
[Federal Register Volume 78, Number 123 (Wednesday, June 26, 2013)]
[Notices]
[Pages 38416-38420]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15225]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69809; File No. SR-MIAX-2013-30]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to $0.50 and $1 Strike Price Intervals for Classes 
in the Short Term Option Series Program

June 20, 2013.
    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 June 13, 2013, 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 and II, 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.
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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 amend Exchange Rule 404, 
Series of Option Contracts Open for Trading, by adopting 
Interpretations and Policies .09 to the rule to describe the manner of 
expiration and the strike price intervals of options series included in 
the Exchange's $1 Strike Price Interval Program, and by modifying 
Interpretations and Policies .02(e) to the rule to describe strike 
price intervals for options series that are included in the Exchange's 
Short Term Option Series Program.\3\
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    \3\ The Exchange may open for trading on any Thursday or Friday 
that is a business day ``Short Term Option Opening Date'') series of 
options on that class that expire at the close of business on each 
of the next consecutive Fridays that are business days (``Short Term 
Option Series'' or ``STOS'').
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    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 adopt Interpretations and Policies .09 to 
Exchange Rule 404 to state that, notwithstanding any other provision 
regarding strike prices in the rule, Related non-STOS \4\ shall be 
opened on the Thursday or Friday prior to the expiration week that such 
Related non-STOS (such as, for example, series with standard monthly or 
quarterly expirations) expire in the same manner as permitted in Rule 
404, Interpretations and Policies .02, and in the same strike price 
intervals for the STOS permitted in Rule 404, Interpretations and 
Policies .02(e).
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    \4\ Proposed Rule 404, Interpretations and Policies .02(e) 
defines a ``Related non-Short Term Option'' as a non-Short Term 
Option series that is included in a class that has been selected to 
participate in the Short Term Option Series Program.
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    The Exchange further proposes to amend Interpretations and Policies 
.02(e) to Exchange Rule 404 to provide that the strike price interval 
for STOS may be $0.50 or greater for option classes that trade in $1 
strike price intervals and are in the STOS Program. If the class does 
not trade in $1 strike price intervals, the strike price interval for 
STOS may be $0.50 or greater where the strike price is less than $75 
and $1.00 or greater where the strike price is between $75 and $150, 
and the same as strike prices for series in that same option class that 
expire in accordance with the normal monthly expiration cycle for 
strike prices greater than $150. Notwithstanding any other provision 
regarding strike prices in the rule, Related non-Short Term Option 
series shall be opened on the Thursday or Friday prior to the 
expiration week that such Related non-Short Term Option series expire 
in the same manner as permitted in Rule 404, Commentary .02, and in the 
same strike price intervals for the STOS permitted in this [sic] Rule 
404, Commentary .02 (e).
    This is a competitive filing that is based on recent filings by the 
International Securities Exchange, LLC (``ISE''), NASDAQ OMX PHLX, LLC 
(``PHLX'') and NYSE MKT LLC (``NYSE MKT'').\5\ The ISE, PHLX and NYSE 
MKT filings made changes to the strike price interval setting parameter 
rules for their respective STOS Programs. STOS options are not listed 
to expire during the same week as non-Short Term Option series. As a 
result, ISE, PHLX and NYSE MKT amended their rules to permit non-Short 
Term Option series to have the same strike price interval setting 
parameters for STOS during the

[[Page 38417]]

