Federal Register / Vol. 79, No. 223 / Wednesday, November 19, 2014 / Notices 68919 

1Notice of United States Postal Service of Filing 

a Functionally Equivalent Global Expedited 

Package Services 3 Negotiated Service Agreement 

and Application for Non-Public Treatment of 

Materials Filed Under Seal, November 12, 2014 

(Notice). 

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

2 17 CFR 240.19b–4. 

3 In Amendment No. 1, MIAX deleted a sentence 

from purpose section which incorrectly described 

the current functionality of the Price Improvement 

Mechanism (‘‘PIM’’) offered by the International 

Securities Exchange, LLC (‘‘ISE’’). See ISE Rule 723. 

Because the sentence was immaterial to the filing, 

MIAX submitted Amendment No. 1 to delete it from 

the filing. MIAX did not propose any other changes 

to the filing in Amendment No. 1. 

4See Securities Exchange Act Release Nos. 70654 

(October 10, 2013), 78 FR 62891 (October 22, 2013) 

(SR–PHLX–2013–76); 72554 (July 8, 2014), 79 FR 

40830 (July 14, 2014) (SR–ISE–2014–35). 

5See Exchange Rule 515A(a)(1). 

6See Exchange Rule 515A(a)(2)(i)(A). 

into an additional Global Expedited 

Package Services 3 (GEPS 3) negotiated 

service agreement (Agreement).1

To support its Notice, the Postal 

Service filed a copy of the Agreement, 

a copy of the Governors’ Decision 

authorizing the product, a certification 

of compliance with 39 U.S.C. 3633(a), 

and an application for non-public 

treatment of certain materials. It also 

filed supporting financial workpapers. 

II. Notice of Commission Action 

The Commission establishes Docket 

No. CP2015–9 for consideration of 

matters raised by the Notice. 

The Commission invites comments on 

whether the Postal Service’s filing is 

consistent with 39 U.S.C. 3632, 3633, or 

3642, 39 CFR part 3015, and 39 CFR 

part 3020, subpart B. Comments are due 

no later than November 20, 2014. The 

public portions of the filing can be 

accessed via the Commission’s Web site 

(http://www.prc.gov). 

The Commission appoints Curtis E. 

Kidd to serve as Public Representative 

in this docket. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

No. CP2015–9 for consideration of the 

matters raised by the Postal Service’s 

Notice. 

2. Pursuant to 39 U.S.C. 505, Curtis E. 

Kidd is appointed to serve as an officer 

of the Commission to represent the 

interests of the general public in this 

proceeding (Public Representative). 

3. Comments are due no later than 

November 20, 2014. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–27291 Filed 11–18–14; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73590; File No. SR–MIAX– 

2014–56] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change, as Modified by Amendment 

No. 1 Thereto, To Amend Exchange 

Rule 515A 

November 13, 2014. 

Pursuant to 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 October 

31, 2014, 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. 

On November 12, 2014, the Exchange 

filed Amendment No. 1 to the proposed 

rule change.3 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change, 

as modified by Amendment No. 1, 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 

amend Exchange Rule 515A. 

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 

MIAX Rule 515A regarding PRIME to 

allow orders of any size to initiate a 

PRIME Auction on MIAX at a price 

which is at or better than the national 

best bid or offer (‘‘NBBO’’). The 

proposed change is based on recent 

filings of other competing exchanges.4

Rule 515A provides that a Member 

(the ‘‘Initiating Member’’) may initiate 

an Auction provided that: (i) If the 

Agency Order is for 50 standard option 

contracts or 500 mini-option contracts 

or more, the Initiating Member must 

stop the entire Agency Order as 

principal or with a solicited order at the 

better of the NBBO or the Agency 

Order’s limit price (if the order is a limit 

order); or (ii) if the Agency Order is for 

less than 50 standard option contracts or 

500 mini-option contracts, the Initiating 

Member must stop the entire Agency 

Order as principal or with a solicited 

order at the better of (A) the NBBO price 

improved by a $0.01 increment; or (B) 

the Agency Order’s limit price (if the 

order is a limit order).5 In addition, to 

initiate the Auction for auto-match 

submissions, the Initiating Member 

must mark the Agency Order for 

Auction processing, and for auto-match 

as principal the price and size of all 

Auction responses up to an optional 

designated limit price in which case the 

Agency Order will be stopped at the 

better of the NBBO (if 50 standard 

option contracts or 500 mini-option 

contracts or greater), $0.01 increment 

better than the NBBO (if less than 50 

standard option contracts or 500 minioption contracts), or the Agency Order’s 

limit price.6

The Exchange proposes to 

discontinue the disparate treatment for 

Agency Orders less than 50 contracts or 

500 mini-option contracts. As a result, 

all Agency Orders regardless of their 

size will be treated the same as Agency 

Orders that are 50 standard option 

contracts or 500 mini-option contracts 

or more in current Rule 515A(a)(1)(ii). 

