Notice2021-11797
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 531, Reports and Market Data Products, To Adopt the Liquidity Taker Event Report
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 7, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 107 (Monday, June 7, 2021)</title>
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[Federal Register Volume 86, Number 107 (Monday, June 7, 2021)]
[Notices]
[Pages 30344-30348]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11797]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92081; File No. SR-MIAX-2021-21]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Rule 531, Reports and Market Data
Products, To Adopt the Liquidity Taker Event Report
June 1, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 19, 2021, Miami International Securities Exchange, LLC (``MIAX
Options'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rule 531(a) to
provide for the new ``Liquidity Taker Event Report''.
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings/">http://www.miaxoptions.com/rule-filings/</a> at MIAX Options'
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 Rule 531(a) to provide for
the new ``Liquidity Taker Event Report'' (the ``Report''). The proposed
Report is identical to that previously adopted by the Exchange's
affiliate, MIAX Emerald, LLC (``MIAX Emerald''), and approved by the
Securities and Exchange Commission (``Commission'').\3\
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\3\ See Securities Exchange Act Release No. 91787 (May 6, 2021),
85 FR 26111 (May 12, 2021) (SR-EMERALD-2021-09) (Order Approving
Proposed Rule Change to Adopt Exchange Rule 531(a), Reports, to
Provide for a New ``Liquidity Taker Event Report'').
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The Report is an optional product \4\ available to Members.\5\
Currently, the Exchange provides real-time prices and analytics in the
marketplace. The Exchange believes the additional data points from the
matching engine outlined below may help Members gain a better
understanding about their interactions with the Exchange. The Exchange
believes the Report will provide Members with an opportunity to learn
more about better opportunities to access liquidity and receive better
execution rates. The proposed Report will increase transparency and
democratize information so that all firms that subscribe to the Report
have access to the same information on an equal basis, even for firms
that do not have the appropriate resources to generate a similar report
regarding interactions with the Exchange. None of the components of the
proposed Report include real-time market data.
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\4\ The Exchange intends to submit a separate filing with the
Commission pursuant to Section 19(b)(1) to propose fees for the
Liquidity Taker Event Report.
\5\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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Members generally would use a liquidity accessing order if there is
a high probability that it will execute against an order resting on the
Exchange's Book.\6\ The proposed Report would identify by how much time
an order that may have been marketable missed an execution. The
proposed Report will provide greater visibility into the missed trading
execution, which will allow Members to optimize
[[Page 30345]]
their models and trading patterns to yield better execution results.
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\6\ The term ``Book'' means the electronic book of buy and sell
orders and quotes maintained by the System. See Exchange Rule 100.
The term ``System'' means the automated trading system used by the
Exchange for the trading of securities. See id.
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The proposed Report will be a Member-specific report and will help
Members to better understand by how much time a particular order missed
executing against a specific resting order, thus allowing that Member
to determine whether it wants to invest in the necessary resources and
technology to mitigate missed executions against certain resting orders
on the Exchange's Book. For example, Member A submits an order that is
posted to the Book and then Member B enters a marketable order to
execute against Member A's resting order. Immediately thereafter,
Member C sends a marketable order to execute against Member A's resting
Order. Because Member B's order is received by the Exchange before
Member C's order, Member B's order executes against Member A's resting
order. The proposed Report would provide Member C the data points
necessary for that firm to calculate by how much time they missed
executing against Member A's resting order. The Exchange proposes to
provide the Report on a T+1 basis. As further described below, the
Report will be specific and tailored to the Member that is subscribed
to the Report and any data included in the Report that relates to a
Member other than the Member receiving the Report will be anonymized.
The Exchange proposes to provide the Report in response to Member
demand for data concerning the timeliness of their incoming orders and
executions against resting orders. Members have periodically requested
from the Exchange's trading operations personnel information concerning
the timeliness of their incoming orders and efficacy of their attempts
to execute against resting liquidity on the Exchange's Book. The
purpose of the Report is to provide Members the necessary data in a
standardized format on a T+1 basis to those that subscribe to the
Report on an equal basis.
Proposed Exchange Rule 531(a) would provide that the Report is a
daily report that provides a Member (``Recipient Member'') with its
liquidity response time details for executions of an order resting on
the Book, where that Recipient Member attempted to execute against such
resting order within a certain timeframe.
Report Content
Paragraph (a)(1) of Rule 531 would describe the content of the
Report and delineate which information would be provided regarding the
resting order,\7\ the response that successfully executed against the
resting order, and the response submitted by the Recipient Member that
missed executing against the resting order. It is important to note
that the content of the Report will be specific to the Recipient Member
and the Report will not include any information related to any Member
other than the Recipient Member. The Exchange will restrict all other
market participants, including the Recipient Member, from receiving
another market participant's data.
