81 FR 76988 - 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 81, Issue 214 (November 4, 2016)
Federal Register Volume 81, Issue 214 (November 4, 2016)
| Page Range | 76988-76990 | |
| FR Document | 2016-26645 |
[Federal Register Volume 81, Number 214 (Friday, November 4, 2016)] [Notices] [Pages 76988-76990] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-26645] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79198; File No. SR-MIAX-2016-37] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule October 31, 2016. 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 October 17, 2016, 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''). While changes to the Fee Schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on October 17, 2016. 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 MIAX Options Fee Schedule (the ``Fee Schedule'') to offer two (2) additional Limited Service MIAX Express Interface (``MEI'') Ports to Market Makers.\3\ --------------------------------------------------------------------------- \3\ The term ``Market Makers'' refers to Lead Market Makers (``LMMs''), Primary Lead Market Makers (``PLMMs''), and Registered Market Makers (``RMMs'') collectively. See Exchange Rule 100. --------------------------------------------------------------------------- Currently, MIAX assesses monthly MEI Port Fees on Market Makers based upon the number of MIAX matching engines \4\ used by the Market Maker. Market Makers are allocated two (2) Full Service MEI Ports \5\ and two (2) Limited Service MEI Ports \6\ per matching engine to which they connect. The Exchange currently assesses the following MEI Port fees: (i) $5,000 for Market Maker Assignments in up to 5 option classes or up to 10% of option classes by volume; (ii) $10,000 for Market Maker Assignments in up to 10 option classes or up to 20% of option classes by volume; (iii) $14,000 for Market Maker Assignments in up to 40 option classes or up to 35% of option classes by volume; (iv) $17,500 for Market Maker Assignments in up to 100 option classes or up to 50% of option classes by volume; and (v) $20,500.00 for Market Maker Assignments in over 100 option classes or over 50% of option classes by volume up to all option classes listed on MIAX.\7\ In each of the foregoing categories, the stated fee applies if the less of the two applicable measurements is met. For example, a Market Maker that wishes to make markets in just one symbol would require the two (2) MEI Ports in a single matching engine; a Market Maker wishing to make markets in all symbols traded on MIAX would require the two (2) MEI Ports in each of the Exchange's matching engines. The Exchange also currently charges $50 per month for each additional Limited Service MEI Port per matching engine for Market Makers over and above the two (2) Limited Service MEI Ports per matching engine that are allocated with the Full Service MEI Ports. The Full Service MEI Ports, Limited Service MEI Ports, and the additional Limited Service MEI Ports all include access to MIAX's primary and secondary data centers and its disaster recovery center. --------------------------------------------------------------------------- \4\ A ``matching engine'' is a part of the MIAX electronic system that processes options quotes and trades on a symbol-by- symbol basis. Some matching engines will process option classes with multiple root symbols, and other matching engines will be dedicated to one single option root symbol (for example, options on SPY will be processed by one single matching engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated matching engine. A particular root symbol may not be assigned to multiple matching engines. \5\ Full Service MEI Ports provide Market Makers with the ability to send Market Maker quotes, eQuotes, and quote purge messages to the MIAX System. Full Service MEI Ports are also capable of receiving administrative information. Market Makers are limited to two Full Service MEI Ports per matching engine. \6\ Limited Service MEI Ports provide Market Makers with the ability to send eQuotes and quote purge messages only, but not Market Maker Quotes, to the MIAX System. Limited Service MEI Ports are also capable of receiving administrative information. Market Makers initially receive two Limited Service MEI Ports per matching engine. \7\ See MIAX Fee Schedule, Section 5)d)ii). --------------------------------------------------------------------------- The Exchange originally added the Limited Service MEI Ports to enhance the MEI Port connectivity made available to Market Makers, and has subsequently made additional Limited Service MEI Ports available to Market [[Page 76989]] Makers.\8\ Limited Service MEI Ports have been well received by Market Makers since their addition. The Exchange now proposes to offer to Market Makers the ability to purchase an additional two (2) Limited Service MEI Ports per matching engine over and above the current four (4) additional Limited Service MEI Ports per matching engine that are available for purchase by Market Makers. The Exchange proposes to charge the same amount that it currently charges, $50 per month, for each extra Limited Service MEI Port per matching engine. The Exchange proposes making a corresponding change to footnote 31 of the Exchange's Fee Schedule to specify that Market Makers will now be limited to purchasing six (6) additional Limited Service MEI Ports per matching engine, for a total of eight (8) per matching engine. All other fees related to MEI Ports shall remain unchanged. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release Nos. 70137 (August 8, 2013), 78 FR 49586 (August 14, 2013) (SR-MIAX-2013-39); 70903 (November 20, 2013), 78 FR 228 [sic] (November 26, 2013) (SR-MIAX- 2013-52); and 78950 (September 27, 2016), 81 FR 68084 (October 3, 2016) (SR-MIAX-2016-33). --------------------------------------------------------------------------- The purpose of this amendment to the Fee Schedule is to accommodate the Exchange's introduction of complex orders and quotes, as well as to provide Market Makers with access to additional functionality to be introduced in the future thereby continuing to offer Market Makers greater and improved technical flexibility to connect additional Limited Service MEI Ports to independent servers that host their eQuote and purge functionality. The Exchange believes that the offering of additional ports will help Market Makers mitigate the risk of using the same server for all of their Market Maker simple and complex quoting. By using the additional Limited Service MEI Ports for risk purposes, Market Makers can place purge functionality on a different server than the Market Maker quoting server (via the Limited Service MEI Ports), which provides them a failsafe for getting out of the market in case they have an issue with the quote server. Market Makers can also use the extra Limited Service MEI Ports to submit eQuotes. Since eQuotes are frequently generated by a different algorithm that determines when to respond to an auction message, the Exchange believes that the offering of additional ports will further enable Market Makers to connect to a different server that processes auctions and eQuotes rather than forcing them to use their Market Maker Standard quote server as a gateway for communicating eQuotes to MIAX. 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act \9\ in general, and furthers the objectives of Section 6(b)(4) of the Act \10\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which the Exchange operates or controls. The Exchange also believes the proposal furthers the objectives of Section 6(b)(5) of the Act \11\ in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest and is not designed to permit unfair discrimination between customers, issuers, brokers and dealers. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(4). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that its proposal is consistent with Section 6(b)(4) of the Act because only Market Makers that decide that they need the extra Limited Service MEI Ports will be charged the additional fee. The Exchange further believes that the availability of the additional Limited Service MEI Ports is equitable and not unfairly discriminatory because it further enhances Market Makers' access to the MIAX System and consequently enhances the marketplace by helping Market Makers to better manage risk, thus preserving the integrity of the MIAX markets, all to the benefit of and protection of investors and the public as a whole. The Exchange also believes that its proposal is consistent with the objectives of Section 6(b)(5) of the Act \12\ because the additional Limited Service MEI Ports are available to all Market Makers and the proposed fees assessable for the additional Limited Service MEI Ports apply equally to all Market Makers regardless of type, and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange designed the fee rates in order to provide objective criteria for Market Makers of different sizes and business models to be assessed a MEI Port fee and to have technical connectivity that best matches their quoting activity on the Exchange and the offering of additional Limited Service MEI Ports comports with this objective. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 proposal increases both intermarket and intramarket competition by enabling Market Makers to enhance their connectivity to the Exchange in a manner that is designed to provide Market Makers of different sizes and business models to be assessed a MEI Port fee and to have technical connectivity that best matches their quoting activity on the Exchange and the offering of additional Limited Service MEI Ports comports with this objective. The Exchange believes that the proposal will increase competition amongst Market Makers of different sizes and business models by encouraging Market Makers to connect additional Limited Service Ports to independent servers that host their eQuote and purge functionality. 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 in order to attract market participants to use its services. The Exchange believes that the proposal reflects this competitive environment because it increases the Exchange's fees in a manner that continues to encourage market participants to register as Market Makers on the Exchange, to provide liquidity, and to attract order flow. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. 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,\13\ and Rule 19b-4(f)(2) \14\ thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission [[Page 76990]] 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. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A)(ii). \14\ 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-2016-37 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-MIAX-2016-37. 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 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-MIAX-2016-37 and should be submitted on or before November 25, 2016. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Brent J. Fields, Secretary. [FR Doc. 2016-26645 Filed 11-3-16; 8:45 am] BILLING CODE 8011-01-P
