Notice2022-01702
Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Professional Rebate Program
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
January 28, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 19 (Friday, January 28, 2022)</title>
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[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4672-4676]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01702]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94039; File No. SR-MIAX-2022-05]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Professional Rebate Program
January 24, 2022.
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 January 13, 2022, 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.
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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 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 change the
Professional Rebate Program so that it applies only to orders that add
liquidity to the Exchange. The Exchange initially filed this proposal
on January 3, 2022 (SR-MIAX-2022-02) and withdrew such filing on
January 13, 2022. The Exchange proposes to implement the fee change
effective January 13, 2022.
The Exchange notes that it operates in a highly competitive market
in which market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive or
incentives to be insufficient. More specifically, the Exchange is one
of 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% of the market share of
executed volume of multiply-listed equity and exchange-traded fund
(``ETF'') options trades as of January 11, 2022, for the month of
January 2022.\3\ Therefore, no exchange possesses significant pricing
power in the execution of multiply-listed equity and ETF options order
flow. More specifically, as of January 11, 2022, the Exchange has a
total market share of 5.41% of all equity options volume, for the month
of January 2022.\4\
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\3\ See MIAX's ``The Market at a Glance'', available at <a href="https://www.miaxoptions.com/">https://www.miaxoptions.com/</a> (last visited January 11, 2022).
\4\ See id.
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The Exchange currently offers a Professional Rebate Program (the
``Program'') as defined in the Fee Schedule. Under the Program, the
Exchange will credit each Member \5\ the per contract amount resulting
from any contracts executed from an order submitted by a Member for the
account(s) of a (i) Public Customer \6\ that is not a Priority
Customer; \7\ (ii) Non-MIAX Market Maker; (iii) Non-Member Broker-
Dealer; or (iv) Firm (for purposes of the Professional Rebate Program,
``Professional'') which is executed electronically on the Exchange in
all multiply-listed option classes (excluding, in simple or complex as
applicable, mini-options, QCC \8\ and cQCC Orders,\9\ PRIME \10\ and
cPRIME Orders,\11\ PRIME and cPRIME AOC Responses,\12\ PRIME and cPRIME
[[Page 4673]]
Contra-side Orders, 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 MIAX Rule 1400
(collectively, for purposes of the Professional Rebate Program,
``Excluded Contracts'')), provided the Member achieves certain
Professional volume increase percentage thresholds in the month
relative to the fourth quarter of 2015, as described in the table
above.
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\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.
\6\ The term ``Public Customer'' means a person that is not a
broker or dealer in securities. See Exchange Rule 100.
\7\ 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.
\8\ Qualified Contingent Cross Order. A Qualified Contingent
Cross 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, as that
term is defined in Interpretations and Policies .01 of Rule 516,
coupled with a contra-side order or orders totaling an equal number
of contracts. A Qualified Contingent Cross Order is not valid during
the opening rotation process described in Rule 503. See Exchange
Rule 516(j).
\9\ A Complex Qualified Contingent Cross or ``cQCC'' Order is
comprised of an originating 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, coupled with a contra-side complex
order or orders totaling an equal number of contracts. Trading of
cQCC Orders is governed by Rule 515(h)(4). See Exchange Rule
518(b)(6).
\10\ PRIME is a process by which a Member may electronically
submit for execution (``Auction'') an order it represents as agent
(``Agency Order'') against principal interest, and/or an Agency
Order against solicited interest. See Exchange Rule 515A(a).
\11\ A Complex PRIME or ``cPRIME'' Order is a complex order (as
defined in Rule 518(a)(5)) that is submitted for participation in a
cPRIME Auction. Trading of cPRIME Orders is governed by Rule 515A,
Interpretations and Policies .12. See Exchange Rule 518(b)(7).
\12\ An Auction-or-Cancel or ``AOC'' order is a limit order used
to provide liquidity during a specific Exchange process (such as the
Opening Imbalance process described in Rule 503) with a time in
force that corresponds with that event. AOC orders are not displayed
to any market participant, are not included in the MBBO and
therefore are not eligible for trading outside of the event, may not
be routed, and may not trade at a price inferior to the away
markets. See Exchange Rule 516(b)(4).