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\7\ Only displayed orders will be included in the Report. The
Exchange notes that it does not currently offer any non-displayed
orders types on its options trading platform.
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Resting Order Information. Rule 531(a)(1)(i) would provide that the
following information would be included in the Report regarding the
resting order: (A) The time the resting order was received by the
Exchange; \8\ (B) symbol; (C) order reference number, which is a unique
reference number assigned to a new order at the time of receipt; (D)
whether the Recipient Member is an Affiliate \9\ of the Member that
entered the resting order; \10\ (E) origin type (e.g., Priority
Customer,\11\ Market Maker \12\); (F) side (buy or sell); and (G)
displayed price and size of the resting order.\13\
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\8\ The time the Exchange received the resting order would be in
nanoseconds and is the time the resting order was received by the
Exchange's System.
\9\ The term ``affiliate'' of or person ``affiliated with''
another person means a person who, directly, or indirectly,
controls, is controlled by, or is under common control with, such
other person. See Exchange Rule 100.
\10\ The Report will simply indicate whether the Recipient
Member is an Affiliate of the Member that entered the resting order
and not include any other information that may indicate the identity
of the Member that entered the resting order.
\11\ 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). The
number of orders shall be counted in accordance with Interpretation
and Policy .01 to Exchange Rule 100. See Exchange Rule 100.
\12\ The term ``Market Maker'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and ``Registered Market Makers''
collectively. See Exchange Rule 100.
\13\ The Exchange notes that the displayed price and size are
also disseminated via the Exchange's proprietary data feeds and the
Options Price Reporting Authority (``OPRA''). The Exchange also
notes that the displayed price of the resting order may be different
than the ultimate execution price. This may occur when a resting
order is displayed and ranked at different prices upon entry to
avoid a locked or crossed market.
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Execution Information. Rule 531(a)(1)(ii) would provide that the
following information would be included in the Report regarding the
execution of the resting order: (A) the MBBO \14\ at the time of
execution; \15\ (B) the ABBO \16\ at the time of execution; \17\ (C)
the time first response that executes against the resting order was
received by the Exchange and the size of the execution and type of the
response; \18\ (D) the time difference between the time the resting
order was received by the Exchange and the time the first response that
executes against the resting order was received by the Exchange; \19\
and (E) whether the response was entered by the Recipient Member. If
the resting order executes against multiple contra-side responses, only
the MBBO and ABBO at the time of the execution against the first
response will be included.
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\14\ The term ``MBBO'' means the best bid or offer on the
Exchange. See Exchange Rule 100.
\15\ Exchange Rule 531(a)(1)(ii)(A) would further provide that
if the resting order executes against multiple contra-side
responses, only the EBBO [sic] at the time of the execution against
the first response will be included.
\16\ The term ``ABBO'' or ``Away Best Bid or Offer'' means the
best bid(s) or offer(s) disseminated by other Eligible Exchanges
(defined in Exchange Rule 1400(g)) and calculated by the Exchange
based on market information received by the Exchange from OPRA. See
Exchange Rule 100.
\17\ Exchange Rule 531(a)(1)(ii)(B) would further provide that
if the resting order executes against multiple contra-side
responses, only the ABBO at the time of the execution against the
first response will be included.
\18\ The time the Exchange received the response order would be
in nanoseconds and would be the time the response was received by
the Exchange's network, which is before the time the response would
be received by the System.
\19\ The time difference would be provided in nanoseconds.
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Recipient Member's Response Information. Rule 531(a)(1)(iii) would
provide that the following information would be included in the Report
regarding response(s) sent by the Recipient Member: (A) Recipient
Member identifier; (B) the time difference between the time the first
response that executes against the resting order was received by the
Exchange and the time of each response sent by the Recipient Member,
regardless of whether it executed or not; \20\ (C) size and type of
each response submitted by Recipient Member; and (D) response reference
number, which is a unique reference number attached to the response by
the Recipient Member.
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\20\ For purposes of calculating this duration of time, the
Exchange will use the time the resting order and the Recipient
Member's response(s) is received by the Exchange's network, both of
which would be before the order and response(s) would be received by
the System. This time difference would be provided in nanoseconds.
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Timeframe for Data Included in Report
Paragraph (a)(2) of Rule 531 would provide that the Report would
include the data set forth under Rule 531(a)(1)
[[Page 30346]]
described above for executions and contra-side responses that occurred
within 200 microseconds of the time the resting order was received by
the Exchange.
Scope of Data Included in the Report
Paragraph (a)(3) of Rule 531 would provide that the Report will
only include trading data related to the Recipient Member and, subject
to the proposed paragraph (4) of Rule 531(a) described below, will not
include any other Member's trading data other than that listed in
paragraphs (1)(i) and (ii) of Exchange Rule 531(a) described above.
