[Federal Register Volume 82, Number 104 (Thursday, June 1, 2017)]
[Notices]
[Pages 25347-25358]
[FR Doc No: 2017-11251]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80768; File No. SR-MIAX-2017-19]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend MIAX
Options Rules 515, Execution of Orders and Quotes; 515A, MIAX Price
Improvement Mechanism (``PRIME'') and PRIME Solicitation Mechanism; and
518, Complex Orders

May 25, 2017.
    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 May 12, 2017, Miami International Securities
Exchange, LLC (``MIAX Options'' 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.
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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 Rules 515,
Execution of Orders and Quotes; 515A, MIAX Price Improvement Mechanism
(``PRIME'') and PRIME Solicitation Mechanism; and 518, Complex Orders.
    The text of the proposed rule change is available on the Exchange's
Web site 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 amend Exchange Rules 515, Execution of
Orders and Quotes; 515A, MIAX Price Improvement Mechanism (``PRIME'')
and PRIME Solicitation Mechanism; and 518, Complex Orders, to establish
three new types of complex orders,\3\ and to adopt new provisions that
relate to the processing of those new complex order types. In
particular, the Exchange is proposing to modify those rules to permit
the entry and execution of Complex Customer Cross (``cC2C'') Orders,
Complex Qualified Contingent Cross (``cQCC'') Orders, and Complex PRIME
(``cPRIME'') Orders, each as discussed more fully below.
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    \3\ For a description of the trading of complex orders on the
Exchange, see Exchange Rule 518. See also, Securities Exchange Act
Release No. 79072 (October 7, 2016), 81 FR 71131 (October 14, 2016)
(SR-MIAX-2016-26).
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Background
    Exchange Rule 515(h) currently permits the entry and execution of
Customer Cross Orders \4\ and Qualified Contingent Cross (``QCC'')
Orders \5\ in the Exchange's simple market. A Customer Cross Order is
comprised of a Priority Customer \6\ Order to buy and a Priority
Customer Order to sell at the same price and for the same quantity. A
Customer Cross Order is not valid during the opening rotation process
described in Rule 503.\7\ A QCC Order is comprised of an originating
order to buy or sell at least 1,000 contracts, or 10,000 mini-option
contracts, that is identified as being part of a qualified contingent
trade,\8\ as that term is defined in Rule 516, Interpretations and
Policies .01, coupled with a contra-side order or orders totaling an
equal number of contracts. A QCC Order is not valid during the opening
rotation process described in Rule 503.\9\
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    \4\ See Exchange Rule 515(h)(1).
    \5\ See Exchange Rule 515(h)(2).
    \6\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer in securities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Exchange Rule
100.
    \7\ See Exchange Rule 516(i).
    \8\ A ``qualified contingent trade'' is a transaction consisting
of two or more component orders, executed as agent or principal,
where: (a) At least one component is an NMS Stock, as defined in
Rule 600 of Regulation NMS under the Act; (b) all components are
effected with a product or price contingency that either has been
agreed to by all the respective counterparties or arranged for by a
broker-dealer as principal or agent; (c) the execution of one
component is contingent upon the execution of all other components
at or near the same time; (d) the specific relationship between the
component orders (e.g., the spread between the prices of the
component orders) is determined by the time the contingent order is
placed; (e) the component orders bear a derivative relationship to
one another, represent different classes of shares of the same
issuer, or involve the securities of participants in mergers or with
intentions to merge that have been announced or cancelled; and (f)
the transaction is fully hedged (without regard to any prior
existing position) as a result of other components of the contingent
trade. See Exchange Rule 516, Interpretations and Policies .01.
    \9\ See Exchange Rule 516(j).
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    Customer Cross Orders and QCC Orders are processed in a crossing
mechanism of the Exchange's System \10\ designed specifically for the
execution of those order types, and Rule 515(h) contains order
processing and execution requirements that are unique to these order
types. The Exchange proposes to use that same crossing mechanism for
the processing and execution of cC2C Orders and cQCC Orders.
Accordingly, the Exchange is proposing to modify Rule 515(h) so that it
also permits the execution of cC2C Orders and cQCC Orders, through the
adoption of Rule 515(h)(3) (relating to cC2C Orders) and Rule 515(h)(4)
(relating to cQCC Orders). Rules 515(h)(3) and (4) include processing
and execution requirements for cC2C Orders and cQCC Orders that differ
from the processing and execution requirements under 515(h)(1) and (2)
for Customer Cross Orders and QCC Orders, respectively.
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    \10\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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    Exchange Rule 515A currently permits the entry and execution of
PRIME Orders \11\ and PRIME Solicitation Orders \12\ in the Exchange's
simple market. PRIME is a price-improvement mechanism of the Exchange's
System pursuant to which a Member \13\ (``Initiating Member'')
electronically submits an order that it represents as agent (an
``Agency Order'') into a PRIME Auction (``Auction''). The Initiating
Member, in submitting an Agency Order, must be willing to either (i)
cross the Agency Order at a single price (a ``single-price
submission'') against principal or solicited interest, or (ii)
automatically match (``auto-match''), against principal or solicited
interest, the price and size of responses to a Request for Response
(``RFR'') that is broadcast to MIAX Options participants up to an
optional designated limit price.\14\
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    \11\ See Exchange Rule 515A(a).
    \12\ See Exchange Rule 515A(b).
    \13\ 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 Act. See Exchange
Rule 100.
    \14\ See Exchange Rule 515A(a)(2)(i). When the Exchange receives
a properly designated Agency Order for auction processing, an RFR
detailing the option, side, size, and initiating price will be sent
to all subscribers of the Exchange's data feeds. The RFR currently
lasts for 500 milliseconds. Members may submit responses to the RFR
(specifying prices and sizes). RFR responses shall be an Auction or
Cancel (``AOC'') order or an AOC eQuote. Such responses cannot cross
the disseminated MIAX Best Bid or Offer (``MBBO'') on the opposite
side of the market from the response.
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    PRIME Orders are processed in the PRIME mechanism of the Exchange's
System that is designed specifically for the execution of those order
types. Accordingly, Rule 515A contains order processing and execution
requirements that are unique to these order types. The Exchange
proposes to utilize that same PRIME mechanism for the processing and
execution of cPRIME Orders. Accordingly, the Exchange is proposing to
modify Rule 515A so that it also permits the execution of cPRIME
Orders, through certain modifications to Rule 515A(a) and the adoption
of Interpretations and Policies .12 (PRIME for Complex Orders).
Interpretations and Policies .12 includes processing and execution
requirements for cPRIME Orders that differ from the processing

