Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add the Miami International Securities Exchange, LLC as a Participant

Federal Register, Volume 78 Issue 212 (Friday, November 1, 2013)

Federal Register Volume 78, Number 212 (Friday, November 1, 2013)


Pages 65743-65744

From the Federal Register Online via the Government Printing Office

FR Doc No: 2013-26072



Release No. 34-70762; File No. 4-546

Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add the Miami International Securities Exchange, LLC as a Participant

October 28, 2013.

Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that on December 6, 2012, Miami International Securities Exchange, LLC (``MIAX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') an amendment to the Options Order Protection and Locked/Crossed Market Plan (``Plan'').\3\ The amendment added MIAX as a Participant \4\ to the Plan. The Commission is publishing this notice to solicit comments on the amendment from interested persons.


\1\ 15 U.S.C. 78k-1(a)(3).

\2\ 17 CFR 242.608.

\3\ On July 30, 2009, the Commission approved a national market system plan relating to Options Order Protection and Locked/Crossed Markets proposed by Chicago Board Options Exchange, Incorporated (``CBOE''), International Securities Exchange, LLC (``ISE''), The NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BOX''), NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''), and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See also Securities Exchange Act Release Nos. 61546 (February 19, 2010), 75 FR 8762 (February 25, 2010) (adding BATS Exchange, Inc. (``BATS'') as a Participant); 63119 (October 15, 2010), 75 FR 65536 (October 25, 2010) (adding C2 Options Exchange, Incorporated (``C2'') as a Participant); 66969 (May 11, 2012), 77 FR 29396 (May 17, 2012) (adding BOX Options Exchange LLC (``BOX Options'') as a Participant). Topaz Exchange, LLC (``Topaz'') joined the Plan on August 1, 2013.

\4\ The term ``Participant'' is defined as an Eligible Exchange whose participation in the Plan has become effective pursuant to Section 3(c) of the Plan.


  1. Description and Purpose of the Amendment

    The current Participants in the Linkage Plan are BOX Options, C2, CBOE, BATS, ISE, Nasdaq, BOX, Phlx, NYSE Amex,\5\ NYSE Arca, and Topaz. The amendment to the Plan added MIAX as a Participant in the Plan. MIAX has submitted a signed copy of the Plan to the Commission in accordance with the procedures set forth in the Plan regarding new Participants. Section 3(c) of the Plan provides for the entry of new Participants to the Plan. Specifically an Eligible Exchange \6\ may become a Participant in the Plan by: (i) Executing a copy of the Plan, as then in effect; (ii) providing each current Participant with a copy of such executed Plan; (iii) effecting an amendment to the Plan, as specified in Sections 3(c) and 4(b) of the Plan.


    \5\ NYSE Amex was recently renamed NYSE MKT LLC. See Securities Exchange Act Release No. 67037 (May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32).

    \6\ Section 2(6) of the Plan defines an ``Eligible Exchange'' as a national securities exchange registered with the Commission pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is a ``Participant Exchange'' in the Options Clearing Corporation (``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party to the Options Price Reporting Authority (``OPRA'') Plan (as defined in the OPRA Plan, Section 1); and (c) if the national securities exchange chooses not to become party to this Plan, is a participant in another plan approved by the Commission providing for comparable Trade-Through and Locked and Crossed Market protection. MIAX has represented that it has met the requirements for being considered an Eligible Exchange. See letter from Barbara Comly, EVP, General Counsel & Corporate Secretary, Miami International Holdings, Inc., to Elizabeth Murphy, Secretary, Commission, dated December 5, 2012.


    Section 4(b) of the Plan puts forth the process by which an Eligible Exchange may effect an amendment to the Plan. Specifically, an Eligible Exchange must: (a) Execute a copy of the Plan with the only change being the addition of the new participant's name in Section 3(a) of the Plan; and (b) submit the executed Plan to the Commission. The Plan then provides that such an amendment will be effective when the amendment is approved by the Commission or otherwise becomes effective pursuant to Section 11A of the Act and Rule 608 thereunder.

  2. Effectiveness of the Linkage Plan Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 608(b)(3)(iii) of the Act \7\ because it involves solely technical or ministerial matters. At any time within sixty days of the filing of this amendment, the Commission may summarily abrogate the amendment and require that it be refiled pursuant to paragraph (b)(1) of Rule 608,\8\ if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors or the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system or otherwise in furtherance of the purposes of the Act.


    \7\ 17 CFR 242.608(b)(3)(iii).

    \8\ 17 CFR 242.608(b)(1).


  3. Solicitation of Comments

    Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the amendment is consistent with the Act. Comments may be submitted by any of the following methods:

    Electronic Comments

    Use the Commission's Internet comment form (; or

    Send an email to Please include File Number 4-546 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 4-546. 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 ( Copies of the submission, all subsequent amendments, all written statements with respect to the amendment that are filed with the Commission, and all written communications relating to the amendment 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 MIAX. 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 4-546 and should be submitted on or before November 22, 2013.

    Page 65744

    By the Commission.

    Kevin M. O'Neill,

    Deputy Secretary.

    FR Doc. 2013-26072 Filed 10-31-13; 8:45 am

    BILLING CODE 8011-01-P