83_FR_8342 83 FR 8304 - Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule

83 FR 8304 - 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 38 (February 26, 2018)

Page Range8304-8305
FR Document2018-03786

Federal Register, Volume 83 Issue 38 (Monday, February 26, 2018)
[Federal Register Volume 83, Number 38 (Monday, February 26, 2018)]
[Notices]
[Pages 8304-8305]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-03786]



[[Page 8304]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82740; File No. SR-MIAX-2018-04]


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 20, 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 February 9, 2018, Miami International 
Securities Exchange, LLC (``MIAX'' or ``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 proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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 (``Fee Schedule'') to change the application of a fee waiver 
relating to certain market data feed products.
    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 its Fee Schedule to change the 
application of a fee waiver relating to certain market data feed 
products offered by the Exchange--namely, the Exchange's Administrative 
Information Subscriber (``AIS'') market data feed, and the Exchange's 
Complex Top of Market (``cToM'') market data feed.
    When the Exchange first launched trading in complex orders in 
October 2016, the Exchange began offering its cToM market data feed.\3\ 
The cToM market data feed is complex order specific and is available to 
those who wish to subscribe to it. cToM provides subscribers with the 
same information as the ToM market data product (for the simple 
market), but it relates to the complex market of orders on the Strategy 
Book (i.e., the Exchange's best bid and offer for a complex strategy, 
known as the ``cMBBO,'' with aggregate size, based on displayable order 
and quoting interest in the complex strategy on the Exchange).\4\ 
Additionally, cToM provides subscribers with the identification of the 
complex strategies currently trading on MIAX Options; complex strategy 
last sale information; and the status of securities underlying the 
complex strategy (e.g., halted, open, or resumed). Since the launch of 
complex orders on the Exchange and the availability of cToM, and 
continuing through the present time, the Exchange has made the cToM 
market data feed available to subscribers free of charge.
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    \3\ See Securities Exchange Act Release No. 79146 (October 24, 
2016), 81 FR 75171 (October 28, 2016) (SR-MIAX-2016-36).
    \4\ For a complete description of ToM, see Securities Exchange 
Act Release No. 69007 (February 28, 2013), 78 FR 14617 (March 6, 
2013) (SR-MIAX-2013-05).
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    The Exchange began offering its AIS market data feed product in 
April 2013.\5\ The AIS market data feed currently includes 
administrative information for both simple and complex orders. The AIS 
market data feed includes, among other information, opening imbalance 
condition information; opening routing information; expanded quote 
range information; post-halt notification; and liquidity refresh 
condition information. The Exchange assesses a monthly fee of $1,250.00 
for all AIS Internal Distributors and a monthly fee of $1,750.00 for 
all AIS External Distributors. However, the monthly fee for 
Distributors of AIS is waived if the Distributor also subscribes to ToM 
or cToM. Presently, the Exchange assesses a monthly fee of $1,250.00 
for ToM Internal Distributors and a monthly fee of $1,750.00 for ToM 
External Distributors. As stated previously, the Exchange does not 
presently assess any fee on Internal or External Distributors of cToM.
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    \5\ See Securities Exchange Act Release No. 69320 (April 5, 
2013), 78 FR 21661 (April 11, 2013) (SR-MIAX-2013-13).
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    As a result of the AIS fee waiver provision, a subscriber who only 
subscribes to AIS will be charged the AIS monthly fee ($1,250.00 for 
Internal Distributors and $1,750.00 for External Distributors). A 
subscriber who subscribes to both ToM and AIS will be charged the ToM 
monthly fee ($1,250.00 for Internal Distributors and $1,750.00 for 
External Distributors). However, a subscriber who subscribes to both 
cToM and AIS will be charged no fees.
    The Exchange did not intend for subscribers to receive the AIS feed 
for free as a result of receiving the cToM feed for free. Thus, until 
such time as the Exchange adopts a fee for cToM, the Exchange proposes 
to eliminate the fee waiver for subscribers to receive the AIS feed for 
free solely by receiving the cToM feed.
    The Exchange is not proposing to modify any other aspect of either 
the AIS market data feed product or the cToM market data feed product. 
The Exchange is solely eliminating the fee waiver for a subscriber of 
cToM, which is currently free, to also receive a subscription to AIS 
for free. Accordingly, effective with this change, a subscriber who 
wishes to subscribe to both cToM and AIS will be charged the AIS 
monthly fee ($1,250.00 for Internal Distributors and $1,750.00 for 
External Distributors).
    The Exchange initially filed the proposal on January 30, 2018 (SR-
MIAX-2018-03). That filing was withdrawn and replaced with the current 
filing (SR-MIAX-2018-04).
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) \6\ of the Act in general, and furthers 
the objectives of Section 6(b)(4) \7\ of the Act, in that it is 
designed to provide for an equitable allocation of reasonable dues, 
fees and other charges among Exchange Members \8\ and other persons 
using its