and execution requirements under 515A(a) for simple PRIME Orders.
    The Exchange is also proposing to amend Exchange Rule 518, which
governs the processing and execution of complex orders on the Exchange.
In particular, Rule 518(b) lists and defines complex order types that
are available for trading on the Exchange.\15\ Accordingly, the
Exchange proposes to amend Rule 518(b) to list and define the three new
complex order types: cC2C, cQCC, and cPRIME.
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    \15\ Exchange Rule 518(b), Types of Complex Orders, lists the
various complex orders available for trading on the Exchange. The
Exchange is proposing to add two new complex order types, cC2C and
cQCC Orders, to this rule.
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cC2C Orders
    As discussed above, the Exchange proposes to use the same crossing
mechanism for the processing and execution of cC2C Orders that is used
for Customer Cross Orders in the simple market. Accordingly, proposed
Rule 515(h)(3) shall govern the trading of cC2C Orders, as defined in
Rule 518(b)(5), on MIAX Options.
    Proposed Rule 518(b)(5) defines a cC2C Order as a type of complex
order which is comprised of one Priority Customer complex order to buy
and one Priority Customer complex order to sell (the same strategy) at
the same price (which must be better than (inside) the icMBBO \16\ or
the best net price of the complex order on the Strategy Book \17\ for
the strategy, whichever is more aggressive) and for the same quantity.
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    \16\ The Implied Complex MIAX Best Bid or Offer (``icMBBO'') is
a calculation that uses the best price from the Simple Order Book
(defined below) for each component of a complex strategy including
displayed and non-displayed trading interest. For stock-option
orders, the icMBBO for a complex strategy will be calculated using
the best price (whether displayed or non-displayed) on the Simple
Order Book (defined below) in the individual option component(s),
and the NBBO in the stock component. See Exchange Rule 518(a)(11).
    \17\ The ``Strategy Book'' is the Exchange's electronic book of
complex orders and complex quotes. See Exchange Rule 518(a)(17).
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    Proposed Rule 515(h)(3) describes the execution price requirements
that are specific for cC2C Orders. Specifically, cC2C Orders are
automatically executed upon entry provided that the execution is at
least $0.01 better than (inside) the icMBBO (as defined in Rule
518(a)(11)) price or the best net price of a complex order (as defined
in Rule 518(a)(5)) on the Strategy Book (as defined in Rule
518(a)(17)), whichever is more aggressive (i.e., the higher bid and/or
lower offer). The purpose of the requirement that the execution be at
the more aggressive price of either the icMBBO or the best net price of
the complex order on the Strategy Book is to ensure that each
participant in the complex order receives a better price than it would
receive if submitted as a single complex order, and to ensure that
there is no interference between the simple and complex markets.
    The System will reject a cC2C Order if, at the time of receipt of
the cC2C Order, (i) the strategy is subject to a cPRIME Auction
pursuant to Rule 515A proposed Interpretations and Policies .12, or to
a Complex Auction pursuant to Rule 518(d); or (ii) any component of the
strategy is subject to a SMAT Event as described in Rule
518(a)(16).\18\ The purpose of this provision is to maintain an orderly
market by avoiding the execution of cC2C Orders with components that
are involved in other System functions (specifically a PRIME Auction,
Route Timer, or liquidity refresh pause) that could affect the
execution price of the cC2C Order, and by avoiding concurrent
processing on the Exchange involving the same security. This
methodology for the handling of cC2C Orders differs somewhat from the
methodology for handling Customer Cross Orders, wherein the System will
not reject a cC2C Order when a component of the strategy is subject to
the managed interest process \19\ pursuant to Rule 515(c) (as the
System would reject a Customer Cross Order in the simple market during
such a condition). A cC2C Order already has a guaranteed execution
price at the better of $0.01 inside the icMBBO price or at the best net
price of a complex order on the Strategy Book. Therefore, it is not
necessary or desirable to reject and thereby preclude the execution of
a cC2C Order in this circumstance.
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    \18\ A Simple Market Auction or Timer, or ``SMAT'' Event, is
defined as any of the following: (i) A PRIME Auction (pursuant to
Rule 515A); (ii) a Route Timer (pursuant to Rule 529); or (iii) a
liquidity refresh pause (pursuant to Rule 515(c)(2)). See Exchange
Rule 518(a)(16).
    \19\ Under the managed interest process, if the limit price of a
non-routable order locks or crosses the current opposite side NBBO,
the System will display the order one Minimum Price Variation away
from the current opposite side NBBO, and book the order at a price
that will lock the current opposite side NBBO. See Exchange Rule
515(c)(ii).
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    Proposed Rule 515(h)(3)(A) states that cC2C Orders will be
automatically cancelled if they cannot be executed. Proposed Rule
515(h)(3)(B) provides that cC2C Orders may only be entered in the
minimum trading increments applicable to complex orders under Rule
518(c)(1)(i).\20\
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    \20\ Bids and offers on complex orders and quotes may be
expressed in $0.01 increments, and the component(s) of a complex
order may be executed in $0.01 increments, regardless of the minimum
increments otherwise applicable to individual components of the
complex order. See Exchange Rule 518(c)(1)(i).
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    As a regulatory matter, proposed Rule 515(h)(3)(C) states that Rule
520, Interpretations and Policies .01 \21\ applies to the entry and
execution of cC2C Orders.
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    \21\ Rule 520(b) prevents an Electronic Exchange Member from
executing agency orders to increase its economic gain from trading
against the order without first giving other trading interest on the
Exchange an opportunity to either trade with the agency order or to
trade at the execution price when the Member was already bidding or
offering on the Book. However, the Exchange recognizes that it may
be possible for an Electronic Exchange Member to establish a
relationship with a customer or other person (including affiliates)
to deny agency orders the opportunity to interact on the Exchange
and to realize similar economic benefits as it would achieve by
executing agency orders as principal. It will be a violation of Rule
520(b) for an Electronic Exchange Member to be a party to any
arrangement designed to circumvent Rule 520(b) by providing an
opportunity for a customer or other person (including affiliates) to
regularly execute against agency orders handled by the Electronic
Exchange Member immediately upon their entry into the System. See
Exchange Rule 520, Interpretations and Policies .01.
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    Proposed Rule 515(h)(3)(D) states that the Exchange will determine,
on a class-by-class basis, the option classes in which cC2C Orders are
available for trading on the Exchange, and will announce such classes
to Members via Regulatory Circular.
    The following example illustrates the execution of a cC2C Order:
Example 1--A cC2C Order Is Executed
MIAX-LMM Mar 50 Call 6.00-6.50 (10x10)
MIAX-LMM Mar 55 Call 3.00-3.30 (10x10)

Strategy: Buy 1 Mar 50 Call, Sell 1 Mar 55 Call

The icMBBO is 2.70 debit bid at 3.50 credit offer
The dcMBBO is 2.70 debit bid at 3.50 credit offer

    The Strategy Book contains a Priority Customer offer to sell the
Strategy at 3.30 credit, 20 times.
    The Exchange receives a cC2C Order representing Priority Customers
on both sides for the simultaneous purchase and sale of the strategy at
a net price of 3.29, 500 times.
    Since the order price is at least $0.01 better than (inside) the
icMBBO and the best net price of any order for the Strategy on the
Strategy Book, the cC2C order is automatically executed upon entry.
cQCC Orders
    As discussed above, the Exchange proposes to use the same crossing
mechanism for the processing and execution of cQCC Orders that is used

for QCC Orders in the simple market.\22\ Accordingly, proposed Rule
515(h)(4) shall govern the trading of cQCC Orders, as defined in Rule
518(b)(6), on MIAX Options.
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    \22\ See Exchange Rule 515(h)(2).
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    Proposed Rule 518(b)(6) defines a cQCC Order as a type of complex
order which is comprised of a complex order to buy or sell where each
component is at least 1,000 contracts that is identified as being part
of a qualified contingent trade, as defined in Rule 516,
Interpretations and Policies .01,\23\ coupled with a contra-side
complex order or orders (for the same strategy) totaling an equal
number of contracts.
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    \23\ See supra note 8.
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    Proposed Rule 515(h)(4) mirrors the execution price requirements
for simple QCC Orders by providing that cQCC Orders are automatically
executed upon entry provided that, with respect to each option leg of
the cQCC Order, the execution (i) is not at the same price as a
Priority Customer Order on the Exchange's Book; \24\ and (ii) is at or
between the NBBO. The purpose of the requirement that each option leg
be executed at or between the NBBO is to ensure that no option
component of the cQCC Order trades through the NBBO. The purpose of the
requirement that each option leg be executed at a price better than any
Priority Customer on the Book is to ensure that no option component of
the cQCC Order trades ahead of a Priority Customer Order.
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    \24\ The term ``Book'' means the electronic book of buy and sell
orders and quotes maintained by the System. See Exchange Rule 100.
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    The Options Order Protection and Locked/Crossed Markets Plan (the
``Plan''), provides an exception to the requirement that Participants
establish, maintain and enforce written policies and procedures that
are reasonably designed to prevent Trade-Throughs when the transaction
that constituted the Trade-Through was effected as a portion of a
``complex trade,'' as defined in the rules of a Participant.\25\
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    \25\ See Section 5(b)(viii) of the Plan. See also, Exchange Rule
1401(b)(7).
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    The System does not consider the NBBO price for the stock component
because the Exchange does not execute the stock component; the Exchange
executes the option components at a net price and ensures that the
execution price of each option component of the strategy is (i) not at
the same price as a Priority Customer Order on the Exchange's Simple
Order Book; \26\ and (ii) at or between the NBBO. The Exchange does
require that the Member entering a QCC Order provide certain
information to the Exchange regarding the execution of the stock
component, such as the underlying price, quantity, price delta,
execution time and executing venue.\27\ The Exchange will require this
same information from Members with respect to cQCC Orders.
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    \26\ The ``Simple Order Book'' is the Exchange's regular
electronic book of orders and quotes, as defined in Exchange Rule
518, Complex Orders. See Exchange Rule 518(a)(15). For purposes of
the instant proposed rule change, the terms ``Book'' (see supra note
24) and ``Simple Order Book'' have the same meaning and are
interchangeable.
    \27\ See MIAX Options Regulatory Circular No. 2015-47 (October
2, 2015), describing Regulatory Requirements when entering a
Qualified Contingent Cross Order.
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    This complex pricing requirement aligns with the simple order
pricing requirement for a Qualified Contingent Trade (``QCT'') to
consider the NBBO price. In each case, the parties to a contingent
trade are focused on the spread or ratio between the transaction prices
for each of the component instruments (i.e., the net price of the
entire contingent trade), rather than on the absolute price of any
single component. Pursuant to the requirements of the NMS QCT
Exemption, the spread or ratio between the relevant instruments must be
determined at the time the order is placed, and this spread or ratio
stands regardless of the market prices of the individual orders at
their time of execution. As the Commission noted in the Original QCT
Exemption, ``the difficulty of maintaining a hedge, and the risk of
falling out of hedge, could dissuade participants from engaging in
contingent trades, or at least raise the cost of such trades.'' Thus,
the Commission found that, if each stock leg of a qualified contingent
trade were required to meet the trade-through provisions of Rule 611 of
Regulation NMS, such trades could become too risky and costly to be
employed successfully and noted that the elimination or reduction of
this trading strategy potentially could remove liquidity from the
market.\28\ This is also true for QCC Orders in options, and thus the
Exchange believes that its proposal is consistent with the Original QCT
Exemption.
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    \28\ See Securities Exchange Act Release No. 54389 (August 31,
2006), 71 FR 52829 (September 7, 2006) (``Original QCT Exemption'').
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    The System will reject a cQCC Order if, at the time of receipt of
the cQCC Order, (i) the strategy is subject to a cPRIME Auction
pursuant to proposed Rule 515A, Interpretations and Policies .12, or to
a Complex Auction pursuant to Rule 518(d); or any component of the
strategy is subject to a SMAT Event as described in Rule
518(a)(16).\29\ This provision is intended to maintain an orderly
market by avoiding the execution of cQCC Orders with components that
are involved in other System functions (specifically a PRIME Auction,
Route Timer, or liquidity refresh pause) that could affect the
execution price of the cQCC Order, and by avoiding concurrent
processing on the Exchange involving the same security. For the same
reasons as described above with respect to cC2C Orders, the System will
not reject a cQCC Order when a component of the strategy that is
subject to the managed interest process pursuant to Rule 515(c) (as the
System would reject a QCC Order in the simple market during such a
condition).
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    \29\ See supra note 18.
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    Proposed Rule 515(h)(4)(A) states that cQCC Orders will be
automatically cancelled if they cannot be executed. Proposed Rule
515(h)(4)(B) provides that cQCC Orders may only be entered in the
minimum trading increments applicable to complex orders under Rule
518(c)(1)(i).\30\
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    \30\ See supra note 20.
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    Just as with cC2C Orders, proposed Rule 515(h)(4)(C)states that the
Exchange will determine, on a class-by-class basis, the option classes
in which cQCC Orders are available for trading on the Exchange, and
will announce such classes to Members via Regulatory Circular.
    The following example illustrates the execution of a cQCC Order:
Example 2--A cQCC Order Is Executed
MIAX-LMM Mar 50 Call 6.00-6.50 (10x10--no Priority Customer interest)
MIAX-LMM Mar 55 Call 3.00-3.30 (10x10--no Priority Customer interest)
ABBO--Mar 50 Call 6.00-6.30 (10x10)
ABBO--Mar 55 Call 3.00-3.30 (10x10)
NBBO--Mar 50 Call 6.00-6.30 (20x10)
NBBO--Mar 55 Call 3.00-3.30 (20x20)