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The percentage thresholds in each tier are based upon the increase
in the total volume submitted by a Member and executed for the
account(s) of a Professional on MIAX (not including Excluded Contracts)
during a particular month as a percentage of the total volume reported
by the Options Clearing Corporation (OCC) in MIAX classes during the
same month (the ``Current Percentage''), less the greater of (x) total
volume submitted by that Member and executed for the account(s) of a
Professional on MIAX (not including Excluded Contracts) during the
fourth quarter of 2015 as a percentage of the total volume reported by
OCC in MIAX classes during the fourth quarter of 2015, and (y) 0.065%
(the ``Baseline Percentage''). Volume for transactions in both simple
and complex orders will be aggregated to determine the appropriate
volume tier threshold applicable to each transaction. For purposes of
determining the Baseline Percentage for any Member that did not execute
any contracts for the account(s) of a Professional on MIAX in the
fourth quarter of 2015, the Baseline Percentage shall be 0.065%.
The Member's percentage increase will be calculated as the Current
Percentage less the Baseline Percentage. Members will receive rebates
for contracts submitted by such Member on behalf of a Professional(s)
that are executed within a particular percentage tier based upon that
percentage tier only, and will not receive a rebate for such contracts
that applies to any other tier. The increase in volume percentage will
be recorded for, and credits will be delivered to, the Member that
submits the order to MIAX on behalf of the Professional. Volume for
both simple and complex orders will be aggregated to determine the
appropriate volume tier threshold applicable to each transaction. MIAX
will aggregate the contracts resulting from Professional orders
transmitted and executed electronically on MIAX from Members and their
Affiliates \13\ for purposes of the thresholds described in the table
above. A Member may request to receive its credit under the Program as
a separate direct payment.
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\13\ 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). See MIAX Options Exchange Fee Schedule.
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For Simple Orders \14\ the per contract credit of $0.10 for Tier 1
will apply to percentage thresholds from above 0.00% up to 0.005%.
Next, the per contract credit of $0.15 for Tier 2 will apply only to
percentage thresholds from above 0.005% up to 0.020%, beginning with
the first contract executed in Tier 2, but will not apply to contracts
executed in Tier 1, to which the $0.10 per contract credit applied.
Thereafter, the per contract credit of $0.20 for Tier 3 will apply to
percentage thresholds from above 0.020%, beginning with the first
contract executed in Tier 3, but will not apply to contracts executed
in Tier 1, to which the $0.10 per contract credit applied, and will not
apply to contracts executed in Tier 2, to which the $0.15 per contract
credit applied.
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\14\ A Simple Order is an order on the Exchange's regular
electronic book of orders and quotes. See Exchange Rule 518(a)(15).
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For Complex Orders \15\ the per contract credit of $0.03 for Tier 1
will apply to percentage thresholds from above 0.00% up to 0.005%.
Next, the per contract credit of $0.05 for Tier 2 will apply only to
percentage thresholds from above 0.005% up to 0.020%, beginning with
the first contract executed in Tier 2, but will not apply to contracts
executed in Tier 1, to which the $0.03 per contract credit applied.
Thereafter, the per contract credit of $0.07 for Tier 3 will apply to
percentage thresholds from above 0.020%, beginning with the first
contract executed in Tier 3, but will not apply to contracts executed
in Tier 1, to which the $0.03 per contract credit applied, and will not
apply to contracts executed in Tier 2, to which the $0.05 per contract
credit applied.
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\15\ 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. 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. A complex order can also be a ``stock-option order'' as
described further, and subject to the limitations set forth, in
Interpretations and Policies .01 of this Rule. A stock-option order
is an order to buy or sell a stated number of units of an underlying
security (stock or Exchange Traded Fund Share (``ETF'')) or a
security convertible into the underlying stock (``convertible
security'') coupled with the purchase or sale of options contract(s)
on the opposite side of the market representing either (i) the same
number of units of the underlying security or convertible security,
or (ii) the number of units of the underlying stock necessary to
create a delta neutral position, but in no case in a ratio greater
than eight-to-one (8.00), where the ratio represents the total
number of units of the underlying security or convertible security
in the option leg to the total number of units of the underlying
security or convertible security in the stock leg. Only those stock-
option 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).
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The below table reflects the current Professional Rebate Program in
the Fee Schedule.