week that non-Short Term Option series expire.
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    \5\ See Securities Exchange Act Release Nos. 67754 (August 29, 
2012), 77 FR 54629 (September 5, 2012) (Order approving SR-ISE-2012-
33) (``ISE filing''); 69633 (May 23, 2012), 78 FR 32498 (May 30, 
2013) (SR-Phlx-2013-55) (``PHLX filing''); 68074 (October 19, 2012), 
77 FR 65241 (October 25, 2012) (SR-CBOE-2012-92); and 68193 
(November 8, 2012), 77 FR 68177 (November 15, 2012) (Notice of 
Filing and Immediate Effectiveness of SR-NYSEMKT-2012-53).
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    ISE and PHLX also both amended the strike price interval setting 
parameters for their STOS Programs, but the revisions to their 
respective rules differ. Specifically, ISE permits $0.50 strike price 
intervals for Weekly \6\ options for option classes that trade in one 
dollar increments and are in the STOS Program.\7\ PHLX permits $0.50 
strike price intervals when the strike price is below $75, and $1 
strike price intervals when the strike price is between $75 and $150, 
or $0.50 for classes that trade in one dollar increments in Related 
non-Short Term Options and that participate in the STOS Program. PHLX 
also provides that related non-Weekly option series may be opened 
during the week prior to expiration week pursuant to the same strike 
price interval parameters that exist for Weekly options. Thus a related 
non-Weekly option may be opened in Weekly option strike price intervals 
on a Thursday or a Friday that is a business day before the non-Weekly 
option expiration week.\8\ If PHLX is not open for business on the 
respective Thursday or Friday, however, the non-Weekly option may be 
opened in Weekly option intervals on the first business day immediately 
prior to that respective Thursday or Friday.\9\
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    \6\ Short Term Options Series (``STOS'') are also known as 
``Weekly options'' or ``weeklies'' and trade as such under the 
various exchanges' respective STOS Programs. For all practical 
purposes, the terms STOS, Weekly options, and weeklies are 
interchangeable.
    \7\ The permissible $0.50 strike price intervals may only be 
opened on the Weekly option Opening Date that expire on the Weekly 
option Expiration date and no additional series, including 
additional series of the related non-Weekly option, may be opened 
during expiration week in classes that are listed pursuant to ISE 
rules.
    \8\ This opening timing is consistent with the principle that 
the Exchange may add new series of options until two business days 
prior to expiration. See Exchange Rule 404(e).
    \9\ On the Exchange, the STOS opening process is set forth in 
MIAX Rule 404, Interpretations and Policies .02: After an option 
class has been approved for listing and trading on the Exchange, the 
Exchange may open for trading on any Thursday or Friday that is a 
business day (``Short Term Option Opening Date'') series of options 
on that class that expire at the close of business on each of the 
next consecutive Fridays that are business days (``Short Term Option 
Expiration Dates''). If the Exchange is not open for business on the 
respective Thursday or Friday, the Short Term Option Opening Date 
will be the first business day immediately prior to that respective 
Thursday or Friday. Similarly, if the Exchange is not open for 
business on the Friday of the following business week, the Short 
Term Option Expiration Date will be the first business day 
immediately prior to that Friday.
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    The Exchange proposes herein to adopt rules that are in effect on 
NYSE MKT in order to remain competitive regarding strike price interval 
setting parameters. The Exchange notes that while it believes that 
there is substantial overlap between the two strike price interval 
setting parameters, the Exchange believes there are gaps that would 
enable PHLX to initiate a series that ISE would not be able to initiate 
and vice versa [sic].\10\ Since uniformity is not required for the STOS 
Programs that have been adopted by the various options exchanges, the 
Exchange proposes to revise its strike price intervals setting 
parameters so that it has the ability to initiate strike prices in the 
same manner (i.e., intervals) as both ISE and PHLX, and thus in the 
same manner currently in place on NYSE MKT. Accordingly, just as with 
NYSE MKT, the Exchange proposes to adopt aspects of both the ISE rule 
text language and the PHLX rule text language approved by the 
Commission.
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    \10\ The Exchange and the majority, if not all, of the other 
options exchanges that have adopted a STOS Program have a similar 
rule that permits the listing of series that are opened by other 
exchanges, consistent with the Options Listing Procedures Plan 
(``OLPP''). See Exchange Rule 404A(b)(6). This filing is concerned 
with the ability to initiate series. For example, if a class is 
