80 FR 9841 - 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 36 (February 24, 2015)
Federal Register Volume 80, Issue 36 (February 24, 2015)
| Page Range | 9841-9843 | |
| FR Document | 2015-03665 |
[Federal Register Volume 80, Number 36 (Tuesday, February 24, 2015)] [Notices] [Pages 9841-9843] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03665] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74291; File No. SR-MIAX-2015-09] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule February 18, 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 February 5, 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 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 [[Page 9842]] 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 MIAX Select Symbols \3\ section of the Priority Customer Rebate Program (the ``Program'') \4\ to replace the option class ``WAG'' with ``WBA''. --------------------------------------------------------------------------- \3\ The term ``MIAX Select Symbols'' currently means options overlying AA, AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, CBS, CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, GILD, GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC, IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX, NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S, SPY, SUNE, T, TSLA, USO, VALE, VXX, WAG, WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM, XOP, and YHOO. \4\ See Securities Exchange Act Release Nos. 73328 (October 9, 2014), 79 FR 62230 (October 16, 2014) (SR-MIAX-2014-50); 72567 (July 8, 2014), 79 FR 40818 (July 14, 2014) (SR-MIAX-2014-34); 72356 (June 10, 2014), 79 FR 34384 (June 16, 2014) (SR-MIAX-2014-26); 71698 (March 12, 2014), 79 FR 15185 (March 18, 2014) (SR-MIAX-2014-12); 71700 (March 12, 2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014- 13); 71283 (January 10, 2014), 79 FR 2914 (January 16, 2014) (SR- MIAX-2013-63); 71009 (December 6, 2013), 78 FR 75629 (December 12, 2013) (SR-MIAX-2013-56). --------------------------------------------------------------------------- Walgreens recently completed a corporate transaction that resulted in Walgreens becoming a wholly owned subsidiary of Walgreens Boots Alliance, Inc., and shares of Walgreens common stock being converted into shares of Walgreens Boots Alliance common stock on a one-for-one basis. In addition, the new shares of Walgreens Boots Alliance were given a new symbol ``WBA''. The Exchange now proposes to amend the Fee Schedule to change the symbol in the MIAX Select Symbols from ``WAG'' to ``WBA'' to correspond with this change. The change is designed to ensure that there is no confusion amongst market participants that Walgreens will continue to remain in the MIAX Select Symbols. Walgreens completed its corporate transaction on December 30, 2014, with the new symbol commencing trading on December 31, 2014. 2. Statutory Basis The Exchange believes that its proposed rule change is consistent with Section 6(b) of the Act \5\ in general, and furthers the objectives of Section 6(b)(4) of the Act \6\ in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- In particular, the proposal to change the Walgreens symbol to its new designation is consistent with the Act because the proposed change is merely updating the corresponding symbol to allow for Walgreens to continue to remain in the MIAX Select Symbols. The proposed change will allow for continued benefit to investors by providing them an updated reference to a symbol in the Fee Schedule. The Exchange believes that the proposal to modify the Program to amend an option class that qualifies for the credit for transactions in MIAX Select Symbols is fair, equitable and not unreasonably discriminatory. The credit for transactions in the select symbols is reasonably designed because it will incent providers of Priority Customer order flow to send that Priority Customer order flow to the Exchange in order to receive a credit in a manner that enables the Exchange to improve its overall competitiveness and strengthen its market quality for all market participants. The Program which provides increased incentives in high volume select symbols is also reasonably designed to increase the competitiveness of the Exchange with other options exchanges that also offer increased incentives to higher volume symbols. The proposed change to the rebate Program is fair and equitable and not unreasonably discriminatory because it will apply equally to all Priority Customer orders in the select symbols. All similarly situated Priority Customer orders in the select symbols are subject to the same rebate schedule, and access to the Exchange is offered on terms that are not unfairly discriminatory. In addition, the Program is equitable and not unfairly discriminatory because, while only Priority Customer order flow qualifies for the Program, an increase in Priority Customer order flow will bring greater volume and liquidity, which benefit all market participants by providing more trading opportunities and tighter spreads. 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 proposed rule change is a not a competitive filing but rather is designed to update the new underlying symbol for Walgreens in order to avoid potential confusion on the part of market participants. 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.\7\ 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. --------------------------------------------------------------------------- \7\ 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: 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-2015-09 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. All submissions should refer to File Number SR-MIAX-2015-09. 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 [[Page 9843]] 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-2015-09 and should be submitted on or before March 17, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-03665 Filed 2-23-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 36 / Tuesday, February 24, 2015 / Notices 9841
any burden on competition not designates the proposed rule change to received will be posted without change;
necessary or appropriate in furtherance be operative upon filing.13 the Commission does not edit personal
of the purposes of the act. To the At any time within 60 days of the identifying information from
contrary, allowing the Exchange to filing of the proposed rule change, the submissions. You should submit only
implement substantively identical rules Commission summarily may information that you wish to make
related to the imposition of fines for temporarily suspend such rule change if available publicly. All submissions
minor violations of rules across each of it appears to the Commission that such should refer to File No. SR–EDGX–
the BGM Affiliated Exchanges does not action is necessary or appropriate in the 2015–10 and should be submitted on or
present any competitive issues, but public interest, for the protection of before March 17, 2015.