[[Page 8305]]

facilities, because it applies equally to all Members and any persons 
using the facilities or services of the Exchange. The Exchange also 
believes that the proposal furthers the objectives of Section 6(b)(5) 
\9\ of the Act in particular, in that it is designed to prevent 
fraudulent and manipulative acts and practices, 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 mechanisms of a free and open 
market and a national market system and, in general, to protect 
investors and the public interest, and it is not designed to permit 
unfair discrimination among customers, brokers, or dealers.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
    \8\ 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.
    \9\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed amendment to the 
application of a fee waiver relating to certain market data feed 
products offered by the Exchange--namely, the Exchange's AIS market 
data feed, and the Exchange's cToM market data feed--is reasonable, 
equitable, and not unfairly discriminatory. The proposal to eliminate 
the ability of a subscriber to subscribe to cToM (for free), to also 
subscribe to the AIS feed (for free), is designed to promote just and 
equitable principles of trade by providing MIAX Options participants 
with access to the same market data products with a reasonably designed 
fee structure and fee incentives. Because there is no charge to 
subscribe to the cToM market data feed, the Exchange believes that a 
subscription to cToM should not entitle a subscriber to receive for 
free, another market data feed product which, when subscribed to 
without the cToM market data feed, is fee liable. Furthermore, the 
proposed changes to the application of the fee waiver are fair and 
equitable and not unreasonably discriminatory because they apply 
equally to all MIAX Options participants as the market data feeds are 
available for purchase for all MIAX Options participants, and access to 
such market data is offered on terms that are not unfairly 
discriminatory.

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 that the 
proposed rule change would promote transparency by providing MIAX 
Options participants with access to the same market data products with 
a reasonably designed fee structure and fee incentives. Because there 
is no charge to subscribe to the cToM market data feed, the Exchange 
believes that a subscription to cToM should not entitle a subscriber to 
receive for free, another market data feed product which, when 
subscribed to without the cToM market data feed, is fee liable. 
Additionally, respecting intra-market competition, the value-added 
features relating to complex orders in the [sic] either the AIS feed or 
the cToM market data product are available to all subscribers, thus 
providing all subscribers to the data products with an even playing 
field with respect to information and access to trade complex orders on 
MIAX Options. 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 and fee waivers to remain competitive with other exchanges and 
to attract order flow to the Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\10\ and Rule 19b-4(f)(2) \11\ thereunder. 
At any time within 60 days of the filing of the proposed rule change, 
the Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 17 CFR 240.19b-4(f)(2).
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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 Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-MIAX-2018-04 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-2018-04. 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-2018-04 and should be submitted on 
or before March 19, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-03786 Filed 2-23-18; 8:45 am]
 BILLING CODE 8011-01-P



