81 FR 60074 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand the Short Term Option Series Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 169 (August 31, 2016)
Federal Register Volume 81, Issue 169 (August 31, 2016)
| Page Range | 60074-60077 | |
| FR Document | 2016-20960 |
[Federal Register Volume 81, Number 169 (Wednesday, August 31, 2016)] [Notices] [Pages 60074-60077] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-20960] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78693; File No. SR-Phlx-2016-89] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand the Short Term Option Series Program August 26, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 [[Page 60075]] (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on August 25, 2016, NASDAQ PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the 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 proposes to expand the Short Term Option Series Program to allow Wednesday expirations for SPY options. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqphlx.cchwallstreet.com/ 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 proposes to amend Phlx Rules 1000(44) and Rule 1012 at Commentary .11 to expand the Short Term Option Series Program to permit the listing and trading of options with Wednesday expirations. Currently, under the Short Term Option Series Program, the Exchange may open for trading on any Thursday or Friday that is a business day series of options on that class that expire on each of the next five consecutive Fridays, provided that such Friday is not a Friday in which monthly options series or Quarterly Options Series expire (``Short Term Option Series''). The Exchange is now proposing to amend its rule to permit the listing of options expiring on Wednesdays. Specifically, the Exchange is proposing that it may open for trading on any Tuesday or Wednesday that is a business day, series of options on the SPDR S&P 500 ETF Trust (SPY) to expire on any Wednesday of the month that is a business day and is not a Wednesday in which Quarterly Options Series expire (``Wednesday SPY Expirations'').\3\ The proposed Wednesday SPY Expiration series will be similar to the current Short Term Option Series, with certain exceptions, as explained in greater detail below. The Exchange notes that having Wednesday expirations is not a novel proposal. Specifically, BOX Options Exchange LLC (``BOX'') recently received approval to list Wednesday expirations for SPY options.\4\ --------------------------------------------------------------------------- \3\ See Phlx Rule 1012 at Commentary .11. \4\ See Securities Exchange Act Release No. 78668 (SR-BOX-2016- 28) (pending publication in the Federal Register). --------------------------------------------------------------------------- In regards to Wednesday SPY Expirations, the Exchange is proposing to remove the current restriction preventing the Exchange from listing Short Term Option Series that expire in the same week in which monthly option series in the same class expire. Specifically, the Exchange will be allowed to list Wednesday SPY Expirations in the same week in which monthly option series in SPY expire. The current restriction to prohibit the expiration of monthly and Short Term Option Series from expiring on the same trading day is reasonable to avoid investor confusion. This confusion will not apply with Wednesday SPY Expirations and standard monthly options because they will not expire on the same trading day, as standard monthly options do not expire on Wednesdays. Additionally, it would lead to investor confusion if Wednesday SPY Expirations were not listed for one week every month because there was a monthly SPY expiration on the Friday of that week. Under the proposed Wednesday SPY Expirations, the Exchange may list up to five consecutive Wednesday SPY Expirations at one time. The Exchange may have no more than a total of five Wednesday SPY Expirations listed. This is the same listing procedure as Short Term Option Series that expire on Fridays. This means, under the proposal, the Exchange would be allowed to list five Short Term Option Series expirations for SPY expiring on Friday under the current rule and five Wednesday SPY Expirations. The interval between strike prices for the proposed Wednesday SPY Expirations will be the same as those for the current Short Term Option Series. Specifically, the Wednesday SPY Expirations will have $0.50 strike intervals. Currently, for each Short Term Option Expiration Date,\5\ the Exchange is limited to opening thirty (30) series for each expiration date for the specific class. The thirty (30) series restriction does not include series that are open by other securities exchanges under their respective short term option rules; the Exchange may list these additional series that are listed by other exchanges.\6\ The thirty (30) series restriction shall apply to Wednesday SPY Expiration series as well. In addition, the Exchange will be able to list series that are listed by other exchanges, assuming they file similar rules with the Commission to list SPY options expiring on Wednesdays. --------------------------------------------------------------------------- \5\ Phlx may open for trading on any Thursday or Friday that is a business day series of options on that class that expire on each of the next five consecutive Fridays that are business days and are not Fridays in which monthly options series or Quarterly Options Series expire (``Short Term Option Expiration Dates''). See Phlx Rule 1012 at Commentary .11. \6\ See Phlx Rule 1012 at Commentary .11. --------------------------------------------------------------------------- As is the case with current Short Term Option Series, the Wednesday SPY Expiration series will be P.M.