1534 Federal Register / Vol. 80, No. 7 / Monday, January 12, 2015 / Notices 

11 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. 

4For a trading license that is in place for 15 

calendar days or less in a calendar month, proration 

for that month would be at a flat rate of $100 per 

day with no tier pricing involved. For a trading 

license that is in place for 16 calendar days or more 

in a calendar month, proration for that month 

would be computed based on the number of days 

as applied to the applicable annual fee for the 

trading license. See Price List at current n. 16. 

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–2014–70 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–2014–70. 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–2014–70 and should 

be submitted on or before February 2, 

2015. For the Commission, by the 

Division of Trading and Markets, 

pursuant to delegated authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00224 Filed 1–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73996; File No. SR–NYSE– 

2014–74] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Amending Its 

Price List Related to Fees for Trading 

Licenses To Extend the Current Fee 

Schedule to February 27, 2015 and To 

Implement New Trading License Fees 

Effective March 1, 2015 

January 6, 2015. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

23, 2014, New York Stock Exchange 

LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘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 related to fees for trading 

licenses to extend the current fee 

schedule to February 27, 2015 and to 

implement new trading license fees 

effective March 1, 2015. 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 extend the current fee 

schedule to February 27, 2015 and to 

implement new trading license fees 

effective March 1, 2015. 

NYSE Rule 300(b) provides that, in 

each annual offering, up to 1,366 trading 

licenses for the following calendar year 

will be sold annually at a price per 

trading license to be established each 

year by the Exchange pursuant to a rule 

filing submitted to the Securities and 

Exchange Commission (‘‘Commission’’) 

and that the price per trading license 

will be published each year in the 

Exchange’s Price List. Currently, the 

Exchange charges an annual fee of 

$40,000 per license for the first two 

trading licenses held by a member 

organization and $25,000 for each 

additional trading license. For trading 

licenses issued after July 1, 2013, fees 

are prorated for the portion of the 

calendar year that the trading license is 

outstanding.4 However, if a member 

organization is issued additional trading 

licenses between July 1, 2013 and 

December 31, 2014, and the total 

number of trading licenses held by the 

member organization between July 1, 

2013 and December 31, 2014 is greater 

than the total number of trading licenses 

held by the member organization on 

July 1, 2013, the member organization 

would not be charged a prorated fee for 

the period from July 3, 2013 to 

December 31, 2014 for those additional 

trading licenses above the number the 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 7 / Monday, January 12, 2015 / Notices 1535 

5See Securities Exchange Act Release No. 71215 

(December 31, 2013), 79 FR 885 (January 7, 2014) 

(SR–NYSE–2013–82). See also Price List at current 

n. 15. If a firm becomes a member organization after 

July 1, 2013, the firm is assigned a baseline of one 

trading license and charged a prorated fee for that 

license. Any trading licenses in addition to the first 

trading license are not charged a prorated fee for the 

period from July 3, 2013 to December 31, 2014. If 

a member organization merges with another 

member organization on or after July 1, 2013, the 

total combined number of trading licenses held by 

each member organization on July 1, 2013 is 

considered the baseline number of trading licenses 

for the successor member organization as of the date 

of the merger. See generally id. 

6Rule 2(b)(ii) recognizes as ‘‘member 

organizations’’ any registered broker or dealer that 

is a member of the Financial Industry Regulatory 

Authority (‘‘FINRA’’) or a registered securities 

exchange consistent with the requirements of Rule 

2(b)(i) and ‘‘which does not own a trading license 

and agrees to be regulated by the Exchange as a 

member organization and which the Exchange has 

agreed to regulate.’’ Regulated Only Members 

cannot enters orders on, or clear through, the 

Exchange but are subject to regulation by the 

Exchange, including periodic examination by 

FINRA on the Exchange’s behalf. 

7See note 4, supra. Firms becoming member 

organizations between January 2, 2015 and 

February 27, 2015 would pay a prorated fee for one 

license at the current rate of $40,000 until February 

27, 2015 and then pay a prorated amount of the new 

proposed fee of $50,000 for the remainder of 2015. 

