Federal Register / Vol. 80, No. 21 / Monday, February 2, 2015 / Notices 5597 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

16For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 72777 

(August 6, 2014), 79 FR 47165 (SR–MIAX–2014–39) 

(‘‘Market Vectors ETFs Proposal’’). 

4See Securities Exchange Act Release No. 73212 

(September 25, 2014), 79 FR 59332 (October 1, 

2014). 

5See Letter to Elizabeth M. Murphy, Secretary, 

Commission, from Brian O’Neill, Vice President 

and Senior Counsel, MIAX, dated October 22, 2014 

(providing comment on SR–MIAX–2014–30 and 

SR–MIAX–2014–39) (‘‘MIAX Letter’’). 

6 15 U.S.C. 78s(b)(2). 

of the Act 14 and Rule 19b–4(f)(6) 

thereunder.15

The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange stated that waiver 

of this requirement will ensure fair 

competition among exchanges by 

allowing the Exchange to open 

additional series of individual stocks 

and ETF options in $.50 strike price 

intervals up to $100 in the same manner 

as ISE. For this reason, the Commission 

believes that the proposed rule change 

presents no novel issues and that waiver 

of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest; and 

will allow the Exchange to remain 

competitive with other exchanges. 

Therefore, the Commission designates 

the proposed rule change to be operative 

upon filing.16

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

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 rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2015–005 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–NASDAQ–2015–005. 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– 

NASDAQ–2015–005 and should be 

submitted on or before February 23, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–01864 Filed 1–30–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74150; File No. SR–MIAX– 

2014–39) 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Designation of a Longer 

Period for Commission Action on 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change To List and Trade 

Options on Shares of the Market 

Vectors ETFs 

January 27, 2015. 

On July 28, 2014, Miami International 

Securities Exchange LLC (‘‘MIAX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’ or ‘‘Act’’) 1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to list and trade options on 

shares of the Market Vectors Brazil 

Small-Cap ETF, Market Vectors 

Indonesia Index ETF, Market Vectors 

Poland ETF, and Market Vectors Russia 

ETF (collectively ‘‘Market Vectors 

ETFs’’). The proposed rule change was 

published for comment in the Federal 

Register on August 12, 2014.3 On 

September 25, 2014, the Commission 

instituted proceedings to determine 

whether to approve or disapprove the 

proposed rule change.4 The Commission 

received a letter from MIAX on the 

proposal.5

Section 19(b)(2) of the Act 6 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. In this case, the 

proposed rule change was published for 

notice and comment in the Federal 

mstockstill on DSK4VPTVN1PROD with NOTICES

5598 Federal Register / Vol. 80, No. 21 / Monday, February 2, 2015 / Notices 

7The Commission notes that MIAX also 

submitted a similar proposed rule change to list and 

trade options on shares of certain iShares ETFs. See 

Securities Exchange Act Release No. 72492 (June 

27, 2014), 79 FR 38099 (July 3, 2014) (MIAX–2014– 

30). The Commission similarly designated a longer 

period for Commission action on proceedings to 

determine whether to approve or disapprove that 

proposed rule change as well. See Securities 

Exchange Act Release No. 73856 (December 17, 

2014), 79 FR 77075 (December 23, 2014). 

8See MIAX Rule 402(i)(5)(ii)(B). The Exchange 

represents that each of the Market Vectors ETFs are 

comprised of component securities for which the 

primary market is a single foreign market, and that, 

for each ETF, MIAX does not have a CSSA with its 

foreign counterpart in the applicable foreign 

market. 

9 Id. 

10 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6)(iii). 

5The term ‘‘Member’’ is defined as ‘‘any 

registered broker or dealer that has been admitted 

to membership in the Exchange. A Member will 

have the status of a ‘‘member’’ of the Exchange as 

that term is defined in Section 3(a)(3) of the Act. 

