18892 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 

14 15 U.S.C. 78s(b)(3)(A)(iii). 15 17 CFR 240.19b–4(f)(6). 16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and 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. The Exchange 

has satisfied this requirement. 18 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 14 and Rule 

19b–4(f)(6) thereunder.15 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 

for 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 16 and Rule 19b–4(f)(6)(iii) 

thereunder.17 The Exchange represents 

that this proposed rule change will be 

implemented during the Second Quarter 

of 2015 subject to the issuance of an 

Equity Trader Alert that will provide at 

least 30 days of notice prior to the 

operative date for the respective 

amendments to Rule 4751(h). 

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– 

BX–2015–016 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–BX–2015–016. 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 

offices 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–BX– 

2015–016, and should be submitted on 

or before April 29, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07966 Filed 4–7–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74632; File No. SR–MIAX– 

2015–24] 

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 

modify the Market Maker Trading 

Permit Fee. 

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 modify its 

Trading Permit fees to increase the 

monthly Trading Permit fees that apply 


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Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 18893 

3There is no limit on the number of Trading 

Permits that may be issued by the Exchange; 

however the Exchange has the authority to limit or 

decrease the number of Trading Permits it has 

determined to issue provided it complies with the 

provisions set forth in Rule 200(a) and Section 

6(c)(4) of the Exchange Act. See 15 U.S.C. 

78(f)(c)(4). For a complete description of MIAX 

Trading Permits, see MIAX Rule 200. 

4The monthly Trading Permit Fee is in addition 

to the one-time application fee for MIAX 

Membership. The Exchange charges a one-time 

application fee based upon the applicant’s status as 

either an Electronic Exchange Member (‘‘EEM’’) or 

as a Market Maker. Applicants for MIAX 

Membership as an EEM are assessed a one-time 

Application Fee of $2,500.00. Applicants for MIAX 

Membership as a Market Maker are assessed a onetime Application Fee of $3,000.00. The difference 

in the fee charged to EEMs and Market Makers 

reflects the additional review and processing effort 

needed for Market Maker applications. 

5See e.g., NYSE Arca Options Fees and Charges, 

p.1 (assessing market makers $6,000 for up to 100 

option issues, an additional $5,000 for up to 250 

option issues, an additional $4,000 for up to 750 

option issues, and an additional $3,000 for all 

option issues on the exchange); NYSE Amex 

Options Fee Schedule, p. 19 (assessing market 

makers $8,000 for up to 60 plus the bottom 45%, 

an additional $6,000 for up to 150 plus the bottom 

45%, an additional $5,000 for up to 500 plus the 

bottom 45%, and additional $4,000 for up to 1,000 

[sic] plus the bottom 45%, and an additional $3,000 

for all issues traded on the exchange). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(4). 

8See supra note 5. NYSE Arca Options charges 

$11,000 for up to 250 option issues and $18,000 for 

all options issues on the exchange. NYSE Amex 

Options charges $26,000 for all option issues on the 

exchange. 

to Market Makers (‘‘MMs’’). Specifically, 

the Exchange proposes to: (i) Increase 

the monthly Trading Permit fee that 

applies to MMs for MM Assignments in 

up to 250 options classes from $5,500 to 

$15,000; (ii) increase the monthly 

Trading Permit fee that applies to MMs 

for MM Assignments in all classes from 

$7,000 to $22,000; (iii) eliminate the 

Trading Permit fee that applies to MMs 

for MM Assignments in up to 100 

options classes; and (iv) add some 

clarifying language to the Fee Schedule 

regarding the fee applicable to MM 

Assignments above 250. 

The Exchange issues Trading Permits 

that confer the ability to transact on the 

Exchange.3 Currently, all MMs, whether 

they are a RMM, LMM or PLMM, are 

assessed $4,000 per month for a Trading 

Permit for an assignment in up to 100 

option classes, $5,500 per month for a 

Trading Permit for an assignment in up 

to 250 option classes, or $7,000 per 

month for a Trading Permit for an 

assignment in all option classes listed 

on the Exchange.4 The Exchange notes 

that the current monthly Trading Permit 

fees are in some instances substantially 

lower than monthly trading permit fees 

in place at other competing options 

exchanges.5 The Exchange established 

these lower rates in order to encourage 

additional market participants to 

become Members of the Exchange and 

register as MIAX Market Makers. Now 

that the Exchange has grown its market 

share and membership base, the 

Exchange proposes to modify its 

Trading Permit fee for MMs so that it is 

more aligned with the rates charged by 

competing options exchanges. 

The Exchange proposes to modify its 

MM Trading Permit fee to increase the 

monthly Trading Permit fee that applies 

to MMs. Specifically, the Exchange 

proposes to: (i) Increase the monthly 

Trading Permit fee that applies to MMs 

for MM Assignments in up to 250 

options classes from $5,500 to $15,000; 

(ii) increase the monthly Trading Permit 

fee that applies to MMs for MM 

Assignments in all classes from $7,000 

to $22,000; and (iii) eliminate the 

Trading Permit fee that applies to MMs 

for MM Assignments in up to 100 

options classes. 

Members receiving Trading Permits 

during the month will be assessed 

Trading Permit Fees according to the 

above schedule, except that the 

calculation of the Trading Permit fee for 

the first month in which the Trading 

Permit is issued will be pro-rated based 

on the number of trading days occurring 

after the date on which the Trading 

Permit was in effect during that first 

month divided by the total number of 

trading days in such month multiplied 

by the monthly rate. 

Finally, the Exchange proposes to add 

some clarifying language to the Fee 

Schedule in order to specify that the 

$22,000 Trading Permit Fee applies to 

MMs Assignments over 250 up to all 

options classes listed on MIAX. The 

Exchange believes that the proposed 

change will help avoid the potential for 

confusion on behalf of MMs as to which 

fee level applies to MMs Assignments 

over 250 options classes. 

The Exchange proposes to implement 

the Trading Permit fees 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 6

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 7 in particular, 

in that it is an equitable allocation of 

reasonable fees and other charges among 

Exchange members. 

The Exchange believes that the 

proposed Trading Permit fee is 

reasonable, equitable and not unfairly 

discriminatory. The proposed Trading 

Permit fees are reasonable in that they 

are within the range of comparable fees 

at other competing options exchanges.8

As such, the proposal is reasonably 

designed to continue to compete with 

other options exchange by incentivizing 

market participants to register as Market 

Makers on the Exchange in a manner 

that enables the Exchange to improve its 

overall competitiveness and strengthen 

its market quality for all market 

participants. 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 

assignments, will be subject to the same 

Trading Permit fee, and access to the 

Exchange 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 proposal 

increases both intermarket and 

intramarket competition by increasing 

Trading Permit fees for Market Makers 

on the Exchange in a manner that allows 

all Market Makers to be subject to the 

same fee based on the number of 

assignments regardless of type and yet 

still be in the range of comparable fees 

on other exchanges. The Exchange notes 

that it operates in a highly competitive 

market in which market participants can 

readily favor competing venues if they 

deem fee levels at a particular venue to 

be excessive. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow to 

the Exchange. 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 


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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 


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