![76988 Federal Register / Vol. 81, No. 214 / Friday, November 4, 2016 / Notices
Contract and the 2003 ISDA Definitions (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Market Makers are allocated two (2) Full
of SWES Contracts proposed for clearing Securities and Exchange Commission Service MEI Ports 5 and two (2) Limited
are similar to the EM, SWES and Asia/ (‘‘Commission’’) a proposed rule change Service MEI Ports 6 per matching engine
Pacific Contracts that are currently as described in Items I, II, and III below, to which they connect. The Exchange
cleared by ICC. ICC also represents that which Items have been prepared by the currently assesses the following MEI
these contracts will be cleared pursuant Exchange. The Commission is Port fees: (i) $5,000 for Market Maker
to ICC’s existing clearing arrangements publishing this notice to solicit Assignments in up to 5 option classes or
and related financial safeguards, comments on the proposed rule change up to 10% of option classes by volume;
protections and risk management from interested persons. (ii) $10,000 for Market Maker
procedures. The Commission therefore Assignments in up to 10 option classes
finds that the proposed rule change is I. Self-Regulatory Organization’s
Statement of the Terms of Substance of or up to 20% of option classes by
designed to promote the prompt and volume; (iii) $14,000 for Market Maker
accurate clearance and settlement of the Proposed Rule Change
Assignments in up to 40 option classes
securities transactions and, to the extent The Exchange is filing a proposal to or up to 35% of option classes by
applicable, derivative agreements, amend the MIAX Options Fee Schedule volume; (iv) $17,500 for Market Maker
contracts, and transactions, and to (the ‘‘Fee Schedule’’). While changes to Assignments in up to 100 option classes
assure the safeguarding of securities and the Fee Schedule pursuant to this or up to 50% of option classes by
funds which are in the custody or proposal are effective upon filing, the volume; and (v) $20,500.00 for Market
control of the clearing agency or for Exchange has designated these changes Maker Assignments in over 100 option
which it is responsible and, in general, to be operative on October 17, 2016. classes or over 50% of option classes by
to protect investors and the public The text of the proposed rule change volume up to all option classes listed on
interest. is available on the Exchange’s Web site MIAX.7 In each of the foregoing
IV. Conclusion at http://www.miaxoptions.com/filter/ categories, the stated fee applies if the
wotitle/rule_filing, at MIAX’s principal less of the two applicable measurements
On the basis of the foregoing, the office, and at the Commission’s Public
Commission finds that the proposal is is met. For example, a Market Maker
Reference Room. that wishes to make markets in just one
consistent with the requirements of the
Act 7 and the rules and regulations II. Self-Regulatory Organization’s symbol would require the two (2) MEI
thereunder. Statement of the Purpose of, and Ports in a single matching engine; a
It is therefore ordered, pursuant to Statutory Basis for, the Proposed Rule Market Maker wishing to make markets
Section 19(b)(2) of the Act,8 that the Change in all symbols traded on MIAX would
proposed rule change (File No. SR–ICC– require the two (2) MEI Ports in each of
In its filing with the Commission, the
2016–012) be, and hereby is, approved.9 the Exchange’s matching engines. The
Exchange included statements
Exchange also currently charges $50 per
For the Commission, by the Division of concerning the purpose of and basis for
Trading and Markets, pursuant to delegated month for each additional Limited
the proposed rule change and discussed
authority.10 Service MEI Port per matching engine
any comments it received on the
Brent J. Fields, for Market Makers over and above the
proposed rule change. The text of these
Secretary. two (2) Limited Service MEI Ports per
statements may be examined at the
matching engine that are allocated with
[FR Doc. 2016–26644 Filed 11–3–16; 8:45 am] places specified in Item IV below. The
the Full Service MEI Ports. The Full
BILLING CODE 8011–01–P Exchange has prepared summaries, set
Service MEI Ports, Limited Service MEI
forth in sections A, B, and C below, of
Ports, and the additional Limited
the most significant aspects of such
SECURITIES AND EXCHANGE Service MEI Ports all include access to
statements.
