7894 Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange initially filed rule changes 

relating to its co-location services with the 

Securities and Exchange Commission 

(‘‘Commission’’) in 2010. See Securities Exchange 

Act Release No. 62961 (September 21, 2010), 75 FR 

59299 (September 27, 2010) (SR–NYSEAmex–2010– 

80) (the ‘‘Original Co-location Filing’’). The 

Exchange operates a data center in Mahwah, New 

Jersey (the ‘‘data center’’) from which it provides 

co-location services to Users. 

5For purposes of the Exchange’s co-location 

services, the term ‘‘User’’ includes (i) member 

organizations, as that term is defined in the 

definitions section of the General and Floor Rules 

of the NYSE MKT Equities Rules, and ATP Holders, 

as that term is defined in NYSE Amex Options Rule 

900.2NY(5); (ii) Sponsored Participants, as that term 

is defined in Rule 123B.30(a)(ii)(B)—Equities and 

NYSE Amex Options Rule 900.2NY(77); and (iii) 

non-member organization and non-ATP Holder 

broker-dealers and vendors that request to receive 

co-location services directly from the Exchange. 

See, e.g., Securities Exchange Act Release Nos. 

65974 (December 15, 2011), 76 FR 79249 (December 

21, 2011) (SR–NYSEAmex–2011–81) and 65975 

(December 15, 2011), 76 FR 79233 (December 21, 

2011) (SR–NYSEAmex–2011–82). As specified in 

the Price List and the Fee Schedule, a User that 

incurs co-location fees for a particular co-location 

service pursuant thereto would not be subject to colocation fees for the same co-location service 

charged by the Exchange’s affiliates New York 

Stock Exchange LLC and NYSE Arca, Inc. See 

Securities Exchange Act Release No. 70176 (August 

13, 2013), 78 FR 50471 (August 19, 2013) (SR– 

NYSEMKT–2013–67). 

6See Original Co-location Filing, at 59299. See 

also Securities Exchange Act Release No. 67665 

(August 15, 2012), 77 FR 50734 (August 22, 2012) 

(SR–NYSEMKT–2012–11) (‘‘August 2012 Rule 

Change’’). 

7See Securities Exchange Act Release No. 72719 

(July 30, 2014), 79 FR 45502 (August 5, 2014) (SR– 

NYSEMKT–2014–61). 

8The Exchange makes an IP network circuit 

available to Users for testing and certification 

purposes at no charge. Such circuit can only be 

used for testing and certification and is limited to 

three months. The Exchange proposes to add 

language to the Price List to include this practice. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74220; File No. SR– 

NYSEMKT–2015–08] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Include Internet 

Protocol Network Connections and 

Fiber Cross Connects Between a 

User’s Cabinet and Non-User’s 

Equipment as Co-Location Services 

February 6, 2015. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on January 

26, 2015, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 proposes to amend its 

rules to provide that the co-location 

services offered by the Exchange 

include 1 gigabit (‘‘Gb’’) and 10 Gb 

internet protocol (‘‘IP’’) network 

connections in the Exchange’s data 

center and fiber cross connects (‘‘cross 

connects’’) between a Users’ [sic] 

cabinet and non-User’s equipment. In 

addition, the proposed rule change 

reflects changes to the NYSE MKT 

Equities Price List (‘‘Price List’’) and the 

NYSE Amex Options Fee Schedule 

(‘‘Fee Schedule’’) related to these colocation services. The text of the 

proposed rule change is available on the 

Exchange’s Web site at www.nyse.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 

self-regulatory organization 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 those 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to change its 

rules to provide that the co-location 4

services offered by the Exchange 

include 1 Gb and 10 Gb IP network 

connections in the Exchange’s data 

center and cross connects between a 

User’s cabinet and non-User’s 

equipment. In addition, this proposed 

rule change reflects changes to the Price 

List and the Fee Schedule related to 

these co-location services.5

IP Network Connections 

The Exchange offers Users access to 

the Exchange’s Liquidity Center 

Network (‘‘LCN’’), a local area network 

available in the data center.6 The LCN 

provides Users with access to the 

Exchange’s trading and execution 

systems and to the Exchange’s 

proprietary market data products. 

This proposed rule change would 

provide that Users may also purchase 

access to the IP network, a second local 

area network available in the Exchange’s 

data center. Like the LCN, the IP 

network provides Users with access to 

the Exchange’s trading and execution 

systems and to the Exchanges’ 

proprietary market data products. The 

IP network also provides Users with 

access to away market data products. 