selected to participate in the STOS Program and non-STOS options on 
that class do not trade in dollar increments, the Exchange believes 
that PHLX would be permitted to initiate $0.50 strikes on that class 
and ISE would not. Similarly, the strike price interval for 
exchange-traded fund (``ETF'') options is generally $1 or greater 
where the strike price is $200 or less.
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    The STOS Program is codified in Interpretations and Policies .02 to 
Exchange Rule 404. The rule states that after an option class has been 
approved for listing and trading on the Exchange, the Exchange may open 
for trading, on any Thursday or Friday that is a business day, series 
of options on no more than twenty-five option classes that expire on 
the Friday of the following business week that is a business day. In 
addition to the twenty-five option class limitation, there is also a 
limitation that no more than twenty series for each expiration date in 
those classes may be initially opened for trading.\11\ Furthermore, the 
strike price of each STOS has to be fixed with approximately the same 
number of strike prices being opened above and below the value of the 
underlying security at about the time that the short term options are 
initially opened for trading on the Exchange, and with strike prices 
being within thirty percent (30%) above or below the closing price of 
the underlying security from the preceding day. The Exchange does not 
propose any changes to the current program limitations. The Exchange 
proposes only to specify that STOS can have interval prices of $0.50 
and $1, as proposed under Interpretations and Policies .02(e) to Rule 
404.
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    \11\ However, if the Exchange opens twenty (20) short term 
options for a Short Term Option Expiration Date, up to 10 additional 
series may be opened for trading on the Exchange when the Exchange 
deems it necessary to maintain an orderly market, to meet customer 
demand or when the market price of the underlying security moves 
substantially from the exercise price or prices of the series 
already opened. Any additional strike prices listed by the Exchange 
shall be within thirty percent (30%) above or below the current 
price of the underlying security. The Exchange may also open 
additional strike prices of STOS that are more than 30% above or 
below the current price of the underlying security provided that 
demonstrated customer interest exists for such series, as expressed 
by institutional, corporate or individual customers or their brokers 
(market-makers trading for their own account shall not be considered 
when determining customer interest under this provision).
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    The principal reason for the proposed interval pricing structure is 
market demand for weekly options. There is continuing strong customer 
demand for having the ability to execute hedging and trading strategies 
effectively via STOS, particularly in the current fast, multi-faceted 
trading and investing environment that extends across numerous markets 
and platforms.\12\ The Exchange has observed increased demand for STOS 
classes and/or series, particularly when market moving events such as 
significant market volatility, corporate events, or when large market, 
sector, or individual issue price swings have occurred. The STOS 
Program is one of the most popular and quickly expanding options 
expiration programs.
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    \12\ These include, without limitation, options, equities, 
futures, derivatives, indexes, exchange traded funds, exchange 
traded notes, currencies, and over-the-counter instruments.
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    The Exchange believes that the benefits of the ability to trade 
STOS at $0.50 and $1 intervals at lower price levels cannot be 
underestimated. The proposed intervals would clearly allow traders and 
investors, and in particular public (retail) investors to more 
effectively and with greater precision consummate trading and hedging 
strategies on the Exchange. The Exchange believes that this precision 
is increasingly necessary, and in fact crucial, as traders and 
investors engage in trading and hedging strategies across various 
investment platforms (e.g., equity and ETF, index, derivatives, 
futures, foreign currency, and even commodities products); particularly 
when many of these platforms enjoy substantially smaller strike price 
differentiations (e.g., as low as $0.05).\13\
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    \13\ As an example, per the CME Web site, strike prices for 
options on futures may be at an interval of $.05, $.10, and $.25 per 
specified parameters. See http://www.cmegroup.com/trading/equityindex/files/EQUITY_FLEX_Options.pdf (options on S&P 500 and 
NASDAQ-100 contracts) and http://www.cmegroup.com/rulebook/files/S_5734_x11-0518x Change in Listing Rules for Goldx Silverx Copper 
Options.pdf (options on metals contracts).