                                               8304                            Federal Register / Vol. 83, No. 38 / Monday, February 26, 2018 / Notices

                                               SECURITIES AND EXCHANGE                                    A. Self-Regulatory Organization’s                     Distributors. However, the monthly fee
                                               COMMISSION                                                 Statement of the Purpose of, and                      for Distributors of AIS is waived if the
                                                                                                          Statutory Basis for, the Proposed Rule                Distributor also subscribes to ToM or
                                               [Release No. 34–82740; File No. SR–MIAX–                   Change                                                cToM. Presently, the Exchange assesses
                                               2018–04]
                                                                                                                                                                a monthly fee of $1,250.00 for ToM
                                                                                                          1. Purpose                                            Internal Distributors and a monthly fee
                                               Self-Regulatory Organizations; Miami                          The Exchange proposes to amend its                 of $1,750.00 for ToM External
                                               International Securities Exchange,                         Fee Schedule to change the application                Distributors. As stated previously, the
                                               LLC; Notice of Filing and Immediate                        of a fee waiver relating to certain market            Exchange does not presently assess any
                                                                                                          data feed products offered by the                     fee on Internal or External Distributors
                                               Effectiveness of a Proposed Rule
                                                                                                          Exchange—namely, the Exchange’s                       of cToM.
                                               Change To Amend Its Fee Schedule                                                                                    As a result of the AIS fee waiver
                                                                                                          Administrative Information Subscriber
                                               February 20, 2018.                                         (‘‘AIS’’) market data feed, and the                   provision, a subscriber who only
                                                                                                          Exchange’s Complex Top of Market                      subscribes to AIS will be charged the
                                                  Pursuant to the provisions of Section                   (‘‘cToM’’) market data feed.                          AIS monthly fee ($1,250.00 for Internal
                                               19(b)(1) of the Securities Exchange Act                       When the Exchange first launched                   Distributors and $1,750.00 for External
                                               of 1934 (‘‘Act’’) 1 and Rule 19b–4                         trading in complex orders in October                  Distributors). A subscriber who
                                               thereunder,2 notice is hereby given that                   2016, the Exchange began offering its                 subscribes to both ToM and AIS will be
                                               on February 9, 2018, Miami                                 cToM market data feed.3 The cToM                      charged the ToM monthly fee ($1,250.00
                                               International Securities Exchange, LLC                     market data feed is complex order                     for Internal Distributors and $1,750.00
                                               (‘‘MIAX’’ or ‘‘MIAX Options’’ or                           specific and is available to those who                for External Distributors). However, a
                                               ‘‘Exchange’’) filed with the Securities                    wish to subscribe to it. cToM provides                subscriber who subscribes to both cToM
                                               and Exchange Commission                                    subscribers with the same information                 and AIS will be charged no fees.
                                               (‘‘Commission’’) a proposed rule change                    as the ToM market data product (for the                  The Exchange did not intend for
                                               as described in Items I, II, and III below,                simple market), but it relates to the                 subscribers to receive the AIS feed for
                                               which Items have been prepared by the                      complex market of orders on the                       free as a result of receiving the cToM
                                               Exchange. The Commission is                                Strategy Book (i.e., the Exchange’s best              feed for free. Thus, until such time as
                                               publishing this notice to solicit                          bid and offer for a complex strategy,                 the Exchange adopts a fee for cToM, the
                                                                                                          known as the ‘‘cMBBO,’’ with aggregate                Exchange proposes to eliminate the fee
                                               comments on the proposed rule change
                                                                                                          size, based on displayable order and                  waiver for subscribers to receive the AIS
                                               from interested persons.
                                                                                                          quoting interest in the complex strategy              feed for free solely by receiving the
                                               I. Self-Regulatory Organization’s                          on the Exchange).4 Additionally, cToM                 cToM feed.
                                               Statement of the Terms of Substance of                     provides subscribers with the                            The Exchange is not proposing to
                                               the Proposed Rule Change                                   identification of the complex strategies              modify any other aspect of either the
                                                                                                          currently trading on MIAX Options;                    AIS market data feed product or the
                                                  The Exchange is filing a proposal to                    complex strategy last sale information;               cToM market data feed product. The
                                               amend the MIAX Options Fee Schedule                        and the status of securities underlying               Exchange is solely eliminating the fee