There is greater latency in the 

transmission of data between Users and 

the Exchange for the IP Network than 

for the LCN. 

A User is currently able to select from 

two ‘‘bundled’’ connectivity options, at 

1 Gb and 10 Gb, when connecting to the 

data center.7 Both options include two 

connections referred to as ‘‘SFTI’’ 

connections. These bundled ‘‘SFTI’’ 

connections are IP network connections; 

the reference to ‘‘SFTI’’ is a reflection of 

the fact that the IP network is sometimes 

referred to as the ‘‘SFTI IP’’ network. To 

conform the references to the IP network 

in the Price List and the Fee Schedule, 

the Exchange proposes to revise the 

description of the bundled connectivity 

options to remove the reference to 

‘‘SFTI’’ and update it to ‘‘IP network.’’ 

In addition, the Exchange proposes to 

change its rules to provide that the colocation services offered by the 

Exchange include 1 Gb and 10 Gb IP 

network connections in the Exchange’s 

data center.8 The Exchange also 

proposes to revise its Price List and the 

Fee Schedule to reflect fees related to 

these IP network connections as follows: 

Type of service Description Amount of charge 

IP Network Access .......................... 1 Gb Circuit ................................... $2,500 per connection initial charge plus $2,500 monthly per connection. 


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Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices 7895 

9See Securities Exchange Act Release No. 70886 

(November 15, 2013), 78 FR 69904 (November 21, 

2013) (SR–NYSEMKT–2013–92). 10The Commission approved the fee for cross 

connects between a single User’s cabinets within 

the data center in the Original Co-Location Filing. 

See Original Co-Location Filing, at 59299. The use 

of cross connects was subsequently revised to allow 

each User to purchase cross connects between its 

cabinet(s) and the cabinets of separate Users. See 

August 2012 Rule Change, at 50735. 

11As is currently the case, Users that receive colocation services from the Exchange will not receive 

any means of access to the Exchange’s trading and 

execution systems that is separate from, or superior 

to, that of other Users. In this regard, all orders sent 

to the Exchange enter the Exchange’s trading and 

execution systems through the same order gateway, 

regardless of whether the sender is co-located in the 

data center or not. In addition, co-located Users do 

not receive any market data or data service product 

that is not available to all Users, although Users that 

receive co-location services normally would expect 

reduced latencies in sending orders to, and 

receiving market data from, the Exchange. 

12See SR–NYSEMKT–2013–67, supra note 5 at 

50471. The Exchange’s affiliates have also 

submitted the same proposed rule change to 

propose the changes described herein. See SR– 

NYSE–2015–03 and SR–NYSEArca-2015–01. 

13 15 U.S.C. 78f(b). 14 15 U.S.C. 78f(b)(5). 

Type of service Description Amount of charge 

IP Network Access .......................... 10 Gb Circuit ................................. $10,000 per connection initial charge plus $10,000 monthly per connection. 

By comparison, the 1 Gb LCN circuit 

costs $6,000 per connection initial 

charge plus $5,000 monthly per 

connection. The 10 Gb LCN circuit costs 

$10,000 per connection initial charge 

plus $12,000 monthly per connection, 

while the LCN 10 Gb LX, a second LCN 

option that has a lower latency than the 

10 Gb LCN circuit, costs $15,000 per 

connection initial charge plus $20,000 

monthly per connection.9

The IP network provides Users that do 

not need the lower latency of the LCN 

with a less costly data center network 

option. Having another data center 

network also provides Users with the 

option to create redundancy in their 

infrastructure. The offering of either a 1 

Gb or 10 Gb IP network connection 

provides Users more choices regarding 

the bandwidth of their network 

connections. 

Cross Connects 

Cross connects are fiber connections 

used to connect cabinets within the data 

center. Cross connects may be used 

between a User’s own cabinets or 

between its cabinet(s) and those of 

another User.10 A cross connect may be 

used to connect cabinets of separate 

Users when, for example, a User 

receives technical support, order routing 

and/or market data delivery services 

from another User in the data center. A 

User is able to purchase cross connects 

individually or in bundles (i.e., multiple 

cross connects within a single sheath) of 

six, 12, 18 or 24 cross connects. 