-settled. The Exchange does not believe that any market disruptions will be encountered with the introduction of P.M.-settled Wednesday SPY Expirations. The Exchange currently trades P.M.-settled Short Term Option Series that expire almost every Friday, which provide market participants a tool to hedge special events and to reduce the premium cost of buying protection. The Exchange seeks to introduce Wednesday SPY Expirations to, among other things, expand hedging tools available to market participants and to continue the reduction of the premium cost of buying protection. The Exchange believes that Wednesday expirations, similar to Friday expirations, would allow market participants to purchase an option based on their timing as needed and allow them to tailor their investment and hedging needs more effectively. The Exchange is also amending the definition of Short Term Option Series to make clear that it includes Wednesday expirations.\7\ Specifically, the Exchange is amending the definition to expand Short Term Option Series to those listed on any Tuesday or Wednesday and that expire on the Wednesday of the next business week. If a Tuesday or Wednesday is not a business day, the series may be opened [[Page 60076]] (or shall expire) on the first business day immediately prior to that Tuesday or Wednesday. The Exchange believes that the introduction of Wednesday SPY Expirations will provide investors with a flexible and valuable tool to manage risk exposure, minimize capital outlays, and be more responsive to the timing of events affecting the industry. --------------------------------------------------------------------------- \7\ See proposed Rule 1000(44). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\9\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the Exchange believes the Short Term Option Series Program has been successful to date and that Wednesday SPY Expirations simply expand the ability of investors to hedge risk against market movements stemming from economic releases or market events that occur throughout the month in the same way that the Short Term Option Series Program has expanded the landscape of hedging. Similarly, the Exchange believes Wednesday SPY Expirations should create greater trading and hedging opportunities and flexibility, and provide customers with the ability to more closely tailor their investment objectives. The Exchange believes that allowing Wednesday SPY Expirations and monthly SPY expirations in the same week will benefit investors and minimize investor confusion by providing Wednesday SPY Expirations in a continuous and uniform manner. Finally, the Exchange represents that it has an adequate surveillance program in place to detect manipulative trading in Wednesday SPY Expirations in the same way it monitors trading in the current Short Term Option Series. The Exchange also represents that it has the necessary systems capacity to support the new options series. Also, the Exchange notes that BOX Options Exchange LLC (``BOX'') recently received approval to list Wednesday expirations for SPY options.\10\ --------------------------------------------------------------------------- \10\ See supra, note 4. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that having Wednesday expirations is not a novel proposal, BOX has received approval to list Wednesday expirations for SPY options.\11\ The Exchange does not believe the proposal will impose any burden on intra- market competition, as all market participants will be treated in the same manner. Additionally, the Exchange does not believe the proposal will impose any burden on inter-market competition, as nothing prevents the other options exchanges from proposing similar rules. --------------------------------------------------------------------------- \11\ See supra, note 4. --------------------------------------------------------------------------- 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intention to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days from the date of filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission notes that it recently approved BOX's substantially similar proposal to list and trade Wednesday SPY Expirations.\15\ The Exchange has stated that waiver of the operative delay will allow the Exchange to list and trade Wednesday SPY Expirations as soon as possible, and therefore, promote competition among the option exchanges. For these reasons, the Commission believes that the proposed rule change presents no novel issues and that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest, and will allow the Exchange to remain competitive with other exchanges. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposal effective upon filing.\16\ 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. --------------------------------------------------------------------------- \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See supra note 4. \16\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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-Phlx-2016-89 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-Phlx-2016-89. 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 [[Page 60077]] 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 the 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-Phlx-2016-89 and should be submitted on or before September 21, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-20960 Filed 8-30-16; 8:45 am] BILLING CODE 8011-01-P
![60074 Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices
Wednesday SPY Expirations in the same 4(f)(6)(iii) 14 permits the Commission to Commission, 100 F Street NE.,
way it monitors trading in the current designate a shorter time if such action Washington, DC 20549–1090.
