included among other things, Ambient Air Quality Standards, codified at
20.11.8 NMAC (Part 8). The substantive revisions submitted to Part 8
again revise the local ambient air quality standards to make them
consistent with the current NAAQS. Specifically, the standards for
carbon monoxide (CO), ozone (O3), sulfur

dioxide (SO2), PM2.5, PM10 and lead
(Pb) were revised to reflect the new standards for those pollutants.
Non-substantive revisions are editorial in nature with the replacement
of terms and other clarifications or typographical corrections. We are
proposing to approve the severable portion of the November 6, 2009 SIP
revision submittal that revises Part 8, because it will ensure that the
Albuquerque/Bernalillo County SIP contains standards that are
consistent with the latest Federally-promulgated NAAQS. Appendix A of
the TSD for this rulemaking provides more detail regarding the specific
revisions.

VI. Proposed Action

    We are proposing to approve the submittals provided to demonstrate
that the Albuquerque/Bernalillo County SIP meets the infrastructure
elements for the 1997 and 2008 ozone and 1997 and 2006 PM2.5
NAAQS listed below:

    Emission limits and other control measures (110(a)(2)(A) of the
Act);
    Ambient air quality monitoring/data system (110(a)(2)(B) of the
Act);
    Program for enforcement of control measures (110(a)(2)(C) of the
Act);
    Interstate transport, pursuant to section 110(a)(2)(D)(ii) of
the Act;
    Adequate resources (110(a)(2)(E) of the Act);
    Stationary source monitoring system (110(a)(2)(F) of the Act);
    Emergency power (110(a)(2)(G) of the Act);
    Future SIP revisions (110(a)(2)(H) of the Act);
    Consultation with government officials (110(a)(2)(J) of the
Act);
    Public notification (110(a)(2)(J) of the Act);
    Prevention of significant deterioration and visibility
protection (110(a)(2)(J) of the Act);
    Air quality modeling data (110(a)(2)(K) of the Act);
    Permitting fees (110(a)(2)(L) of the Act); and
    Consultation/participation by affected local entities
(110(a)(2)(M) of the Act).

    We are also proposing to approve the portion of the Albuquerque/
Bernalillo County SIP revision submittal that addresses the requirement
of section (110)(a)(2)(D)(i)(II) of the Act that emissions from sources
in Albuquerque/Bernalillo County do not interfere with measures
required in the SIP of any other state under part C of the Act
regarding PSD for the 1997 and 2008 8-hour ozone and 1997 and 2006
PM2.5 NAAQS.
    We are proposing to approve Albuquerque/Bernalillo County PSD SIP
provisions to 20.11.61 NMAC submitted May 24, 2006 and August 16, 2010.
These SIP revisions address NOX as a precursor for ozone,
consistent with EPA's November 29, 2005 Phase 2 rule for the 1997 ozone
NAAQS (70 FR 71612). These revisions also identify the precursors for
PM2.5 and significant emission rates necessary for
PM2.5 PSD permitting, consistent with the 1997 and 2006
PM2.5 NAAQS (73 FR 28321, May 16, 2008). Additionally, the
May 24, 2006 and August 16, 2010 submittals make numerous other changes
necessary to maintain consistency with the federal PSD permitting
requirements. Specifically, we are proposing to approve revisions to
<IP_ADDRESS>, <IP_ADDRESS>, and <IP_ADDRESS> NMAC submitted on May 24,
2006. We are also proposing to approve revisions to <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>,
<IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, <IP_ADDRESS>, and <IP_ADDRESS>
NMAC submitted on August 16, 2010.
    We are also proposing to approve SIP revisions from November 6,
2009 pertaining to updating Part 8 Ambient Air Quality Standards
(20.11.8 NMAC). EPA is proposing to approve these revisions pursuant to
section 110 of the CAA. These revisions improve the Albuquerque/
Bernalillo County SIP and update 20.11.8 NMAC to add new standards and
revise existing NAAQS in 20.11.8 NMAC to be consistent with 40 CFR Part
50--National Primary and Secondary Ambient Air Quality Standards.

VII. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely proposes to approve state law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by state law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the state, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Intergovernmental
relations, Nitrogen dioxides, Ozone, Particulate matter, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Authority: 42 U.S.C. 7401 et seq.

