[Federal Register Volume 78, Number 190 (Tuesday, October 1, 2013)]
[Notices]
[Pages 60348-60352]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-23826]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70498; File No. SR-MIAX-2013-43]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Implement an Equity Rights Program
September 25, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 13, 2013, Miami International Securities Exchange LLC
(``Exchange'' or ``MIAX'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III 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.
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\1\ 15 U.S.C.78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to implement an equity rights
program.
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 implement an equity rights program
(``Program'') pursuant to which units representing the right to acquire
equity in the Exchange's parent holding company, Miami International
Holdings (``MIH'') would be issued to a participating Member in
exchange for payment of an initial purchase price or the prepayment of
certain transaction fees and the achievement of certain liquidity
addition volume thresholds on the Exchange over a 23-month period. The
purpose of the Program is to promote the long-term interests of MIAX by
providing incentives designed to encourage future MIH owners and MIAX
market participants to contribute to the growth and success of MIAX, by
being active liquidity providers and takers to provide enhanced levels
of trading volume to MIAX's market, through an opportunity to increase
their proprietary interests in MIAX's enterprise value.
Members that participate in the Program will have two options to
choose from: (i) An offering of A-Units; and/or (ii) an offering of B-
Units.\3\
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\3\ The Program which provides equity-like consideration in
exchange for market making or the provision of liquidity, order flow
or volume is open to market participants generally. All MIAX Members
may participate subject to their satisfaction of eligibility
requirements. To be designated as a participant Member, an applicant
must: (i) Be a Member in good standing of MIAX; (ii) qualify as an
``accredited investor'' as such term is defined in Regulation D of
the Securities Act of 1933; and (iii) have executed all required
documentation for Program participation. See infra note 9, and
accompanying text. Members may elect to participate in either or
both of the options. If either the A-Unit or the B-Unit option is
oversubscribed, the units in the oversubscribed option will be
allocated on a pro-rata basis that may result in a fractional
allocation.
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A-Units Option
Members that participate in the A-Unit option of the Program will
be issued for each unit (i) 101,695 shares of MIH common stock and (ii)
warrants to purchase 2,182,639 shares of common stock of MIH in
exchange for such participant Member's initial cash capital
contribution of $508,475, and with such warrants being exercisable upon
the achievement by the participating Member of certain volume
thresholds on the Exchange during a 23-month measurement period
commencing September 13, 2013. A total of 10 A-Units will be offered.
The total equity ownership of MIH common stock held by any one
participant Member will be subject to a cap of 19.9%.\4\
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\4\ See Ninth Article (b)(i)(B), Amended and Restated
Certificate of Incorporation of Miami International Holdings, Inc.,
dated August 31, 2012 (providing that no Exchange Member, either
alone or together with its Related Persons, may own, directly or
indirectly, of record or beneficially, shares constituting more than
twenty percent (20%) of any class of capital stock of the
Corporation). Any purported transfer of shares or ownership of
shares in violation of the ownership cap by a Member would be
subject to the limitations of the Certificate of Incorporation,
including the non-recognition of voting rights of shares in excess
of the cap and a redemption right by MIH for excess shares. See
Ninth Article (d) and (e), Amended and Restated Certificate of
Incorporation of Miami International Holdings, Inc., dated August
31, 2012.
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The warrants will vest in six (6) tranches: (i) One (1) tranche,
upon initial investment; and (ii) five (5) tranches during a
measurement period of months 1-23 of the Program. In addition, the
participant Members may earn or lose warrants on a pro-rata basis based
upon meeting volume commitments during the measurement periods, as
detailed below.
