Notice2021-13288
Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule for the Complex PRIME (“cPRIME”) Agency Order Credit
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 24, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 119 (Thursday, June 24, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 119 (Thursday, June 24, 2021)]
[Notices]
[Pages 33396-33399]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13288]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92186; File No. SR-MIAX-2021-26]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule for the Complex PRIME
(``cPRIME'') Agency Order Credit
June 15, 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 June 9, 2021, Miami International Securities Exchange LLC (``MIAX''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (the ``Fee Schedule'').
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'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 the Fee Schedule to modify one of
the conditions for Members \3\ to receive the alternative complex PRIME
(``cPRIME'') \4\ Agency Order Credit amount for cPRIME Agency Orders in
Tier 4 of the Priority Customer Rebate Program (``PCRP'') \5\ that
applies instead of the credit otherwise applicable to such orders, if a
certain threshold is satisfied. The Exchange initially filed this
proposal on May 28, 2021 (SR-MIAX-2021-24) and withdrew such filing on
June 9, 2021. The Exchange proposes to implement the fee change
effective June 9, 2021.
---------------------------------------------------------------------------
\3\ 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.
\4\ ``cPRIME'' is the process by which a Member may
electronically submit a ``cPRIME Order'' (as defined in Rule
518(b)(7)) it represents as agent (a ``cPRIME Agency Order'')
against principal or solicited interest for execution (a ``cPRIME
Auction''), subject to the restrictions set forth in Exchange Rule
515A, Interpretation and Policy .12. See Exchange Rule 515A.
\5\ Under the PCRP, MIAX Options credits each Member the per
contract amount resulting from each Priority Customer order
transmitted by that Member which is executed electronically on the
Exchange in all multiply-listed option classes (excluding, in simple
or complex as applicable, QCC and cQCC Orders, mini-options,
Priority Customer-to-Priority Customer Orders, C2C and cC2C Orders,
PRIME and cPRIME AOC Responses, PRIME and cPRIME Contra-side Orders,
PRIME and cPRIME Orders for which both the Agency and Contra-side
Order are Priority Customers, and executions related to contracts
that are routed to one or more exchanges in connection with the
Options Order Protection and Locked/Crossed Market Plan referenced
in Exchange Rule 1400), provided the Member meets certain percentage
thresholds in a month as described in the Priority Customer Rebate
Program table. See Fee Schedule, Section 1)a)iii.
---------------------------------------------------------------------------
Background
Exchange Rule 518(b)(7) defines a cPRIME Order as a type of complex
order \6\ that is submitted for participation in a cPRIME Auction and
trading of cPRIME Orders is governed by Rule 515A, Interpretation and
Policies .12.\7\ cPRIME Orders are processed and executed in the
Exchange's PRIME mechanism, the same mechanism that the Exchange uses
to process and execute simple PRIME orders, pursuant to Exchange Rule
515A.\8\ PRIME is a process by which a Member may electronically submit
for execution an order it represents as agent (an ``Agency Order'')
against principal interest and/or solicited interest. The Member that
submits the Agency Order (``Initiating Member'') agrees to guarantee
the execution of the Agency Order by submitting a contra-side order
representing principal interest or solicited interest (``Contra-Side
Order''). When the Exchange receives a properly designated Agency Order
for Auction processing, a request for response (``RFR'') detailing the
option, side, size and initiating price is broadcasted to MIAX
participants up to an optional designated limit price. Members may
submit responses to the RFR, which can be either an Auction or Cancel
(``AOC'')
[[Page 33397]]
order or an AOC eQuote. A cPRIME Auction is the price-improvement
mechanism of the Exchange's System pursuant to which an Initiating
Member electronically submits a complex Agency Order into a cPRIME
Auction. The Initiating Member, in submitting an Agency Order, must be
willing to either (i) cross the Agency Order at a single price against
principal or solicited interest, or (ii) automatically match against
principal or solicited interest, the price and size of a RFR that is
broadcast to MIAX participants up to an optional designated limit
price. Such responses are defined as cPRIME AOC Responses or cPRIME
eQuotes. The PRIME mechanism is used for orders on the Exchange's
Simple Order Book.\9\ The cPRIME mechanism is used for Complex Orders
\10\ on the Exchange's Strategy Book,\11\ with the cPRIME mechanism
operating in the same manner for processing and execution of cPRIME
Orders that is used for PRIME Orders on the Simple Order Book.