The Exchange proposes to amend the 

Price List and the Fee Schedule for 

individual and bundled cross connects 

to include cross-connects between a 

User’s cabinet and a non-User’s 

equipment within the data center. NonUsers with equipment in the data center 

include the Exchange and third-party 

carriers. For example, a User may utilize 

a cross connect with a non-User to 

connect to a carrier’s equipment in 

order to access the carrier’s network 

outside the data center. Such cross 

connects do not provide direct access to 

the Exchange’s trading and execution 

systems and do not change the fact that 

only Users that are authorized to obtain 

access to the Exchange trading and 

execution systems can do so. 

The Exchange proposes to amend the 

existing cross connect fee in the Price 

List and the Fee Schedule accordingly. 

Specifically, the existing Price List and 

Fee Schedule text that describes cross 

connects as being ‘‘between cabinets 

within the data center’’ would be 

removed. The existing pricing for 

individual and bundled cross connects 

would not change. 

General 

As is the case with all Exchange colocation arrangements, (i) neither a User 

nor any of the User’s customers would 

be permitted to submit orders directly to 

the Exchange unless such User or 

customer is a member organization, a 

Sponsored Participant or an agent 

thereof (e.g., a service bureau providing 

order entry services); (ii) use of the colocation services proposed herein would 

be completely voluntary and available 

to all Users on a non-discriminatory 

basis; 11 and (iii) a User would only 

incur one charge for the particular colocation service described herein, 

regardless of whether the User connects 

only to the Exchange or to the Exchange 

and one or both of its affiliates.12

The proposed change is not otherwise 

intended to address any other issues 

relating to co-location services and/or 

related fees, and the Exchange is not 

aware of any problems that Users would 

have in complying with the proposed 

change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,13 in general, and 

furthers the objectives of Sections 

6(b)(5) of the Act,14 in particular, 

because 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 regulating, clearing, settling, 

processing information with respect to, 

and 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 

because it is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes that the IP 

network connections are not designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers 

because the IP network connections 

provide an alternative to Users that do 

not require the lower latency levels of 

the LCN for all of their business 

operations. Users that do require lower 

latency levels for all of their business 

operations may utilize only LCN 

connections. The Exchange believes that 

this removes impediments to, and 

perfects the mechanisms of, a free and 

open market and a national market 

system and, in general, protects 

investors and the public interest 

because it provides Users with 

additional choices with respect to both 

the optimal latency and, by including 1 

Gb and 10 Gb IP network connection 

options, the optimal bandwidth option 

for their network connections. Having 

data center networks to choose from 

also provides Users with the option to 

create redundancy in their 

infrastructure. In addition, the Exchange 

believes that the proposed revision of 

the description of the bundled 

connectivity options to remove the 

reference to ‘‘SFTI’’ and update it to ‘‘IP 

network’’ removes impediments to, and 

perfects the mechanisms of, a free and 

open market and a national market 

system and, in general, protects 

investors and the public interest 

because conforming the references to 

the IP network will add clarity to the 

Price List and the Fee Schedule. The 

Exchange believes that providing Users 

with an IP network circuit solely for 


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7896 Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices 

15 15 U.S.C. 78f(b)(4). 16 15 U.S.C. 78f(b)(8). 

testing and certification purposes for 

three months at no charge protects 

investors and the public interest 

because it encourages Users to conduct 

testing and certification. 

The Exchange believes that the cross 

connects between Users and non-Users 

are not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers because the 

proposed change makes a third use for 

cross connections available to Users, but 

Users that do not require such 

connections may continue to utilize 

existing cross connects as they need. 

The Exchange believes that this removes 

impediments to, and perfects the 

mechanisms of, a free and open market 

and a national market system and, in 

general, protects investors and the 

public interest because cross connects 

between Users’ cabinets and non-Users’ 

equipment assist Users in meeting the 

growing needs of their business 

operations by facilitating connections 

with non-Users. 

The Exchange also believes that the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,15 in 

particular, because it provides for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, issuers and other persons 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

Overall, the Exchange believes that 

the proposed change is reasonable 

because the Exchange proposes to offer 

the co-location services described 

herein (i.e., the IP network connections 

and additional cross connects) as a 

convenience to Users, but in doing so 

will incur certain costs, including costs 

related to the data center facility, 

hardware and equipment and costs 

related to personnel required for initial 

installation and monitoring, support 

and maintenance of such services. In 

addition, the Exchange believes that the 

proposed revision of the description of 

the bundled connectivity options to 

remove the reference to ‘‘SFTI’’ and 

update it to ‘‘IP network’’ is reasonable 

because conforming the references to 

the IP network will add clarity to the 

Price List and the Fee Schedule. 

