Federal Register / Vol. 80, No. 3 / Tuesday, January 6, 2015 / Notices 593 

38 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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. 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BATS–2014–056 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–BATS–2014–056. 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 at 100 F Street NE., 

Washington, DC 20549–1090 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–BATS– 

2014–056, and should be submitted on 

or before January 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.38

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30901 Filed 1–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73957; File No. SR–MIAX– 

2014–068] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

December 30, 2014. 

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 December 19, 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. 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 Trading Permit Fee for 

EEMs. 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to modify its 

Monthly Trading Permit fee to increase 

the monthly Trading Permit fee that 

applies to Electronic Exchange Members 

(‘‘EEMs’’). Specifically, the Exchange 

proposes to increase the monthly 

Trading Permit fee that applies to EEMs 

to $1,500, from the current level of 

$1,000. 

The Exchange issues Trading Permits 

that confer the ability to transact on the 

Exchange.3 The Exchange assesses 

monthly fees for Trading Permits 

depending upon the category of Member 

that is issued a particular trading 

permit.4 EEMs are assessed a monthly 

fee of $1,000 for a Trading Permit. All 

Market Makers, whether they are a 

Registered Market Makers (‘‘RMMs’’), 

Lead Market Makers (‘‘LMMs’’), or 

Primary Lead Market Makers 

(‘‘PLMMs’’), are assessed $4,000.00 per 

month for a Trading Permit for an 

assignment in up to 100 option classes, 

$5,500.00 per month for a Trading 

Permit for an assignment in up to 250 

option classes, or $7,000.00 per month 

for a Trading Permit for an assignment 

in all option classes listed on the 

Exchange. 

The Exchange proposes to increase 

the monthly Trading Permit fee that 

applies to EEMs to $1,500, in order to 

increase the Exchange’s non-transaction 

fee revenues. The Exchange notes that 

the proposed monthly Trading Permit 

fees are generally lower than monthly 

trading permit fees in place at CBOE 

and the NASDAQ OMX PHLX LLC 

(‘‘PHLX’’). The $1,500 monthly Trading 

Permit fee to be assessed to EEMs is 

lower than the CBOE’s monthly 

electronic access trading permit fee 

($1,600) and the PHLX’s monthly permit 

fee for members ($2,150). 

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 


tkelley on DSK3SPTVN1PROD with NOTICES
594 Federal Register / Vol. 80, No. 3 / Tuesday, January 6, 2015 / Notices 

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

6 15 U.S.C. 78f(b)(4). 7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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. 

The Exchange proposes to implement 

the Trading Permit fees beginning 

January 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 5

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 6 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 Exchange notes that 

the Trading Permit fees are lower than 

comparable fees at other exchanges as 

described in the Purpose section above. 

As such, the proposal is reasonably 

designed because it will incent market 

participants to register as EEMs 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 the Trading 

Permit fee applies equally to all 

Members who choose to register as an 

EEM. All similarly situated EEMs 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 marginally 

increasing Trading Permit fees for EEMs 

on the Exchange in a manner that still 

remains lower than 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 EEMs 

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.7 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–2014–068 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–2014–068. 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– 

2014–068 and should be submitted on 

or before January 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30891 Filed 1–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73967; File No. SR– 

NASDAQ–2014–128] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

NASDAQ Rules 7014 and 7018 

December 30, 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 December 

19, 2014, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’ or the ‘‘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. 


tkelley on DSK3SPTVN1PROD with NOTICES