Strategy: Buy 1 Mar 50 Call, Sell 1 Mar 55 Call

The icMBBO is 2.70 debit bid at 3.50 credit offer
The dcMBBO is 2.70 debit bid at 3.50 credit offer
The ABBO is 2.70 debit bid at 3.30 credit offer

    The Exchange receives a cQCC Order representing Public Customers on
both sides for the simultaneous purchase and sale of the strategy at a
net price of 3.30, 1000 times along with information regarding the
execution of the stock component relating to the crossing of 20,000
shares of the underlying security (which information related to a
separate

order that was sent to the stock execution venue by the Clearing Member
previously identified to the Exchange as a Designated Give Up for the
Member that submitted the cQCC Order in accordance with the Rule).
    Since the order can be executed at or between the NBBO for each leg
of the Strategy, is not at the same price as a Priority Customer Order
on the Exchange's Simple Order Book, and the order size and underlying
security requirements have been met, the cQCC Order is automatically
executed upon entry.
    The Exchange is proposing the same price execution requirements
that are currently in place on other exchanges.\31\
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    \31\ See, e.g., Securities Exchange Act Release No. 69948 (July
9, 2013), 78 FR 42132 (July 15, 2013) (SR-CBOE-2013-41). See also,
NYSEArca Regulatory Information Bulletin no. RBO-11-04 (May 26,
2011).
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Complex PRIME Orders
    As discussed above, the Exchange proposes to use the same PRIME
mechanism for the processing and execution of cPRIME Orders that is
used for PRIME Orders in the simple market. The manner in which cPRIME
Orders will be processed and executed will be the same as the manner in
which simple PRIME Orders are currently processed and executed, except
as otherwise provided in proposed Interpretations and Policies .12 to
Rule 515A. Accordingly, proposed Interpretations and Policies .12,
PRIME for Complex Orders, states that, unless otherwise provided in
Interpretations and Policies .12 to Rule 515A or unless the context
otherwise requires, the provisions of Exchange Rule 515A(a) (which
governs the processing and execution of simple PRIME orders) shall be
applicable to the trading of complex orders on PRIME.
    Proposed Rule 518(b)(7) defines a cPRIME Order as a type of complex
order that is submitted for participation in a cPRIME Auction. Trading
of cPRIME Orders is governed by Rule 515A, Interpretations and Policies
.12.
    The Exchange will determine, on a class-by-class basis, the option
classes in which complex orders are available for trading on PRIME on
the Exchange, and will announce such classes to Members via Regulatory
Circular.
    The Exchange is proposing to amend Rule 515A(a)(2)(D) by stating
clearly in the rule that the System will reject RFR responses submitted
with a price that is not equal to or better than the initiating price.
The purpose of this proposal is to avoid the handling of RFR responses
by the System that could not be executed in an Auction because they are
inferior to the initiating price, at which the Agency Order has been
stopped. The Exchange is proposing to delete the last sentence of Rule
515A(a)(2)(i)(D) which states simply that such RFR responses cannot
cross the disseminated MBBO on the opposite side of the market from the
response. Such a response would result in the conclusion of the Auction
under current Rule 515A(2)(ii)(E), which states that the Auction will
conclude any time an RFR response matches the NBBO on the opposite side
of the market from the RFR responses. The Exchange is proposing to
delete the last sentence of Rule 515A(a)(2)(i)(D), because the NBBO
cannot be outside, or inferior to, the MBBO, and an RFR response
therefore could not cross the MBBO without matching or crossing the
NBBO, which stops the Auction. This provision in Rule 515A(a)(2)(i)(D)
is unnecessary and should be deleted.
    Proposed Interpretations and Policies .12(a) to Rule 515A includes
general rules applicable to cPRIME Orders and cPRIME Auctions. Under
the proposal, Members may use PRIME to execute complex orders at a net
price. In order to distinguish PRIME Auctions involving simple PRIME
Orders from cPRIME Auctions involving cPRIME Orders, the Exchange is
proposing to add new defined terms to Interpretations and Policies
.12(a). Proposed Interpretations and Policies .12(a) states that
``cPRIME'' is the process by which a Member may electronically submit a
``cPRIME Order'' (as defined in proposed Rule 518(b)(7)) it represents
as agent (a ``cPRIME Agency Order'') against principal or solicited
interest for execution (a ``cPRIME Auction''). The Exchange is
proposing to adopt these new terms for clarity and ease of reference.
    Proposed Interpretations and Policies .12(a)(i) to Rule 515A states
that the initiating price for a cPRIME Agency Order must be better than
(inside) the icMBBO \32\ for the strategy and any other complex orders
on the Strategy Book. This ensures that the execution price of the
cPRIME Agency Order improves the best price on the Exchange at the time
of receipt, and that there is no interference between the simple and
complex markets. The System will reject cPRIME Agency Orders submitted
with an initiating price that is equal to or worse than (outside) the
icMBBO or any other complex orders on the Strategy Book.
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    \32\ See supra note 16.
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    Proposed Interpretations and Policies .12(a)(ii) to Rule 515A
states that Members may enter RFR responses on the opposite side of the
market from the cPRIME Agency Order at net prices, and bids and offers
for complex orders may participate in the execution of an order as
provided in MIAX Options Rule 515A. The purpose of this provision is to
clarify that cPRIME Auctions, including the RFR and RFR responses,
will, with certain exceptions described herein, be handled and executed
in the same manner as simple PRIME Auctions.
    Proposed Interpretations and Policies .12(a)(iii) to Rule 515A
states that, except as provided in proposed Interpretations and
Policies .12(c) (described below), with respect to bids and offers for
the individual legs of a complex order entered into cPRIME, the order
allocation rules contained in Rule 514 will apply. This ensures that
simple orders on the Exchange's Simple Order Book are allocated under
the simple order allocation rules when they are executed against the
legs of a complex order.
    Proposed Interpretations and Policies .12(a)(iv) to Rule 515A
states that, if an improved net price for the complex order being
executed can be achieved from bids and offers for the individual legs
of the complex order in the simple market, and the complex order is
otherwise eligible for Legging pursuant to Rule 518(c)(2)(iii),\33\ the
Strategy being matched will receive an execution at the better net
price. The purpose of this provision is to ensure that the Exchange
will provide the best net price available on the Exchange, whether by
way of matching strategies or by way of Legging with the Simple Order
Book, as long as the complex order is eligible for Legging.
---------------------------------------------------------------------------