Professional Rebate Program
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Percentage thresholds of volume Per contract Per contract
increase in multiply-listed credit (except credit (except
Type of market participants Tier options (except Excluded Excluded Excluded
eligible for rebate Contracts) for the Current Month Contracts) for Contracts) for
Compared to Fourth Quarter 2015 Simple Orders Complex Orders
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Public Customer that is Not a 1 Above 0.00%-0.005%................ $0.10 $0.03
Priority Customer.
Non-MIAX Market Maker.......... 2 Above 0.005%-0.020%............... 0.15 0.05
[[Page 4674]]
Non-Member Broker-Dealer Firm.. 3 Above 0.020%...................... 0.20 0.07
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The Exchange now proposes to revise the Program to make the credit
available only to those orders (both simple and complex) that add
liquidity to the Exchange. The purpose of this change is to encourage
Members to direct greater Professional trade volume to the Exchange
that adds liquidity. Increased Professional volume will provide for
greater liquidity, which benefits all market participants. The practice
of incentivizing increased order flow in order to attract liquidity is,
and has been, commonly practiced in the options markets. The Program
similarly intends to attract Professional order flow, which will
increase liquidity, thereby providing greater trading opportunities and
tighter spreads for other market participants and causing a
corresponding increase in order flow from such other market
participants.
The specific volume increase thresholds of the Program's tiers are
not changing under this proposal and were set based upon business
determinations and an analysis of volume levels. The volume increase
thresholds are intended to encourage firms that route some Professional
orders to the Exchange to increase the number of such orders that are
sent to the Exchange to achieve the next threshold and to provide
incentive for new participants to send Professional orders as well.
Increasing the number of such orders sent to the Exchange will in turn
provide tighter and more liquid markets, and therefore attract more
business overall. Similarly, the different credit rates at the
different tier levels were based on an analysis of revenue and volume
levels and are intended to provide increasing rewards for increasing
the volume of trades sent to and executed on the Exchange. The specific
amounts of the tiers and rates were set in order to encourage suppliers
of Professional order flow to reach for higher tiers.
The purpose of calculating the Baseline Percentage as the total
volume submitted by that Member and executed for the account(s) of a
Professional on MIAX (not including Excluded Contracts) during the
fourth quarter of 2015 as a percentage of the total volume reported by
OCC in MIAX classes during the fourth quarter of 2015 is to maintain a
constant measuring methodology based upon a sample of the most current
market conditions available over a meaningful period of time (e.g.,
three months), which should help Members submitting orders designated
as Professional (as defined above) better understand the volume
thresholds that will result in higher rebate amounts.
The Exchange will continue to leave certain Excluded Contracts
(specifically, Non-Priority Customer to Non-Priority Customer orders,
QCC Orders, PRIME Orders, PRIME AOC Responses, and PRIME Contra-side
Orders) out of the calculation of the Current and Baseline percentages
measuring contracts executed on MIAX and accordingly from the
calculation of the percentage thresholds of volume increase. The
Exchange believes that it is unnecessary and redundant to offer an
incentive where both sides of the trade are submitted and executed by
the same Member that submits such orders on behalf of Professionals.
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 MIAX Rule 1400 are excluded from the
calculation because the execution of such orders occurs on away
markets. Providing rebates to Professional executions that occur on
other trading venues would be inconsistent with the proposal.
Therefore, such volume is excluded from the Program in order to promote
the underlying goal, which is to increase liquidity and execution
volume on the Exchange.
The Exchange also excludes mini-options from the calculation of the
percentage thresholds of volume increase. Mini-options contracts are
excluded from the Program because the cost to the Exchange to process
quotes, orders and trades in mini-options is the same as for standard
options. This, coupled with the lower per-contract transaction fees
charged to other market participants, makes it impractical to offer
Members a credit for Professional mini-option volume that they
transact.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \16\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \17\ in
particular, in that it is an equitable allocation of reasonable dues,
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 \18\ 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.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(4).
\18\ 15 U.S.C. 78f(b)(5).
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As discussed above the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels to be excessive or incentives
to be insufficient, and the Exchange represents only a small percentage
of the overall 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 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\
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\19\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
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The Exchange believes that the ever-shifting market shares among
the exchanges from month to month
[[Page 4675]]
demonstrates that market participants can shift order flow or
discontinue or reduce use of certain categories of products, in
response to transaction and non-transaction fee changes. Accordingly,
competitive forces constrain the Exchange's transaction fees and
rebates, and market participants can readily trade on competing venues
if they deem pricing levels at those other venues to be more favorable.
