83 FR 6630 - 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 83, Issue 31 (February 14, 2018)
Federal Register Volume 83, Issue 31 (February 14, 2018)
| Page Range | 6630-6633 | |
| FR Document | 2018-02986 |
[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)] [Notices] [Pages 6630-6633] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-02986] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82673; File No. SR-MIAX-2018-02] 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 8, 2018. 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 January 30, 2018, Miami International Securities Exchange, LLC (``MIAX Options'' 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 [[Page 6631]] proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Options Fee Schedule (the ``Fee Schedule''). The text of the proposed rule change is available on the Exchange's website at http://www.miaxoptions.com/rule-filings, 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 Section (1)(a)(iii) of the Fee Schedule to modify the volume threshold calculation methodology, in connection with the additional $0.02 per contract rebate offered to Members \3\ for Priority Customer \4\ orders executed in the PRIME \5\ Auction as a PRIME Agency Order, pursuant to the Priority Customer Rebate Program.\6\ --------------------------------------------------------------------------- \3\ The term ``Member'' means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. \4\ The term ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). See Exchange Rule 100. \5\ The MIAX Options Price Improvement Mechanism (``PRIME'') is a process by which a Member may electronically submit for execution (``Auction'') an order it represents as agent (``Agency Order'') against principal interest, and/or an Agency Order against solicited interest. For a complete description of PRIME and of PRIME order types and responses, see Exchange Rule 515A. \6\ Under the Priority Customer Rebate Program, MIAX Options credits each Member the per contract amount resulting from each Priority Customer order transmitted by that Member which is executed electronically on the Exchange in all multiply-listed option classes (excluding certain orders specified in Section (1)(a)(iii) of the Fee Schedule), provided the Member meets certain percentage thresholds in a month as described in the Priority Customer Rebate Program table. See Section (1)(a)(iii) of the Fee Schedule. --------------------------------------------------------------------------- The Exchange currently offers Members the opportunity to qualify for an additional $0.02 per contract rebate in connection with certain types of executions on the Exchange if the Member or its Affiliates \7\ meets certain qualifications. Specifically, any Member or its Affiliate that qualifies for Priority Customer Rebate Program volume tiers 3 or higher is credited an additional $0.02 per contract for each Priority Customer order executed in the PRIME Auction as a PRIME Agency Order, over a threshold of 1,500,000 contracts in a month. Volume is recorded for and credits are delivered to the Member that submits the order to the Exchange. --------------------------------------------------------------------------- \7\ ``Affiliate'' means (i) an affiliate of a Member of at least 75% common ownership between the firms as reflected on each firm's Form BD, Schedule A, (``Affiliate''), or (ii) the Appointed Market Maker of an Appointed EEM (or, conversely, the Appointed EEM of an Appointed Market Maker). An ``Appointed Market Maker'' is a MIAX Market Maker (who does not otherwise have a corporate affiliation based upon common ownership with an EEM) that has been appointed by an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise have a corporate affiliation based upon common ownership with a MIAX Market Maker) that has been appointed by a MIAX Market Maker, pursuant to the process described in the Fee Schedule. See Section (1)(a)(i) of the Fee Schedule. --------------------------------------------------------------------------- The Exchange proposes to modify the volume threshold calculation methodology in connection with that additional $0.02 per contract rebate. The Exchange proposes to change the volume threshold calculation methodology from a fixed number of contracts per month (1,500,000 per month) to a percentage of national customer volume in multiply-listed options classes listed on MIAX Options per month. The proposed threshold is above 0.60% of national customer volume in multiply-listed options classes listed on MIAX Options during the relevant month. National customer volume is the total volume reported by the Options Clearing Corporation (``OCC'') in MIAX Options classes in the ``customer'' range. Specifically, the Exchange proposes that any Member or its Affiliate that qualifies for Priority Customer Rebate Program volume tiers 3 or higher will be credited an additional $0.02 per contract for each Priority Customer order executed in the PRIME Auction as a PRIME Agency Order over a threshold of above 0.60% of national customer volume in multiply-listed options classes listed on MIAX Options during the relevant month. There are no other changes to this rebate program. In particular, the Exchange currently excludes from the calculation certain types of orders, and those same types of orders will continue to be excluded using the new calculation methodology. Specifically, the Exchange excludes orders executed as QCC and cQCC Orders, mini-options, Priority Customer-to-Priority Customer Orders, C2C and cC2C Orders, cPRIME Agency Orders, PRIME and cPRIME AOC Responses, PRIME and cPRIME Contra- side Orders, PRIME and