Similarly, for auto-match submissions, 

the Exchange will discontinue the 

requirement that Agency Orders for less 

mstockstill on DSK4VPTVN1PROD with NOTICES

68920 Federal Register / Vol. 79, No. 223 / Wednesday, November 19, 2014 / Notices 

7See Exchange Rule 515A(a)(2)(i)(A). 

8See PHLX Rule 1080(n); ISE Rule 723. 

9The Exchange notes that under the current Rule 

the initiating price would have been $1.19. 

10The Exchange notes that under the current Rule 

the initiating price would have been $1.24. 

11See Securities Exchange Act Release No. 70654 

(October 10, 2013), 78 FR 62891 (October 22, 2013) 

(SR–PHLX–2013–76). 

than 50 contracts or 500 mini-option 

contracts to be $0.01 increment or better 

than the NBBO in current Rule 

515A(a)(2)(i)(A). As a result, for automatch submissions, all Agency Orders 

regardless of their size will be stopped 

at the better of the NBBO or the Agency 

Order’s limit price. The Exchange notes 

that the requirement will remain 

unchanged for both single price 

submissions and auto-match that if the 

MBBO on the same side of the market 

as the Agency Order represents a limit 

order on the Book the stop price must 

be at least $0.01 increment better than 

the booked order’s limit price.7 The 

Exchange notes that orders on the Book 

on the opposite side of the market as the 

Agency Order that are priced at the 

MBBO when the Agency Order has a 

stop price equal to the opposite order, 

will be executed in the same manner as 

today for orders more than 50 contracts 

or 500 mini-option contracts in 

accordance to the priority rules for 

PRIME in Rule 515A(a)(2)(iii). The 

Exchange notes that other exchanges 

provide the same functionality.8 Priority 

rules for PRIME will remain unchanged 

with Priority Customers continuing to 

have priority at each price level in 

accordance with Rule 515A(a)(2)(iii). 

After Priority Customer interest at a 

given price point has been satisfied, 

remaining contracts will be allocated in 

accordance with the priority rules set 

forth in Rule 515A(a)(2)(iii). 

The following examples show how 

allocations will be allocated at the 

conclusion of the Prime Auction with 

the proposed changes. 

Example 1—Single Price Submission 

NBBO = $1.15–$1.20 200 × 200 

BBO = $1.15–$1.20 100 × 100 

Agency Order to buy 100 contracts with 

a limit price of $1.20 

Initiating Member’s Contra Order 

selling 100 contracts with a single stop 

price of $1.20 

RFR sent identifying the option, side 

and size, with initiating price of $1.20 9

(Auction Starts) 

• @110 milliseconds MM1 response 

received, AOC eQuote to Sell 5 at $1.17 

• @230 milliseconds MM4 response 

received, AOC eQuote to Sell 100 at 

$1.20 

• @450 milliseconds MM3 response 

received, AOC eQuote to Sell 40 at 

$1.22 

• 500 milliseconds (Auction Ends) 

Under this scenario the Agency Order 

would be executed as follows: 

1. 5 contracts trade with MM1 @$1.17 

2. 40 contracts trade with the 

Initiating Member’s Contra Order @

$1.20 (This satisfies their 40% 

participation guarantee) 

3. 55 contracts trade with MM4 @

$1.20 

Example 2—Single Price Submission, 

Less Than 50 Contracts 

NBBO = $1.15–$1.20 200 × 200 

BBO = $1.15–$1.20 100 × 100 

Agency Order to buy 30 contracts with 

a limit price of $1.20 

Initiating Member’s Contra Order 

selling 30 contracts with a single stop 

price of $1.20 

RFR sent identifying the option, side 

and size, with initiating price of $1.20 10

(Auction Starts) 