                                               (‘‘Fee Schedule’’) to change the                           the complex strategy (e.g., halted, open,             waiver for a subscriber of cToM, which
                                               application of a fee waiver relating to                    or resumed). Since the launch of                      is currently free, to also receive a
                                               certain market data feed products.                         complex orders on the Exchange and the                subscription to AIS for free.
                                                  The text of the proposed rule change                    availability of cToM, and continuing                  Accordingly, effective with this change,
                                                                                                          through the present time, the Exchange                a subscriber who wishes to subscribe to
                                               is available on the Exchange’s website at
                                                                                                          has made the cToM market data feed                    both cToM and AIS will be charged the
                                               http://www.miaxoptions.com/rule-
                                                                                                          available to subscribers free of charge.              AIS monthly fee ($1,250.00 for Internal
                                               filings, at MIAX’s principal office, and                                                                         Distributors and $1,750.00 for External
                                               at the Commission’s Public Reference                          The Exchange began offering its AIS
                                                                                                          market data feed product in April 2013.5              Distributors).
                                               Room.                                                                                                               The Exchange initially filed the
                                                                                                          The AIS market data feed currently
                                               II. Self-Regulatory Organization’s                                                                               proposal on January 30, 2018 (SR–
                                                                                                          includes administrative information for
                                               Statement of the Purpose of, and                                                                                 MIAX–2018–03). That filing was
                                                                                                          both simple and complex orders. The
                                               Statutory Basis for, the Proposed Rule                                                                           withdrawn and replaced with the
                                                                                                          AIS market data feed includes, among
                                               Change                                                                                                           current filing (SR–MIAX–2018–04).
                                                                                                          other information, opening imbalance
                                                                                                          condition information; opening routing                2. Statutory Basis
                                                 In its filing with the Commission, the                   information; expanded quote range
                                               Exchange included statements                                                                                        The Exchange believes that its
                                                                                                          information; post-halt notification; and              proposal to amend its Fee Schedule is
                                               concerning the purpose of and basis for                    liquidity refresh condition information.              consistent with Section 6(b) 6 of the Act
                                               the proposed rule change and discussed                     The Exchange assesses a monthly fee of                in general, and furthers the objectives of
                                               any comments it received on the                            $1,250.00 for all AIS Internal                        Section 6(b)(4) 7 of the Act, in that it is
                                               proposed rule change. The text of these                    Distributors and a monthly fee of                     designed to provide for an equitable
                                               statements may be examined at the                          $1,750.00 for all AIS External                        allocation of reasonable dues, fees and
                                               places specified in Item IV below. The                                                                           other charges among Exchange
                                               Exchange has prepared summaries, set                         3 See Securities Exchange Act Release No. 79146
                                                                                                                                                                Members 8 and other persons using its
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                                                                                                          (October 24, 2016), 81 FR 75171 (October 28, 2016)
                                               forth in sections A, B, and C below, of                    (SR–MIAX–2016–36).
                                               the most significant aspects of such                         4 For a complete description of ToM, see              6 15U.S.C. 78f(b).
                                               statements.                                                Securities Exchange Act Release No. 69007               7 15U.S.C. 78f(b)(4).
                                                                                                          (February 28, 2013), 78 FR 14617 (March 6, 2013)        8 The term ‘‘Member’’ means an individual or
                                                                                                          (SR–MIAX–2013–05).                                    organization approved to exercise the trading rights
                                                                                                            5 See Securities Exchange Act Release No. 69320     associated with a Trading Permit. Members are
                                                 1 15   U.S.C. 78s(b)(1).                                 (April 5, 2013), 78 FR 21661 (April 11, 2013) (SR–    deemed ‘‘members’’ under the Exchange Act. See
                                                 2 17   CFR 240.19b–4.                                    MIAX–2013–13).                                        Exchange Rule 100.