Firms becoming Regulated Only Members between 

January 2, 2015 and February 27, 2015 would pay 

no fee and would pay a prorated fee beginning 

March 1, 2015 for the remainder of the year. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(4) and (5). 

member organization held on July 1, 

2013.5

For 2015, the Exchange proposes to 

extend the current fee schedule relating 

to trading license fees through February 

27, 2015 and amend the trading license 

fees effective March 1, 2015. 

For the period between January 2, 

2015 and February 27, 2015, the 

Exchange proposes to retain the current 

fee schedule relating to trading licenses, 

including the fee relief for additional 

licenses. As a result, an annual fee 

would not apply to the number of 

trading licenses issued to a member 

organization between July 3, 2013 and 

February 27, 2015 that exceeds the total 

number of trading licenses held by the 

member organization on July 1, 2013. 

The Exchange proposes to maintain July 

1, 2013 as the baseline date so that a 

consistent point in time would be used 

to determine how many trading licenses 

for which a member organization would 

be charged. The fee calculation for new 

or merged member organizations would 

also be extended. Thus, for any firm that 

becomes a member organization after 

July 1, 2013, the firm would be 

considered to have one trading license 

as of July 1, 2013 and charged a fee for 

that one license through February 27, 

2015. The Exchange proposes to extend 

the current fee schedule for the first two 

months of 2015 in order to maintain the 

existing fee schedule relating to trading 

licenses and provide member 

organizations with advance notice of the 

trading license fee changes that the 

Exchange proposes to introduce on 

March 1, 2015. 

Effective March 1, 2015, the Exchange 

proposes to charge an annual fee of 

$50,000 for the first license held by a 

member organization and $15,000 for 

each additional license. The Exchange 

proposes to eliminate the existing fee 

relief for additional licenses and delete 

the relevant text from current footnote 

15. 

The Exchange also proposes to 

introduce a $25,000 annual 

administrative fee for member 

organizations that do not own a trading 

license and agree to be regulated by the 

Exchange pursuant to Rule 2(b)(ii) 

(‘‘Regulated Only Members’’) to offset 

the costs of this membership category.6

The Exchange proposes to continue 

prorating license fees for any portion of 

the year that a license may be 

outstanding, including the 

administrative fee for Regulated Only 

members.7

The Exchange also proposes to correct 

a typographical error in the heading of 

the Price List where the word 

‘‘Licenses’’ is misspelled. 

The proposed change is not otherwise 

intended to address any other issues, 

and the Exchange is not aware of any 

problems that members and member 

organizations would have in complying 

with the proposed change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,8 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,9 in 

particular, because it provides for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, issuers and other persons 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes that the 

proposed change is reasonable because 

maintaining the current fee structure 

through February 27, 2014[sic], 

including fee relief for the number of 

trading licenses that exceeds the total 

number of trading licenses held by the 

member organization on July 1, 2013, 

would maintain the existing fee 

schedule relating to trading licenses 

while at the same time providing 

member organizations with a reasonable 

period to assess the impact of the new 

permanent fees the Exchange proposes 

for March 1, 2015 and effectuate an 

orderly transition to the new fee 

schedule. The Exchange believes that 

maintaining the current fee structure for 

the first two months of 2015 would also 

continue to encourage member 

organizations to hold additional trading 

licenses during that time, which would 

increase the number of market 

participants trading on the floor of the 

Exchange, thereby promoting liquidity, 

price discovery and the opportunity for 

price improvement for the benefit of all 

market participants. The Exchange also 

believes that it is reasonable to maintain 

July 1, 2013 as the applicable baseline 

date so that a consistent point in time 

would be used to determine how many 

trading licenses for which a member 

organization would be charged, which 

would continue to provide member 

organizations with greater flexibility in 

managing their personnel. 

The Exchange further believes that the 

proposal to maintain the current fee 

schedule through February 27, 2015 is 

equitable and not unfairly 

discriminatory because all similarly 

situated member organizations would 

continue to be subject to the same 

trading license fee structure and because 

access to the Exchange’s market would 

continue to be offered on fair and 

nondiscriminatory terms. The Exchange 

also believes that the proposal to 

maintain the current fee schedule is 

equitable and not unfairly 

discriminatory because all member 

organizations would continue to have 

the opportunity to enjoy the benefits of 

the fee relief with respect to additional 

trading licenses. The Exchange believes 

that it is equitable and not unfairly 

discriminatory to continue to assign 

new member organizations a baseline of 

one trading license because this will 

continue to encourage firms to become 

member organizations, thereby 

encouraging trading activity on the 

Exchange, which benefits all market 

participants. 