rather is designed to provide greater investors, or otherwise in furtherance of For the Commission, by the Division of
harmonization among Exchange, BATS, the purposes of the Act. Trading and Markets, pursuant to delegated
BYX, and EDGA rules of similar IV. Solicitation of Comments authority.14
purpose, resulting in less burdensome Brent J. Fields,
and more efficient regulatory Interested persons are invited to
Secretary.
compliance for common members of the submit written data, views and
arguments concerning the foregoing, [FR Doc. 2015–03667 Filed 2–23–15; 8:45 am]
BGM Affiliated Exchanges and an
enhanced ability of the BGM Affiliated including whether the proposal is BILLING CODE 8011–01–P
Exchanges to fairly and efficiently consistent with the Act. Comments may
regulate members, which will further be submitted by any of the following
methods: SECURITIES AND EXCHANGE
enhance competition. COMMISSION
C. Self-Regulatory Organization’s Electronic Comments
[Release No. 34–74291; File No. SR–MIAX–
Statement on Comments on the • Use the Commission’s Internet 2015–09]
Proposed Rule Change Received From comment form (http://www.sec.gov/
Members, Participants or Others rules/sro.shtml); or Self-Regulatory Organizations; Miami
The Exchange has neither solicited • Send an email to rule-comments@ International Securities Exchange LLC;
nor received written comments on the sec.gov. Please include File No. SR– Notice of Filing and Immediate
proposed rule change. EDGX–2015–10 on the subject line. Effectiveness of a Proposed Rule
Paper Comments Change To Amend Its Fee Schedule
III. Date of Effectiveness of the
Proposed Rule Change and Timing for • Send paper comments in triplicate February 18, 2015.
Commission Action to Brent J. Fields, Secretary, Securities Pursuant to the provisions of Section
and Exchange Commission, 100 F Street 19(b)(1) of the Securities Exchange Act
Because the foregoing proposed rule
NE., Washington, DC 20549–1090. of 1934 (‘‘Act’’) 1 and Rule 19b–4
change does not: (i) Significantly affect
All submissions should refer to File No. thereunder,2 notice is hereby given that
the protection of investors or the public
SR–EDGX–2015–10. This file number on February 5, 2015, Miami
interest; (ii) impose any significant
should be included on the subject line International Securities Exchange LLC
burden on competition; and (iii) become
if email is used. To help the (‘‘MIAX’’ or ‘‘Exchange’’) filed with the
operative for 30 days from the date on
Commission process and review your Securities and Exchange Commission
which it was filed, or such shorter time
comments more efficiently, please use (‘‘Commission’’) a proposed rule change
as the Commission may designate, it has
only one method. The Commission will as described in Items I, II, and III below,
become effective pursuant to Section
post all comments on the Commission’s which Items have been prepared by the
19(b)(3)(A) of the Act 11 and paragraph
Internet Web site (http://www.sec.gov/ Exchange. The Commission is
of Rule 19b–4(f)(6) thereunder.12
The Exchange has asked the rules/sro.shtml). Copies of the publishing this notice to solicit
Commission to waive the 30-day submission, all subsequent comments on the proposed rule change
operative delay so that the proposal may amendments, all written statements from interested persons.