cPRIME Orders for which both the Agency and Contra-side Order are Priority Customers, and executions related to contracts that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan referenced in MIAX Options Rule 1400. The Exchange will continue to exclude those same orders from this rebate program. The Exchange further notes that these exclusions are identical to the exclusions that apply to other aspects of the Priority Customer Rebate Program as well. There is also no change to the additional rebate amount of $0.02 per contract. The Exchange believes that changing the volume threshold calculation methodology from a fixed number of contracts per month (1,500,000 per month) to a percentage of national customer volume in multiply-listed options classes listed on MIAX Options per month (above 0.60% of national customer volume in multiply-listed options classes listed on MIAX Options during the relevant month) will result in a threshold that is more consistently proportional to national customer volume executed during the relevant month, as actual national customer volume often changes on a month-to-month basis. Since the Priority Customer Rebate Program is designed to encourage Members to execute greater Priority Customer volume on the Exchange, having a more consistent proportional measure in relation to the number of national customer volume executed in a given month will better align this particular rebate program to the core purpose of the Priority Customer Rebate Program. In turn, the Exchange believes that this change will further incentivize Members to execute a greater number of Priority Customer orders in the Exchange's PRIME Auction mechanism. The Exchange believes that increased PRIME and Priority Customer volume will attract more liquidity to the Exchange, which benefits all market participants. Increased PRIME and Priority Customer order flow should [[Page 6632]] attract liquidity providers, which in turn should make the MIAX Options marketplace an attractive venue where Market Makers may submit narrow quotations with greater size, deepening and enhancing the quality of the MIAX Options marketplace. This should provide more trading opportunities and tighter spreads for other market participants and result in a corresponding increase in order flow from such other market participants. The credits paid out as part of the Priority Customer Rebate Program are drawn from the general revenues of the Exchange.\8\ The Exchange calculates volume thresholds on a monthly basis. The proposed rule change is scheduled to become operative on February 1, 2018. --------------------------------------------------------------------------- \8\ Despite providing credits under the Priority Customer Rebate Program, the Exchange represents that it will continue to have adequate resources to fund its regulatory program and fulfill its responsibilities as a self-regulatory organization while the Priority Customer Rebate Program is in effect. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act in general, and furthers the objectives of Section 6(b)(4) of the Act in particular, in that it is an equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. The Exchange also believes the proposal furthers the objectives of Section 6(b)(5) of the Act 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. The Exchange believes that changing the volume threshold calculation methodology from a fixed number of contracts per month (1,500,000 per month) to a percentage of national customer volume in multiply-listed options classes listed on MIAX Options per month (above 0.60% of national customer volume in multiply-listed options classes listed on MIAX Options during the relevant month) in the Priority Customer Rebate Program for the additional $0.02 rebate for Priority Customer orders submitted into PRIME as PRIME Agency is consistent with Section 6(b)(4) of the Act in that it is fair, equitable and not unreasonably discriminatory. The rebate program is reasonably designed because it incentivizes providers of Priority Customer order flow to send order flow to the Exchange and, upon meeting certain volume criteria, enables them to receive the credit in a manner that enables the Exchange to improve its overall competitiveness and strengthen its market quality for all market participants. The proposed change to the volume threshold calculation methodology is fair, equitable, and not unreasonably discriminatory because they will apply equally to all Priority Customer orders submitted as a PRIME Agency Order. All similarly situated Priority Customer orders are subject to the same rebate and volume calculations, and access to the Exchange is offered on terms that are not unfairly discriminatory. In addition, the proposed volume threshold calculation is equitable and not unfairly discriminatory because, while only Priority Customer order flow that is submitted as a PRIME Agency Order over the proposed threshold qualifies for the rebate, an increase in overall Priority Customer order flow will bring greater volume and liquidity, which benefits all market participants by providing more trading opportunities and tighter spreads. Market participants want to trade with Priority Customer order flow. To the extent Priority Customer order flow is increased by the proposal, market participants will increasingly compete for the opportunity to trade on the Exchange including sending more orders and providing narrower and larger sized quotations in the effort to trade with such Priority Customer order flow. The Exchange believes that the proposed rule change modifying the volume threshold calculation methodology for the $0.02 rebate from a