    Dated: March 30, 2012.
Samuel Coleman,
Acting Regional Administrator, Region 6.
[FR Doc. 2012-8927 Filed 4-12-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: June 12, 2006 (Volume 71, Number 112)]
[Notices]
[Page 33732]
[DOCID:fr12jn06-53]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP06-374-000]

El Paso Natural Gas Company; Notice of Proposed Changes in FERC
Gas Tariff

June 2, 2006.
    Take notice that on May 31, 2006, El Paso Natural Gas Company
(EPNG) tendered for filing as part of its FERC Gas Tariff, Second
Revised Volume No. 1-A, Third Revised Sheet No. 2A, and seven firm
transportation service agreements (TSAs) with Salt River Project
Agricultural Improvement and Power District to become effective July 1,
2006. The TSAs are being submitted for the Commission's information and
review and have been listed on the tendered tariff sheet as non-
conforming agreements.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible online at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
[FR Doc. E6-9085 Filed 6-9-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 13 (Friday, January 20, 2012)]
[Notices]
[Page 2970]
[FR Doc No: 2012-1084]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 12478-003]

Gibson Dam Hydroelectric Company, LLC, Montana; Notice of
Availability of Final Environmental Assessment

    In accordance with the National Environmental Policy Act of 1969
and the Federal Energy Regulatory Commission's (Commission)
regulations, 18 CFR part 380 (Order No. 486, 52 FR 47897), the Office
of Energy Projects has reviewed the application for license for the
Gibson Dam Hydroelectric Project, located at the U.S. Department of the
Interior, Bureau of Reclamation's Gibson dam on the Sun River in Lewis
and Clark and Teton Counties, Montana, and has prepared a final
environmental assessment (EA) for the project. The project would occupy
a total of 68.5 acres of federal lands.
    The final EA contains staff's analysis of the potential
environmental impacts of the project and concludes that licensing the
project, with appropriate environmental protective measures, would not
constitute a major federal action that would significantly affect the
quality of the human environment.
    A copy of the final EA is available for review at the Commission in
the Public Reference Room or may be viewed on the Commission's Web site
at http://www.ferc.gov using the ``eLibrary'' link. Enter the docket
number excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or toll-free at 1-(866) 208-3676, or for
TTY,<PHONE_NUMBER>.
    You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    For further information, contact Matt Cutlip at<PHONE_NUMBER> or
<EMAIL_ADDRESS>
    Dated: January 12, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-1084 Filed 1-19-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 67 (Thursday, April 7, 2022)]
[Notices]
[Pages 20492-20495]
[FR Doc No: 2022-07338]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94574; File No. SR-MIAX-2022-12]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule To Extend the SPIKES
Options Market Maker Incentive Program Until June 30, 2022

April 1, 2022.
    Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on March 23, 2022, Miami International Securities
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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'') to extend the SPIKES Options Market
Maker Incentive Program (the ``Incentive Program'') until June 30,
2022.
    The text of the proposed rule change is available on the Exchange's
website at http://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 extend the Incentive Program until June
30, 2022.
Background
    On October 12, 2018, the Exchange received approval from the
Commission to list and trade on the Exchange options on the
SPIKES[supreg] Index, a new index that measures expected 30-day
volatility of the SPDR S&P 500 ETF Trust (commonly known and referred
to by its ticker symbol, ``SPY'').\3\ The Exchange adopted its initial
SPIKES transaction fees on February 15, 2019 and adopted a new section
of the Fee Schedule--Section 1(a)(xi), SPIKES--for

those fees.\4\ Options on the SPIKES Index began trading on the
Exchange on February 19, 2019.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 84417 (October 12,
2018), 83 FR 52865 (October 18, 2018) (SR-MIAX-2018-14) (Order
Granting Approval of a Proposed Rule Change by Miami International
Securities Exchange, LLC to List and Trade on the Exchange Options
on the SPIKES[supreg] Index).
    \4\ See Securities Exchange Release No. 85283 (March 11, 2019),
84 FR 9567 (March 15, 2019) (SR-MIAX-2019-11). The Exchange
initially filed the proposal on February 15, 2019 (SR-MIAX-2019-04).
That filing was withdrawn and replaced with SR-MIAX-2019-11. On
September 30, 2020, the Exchange filed its proposal to, among other
things, reorganize the Fee Schedule to adopt new Section 1(b),
Proprietary Products Exchange Fees, and moved the fees and rebates
for SPIKES options into new Section 1(b)(i). See Securities Exchange
Act Release No. 90146 (October 9, 2020), 85 FR 65443 (October 15,
2020) (SR-MIAX-2020-32); Securities Exchange Act Release No. 90814
(December 29, 2020), 86 FR 327 (January 5, 2021) (SR-MIAX-2020-39).
---------------------------------------------------------------------------