COMMISSION MIAX’s primary and secondary data
A. Self-Regulatory Organization’s centers and its disaster recovery center.
[Release No. 34–79198; File No. SR–MIAX– Statement of the Purpose of, and
2016–37] The Exchange originally added the
Statutory Basis for, the Proposed Rule Limited Service MEI Ports to enhance
Change the MEI Port connectivity made
Self-Regulatory Organizations; Miami
International Securities Exchange LLC; 1. Purpose available to Market Makers, and has
Notice of Filing and Immediate subsequently made additional Limited
The Exchange proposes to amend the Service MEI Ports available to Market
Effectiveness of a Proposed Rule MIAX Options Fee Schedule (the ‘‘Fee
Change To Amend Its Fee Schedule Schedule’’) to offer two (2) additional
single matching engine that is dedicated only to
October 31, 2016. Limited Service MIAX Express Interface SPY). A particular root symbol may only be
Pursuant to the provisions of Section (‘‘MEI’’) Ports to Market Makers.3 assigned to a single designated matching engine. A
19(b)(1) of the Securities Exchange Act Currently, MIAX assesses monthly particular root symbol may not be assigned to
MEI Port Fees on Market Makers based multiple matching engines.
of 1934 (‘‘Act’’) 1 and Rule 19b–4 5 Full Service MEI Ports provide Market Makers
thereunder,2 notice is hereby given that upon the number of MIAX matching with the ability to send Market Maker quotes,
on October 17, 2016, Miami engines 4 used by the Market Maker. eQuotes, and quote purge messages to the MIAX
International Securities Exchange LLC System. Full Service MEI Ports are also capable of
3 The term ‘‘Market Makers’’ refers to Lead Market receiving administrative information. Market
asabaliauskas on DSK3SPTVN1PROD with NOTICES
7 15 Makers (‘‘LMMs’’), Primary Lead Market Makers Makers are limited to two Full Service MEI Ports
U.S.C. 78q–1. per matching engine.
8 15 U.S.C. 78s(b)(2).
(‘‘PLMMs’’), and Registered Market Makers
(‘‘RMMs’’) collectively. See Exchange Rule 100. 6 Limited Service MEI Ports provide Market
9 In approving the proposed rule change, the
4 A ‘‘matching engine’’ is a part of the MIAX Makers with the ability to send eQuotes and quote
Commission considered the proposal’s impact on electronic system that processes options quotes and purge messages only, but not Market Maker Quotes,
efficiency, competition and capital formation. 15 trades on a symbol-by-symbol basis. Some matching to the MIAX System. Limited Service MEI Ports are
U.S.C. 78c(f). engines will process option classes with multiple also capable of receiving administrative
10 17 CFR 200.30–3(a)(12).
root symbols, and other matching engines will be information. Market Makers initially receive two
1 15 U.S.C. 78s(b)(1). Limited Service MEI Ports per matching engine.
dedicated to one single option root symbol (for
2 17 CFR 240.19b–4. example, options on SPY will be processed by one 7 See MIAX Fee Schedule, Section 5)d)ii).