Short Term Option Series. The is consistent with the protection of All submissions should refer to File
Exchange also represents that it has the investors and the public interest. The Number SR–NASDAQ–2016–122. This
necessary systems capacity to support Exchange has asked the Commission to file number should be included on the
the new options series. Also, the waive the 30-day operative delay so that subject line if email is used. To help the
Exchange notes that BOX Options the proposal may become operative Commission process and review your
Exchange LLC (‘‘BOX’’) recently immediately upon filing. The comments more efficiently, please use
received approval to list Wednesday Commission notes that it recently only one method. The Commission will
expirations for SPY options.10 approved BOX’s substantially similar post all comments on the Commission’s
proposal to list and trade Wednesday Internet Web site (http://www.sec.gov/
B. Self-Regulatory Organization’s SPY Expirations.15 The Exchange has
Statement on Burden on Competition rules/sro.shtml). Copies of the
stated that waiver of the operative delay submission, all subsequent
The Exchange does not believe that will allow the Exchange to list and trade amendments, all written statements
the proposed rule change will impose Wednesday SPY Expirations as soon as with respect to the proposed rule
any burden on competition not possible, and therefore, promote change that are filed with the
necessary or appropriate in furtherance competition among the option Commission, and all written
of the purposes of the Act. The exchanges. For these reasons, the communications relating to the
Exchange notes that having Wednesday Commission believes that the proposed proposed rule change between the
expirations is not a novel proposal, BOX rule change presents no novel issues Commission and any person, other than
has received approval to list Wednesday and that waiver of the 30-day operative those that may be withheld from the
expirations for SPY options.11 The delay is consistent with the protection public in accordance with the
Exchange does not believe the proposal of investors and the public interest, and provisions of 5 U.S.C. 552, will be
will impose any burden on intra-market will allow the Exchange to remain available for Web site viewing and
competition, as all market participants competitive with other exchanges. printing in the Commission’s Public
will be treated in the same manner. Therefore, the Commission hereby Reference Room, 100 F Street NE.,
Additionally, the Exchange does not waives the 30-day operative delay and Washington, DC 20549, on official
believe the proposal will impose any designates the proposal effective upon business days between the hours of
burden on inter-market competition, as filing.16 At any time within 60 days of 10:00 a.m. and 3:00 p.m. Copies of the
nothing prevents the other options the filing of the proposed rule change, filing also will be available for
exchanges from proposing similar rules. the Commission summarily may inspection and copying at the principal
temporarily suspend such rule change if office of the Exchange. All comments
C. Self-Regulatory Organization’s
it appears to the Commission that such received will be posted without change;
Statement on Comments on the
action is necessary or appropriate in the the Commission does not edit personal
Proposed Rule Change Received From
public interest, for the protection of identifying information from
Members, Participants, or Others
investors, or otherwise in furtherance of submissions. You should submit only
No written comments were either the purposes of the Act. If the information that you wish to make
solicited or received. Commission takes such action, the available publicly. All submissions
III. Date of Effectiveness of the Commission shall institute proceedings should refer to File Number SR–
Proposed Rule Change and Timing for to determine whether the proposed rule NASDAQ–2016–122 and should be
Commission Action should be approved or disapproved. submitted on or before September 21,
IV. Solicitation of Comments 2016.
Because the foregoing proposed rule
change does not: (i) Significantly affect Interested persons are invited to For the Commission, by the Division of
the protection of investors or the public submit written data, views, and Trading and Markets, pursuant to delegated
authority.17
interest; (ii) impose any significant arguments concerning the foregoing,
burden on competition; and (iii) become including whether the proposed rule Brent J. Fields,
operative for 30 days from the date on change is consistent with the Act. Secretary.
which it was filed, or such shorter time Comments may be submitted by any of [FR Doc. 2016–20962 Filed 8–30–16; 8:45 am]
as the Commission may designate, the the following methods: BILLING CODE 8011–01–P
proposed rule change has become Electronic Comments
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and Rule 19b–4(f)(6) • Use the Commission’s Internet SECURITIES AND EXCHANGE
thereunder.13 comment form (http://www.sec.gov/ COMMISSION
A proposed rule change filed under rules/sro.shtml); or
Rule 19b–4(f)(6) normally does not • Send an email to rule-comments@ [Release No. 34–78693; File No. SR–Phlx–
become operative for 30 days from the sec.gov. Please include File Number SR– 2016–89]
date of filing. However, Rule 19b– NASDAQ–2016–122 on the subject line.