fixed number of contracts per month (1,500,000 per month) to a percentage of national customer volume in multiply-listed options classes listed on MIAX Options per month (above 0.60% of national customer volume in multiply-listed options classes listed on MIAX Options during the relevant month) is consistent with Section 6(b)(5) of the Act in that it promotes just and equitable principles of trade since the Exchange believes that it will result in a threshold that is more consistently proportional to national customer volume executed during the relevant month, as actual national customer volume often changes on a month-to-month basis. To the extent Member volume in Priority Customer orders and PRIME Agency Orders is increased by the proposal, market participants will increasingly compete for the opportunity to trade on the Exchange which could result in more liquidity on the Exchange. The Exchange believes that offering all such market participants the opportunity to lower transaction fees by incentivizing them to transact Priority Customer order flow in turn benefits all market participants. 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 believes the proposal is consistent with robust competition by increasing the intermarket competition for order flow from market participants. To the extent that there is additional competitive burden on market participants without Priority Customer order flow and those market participants that are not able to aggregate order flow with Affiliates, the Exchange believes that this should incent Members to direct volume to the Exchange in order to provide additional liquidity that enhances the quality of its markets and increases the volume of contracts traded here. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. Enhanced market quality and increased transaction volume that results from the anticipated increase in order flow directed to the Exchange will benefit all market participants and improve competition on the Exchange. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract order flow. The Exchange believes that the proposal reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,\9\ and Rule [[Page 6633]] 19b-4(f)(2) \10\ thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-MIAX-2018-02 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-2018-02. 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 website (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 website 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-MIAX-2018-02 and should be submitted on or before March 7, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-02986 Filed 2-13-18; 8:45 am] BILLING CODE 8011-01-P
![6630 Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices
or credit (‘‘Credit PPA’’) to the affected C. Proposed Technical Changes to the would help make the Guide more
DTC participant (‘‘Participant’’).8 Guide accurate and clear. Maintaining an
Upon the receipt of a PPA, affected DTC also proposes some technical accurate and clear Guide would enable
Participants would need to make changes to the Guide. Specifically, DTC Participants and other stakeholders to
adjustments to their affected customers’ would modify the Guide to (i) remove better understand their respective rights
accounts for any misapplied principal an inaccurate statement that PPA and obligations. Accordingly, the
adjustments appear on Participant Commission finds that the proposed
or income and any associated interest.9
statements—such adjustments do not change to make technical changes to the
In addition, affected Participants may
appear on Participant statements; (ii) Guide would promote the prompt and
need to process adjustments against any
add the word ‘‘principal’’ to the list of accurate clearance and settlement of
customer that traded the security after securities transactions, consistent with
the initial payment had occurred.10 payments that may be subject to a
PPA—for consistency with the term the requirements of Section 17A(b)(3)(F)
Currently, DTC does not accept a ‘‘P&I;’’ and (iii) remove an incorrect of the Act.26
request for a PPA, regardless of whether reference to CMO/ABS securities.20 III. Conclusion
it would be a Debit PPA or a Credit PPA,
beyond 90 calendar days after the initial II. Discussion and Commission On the basis of the foregoing, the
payment date.11 If a Paying Agent wants Findings Commission finds that the proposal is
to make a PPA beyond 90 days, the Section 19(b)(2)(C) of the Act 21 consistent with the requirements of the
adjustment cannot be processed through directs the Commission to approve a Act, in particular the requirements of
DTC.12 Instead, the Paying Agent must proposed rule change of a self- Section 17A of the Act 27 and the rules
request from DTC a listing of all affected regulatory organization if it finds that and regulations thereunder.
Participants and positions.13 Then, such proposed rule change is consistent It is therefore ordered, pursuant to
with the requirements of the Act and Section 19(b)(2) of the Act, that
using that list, the Paying Agent must
rules and regulations thereunder proposed rule change SR–DTC–2017–
contact each affected Participant to
applicable to such organization. The 023 be, and hereby is, approved.28
make direct adjustments and/or
payment arrangements outside of Commission finds that this proposal is For the Commission, by the Division of
consistent with Act, specifically Section Trading and Markets, pursuant to delegated
DTC.14
17A(b)(3)(F) of the Act.22 authority.29
B. Proposed Timeline for Credit PPAs Section 17A(b)(3)(F) of the Act Eduardo A. Aleman,
requires, in part, that the rules of the Assistant Secretary.