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Makers.8 Limited Service MEI Ports 2. Statutory Basis B. Self-Regulatory Organization’s
have been well received by Market Statement on Burden on Competition
Makers since their addition. The The Exchange believes that its
proposal to amend its Fee Schedule is The Exchange does not believe that
Exchange now proposes to offer to the proposed rule change will result in
Market Makers the ability to purchase consistent with Section 6(b) of the Act 9
any burden on competition that is not
an additional two (2) Limited Service in general, and furthers the objectives of
necessary or appropriate in furtherance
MEI Ports per matching engine over and Section 6(b)(4) of the Act 10 in
of the purposes of the Act. The
above the current four (4) additional particular, in that it provides for the Exchange believes that the proposal
Limited Service MEI Ports per matching equitable allocation of reasonable dues, increases both intermarket and
engine that are available for purchase by fees and other charges among members intramarket competition by enabling
Market Makers. The Exchange proposes and issuers and other persons using any Market Makers to enhance their
to charge the same amount that it facility or system which the Exchange connectivity to the Exchange in a
currently charges, $50 per month, for operates or controls. The Exchange also manner that is designed to provide
each extra Limited Service MEI Port per believes the proposal furthers the Market Makers of different sizes and
matching engine. The Exchange objectives of Section 6(b)(5) of the Act 11 business models to be assessed a MEI
proposes making a corresponding in that it is designed to promote just and Port fee and to have technical
change to footnote 31 of the Exchange’s equitable principles of trade, to remove connectivity that best matches their
Fee Schedule to specify that Market impediments to and perfect the quoting activity on the Exchange and
Makers will now be limited to mechanism of a free and open market the offering of additional Limited
purchasing six (6) additional Limited and a national market system, and, in Service MEI Ports comports with this
Service MEI Ports per matching engine, general to protect investors and the objective. The Exchange believes that
for a total of eight (8) per matching public interest and is not designed to the proposal will increase competition
engine. All other fees related to MEI permit unfair discrimination between amongst Market Makers of different
Ports shall remain unchanged. customers, issuers, brokers and dealers. sizes and business models by
The purpose of this amendment to the encouraging Market Makers to connect
Fee Schedule is to accommodate the The Exchange believes that its
proposal is consistent with Section additional Limited Service Ports to
Exchange’s introduction of complex independent servers that host their
orders and quotes, as well as to provide 6(b)(4) of the Act because only Market
eQuote and purge functionality. The
Market Makers with access to additional Makers that decide that they need the
Exchange notes that it operates in a
functionality to be introduced in the extra Limited Service MEI Ports will be
highly competitive market in which
future thereby continuing to offer charged the additional fee. The
market participants can readily favor
Market Makers greater and improved Exchange further believes that the competing venues if they deem fee
technical flexibility to connect availability of the additional Limited levels at a particular venue to be
additional Limited Service MEI Ports to Service MEI Ports is equitable and not excessive. In such an environment, the
independent servers that host their unfairly discriminatory because it Exchange must continually adjust its
eQuote and purge functionality. The further enhances Market Makers’ access fees to remain competitive with other
Exchange believes that the offering of to the MIAX System and consequently exchanges and in order to attract market
additional ports will help Market enhances the marketplace by helping participants to use its services. The
Makers mitigate the risk of using the Market Makers to better manage risk, Exchange believes that the proposal
same server for all of their Market Maker thus preserving the integrity of the reflects this competitive environment
simple and complex quoting. By using MIAX markets, all to the benefit of and because it increases the Exchange’s fees
the additional Limited Service MEI protection of investors and the public as in a manner that continues to encourage
Ports for risk purposes, Market Makers a whole. market participants to register as Market
can place purge functionality on a Makers on the Exchange, to provide
different server than the Market Maker The Exchange also believes that its
proposal is consistent with the liquidity, and to attract order flow. To
quoting server (via the Limited Service the extent that this purpose is achieved,
MEI Ports), which provides them a objectives of Section 6(b)(5) of the Act 12
because the additional Limited Service all the Exchange’s market participants
failsafe for getting out of the market in should benefit from the improved
case they have an issue with the quote MEI Ports are available to all Market
Makers and the proposed fees assessable market liquidity.
server. Market Makers can also use the
extra Limited Service MEI Ports to for the additional Limited Service MEI C. Self-Regulatory Organization’s
submit eQuotes. Since eQuotes are Ports apply equally to all Market Makers Statement on Comments on the
frequently generated by a different regardless of type, and access to the Proposed Rule Change Received From
algorithm that determines when to Exchange is offered on terms that are Members, Participants, or Others
respond to an auction message, the not unfairly discriminatory. The Written comments were neither
Exchange believes that the offering of Exchange designed the fee rates in order solicited nor received.
