[Federal Register Volume 82, Number 237 (Tuesday, December 12, 2017)]
[Notices]
[Page 58387]
[FR Doc No: 2017-26746]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 10254-000]

Notice of Authorization for Continued Project Operation; Pelzer
Hydro Company, LLC, Consolidated Hydro Southeast, LLC

    On November 30, 2015 Pelzer Hydro Company, LLC and Consolidated
Hydro Southeast, LLC, licensee(s) for the Upper Pelzer Hydroelectric
Project, filed an Application for a New License pursuant to the Federal
Power Act (FPA) and the Commission's regulations thereunder. The Upper
Pelzer Hydroelectric project facilities are located on the Saluda River
in Anderson and Greenville Counties, South Carolina.
    The license for Project No. 10254 was issued for a period ending
November 30, 2017. Section 15(a) (1) of the FPA, 16 U.S.C. 808(a)(1),
requires the Commission, at the expiration of a license term, to issue
from year-to-year an annual license to the then licensee under the
terms and conditions of the prior license until a new license is
issued, or the project is otherwise disposed of as provided in section
15 or any other applicable section of the FPA. If the project's prior
license waived the applicability of section 15 of the FPA, then, based
on section 9(b) of the Administrative Procedure Act, 5 U.S.C. 558(c),
and as set forth at 18 CFR 16.21(a), if the licensee of such project
has filed an application for a subsequent license, the licensee may
continue to operate the project in accordance with the terms and
conditions of the license after the minor or minor part license
expires, until the Commission acts on its application. If the licensee
of such a project has not filed an application for a subsequent
license, then it may be required, pursuant to 18 CFR 16.21(b), to
continue project operations until the Commission issues someone else a
license for the project or otherwise orders disposition of the project.
    If the project is subject to section 15 of the FPA, notice is
hereby given that an annual license for Project No. 10254 is issued to
the licensee(s) for a period effective December 1, 2017 through
November 30, 2018 or until the issuance of a new license for the
project or other disposition under the FPA, whichever comes first. If
issuance of a new license (or other disposition) does not take place on
or before November 30, 2018, notice is hereby given that, pursuant to
18 CFR 16.18(c), an annual license under section 15(a)(1) of the FPA is
renewed automatically without further order or notice by the
Commission, unless the Commission orders otherwise.
    If the project is not subject to section 15 of the FPA, notice is
hereby given that the licensee(s), Pelzer Hydro Company, LLC and
Consolidated Hydro Southeast, LLC, are authorized to continue operation
of the Upper Pelzer Hydroelectric Project, until such time as the
Commission acts on its application for a subsequent license.

    Dated: December 6, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-26746 Filed 12-11-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 225 (Friday, November 26, 2021)]
[Notices]
[Pages 67538-67540]
[FR Doc No: 2021-25758]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93632; File No. SR-MIAX-2021-57]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule

November 19, 2021.
    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 November 8, 2021, Miami International Securities Exchange LLC
(``MIAX'' 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 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 the MIAX Options Fee
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings, 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 the exchange grouping of options
exchanges within the routing fee table in Section 1)c) of the Fee
Schedule, Fees for Customer Orders Routed to Another Options Exchange,
to adjust certain groupings of options exchanges. The Exchange
initially filed this proposal on October 27, 2021 (SR-MIAX-2021-53) and
withdrew such filing on November 8, 2021. The Exchange proposes to
implement the fee change effective November 8, 2021.
    Currently, the Exchange assesses routing fees based upon (i) the
origin type of the order, (ii) whether or not it is an order for
standard option classes in the Penny Interval Program \3\ (``Penny
classes'') or an order for standard option classes which are not in the
Penny Interval Program (``Non-Penny classes'') (or other explicitly
identified classes), and (iii) to which away market it is being routed.
This assessment practice is identical to the routing fees assessment
practice currently utilized by the Exchange's affiliates, MIAX PEARL,
LLC (``MIAX Pearl'') and MIAX Emerald, LLC (``MIAX Emerald''). This is
also similar to the methodology utilized by Cboe BZX Exchange, Inc.
(``Cboe BZX Options''), a competing options exchange, in assessing
routing fees. Cboe BZX Options has exchange groupings in its fee
schedule, similar to those of the Exchange, whereby several exchanges
are grouped into the same category dependent upon the order's origin
type and whether it is a Penny or Non-Penny class.\4\
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    \3\ See Securities Exchange Act Release No. 88988 (June 2,
2020), 85 FR 35153 (June 8, 2020) (SR-MIAX-2020-13) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Exchange Rule 404, Series of Option Contracts Open for
Trading, Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments, and Exchange Rule 516, Order Types Defined, To
Conform the Rules to Section 3.1 of the Plan for the Purpose of
Developing and Implementing Procedures Designed To Facilitate the
Listing and Trading of Standardized Options).
    \4\ See Cboe U.S. Options Fee Schedules, BZX Options, effective
August 2, 2021, ``Fee Codes and Associated Fees,'' at https://www.cboe.com/us/options/membership/fee_schedule/bzx/.
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    As a result of conducting a periodic review of the current
transaction fees and rebates charged by away markets, the Exchange has
determined to amend the exchange groupings of options exchanges within
the routing fee table to better reflect the associated costs of routing
customer orders to those options exchanges for execution.\5\ In
particular, the Exchange proposes to amend the exchange groupings in
the first row of the table identified as, ``Routed, Priority Customer,
Penny Program,'' to relocate Nasdaq BX Options from the first row of
the table to the second, also identified as ``Routed, Priority
Customer, Penny Program.'' The impact of this proposed change will be
that the routing fee for Priority Customer orders in the Penny Program
that are routed to Nasdaq BX Options, will increase from $0.15 to
$0.65. The purpose of the proposed rule change is to adjust the routing
fee for certain orders routed to Nasdaq BX Options to reflect the
associated costs for that routed execution.
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    \5\ Nasdaq BX established a Customer Taker fee of $0.46 in Penny
Classes and $0.65 in Non-Penny Classes. See Securities Exchange Act
Release No. 91473 (April 5, 2021), 86 FR 18562 (April 9, 2021) (SR-
BX-2021-009). Nasdaq BX recently increased the Customer Taker fee in
Non-Penny Classes from $0.65 to $0.79. See Securities Exchange Act
Release No. 93121 (September 24, 2021), 86 FR 54259 (September 30,
2021) (SR-BX-2021-040).
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    Next, the Exchange proposes to amend the exchange groupings in the
third row of the table, identified as ``Routed, Priority Customer, Non-
Penny Program,'' to relocate Nasdaq BX Options from the third row of
the table to the fourth, also identified as ``Routed, Priority
Customer, Non-Penny Program.'' The impact of this proposed change will
be that the routing fee for Priority Customer orders in the Non-

Penny Program that are routed to Nasdaq BX Options will increase from
$0.15 to $1.00. The purpose of the proposed rule change is to adjust
the routing fee for certain orders routed to Nasdaq BX Options to
reflect the associated costs for that routed execution.
    Next, the Exchange proposes to amend the exchange groupings in the
sixth row of the table, identified as, ``Routed, Public Customer that
is not a Priority Customer, Non-Penny Program,'' to relocate Nasdaq ISE
from the exchange groupings in the sixth row of the table to the
exchange groupings in the seventh row of the table, also identified as
``Routed, Public Customer that is not a Priority Customer, Non-Penny
Program.'' The impact of this proposed change will be that the Exchange
routing fee for Public Customer orders, that are not Priority Customer
orders, in the Non-Penny Program that are routed to Nasdaq ISE will
increase from $1.00 to $1.15. The purpose of the proposed rule change
is to adjust the routing fee for certain orders routed to Nasdaq ISE to
reflect the associated costs for that routed execution.
    Finally, the Exchange proposes to amend the exchange groupings in
the seventh row of the table, identified as ``Routed, Public Customer
that is not a Priority Customer, Non-Penny Program,'' to relocate
Nasdaq BX Options, MIAX Pearl, and MIAX Emerald, to the eighth row of
the table, also identified as ``Routed, Public Customer that is not a
Priority Customer, Non-Penny Program.'' The impact of this proposed
change will be that the routing fee for Public Customer orders that are
not Priority Customer orders in the Non-Penny Program that are routed
to Nasdaq BX Options, MIAX Pearl, or MIAX Emerald, will increase from
$1.15 to $1.25. The purpose of the proposed rule change is to adjust
the routing fee for certain orders routed to Nasdaq BX Options, MIAX
Pearl, or MIAX Emerald, to reflect the associated costs for that routed
execution. The Exchange notes that no options exchanges were removed
from the routing fee table entirely, with the only change being the
change in categorization.
    Accordingly, with the proposed change, the routing fee table will
be as follows:

------------------------------------------------------------------------
                       Description                             Fees
------------------------------------------------------------------------
Routed, Priority Customer, Penny Program, to: NYSE                 $0.15
 American, BOX, Cboe, Cboe EDGX Options, Nasdaq MRX,
 Nasdaq PHLX (except SPY)...............................
Routed, Priority Customer, Penny Program, to: NYSE Arca             0.65
 Options, Cboe BZX Options, Cboe C2, Nasdaq GEMX, Nasdaq
 ISE, NOM, Nasdaq PHLX (SPY only), MIAX Emerald, MIAX
 Pearl, Nasdaq BX Options...............................
Routed, Priority Customer, Non-Penny Program, to: NYSE              0.15
 American, BOX, Cboe, Cboe EDGX Options, Nasdaq ISE,
 Nasdaq MRX, Nasdaq PHLX................................
Routed, Priority Customer, Non-Penny Program, to: NYSE              1.00
 Arca Options, Cboe BZX Options, Cboe C2, MIAX Pearl,
 MIAX Emerald, Nasdaq GEMX, NOM, Nasdaq BX Options......
Routed, Public Customer that is not a Priority Customer,            0.65
 Penny Program, to: NYSE American, NYSE Arca Options,
 Cboe BZX Options, BOX, Cboe, Cboe C2, Cboe EDGX
 Options, Nasdaq GEMX, Nasdaq ISE, Nasdaq MRX, MIAX
 Pearl, MIAX Emerald, NOM, Nasdaq PHLX, Nasdaq BX
 Options................................................
Routed, Public Customer that is not a Priority Customer,            1.00
 Non-Penny Program, to: NYSE American, Cboe, Nasdaq
 PHLX, Cboe EDGX Options................................
Routed, Public Customer that is not a Priority Customer,            1.15
 Non-Penny Program, to: Cboe C2, BOX, NOM, Nasdaq ISE...
Routed, Public Customer that is not a Priority Customer,            1.25
 Non-Penny Program, to: Cboe BZX Options, NYSE Arca
 Options, Nasdaq GEMX, Nasdaq MRX, MIAX Pearl, MIAX
 Emerald, Nasdaq BX Options.............................
------------------------------------------------------------------------