                                          VerDate Sep<11>2014      17:58 Feb 23, 2018   Jkt 244001   PO 00000   Frm 00066   Fmt 4703   Sfmt 4703   E:\FR\FM\26FEN1.SGM   26FEN1


                                                                               Federal Register / Vol. 83, No. 38 / Monday, February 26, 2018 / Notices                                                     8305

                                               facilities, because it applies equally to                  reasonably designed fee structure and                    Electronic Comments
                                               all Members and any persons using the                      fee incentives. Because there is no
                                               facilities or services of the Exchange.                    charge to subscribe to the cToM market                     • Use the Commission’s internet
                                               The Exchange also believes that the                        data feed, the Exchange believes that a                  comment form (http://www.sec.gov/
                                               proposal furthers the objectives of                        subscription to cToM should not entitle                  rules/sro.shtml); or
                                               Section 6(b)(5) 9 of the Act in particular,                a subscriber to receive for free, another                  • Send an email to rule-comments@
                                               in that it is designed to prevent                          market data feed product which, when                     sec.gov. Please include File Number SR–
                                               fraudulent and manipulative acts and                       subscribed to without the cToM market                    MIAX–2018–04 on the subject line.
                                               practices, to promote just and equitable                   data feed, is fee liable. Additionally,
                                               principles of trade, to foster cooperation                 respecting intra-market competition, the                 Paper Comments
                                               and coordination with persons engaged                      value-added features relating to
                                               in facilitating transactions in securities,                                                                           • Send paper comments in triplicate
                                                                                                          complex orders in the [sic] either the
                                               to remove impediments to and perfect                                                                                to Secretary, Securities and Exchange
                                                                                                          AIS feed or the cToM market data
                                               the mechanisms of a free and open                          product are available to all subscribers,                Commission, 100 F Street NE,
                                               market and a national market system                        thus providing all subscribers to the                    Washington, DC 20549–1090.
                                               and, in general, to protect investors and                  data products with an even playing field                 All submissions should refer to File
                                               the public interest, and it is not                         with respect to information and access                   Number SR–MIAX–2018–04. This file
                                               designed to permit unfair                                  to trade complex orders on MIAX                          number should be included on the
                                               discrimination among customers,                            Options. The Exchange notes that it                      subject line if email is used. To help the
                                               brokers, or dealers.                                       operates in a highly competitive market
                                                  The Exchange believes that the                                                                                   Commission process and review your
                                                                                                          in which market participants can                         comments more efficiently, please use
                                               proposed amendment to the application                      readily favor competing venues if they
                                               of a fee waiver relating to certain market                                                                          only one method. The Commission will
                                                                                                          deem fee levels at a particular venue to                 post all comments on the Commission’s
                                               data feed products offered by the                          be excessive. In such an environment,
                                               Exchange—namely, the Exchange’s AIS                                                                                 internet website (http://www.sec.gov/
                                                                                                          the Exchange must continually adjust its
                                               market data feed, and the Exchange’s                                                                                rules/sro.shtml). Copies of the
                                                                                                          fees and fee waivers to remain
                                               cToM market data feed—is reasonable,                                                                                submission, all subsequent
                                                                                                          competitive with other exchanges and to
                                               equitable, and not unfairly                                attract order flow to the Exchange.                      amendments, all written statements
                                               discriminatory. The proposal to                                                                                     with respect to the proposed rule
                                               eliminate the ability of a subscriber to                   C. Self-Regulatory Organization’s                        change that are filed with the
                                               subscribe to cToM (for free), to also                      Statement on Comments on the                             Commission, and all written
                                               subscribe to the AIS feed (for free), is                   Proposed Rule Change Received From                       communications relating to the
                                               designed to promote just and equitable                     Members, Participants, or Others                         proposed rule change between the
                                               principles of trade by providing MIAX                                                                               Commission and any person, other than