• @110 milliseconds MM1 response 

received, AOC eQuote to Sell 5 at $1.17 

• @230 milliseconds MM4 response 

received, AOC eQuote to Sell 5 at $1.18 

• @450 milliseconds MM3 response 

received, AOC eQuote to Sell 10 at 

$1.20 

• 500 milliseconds (Auction Ends) 

Under this scenario the Agency Order 

would be executed as follows: 

1. 5 contracts trade with MM1 @$1.17 

2. 5 contracts trade with MM4 @$1.18 

3. 12 contracts trade with the 

Initiating Member’s Contra Order @

$1.20 (This satisfies their 40% 

participation guarantee) 

4. 8 contracts trade with MM3 @$1.20 

(This fills the entire Agency Order) 

Example 3—Auto-Match 

NBBO = $1.15–$1.25 200 × 200 

BBO = $1.15–$1.25 100 × 100 

Agency Order to buy 50 contracts with 

a limit price of $1.25 

Initiating Member’s Contra Order selling 

50 contracts auto-match 

RFR sent identifying the option, side 

and size, with initiating price of $1.25 

(Auction Starts) 

• @ 150 milliseconds MM2 response 

received, AOC eQuote to Sell 5 at $1.17 

• @ 230 milliseconds MM4 response 

received, AOC eQuote to Sell 10 at 

$1.18 

• @ 450 milliseconds MM3 response 

received, AOC eQuote to Sell 40 at 

$1.20 

• 500 milliseconds (Auction Ends) 

Under this scenario the Agency Order 

would be executed as follows: 

1. 5 contracts trade with MM2 @ $1.17 

2. 5 contracts trade with Contra Order 

@ $1.17 (due to auto-match) 

3. 10 contracts trade with MM4 @ 

$1.18 

4. 10 contracts trade with Contra 

Order @ $1.18 (due to auto-match) 

5. 8 contracts trade with Contra Order 

@ $1.20 (due to auto-match of 40% of 

the remainder of the order participation 

guarantee) 

6. 12 contracts trade with MM3 @ 

$1.20 (This fills the entire Agency 

Order) 

Example 4—Auto-Match, Agency Order 

Entered Without a Limit Price, Less 

Than 50 Contracts 

NBBO = $1.15–$1.25 200 × 200 

BBO = $1.15–$1.25 100 × 100 

Agency Order to buy 50 contracts 

without a limit price 

Initiating Member’s Contra Order selling 

30 contracts auto-match 

RFR sent identifying the option, side 

and size, with initiating price of $1.25 

(Auction Starts) 

• @ 150 milliseconds MM2 response 

received, AOC eQuote to Sell 5 at $1.17 

• @ 230 milliseconds MM4 response 

received, AOC eQuote to Sell 5 at $1.18 

• @ 450 milliseconds MM3 response 

received, AOC eQuote to Sell 30 at 

$1.20 

• 500 milliseconds (Auction Ends) 

Under this scenario the Agency Order 

would be executed as follows: 

1. 5 contracts trade with MM2 @ $1.17 

2. 5 contracts trade with Contra Order 

@ $1.17 (due to auto-match) 

3. 5 contracts trade with MM4 @ $1.18 

4. 5 contracts trade with Contra Order 

@ $1.18 (due to auto-match) 

5. 4 contracts trade with Contra Order 

@ $1.20 (due to auto-match of 40% of 

the remainder of the order participation 

guarantee) 

6. 6 contracts trade with MM3 @ $1.20 

(This fills the entire Agency Order) 

While the removal of the requirement 

that Agency Orders for less than 50 

contracts or 500 mini-option contracts 

to be $0.01 increment or better than the 

NBBO, removes the guarantee of price 

improvement in a limited instance, 

specifically when a PRIME Order is for 

fewer than 50 contracts and MIAX is 

already present at the NBBO at the 

commencement of the Auction, the 

Exchange believes that the proposed 

rule change will benefit customers 

because it will encourage the entry of 

more orders into PRIME, thus it is more 

likely that such orders may receive price 

improvement. Similar price 

improvement mechanisms on the ISE, 

BOX, and PHLX do not guarantee price 

improvement over the NBBO today. The 

BOX PIP mechanism and PHLX PIXL 

allow orders of any size to be stopped 

at the NBBO or better which also does 

not guarantee price improvement.11 As 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 223 / Wednesday, November 19, 2014 / Notices 68921 

12See Exchange Rule 515A(a)(2)(1)(A)[sic]. See 

also PHLX Rule 1080(n). 