    \33\ Complex orders up to a maximum number of legs (determined
by the Exchange on a class-by-class basis as either two or three
legs and communicated to Members via Regulatory Circular) may be
automatically executed against bids and offers on the Simple Order
Book for the individual legs of the complex order (``Legging''),
provided the complex order can be executed in full or in a
permissible ratio by such bids and offers, and provided that the
execution price of each component is not executed at a price that is
outside of the NBBO. Legging is not available for cAOC orders,
complex Standard quotes, complex eQuotes, or stock-option orders.
Notwithstanding the foregoing, complex orders with two option legs
where both legs are buying or both legs are selling and both legs
are calls or both legs are puts may only trade against other complex
orders on the Strategy Book and will not be permitted to leg into
the Simple Order Book. Complex orders with three option legs where
all legs are buying or all legs are selling may only trade against
other complex orders on the Strategy Book, regardless of whether the
option leg is a call or a put. The System will not generate derived
orders for these complex orders. See Exchange Rule 518(c)(2)(iii).
---------------------------------------------------------------------------

    Proposed Interpretations and Policies .12(a)(v) to Rule 515A states
that all references to the NBBO in Rule 515A

are inapplicable.\34\ Any of the references to the NBBO in Rule 515A
apply to simple orders and do not apply to complex orders; proposed
Interpretations and Policies .12 replaces references to the NBBO with
references to the icMBBO that apply to complex orders.
---------------------------------------------------------------------------

    \34\ Complex orders and quotes are executed without
consideration of any prices for the complex strategy that might be
available on other exchanges trading the same options contracts. See
Exchange Rule 518(c)(2)(ii).
---------------------------------------------------------------------------

    The following example illustrates the execution of a cPRIME Order
with the single price submission election (no auto-match):
Example 3--A cPRIME Order Is Executed (Without Auto-Match)
MIAX-LMM Mar 50 Call 6.00-6.50 (10x10)
MIAX-LMM Mar 55 Call 3.00-3.30 (10x10)

Strategy: Buy 1 Mar 50 Call, Sell 1 Mar 55 Call

The icMBBO is 2.70 debit bid at 3.50 credit offer
The dcMBBO is 2.70 debit bid at 3.50 credit offer

    The Strategy Book contains a Priority Customer offer to sell the
Strategy at 3.30 credit, 20 times.
    The Exchange receives a cPRIME Order with the cPRIME Agency Order
representing the purchase of the Strategy at a net debit of 3.29, 500
times. Auto-match is not enabled.
    Since the order price is at least $0.01 better than (inside) the
icMBBO and the best net price of any order for the Strategy on the
Book, a cPRIME Auction can begin.
    An RFR is broadcast to all subscribers showing price, the quantity
of matched complex orders at that price, and the side of the cPRIME
Agency Order, is sent and a 500 millisecond RFR period is started.
    The following responses are received:

 @50 milliseconds BD1 response, cAOC Order @3.25 credit sell of
100 arrives
 @150 milliseconds MM1 response, cAOC eQuote @3.27 credit sell
of 100 arrives
 @200 milliseconds MM3 response, cAOC eQuote @3.29 credit sell
of 200 arrives
 @300 milliseconds MM4 response, cAOC eQuote @3.29 credit sell
of 200 arrives

    The cPRIME Auction process will continue until the Response Time
Interval ends. When the 500 millisecond Response Time Interval ends,
the cPRIME Auction process will trade the cPRIME Agency Order with the
best priced responses. The cPRIME Agency order will be filled as
follows:

 The cPRIME Agency Order buys 100 from BD1 @3.25
 The cPRIME Agency Order buys 100 from MM1 @3.27
 At the final price, the cPRIME Agency Order buys:

--50 from MM3 @3.29;
--50 from MM4 @3.29; and
--200 (40%) from the cPRIME Contra Order @3.29.

    The following example illustrates the execution of a cPRIME Order
with the auto-match election:
Example 4--A cPRIME Order Is Executed (With Auto-Match)
MIAX-LMM Mar 50 Call 6.00-6.50 (10x10)
MIAX-LMM Mar 55 Call 3.00-3.30 (10x10)
Strategy: Buy 1 Mar 50 Call, Sell 1 Mar 55 Call

The icMBBO is 2.70 debit bid at 3.50 credit offer
The dcMBBO is 2.70 debit bid at 3.50 credit offer

    The Strategy Book contains a Priority Customer offer to sell the
Strategy at 3.30 credit, 20 times.
    The Exchange receives a cPRIME Order with the cPRIME Agency Order
representing the purchase of the Strategy at a net debit of 3.29, 500
times. Auto-match has been enabled with an auto-match limit price of
3.25.
    Since the order price is at least $0.01 better than (inside) the
icMBBO and the best net price of any order for the Strategy on the
Book, a cPRIME Auction can begin.
    An RFR is broadcast to all subscribers showing price, the quantity
of matched complex orders at that price, and the side of the cPRIME
Agency Order, is sent and a 500 millisecond RFR period is started.
    The following responses are received:

 @50 milliseconds BD1 response, cAOC Order @3.25 credit sell of
100 arrives
 @150 milliseconds MM1 response, cAOC eQuote @3.27 credit sell
of 300 arrives

    The cPRIME Auction process will continue until the Response Time
Interval ends. When the 500 millisecond Response Time Interval ends,
the cPRIME Auction process will trade the Agency Order with the best
priced responses. The Agency Order will be filled as follows:

 At the interim price, the cPRIME Agency Order buys:

--100 from BD1 @3.25; and
--100 (auto-match RFR Response) from the cPRIME Contra Order @3.25.

 At the final price, the cPRIME Agency Order buys:

--150 from MM1 @3.27; and
--150 (auto-match 50% of the remaining Agency Order size) from the
cPRIME Contra Order @3.27

    The following example illustrates the execution of a cPRIME Order
that legs into the simple market:
Example 5--A cPRIME Order Is Executed (by Legging Into the Simple
Market)
MIAX-LMM Mar 50 Call 6.00-6.50 (10x10)
MIAX-LMM Mar 55 Call 3.00-3.30 (10x10)

Strategy: Buy 1 Mar 50 Call, Sell 1 Mar 55 Call

The icMBBO is 2.70 debit bid at 3.50 credit offer
The dcMBBO is 2.70 debit bid at 3.50 credit offer

    The Strategy Book contains a Priority Customer offer to sell the
Strategy at 3.30 credit, 20 times.
    The Exchange receives a cPRIME Order with the cPRIME Agency Order
representing the purchase of the Strategy at a net debit of 3.29, 500
times. Auto-match is not enabled.
    Since the order price is at least $0.01 better than (inside) the
icMBBO and the best net price of any order for the Strategy on the
Book, a cPRIME Auction can begin.
    An RFR is broadcast to all subscribers showing price, the quantity
of matched complex orders at that price, and the side of the cPRIME
Agency Order, is sent and a 500 millisecond RFR period is started.
    The following responses are received:

 @150 milliseconds MM2 response, cAOC Order @3.28 credit sell
of 100 arrives
 @200 milliseconds MM1 response, cAOC Order @3.27 credit sell
of 300 arrives
 @300 milliseconds the MIAX LMM improves its offer to sell 10
Mar 50 Calls to a price of 6.25

    The offer to sell 10 Mar 50 Calls @6.25 changes the icMBBO credit
offer to 3.25, crossing the Auction Start Price and causing the cPRIME
Auction process to be terminated immediately.
    The cPRIME Auction process will trade the Agency Order with the
best priced liquidity opposite the Agency Order according to the
allocation process contained in Rule 515A. The Agency Order will be
filled as follows:

 The cPRIME Agency Order buys:

--10 from legging into the Simple market icMBBO @3.25 (buy 10 Mar 50
Calls at 6.25, and sell 10 Mar 55 Calls at 3.00); and

--300 from MM1 @3.27; and
--100 from MM2 @3.28; and
--90 from the cPRIME Contra Order @3.29

    There are certain circumstances that are unique to cPRIME Orders
(such as when a component of the cPRIME Order is in a certain state),
where the System will reject the cPRIME Order. Accordingly, proposed
Interpretations and Policies .12(b) describes each of these specific
circumstances. Specifically, the System will reject a cPRIME Agency
Order if, at the time of receipt of the cPRIME Agency Order: (i) The
strategy is subject to a cPRIME Auction or to a Complex Auction
pursuant to Rule 518(d); (ii) any component of the strategy is subject
to a SMAT Event as described in Rule 518(a)(16); or (iii) any component
of the strategy is subject to the managed interest process described in
Rule 515(c)(1)(ii). The purpose of this provision is to maintain an
orderly market by avoiding simultaneous multiple cPRIME Auctions and
multiple concurrent PRIME, cPRIME and Complex Auctions, and to avoid
executions during a Route Timer \35\ or liquidity refresh pause \36\
that could affect the price of the components and of the strategy.
---------------------------------------------------------------------------

    \35\ For those initiating Public Customer orders that are
routable, but do not meet the additional criteria for Immediate
Routing, the System will implement a Route Timer not to exceed one
second (the duration of the Timer will be announced to Members
through a Regulatory Circular), in order to allow Market Makers and
other participants an opportunity to interact with the initiating
order. See Exchange Rule 529(b)(2)(i).
    \36\ The System will pause the market for a time period not to
exceed one second to allow additional orders or quotes refreshing
the liquidity at the MBBO to be received (``liquidity refresh
pause'') when at the time of receipt or reevaluation of the
initiating order by the System: (A) Either the initiating order is a
limit order whose limit price crosses the NBBO or the initiating
order is a market order, and the limit order or market order could
only be partially executed; (B) a Market Maker quote was all or part
of the MBBO when the MBBO is alone at the NBBO; and (C) and the
Market Maker quote was exhausted. See Exchange Rule 515(c)(2).
---------------------------------------------------------------------------