                                                                                                            Written comments were neither
                                               Options participants with access to the                                                                             those that may be withheld from the
                                                                                                          solicited nor received.
                                               same market data products with a                                                                                    public in accordance with the
                                               reasonably designed fee structure and                      III. Date of Effectiveness of the                        provisions of 5 U.S.C. 552, will be
                                               fee incentives. Because there is no                        Proposed Rule Change and Timing for                      available for website viewing and
                                               charge to subscribe to the cToM market                     Commission Action
                                                                                                                                                                   printing in the Commission’s Public
                                               data feed, the Exchange believes that a
                                                                                                             The foregoing rule change has become                  Reference Room, 100 F Street NE,
                                               subscription to cToM should not entitle
                                               a subscriber to receive for free, another                  effective pursuant to Section                            Washington, DC 20549, on official
                                               market data feed product which, when                       19(b)(3)(A)(ii) of the Act,10 and Rule                   business days between the hours of
                                               subscribed to without the cToM market                      19b–4(f)(2) 11 thereunder. At any time                   10:00 a.m. and 3:00 p.m. Copies of the
                                               data feed, is fee liable. Furthermore, the                 within 60 days of the filing of the                      filing also will be available for
                                               proposed changes to the application of                     proposed rule change, the Commission                     inspection and copying at the principal
                                               the fee waiver are fair and equitable and                  summarily may temporarily suspend                        office of the Exchange. All comments
                                               not unreasonably discriminatory                            such rule change if it appears to the                    received will be posted without change.
                                               because they apply equally to all MIAX                     Commission that such action is                           Persons submitting comments are
                                               Options participants as the market data                    necessary or appropriate in the public                   cautioned that we do not redact or edit
                                               feeds are available for purchase for all                   interest, for the protection of investors,               personal identifying information from
                                               MIAX Options participants, and access                      or otherwise in furtherance of the                       comment submissions. You should
                                               to such market data is offered on terms                    purposes of the Act. If the Commission                   submit only information that you wish
                                               that are not unfairly discriminatory.                      takes such action, the Commission shall
                                                                                                                                                                   to make available publicly. All
                                                                                                          institute proceedings to determine
                                               B. Self-Regulatory Organization’s                                                                                   submissions should refer to File
                                                                                                          whether the proposed rule should be
                                               Statement on Burden on Competition                                                                                  Number SR–MIAX–2018–04 and should
                                                                                                          approved or disapproved.
                                                                                                                                                                   be submitted on or before March 19,
                                                  The Exchange does not believe that                      IV. Solicitation of Comments                             2018.
                                               the proposed rule change will impose
                                               any burden on competition not                                Interested persons are invited to                        For the Commission, by the Division of
                                               necessary or appropriate in furtherance                    submit written data, views, and                          Trading and Markets, pursuant to delegated
                                               of the purposes of the Act. The                            arguments concerning the foregoing,                      authority.12
daltland on DSKBBV9HB2PROD with NOTICES




                                               Exchange believes that the proposed                        including whether the proposed rule                      Eduardo A. Aleman,
                                               rule change would promote                                  change is consistent with the Act.                       Assistant Secretary.
                                               transparency by providing MIAX                             Comments may be submitted by any of                      [FR Doc. 2018–03786 Filed 2–23–18; 8:45 am]
                                               Options participants with access to the                    the following methods:
                                                                                                                                                                   BILLING CODE 8011–01–P
                                               same market data products with a
                                                                                                            10 15   U.S.C. 78s(b)(3)(A)(ii).
                                                 9 15   U.S.C. 78f(b)(5).                                   11 17   CFR 240.19b–4(f)(2).                             12 17   CFR 200.30–3(a)(12).



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Document Created: 2018-02-24 01:00:23
Document Modified: 2018-02-24 01:00:23
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 8304 

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