveness of a Proposed Rule the most significant aspects of such
broker-dealers.56 In addition, the Change To Amend Its Fee Schedule statements.
Committee is subject to FINRA A. Self-Regulatory Organization’s
oversight, as well as oversight by December 21, 2015.
Pursuant to the provisions of Section Statement of the Purpose of, and
NASDAQ Inc.’s internal audit group, Statutory Basis for, the Proposed Rule
which reports to the audit committee of 19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4 Change
the Board of Directors of NASDAQ
Inc.57 According to NASDAQ, the 1. Purpose
58 See NASDAQ Supplemental Response, supra
Committee reviews the performance of The Exchange proposes to amend the
note 7, at 2.
routing destinations on a regular basis 59 See id. NASDAQ notes that missed executions Fee Schedule to modify the transaction
often may be due to latency in away destinations fees for Members that participate in the
49 See Themis Letter and Shatto Letter, supra note systems. See id. at 3. According to NASDAQ, price improvement auction (‘‘PRIME
4. because latency is one of the parameters that the
50 See NASDAQ Response, supra note 5, at 4. Committee considers in its regular reviews of Auction’’ or ‘‘PRIME’’) pursuant to Rule
Moreover, NASDAQ reiterates that it will not accept routing destinations, destinations causing undue 515A.3 Specifically, the Exchange
any negotiated payment for order flow. See latency that may lead to missed executions or proposes to: (i) Increase the fee for a
NASDAQ Supplemental Response, supra note 7, at inferior execution prices would lose their priority
within the routing table or be removed altogether.
PRIME AOC Response 4 from $0.49 per
1–2.
51 See NASDAQ Supplemental Response, supra See id. NASDAQ also notes that, if the Committee
2 17 CFR 240.19b–4.
note 7, at 2. determines that a particular routing destination is
52 See id. at 3.
not providing sufficient price improvement 3 See Exchange Rule 515A. See also Securities
opportunities, then that destination will likely be Exchange Act Release Nos. 75408 (July 9, 2015) 80
53 See id. at 2.
removed from the RTFY routing table. See FR 41530 (July 15, 2015)(SR–MIAX–2015–45);
54 See id.
NASDAQ Response, supra note 5, at 4. 72943 (August 28, 2014), 79 FR 52785 (September
mstockstill on DSK4VPTVN1PROD with NOTICES
55 See NASDAQ Response, supra note 5, at 3. 60 See NASDAQ Supplemental Response, supra 4, 2014) (SR–MIAX–2014–45); MIAX Options Fee
NASDAQ notes that many factors are weighed note 7, at 2. NASDAQ states that, in the past, the Schedule, Section (1)(a)(iv).
when making best execution determinations, and Committee has moved venues down within the 4 See Exchange Rule 515A(a)(2)(i). When the
that price improvement opportunities for retail routing table due, in part, to unsatisfactory fill rate, Exchange receives a properly designated Agency
investors are an ‘‘integral component of such unsatisfactory price improvement, and/or Order for auction processing, a Request for
decisions by both the Committee and by retail order unsatisfactory latency profile. See id. Responses (‘‘RFR’’) detailing the option, side, size,
firms.’’ See id. 61 15 U.S.C. 78s(b)(2).