    The Exchange believes that, if the System were to accept and
process cPRIME Agency Orders during the various circumstances described
in proposed Interpretations and Policies .12(b) to Rule 515A, market
participants could be faced with a number of simultaneous PRIME, cPRIME
and/or Complex Auctions involving the same strategy or component, which
in turn could have an impact the orderly functioning of the markets.
    Proposed Interpretations and Policies .12(c) to Rule 515A describes
various other situations that are unique to, or otherwise apply
specifically to, cPRIME Orders. The purpose of this provision is to
``carve out'' rules for cPRIME Orders for which the rules for simple
PRIME Orders do not apply and to otherwise make clear in the Exchange's
rules the manner in which cPRIME Orders will be processed and executed
under the proposal. Accordingly, proposed Interpretations and Policies
.12(c) states that, notwithstanding the provisions of this Rule 515A
with respect to PRIME, the following shall apply to cPRIME Orders only.
    Proposed Interpretations and Policies .12(c)(i) to Rule 515A states
that the RFR period for cPRIME Auctions shall be independent from the
RFR for PRIME Auctions and shall last for a period of time set forth in
Rule 515A(a)(2)(i)(C). The current RFR period for PRIME Auctions is 500
milliseconds.\37\
---------------------------------------------------------------------------

    \37\ The Exchange notes that, on April 13, 2017, it filed with
the Commission a proposed rule change (SR-MIAX-2017-16) that would
amend the duration of the RFR period contained in Rule
515A(a)(2)(i)(c) so that the duration can be a period of time within
a range of no less than 100 milliseconds and no more than 1 second,
as determined by the Exchange and announced via Regulatory Circular.
If approved, such provision would allow a separate and potentially
different time period for simple PRIME Auctions and cPRIME Auctions,
provided that each time period is within the permissible range. The
Exchange notes that MIAX's proposed rule change to amend the
duration of a PRIME Auction was published in the Federal Register on
May 5, 2017 and is subject to a public comment period expiring on
May 26, 2017. See Securities Exchange Act Release No. 80570 (May 1,
2017), 82 FR 21288 (May 5, 2017) (SR-MIAX-2017-16) Notice of Filing
of a Proposed Rule Change to Amend MIAX Options Rule 515A, MIAX
Price Improvement Mechanism (``PRIME'') and PRIME Solicitation
Mechanism.
---------------------------------------------------------------------------

    The Exchange is proposing to adopt Interpretations and Policies
.12(c)(ii) to Rule 515A which states that participants that submit
simple orders that are executed as individual legs of complex orders at
the execution price point will be allocated contracts only after all
complex interest at such price point have received allocations. cPRIME
Orders are matched first against other complex orders and have priority
over simple orders that are on the Book and ``legged,'' at the
execution price, regardless of the origin code of the simple order. The
Exchange believes that this is appropriate because the initiating price
of the cPRIME Agency Order is always superior to the net price of
simple orders resting on the Simple Order Book. The Agency Order is
submitted at an improved price with an accompanying contra side order
(principal or solicited interest) that is intended to trade with all
components of the Agency Order at a net price at the time of
submission. Simple orders resting on the Book do not necessarily intend
to trade with the legs of the Agency Order, and thus the Exchange
believes that it is equitable and not unfairly discriminatory to afford
priority to complex interest over simple interest.
    Additionally, under the proposal, when new interest is received in
the simple market that causes the icMBBO on the opposite side of the
market from the cPRIME Agency Order to be equal to or better than the
initiating price, the cPRIME Auction ends before the expiration of the
RFR period. In this situation, the receipt of such an order simply ends
the cPRIME Auction and the execution and allocation process is
accelerated, prior to the end of the RFR period.
    Regardless of when the cPRIME Auction ends, contracts are first
allocated by matching complex strategies; thereafter, contracts that
are executed by way of Legging \38\ complex strategy components against
the Book are allocated among the complex strategies, and then finally
among the simple orders on the Book that are matched with components of
the Legged strategy. Thus, the allocation process is not changed, and
simple orders resting on the book that may be executed by way of
Legging are still subject to complex order priority interest and are
allocated contracts only after all complex interest has been filled at
that price. The Exchange believes that it is consistent, equitable and
not unfairly discriminatory to afford priority to complex interest over
simple interest even when Complex Auction ends early.\39\
---------------------------------------------------------------------------

    \38\ See Exchange Rule 518(c)(2)(iii).
    \39\ The Exchange notes that other exchanges afford priority to
complex interest over simple interest. See, e.g., NASDAQ PHLX, LLC
(``PHLX'') Rule 1098(e)(vi)(A)(2); see also, PHLX Rule
1098(e)(viii)(C)(3).
---------------------------------------------------------------------------

    The Exchange believes that its proposal to afford priority to
complex orders in cPRIME over simple orders is appropriate because it
rewards participants that assume greater market risk and actively
improves the execution price by submitting complex RFR responses in a
cPRIME Auction. A simple order on the Book is not responding to an RFR
for price improvement, and thus the Exchange believes that it is
equitable and not unfairly discriminatory to afford priority to complex
orders in a cPRIME Auction over simple orders on the MIAX Options Book.
The Exchange believes that affording priority to complex interest over
simple interest on the Simple Order Book is consistent with Section
6(b) of the Act \40\ in general, and furthers the objectives of Section
6(b)(5)

of the Act \41\ in particular, in that it promotes just and equitable
principles of trade by affording priority to participants submitting
cPRIME Orders and RFR responses that are intended to improve the then-
existing price on the Exchange. The Exchange believes that affording
this priority encourages participants to submit more price-improving
complex orders, and that they should be rewarded with priority over
simple orders that are resting on the Simple Order Book that were not
submitted or intended to be price improving orders.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78f(b).
    \41\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The following example illustrates the execution and allocation of a
cPRIME Order (with simple interest allocated after all complex interest
has been allocated):
Example 6--A cPRIME Order Is Executed (Simple Interest Allocated After
Complex Interest)
MIAX-LMM Mar 50 Call 6.00-6.50 (10x10)
MIAX-LMM Mar 55 Call 3.00-3.30 (10x10)

Strategy: Buy 1 Mar 50 Call, Sell 1 Mar 55 Call

The icMBBO is 2.70 debit bid at 3.50 credit offer
The dcMBBO is 2.70 debit bid at 3.50 credit offer

    The Strategy Book contains a Priority Customer offer to sell the
Strategy at 3.30 credit, 20 times.
    The Exchange receives a cPRIME Order with the cPRIME Agency Order
representing the purchase of the Strategy at a net debit of 3.29, 500
times. Auto-match is not enabled.
    Since the order price is at least $0.01 better than (inside) the
icMBBO and the best net price of any order for the Strategy on the
Book, a cPRIME Auction can begin.
    An RFR is broadcast to all subscribers showing price, the quantity
of matched complex orders at that price, and the side of the cPRIME
Agency Order, is sent and a 500 millisecond RFR period is started.
    The following responses are received:

 @250 milliseconds MM2 response, cAOC Order @3.25 credit sell
of 500 arrives
 @300 milliseconds the MIAX LMM improves its offer to sell 10
Mar 50 Calls to a price of 6.25

    The offer to sell 10 Mar 50 Calls @6.25 changes the icMBBO credit
offer to 3.25, crossing the Auction Start Price and causing the cPRIME
Auction process to be terminated immediately.
    The cPRIME Auction process will trade the Agency Order with the
best priced liquidity opposite the Agency Order according to the
allocation process contained in Rule 515A. The Agency Order will be
filled as follows:

 The cPRIME Agency Order buys:

--500 from MM2 @3.25
--Simple Interest receives no allocation

    Proposed Interpretations and Policies .12(c)(iii) to Rule 515A
states that the size and bid/ask differential provisions contained in
Exchange Rule 515A(a)(1)(iii) \42\ shall not apply to cPRIME Orders.
Rule 515A(a)(1) is intended to apply to simple PRIME Auctions, and not
to apply to complex orders.\43\ Under Rule 515A(a)(1)(iii), with
respect to Agency Orders that have a size of less than 50 contracts, if
at the time of receipt of the Agency Order, the NBBO has a bid/ask
differential of $0.01, the System will reject the Agency Order. This
rule would not apply to complex orders, including cPRIME Orders,
because the NBBO is not a consideration in determining the execution
price of a complex order.\44\
---------------------------------------------------------------------------

