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Limit Up Limit Down Pilot Reports July 2015

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1) 7 Roszel Road, Suite 5-A Princeton, New Jersey 08540 T 609 897 7300 F 609 987 2201 August 31, 2015 Via Electronic Mail Ms. Elizabeth M. Murphy, Secretary U.S. Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 RE: Pilot Report of Obvious Errors and Catastrophic Errors During Limit or Straddle States – July 2015 Dear Ms. Murphy: The Miami International Securities Exchange, LLC (“MIAX” or the “Exchange”) respectfully submits the following pilot report to the SEC and the public that includes a dataset containing the data for each Straddle and Limit State in optionable stocks found in Appendix A. MIAX has evaluated the impact of Limit and Straddle States and assessed the impact of the operation of obvious and catastrophic error rules during such periods. MIAX observed two (2) reportable activities during the month of July 2015 that would support any impact of Limit and Straddle States and the impact of the operation of obvious and catastrophic error rules. If you have any questions or comments, please contact me at (609) 897-1466. Sincerely, Edward Deitzel Executive Vice President Chief Regulatory Officer cc: David Shillman Heidi Pilpel

2) Appendix A Obvious and Catastrophic Errors During Limit and Straddle States For the month of July 2015, the Exchange collected the following dataset containing the data for each Straddle and Limit State in optionable stocks. Trades Reviewed for Error Price Change GT 30 PCT in LULD Price Change GT 30 PCT After LULD Stock Symbol Option Symbol LULD Start Time Straddle Limit Indicator Executed Volume TW Avg MBBO Spread TW Avg Quote Bid Size TW Avg Quote Ask Size CF CF-2015-07-17-C-65.00 13:03:09.8 STRADDLE 1 3.2 0 1 0.15 0.15 N/A 0 1 RGC RGC-2015-08-21-C-22.50 12:25:32.7 STRADDLE 25 0.4 5.1 16.95 0.5 0.5 N/A 0 0 High Execution Price Low Execution Price