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[[Page 38418]]

    Weekly options have characteristics that are attractive for certain 
trading and hedging strategies. Thus, weeklies may be attractive for 
retail trading strategies that could benefit from the inherent 
accelerated time decay of weekly options, such as selling (buying) 
vertical or calendar spreads. And weeklies may be particularly 
attractive instruments for short-term institutional hedging needs 
(e.g., sudden price movements against large option positions during 
expiration week; maintenance or adjustment of complex option positions) 
as well as for retail hedging needs (e.g., preceding large earnings 
plays). In every case, trading and hedging is more effective when it 
can be closely tailored. The current wider STOS price intervals have 
negatively impacted investors and traders, particularly retail public 
customers, who have on several occasions requested the Exchange to list 
series with finer, narrower STOS intervals. The proposal would fix 
this.
    The following is an example of how inadequately narrow STOS 
intervals negatively impact trading and hedging opportunities. If an 
investor needs to purchase an STOS call option in CSCO (03/26/12 
closing price $20.84), the current $1 strike interval would offer less 
opportunity and choice for an investor seeking to keep cash 
expenditures low. For example, an investor wishing to buy an in-the-
money call option for less than a $2.50 investment per call purchase 
has only two strike prices that meet his criteria from which to choose: 
The 19 strike and the 20 strike. Such call options with five days until 
expiration might offer ``ask prices'' (option premiums) of $1.75 and 
$.75. However, if CSCO had $0.50 strike prices as proposed, the same 
investor would have a selection of March 18.50, 19.00, 19.50, 20.00, 
and the 20.50 strike call options that may have options premiums from 
approximately $2.25 down to approximately $.25. This expanded range of 
strikes, and commensurate option premiums, offers far more choice and a 
considerably lower cost of entry to the investor, thereby garnering the 
investor more than a 66% options premium savings. Lower intervals 
increase effective liquidity by offering investors and traders more 
price points at which they may execute trading and hedging 
strategies.\14\ This allows investors and traders the ability to more 
effectively execute their strategies at lower cost. Clearly, more 
efficient pricing is advantageous to all market participants, from 
retail to institutional investors. The changes proposed by the Exchange 
should allow execution of more trading and hedging strategies on the 
Exchange. The Exchange notes that in conformance with Exchange Rules, 
the Exchange shall not list $0.50 or $1 strike price intervals on 
Related non-STOS options within two (2) days of expiration. For 
example, if a Related non-STOS in an options class is set to expire on 
Friday, September 21, the Exchange could begin to trade $0.50 strike 
price intervals surrounding that Related non-STOS on Thursday, 
September 13, but no later than Friday September 14.
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    \14\ Moreover, lower strike intervals provide additional price 
points for liquidity providers. This allows the liquidity providers 
to improve theoretical pricing as well as hedging capabilities, 
thereby enabling them to increase the size and quality of their 
markets.
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    The Exchange proposes to list the expiring Related non-STOS on the 
Thursday or Friday prior to expiration week, so that investors can 
close a position in an expiring STOS and open a position at the same 
strike price in a Related non-STOS. The listing of the $0.50 or $1 
strike price intervals for expiring Related non-STOS on the Thursday or 
Friday prior to expiration week is intended to be consistent with the 
``overlap'' of STOS today, which facilitates investors desiring to 
``roll'' a position from one STOS expiration to another. If the $0.50 
or $1 interval strikes are not available until the opening on Monday of 
expiration week, an investor who had a position in the prior week's 
$0.50 or $1 interval STOS could not close a position in the expiring 
STOS and open a position at the same strike in the Related non-STOS.
    Furthermore, the inadequate price intervals for STOS, particularly 
at the lower price levels proposed by the Exchange, may discourage 
retail and other customers from executing STOS orders when they could 
be the most advantageous for effective execution of trading and hedging 
strategies on regulated and transparent exchanges. The Exchange feels 
that it is essential that such negative, potentially costly and time-
consuming impacts on retail investors are eliminated by offering 
tighter intervals within the STOS Program. The changes proposed by the 
Exchange should allow execution of more trading and hedging strategies 
on the Exchange.\15\
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    \15\ In addition, there is a competitive impact. First, the 
proposal would enable the Exchange to provide market participants 
with an opportunity to execute their strategies (e.g., complex 
option spreads) wholly on their preferred market, namely the 
Exchange. Second, the proposal would diminish the potential for 
foregone market opportunities on the Exchange caused by the need to 
use a more advantageous (that is, interval-precise) platform than 
STOs currently allow.
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    The Exchange also proposes that Related non-STOS shall be opened on 
the Thursday or Friday prior to the expiration week that such Related 
non-STOS expire in the same manner as permitted in Rule 404, 
Interpretations and Policies .02, and in the same strike price 
intervals for the STOS permitted in Rule 404, Interpretations and 
Policies .02(e). The Exchange proposes to make this change to ensure 
conformity between STOS options and Related non-STOS options that are 
in the same options class (e.g., weekly and monthly SPY options). The 
Exchange believes that not having such a conforming change would be 
counter-productive and not beneficial for trading and hedging 
purposes.\16\
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    \16\ Moreover, the Exchange notes that STOS options are not 
listed and traded during the expiration week of the Related non-STOS 
options. During this week, the non-STOS options are materially and 
financially equivalent to the STOS options. The proposed change 
would allow traders and hedgers to have the noted benefits of the 
STOS Program during each week in a month.
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    The Exchange believes that the STOS Program has provided investors 
with greater trading opportunities and flexibility and the ability to 
more closely tailor their investment and risk management strategies and 
decisions. Furthermore, the Exchange has had to reject trading requests 
because of the limitations imposed by the Program. For these reasons, 
the Exchange requests a modification of the strike price intervals in 
the Program and the opportunity to provide investors with better weekly 
option choices for investment, trading, and risk management purposes.
    With regard to the impact of this proposal on system capacity, the 
Exchange has analyzed its capacity and represents that it and the 
Options Price Reporting Authority (``OPRA'') have the necessary systems 
capacity to handle any potential additional traffic associated with 
this current amendment to the STOS Program. The Exchange believes that 
its members will not have a capacity issue as a result of this 
proposal. The Exchange represents that it will monitor the trading 
volume associated with the additional options series listed as a result 
of this proposal and the effect (if any) of these additional series on 
market fragmentation and on the capacity of the Exchange's automated 
systems.
2. Statutory Basis
    MIAX believes that its proposed rule change is consistent with 
Section 6(b) of the Act \17\ in general, and furthers the