DTC proposes to extend the 90-day clearing agency be designed to promote [FR Doc. 2018–02978 Filed 2–13–18; 8:45 am]
cutoff for PPA Credits to one year.15 the prompt and accurate clearance and BILLING CODE 8011–01–P
DTC states that the new timeline for settlement of securities transactions.23
Credit PPAs would allow Paying Agents By extending the cutoff period from 90
more time to correct allocations to days to one year for the processing of SECURITIES AND EXCHANGE
Participants efficiently through DTC, Credit PPAs through DTC, DTC would COMMISSION
rather than requiring the Paying Agent be providing centralized processing for
to make the Credit PPAs bilaterally with [Release No. 34–82673; File No. SR–MIAX–
Credit PPAs for a longer period. 2018–02]
each Participant, outside of DTC.16 DTC Enabling Paying Agents to avail
states that this efficiency would allow themselves of such central processing Self-Regulatory Organizations; Miami
Participants, their customers, and end for a longer period would help the International Securities Exchange,
investors to receive their credits more Paying Agents avoid the manual process LLC; Notice of Filing and Immediate
quickly.17 of bilaterally processing the Credit PPAs Effectiveness of a Proposed Rule
The proposed rule change would not outside of DTC after 90 days. In doing Change To Amend Its Fee Schedule
alter the timeline for Debit PPAs. DTC so, the proposal would enable Paying
February 8, 2018.
states that Debit PPAs create significant Agents to correct errors in Credit PPAs
Pursuant to the provisions of Section
credit risk exposure for Participants, more efficiently and effectively over a
19(b)(1) of the Securities Exchange Act
customers, and investors as more time longer period. Therefore, the
of 1934 (‘‘Act’’) 1 and Rule 19b–4
passes.18 DTC states that Participants Commission finds the proposed
thereunder,2 notice is hereby given that
have difficulty recovering debited funds extension from 90 days to one year for
on January 30, 2018, Miami
from their customers that may no longer Credit PPAs to be processed by DTC
International Securities Exchange, LLC
have an account, may not have available would help promote the prompt and
(‘‘MIAX Options’’ or ‘‘Exchange’’) filed
funds, or may no longer service the end accurate clearance and settlement of
with the Securities and Exchange
investor.19 Therefore, DTC would securities transactions, consistent with
Commission (‘‘Commission’’) a
preserve the 90-day cutoff for Debit Section 17A(b)(3)(F) of the Act.24
The Commission also finds that DTC’s proposed rule change as described in
PPAs. Items I, II, and III below, which Items
technical changes to the Guide would
promote the prompt and accurate have been prepared by the Exchange.
8 Id.
clearance and settlement of securities The Commission is publishing this
9 Id.
transactions, consistent with Section notice to solicit comments on the
10 Id.
11 Id. 17A(b)(3)(F) of the Act.25 Clarifying 26 Id.
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12 Id. terms and descriptions in the Guide 27 15 U.S.C. 78q–1.
13 Id.
28 In approving the proposed rule change, the
14 Id. 20 Id.
Commission considered the proposals’ impact on
15 Id. 21 15 U.S.C. 78s(b)(2)(C). efficiency, competition, and capital formation. 15
16 Id. 22 15 U.S.C. 78q–1(b)(3)(F). U.S.C. 78c(f).
17 Id. 23 Id. 29 17 CFR 200.30–3(a)(12).
18 Id. at 927–28. 24 Id. 1 15 U.S.C. 78s(b)(1).
19 Id. at 928. 25 Id. 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices 6633
19b–4(f)(2) 10 thereunder. At any time received will be posted without change. Rules 4 would also be amended to
within 60 days of the filing of the Persons submitting comments are incorporate by reference the By-Laws
proposed rule change, the Commission cautioned that we do not redact or edit and the Certificate of Incorporation of
summarily may temporarily suspend personal identifying information from NSCC.
such rule change if it appears to the comment submissions. You should
II. Clearing Agency’s Statement of the
Commission that such action is submit only information that you wish
necessary or appropriate in the public Purpose of, and Statutory Basis for, the
to make available publicly. All
interest, for the protection of investors, Proposed Rule Change
submissions should refer to File
or otherwise in furtherance of the Number SR–MIAX–2018–02 and should In its filing with the Commission, the
purposes of the Act. If the Commission be submitted on or before March 7, clearing agency included statements
takes such action, the Commission shall 2018. concerning the purpose of and basis for
institute proceedings to determine the proposed rule change and discussed
For the Commission, by the Division of
whether the proposed rule should be Trading and Markets, pursuant to delegated any comments it received on the
approved or disapproved. authority.11 proposed rule change. The text of these
Eduardo A. Aleman, statements may be examined at the
IV. Solicitation of Comments
Assistant Secretary.
places specified in Item IV below. The
Interested persons are invited to clearing agency has prepared
submit written data, views, and [FR Doc. 2018–02986 Filed 2–13–18; 8:45 am]
summaries, set forth in sections A, B,
arguments concerning the foregoing, BILLING CODE 8011–01–P
and C below, of the most significant
including whether the proposed rule aspects of such statements.
change is consistent with the Act.