Incentive Program Extension
    On September 30, 2021, the Exchange filed its initial proposal to
implement a SPIKES Options Market Maker Incentive Program for SPIKES
options to incentivize Market Makers \5\ to improve liquidity,
available volume, and the quote spread width of SPIKES options
beginning October 1, 2021, and ending December 31, 2021.\6\ Technical
details regarding the Incentive Program were published in a Regulatory
Circular on September 30, 2021.\7\ On October 12, 2021, the Exchange
withdrew SR-MIAX-2021-45 and refiled its proposal to implement the
Incentive Program to provide additional details.\8\ In that filing, the
Exchange specifically noted that the Incentive Program would expire at
the end of the period (December 31, 2021) unless the Exchange filed
another 19b-4 Filing to amend the fees (or extend the Incentive
Program).\9\ On December 23, 2021, the Exchange filed its proposal to,
among other things, extend the Incentive Program for three months, with
the Incentive Program ending on March 31, 2022.\10\ In that filing, the
Exchange specifically noted that the Incentive Program would expire at
the end of the period (March 31, 2022) unless the Exchange filed
another 19b-4 Filing to amend the terms (or extend the Incentive
Program).\11\ The Exchange now proposes to extend the Incentive Program
for an additional three months, with the Incentive Program ending on
June 30, 2022.\12\
---------------------------------------------------------------------------

    \5\ The term ``Market Makers'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and ``Registered Market Makers''
collectively. See Exchange Rule 100.
    \6\ See SR-MIAX-2021-45.
    \7\ See MIAX Options Regulatory Circular 2021-56, SPIKES Options
Market Maker Incentive Program (September 30, 2021) available at
https://www.miaxoptions.com/sites/default/files/circularfiles/MIAX_Options_RC_2021_56.pdf.
    \8\ See Securities Exchange Act Release No. 93424 (October 26,
2021), 86 FR 60322 (November 1, 2021) (SR-MIAX-2021-49).
    \9\ See id., at note 4.
    \10\ See Securities Exchange Act Release No. 93881 (December 30,
2021), 87 FR 517 (January 5, 2022) (SR-MIAX-2021-63).
    \11\ See id., at footnote 20.
    \12\ The Exchange notes that at the end of the extension period,
the Incentive Program will expire unless the Exchange files another
19b-4 Filing to amend the terms or extend the Incentive Program.
---------------------------------------------------------------------------

    The Exchange proposes to extend the Incentive Program for SPIKES
options to continue to incentivize Market Makers to improve liquidity,
available volume, and the quote spread width of SPIKES options.
Currently, to be eligible to participate in the Incentive Program, a
Market Maker must meet certain minimum requirements related to quote
spread width in certain in-the-money (ITM) and out-of-the-money (OTM)
options as determined by the Exchange and communicated to Members via
Regulatory Circular.\13\ Market Makers must also satisfy a minimum time
in the market in the front 2 expiry months of 70%, and have an average
quote size of 25 contracts. The Exchange established two separate
incentive compensation pools that are used to compensate Market Makers
that satisfy the criteria pursuant to the Incentive Program.
---------------------------------------------------------------------------

    \13\ See supra note 7.
---------------------------------------------------------------------------

    The first pool (Incentive 1) has a total amount of $40,000 per
month, which is allocated to Market Makers that meet the minimum
requirements of the Incentive Program. Market Makers are required to
meet minimum spread width requirements in a select number of ITM and
OTM SPIKES option contracts as determined by the Exchange and
communicated to Members via Regulatory Circular.\14\ A complete
description of how the Exchange calculates the minimum spread width
requirements in ITM and OTM SPIKES options can be found in the
published Regulatory Circular.\15\ Market Makers are also required to
maintain the minimum spread width, described above, for at least 70% of
the time in the front two (2) SPIKES options contract expiry months and
maintain an average quote size of at least 25 SPIKES options contracts.
The amount available to each individual Market Maker is capped at
$10,000 per month for satisfying the minimum requirements of the
Incentive Program. In the event that more than four Market Makers meet
the requirements of the Incentive Program, each qualifying Market Maker
is entitled to receive a pro-rated share of the $40,000 monthly
compensation pool dependent upon the number of qualifying Market Makers
in that particular month.
---------------------------------------------------------------------------

    \14\ See id.
    \15\ See id.
---------------------------------------------------------------------------