[[Page 38419]]

objectives of Section 6(b)(5) of the Act \18\ 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. The Exchange 
believes that providing strike prices of $.50 and $1 intervals in STOS 
eligible classes will result in a continuing benefit to investors by 
giving them more flexibility to closely tailor their investment 
decisions and hedging decisions in a greater number of securities. The 
Exchange also believes that providing the same strike price intervals 
for options classes that are in the STOS Program and for the Related 
non-STOS options just prior to and during expiration week will provide 
the investing public and other market participants with additional 
opportunities to hedge their investment, thus allowing these investors 
to better manage their risk exposure. In addition, the Exchange 
believes that the proposal will ensure conformity between STOS options 
and Related non-STOS options that are in the same options class. The 
Exchange believes that allowing the listing of expiring Related non-
STOS on the Thursday or Friday prior to expiration week will help 
facilitate the ability of investors and other market participants to 
close a position in an expiring STOS and open a position at the same 
strike price in a Related non-STOS in a manner that is designed to 
promote just and equitable principles of trade. While the expansion of 
the STOS Program will generate additional quote traffic, the Exchange 
does not believe that this increased traffic will become unmanageable 
since the proposal remains limited to a fixed number of classes.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
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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. In this regard and as indicated 
above, the Exchange notes that the rule change is being proposed as a 
competitive response to existing rules on other exchanges. The Exchange 
believes this proposed rule change is necessary to permit fair 
competition among the options exchanges with respect to their short 
term options programs.

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 significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not become operative for 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) thereunder.\20\
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of 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.
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    The Exchange has requested that the Commission waive the 30-day 
operative delay. The Commission believes that waiver of the 30-day 
operative delay will allow MIAX to initiate strikes prices in more 
granular intervals for STOs in the same manner as other options 
exchanges, and permit, during the expiration week of a Related non-
Short Term option, a Related non-Short Term Option on a class that is 
selected to participate in the Short Term Options Series Program to 
have the strike price interval setting parameters as STOs. In sum, the 
proposed rule change presents no novel issues, and waiver will allow 
the Exchange to remain competitive with other exchanges. Therefore, the 
Commission designates the proposal operative upon filing.\21\
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    \21\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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-2013-30 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-2013-30. 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-2013-30 and should be 
submitted on or before July 17, 2013.


[[Page 38420]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-15225 Filed 6-25-13; 8:45 am]
BILLING CODE 8011-01-P