The Exchange believes that the 

proposal to institute a new fee structure 

on March 1, 2015, which would 

eliminate fee relief for additional 

licenses and introduce a simpler model, 

is reasonable because member 

organizations would be able to purchase 

the initial license for slightly more than 

the current rate and add unlimited 

additional licenses at a significantly 

lower rate. The Exchange believes that 

the proposed trading license change 

would encourage additional firms to 

become member organizations on the 

Exchange, which would contribute to 

the quality of the Exchange’s market and 

increase the number of market 

participants trading on the floor of the 


tkelley on DSK3SPTVN1PROD with NOTICES
1536 Federal Register / Vol. 80, No. 7 / Monday, January 12, 2015 / Notices 

10 15 U.S.C. 78f(b)(8). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(2). 

13 15 U.S.C. 78s(b)(2)(B). 

Exchange, thereby also promoting 

liquidity, price discovery and the 

opportunity for price improvement for 

the benefit of all market participants. 

The Exchange believes that the proposal 

would increase the number of market 

participants trading on the floor of the 

Exchange and continue to provide 

member organizations with greater 

flexibility in managing their personnel. 

The Exchange further believes that the 

proposed new fee schedule is equitable 

and not unfairly discriminatory because 

all similarly situated member 

organizations would continue to be 

subject to the same trading license fee 

structure and because access to the 

Exchange’s market would continue to be 

offered on fair and nondiscriminatory 

terms. The Exchange further believes 

that the proposal to introduce a $25,000 

annual administrative fee for Regulated 

Only Members is reasonable, equitable 

and not unfairly discriminatory because 

all member organizations that seek this 

status under Rule 2(b)(ii) would be 

subject to the same fee. The Exchange 

also believes that it is equitable and not 

unfairly discriminatory to subject 

Regulated Only Members to an 

administrative fee because such member 

organizations are subject to the same 

membership costs as non-Regulated 

Only Members. 

The Exchange also believes that 

correcting a typographical error on the 

Price List is consistent with the Act 

because it would add greater clarity for 

member organizations. 

For these reasons, the Exchange 

believes that the proposal is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,10 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, the 

Exchange believes that the proposal to 

maintain the current fee schedule 

through February 27, 2015 would help 

to remove a potential burden on 

competition by making it easier for 

member organizations to appropriately 

staff the floor of the Exchange, which is 

a key feature of the Exchange’s structure 

for offering a fair and orderly market 

and competing with other exchanges. 

Further, the Exchange believes that the 

proposed new fee schedule would also 

contribute to making membership on 

the Exchange as a member organization 

more economical and could therefore 

lead to increased competition on the 

Exchange between member 

organizations. 

Finally, 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 or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges and with 

alternative trading systems that have 

been exempted from compliance with 

the statutory standards applicable to 

exchanges. Because competitors are free 

to modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. As a result of all of these 

considerations, the Exchange does not 

believe that the proposed changes will 

impair the ability of member 

organizations or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 11 of the Act and 

subparagraph (f)(2) of Rule 19b–4 12

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 13 of the Act to 

determine whether the proposed rule 

change 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– 

NYSE–2014–74 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–NYSE–2014–74. 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 Section, 100 F Street NE., 

Washington, DC 20549–1090. Copies of 

the filing will also be available for Web 

site viewing and printing at the NYSE’s 

principal office and on its Internet Web 

site at www.nyse.com. 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–NYSE– 

2014–74 and should be submitted on or 

before February 2, 2015. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 7 / Monday, January 12, 2015 / Notices 1537 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release Nos. 72799 

(August 8, 2014), 79 FR 47698 (August 14, 2014) 

(SR–MIAX–2014–40); 72355 (June 10, 2014), 79 FR 

34368 (June 16, 2014) (SR–MIAX–2014–25); 71698 

(March 12, 2014), 79 FR 15185 (March 18, 2014) 

(SR–MIAX–2014–12); 71283 (January 10, 2014), 79 

FR 2914 (January 16, 2014) (SR–MIAX–2013–63); 

71009 (December 6, 2013), 78 FR 75629 (December 

12, 2013) (SR–MIAX–2013–56). 