Membership may be granted to a sole proprietor, 

partnership, corporation, limited liability company 

or other organization which is a registered broker 

or dealer pursuant to Section 15 of the Act, and 

which has been approved by the Exchange.’’ See 

Exchange Rule 1.5(n). 

6See EDGA Rules 2.5(c)(4) and 11.13; EDGX 

Rules 2.5(c)(4) and 11.13. 

7See supra note 6. 

8See Securities Exchange Act Release No. 71375 

(January 23, 2014), 79 FR 4771 (January 29, 2014) 

(SR–BATS–2013–059; SR–BYX–2013–039). 

9The term ‘‘Qualified Clearing Agency’’ is 

defined as ‘‘a clearing agency registered with the 

Commission pursuant to Section 17A of the Act that 

is deemed qualified by the Exchange.’’ See 

Exchange Rule 1.5(u). 

10The Exchange understands that BZX is to file 

a proposed rule change with the Commission to 

adopt similar changes. 

Register on August 12, 2014. February 

8, 2015, is 180 days from that date, and 

April 9, 2015, is 240 days from that 

date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to evaluate 

the proposed rule change and whether 

it is consistent with the Act.7 The 

proposed rule change would allow the 

Exchange to list for trading on the 

Exchange options on shares of the 

Market Vectors ETFs without satisfying 

the Exchange’s listing standards, which 

require, in part, that the component 

securities of an index or portfolio of 

securities on which the Exchange 

Traded Fund Shares are based for which 

the primary market is in any one 

country that is not subject to a 

comprehensive surveillance sharing 

agreement do not represent 20% or 

more of the weight of the index.8

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,9

designates April 9, 2015, as the date by 

which the Commission shall either 

approve or disapprove the proposed 

rule change (File No. SR–MIAX–2014– 

39). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–01867 Filed 1–30–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74151; File No. SR–BYX– 

2015–06] 

Self-Regulatory Organizations; BATS 

Y-Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rules 2.5(c)(4) 

and 11.5 To Harmonize With EDGA and 

EDGX Rules, Its Membership 

Requirements Applicable To Clearing 

Agencies That Clear Transactions for 

Members 

January 27, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

22, 2015, BATS Y-Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend Rules 2.5(c)(4) and 11.15 to 

harmonize its membership requirements 

applicable to clearing agencies that clear 

transactions for Members 5 of the 

Exchange with those set forth under 

EDGX Exchange, Inc. (‘‘EDGX’’) and 

EDGA Exchange, Inc. (‘‘EDGA’’) rules.6

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.batstrading.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant parts 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 

Rules 2.5(c)(4) and 11.15 to harmonize 

its membership requirements applicable 

to clearing agencies that clear 

transactions for Members with those set 

forth under EDGX and EDGA rules.7

Earlier this year, the Exchange and its 

affiliate, BATS Exchange, Inc. (‘‘BZX’’), 

received approval to effect a merger (the 

‘‘Merger’’) of the Exchange’s parent 

company, BATS Global Markets, Inc., 

with Direct Edge Holdings LLC, the 

indirect parent of EDGX and EDGA 

(together with BZX, BYX and EDGX, the 

‘‘BGM Affiliated Exchanges’’).8 In the 

context of the Merger, the BGM 

Affiliated Exchanges are working to 

align certain rules, retaining only 

intended differences between the BGM 

Affiliated Exchanges. As part of this 

effort, the proposal set forth below 

harmonizes Exchange Rules 2.5 and 

11.15 with EDGA and EDGX Rules 2.5 

and 11.13 by no longer requiring that a 

Qualified Clearing Agency 9 be a 

Member in order to clear other 

Member’s transactions executed on the 

Exchange.10

In sum, Rule 2.5(a)(4) currently 

provides that a Member also be a 

member of a Qualified Clearing Agency 

or clear its transactions executed on the 

Exchange through another Member that 

is a member of a Qualified Clearing 

Agency. Rule 11.15(a) currently requires 

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