become operative immediately upon with respect to the proposed rule I. Self-Regulatory Organization’s
filing. The Exchange stated that waiver change that are filed with the Statement of the Terms of Substance of
of this requirement is consistent with Commission, and all written the Proposed Rule Change
the protection of investors and the communications relating to the
proposed rule change between the The Exchange is filing a proposal to
public interest because it will allow the amend the MIAX Options Fee Schedule.
Exchange to have consistent rules Commission and any person, other than
those that may be withheld from the The text of the proposed rule change
related to minor violations across each is available on the Exchange’s Web site
of the BGM Affiliated Exchanges, which public in accordance with the
provisions of 5 U.S.C. 552, will be at http://www.miaxoptions.com/filter/
it believes will both more consistently wotitle/rule_filing, at MIAX’s principal
and effectively regulate members of the available for Web site viewing and
printing in the Commission’s Public office, and at the Commission’s Public
BGM Affiliated Exchanges as well as Reference Room.
reduce the regulatory burden on Reference Room, 100 F Street NE.,
Members of the Exchange that are also Washington, DC 20549, on official II. Self-Regulatory Organization’s
members of EDGA, BYX and/or BZX. business days between the hours of Statement of the Purpose of, and
The Commission believes that the 10:00 a.m. and 3:00 p.m. Copies of such Statutory Basis for, the Proposed Rule
proposed rule change presents no novel filing will also be available for Change
tkelley on DSK3SPTVN1PROD with NOTICES
issues and that waiver of the 30-day inspection and copying at the principal In its filing with the Commission, the
operative delay is consistent with the office of the Exchange. All comments Exchange included statements
protection of investors and the public concerning the purpose of and basis for
13 For purposes only of waiving the 30-day
interest. Therefore, the Commission operative delay, the Commission has also
14 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
11 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
12 17 CFR 240.19b–4. 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 36 / Tuesday, February 24, 2015 / Notices 9843
change that are filed with the I. Self-Regulatory Organization’s 2. The definition of Mini Options in
Commission, and all written Statement of the Terms of Substance of the Preface.
communications relating to the the Proposed Rule Change 3. Language related to combining
proposed rule change between the The ISE proposes to amend the volume in Standard Options and Mini
Commission and any person, other than Schedule of Fees to eliminate fees and Options to calculate Priority Customer
those that may be withheld from the rebates for Mini Options, which were ADV and Priority Customer Complex
public in accordance with the delisted on the Exchange as of the close ADV in the footnotes to Sections I and
provisions of 5 U.S.C. 552, will be of business on December 17, 2014. The II.
available for Web site viewing and 4. QCC and Solicitation Rebate for
text of the proposed rule change is
printing in the Commission’s Public Mini Options in Section VI, A,
available on the Exchange’s Web site
Reference Room, 100 F Street NE., including language related to combining
(http://www.ise.com), at the principal
Washington, DC 20549, on official volume in Standard Options and Mini
office of the Exchange, and at the
business days between the hours of Options to determine applicable volume
Commission’s Public Reference Room.
10:00 a.m. and 3:00 p.m. Copies of such tiers.
filing also will be available for II. Self-Regulatory Organization’s 5. ISE Market Maker Discount Tiers
inspection and copying at the principal Statement of the Purpose of, and for Mini Options in Section VI, C,
office of the Exchange. All comments Statutory Basis for, the Proposed Rule including language related to combining
received will be posted without change; Change volume in Standard Options and Mini
the Commission does not edit personal In its filing with the Commission, the Options to determine applicable volume
identifying information from self-regulatory organization included tiers.
submissions. You should submit only statements concerning the purpose of, 6. Payment for Order Flow fees for
information that you wish to make and basis for, the proposed rule change Mini Options in Non-Penny Pilot
available publicly. All submissions and discussed any comments it received Symbols in Section VI, D.