4The term ‘‘Priority Customer’’ means a person 

or entity that (i) is not a broker or dealer in 

securities, and (ii) does not place more than 390 

orders in listed options per day on average during 

a calendar month for its own beneficial accounts(s). 

See MIAX Rule 100. 

5See Securities Exchange Release Nos. 71700 

(March 12, 2014), 79 FR 15188 (March 18, 2014) 

(SR–MIAX–2014–13); 72356 (June 10, 2014), 79 FR 

34384 (June 16, 2014) (SR–MIAX–2014–26); 72567 

(July 8, 2014), 79 FR 40818 (July 14, 2014) (SR– 

MIAX–2014–34); 73328 (October 9, 2014), 79 FR 

62230 (October 16, 2014) (SR–MIAX–2014–50). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00215 Filed 1–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74007; File No. SR–MIAX– 

2014–69] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

January 6, 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 December 24, 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 

amend its 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 its 

current Priority Customer Rebate 

Program (the ‘‘Program’’) to modify the 

volume thresholds of tiers 3 and 4.3

Under the Program, the Exchange shall 

credit each Member the per contract 

amount set forth in the table below 

resulting from each Priority Customer 4

order transmitted by that Member which 

is executed on the Exchange in all 

multiply-listed option classes 

(excluding mini-options, Priority 

Customer-to-Priority Customer Orders, 

PRIME AOC Responses, PRIME Contraside Orders, PRIME Orders for which 

both the Agency and Contra-side Order 

are Priority Customers, and executions 

related to contracts that are routed to 

one or more exchanges in connection 

with the Options Order Protection and 

Locked/Crossed Market Plan referenced 

in MIAX Rule 1400), provided the 

Member meets certain volume 

thresholds in a month as described 

below. For each Priority Customer order 

transmitted by that Member which is 

executed electronically on the Exchange 

in MIAX Select Symbols, MIAX shall 

credit each member at the separate per 

contract rate for MIAX Select Symbols.5

The volume thresholds are calculated 

based on the customer average daily 

volume over the course of the month. 

Volume will be recorded for and credits 

will be delivered to the Member Firm 

that submits the order to the Exchange. 

Percentage thresholds of national customer volume in multiply-listed options classes listed on MIAX (monthly) 

Per 

contract 

credit 

0.00%–0.35% ........................................................................................................................................................................................... $0.00 

Above 0.35%–0.50% ............................................................................................................................................................................... 0.10 

Above 0.50%–1.50% ............................................................................................................................................................................... 0.15 

Above 1.50%–2.00% ............................................................................................................................................................................... 0.17 

Above 2.00% ........................................................................................................................................................................................... 0.18 

The Exchange will aggregate the 

contracts resulting from Priority 

Customer orders transmitted and 

executed electronically on the Exchange 

from affiliated Members for purposes of 

the thresholds above, provided there is 

at least 75% common ownership 

between the firms as reflected on each 

firm’s Form BD, Schedule A. In the 

event of a MIAX System outage or other 

interruption of electronic trading on 

MIAX, the Exchange will adjust the 

national customer volume in multiplylisted options for the duration of the 

outage. A Member may request to 

receive its credit under the Priority 

Customer Rebate Program as a separate 

direct payment. 

In addition, the rebate payments will 

be calculated from the first executed 

contract at the applicable threshold per 

contract credit with the rebate payments 

made at the highest achieved volume 

tier for each contract traded in that 

month. For example, if Member Firm 

XYZ, Inc. (‘‘XYZ’’) has enough Priority 

Customer contracts to achieve 2.75% of 

the national customer volume in 

multiply-listed option contracts during 

the month of October, XYZ will receive 

a credit of $0.18 for each Priority 

Customer contract executed in the 

month of October. 

The purpose of the Program is to 

encourage Members to direct greater 

Priority Customer trade volume to the 


tkelley on DSK3SPTVN1PROD with NOTICES