Upon the initial investment, the participant Member would receive
common shares equal to 101,695 shares of the common stock and 10% of
the warrants will vest. A participant Member will be eligible to earn
the remaining warrants during measurement periods provided that the
[[Page 60349]]
participant has achieved a specified percentage of the total national
average daily volume of options contracts reported to The Options
Clearing Corporation (``OCC'') (``OCC ADV'') on MIAX of all option
classes listed on MIAX.\5\
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\5\ If an options class is not listed on MIAX, then the trading
volume in that options class will be omitted from the calculation of
% OCC ADV. Priority Customer-to-Priority Customer Crossing
transactions where no fees are paid to the Exchange, special
strategies, and contracts as to which a Member acts solely as
clearing agent will not be counted in the number of option contracts
executed on the Exchange by any Member. (Incidental Priority
Customer-to-Priority Customer transactions, that are not crossing
transactions, will be counted in the number of options contracts
executed on the Exchange by a Member.) Special strategies for the
purpose of calculating trading volume include: (i) Dividend
strategy; (ii) merger strategy; (iii) short stock interest strategy;
(iv) reversal and conversion strategies; (v) jelly roll strategy;
and (vi) similar strategies offered by an options exchange that are
subject to a fee cap. Trading in special strategies currently is not
available on MIAX. Special strategies will be omitted from the
calculation of % OCC ADV to the extent it is possible to identify
such transactions. Calculation of % OCC ADV will be discounted by 5%
of ADV for complex order functionality not yet established on the
Exchange until such time that functionality is available on MIAX.
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The remaining five (5) tranches, of 90% of the warrants, will vest
during the following measurement periods: (i) 8.1% of the warrants
resulting from months 1-3, with a volume commitment of 0.225% of OCC
ADV on MIAX per A-Unit\6\; (ii) 11.7% of the warrants resulting from
months 4-5, with a volume commitment of 0.335% of OCC ADV on MIAX per
A-Unit; (iii) 19.8% of the warrants resulting from months 6-10, with a
volume commitment of 0.445% of OCC ADV on MIAX per A-Unit; (iv) 23.4%
of the warrants resulting from months 11-16, with a volume commitment
of 0.556% of OCC ADV on MIAX per A-Unit; and (v) 27% of the warrants
resulting from months 17-23, with a volume commitment of 0.667% of OCC
ADV on MIAX per A-Unit. If a participant Member exceeds 100% of the
volume commitment during a tranche's measurement period, the Member is
able to earn, on a pro-rata basis, warrants not earned by other
participant Members. If a participant Member reaches 70-99% of the
volume commitment during a tranche's measurement period, the Member
will earn a reduced amount of warrants on a pro-rata basis applicable
to such measurement period. If a participant Member fails to reach a
minimum of 70% of the volume commitment during a tranche's measurement
period, the Member will lose all right to that tranche of warrants.
Notwithstanding, in the event a participant Member has not satisfied
the volume commitment for any one measurement period (other than
measurement period 5), the participant Member will have an opportunity
to vest those warrants if such participant Member applies a portion of
the Members performance from the measurement period immediately
following to the prior measurement period to ensure a minimum of 70% of
the volume commitment in prior period and in addition has satisfied the
volume commitment for the measurement period immediately following.
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\6\ The first measurement period will begin on the date of
filing and end November 30, 2013. Therefore, September 13, 2013
through November 30, 2013 will count as months 1-3 for purposes of
the measurement period.
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B-Units Option
Members that participate in the B-Unit option of the Program will
be issued for each unit warrants to purchase 1,713,251 shares of common
stock of MIH in exchange for the prepayment of Exchange fees in the
amount of $500,000 for the 22-month period commencing October 1, 2013,
and with such warrants being exercisable upon the achievement by the
participating Member of certain volume thresholds on the Exchange
during a 23-month measurement period commencing September 13, 2013. A
total of 10 B-Units will be offered. The total equity ownership of MIH
common stock held by any one participant Member will be subject to a
cap of 19.9%.
The warrants will vest in five (5) tranches during the following
measurement periods: (i) 9% of the warrants resulting from months 1-3,
with a volume commitment of 0.225% of OCC ADV on MIAX per B-Unit\7\;
(ii) 13% of the warrants resulting from months 4-5, with a volume
commitment of 0.335% of OCC ADV on MIAX per B-Unit; (iii) 22% of the
warrants resulting from months 6-10, with a volume commitment of 0.445%
of OCC ADV on MIAX per B-Unit; (iv) 26% of the warrants resulting from
months 11-16, with a volume commitment of 0.556% of OCC ADV on MIAX per
B-Unit; and (v) 30% of the warrants resulting from months 17-23, with a
volume commitment of 0.667% of OCC ADV on MIAX per B-Unit. If a
participant Member exceeds 100% of the volume commitment during any one
tranche's measurement period, the Member is able to earn, on a pro-rata
basis, warrants not earned by other participant Members. If a
participant Member reaches 70-99% of the volume commitment during any
one tranche's measurement period, the Member will earn a reduced amount
of warrants on a pro-rata basis applicable to such measurement period.