    The second pool (Incentive 2 Pool) is capped at a total amount of
$100,000 per month which is used during the Incentive Program to
further incentivize Market Makers who meet or exceed the requirements
of Incentive 1 (``qualifying Market Makers'') to provide tighter quote
width spreads. The Exchange ranks each qualifying Market Maker's quote
width spread relative to each other qualifying Market Maker's quote
width spread. Market Makers with tighter spreads in certain strikes, as
determined by the Exchange and communicated to Members via Regulatory
Circular,\16\ are eligible to receive a pro-rated share of the
compensation pool as calculated by the Exchange and communicated to
Members via Regulatory Circular,\17\ not to exceed $25,000 per Member
per month. Qualifying Market Makers are ranked relative to each other
based on the quality of their spread width (i.e., tighter spreads are
ranked higher than wider spreads) and the Market Maker with the best
quality spread width receives the highest rebate, while other eligible
qualifying Market Makers receive a rebate relative to their quality
spread width.
---------------------------------------------------------------------------

    \16\ See id.
    \17\ See id.
---------------------------------------------------------------------------

    The Exchange now proposes to extend the Incentive Program until
June 30, 2022. The Exchange does not propose to make any amendments to
how it calculates any of the incentives provided for in Incentive Pools
1 or 2. The details of the Incentive Program can continue to be found
in the Regulatory Circular that was published on September 30, 2021 to
all Exchange Members.\18\ The purpose of this extension is to continue
to incentivize Market Makers to improve liquidity, available volume,
and the quote spread width of SPIKES options. The Exchange will
announce the extension of the Incentive Program to all Members via a
Regulatory Circular.
---------------------------------------------------------------------------

    \18\ See id.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \19\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \20\ in
particular, in that it is an equitable allocation of reasonable 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 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.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes that it is reasonable, equitable, and not
unfairly discriminatory to extend the Incentive Program for Market
Makers in SPIKES options. The Incentive Program is reasonably designed
because it will continue to incentivize Market Makers to provide quotes
and increased liquidity in select SPIKES options contracts. The
Incentive Program is reasonable, equitably allocated and not unfairly
discriminatory because all Market Makers in SPIKES options may continue
to qualify for Incentive 1 and Incentive 2, dependent upon each Market
Maker's quoting in SPIKES options in a particular month. Additionally,
if a SPIKES Market Maker does not satisfy the requirements of Incentive
Pool 1 or 2, then it simply will not receive the rebate offered by the
Incentive Program for that month.
    The Exchange believes that it is reasonable, equitable and not
unfairly discriminatory to continue to offer this financial incentive
to Market Makers in SPIKES options because it will continue to benefit
all market participants trading in SPIKES options. SPIKES options is a
Proprietary Product on the Exchange and the continuation of the
Incentive Program encourages Market Makers in SPIKES options to satisfy
a heightened quoting standard, average quote size, and time in market.
A continued increase in quoting activity and tighter quotes may yield a
corresponding increase in order flow from other market participants,
which benefits all investors by deepening the Exchange's liquidity
pool, potentially providing greater execution incentives and
opportunities, while promoting market transparency and improving
investor protection.
    The Exchange believes that the Incentive Program is equitable and
not unfairly discriminatory because it will continue to promote an
increase in SPIKES options liquidity, which may facilitate tighter
spreads and an increase in trading opportunities to the benefit of all
market participants. The Exchange believes it is reasonable to operate
the Incentive Program for a continued limited period of time to
strengthen market quality for all market participants. The resulting
increased volume and liquidity will benefit those Members who are
eligible to participate in the Incentive Program and will also continue
to benefit those Members who are not eligible to participate in the
Incentive Program by providing more trading opportunities and tighter
spreads.

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.
Intra-Market Competition
    The Exchange believes that the proposed extension of the Incentive
Program would continue to increase intra-market competition by
incentivizing Market Makers to quote SPIKES options, which will
continue to enhance the quality of quoting and increase the volume of
contracts available to trade in SPIKES options. To the extent that this
purpose is achieved, all the Exchange's market participants should
benefit from the improved market liquidity for SPIKES options. Enhanced
market quality and increased transaction volume in SPIKES options that
results from the anticipated increase in Market Maker activity on the
Exchange will benefit all market participants and improve competition
on the Exchange.
Inter-Market Competition
    The Exchange does not believe that the proposed rule changes will
impose any burden on inter-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed extension of the Incentive Program applies only to the
Exchange's Proprietary Products (including options on SPIKES), which
are traded exclusively on the Exchange.