---------------------------------------------------------------------------
\6\ A ``complex order'' is any order involving the concurrent
purchase and/or sale of two or more different options in the same
underlying security (the ``legs'' or ``components'' of the complex
order), for the same account, in a ratio that is equal to or greater
than one-to-three (.333) and less than or equal to three-to-one
(3.00) and for the purposes of executing a particular investment
strategy. A complex order can also be a ``stock-option'' order,
which is an order to buy or sell a stated number of units of an
underlying security coupled with the purchase or sale of options
contract(s) on the opposite side of the market, subject to certain
contingencies set forth in the proposed rules governing complex
orders. For a complete definition of a ``complex order,'' see
Exchange Rule 518(a)(5). See also Securities Exchange Act Release
No. 78620 (August 18, 2016), 81 FR 58770 (August 25, 2016) (SR-MIAX-
2016-26).
\7\ See Securities Exchange Act Release No. 81131 (July 12,
2017), 82 FR 32900 (July 18, 2017) (SR-MIAX-2017-19) (Order Granting
Approval 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).
\8\ Id.
\9\ The ``Simple Order Book'' is the Exchange's regular
electronic book of orders and quotes. See Exchange Rule 518(a)(15).
\10\ See supra note 6. Mini-options may only be part of a
complex order that includes other mini-options. Only those complex
orders in the classes designated by the Exchange and communicated to
Members via Regulatory Circular with no more than the applicable
number of legs, as determined by the Exchange on a class-by-class
basis and communicated to Members via Regulatory Circular, are
eligible for processing. See Exchange Rule 518(a)(5).
\11\ The ``Strategy Book'' is the Exchange's electronic book of
complex orders and complex quotes. See Exchange Rule 518(a)(17).
---------------------------------------------------------------------------
On February 28, 2019, the Exchange filed its proposal to, among
other things, establish the alternative cPRIME Agency Order Credit
amount for cPRIME Agency Orders in Tier 4 of the PCRP that would apply
instead of the credit otherwise applicable to such orders, if a certain
threshold was satisfied by the Member.\12\ With that filing, the
Exchange adopted footnote ``**'' below the PCRP table in Section
1)a)iii) of the Fee Schedule, which described the alternative cPRIME
Agency Order Credit amount for cPRIME Agency Orders in Tier 4 of the
PCRP. On February 28, 2020, the Exchange filed its proposal to, among
other things, lower the alternative cPRIME Agency Order rebate for PCRP
Members in Tier 4 that execute Priority Customer standard non-paired
complex volume at least equal to or greater than their Priority
Customer cPRIME agency volume from $0.22 per contract to $0.12 per
contract.\13\
---------------------------------------------------------------------------
\12\ See Securities Exchange Act Release No. 85301 (March 13,
2019), 84 FR 10166 (March 19, 2019) (SR-MIAX-2019-09).
\13\ See Securities Exchange Act Release No. 88349 (March 10,
2020), 85 FR 14995 (March 16, 2020) (SR-MIAX-2020-05).
---------------------------------------------------------------------------
Currently, under the PCRP, the Exchange provides a higher credit of
$0.12 per contract for cPRIME Agency Orders if any Member or its
Affiliate \14\ qualifies for PCRP Tier 4 and executes Priority Customer
standard, non-paired complex volume at least equal to or greater than
their Priority Customer cPRIME Agency Order volume on a monthly basis,
instead of the $0.10 credit otherwise applicable for Tier 4.\15\
---------------------------------------------------------------------------
\14\ For purposes of the MIAX Options Fee Schedule, the term
``Affiliate'' means (i) an affiliate of a Member of at least 75%
common ownership between the firms as reflected on each firm's Form
BD, Schedule A, (``Affiliate''), or (ii) the Appointed Market Maker
of an Appointed EEM (or, conversely, the Appointed EEM of an
Appointed Market Maker). An ``Appointed Market Maker'' is a MIAX
Market Maker (who does not otherwise have a corporate affiliation
based upon common ownership with an EEM) that has been appointed by
an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise
have a corporate affiliation based upon common ownership with a MIAX
Market Maker) that has been appointed by a MIAX Market Maker,
pursuant to the following process. A MIAX Market Maker appoints an
EEM and an EEM appoints a MIAX Market Maker, for the purposes of the
Fee Schedule, by each completing and sending an executed Volume
Aggregation Request Form by email to <a href="/cdn-cgi/l/email-protection#a6cbc3cbc4c3d4d5cecfd6e6cbcfc7dec9d6d2cfc9c8d588c5c9cb"><span class="__cf_email__" data-cfemail="117c747c73746362797861517c7870697e6165787e7f623f727e7c">[email protected]</span></a> no
later than 2 business days prior to the first business day of the
month in which the designation is to become effective. Transmittal
of a validly completed and executed form to the Exchange along with
the Exchange's acknowledgement of the effective designation to each
of the Market Maker and EEM will be viewed as acceptance of the
appointment. The Exchange will only recognize one designation per
Member. A Member may make a designation not more than once every 12
months (from the date of its most recent designation), which
designation shall remain in effect unless or until the Exchange
receives written notice submitted 2 business days prior to the first
business day of the month from either Member indicating that the
appointment has been terminated. Designations will become operative
on the first business day of the effective month and may not be
terminated prior to the end of the month. Execution data and reports
will be provided to both parties.