If a participant Member fails to reach a minimum of 70% of the volume
commitment during the measurement period, the Member will lose all
right to that tranche of warrants. Notwithstanding, in the event a
participant Member has not satisfied the volume commitment for any one
measurement period (other than measurement period 5), the participant
Member will have an opportunity to vest those warrants if such
participant Member applies a portion of the Members performance from
the measurement period immediately following to the prior measurement
period to ensure a minimum of 70% of the volume commitment in prior
period and in addition has satisfied the volume commitment for the
measurement period immediately following.
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\7\ The first measurement period will begin on the date of
filing and end November 30, 2013. Therefore, September 13, 2013
through November 30, 2013 will count as months 1-3 for purposes of
the measurement period.
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Once a participant Member has prepaid Exchange fees for the initial
22-month period, each month the participant Member may execute
contracts and accumulate transaction fees based on the prevailing MIAX
Options Fee Schedule in effect at the time. Once a B-Unit participant
Member has executed contract volume whereby the total accumulated
transaction fees equal the prepaid amount, all subsequently executed
contracts will be billed and collected at the appropriate rate as
defined in the MIAX Options Fee Schedule.
Provisions Applicable to Both A-Units and B-Units
Each participant Member will have a standard piggyback registration
right to include the common shares and the common shares issuable upon
exercise of the warrants should MIH file a Registration Statement under
the Securities Exchange Act of 1933 [sic]. Each participant Member will
also have the right to participate pro rata in all future offerings of
MIH securities for so long as the participant Member holds at least 51%
of the common shares purchased by the participating Member directly or
issuable upon the exercise of warrants included in at least one B-Unit.
MIH will have the right of first refusal to purchase any common shares
or warrant shares that a participant Member decides to transfer or
sell. Other participant Members will have the secondary right of first
refusal to purchase any common shares or warrant shares that a
participant Member decides to transfer or sell.
[[Page 60350]]
In addition, beginning one (1) year after the last month of the
final measurement period, for a period of 90 days, the participant
Member will have a right to sell the shares back to MIH at a price per
share equal to a fixed percentage of fair market value \8\ of the
common stock. The right to sell the shares back will reoccur on an
annual basis and last for a 90 day period. Years 1 and 2 after the
final measurement period, the participant Member may sell back 10% of
the common shares vested at a price equal to 50% of the fair market
value. Year 3 after the final measurement period, the participant
Member may sell back 30% of the common shares vested at a price equal
to 60% of the fair market value. Year 4 after the final measurement
period, the participant Member may sell back 60% of the common shares
vested at a price equal to 70% of the fair market value. Year 5 after
the final measurement period, the participant Member may sell back 90%
of the common shares vested at a price equal to 80% of the fair market
value. Year 6 after the final measurement period, the participant
Member may sell back 100% of the common shares vested at a price equal
to 90% of the fair market value.
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\8\ ``Fair market value'' means the value of the MIH common
stock as determined by a nationally-recognized firm of independent
certified public accountants to be jointly selected by the MIH and
the participant Member, if such common stock is not publicly traded.
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When a participating Member acquires a certain number of units, the
Member can appoint one director to the MIH Board and/or the MIAX
Board.\9\ The Exchange notes that the number of non-industry directors
on the MIAX Board, including at least one independent director, must
equal or exceed the number of industry directors and Member
representatives, and that additional new non-industry directors and
Member representative directors will need to be added in order to
maintain this status. The Exchange also notes that any directors that
may be selected by a participating Member would not be counted towards
the 20% Member representative requirement on the MIAX Board. In
addition, the Exchange notes that a Member is only entitled to a new
seat if they are not currently represented on the MIAX board.
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\9\ The Commission notes that MIAX will need to submit a
separate proposed rule change to make changes to its corporate
governance documents to accommodate aspects of the proposal that
involve or affect the boards of MIAX and Miami International
Holdings.
