18894 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 

9 15 U.S.C. 78s(b)(3)(A)(ii). 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A ‘‘matching engine’’ is a part of the MIAX 

electronic system that processes options quotes and 

trades on a symbol-by-symbol basis. Some matching 

engines will process option classes with multiple 

root symbols, and other matching engines will be 

dedicated to one single option root symbol (for 

example, options on SPY will be processed by one 

single matching engine that is dedicated only to 

SPY). A particular root symbol may only be 

assigned to a single designated matching engine. A 

particular root symbol may not be assigned to 

multiple matching engines. 

4Full Service MEI Ports provide Market Makers 

with the ability to send Market Maker quotes, 

eQuotes, and quote purge messages to the MIAX 

System. Full Service MEI Ports are also capable of 

receiving administrative information. Market 

Makers are limited to two Full Service MEI Ports 

per matching engine. 

5Limited Service MEI Ports provide Market 

Makers with the ability to send eQuotes and quote 

purge messages only, but not Market Maker Quotes, 

to the MIAX System. Limited Service MEI Ports are 

also capable of receiving administrative 

information. Market Makers initially receive two 

Limited Service MEI Ports per matching engine. 

19(b)(3)(A)(ii) of the Act.9 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 rule-comments@

sec.gov. Please include File Number SR– 

MIAX–2015–24 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–MIAX–2015–24. 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 such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–MIAX– 

2015–24, and should be submitted on or 

before April 29, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07960 Filed 4–7–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74633; File No. SR–MIAX– 

2015–25] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

April 2, 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 March 31, 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 the 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 Web site 

at http://www.miaxoptions.com/filter/

wotitle/rule_filing, at MIAX’s principal 

office, and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

MIAX Options Fee Schedule (the ‘‘Fee 

Schedule’’) to increase the fees for MEI 

Ports to Market Makers. Specifically, the 

Exchange proposes to: (i) Increase the 

MEI Port Fee for the first matching 

engine used, from $1,000 to $2,500 per 

month; (ii) increase the MEI Port Fee for 

each of matching engines 2 through 5, 

from $500 to $1,200 per month; (iii) 

increase the MEI Port Fee for each of 

matching engines 6 and above, from 

$250 to $700 per month; and (iv) 

increase the fee for additional Limited 

Service MEI Ports from $10 to $50 per 

month. 

Currently, MIAX assesses monthly 

MEI Port Fees on Market Makers based 

upon the number of MIAX matching 

engines 3 used by the Market Maker. 

MEI Port users are allocated two Full 

Service MEI Ports 4 and two Limited 

Service MEI Ports 5 per matching engine 

to which they connect. The Exchange 

currently assesses a fee of $1,000 per 

month on Market Makers for the first 

matching engine they use; $500 per 

month for each of matching engines 2 

through 5; and $250 per month for each 

of matching engines 6 and above. For 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 18895 

6See NASDAQ OMX PHLX LLC (‘‘PHLX’’) 

Pricing Schedule, Section VII. PHLX assesses 

specialists and market makers Active SQF Port Fee 

of $2,500 per month for the first port, $4,000 per 

month for ports 2–6, and $15,000 per month for 

ports 7 and over. Active SQF Port Fees are capped 

at $42,000 per month. 

7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A)(ii). 

example, a Market Maker that wishes to 

make markets in just one symbol would 

require the two MEI Ports in a single 

matching engine; a Market Maker 

wishing to make markets in all symbols 

traded on MIAX would require the two 

MEI Ports in each of the Exchange’s 

matching engines. The Exchange also 

currently charges $10 per month for 

each additional Limited Service MEI 

Port per matching engine for Market 

Makers in addition to the two Limited 

Service MEI Ports per matching engine 

that are allocated with the Full Service 

MEI Ports. The Full Service MEI Ports, 

Limited Service MEI Ports and the 

additional Limited Service MEI Ports all 

include access to MIAX’s primary and 

secondary data centers and its disaster 

recovery center. 

The Exchange notes that another 

competing exchange charges 

substantially more for the use of similar 

ports.6 The Exchange established the 

current lower rates in order to 

encourage additional market 

participants to become Members of the 

Exchange and register as Market Makers 

and use the service. Now that the 

Exchange has grown its market share 

and membership base, the Exchange 

proposes to modify its fees charged to 

Market Makers for use of MEI Ports in 

an effort to increase the Exchange’s 

revenues from non-transaction fee 

sources and also more closely align the 

fees with the rates charged by another 

competing options exchange. 

Accordingly, the Exchange proposes to 

increase the fees charged to Market 

Makers for use of MEI Ports. 

Specifically, the Exchange proposes to: 

(i) Increase the MEI Port Fee for the first 

matching engine used, from $1,000 to 

$2,500 per month; (ii) increase the MEI 

Port Fee for each of matching engines 2 

through 5, from $500 to $1,200 per 

month; (iii) increase the MEI Port Fee 

for each of matching engines 6 and 

above, from $250 to $700 per month; 

and (iv) increase the fee for additional 

Limited Service MEI Ports from $10 to 

$50 per month. 

The Exchange proposes to implement 

the fee changes beginning April 1, 2015. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its fee schedule is 

consistent with Section 6(b) of the Act 7

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 8 in particular, 

in that it is an equitable allocation of 

reasonable fees and other charges. 