Historical Data
Paragraph (a)(4) of Rule 531 would specify that the Report will
contain historical data from the prior trading day and will be
available after the end of the trading day, generally on a T+1 basis.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\21\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \22\ requirements that the rules
of an exchange be 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 mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
This proposal is in keeping with those principles in that it promotes
increased transparency through the dissemination of the optional Report
to those interested in subscribing to receive the data. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \23\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The proposed Report is also identical to a report
previously adopted by the Exchange's affiliate, MIAX Emerald, and
approved by the Commission.\24\ Therefore, the proposed rule change
does not present any new or novel issues not previously considered by
the Commission.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
\23\ Id.
\24\ See supra note 3.
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The Exchange believes the proposed Report will serve to promote
just and equitable principles of trade, remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general protect investors and the public interest
because it will benefit investors by facilitating their prompt access
to the value added information that is included in the proposed Report.
The Report will allow Members to access information regarding their
trading activity that they may utilize to evaluate their own trading
behavior and order interactions.
The proposed Report is designed for Members that are interested in
gaining insight into latency in connection with orders that failed to
execute against an order resting on the Exchange's Book by providing
those Members data to analyze by how much time their order may have
missed an execution against a contra-side order resting on the Book.
The Exchange believes that providing this optional latency data to
interested Members is consistent with facilitating transactions in
securities, removing impediments to and perfecting the mechanism of a
free and open market and a national market system, and, in general,
protecting investors and the public interest because it provides
greater visibility into the latency of Members' incoming orders.
Members may use this data to optimize their models and trading patterns
in an effort to yield better execution results by calculating by how
much time their order may have missed an execution.
As discussed above, the Exchange currently fields ad hoc requests
from Members for information regarding the timeliness of their attempts
to execute against resting options liquidity on the Exchange's Book.
The proposal is designed to offer this type of latency information in a
systematized way and standardized format to any Member that chooses to
subscribe to the Report. As a result, the proposal will make latency
information for liquidity-seeking orders available in a more equalized
manner and will increase transparency, particularly for Recipient
Members that may not have the expertise to generate the same
information on their own. The proposed Report may better enable
Recipient Members to increase the fill rates for their liquidity-
seeking orders. At the same time, as is also discussed above, the
Report is designed to prevent a Recipient Member from learning other
Members' sensitive trading information. The Report would not be a real-
time market data product, as it would provide only historical trading
data for the previous trading day, generally on a T+1 basis. In
addition, the data in the Report regarding incoming orders that failed
to execute would be specific to the Recipient Member's orders, and
other information in the proposed Report regarding resting orders and
executions would be anonymized if it relates to a Member other than the
Recipient Member.
The Report generally contains three buckets of information. The
first two buckets include information about the resting order and the
execution of the resting order. This information is generally available
from other public sources, such as OPRA and the Exchange's proprietary
data feeds, or is similar to information included in a report offered
by another exchange. For example, OPRA provides bids, offers, and
consolidated last sale and quotation information for options trading on
all national securities exchanges, including the Exchange. In addition,
the Exchange offers the Top of Market (``ToM'') feed which provides
real-time quote and last sale information for all displayed orders on
the Book.\25\
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\25\ See Section 6)a) of the Exchange's fee schedule.
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Specifically, the first bucket of information contained in the
Report for the resting order includes the time the resting order was
received by the Exchange, the symbol, unique reference number assigned
at the time of receipt, side (buy or sell), and the displayed price and
size of the resting order. Further, the symbol, origin type, side (buy
or sell), and displayed price and size are also available either via
OPRA or the Exchange's proprietary data feeds. The first bucket of
information also indicates whether the Recipient Member is an Affiliate
of the Member that entered the resting order. This data field will not
indicate the identity of the Member that entered the resting order and
would simply allow the Recipient Member to better understand the
scenarios in which it may execute against the orders of its
Affiliates.\26\
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\26\ The Exchange's surveils to monitor for abhorrent behavior
related to internalized trades and identify potential wash sales.
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The second bucket of information contained in the Report regards
the execution of the resting order and includes the MBBO and ABBO at
the time of execution. These data points are also available either via
OPRA or the Exchange's proprietary data feeds. The second bucket of
information will also indicate whether the response was entered by the
Recipient Member. This
[[Page 30347]]
data point is simply provided as a convenience. If not entered by the
Recipient Member, this data point will be left blank so as not to
include any identifying information about other Member activity. The
second bucket of information also includes the size, time and type of
first response that executes against the resting order; as well as the
time difference between the time the resting order and first response
that executes against the resting order are received by the Exchange.