additional ports will further enable to provide objective criteria for Market
Market Makers to connect to a different Makers of different sizes and business III. Date of Effectiveness of the
server that processes auctions and models to be assessed a MEI Port fee Proposed Rule Change and Timing for
eQuotes rather than forcing them to use and to have technical connectivity that Commission Action
asabaliauskas on DSK3SPTVN1PROD with NOTICES
their Market Maker Standard quote best matches their quoting activity on The foregoing rule change has become
server as a gateway for communicating the Exchange and the offering of effective pursuant to Section
eQuotes to MIAX. additional Limited Service MEI Ports 19(b)(3)(A)(ii) of the Act,13 and Rule
comports with this objective. 19b–4(f)(2) 14 thereunder. At any time
8 See Securities Exchange Act Release Nos. 70137
within 60 days of the filing of the
(August 8, 2013), 78 FR 49586 (August 14, 2013) 9 15 proposed rule change, the Commission
(SR–MIAX–2013–39); 70903 (November 20, 2013), U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(4).
78 FR 228 [sic] (November 26, 2013) (SR–MIAX–
11 15 U.S.C. 78f(b)(5). 13 15 U.S.C. 78s(b)(3)(A)(ii).
2013–52); and 78950 (September 27, 2016), 81 FR
68084 (October 3, 2016) (SR–MIAX–2016–33). 12 15 U.S.C. 78f(b)(5). 14 17 CFR 240.19b–4(f)(2).
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![76990 Federal Register / Vol. 81, No. 214 / Friday, November 4, 2016 / Notices
summarily may temporarily suspend available publicly. All submissions SMALL BUSINESS ADMINISTRATION
such rule change if it appears to the should refer to File Number SR–MIAX–
[Disaster Declaration #14927 and #14928]
Commission that such action is 2016–37 and should be submitted on or
necessary or appropriate in the public before November 25, 2016. South Carolina Disaster Number SC–
interest, for the protection of investors, For the Commission, by the Division of 00041
or otherwise in furtherance of the Trading and Markets, pursuant to delegated
purposes of the Act. If the Commission authority.15 AGENCY: U.S. Small Business
takes such action, the Commission shall Brent J. Fields, Administration.
institute proceedings to determine Secretary. ACTION: Amendment 1.
whether the proposed rule should be [FR Doc. 2016–26645 Filed 11–3–16; 8:45 am]
approved or disapproved. SUMMARY: This is an amendment of the
BILLING CODE 8011–01–P Presidential declaration of a major
IV. Solicitation of Comments disaster for Public Assistance Only for
Interested persons are invited to the State of South Carolina (FEMA–
submit written data, views, and SMALL BUSINESS ADMINISTRATION 4286–DR), dated 10/18/2016.
arguments concerning the foregoing, [Disaster Declaration #14911 and #14912]
Incident: Hurricane Matthew.
including whether the proposed rule Incident Period: 10/04/2016 and
change is consistent with the Act. North Carolina Disaster Number NC– continuing.
Comments may be submitted by any of 00081 Effective Date: 10/25/2016.
the following methods: Physical Loan Application Deadline
AGENCY: U.S. Small Business Date: 12/19/2016.
Electronic Comments Administration. Economic Injury (EIDL) Loan
• Use the Commission’s Internet ACTION: Amendment 9. Application Deadline Date: 07/18/2017.
comment form (http://www.sec.gov/ ADDRESSES: Submit completed loan
SUMMARY: This is an amendment of the applications to: U.S. Small Business
rules/sro.shtml); or
Presidential declaration of a major
• Send an email to rule-comments@ Administration, Processing and
disaster for the State of North Carolina Disbursement Center, 14925 Kingsport
sec.gov. Please include File Number SR–
(FEMA–4285–DR), dated 10/10/2016. Road, Fort Worth, TX 76155.
MIAX–2016–37 on the subject line.
Incident: Hurricane Matthew.