The Exchange believes that the 

proposal is reasonable and not unfairly 

discriminatory because Market Makers 

are free to add and remove MEI Ports 

and will only be charged for the amount 

of MEI Ports that they desire to use. The 

proposed fee is fair and equitable and 

not unreasonably discriminatory 

because it applies equally to all Market 

Makers regardless of type. All similarly 

situated Market Makers, with the same 

number of MEI Ports, will be subject to 

the same fee, and access to the Exchange 

is offered on terms that are not unfairly 

discriminatory. The Exchange believes 

that the proposed fees are reasonable in 

that the rates are within the range of that 

charged by another competing options 

exchange. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

The Exchange believes that the proposal 

increases both intermarket and 

intramarket competition by increasing 

MEI Port fees for Market Makers on the 

Exchange in the range of comparable 

fees on another 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 

in order to attract market participants to 

use its services. The Exchange believes 

that the proposal reflects this 

competitive environment because it 

increases the Exchange’s fees in a 

manner that continues to encourage 

market participants to register as Market 

Makers on the Exchange, to provide 

liquidity, and to attract order flow. To 

the extent that this purpose is achieved, 

all the Exchange’s market participants 

should benefit from the improved 

market liquidity. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.9 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 rule-comments@

sec.gov. Please include File Number SR– 

MIAX–2015–25 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–MIAX–2015–25. 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., 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
18896 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 

10 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Effective December 1, 2014, NASDAQ amended 

Rule 7027 to harmonize the treatment of aggregation 

of affiliate activity of affiliated members to be 

consistent with the rules governing NOM and 

PHLX. See Securities Exchange Act Release No. 

72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014) 

(SR–NASDAQ–2014–083). NOM and PHLX also 

amended their respective rules to harmonize the 

process by which it collects information from its 

members for purposes of aggregating member 

activity between its equity and options markets. See 

Securities Exchange Act Release Nos. 72967 (Sept. 

2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR– 

NASDAQ–2014–082) and 72969 (Sept. 3, 2014), 79 

FR 53485 (Sept. 9, 2014) (SR–PHLX–2014–56). 

5See NASDAQ Rule 7027(a)(1). 

6See NASDAQ Rule 7027(a)(2). 

7See supra note 4. 

8See supra note 5. 

9For example, the Price List specifies whether 

quoting and trading activity relating to 

Supplemental Liquidity Provider activity may be 

aggregated. 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–MIAX– 

2015–25, and should be submitted on or 

before April 29, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07961 Filed 4–7–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74641; File No. SR– 

NYSEMKT–2015–20] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending Its Price List 

To Specify That a Member 

Organization May Request That the 

Exchange Aggregate Its Eligible 

Activity With Activity of the Member 

Organization’s Affiliates for Purposes 

of Charges or Credits Based on 

Volume 

April 2, 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 March 25, 

2015, NYSE MKT LLC (‘‘NYSE MKT’’ or 

the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory 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 

Price List to specify that a member 

organization may request that the 

Exchange aggregate its eligible activity 

with activity of the member 

organization’s affiliates for purposes of 

charges or credits based on volume. 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 amend its 

Price List to specify that member 

organizations may request that the 

Exchange aggregate their eligible 

activity with activity of member 

organization’s affiliates for purposes of 

charges or credits based on volume. The 

proposed rule change is based on 

NASDAQ Stock Market LLC 

(‘‘NASDAQ’’) Rule 7027, NASDAQ 

Options Market LLC (‘‘NOM’’) Rules at 

Chapter XV, and the NASDAQ OMX 

PHLX LLC (‘‘PHLX’’) Pricing Schedule.4

As proposed, for purposes of applying 

any provision of the Exchange’s Price 

List where the charge assessed, or credit 

provided, by the Exchange depends on 

the volume of a member organization’s 

activity, a member organization may 

request that the Exchange aggregate its 

eligible activity with activity of such 

member organization’s affiliates. The 

Exchange further proposes that a 

member organization requesting 

aggregation of eligible affiliate activity 

would be required to (1) certify to the 

Exchange the affiliate status of member 

organizations whose activity it seeks to 

aggregate prior to receiving approval for 

aggregation, and (2) inform the 

Exchange immediately of any event that 

causes an entity to cease being an 

affiliate. The Exchange would review 

available information regarding the 

entities and reserves the right to request 

additional information to verify the 

affiliate status of an entity. As further 

proposed, the Exchange would approve 

a request, unless it determines that the 

certificate is not accurate.5

The Exchange also proposes that if 

two or more member organizations 

become affiliated on or prior to the 

sixteenth day of a month, and submit 

the required request for aggregation on 

or prior to the twenty-second day of the 

month, an approval of the request 

would be deemed to be effective as of 

the first day of that month. If two or 

more member organizations become 

affiliated after the sixteenth day of a 

month, or submit a request for 

aggregation after the twenty second day 

of the month, an approval of the request 

would be deemed to be effective as of 

the first day of the next calendar 

month.6 The Exchange believes that this 

requirement, which is also similar to 

requirements of other exchanges,7

would be a fair and objective way to 

apply the aggregation rule to fees and 

streamline the billing process. 

The Exchange further proposes to 

provide that for purposes of applying 

any provision of the Price List where the 

charge assessed, or credit provided, by 

the Exchange depends upon the volume 

of a member organization’s activity, 

references to an entity would be deemed 

to include the entity and its affiliates 

that have been approved for 

aggregation.8 The Exchange notes that 

its designated market makers (‘‘DMM’’) 

are subject to specified pricing on the 

Price List. For purposes of the Price List, 

a DMM may not aggregate its volume 

either with other units within the same 

member organization or affiliates of the 

member organization operating the 

DMM unit. In addition, the Exchange 

proposes to provide that member 

organizations may not aggregate volume 

where the Price List specifies that 

aggregation is not permitted.9


asabaliauskas on DSK5VPTVN1PROD with NOTICES