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All applicants will be subject to the same eligibility and
designation criteria, and all participant Members will participate in
the Program on the same terms, conditions and restrictions. To be
designated as a participant Member, an applicant must: (i) Be a Member
in good standing of MIAX; (ii) qualify as an ``accredited investor'' as
such term is defined in Regulation D of the Securities Act of 1933;\10\
and (iii) have executed all required documentation for Program
participation. Participant Members must have executed the definitive
documentation, satisfied the eligibility criteria required of Program
participants enumerated above, and tendered the minimum cash investment
or prepayment of fees by September 27, 2013, with a closing to occur on
September 30, 2013.
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\10\ The purpose of this criterion relates to the ability of MIH
to sell shares of common stock pursuant to an exemption from
registration under the Securities Act of 1933. The definition of
``accredited investor'' under Rule 501(a)(1) of the Act includes any
broker or dealer registered pursuant to Section 15 of the Act. MIAX
Rule 200(b) requires a Member to be registered as a broker or dealer
pursuant to Section 15 of the Act, therefore all MIAX Members will
satisfy this criterion.
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As discussed above, the purpose of the Program is to encourage
Members to direct greater trade volume to MIAX to enhance trading
volume in MIAX's market. Increased volume will provide for greater
liquidity and enhanced price discovery, which benefits all market
participants. Other exchanges currently engage in the practice of
incentivizing increased order flow in order to attract liquidity
providers through equity sharing arrangements.\11\ The Program
similarly intends to attract order flow, which will increase liquidity,
thereby providing greater trading opportunities and tighter spreads for
other market participants and causing a corresponding increase in order
flow from these other market participants. The Program will similarly
reward the liquidity providers that provide this additional volume with
a potential proprietary interest in MIAX.
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\11\ See, e.g., Securities Exchange Act Release Nos. 62358 (June
22, 2010), 75 FR 37861 (June 30, 2010) (SR-NSX-2010-06); 64742 (June
24, 2011), 76 FR 38436 (June 30, 2011) (SR-NYSEAmex-2011-018); 69200
(March 21, 2013), 78 FR 18657 (March 27, 2013) (SR-CBOE-2013-31).
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The specific volume thresholds of the Program's measurement periods
were set based upon business determinations and analysis of current
volume levels. The volume thresholds are intended to incentivize firms
to increase the number of orders that are sent to MIAX to achieve the
next threshold. Increasing the number of orders that are sent to MIAX
will in turn provide tighter and more liquid markets, and therefore
attract more business as well.
MIAX will initiate the measurement period on the date of filing,
September 13, 2013.\12\ The Exchange will notify Members of the
implementation of the Program and the dates of the enrollment period by
Regulatory Circular, and will post a copy of this rule filing on its
Web site. Any MIAX Member that is interested in participating in the
Program may contact MIAX for more information and legal documentation
and will be required to enter into a nondisclosure agreement regarding
this additional Program information.
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\12\ MIAX previously provided notice to Members on August 21,
2013 that the measurement period for the volume thresholds would be
commencing on September 3, 2013. See MIAX Regulatory Circular, RC-
2013-52. However, MIAX has decided instead to use September 13,
2013, to coincide with the date of filing.
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2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \13\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \14\ 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. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) of the Act \15\ requirement that the rules of an
exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange also believes the
proposed rule change is consistent with Section 6(b)(4) of the Act,\16\
which requires that Exchange rules provide for the equitable allocation
of reasonable dues, fees, and other charges among its members and other
persons using its facilities.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ 15 U.S.C. 78f(b)(5).
\16\ 15 U.S.C. 78f(b)(4).
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In particular, the proposed rule change is equitable and not
unfairly discriminatory, because all Members may elect to participate
(or elect to not participate) in the Program and earn units on the same
terms and conditions, assuming they satisfy the same eligibility
criteria as described above. The eligibility criteria are objective;
thus, all Members have the ability to satisfy them. The Board also has
authorized MIAX to offer common
[[Page 60351]]
shares in MIH to any Member that requests designation to participate in
the Program and otherwise satisfies the eligibility criteria to ensure
that all Members will have the opportunity to own common shares and
thus participate in the Program if they so choose. In addition,
participant Members will earn warrants on a pro-rata basis upon meeting
fixed volume threshold amounts during the measurement periods that will
apply to all participant Members.