The Exchange believes the proposal reflects a reasonable and
competitive pricing structure which will continue to incentivize market
participants to direct liquidity adding orders to the Exchange, which
the Exchange believes would enhance liquidity and market quality on the
exchange to the benefit of all Members.
The Exchange believes that amending the Program to provide a per
contract rebate only to liquidity adding orders and to no longer
provide a per contract rebate to those orders that remove liquidity
from the Exchange is reasonable, equitable and not unfairly
discriminatory as the Program is available to all Members and all
similarly situated market participants are subject to the same rebate
structure under the Program, and access to the Exchange is offered on
terms that are not unfairly discriminatory. The Exchange's proposal is
intended to encourage participants to submit more orders that add
liquidity to the Exchange, thus enhancing liquidity on the Exchange.
Increased liquidity benefits all market participants by providing more
trading opportunities and tighter spreads. The Exchange believes the
Program, as amended, will continue to encourage liquidity and support
the quality of price discovery, thereby promoting market transparency
and improving investor protection.
The Exchange believes that the proposed change to its Program is
reasonably designed to incentivize Members to submit orders which add
liquidity to the Exchange, which facilitates increased trading
opportunities, tighter spreads, and overall enhanced market quality to
the benefit of all market participants. The Exchange further believes
the proposed change is reasonable as incentive programs have been
widely adopted by exchanges, including the Exchange, and are
reasonable, equitable, and not unfairly discriminatory because they are
open to all members on an equal basis and provide additional benefits
or discounts that are reasonably related to an exchange's market
quality. In particular, the Exchange believes its proposal to provide a
per contract credit only to liquidity adding orders and to not provide
a per contract credit to liquidity removing orders is reasonable,
equitable, and not unfairly discriminatory for these same reasons, as
it provides Members with an additional incentive to submit liquidity
adding orders to the Exchange in order to qualify for a rebate under
the Program.
The Exchange believes its proposal to offer certain per contract
credits to simple and complex orders that add liquidity under the
Program is consistent with Section 6(b)(4) of the Act \20\ because it
applies equally to all participants. The Exchange's proposal is
intended to encourage participants to submit more orders to the
Exchange that add liquidity, thus enhancing liquidity and removing
impediments to and perfecting the mechanisms of a free and open market
and a national market system. Additionally, if a Member does not
satisfy the requirements of the Program then they will simply not
receive the rebate offered by the Program for that month.
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\20\ 15 U.S.C. 78f(b)(4).
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For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act \21\ in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its Members and other
persons using its facilities and is not designed to unfairly
discriminate between customers, issuers, brokers, or dealers.
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\21\ 15 U.S.C. 78f(b)(4) and (5).
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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
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
proposed rule change would increase both intermarket and intramarket
competition by incentivizing Members to direct orders for the
account(s) of Professionals to the Exchange, which should enhance the
quality of the Exchange's markets and increase the volume of contracts
traded here. To the extent that this purpose is achieved, all the
Exchange's market participants should benefit from the improved market
liquidity. Enhanced market quality and increased transaction volume
that results from the anticipated increase in order flow directed to
the Exchange will benefit all market participants and improve
competition on the Exchange. The Exchange notes that it 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. In such an environment, the Exchange must continually
adjust its fees to remain competitive with other exchanges and to
attract order flow to the Exchange. The Exchange believes that the
proposed rule change reflects this competitive environment because it
encourages market participants to direct their customer order flow, to
provide liquidity, and to attract additional transaction volume, to the
Exchange. Given the robust competition for volume among options
markets, many of which offer the same products, implementing a volume
based rebate program for orders that add liquidity to attract order
flow like the one being proposed in this filing is consistent with the
above-mentioned goals of the Act.
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,\22\ and Rule 19b-4(f)(2) \23\ 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.
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\22\ 15 U.S.C. 78s(b)(3)(A)(ii).
\23\ 17 CFR 240.19b-4(f)(2).
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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
[[Page 4676]]
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#681a1d040d450b0705050d061c1b281b0d0b460f071e"><span class="__cf_email__" data-cfemail="6210170e074f010d0f0f070c1611221107014c050d14">[email protected]</span></a>. Please include
File Number SR-MIAX-2022-05 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-2022-05. 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-2022-05 and should be submitted on
or before February 18, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01702 Filed 1-27-22; 8:45 am]
BILLING CODE 8011-01-P
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