should refer to File Number SR–MIAX– on the proposed rule change. The text 7. Route-out fees for Mini Options in
2015–09 and should be submitted on or of these statements may be examined at Section VI, F.
before March 17, 2015. the places specified in Item IV below. 8. The Credit for Responses to Flash
The self-regulatory organization has Orders in Mini Options in Section VI, G.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated 9. The service fee for Crossing Orders
prepared summaries, set forth in
authority.8 in Mini Options in Section VI, H.
sections A, B and C below, of the most
Brent J. Fields, 10. Language related to charging the
significant aspects of such statements.
Options Regulatory Fee for options
Secretary.
A. Self-Regulatory Organization’s transactions in Mini Options in Section
[FR Doc. 2015–03665 Filed 2–23–15; 8:45 am]
Statement of the Purpose of, and IX, C.
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule In connection with the above changes,
Change the Exchange further proposes to
remove related references to Standard
SECURITIES AND EXCHANGE 1. Purpose
Options, as the distinction between
COMMISSION The Exchange is permitted to list Mini Standard Options and Mini Options is
[Release No. 34–74286; File No. SR–ISE– Option contracts overlying ten shares of no longer necessary with the delisting of
2015–04] the following five symbols: SPY, AAPL, Mini Options.
GLD, GOOGL, and AMZN, pursuant to
Self-Regulatory Organizations; Supplementary Material .13 to Rule 504. 2. Statutory Basis
International Securities Exchange, Due to the smaller exercise and The Exchange believes that the
LLC; Notice of Filing and Immediate assignment value of Mini Options proposed rule change is consistent with
Effectiveness of Proposed Rule contracts, the Exchange charges fees and the provisions of Section 6 of the Act,4
Change To Amend the Schedule of provides rebates in these Mini Option in general, and Section 6(b)(4) of the
Fees classes at a rate that is 1/10th the rate Act,5 in particular, in that it is designed
of fees and rebates the Exchange to provide for the equitable allocation of
February 18, 2015.
provides for trading in Standard reasonable dues, fees, and other charges
Pursuant to Section 19(b)(1) of the Options. As the Exchange has delisted among its members and other persons
Securities Exchange Act of 1934 (the all Mini Options as of the close of using its facilities.
‘‘Act’’),1 and Rule 19b–4 thereunder,2 business on December 17, 2014, the Specifically, the Exchange believes
notice is hereby given that on February Exchange now proposes to eliminate that the proposed rule change is
3, 2015, the International Securities fees and rebates for Mini Options in the reasonable, equitable, and not unfairly
Exchange, LLC (the ‘‘Exchange’’ or the Schedule of Fees. In particular, the discriminatory as all Mini Option
‘‘ISE’’) filed with the Securities and Exchange also proposes to remove classes have been delisted on the
Exchange Commission (the language related to Mini Options in the Exchange as of the close of business on
‘‘Commission’’) the proposed rule following sections of the Schedule of December 17, 2014. The Exchange
change, as described in Items I, II, and Fees: believes that eliminating fees and
III below, which items have been 1. Sections III and IV, which contain rebates for Mini Options (and removing
prepared by the self-regulatory tables on Regular Order Fees and superfluous references to Standard
organization. The Commission is Rebates for Mini Options and Complex Options) will simplify the Schedule of
tkelley on DSK3SPTVN1PROD with NOTICES
publishing this notice to solicit Order Fees and Rebates for Mini Fees and reduce investor confusion as to
comments on the proposed rule change Options, respectively. These sections what products trade on the Exchange.
from interested persons. will be eliminated in their entirety.3
Section references in this proposed rule change are
8 17 CFR 200.30–3(a)(12). 3 The to the current section numbers.
Exchange proposes to update section
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f.
references to take into account the new section
2 17 CFR 240.19b–4. numbers when these two sections are removed. 5 15 U.S.C. 78f(b)(4).
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Document Created: 2015-12-18 13:23:09
Document Modified: 2015-12-18 13:23:09
| 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 9841 |
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