    \42\ With respect to Agency Orders that have a size of less than
50 contracts, if at the time of receipt of the Agency Order, the
NBBO has a bid/ask differential of $0.01, the System will reject the
Agency Order. See Exchange Rule 515A(a)(1)(iii).
    \43\ In late 2016, the Exchange filed to adopt new Rule
515A(a)(1)(iii), upon the expiration of a Pilot, to establish on a
permanent basis that, with respect to Agency Orders that have a size
of less than 50 contracts, if at the time of receipt of the Agency
Order, the NBBO has a bid/ask differential of $0.01, the System will
reject the Agency Order. Agency Orders with a size of under 50
contracts will be accepted and processed by the System when the NBBO
bid/ask differential is greater than $0.01, and all Agency Orders
with a size of 50 contracts or greater will be accepted and
processed by the System, regardless of the NBBO bid/ask
differential. The Pilot and Rule 515A(a)(1)(iii) do not apply to
Complex Orders. See Securities Exchange Act Release No. 79837
(January 18, 2017), 82 FR 8472 (January 25, 2017) (SR-MIAX-2016-46).
    \44\ See proposed Exchange Rule 515A, Interpretations and
Policies .12(a)(v).
---------------------------------------------------------------------------

    Proposed Interpretations and Policies .12(c)(iv) to Rule 515A
states that the conclusion of auction provisions contained in Rule
515A(a)(2)(ii) shall not apply to cPRIME Auctions. Rather, the Exchange
is proposing to adopt a separate set of provisions relating to the
conclusion of auctions that apply only to cPRIME Auctions, in proposed
Interpretations and Policies .12(d), discussed below.
    Proposed Rule 515A, Interpretations and Policies .12(c)(v), states
that the order allocation provisions contained in Rule 515A(a)(2)(iii)
shall apply to cPRIME Auctions, provided that (A) all references to
contracts shall be deemed to be references to complex strategies; \45\
and (B) the last priority allocation option described in Rule
515A(a)(2)(iii)(L) is not available for Initiating Members that submit
cPRIME Agency Orders. With respect to cPRIME Auctions, the System
allocates complex strategies, not contracts. Additionally, the last
priority allocation option described in Rule 515A(a)(iii)(L) \46\ is
not available for Initiating Members that submit cPRIME Agency Orders.
The Exchange believes that there is not significant Member demand for
the use of the last priority allocation option in cPRIME Auctions,
which obviates the need for its inclusion in the allocation model for
cPRIME Auctions.
---------------------------------------------------------------------------

    \45\ The term ``complex strategy'' means a particular
combination of components and their ratios to one another. New
complex strategies can be created as the result of the receipt of a
complex order or by the Exchange for a complex strategy that is not
currently in the System. The Exchange may limit the number of new
complex strategies that may be in the System at a particular time
and will communicate this limitation to Members via Regulatory
Circular. See Exchange Rule 518(a)(6).
    \46\ If the Initiating Member elected to have last priority in
allocation when submitting an Agency Order to initiate an Auction
against a single-price submission, the Initiating Member will be
allocated only the amount of contracts remaining, if any, after the
Agency Order is allocated to all other responses at the single price
specified by the Initiating Member. See Exchange Rule
515A(a)(iii)(L).
---------------------------------------------------------------------------

    Finally, proposed Interpretations and Policies .12(c)(vi), which
states that provisions contained in Interpretations and Policies .06
and .07 of Rule 515A shall not apply to cPRIME Auctions.
Interpretations and Policies .06 and .07 relate to the managed interest
process and route timers on the same and opposite sides of the Agency
Order in PRIME Auctions. Proposed Interpretations and Policies .12(b)
specifically states that cPRIME Agency Orders will be rejected if
received during these conditions. Therefore, Interpretations and
Policies .06 and .07 will not apply to cPRIME Auctions.
Conclusion of the cPRIME Auction
    Proposed Interpretations and Policies .12(d) to Rule 515A describes
the circumstances under which a cPRIME Auction is concluded. Proposed
Interpretations and Policies .12(d)(i) to Rule 515A states that the
cPRIME Auction shall conclude at the sooner to occur of the following
events (described below) with the cPRIME Agency Order executing
pursuant to proposed Rule 515A(2)(iii).
    First, a cPRIME Auction will conclude at the end of the RFR period.
This completes the cPRIME Auction.
    A cPRIME Auction will conclude when an AOC eQuote \47\ or cAOC

Order \48\ (the permitted RFR responses \49\) on the opposite side of
the market from the cPRIME Agency Order locks or crosses: (A) The
icMBBO, or (B) the best net price of a complex order in the same
strategy on the Strategy Book, whichever is more aggressive.
---------------------------------------------------------------------------

    \47\ A ``Complex Auction or Cancel eQuote'' or ``cAOC eQuote,''
is an eQuote submitted by a Market Maker that is used to provide
liquidity during a specific Complex Auction with a time in force
that corresponds with the duration of the Complex Auction. See
Exchange Rule 518, Interpretations and Policies .02(c)(1).
    \48\ A Complex Auction-or-Cancel or ``cAOC'' order is a complex
limit order used to provide liquidity during a specific Complex
Auction with a time in force that corresponds with that event. See
Exchange Rule 518(b)(3).
    \49\ Members may submit responses to the RFR (specifying prices
and sizes). RFR responses shall be an Auction or Cancel (``AOC'')
order or an AOC eQuote. See Exchange Rule 515A(a)(2)(i)(D). This
applies by reference to cPRIME Auctions (and cAOC eQuotes and cAOC
orders). See proposed Interpretations and Policies .12(a).
---------------------------------------------------------------------------

    Pursuant to proposed Interpretations and Policies .12(d)(iii) to
Rule 515A, a cPRIME Auction will conclude when unrelated interest on
the same side of the market as the cPRIME Agency Order locks or crosses
the best price on the opposite side of the market.
    Proposed Interpretations and Policies .12(d)(iv) to Rule 515A
states that a cPRIME Auction will conclude when unrelated interest on
the opposite side of the market from the cPRIME Agency Order (A) locks
or crosses (1) the icMBBO, or (2) the best net price of a complex order
in the same strategy on the Strategy Book, whichever is more aggressive
(e.g., a higher bid or lower offer); or (B) improves the price of any
RFR response.
    Under proposed Interpretations and Policies .12(d)(v) to Rule 515A,
a cPRIME Auction will conclude when a simple order or quote in a
component of the strategy on the same side of the market as the cPRIME
Agency Order locks or crosses the NBBO for such component. Proposed
Interpretations and Policies .12(d)(vi) states that a cPRIME Auction
will conclude when a simple order or quote in a component of the
strategy on the opposite side of the market from the cPRIME Agency
Order (A) locks or crosses the NBBO for such component, or (B) causes
the icMBBO to be equal to or better than the initiating price. These
provisions ensure that a cPRIME Agency Order will always receive the
best price on the Exchange, while at the same time preserving the
sanctity of the simple market.
Allocation of Contracts at the Conclusion of the cPRIME Auction
    Except as provided in proposed Interpretations and Policies .12(c)
to Rule 515A, at the conclusion of the Auction, the cPRIME Order will
be allocated in the same manner as simple PRIME Orders in the simple
PRIME Auction at the best price(s) as set forth in Rule 515A. Proposed
Interpretations and Policies .12(c)(v) states that the order allocation
provisions contained in Rule 515A(a)(2)(iii) shall apply to cPRIME
Auctions, provided that, as described above: All references to
contracts shall be deemed to be references to complex strategies as
defined in Rule 518(a)(6); and the last priority allocation option
described in Rule 515A(a)(2)(iii)(L) is not available for Initiating
Members that submit cPRIME Agency Orders.
    Exchange Rule 515A(a)(2)(iii) currently provides that at the
conclusion of the PRIME Auction, the Agency Order will be allocated at
the best price(s), subject to the following: (A) Such best prices
include non-Auction quotes and orders; (B) Priority Customer \50\
orders resting on the Book before, or that are received during, the
Response Time Interval and Priority Customer RFR responses shall,
collectively have first priority to trade against the Agency Order. The
allocation of an Agency Order against the Priority Customer orders
resting in the Book, Priority Customer orders received during the
Response Time Interval, and Priority Customer RFR responses shall be in
the sequence in which they are received by the System; (C) Market Maker
priority quotes and RFR responses from Market Makers \51\ with priority
quotes will collectively have second priority. The allocation of Agency
Orders against these contra sided quotes and RFR responses shall be on
a size pro rata basis as defined in Rule 514(c)(2); (D) Professional
Interest orders resting in the Book, Professional Interest orders
placed in the Book during the Response Time Interval, Professional
Interest quotes, and Professional Interest RFR responses will
collectively have third priority. The allocation of Agency Orders
against these contra sided orders and RFR Responses shall be on a size
pro rata basis as defined in Rule 514(c)(2); (E) No participation
entitlement shall apply to orders executed pursuant to this Rule; (F)
If an unrelated market or marketable limit order on the opposite side
of the market as the Agency Order was received during the Auction and
ended the Auction, such unrelated order shall trade against the Agency
Order at the midpoint of the best RFR response (or in the absence of a
RFR response, the initiating price) and the NBBO on the other side of
the market from the RFR responses (rounded towards the disseminated
quote when necessary). (G) If an unrelated non-marketable limit order
on the opposite side of the market as the Agency Order was received
during the Auction and ended the Auction, such unrelated order shall
trade against the Agency Order at the midpoint of the best RFR response
and the unrelated order's limit price (rounded towards the unrelated
order's limit price when necessary).
---------------------------------------------------------------------------