13See BOX Rules Chapter V, Section 18(e); PHLX 

Rule 1080(n); ISE Rule 723. 

14See Proposed Rule 515A, Interpretations and 

Policies .08. A comprehensive list of the data that 

the Exchange represented that it will collect is 

available in Exhibit 3 of SR–MIAX–2014–23. See 

also Securities Exchange Act Release Nos. 72009 

(April 23, 2014), 79 FR 24032 (April 29, 2014) (SR– 

MIAX–2014–20); 72418 (June 18, 2014), 79 FR 

35833 (June 24, 2014) (SR–MIAX–2014–23). 

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

16 15 U.S.C. 78f(b)(5). 

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

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. 

noted above, the requirement will 

remain unchanged for both single price 

submissions and auto-match that if the 

MBBO on the same side of the market 

as the Agency Order represents a limit 

order on the Book the stop price must 

be at least $0.01 increment better than 

the booked order’s limit price.12

The Exchange believes using the same 

exact allocation method, as it does today 

for Agency Orders of 50 contracts or 500 

mini-options or greater, is a fair 

distribution because the Contra-side 

Order provides significant value to the 

market. The Initiating Member 

guarantees the Agency Order the 

opportunity for price improvement, and 

is subject to market risk while the order 

is exposed to other market participants. 

The Initiating Member may not change 

or cancel its order once the PRIME 

Auction commences. Other market 

participants are free to modify or cancel 

their quotes and orders at any time 

during the auction. The Exchange 

believes that the Initiating Member 

provides an important role in 

facilitating the price improvement 

opportunity for market participants. 

The Exchange believes the proposed 

rule change will attract new order flow 

that might not currently be afforded any 

price improvement opportunity. 

Moreover, the Exchange notes that other 

competing options exchanges currently 

have rules that allow it [sic] to 

commence its [sic] price improvement 

auction, at a price equal to the NBBO.13

The Exchange believes that because 

there is no rational need for volume 

differentiation, and as there is a 

competitive disadvantage to the 

Exchange in continuing differentiation, 

it is appropriate to discontinue the 

requirement that Agency Orders for less 

than 50 contracts or 500 mini-option 

contracts to be $0.01 increment or better 

than the NBBO and thereby simplify the 

way PRIME operates. 

The Exchange proposes to adopt the 

proposed changes to the size 

requirements subject to a Pilot Program 

ending July 18, 2015, pursuant to which 

the Exchange will periodically submit 

reports based on the comprehensive list 

of the data that the Exchange 

represented that it will collect in order 

to aid the Commission in its evaluation 

of the PRIME that incorporates the 

changes proposed.14

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

Section 6(b) 15 of the Act in general, and 

furthers the objectives of Section 

6(b)(5) 16 of the Act in particular, in that 

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 

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. 

Specifically, the Exchange believes 

the proposal will result in more orders 

of less than 50 contracts being executed 

in PRIME, thus providing an increased 

probability of price improvement for 

small orders. By removing the 

requirement as proposed, market 

participants would be incentivized to 

introduce more customer orders to 

PRIME for the opportunity to receive 

price improvement. Furthermore, 

Priority Customers will continue to have 

priority at each price level in 

accordance with Rule 515A(a)(2)(iii). In 

particular, the Exchange believes that 

using the same allocation process as is 

used today for Agency Orders of 50 

contracts or greater, is fair and equitable 

because of the value the Initiating 

Member brings to the market place. 

Specifically, by stopping the Agency 

Order at or better than the NBBO, the 

Initiating Member facilitates a process 

that protects investors and is in the 

public interest by providing an 

opportunity for price improvement. The 

Exchange believes the proposed rule 

change is appropriate in the price 

improvement auctions are widely 

recognized by market participants as 

invaluable, both as a tool to access 

liquidity, and a mechanism to help meet 

their best execution obligations. The 

proposed rule change will further the 

ability of market participants to carry 

out these strategies. Finally, as noted 

above, the proposed changes are a 

competitive response to how price 

improvement auctions on other 

exchanges currently operate and with 

this proposal, the Exchange will be on 

a more equal footing to compete with 

other exchanges for orders to be 

executed in the PRIME. 