\15\ The Exchange notes that other exchanges offer comparable
rebates in their middle to highest tiers for similar transactions.
See, generally, Nasdaq PHLX LLC, Options 7, Pricing Schedule
(highest tier rebate of $0.14 per contract for similar
transactions); Cboe EDGX Exchange, Inc. Fee Schedule (mid-tier
rebate of $0.11 per contract, up to $0.14 per contract in the
highest tier for similar transactions); NYSE American LLC Fee
Schedule (rebate of $0.10 per contract for similar transactions).
---------------------------------------------------------------------------
The Exchange now proposes to modify one of the conditions in order
for a Member to receive the alternative cPRIME Agency Order Credit
amount for cPRIME Agency Orders in Tier 4 of the PCRP that applies
instead of the credit otherwise applicable to such orders. With the
proposed change, any Member or its Affiliate that qualifies for PCRP
Tier 4 and executes Priority Customer standard, non-paired complex
volume at least equal to or greater than three (3) times their Priority
Customer cPRIME Agency Order volume on a monthly basis, will receive a
credit of $0.12 per contract for cPRIME Agency Orders instead of the
credit otherwise applicable to such orders in Tier 4. The Exchange
proposes to make the corresponding change to footnote ``**'' below the
PCRP table in Section 1)a)iii) of the Fee Schedule. The purpose of the
proposed change is for business and competitive reasons. As the amount
and type of volume that is executed on the Exchange has shifted since
it first established the alternative cPRIME Agency Order Credit amount
for cPRIME Agency Orders in Tier 4 of the PCRP, provided that the
Member meets certain Priority Customer standard, non-paired complex
volume,\16\ the Exchange has determined to level-set the threshold to
achieve the alternative rebate by requiring Members to execute an
increased amount of Priority Customer standard, non-paired complex
volume. With the proposed change, the Exchange believes the higher
credit of $0.12 per contract for cPRIME Agency Orders will continue to
be attractive and reflective of the amount and type of volume executed
on the Exchange.
---------------------------------------------------------------------------
\16\ See supra notes 12 and 13.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \17\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \18\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among its members and issuers and other persons using
its facilities. The Exchange also believes the proposal furthers the
objectives of Section 6(b)(5) of the Act in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest and is not designed to permit unfair discrimination between
customers, issuers, brokers and dealers.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes its proposal provides for the equitable
allocation of reasonable dues and fees and is not unfairly
discriminatory for the following reasons. The Exchange operates in a
highly competitive market. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, the Commission highlighted the importance of market forces in
determining prices and self-regulatory
[[Page 33398]]
organization (``SRO'') revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \19\ There are currently
16 registered options exchanges competing for order flow. Based on
publicly-available information, and excluding index-based options, no
single exchange has more than approximately 13-14% of the market share
of executed volume of multiply-listed equity and exchange-traded fund
(``ETF'') options trades as of June 9, 2021, for the month of June
2021.\20\ Therefore, no exchange possesses significant pricing power in
the execution of multiply-listed equity and ETF options order flow.
More specifically, as of June 9, 2021, the Exchange has a total market
share of 6.73% of all equity options volume, for the month of June
2021.\21\
---------------------------------------------------------------------------
\19\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
\20\ See <a href="https://www.cboe.com/us/options/market_statistics/">https://www.cboe.com/us/options/market_statistics/</a>.
\21\ See id.
---------------------------------------------------------------------------
The Exchange believes that the ever-shifting market shares among
the exchanges from month to month demonstrates that market participants
can shift order flow (as further described below), or discontinue or
reduce use of certain categories of products, in response to
transaction and non-transaction fee changes. For example, in February
2019, the Exchange filed with the Commission an immediately effective
filing to decrease certain credits assessable to Members pursuant to
the PCRP, with the fee change effective for March 1, 2019.\22\ The
Exchange experienced a decrease in total market share between the
months of February and March of 2019. Accordingly, the Exchange
believes that the February 2019 fee change may have contributed to the
decrease in the Exchange's market share and, as such, the Exchange
believes competitive forces constrain options exchange transaction
fees.
---------------------------------------------------------------------------
\22\ See supra note 12.
---------------------------------------------------------------------------
The Exchange believes its proposal to modify the amount of Priority
Customer standard, non-paired complex volume in order for Members to
achieve the higher alternative cPRIME Agency Order Credit amount for
cPRIME Agency Orders in Tier 4 of the PCRP is consistent with Section
6(b)(4) of the Act \23\ because it applies equally to all participants.