    In determining to amend its routing fees the Exchange took into
account transaction fees and rebates assessed by the away markets to
which the Exchange routes orders, as well as the Exchange's clearing
costs, administrative, regulatory, and technical costs associated with
routing orders to an away market. The Exchange uses unaffiliated
routing brokers to route orders to the away markets; the costs
associated with the use of these services are included in the routing
fees specified in the Fee Schedule. This routing fees structure is not
only similar to the Exchange's affiliates, MIAX Pearl and MIAX Emerald,
but is also comparable to the structure in place at Cboe BZX
Options,\6\ a competing options exchange. The Exchange's routing fee
structure approximates the Exchange's costs associated with routing
orders to away markets. The per-contract transaction fee amount
associated with each grouping closely approximates the Exchange's all-
in cost (plus an additional, non-material amount) \7\ to execute that
corresponding contract(s) at that corresponding exchange. The Exchange
notes that in determining whether to adjust certain groupings of
options exchanges in the routing fee table, the Exchange considered the
transaction fees and rebates assessed by away markets, and determined
to amend the grouping of exchanges that assess transaction fees for
routed orders within a similar range. This same logic and structure
applies to all of the groupings in the routing fee table. By utilizing
the same structure that is utilized by the Exchange's affiliates, MIAX
Pearl and MIAX Emerald, the Exchange's Members \8\ will be assessed
routing fees in a similar manner. The Exchange believes that this
structure will minimize any confusion as to the method of assessing
routing fees between the three exchanges. The Exchange notes that its
affiliates, MIAX Pearl and MIAX Emerald, will file to make the same
proposed routing fee changes contained herein.
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    \6\ See supra note 4. The Cboe BZX Options fee schedule has
exchange groupings, whereby several exchanges are grouped into the
same category, dependent on the order's Origin type and whether it
is a Penny or Non-Penny class. For example, Cboe BZX Options fee
code RR covers routed customer orders in Non-Penny classes to NYSE
Arca, Cboe C2, Nasdaq ISE, Nasdaq Gemini, MIAX Emerald, MIAX Pearl,
or NOM, with a single fee of $1.25 per contract.
    \7\ This amount is to cover de minimis differences/changes to
away market fees (i.e., minor increases or decreases) that would not
necessitate a fee filing by the Exchange to re-categorize the away
exchange into a different grouping. Routing fees are not intended to
be a profit center for the Exchange and the Exchange's target
regarding routing fees and expenses is to be as close as possible to
net neutral.
    \8\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \9\ in general, and furthers
the objectives of

Section 6(b)(4) of the Act \10\ in particular, in that it is an
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using its facilities. The
Exchange also believes the proposal furthers the objectives of Section
6(b)(5) of the Act \11\ in that it is designed to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general to protect investors and the public interest and is not
designed to permit unfair discrimination between customers, issuers,
brokers and dealers.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
    \11\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the proposed change to the exchange groupings
of options exchanges within the routing fee table furthers the
objectives of Section 6(b)(4) of the Act and is reasonable, equitable
and not unfairly discriminatory because the proposed change will
continue to apply in the same manner to all Members that are subject to
routing fees. The Exchange believes the proposed change to the routing
fee table exchange groupings furthers the objectives of Section 6(b)(5)
of the Act and is designed to promote just and equitable principles of
trade and is not unfairly discriminatory because the proposed change
seeks to recoup costs that are incurred by the Exchange when routing
customer orders to away markets on behalf of Members and does so in the
same manner to all Members that are subject to routing fees. The costs
to the Exchange to route orders to away markets for execution primarily
includes transaction fees and rebates assessed by the away markets to
which the Exchange routes orders, in addition to the Exchange's
clearing costs, administrative, regulatory and technical costs. The
Exchange believes that the proposed re-categorization of certain
exchange groupings would enable the Exchange to recover the costs it
incurs to route orders to Nasdaq BX Options, Nasdaq ISE, MIAX Pearl,
and MIAX Emerald. The per-contract transaction fee amount associated
with each grouping approximates the Exchange's all-in cost (plus an
additional, non-material amount) to execute the corresponding contract
at the corresponding exchange.

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's proposed re-
categorization of certain exchange groupings is intended to enable the
Exchange to recover the costs it incurs to route orders to away
markets, particularly Nasdaq BX Options and Nasdaq ISE. The Exchange
does not believe that this proposal imposes any unnecessary burden on
competition because it seeks to recoup costs incurred by the Exchange
when routing orders to away markets on behalf of Members and notes that
at least one other options exchange has a similar routing fee
structure.\12\
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    \12\ See supra note 4.
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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 is effective upon filing pursuant to
Section 19(b)(3)(A) \13\ of the Act and subparagraph (f)(2) of Rule
19b-4 \14\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(2).
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    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) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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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 [email protected]. Please include
File Number SR-MIAX-2021-57 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-MIAX-2021-57. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-MIAX-2021-57 and should be submitted on
or before December 17, 2021.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25758 Filed 11-24-21; 8:45 am]
BILLING CODE 8011-01-P