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’s proposal to amend its rules 

regarding the start price of a PRIME 

Auction will not impose a burden on 

competition because it will increase the 

number of orders that may be executed 

in the PRIME and thereby receive price 

improvement opportunities that were 

not previously available to them. The 

PRIME Auction is designed to increase 

competition for order flow on the 

Exchange in a manner intended to be 

beneficial to investors seeking to effect 

option orders with an opportunity to 

access additional liquidity and receive 

price improvement. The Exchange notes 

that it operates in a highly competitive 

market in which market participants can 

readily direct order flow to competing 

venues who offer similar functionality. 

The Exchange believes that the 

proposed changes to the Auctions are 

pro-competitive by providing market 

participants with functionality that is 

similar to that of other options 

exchanges. 

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 

Because the foregoing 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 after the date of 

the filing, or such shorter time as the 

Commission may designate, it has 

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

of the Act 17 and Rule 19b–4(f)(6) 18

thereunder. 

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 

mstockstill on DSK4VPTVN1PROD with NOTICES

68922 Federal Register / Vol. 79, No. 223 / Wednesday, November 19, 2014 / Notices 

19 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. 

4See Securities Exchange Act Release No. 67720 

(August 23, 2012), 77 FR 52769 (August 30, 2012) 

(SR–NYSEArca–2012–89) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Proposing To Offer Certain Proprietary Options 

Data Products). 

5See Securities Exchange Act Release No. 68005 

(October 9, 2012), 77 FR 63362 (October 16, 2012) 

(SR–NYSEArca–2012–106) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Establishing Fees for Certain Proprietary Options 

Market Data Products). See also Securities 

Exchange Act Release No. 69554 (May 10, 2013), 78 

FR 28917 (May 16, 2013) (SR–NYSEArca–2013–47) 

(Notice of Filing and Immediate Effectiveness of 

Proposed Rule Change Establishing Non-Display 

Usage Fees and Amending the Professional EndUser Fees for NYSE Arca Options Market Data). See 

also Securities and Exchange Act Release No. 71933 

(April 11, 2014), 79 FR 21821 (April 17, 2014) (SR– 

NYSEArca–2014–34)(Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Amending the Professional User Fees for NYSE 

Arca Options Market Data, Operative on April 1, 

2014). 

6See Securities Exchange Act Release No. 73010 

(September 5, 2014), 79 FR 54307 (September 11, 

2014) (SR–NYSEArca–2014–94) (Notice of Filing 

and Immediate Effectiveness of Proposed Rule 

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, as modified by Amendment No. 

1, 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–2014–56 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–MIAX–2014–56. 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–MIAX– 

2014–56 and should be submitted on or 

before December 10, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27311 Filed 11–18–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73588; File No. SR– 

NYSEARCA–2014–129] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Implementing Fees for 

the NYSE ArcaBook for Arca Options 

Complex Feed and Changing the NYSE 

Arca Options Proprietary Market Data 

Fee Schedule (‘‘Market Data Fee 

Schedule’’) Regarding Non-Display 

Use Fees 

November 13, 2014. 

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 October 

30, 2014, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 add fees for 

the NYSE ArcaBook for Arca Options 

Complex feed, operative on November 

1, 2014. 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 

NYSE ArcaBook for Arca Options— 

Complex—Fee Changes 

The Exchange offers six NYSE Arca 

Options real-time options market data 

products: ArcaBook for Arca Options— 

Trades, ArcaBook for Arca Options— 

Top of Book, ArcaBook for Arca 

Options—Depth of Book, ArcaBook for 

Arca Options—Complex, ArcaBook for 

Arca Options—Series Status, and 

ArcaBook for Arca Options—Order 

Imbalance (collectively, ‘‘Arca Options 

Products’’).4 The Exchange currently 

charges the following fees for receipt of 

all six Arca Options Products: 5 an 

Access Fee of $3,000 per month; a 

Redistribution Fee of $2,000 per month; 

a Professional User Fee of $50 per 

month for each Professional User; and a 

Non-Professional User Fee of $1 per 

month for each Non-Professional User. 

There is a Non-Professional User Fee 

Cap of $5,000 per month per 

Redistributor. The fee for non-display 

use of all six Arca Options Products is 

$5,000 per data recipient for each 

category of organization (i.e., for 

Category 1, Category 2 and Category 3).6

mstockstill on DSK4VPTVN1PROD with NOTICES