Comments may be submitted by any of SECURITIES AND EXCHANGE (A) Clearing Agency’s Statement of the
the following methods: COMMISSION Purpose of, and Statutory Basis for, the
[Release No. 34–82674; File No. SR–NSCC– Proposed Rule Change
Electronic Comments
2018–001] 1. Purpose
• Use the Commission’s internet
comment form (http://www.sec.gov/ Self-Regulatory Organizations; In NSCC’s review of the By-Laws,
rules/sro.shtml); or National Securities Clearing NSCC has identified and is proposing
• Send an email to rule-comments@ Corporation; Notice of Filing of the following changes to the By-Laws:
sec.gov. Please include File Number SR– Proposed Rule Change To Amend the (i) Revising certain Board and
MIAX–2018–02 on the subject line. By-Laws and Make Other Changes designated officer titles or offices and
updating the related powers and duties,
Paper Comments February 8, 2018. (ii) revising the section describing the
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the compensation of officers, and (iii)
to Secretary, Securities and Exchange Securities Exchange Act of 1934 making certain technical changes and
Commission, 100 F Street NE, (‘‘Act’’),1 and Rule 19b–4 thereunder,2 corrections. Specifically, regarding the
Washington, DC 20549–1090. notice is hereby given that on February proposed changes to the Board and
All submissions should refer to File 2, 2018, National Securities Clearing designated officer titles or offices and
Number SR–MIAX–2018–02. This file Corporation (‘‘NSCC’’) filed with the updating the related powers and duties,
number should be included on the Securities and Exchange Commission NSCC is proposing to: (1) Change the
subject line if email is used. To help the (‘‘Commission’’) the proposed rule title of Chairman of the Board to Non-
Commission process and review your change as described in Items I, II and III Executive Chairman of the Board and
comments more efficiently, please use below, which Items have been prepared update the related powers and duties
only one method. The Commission will by the clearing agency. The Commission associated with that role due to
post all comments on the Commission’s is publishing this notice to solicit personnel changes in NSCC’s
internet website (http://www.sec.gov/ comments on the proposed rule change management, (2) add the office of the
rules/sro.shtml). Copies of the from interested persons. Chief Executive Officer (‘‘CEO’’),
submission, all subsequent I. Clearing Agency’s Statement of the combine the office of the President and
amendments, all written statements Terms of Substance of the Proposed the office of the Chief Executive Officer
with respect to the proposed rule Rule Change into one office (President and Chief
change that are filed with the Executive Officer) and update the
Commission, and all written The proposed rule change would related powers and duties to reflect that
communications relating to the amend the NSCC By-Laws (‘‘By-Laws’’) the two positions are now combined
proposed rule change between the to (i) revise titles or offices and the and are held by one individual, (3) add
Commission and any person, other than powers and duties of the Board of the office of the Chief Financial Officer
those that may be withheld from the Directors (‘‘Board’’) and certain (‘‘CFO’’) and delete the office of the
public in accordance with the designated officers of NSCC, (ii) revise Comptroller, (4) delete the office of the
provisions of 5 U.S.C. 552, will be the section describing the compensation Chief Operating Officer (‘‘COO’’), (5)
available for website viewing and of officers, and (iii) make certain change the title of Vice President to
printing in the Commission’s Public technical changes and corrections.3 The Executive Director and update the
Reference Room, 100 F Street NE, 11 17
related powers and duties, and (6) make
CFR 200.30–3(a)(12).
Washington, DC 20549, on official other changes related to certain powers
daltland on DSKBBV9HB2PROD with NOTICES
1 15 U.S.C. 78s(b)(1).
business days between the hours of 2 17 CFR 240.19b–4. and duties of the Board and various
10:00 a.m. and 3:00 p.m. Copies of the 3 The By-Laws and the Certificate of
filing also will be available for Incorporation would each be incorporated by 25, 1977), 42 FR 17928 (April 4, 1977) (SR–NSCC–
reference into NSCC’s Rules & Procedures 77–3).
inspection and copying at the principal
(‘‘Rules’’). No changes have been made to NSCC’s 4 The Rules are available at http://www.dtcc.com/
office of the Exchange. All comments Certificate of Incorporation since the most recently legal/rules-and-procedures. The By-Laws and the
filed version of the Certificate of Incorporation. See Certificate of Incorporation would be available at
10 17 CFR 240.19b–4(f)(2). Securities Exchange Act Release No. 13407 (March http://www.dtcc.com/legal/rules-and-procedures.
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Document Created: 2018-02-14 03:59:38
Document Modified: 2018-02-14 03:59:38
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| FR Citation | 83 FR 6630 |
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