    \50\ See supra note 6.
    \51\ The term ``Market Makers'' refers to ``Lead Market
Makers,'' ``Primary Lead Market Makers,'' and ``Registered Market
Makers,'' collectively. The term ``Lead Market Maker'' means a
Member registered with the Exchange for the purpose of making
markets in securities traded on the Exchange and that is vested with
the rights and responsibilities specified in Chapter VI of the
Exchange's Rules with respect to Lead Market Makers. When a Lead
Market Maker is appointed to act in the capacity of a Primary Lead
Market Maker, the additional rights and responsibilities of a
Primary Lead Market Maker specified in Chapter VI of the Exchange's
Rules will apply. The term ``Primary Lead Market Maker'' means a
Lead Market Maker appointed by the Exchange to act as the Primary
Lead Market Maker for the purpose of making markets in securities
traded on the Exchange. The Primary Lead Market Maker is vested with
the rights and responsibilities specified in Chapter VI of the
Exchange's Rules with respect to Primary Lead Market Makers. The
term ``Registered Market Maker'' means a Member registered with the
Exchange for the purpose of making markets in securities traded on
the Exchange, who is not a Lead Market Maker and is vested with the
rights and responsibilities specified in Chapter VI of the
Exchange's Rules with respect to Registered Market Makers. See
Exchange Rule 100.
---------------------------------------------------------------------------

    Rules 515A(a)(2)(iii)(H) and (I) describe the allocation of
contracts executed when the Initiating Member selects the single-price
submission or the auto-match option, respectively, when submitting
their Agency Order and there are either two or more participants at the
execution price or when there is only one other participant on parity
with the Initiating Member at either the single price execution price
or at the final auto-match price point.
    Exchange Rules 515A(a)(2)(iii)(H) and (I) currently state that,
upon conclusion of an Auction, an Initiating Member will retain certain
priority and trade allocation privileges for a single-price submission
and for an auto-match submission. Under current Rule
515A(a)(2)(iii)(H), if the best price equals the Initiating Member's
single-price submission, the Initiating Member's single-price
submission shall be allocated the greater of one contract or a certain
percentage of the order, which percentage will be determined by the
Exchange and may not be larger than 40% of the Agency Order. However,
if only one Member's response matches the Initiating Member's single
price submission, then the Initiating Member may be allocated up to 50%
of the Agency Order.
    Similarly, current Exchange Rule 515A(a)(2)(iii)(I) provides that
if the Initiating Member selected the auto-match option of the Auction,
the Initiating Member shall be allocated its

full size of RFR responses at each price point until the final auto-
match price point is reached. At the final auto-match price point, the
Initiating Member shall be allocated the greater of one contract \52\
or a certain percentage of the remainder of the Agency Order, which
percentage will be determined by the Exchange and may not be larger
than 40%. However, if only one Member's response matches the Initiating
Member's submission at the final auto-match price point, then the
Initiating Member may be allocated up to 50% of the remainder of the
Agency Order at the final auto-match price point.
---------------------------------------------------------------------------

    \52\ Under the proposal, with respect to order allocation, all
references to contracts shall be deemed to be references to complex
strategies. See Proposed Rule 515A, Interpretations and Policies
.12(c)(v)(A).
---------------------------------------------------------------------------

    At the conclusion of the Auction, the Agency Order is allocated at
the best price(s) pursuant to the matching algorithm in effect for the
class.\53\ The System first must determine the number of participants
that are entitled to receive contracts to be allocated, and whether any
participant(s) such as Priority Customers are entitled to receive
contracts first. Thereafter, contracts are allocated among participants
at the execution price.
---------------------------------------------------------------------------

    \53\ See Exchange Rule 515A(a)(2)(iii).
---------------------------------------------------------------------------

    Finally, the Exchange is proposing to amend Rule 518(c) to clarify
that the processing and execution of these three new complex order
types is governed by Exchange Rule 515 (for cC2C Orders and cQCC
Orders) and Exchange Rule 515A (for cPRIME Orders), as specified in the
definition of each new complex order type under 518(b).
    As a technical numbering matter, the Exchange is proposing to mark
Interpretations and Policies .10 and .11 to Rule 515A ``Reserved''
because these two numbers are being used in a separate proposed rule
change which has not been published as of the filing date of the
instant proposed rule change.
    The Exchange will announce the implementation date of the proposed
rule change by Regulatory Circular to be published no later than 60
days following the operative date of the proposed rule. The
implementation date will be no later than 60 days following the
issuance of the Regulatory Circular.
2. Statutory Basis
    MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \54\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \55\ 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 regulating, clearing, settling,
processing information with respect to, and 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.
---------------------------------------------------------------------------

    \54\ 15 U.S.C. 78f(b).
    \55\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposal to amend Exchange Rules 515, 515A, and 518 to
establish three new complex order types, and to adopt new provisions
that relate to the processing of those new complex order types is
consistent with Section 6(b)(5) of the Act because this proposal
promotes just and equitable principles of trade and protects investors
and the public interest by providing increased opportunities for the
execution of complex orders. The Exchange believes that the new cC2C,
cQCC, and cPRIME order types will benefit MIAX Options participants and
the marketplace as a whole by providing more ways in which complex
orders are able to interact with one another, and in some instances
through Legging with the simple market. The Exchange believes the
proposed rule change removes impediments to and perfects the mechanism
of a free and open market and a national market system and will result
in more efficient trading and enhance the likelihood that complex
orders execute at the best prices by providing additional order types
resulting in potentially greater liquidity available for trading on the
Exchange.
    The proposed rule change will make existing functionality available
to additional order types. Making PRIME available for complex orders
removes impediments to and perfects the mechanisms of a free and open
market and a national market system because Members will be given
additional ways in which they can seek liquidity for complex orders
with the potential for price improvement on the Exchange.
    The proposed rule change will protect investors and the public
interest by assuring that the existing priority and allocation rules
applicable to the processing and execution of Customer Cross Orders,
QCC Orders, and PRIME Orders remains consistent with the processing and
execution of these new order types, unless as otherwise specifically
set forth in the rules.
    The Exchange believes that the requirement that the execution of
cC2C be at least $0.01 better than (inside) either the icMBBO price or
the best net price of a complex order on the Strategy Book, whichever
is more aggressive, protects investors and the public interest by
ensuring that each side of the cC2C Order receives a better price than
it would receive if submitted as a single complex order. MIAX Options
participants will thus receive the best prices available for both sides
of a cC2COrder.
    The Exchange further believes that the proposed methodology for the
execution of cQCC Orders without consideration of the NBBO of the stock
component is consistent with the Plan. As stated above, the Plan
provides an exception to the requirement that Participants establish,
maintain and enforce written policies and procedures that are
reasonably designed to prevent Trade-Throughs when the transaction that
constituted the Trade-Through was effected as a portion of a ``complex
trade,'' as defined in the rules of a Participant.\56\ Therefore, the
System considers the NBBO for each option leg of the cQCC Order, and
not the NBBO for the stock component, in calculating the pricing
requirement for cQCC Orders.
---------------------------------------------------------------------------

    \56\ See supra note 25.
---------------------------------------------------------------------------

    The System does not consider the NBBO price for the stock component
because the Exchange does not execute the stock component; the Exchange
executes the option components at a net price and ensures that the
execution price of each option component of the strategy is (i) not at
the same price as a Priority Customer Order on the Exchange's Book; and
(ii) at or between the NBBO. The Exchange does require that the Member
entering the cQCC Order provide certain information to the Exchange
regarding the execution of the stock component, such as the underlying
price, quantity, price delta, execution time and executing venue.\57\
---------------------------------------------------------------------------

    \57\ See supra note 27.
---------------------------------------------------------------------------

    This complex pricing requirement aligns with the simple order
pricing requirement for a Qualified Contingent Trade (``QCT'') to
consider the NBBO price. In each case, the parties to a contingent
trade are focused on the spread or ratio between the transaction prices
for each of the component instruments (i.e., the net price of the
entire contingent trade), rather than on the absolute price of any
single component. Pursuant to the requirements of the NMS QCT
Exemption, the spread or ratio between the relevant instruments must be
determined at the time the order is placed, and this spread or ratio
stands regardless of the market prices of the individual orders at
their time of execution. As the Commission noted in the Original QCT
Exemption, ``the

difficulty of maintaining a hedge, and the risk of falling out of
hedge, could dissuade participants from engaging in contingent trades,
or at least raise the cost of such trades.'' Thus, the Commission found
that, if each stock leg of a qualified contingent trade were required
to meet the trade-through provisions of Rule 611 of Regulation NMS,
such trades could become too risky and costly to be employed
successfully and noted that the elimination or reduction of this
trading strategy potentially could remove liquidity from the
market.\58\ This is also true for QCC Orders in options, and thus the
Exchange believes that its proposal is consistent with the Original QCT
Exemption.\59\
---------------------------------------------------------------------------