The Exchange believes that the 

proposed pricing for IP network 

connections is reasonable because IP 

network connections are a more 

economical option for certain Users that 

do not require the lower latency levels 

of the LCN for all of their business 

operations. The proposed pricing for IP 

network connections is also reasonable 

because it allows Users to select 

network options that are better suited 

for their needs. Some Users do not need 

lower latency levels for all of their 

business operations, and IP network 

connections provide them the option to 

utilize network connections with higher 

latency levels but lower fees than the 

LCN. The availability of 1 Gb and 10 Gb 

options allow Users to select the 

bandwidth option that suits their needs. 

In addition, the Exchange believes that 

the proposed revision of the description 

of the bundled connectivity options to 

remove the reference to ‘‘SFTI’’ and 

update it to ‘‘IP network’’ is reasonable 

because it will conform the references to 

the IP network in the Price List and the 

Fee Schedule. The Exchange believes 

that providing Users with an IP network 

circuit solely for testing and 

certification purposes for three months 

at no charge is reasonable because 

providing the IP network circuit at no 

charge encourages Users to conduct 

testing and certification. 

The Exchange believes that it is 

reasonable to charge the same amount 

for cross connects regardless of whether 

the cross connects are between the 

cabinets of a single User, between the 

cabinets of separate Users or between a 

User and non-User, because the cross 

connect hardware and costs the 

Exchange incurs are substantially the 

same in each case. 

The Exchange believes that the 

proposed change is equitable and not 

unfairly discriminatory because it will 

result in fees being charged only to 

Users that voluntarily select to receive 

the corresponding services and because 

those services will be available to all 

Users. Furthermore, the Exchange 

believes that the services and fees 

proposed herein are not unfairly 

discriminatory and are equitably 

allocated because, in addition to the 

services being completely voluntary, 

they are available to all Users on an 

equal basis (i.e., the same products and 

services are available to all Users). 

For the reasons above, the proposed 

changes do not unfairly discriminate 

between or among market participants 

that are otherwise capable of satisfying 

any applicable co-location fees, 

requirements, terms and conditions 

established from time to time by the 

Exchange. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

For these reasons, the Exchange 

believes that the proposal is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,16 the Exchange believes that the 

proposed rule change will not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because, in 

addition to the proposed services being 

completely voluntary, they are available 

to all Users on an equal basis (i.e. the 

same products and services are available 

to all Users). 

The Exchange believes that allowing 

Users to purchase access to the IP 

network will not impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because such access 

will satisfy User demand for more costeffective, higher latency connections. 

The proposed changes also enhance 

competition by helping Users tailor 

their data center network connections to 

the growing needs of their business 

operations and by adding clarity to the 

Price List and the Fee Schedule by 

conforming the references to the IP 

network. The Exchange also believes 

that the cross connects between Users’ 

cabinets and non-Users’ equipment will 

not impose any burden on competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the cross connects will satisfy 

User demand for more flexibility in the 

Users’ use of cross connects. The 

proposed change also enhances 

competition by helping Users tailor 

their co-located systems to the varying 

needs of their business operations. 

Finally, 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 review, 

and consider adjusting, its services and 

related fees and credits to remain 

competitive with other exchanges. For 

the reasons described above, the 

Exchange believes that the proposed 

rule change reflects this competitive 

environment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 


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Federal Register / Vol. 80, No. 29 / Thursday, February 12, 2015 / Notices 7897 

17 15 U.S.C. 78s(b)(3)(A)(iii). 

18 17 CFR 240.19b–4(f)(6). 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21 15 U.S.C. 78s(b)(2)(B). 22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 17 and Rule 

19b–4(f)(6) thereunder.18 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 19 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),20 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 21 of the Act to 

determine whether the proposed rule 

change 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 rule-comments@

sec.gov. Please include File Number SR– 

NYSEMKT–2015–08 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–NYSEMKT–2015–08. 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– 

NYSEMKT–2015–08, and should be 

submitted on or before March 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–02893 Filed 2–11–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74225; File No. SR–MIAX– 

2015–05] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Modify the Closing Date of 

the Equity Rights Program 

February 6, 2015. 

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 27, 2015, Miami 

International Securities Exchange LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III below, 

which Items have been prepared by the 

Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

modify the closing date of the equity 

rights program. The text of the proposed 

rule change is available on the 

Exchange’s Web site at http://

www.miaxoptions.com/filter/wotitle/

rule_filing, at MIAX’s principal office, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On January 6, 2015, the Exchange 

filed a rule change to implement an 


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