Incident Period: 10/04/2016 and FOR FURTHER INFORMATION CONTACT: A.
Paper Comments
continuing. Escobar, Office of Disaster Assistance,
• Send paper comments in triplicate U.S. Small Business Administration,
Effective Date: 10/25/2016.
to Secretary, Securities and Exchange Physical Loan Application Deadline 409 3rd Street SW., Suite 6050,
Commission, 100 F Street NE., Date: 12/09/2016. Washington, DC 20416.
Washington, DC 20549–1090. EIDL Loan Application Deadline Date: SUPPLEMENTARY INFORMATION: The notice
All submissions should refer to File 07/10/2017. of the President’s major disaster
Number SR–MIAX–2016–37. This file ADDRESSES: Submit completed loan declaration for Private Non-Profit
number should be included on the applications to: U.S. Small Business organizations in the State of South
subject line if email is used. To help the Administration, Processing and Carolina, dated 10/18/2016, is hereby
Commission process and review your Disbursement Center, 14925 Kingsport amended to include the following areas
comments more efficiently, please use Road, Fort Worth, TX 76155. as adversely affected by the disaster.
only one method. The Commission will FOR FURTHER INFORMATION CONTACT: A. Primary Counties: Calhoun, Charleston,
post all comments on the Commission’s Escobar, Office of Disaster Assistance, Chesterfield, Clarendon, Darlington,
Internet Web site (http://www.sec.gov/ U.S. Small Business Administration, Kershaw, Marlboro, Richland.
rules/sro.shtml). Copies of the 409 3rd Street SW., Suite 6050, All other information in the original
submission, all subsequent Washington, DC 20416. declaration remains unchanged.
amendments, all written statements
SUPPLEMENTARY INFORMATION: The notice (Catalog of Federal Domestic Assistance
with respect to the proposed rule
of the Presidential disaster declaration Number 59008)
change that are filed with the
for the State of North Carolina, dated
Commission, and all written
10/10/2016 is hereby amended to Lisa Lopez-Suarez,
communications relating to the
include the following areas as adversely Acting Associate Administrator for Disaster
proposed rule change between the
affected by the disaster: Assistance.
Commission and any person, other than Primary Counties: (Physical Damage and [FR Doc. 2016–26641 Filed 11–3–16; 8:45 am]
those that may be withheld from the Economic Injury Loans): Camden,
public in accordance with the BILLING CODE 8025–01–P
Chowan, Currituck, Pasquotank.
provisions of 5 U.S.C. 552, will be Contiguous Counties: (Economic Injury
available for Web site viewing and Loans Only): Virginia, Chesapeake SMALL BUSINESS ADMINISTRATION
printing in the Commission’s Public City, Virginia Beach City.
Reference Room, 100 F Street NE., All other information in the original [Disaster Declaration #14936 and #14937]
Washington, DC 20549, on official declaration remains unchanged.
business days between the hours of Florida Disaster Number FL–00120
(Catalog of Federal Domestic Assistance
10:00 a.m. and 3:00 p.m. Copies of the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Number 59008) AGENCY: U.S. Small Business
filing also will be available for Administration.
inspection and copying at the principal Lisa Lopez-Suarez,
ACTION: Amendment 1.
office of the Exchange. All comments Acting Associate Administrator for Disaster
received will be posted without change; Assistance. SUMMARY: This is an amendment of the
the Commission does not edit personal [FR Doc. 2016–26637 Filed 11–3–16; 8:45 am] Presidential declaration of a major
identifying information from BILLING CODE 8025–01–P disaster for Public Assistance Only for
submissions. You should submit only the State of Florida (FEMA–4283–DR),
information that you wish to make 15 17 CFR 200.30–3(a)(12). dated 10/24/2016.
VerDate Sep<11>2014 17:52 Nov 03, 2016 Jkt 241001 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 E:\FR\FM\04NON1.SGM 04NON1](https://thefederalregister.org/doc/81_FR_77202/page/3.svg)
Document Created: 2018-02-14 08:27:18
Document Modified: 2018-02-14 08:27:18
| 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 76988 |
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