    \58\ See supra note 28.
    \59\ Id.
---------------------------------------------------------------------------

    The Exchange believes that the proposal to reject a cC2C or cQCC
Order at the time of receipt of the Order when any component of the
strategy is subject to a PRIME Auction, Complex Auction, or a SMAT
Event removes impediments to and perfects the mechanisms of a free and
open market and a national market system by avoiding concurrent order
processing in the same security on the Exchange.
    The Exchange believes that the rejection of cC2C Orders and cQCC
Orders when the strategy is subject to a cPRIME or Complex Auction
removes impediments to and perfects the mechanisms of a free and open
market by ensuring orderly markets involving multiple complex orders
with common components.
    Similarly, the proposed rejection of cPRIME Agency Orders when the
strategy is subject to a cPRIME Auction or a Complex Auction, or any
component of the strategy is subject to a SMAT Event or the managed
interest process, protects investors and the public interest by
ensuring that the strategy and its components are handled by the System
in an orderly fashion without multiple simultaneous cPRIME Auctions,
SMAT Events or the managed interest processes.
    The Exchange also believes that the pricing requirements under
which the initiating price for a cPRIME Agency Order must be better
than (inside) the icMBBO for the strategy and any other complex orders
on the Strategy Book perfects the mechanisms of a free and open market
and a national market system and, in general, protects investors and
the public interest, by ensuring that the initiating price results in
executions in cPRIME Auctions at an improved price or prices.
    The proposal to establish rules setting forth the various
circumstances under which the system will conclude cPRIME Auction is
designed to facilitate transactions, to remove impediments to and
perfect the mechanism of a free and open market by freeing up interest
in the cPRIME Auction when unrelated orders or other conditions cause
the initiating price of the cPRIME Order to no longer be at the best
price available to market participants.
    The Exchange believes that its proposal to afford priority to
complex orders in cPRIME over simple orders is appropriate because it
rewards participants that assume greater market risk and actively
improve the execution price by submitting complex RFR responses in a
cPRIME Auction. A simple order on the Book is not responding to an RFR
for price improvement, and thus the Exchange believes that it is
equitable and not unfairly discriminatory to afford priority to complex
orders in a cPRIME Auction over simple orders on the Simple Order Book.
The Exchange believes that affording priority to complex interest over
simple interest on the Simple Order Book promotes just and equitable
principles of trade by affording priority to participants submitting
cPRIME Orders and RFR responses that are intended to improve the
execution price on the Exchange. The Exchange believes that affording
this priority encourages participants to submit more price-improving
complex orders, and that they should be rewarded with priority over
simple orders that are resting on the Simple Order Book that were not
submitted or intended to be price improving orders.
    Additionally, when the cPRIME Auction ends prior to the expiration
of the RFR period due to the receipt of new interest that causes the
icMBBO to be equal to or better than the initiating price, the Exchange
believes that it is equitable and not unfairly discriminatory to
continue to afford priority at each price point to complex interest
over simple interest resting on the Simple Order Book that is executed
against the individual legs of a complex order. In this situation, the
new interest is arriving after complex orders at the same price; the
receipt of such an order simply ends the cPRIME Auction and the
execution and allocation process is accelerated, prior to the end of
the RFR period. The allocation process is not changed, and simple
orders resting on the book that may be executed by way of Legging are
still subject to complex order priority interest at each price point
and are allocated contracts only after all complex interest at that
price has been filled. The Exchange believes that it is consistent and
equitable and not unfairly discriminatory to afford priority at each
price point to complex interest over simple interest even when the
cPRIME Auction ends early.
    The Exchange also believes that the proposed rule change removes
impediments to and perfects the mechanisms of a free and open market
and a national market system by attracting more order flow and by
increasing the frequency with which Initiating Members initiate
Auctions in complex orders through PRIME, using complex orders.
Moreover, the proposed rule change is consistent with the rules of
other exchanges.\60\
---------------------------------------------------------------------------

    \60\ See International Securities Exchange LLC (``ISE'') Rule
723, Supplementary Materials .09; Chicago Board Options Exchange,
Inc. (``CBOE'') Rule 6.74, Interpretations and Policies .07; NASDAQ
PHLX LLC (``Phlx'') Rule 1080(n).
---------------------------------------------------------------------------

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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
    On the contrary, the proposed rule change is intended to promote
competition by adding new order types that enable MIAX Options
participants to execute complex orders on the Exchange. The Exchange
believes that this enhances inter-market competition by enabling MIAX
Options to compete for this type of order flow with other exchanges
that have similar rules and functionalities in place.
    The Exchange further believes that adding complex orders to the
PRIME mechanism enhances intra-market competition by adding another
manner in which competing MIAX Options participants may submit
competitive bids and offers into the System. This should result in
enhanced liquidity and more competition on the Exchange.
    For all the reasons stated, 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, and
believes the proposed change will in fact enhance competition.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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<EMAIL_ADDRESS>Please include
File Number SR-MIAX-2017-19 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-2017-19. 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-2017-19 and should be
submitted on or before June 22, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\61\
---------------------------------------------------------------------------

    \61\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-11251 Filed 5-31-17; 8:45 am]
BILLING CODE 8011-01-P


Proposed label

BCS Cry1Ab Cotton

INSECT RESISTANT COTTON SEED

Insect-resistant cotton seed that produces an insecticidal protein
Cry1Ab from Bacillus thuringiensis.  For control of Cotton Bollworm and
Tobacco Budworm.

Active Ingredient:

Bacillus thuringiensis Cry1Ab protein and the genetic material (from
plasmid pTDL008) necessary for its production in Event T304-40 cotton
(BCS-GHØØ4-7)………………0.000079 – 0.000394%*

Inert Ingredient:

Substance produced by a herbicide tolerance gene and its controlling
sequences (from plasmid pTDL008) necessary for its production in Event
T304-40 cotton (BCS-GHØØ4-7)………………… ...............
………………………………………………………………
…………0.007853 - 0.016725%*

________________________________________________________________________
______________

* Percentage (wt/wt) on a dry weight basis as expressed in whole cotton
plants.

KEEP OUT OF REACH OF CHILDREN

CAUTION

EPA REGISTRATION NUMBER:  264-RNOU

EPA ESTABLISHMENT NUMBER: 000264-TX-004

Bayer CropScience

2 T.W. Alexander Dr.

Research Triangle Park, NC 27709

DIRECTIONS FOR USE

It is a violation of federal law to use this product in any manner
inconsistent with its labeling.

This plant-incorporated protectant may be combined through conventional
breeding with other registered plant-incorporated protectants that are
similarly approved for use in combination, through conventional
breeding, with other plant-incorporated protectants to produce inbred
cotton lines and hybrid cotton varieties with combined pesticidal
traits.

No commercial planting of this product is permitted south of Route 60 in
Florida.

Commercial planting of this product is prohibited in Hawaii, Puerto Rico
and the US Virgin Islands.

Bt cotton is not permitted to be planted in the following counties of
the Texas panhandle: Dallam, Sherman, Hansford, Ochiltree, Lipscomb,
Hartley, Moore, Hutchinson, Roberts and Carlson.

USE PATTERN

CROP	PESTS

Cotton

Cotton Bollworm

Tobacco Budworm

EPA Accepted: __/__/__


[Federal Register Volume 87, Number 93 (Friday, May 13, 2022)]
[Notices]
[Page 29307]
[FR Doc No: 2022-10344]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP22-911-000.
    Applicants: Columbia Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: MU Mktg LLC--Replacement
Contract NR_264875 to be effective 6/1/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5110.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-912-000.
    Applicants: Columbia Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: System Map URL Link and
Contact Update to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5133.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-913-000.
    Applicants: Columbia Gulf Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: Housekeeping--System Map URL
and Contact to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5135.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-914-000.
    Applicants: Crossroads Pipeline Company.
    Description: Sec.  4(d) Rate Filing: Housekeeping--System Map URL
and Contact to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5137.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-915-000.
    Applicants: Hardy Storage Company, LLC.
    Description: Sec.  4(d) Rate Filing: Housekeeping--System Map URL &
Contact to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5141.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-916-000.
    Applicants: Portland Natural Gas Transmission System.
    Description: Sec.  4(d) Rate Filing: Housekeeping--System Map URL
and Contact to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5143.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-917-000.
    Applicants: Northern Border Pipeline Company.
    Description: Sec.  4(d) Rate Filing: Housekeeping--System Map URL
and Contact to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5146.
    Comment Date: 5 p.m. ET 5/18/22.

    Docket Numbers: RP22-918-000.
    Applicants: Bison Pipeline LLC.
    Description: Sec.  4(d) Rate Filing: Housekeeping--System Map URL
and Contact to be effective 6/6/2022.
    Filed Date: 5/6/22.
    Accession Number: 20220506-5148.
    Comment Date: 5 p.m. ET 5/18/22.

    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 9, 2022.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2022-10344 Filed 5-12-22; 8:45 am]
BILLING CODE 6717-01-P