Self-Regulatory Organizations;
Paper Comments
NASDAQ PHLX LLC; Notice of Filing
• Send paper comments in triplicate
10 See supra, note 4.
11 See supra, note 4. and Immediate Effectiveness of
to Secretary, Securities and Exchange
mstockstill on DSK3G9T082PROD with NOTICES
12 15 U.S.C. 78s(b)(3)(A). Proposed Rule Change To Expand the
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Short Term Option Series Program
14 17 CFR 240.19b–4(f)(6)(iii).
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intention to 15 See supra note 4. August 26, 2016.
file the proposed rule change at least five business 16 For purposes only of waiving the 30-day
Pursuant to Section 19(b)(1) of the
days prior to the date of filing of the proposed rule operative delay, the Commission has also Securities Exchange Act of 1934
change, or such shorter time as designated by the considered the proposed rule’s impact on
Commission. The Exchange has satisfied this efficiency, competition, and capital formation. See
requirement. 15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12).
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![Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices 60077
submission, all subsequent comments on the proposed rule change Market Makers for contracts executed as
amendments, all written statements from interested persons. a PRIME Agency Order, Contra-side
with respect to the proposed rule Order, Qualified Contingent Cross
I. Self-Regulatory Organization’s
change that are filed with the Order, PRIME Participating Quote or
Statement of the Terms of Substance of
Commission, and all written Order, or a PRIME AOC Response in the
the Proposed Rule Change
communications relating to the PRIME Auction, unless it executes
proposed rule change between the The Exchange is filing a proposal to against an unrelated order.
Commission and any person, other than amend the MIAX Options Fee Schedule (ii) an additional $0.12 per contract
those that may be withheld from the (the ‘‘Fee Schedule’’). Posted Liquidity Marketing Fee to all
public in accordance with the The text of the proposed rule change Market Makers for any standard options
provisions of 5 U.S.C. 552, will be is available on the Exchange’s Web site overlying EEM, GLD, IWM, QQQ, and
available for Web site viewing and at http://www.miaxoptions.com/filter/ SPY that Market Makers execute in their
printing in the Commission’s Public wotitle/rule_filing, at MIAX’s principal assigned class when the contra-party to
Reference Room, 100 F Street NE., office, and at the Commission’s Public the execution is a Priority Customer and
Washington, DC 20549, on official Reference Room. the Priority Customer order was posted
business days between the hours of II. Self-Regulatory Organization’s on the MIAX Book at the time of the
10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and execution. MIAX will not assess the
filing also will be available for Statutory Basis for, the Proposed Rule additional Posted Liquidity Marketing
inspection and copying at the principal Change Fee to Market Makers for contracts
office of the Exchange. All comments executed as a PRIME Agency Order,
In its filing with the Commission, the Contra-side Order, Qualified Contingent
received will be posted without change;
Exchange included statements Cross Order, or a PRIME AOC Response
the Commission does not edit personal
concerning the purpose of and basis for or PRIME Participating Quote or Order
identifying information from
the proposed rule change and discussed in the PRIME Auction. MIAX will also
submissions. You should submit only
any comments it received on the not assess the additional Posted
information that you wish to make
proposed rule change. The text of these Liquidity Marketing Fee to Market
available publicly. All submissions
statements may be examined at the Makers for contracts executed pursuant
should refer to File Number SR–Phlx–
places specified in Item IV below. The to a Liquidity Refresh Pause, route
2016–89 and should be submitted on or
Exchange has prepared summaries, set timer, or during the Opening Process.
before September 21, 2016.