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,\21\ and Rule 19b-4(f)(2) \22\ thereunder.
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.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \22\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-2022-12 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-2022-12. 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-2022-12 and should

be submitted on or before April 28, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-07338 Filed 4-6-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: July 11, 2008 (Volume 73, Number 134)]
[Notices]
[Page 40000-40001]
[DOCID:fr11jy08-86]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58094; File No. SR-CBOE-2008-70]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated, LLC; Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the Short Term Option Series Pilot
Program

July 3, 2008.
    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 July 2, 2008, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been substantially prepared by
the Exchange. The Exchange has designated this proposal as non-
controversial under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposed rule change
effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to extend the period for its Short Term
Option Series pilot program (``Pilot Program'') through July 12, 2009.
The text of the proposed rule change is available on the Exchange's Web
site (http://www.cboe.org/Legal), at the Exchange's Office of the
Secretary and at the Commission.

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
    On July 12, 2005, the Commission approved the Pilot Program.\5\ The
Pilot Program allows CBOE to list and trade Short Term Option Series,
which would expire one week after the date on which a series is opened.
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    \5\ See Securities Exchange Act Release No. 52011 (July 12,
2005), 70 FR 41451 (July 19, 2005) (SR-CBOE-2004-63) (``Pilot
Program Approval Order''). The Pilot Program has since been extended
and is currently scheduled to expire on July 12, 2008. See
Securities Exchange Act Release Nos. 53984 (June 14, 2006), 71 FR
35718 (June 21, 2006) (SR-CBOE-2006-48) (extending the Pilot Program
through July 12, 2007) and 56050 (July 11, 2007), 72 FR 39472 (July
18, 2007) (SR-CBOE-2007-76) (extending the Pilot Program through
July 12, 2008); see also Securities Exchange Act Release No. 54338
(August 21, 2006), 71 FR 50952 (August 28, 2006) (SR-CBOE-2006-49)
(order approving an amendment to the Pilot Program that increased
the number of series that may be listed for a class selected to
participant in the Pilot Program from five series to seven series).
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    The Exchange has selected the following four options classes to
participant in the Pilot Program: S&P 500 Index options (SPX), S&P 100
Index American-style options (OEX), Mini-S&P 500 Index options (XSP),
and S&P 100 Index European-style options (XEO). CBOE believes the Pilot
Program has been successful and well received by its members and the
investing public. Thus, CBOE proposes to extend the Pilot Program
through July 12, 2009.
    In support of the proposed rule change, and as required by the
Pilot

Program Approval Order, the Exchange is submitting to the Commission a
Pilot Program report (the ``Report'') detailing the Exchange's
experience with the Pilot Program. Specifically, the Report contains
data and written analysis regarding the four options classes included
in the Pilot Program. The Report is being submitted under separate
cover and seeks confidential treatment under the Freedom of Information
Act.
    The Exchange believes there is sufficient investor interest and
demand to extend the Pilot Program another year based on the
information provided in the Report. The Exchange believes that the
Pilot Program has provided investors with additional means of managing
their risk exposures and carrying out their investment objectives.
Furthermore, the Exchange has not experienced any capacity-related
problems with respect to Short Term Option Series. The Exchange also
represents that it has the necessary system capacity to support the
option series listed under the Pilot Program.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act \6\ and the rules and regulations thereunder and, in
particular, the requirements of Section 6(b) of the Act.\7\
Specifically, the Exchange believes the proposed rule change is
consistent with Section 6(b)(5) of the Act,\8\ which requires that the
rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Exchange believes that extension
of the Pilot Program will result in a continuing benefit to investors,
by allowing them additional means to manage their risk exposures and
carry out their investment objectives, and will allow the Exchange to
further study investor interest in Short Term Option Series.
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    \6\ 15 U.S.C. 78s(b)(1).
    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change does not impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    The Exchange neither solicited nor received comments on the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The Exchange has designated the proposed rule change as one that:
(1) Does not significantly affect the protection of investors or the
public interest; (2) does not impose any significant burden on
competition; and (3) does not become operative for 30 days from the
date of filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest.
Therefore, the foregoing rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b-
4 thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its 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 fulfilled this requirement.
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    The Exchange has asked the Commission to waive the operative delay
to permit the proposed rule change to become operative prior to the
30th day after filing. The Commission has determined that waiving the
30-day operative delay of the Exchange's proposal is consistent with
the protection of investors and the public interest and will promote
competition because such waiver will allow CBOE to continue the
existing Pilot Program without interruption.\11\ Therefore, the
Commission designates the proposal operative upon filing.
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    \11\ 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 may summarily abrogate the 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.

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 e-mail to<EMAIL_ADDRESS>Please include
File No. SR-CBOE-2008-70 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-CBOE-2008-70. This file
number should be included on the subject line if e-mail 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 inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 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 available publicly. All
submissions should refer to File No. SR-CBOE-2008-70 and should be
submitted on or before August 1, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-15758 Filed 7-10-08; 8:45 am]

BILLING CODE 8010-01-P