Suspension of BOX, MIAX and Pearl SEC Rule Proposals to Increase Connectivity Fees
Summary
SIFMA provided comments to the SEC on their decision to suspend and institute proceedings to determine whether to approve or deny recent SRO rule proposals to increase connectivity fees by BOX, MIAX and Pearl.
See also:
Release No. 34-84168; File No. SR-BOX-2018-24
Excerpt
Brent J. Fields
Secretary
Securities and Exchange Commission
100 F Street NE., Washington, DC 20549
Re: SIFMA Comment Letter on the Suspension of BOX, MIAX and Pearl SEC Rule Proposals to Increase Connectivity Fees: File Nos. SR-BOX-2018-24; SR-MIAX-2018-25; SR-PEARL-2018-19
Dear Mr. Fields:
The Securities Industry and Financial Markets Association (“SIFMA”) 1 submits this letter in connection with the above-referenced proposed rule changes filed with the U.S. Securities and Exchange Commission (“Commission”) by BOX Exchange (“BOX”), Miami International Securities Exchange (“MIAX”), and MIAX PEARL (“PEARL” and, collectively with BOX and MIAX, the “Exchanges”).2 We support the Commission’s decision to suspend the proposed rule changes and institute proceedings to determine whether to approve or disapprove the filings. After the Commission’s Division of Trading and Markets suspended the above-referenced filings, BOX petitioned the Commission to review the decision made by the Division of trading and Markets pursuant to its delegated authority to suspend the amended fee schedule, and 3 MIAX and PEARL filed new proposed rule changes identical to the suspended filings. MIAX and PEARL subsequently withdrew their original filings, 4 and the Division of Trading and Markets suspended the re-filings by MIAX and PEARL. 5 In the filings, the Exchanges proposed to increase fees for certain of their connectivity services.