The Exchange believes that the methodology used to calculate the
volume thresholds is fair, reasonable and not unfairly discriminatory
because it is based on objective criteria that are designed to omit
from the calculation functionality that is not available on the
Exchange and types of transactions that are subject to little or no
transaction fees. Specifically, the Exchange believes excluding
Priority Customer-to-Priority Customer Crossing transactions where no
fees are paid to the Exchange, special strategies, and contracts as to
which a Member acts solely as clearing agent from the number of option
contracts executed on the Exchange by any Member is reasonable and not
unfairly discriminatory because participating Members could otherwise
game the volume thresholds by executing excess volumes in these types
of transactions in which either no transaction fees are charged on the
Exchange, or the transaction is subject to a fee cap. The Program is
designed to reward participating Members for bringing their orders and
quotes to the Exchange to be executed on the Exchange. The Exchange
believes it is appropriate to exclude special strategies from the OCC
volume calculation since those transactions are not executed on the
Exchange. The Exchange believes that omitting clearing only
transactions from the calculation to be fair and reasonable because the
fact that a Member is clearing a trade is coincidental to the choice of
where to execute that trade. And, because clearing only transactions
are not executed on the MIAX, they don't fall within the intended
transactions that qualify for the Program. In addition, if the Exchange
were to reward the party clearing a trade, the Exchange would possibly
be double counting that trade--once for the executing party and once
for the clearing party. Furthermore, the Exchange believes that
counting incidental Priority Customer-to-Priority Customer
transactions, which are not crossing transactions, in the number of
options contracts executed on the Exchange by a Member is fair and
reasonable because in these situations the Priority Customer is not
necessarily choosing to execute against another Priority Customer in
order to avoid a transaction fee.
The Exchange believes the Program is equitable and reasonable
because an increase in volume and liquidity would benefit all market
participants by providing more trading opportunities and tighter
spreads, even to those market participants that do not participate in
the Program. Additionally, the Exchange believes the proposed rule
change is consistent with the Act because, as described above, the
Program is designed to bring greater volume and liquidity to the
Exchange, which will benefit all market participants by providing
tighter quoting and better prices, all of which perfects the mechanism
for a free and open market and national market system.
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
proposed rule change will improve competition by providing market
participants with another option when determining where to execute
orders and post liquidity.
The Exchange believes that the proposed change would increase both
intermarket and intramarket competition by incenting participant
Members to direct their orders to the Exchange, which will enhance the
quality of quoting and increase the volume of contracts traded here. To
the extent that there is an additional competitive burden on non-
participant Members, the Exchange believes that this is appropriate
because the Program should incent Members to direct additional order
flow to the Exchange and thus provide additional liquidity that
enhances the quality of its markets and increases the volume of
contracts traded here. To the extent that this purpose is achieved, all
of the Exchange's market participants should benefit from the improved
market liquidity. Enhanced market quality and increased transaction
volume that results from the anticipated increase in order flow
directed to the Exchange will benefit all market participants and
improve competition on the Exchange.
Given the robust competition for volume among options markets, many
of which offer the same products, implementing a program to attract
order flow like the one being proposed in this filing is consistent
with the above-mentioned goals of the Act. This is especially true for
the smaller options markets, such as MIAX, which is competing for
volume with much larger exchanges that dominate the options trading
industry. As a new exchange, MIAX has a nominal percentage of the
average daily trading volume in options, so it is unlikely that the
Program could cause any competitive harm to the options market or to
market participants. Rather, the Program is a modest attempt by a small
options market to attract order volume away from larger competitors by
adopting an innovative pricing strategy, as evidenced by the volume
thresholds of the Program that represent fractions of 1% of OCC ADV.
The Exchange notes that if the Program resulted in a modest percentage
increase in the average daily trading volume in options executing on
MIAX, while such percentage would represent a large volume increase for
MIAX, it would represent a minimal reduction in volume of its larger
competitors in the industry. The Exchange believes that the Program
will help further competition, because market participants will have
yet another additional option in determining where to execute orders
and post liquidity if they factor the benefits of MIAX equity
participation into the determination.
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.\17\ 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.
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\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
[[Page 60352]]
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 [email protected]. Please include
File Number SR-MIAX-2013-43 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2013-43. 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 publicly available. All
submissions should refer to File Number SR-MIAX-2013-43 and should be
submitted on or before October 22, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-23826 Filed 9-30-13; 8:45 am]
BILLING CODE 8011-01-P