and initiating price will be sent to all subscribers
56 See id. 62 17 CFR 200.30–3(a)(12).
of the Exchange’s data feeds. Members may submit
57 See id. at 3–4. 1 15 U.S.C. 78s(b)(1). Continued
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![Federal Register / Vol. 80, No. 248 / Monday, December 28, 2015 / Notices 80851
Fee Schedule ensure that the Fee fees to remain competitive with other comments more efficiently, please use
Schedule is transparent regarding the exchanges and to attract order flow to only one method. The Commission will
equitable allocation of reasonable dues, the Exchange. The Exchange believes post all comments on the Commission’s
fees, and other charges among its that the proposed rule change reflects Internet Web site (http://www.sec.gov/
members and issuers and other persons this competitive environment because it rules/sro.shtml). Copies of the
using its facilities, and are thus establishes a fee structure in a manner submission, all subsequent
consistent with the Act. that encourages market participants to amendments, all written statements
submit their order flow, to provide with respect to the proposed rule
B. Self-Regulatory Organization’s
liquidity, and to attract additional change that are filed with the
Statement on Burden on Competition
transaction volume to the Exchange. Commission, and all written
The Exchange does not believe that communications relating to the
the proposed rule change will result in C. Self-Regulatory Organization’s proposed rule change between the
any burden on competition that is not Statement on Comments on the Commission and any person, other than
necessary or appropriate in furtherance Proposed Rule Change Received From those that may be withheld from the
of the purposes of the Act. The Members, Participants, or Others public in accordance with the
Exchange believes that the proposed Written comments were neither provisions of 5 U.S.C. 552, will be
change will enhance the competiveness solicited nor received. available for Web site viewing and
of the Exchange relative to other printing in the Commission’s Public
exchanges that offer their own III. Date of Effectiveness of the
Reference Section, 100 F Street NE.,
electronic price improvement Proposed Rule Change and Timing for
Washington, DC 20549 on official
mechanism. Commission Action
business days between the hours of
The Exchange believes that the The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
proposed fees do not impact intra- effective pursuant to Section filing will also be available for
market competition notwithstanding 19(b)(3)(A)(ii) of the Act,10 and Rule inspection and copying at the principal
that the proposed per contract fees 19b–4(f)(2) 11 thereunder. At any time office of the Exchange. All comments
assessed to participants in the PRIME within 60 days of the filing of the received will be posted without change;
Auction that respond to an Agency proposed rule change, the Commission the Commission does not edit personal
Order (for purposes of this discussion, summarily may temporarily suspend identifying information from
‘‘responders’’) are greater than the per such rule change if it appears to the submissions. You should submit only
contract fees assessed to participants Commission that such action is information that you wish to make
that begin the auction process by necessary or appropriate in the public available publicly. All submissions
submitting an Agency Order (for interest, for the protection of investors, should refer to File Number SR–MIAX–
purposes of this discussion, or otherwise in furtherance of the 2015–73 and should be submitted on or
‘‘initiators’’). Initiators guarantee purposes of the Act. If the Commission before January 19, 2016.
execution of the entire Agency Order in takes such action, the Commission shall For the Commission, by the Division of
full, either at a single price or at institute proceedings to determine Trading and Markets, pursuant to delegated
multiple prices using the ‘‘auto-match’’ whether the proposed rule should be authority.12
option.9 Responders may elect not to approved or disapproved. Brent J. Fields,
respond at all, or may elect to respond
IV. Solicitation of Comments Secretary.
only at a single price, and are not
[FR Doc. 2015–32526 Filed 12–24–15; 8:45 am]
required to guarantee the execution of Interested persons are invited to
the entire order at any price. Because of BILLING CODE 8011–01–P
submit written data, views, and
this guarantee, initiators are assuming arguments concerning the foregoing,
greater risk and are providing more including whether the proposed rule SECURITIES AND EXCHANGE
liquidity in the Exchange’s markets. The change is consistent with the Act. COMMISSION
Exchange believes therefore that it is Comments may be submitted by any of
reasonable, equitable and not unfairly the following methods: [Release No. 34–76712; File No. SR–EDGA–
discriminatory, and consequently not a 2015–47]
burden on competition, to charge Electronic Comments
responders and initiators differently, as • Use the Commission’s Internet Self-Regulatory Organizations; EDGA
proposed. The Exchange believes that Exchange, Inc.; Notice of Filing and
comment form (http://www.sec.gov/
these market participants understand Immediate Effectiveness of a Proposed
rules/sro.shtml); or
that the price-improving benefits, based • Send an email to rule-comments@ Rule Change to Rule 11.6(n)(1),
on their experience with PRIME, and on sec.gov. Please include File Number SR– Routing/Posting Instructions, To
electronic price improvement MIAX–2015–73 on the subject line. Amend the Aggressive Instruction
mechanisms on other markets, justify December 21, 2015.
Paper Comments
the transaction fees associated with the Pursuant to Section 19(b)(1) of the
PRIME Auction, based upon the • Send paper comments in triplicate Securities Exchange Act of 1934 (the
disparity in risk assumed in the PRIME to Secretary, Securities and Exchange ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Auction process. Commission, 100 F Street NE., notice is hereby given that on December
The Exchange notes that it operates in Washington, DC 20549. 16, 2015, EDGA Exchange, Inc. (the
mstockstill on DSK4VPTVN1PROD with NOTICES
a highly competitive market in which All submissions should refer to File ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
market participants can readily favor Number SR–MIAX–2015–73. This file Securities and Exchange Commission
competing venues if they deem fee number should be included on the (‘‘Commission’’) the proposed rule
levels at a particular venue to be subject line if email is used. To help the change as described in Items I and II
excessive. In such an environment, the Commission process and review your
Exchange must continually adjust its 12 17 CFR 200.30–3(a)(12).
10 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
9 See Exchange Rule 515A(a)(2)(i)(A). 11 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.
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Document Created: 2018-03-02 09:23:21
Document Modified: 2018-03-02 09:23:21
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| FR Citation | 80 FR 80849 |
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