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###### Securities and Exchange Commission

          - [Release No. 34-74633; File No. SR-MIAX-2015-25]

                    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                           ( print page 18895)                        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.,                           ( print page 18896)                        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.

# Footnotes

1.                             15 U.S.C. 78s(b)(1).                    
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2.                             17 CFR 240.19b-4.                    
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3.                             A “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.                    
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4.                             Full 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.                    
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5.                             Limited 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.                    
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6.                                                     *See*                         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.                    
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7.                             15 U.S.C. 78f(b).                    
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8.                             15 U.S.C. 78f(b)(4).                    
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9.                             15 U.S.C. 78s(b)(3)(A)(ii).                    
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10.                                 17 CFR 200.30-3(a)(12).                        
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[FR Doc. 2015-07961 Filed 4-7-15; 8:45 am]

 BILLING CODE 8011-01-P