forth in sections A, B, and C below, of This Posted Liquidity Marketing Fee is
For the Commission, by the Division of the most significant aspects of such
Trading and Markets, pursuant to delegated in addition to the current Marketing Fee
statements. of $0.25 per contract for standard
authority.17
Brent J. Fields, A. Self-Regulatory Organization’s options overlying these enumerated
Secretary. Statement of the Purpose of, and symbols that Market Makers execute in
Statutory Basis for, the Proposed Rule their assigned class when the contra-
[FR Doc. 2016–20960 Filed 8–30–16; 8:45 am]
Change party to the execution is a Priority
BILLING CODE 8011–01–P
Customer.4
1. Purpose Funds collected via the Marketing
The Exchange proposes to amend Fee, including the additional $0.12 per
SECURITIES AND EXCHANGE
Section 1)b) of the Fee Schedule, contract Posted Liquidity Marketing
COMMISSION
Marketing Fee, to add to the list of Fee, are put into ‘‘pools’’ controlled by
symbols for which the Exchange Primary Lead Market Makers
[Release No. 34–78681; File No. SR–MIAX– assesses a $0.12 per contract Posted (‘‘PLMMs’’) 5 and Lead Market Makers
2016–28] Liquidity Marketing Fee. In addition to (‘‘LMMs’’).6 So for example, the $0.12
the current symbols listed in Section per contract Posted Liquidity Marketing
Self-Regulatory Organizations; Miami
1)b), the Exchange is proposing to assess Fee goes into the broader Marketing Fee
International Securities Exchange LLC;
the Posted Liquidity Marketing Fee for pool for the Directed LMM or the PLMM
Notice of Filing and Immediate
contracts executed in DIA, FB, GDX,
Effectiveness of a Proposed Rule
SLV, USO, UVXY, and VXX. The 4 See Securities Exchange Act Release No. 73848
Change To Amend Its Fee Schedule (December 16, 2014), 79 FR 76421 (December 22,
Exchange also proposes to assess the
2014) (SR–MIAX–2014–62) (Notice of Filing and
August 25, 2016. applicable per contract non-Market Immediate Effectiveness of MIAX Posted Liquidity
Maker transaction fees for executions in Marketing Fee with respect to EEM, GLD, IWM,
Pursuant to the provisions of Section
these new symbols, as described more QQQ and SPY).
19(b)(1) of the Securities Exchange Act
fully below. 5 The term ‘‘Primary Lead Market Maker’’ means
of 1934 (‘‘Act’’),1 and Rule 19b–4 A Marketing Fee is assessed on a Lead Market Maker appointed by the Exchange to
thereunder,2 notice is hereby given that certain transactions of all Market act as the Primary Lead Market Maker for the
on August 11, 2016, Miami International purpose of making markets in securities traded on
Makers.3 Currently, Section 1) b) of the the Exchange. The Primary Lead Market Maker is
Securities Exchange LLC (‘‘MIAX’’ or Fee Schedule provides that the vested with the rights and responsibilities specified
‘‘Exchange’’) filed with the Securities Exchange will assess: in Chapter VI of these Rules with respect to Primary
and Exchange Commission (i) A Marketing Fee to all Market Lead Market Makers. See Exchange Rule 100.
(‘‘Commission’’) a proposed rule change Makers for contracts, including mini
6 The term ‘‘Lead Market Maker’’ means a
Member registered with the Exchange for the
mstockstill on DSK3G9T082PROD with NOTICES
as described in Items I, II, and III below, options, they execute in their assigned purpose of making markets in securities traded on
which Items have been prepared by the classes when the contra-party to the the Exchange and that is vested with the rights and
Exchange. The Commission is execution is a Priority Customer. MIAX responsibilities specified in Chapter VI of these
publishing this notice to solicit will not assess a Marketing Fee to
Rules with respect to Lead Market Makers. When
a Lead Market Maker is appointed to act in the
capacity of a Primary Lead Market Maker, the
17 17 CFR 200.30–3(a)(12). 3 See MIAX Fee Schedule, Section 1)b), entitled additional rights and responsibilities of a Primary
1 15 U.S.C. 78s(b)(1). ‘‘Marketing Fee’’ for more detail regarding the Lead Market Maker specified in Chapter VI of these
2 17 CFR 240.19b–4. Marketing Fee. Rules will apply. See Exchange Rule 100.
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Document Created: 2018-02-02 12:15:14
Document Modified: 2018-02-02 12:15:14
| 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 | 81 FR 60074 |
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