The proposal is based on the amount and type of complex and cPRIME
business transacted on the Exchange and Members are not obligated to
try to achieve the higher alternative cPRIME Agency Order Credit amount
for cPRIME Agency Orders in Tier 4 of the PCRP, nor are they obligated
to execute any cPRIME transactions. Rather, the proposal is designed to
level-set the volume threshold to Exchange volume in these segments to
achieve the higher alternative rebate by requiring Members to execute
an increased amount of Priority Customer standard, non-paired complex
volume. The Exchange believes that by encouraging market participants
to execute Priority Customer standard, non-paired complex volume at
least equal to or greater than three times their Priority Customer
cPRIME Agency Order volume in order to receive a higher alternative
credit instead of the credit otherwise applicable to such orders in
Tier 4 of the PCRP is reasonable, equitably allocated and not unfairly
discriminatory because it is more reflective of the amount and type of
volume executed on the Exchange since the Exchange first established
the alternative cPRIME Agency Order Credit.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange also believes that this proposal continues to
encourage increased volume of Priority Customer standard, non-paired
complex orders and Priority Customer cPRIME orders, which will continue
to result in increased complex and cPRIME liquidity that benefits all
Exchange participants by providing more trading opportunities and
tighter spreads. The Exchange also believes the PCRP is reasonably
designed because it incentivizes providers of Priority Customer order
flow to send that Priority Customer order flow to the Exchange in order
to obtain the highest volume threshold and receive a credit in a manner
that enables the Exchange to improve its overall competitiveness and
strengthen its market quality for all market participants.
In addition, the proposal is also consistent with Section 6(b)(5)
of the Act \24\ because it perfects the mechanisms of a free and open
market and a national market system and protects investors and the
public interest because, while only certain Priority Customer order
flow qualifies for the rebate program under the PCRP and, specifically,
only order flow by Members in Tier 4 of the PCRP that meet the
additional threshold will continue to receive the higher alternative
cPRIME Agency Order rebate, an increase in Priority Customer order flow
will bring greater volume and liquidity, which benefits all market
participants by providing more trading opportunities and tighter
spreads. To the extent Priority Customer order flow continues to
increase by the proposal, market participants will increasingly compete
for the opportunity to trade on the Exchange including sending more
orders and providing narrower and larger-sized quotations in the effort
to trade with such Priority Customer order flow.
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78f(b)(1) and (b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\25\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that are not necessary or appropriate in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
Intra-Market Competition
The Exchange believes that its proposal to modify the condition for
the alternative cPRIME Agency Order Credit will not impose any undue
burden on intra-market competition. The Exchange believes that this
proposal will continue to encourage Members to submit both Priority
Customer standard, non-paired complex orders and Priority Customer
cPRIME orders, which will increase liquidity and benefit all market
participants by providing more trading opportunities and tighter
spreads. Accordingly, the Exchange believes that the proposed changes
will not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act because it will
continue to encourage order flow, which provides greater volume and
liquidity, benefiting all market participants by providing more trading
opportunities and tighter spreads.
Inter-Market Competition
The Exchange operates in a highly competitive market in which
market participants can readily favor competing venues if they deem fee
levels at a particular venue to be excessive. There are currently 16
registered options exchanges competing for order flow. Based on
publicly-available information, and excluding index-based options, no
single exchange has more than approximately 13-14% of the market share
of executed volume of multiply-listed equity and ETF options trades as
of June 9, 2021, for the month of June 2021.\26\ Therefore, no exchange
possesses significant pricing power in the execution of multiply-listed
equity and ETF options order flow. More
[[Page 33399]]
specifically, as of June 9, 2021, the Exchange has a total market share
of 6.73% of all equity options volume, for the month of June 2021.\27\
In such an environment, the Exchange must continually adjust its
transaction and non-transaction fees to remain competitive with other
exchanges and to attract order flow. The Exchange believes that the
proposed rule change reflects this competitive environment because it
will modify the Exchange's rebates in a manner that encourages market
participants to continue to provide and send order flow to the
Exchange. To the extent this is achieved, all the Exchange's market
participants should benefit from the improved market quality.
---------------------------------------------------------------------------
\26\ See supra note 20.
\27\ See id.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\28\ and Rule 19b-4(f)(2) \29\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78s(b)(3)(A)(ii).
\29\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<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#c0b2b5aca5eda3afadada5aeb4b380b3a5a3eea7afb6"><span class="__cf_email__" data-cfemail="4331362f266e202c2e2e262d3730033026206d242c35">[email protected]</span></a>. Please include
File Number SR-MIAX-2021-26 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-2021-26. 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-2021-26 and should be submitted on
or before July 15, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------
\30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-13288 Filed 6-23-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 24, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.