These data points would assist the Recipient Member in analyzing by how
much time their order may have missed an execution against a contra-
side order resting on the Book.
The third bucket of information is about the Recipient Member's
response(s) and the time their response(s) is received by the Exchange.
This includes the time difference between the time the first response
that executes against the resting order was received by the Exchange
and the time of each response sent by the Recipient Member, regardless
of whether it executed or not. As above, this data point would assist
the Recipient Member in analyzing by how much time their order may have
missed an execution against a contra-side order resting on the Book.
This bucket would also include the size and type of each response
submitted by the Recipient Member, the Recipient Member identifier, and
a response reference number which is selected by the Recipient Member.
Each of these data points are unique to the Recipient Member and should
already be known by Recipient Member even if not included in the
Report.
The Exchange proposes to provide the Report on a voluntary basis
and no Member will be required to subscribe to the Report. The Exchange
notes that there is no rule or regulation that requires the Exchange to
produce, or that a Member elect to receive, the Report. It is entirely
a business decision of each Member to subscribe to the Report. The
Exchange proposes to offer the Report as a convenience to Members to
provide them with additional information regarding trading activity on
the Exchange on a delayed basis after the close of regular trading
hours. A Member that chooses to subscribe to the Report may discontinue
receiving the Report at any time if that Member determines that the
information contained in the Report is no longer useful.
In summary, the proposed Report will help to protect a free and
open market by providing additional data (offered on an optional basis)
to the marketplace and by providing investors with greater choices.\27\
Additionally, the proposal would not permit unfair discrimination
because the proposed Report will be available to all Exchange Members.
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\27\ See Sec. Indus. Fin. Mkts. Ass'n (SIFMA), Initial Decision
Release No. 1015, 2016 SEC LEXIS 2278 (ALJ June 1, 2016) (finding
the existence of vigorous competition with respect to non-core
market data).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange believes that the proposed Report will enhance competition
\28\ by providing a new option for receiving market data to Members.
The proposed Report will also further enhance competition between
exchanges by allowing the Exchange to expand its product offerings to
include a report similar to that currently offered by the NASDAQ Stock
Market LLC (``NASDAQ'').\29\
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\28\ Id.
\29\ See NASDAQ Equity Section 7, Rule 146(a)(2).
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In this instance, the proposed rule change to offer the optional
Report is in response to Member interest and requests for such
information. The Exchange does not believe the proposed Report will
have an inappropriate burden on intra-market competition between
Recipient Members and other Members who do not receive the Report. As
discussed above, the first two buckets of information included in the
Report contain information about the resting order and the execution of
the resting order, both of which are generally available to Members
that choose not to receive the Report from other public sources, such
as OPRA and the Exchange's proprietary data feeds. The third bucket of
information is about the Recipient Member's response and the time their
response is received by the Exchange, information which the Recipient
Member would be able to obtain without receiving the Report.
Additionally, some Members may already be able to derive a substantial
amount of the same data that is provided by some of the components
based on their own executions and algorithms.
In sum, if the proposed Report is unattractive to Members, Members
will opt not to receive it. Accordingly, the Exchange does not believe
that the proposed change will impair the ability of Members or
competing order execution venues to maintain their competitive standing
in the financial markets.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \30\ and Rule 19b-4(f)(6) thereunder.\31\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \32\ and Rule 19b-
4(f)(6) thereunder.\33\
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\30\ 15 U.S.C. 78s(b)(3)(A)(iii).
\31\ 17 CFR 240.19b-4(f)(6).
\32\ 15 U.S.C. 78s(b)(3)(A).
\33\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \34\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\35\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately. The Exchange states that
it is prepared to begin offering the Report upon the effectiveness of
this proposed rule change. The Exchange also argues that waiver of the
operative delay would allow the Exchange to provide a product offering
identical to that of its affiliate, MIAX Emerald, as soon as
practicable, which in turn would reduce potential confusion in the near
term about whether the Exchange is offering the same report as its
affiliate offers currently. For these reasons, the
[[Page 30348]]
Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposal operative upon filing.\36\
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\34\ 17 CFR 240.19b-4(f)(6).
\35\ 17 CFR 240.19b-4(f)(6)(iii).
\36\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5f2d2a333a723c3032323a312b2c1f2c3a3c71383029"><span class="__cf_email__" data-cfemail="88fafde4eda5ebe7e5e5ede6fcfbc8fbedeba6efe7fe">[email protected]</span></a>. Please include
File Number SR-MIAX-2021-21 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2021-21. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-MIAX-2021-21, and should be submitted on
or before June 28, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11797 Filed 6-4-21; 8:45 am]
BILLING CODE 8011-01-P
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