Notice2022-11876
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 519, MIAX Order Monitor
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 3, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 107 (Friday, June 3, 2022)</title>
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[Federal Register Volume 87, Number 107 (Friday, June 3, 2022)]
[Notices]
[Pages 33854-33858]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11876]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95001; File No. SR-MIAX-2022-22]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 519, MIAX Order Monitor
May 27, 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 May 13, 2022, Miami International Securities
Exchange, LLC (``MIAX Options'' or the ``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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[[Page 33855]]
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 519, MIAX Order
Monitor.
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 519, MIAX Order
Monitor to (i) establish an Exchange default Threshold Setting for
market orders \3\ to sell an option when the national best bid is zero;
(ii) provide that a Member \4\ may supply their own pre-set value to be
used as the Threshold Setting; (iii) reorganize the rule text for ease
of reference; and (iv) adopt new rule text to add additional detail
regarding the Exchange's process for evaluating and reevaluating market
orders to sell.
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\3\ A market order is an order to buy or sell a stated number of
option contracts at the best price available at the time of
execution. See Exchange Rule 516(a).
\4\ 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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Background
Currently, in order to avoid the occurrence of potential obvious or
catastrophic errors on the Exchange the MIAX Order Monitor will prevent
certain orders from executing or being placed on the Book \5\ at prices
outside pre-set standard limits. Beginning after the Opening Process
\6\ is complete, the MIAX Order Monitor will be operational each
trading day until the close of trading.\7\ Exchange Rule 519(a)(1)(i)
provides that if the Exchange upon initial receipt or reevaluation
evaluates a market order to sell an option when the national best bid
is zero and the Exchange's disseminated offer is equal to or less than
$0.10, the System \8\ will convert the market order to sell to a limit
order to sell with a limit price of one Minimum Trading Increment.\9\
In this case, such sell orders will automatically be placed on the Book
in time priority and will be displayed at the appropriate Minimum Price
Variation.\10\ Exchange Rule 519(a)(1)(ii) provides that if the
Exchange upon initial receipt or reevaluation evaluates a market order
to sell an option when the national best bid is zero and the national
best offer is greater than $0.10, the System will cancel the market
order to sell.
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\5\ The term ``Book'' means the electronic book of buy and sell
orders and quotes maintained by the System. See Exchange Rule 100.
\6\ See Exchange Rule 503.
\7\ See Exchange Rule 519(a).
\8\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
\9\ See Exchange Rule 510(b).
\10\ See Exchange Rule 510(a).
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Proposal
The Exchange now proposes to allow Members to determine their own
pre-set value to be used as the threshold setting (``Threshold
Setting'') that the Exchange will use when evaluating market orders to
sell when the national best bid is zero and the national best offer is
less than, equal to, or greater than, the Threshold Setting. Members
are not constrained by the Exchange in determining their Threshold
Setting and may set the threshold at any value in accordance to their
business and risk tolerances. Members will communicate their desired
threshold value to the Exchange's Help Desk \11\ in a form and manner
to be determined by the Exchange and communicated to Members via
Regulatory Circular. The Exchange will establish a default Threshold
Setting of $0.10 (the current setting) and communicate its value to
Members via Regulatory Circular.\12\
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\11\ The term ``Help Desk'' means the Exchange's control room
consisting of Exchange staff authorized to make certain
determinations on behalf of the Exchange. The Help Desk shall report
to and be supervised by a senior executive of the Exchange. See
Exchange Rule 100.
\12\ The Exchange proposes to convert its current $0.10
threshold setting to the Exchange default Threshold Setting.
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The Exchange proposes to adopt new subparagraph (i) to paragraph
(a)(1) of Rule 519 to provide that, for the purposes of this Rule a
Member may establish a pre-set value to be used as the Threshold
Setting by communicating its value to the Exchange's Help Desk in a
form and manner to be determined by the Exchange and communicated via
Regulatory Circular. The Exchange will establish a default Threshold
Setting of $0.10 and communicate its value to Members via Regulatory
Circular. If a Member does not establish a Threshold Setting the
Exchange default value will be used. Currently, the Exchange uses a
value of $0.10 as its threshold value for purposes of evaluating or
reevaluating market orders to sell when the national best bid is
zero.\13\
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\13\ See Exchange Rule 519(a)(1)(i) and (ii).
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The Exchange proposes to adopt new subparagraph (ii) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange receives a market
order to sell an option when the national best bid is zero and the
national best offer is less than or equal to the Threshold Setting, the
System will convert the market order to sell, to a limit order to sell,
with a limit price of one Minimum Trading Increment.\14\ The Exchange
proposes to use the national best offer as the reference price in
determining how to handle a market order to sell when the national best
bid is zero as the national best offer better represents the current
market conditions. This provision is consistent with the operation of
the current rule, however the Threshold Setting used for evaluation
purposes under the Exchange's proposal may now be either the Exchange's
default setting of $0.10 or the Member's Threshold Setting.
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\14\ See Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments.
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The Exchange proposes to adopt new subparagraph (iii) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange reevaluates \15\ a
market order to sell an option when the resulting national best bid is
zero and either the trade price, route price, or national best offer is
less than or equal to the Threshold Setting, the System will convert
the market order to sell, to a limit order to sell, with a limit price
of one Minimum Trading Increment. In the event the Exchange receives a
market order to sell and the Exchange is zero bid but an away market is
not, the Exchange will route the order to that away exchange at the
away market price, the ``route price.'' For the purposes of this rule,
the execution price of a trade in the subject series is
[[Page 33856]]
considered the ``trade price.'' The Exchange uses the route price,
trade price, or national best offer to determine the proper disposition
of a market order to sell when the national best bid becomes zero.
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\15\ A reevaluation of an order occurs when the order has been
routed to an away exchange and is returned to the Exchange
partially, or completely, unfilled.
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Current paragraph (i) describes the initial evaluation and
reevaluation process of a market order to sell whereas each process is
given separate treatment under this proposal. Specifically, new
proposed paragraph (ii) describes the initial evaluation process of a
market order to sell when the national best bid is zero and new
proposed paragraph (iii) describes the reevaluation process of a market
order to sell when the national best bid becomes zero. The Exchange
believes this format provides additional clarity to the Exchange's
rules regarding its order handling process when the Exchange
reevaluates a market order to sell when the national best bid becomes
zero.
The Exchange proposes to adopt new subparagraph (iv) to paragraph
(a)(1) of Rule 519 to provide that, in either case of (ii) or (iii)
above, such sell orders will automatically be placed on the Book in
time priority and will be displayed at the appropriate Minimum Price
Variation.\16\ The Exchange notes that this language is identical to
the current rule text.\17\
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\16\ Id.
\17\ See Exchange Rule 519(a)(1)(i).
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The Exchange proposes to adopt new subparagraph (v) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange receives a market
order to sell an option when the national best bid is zero and the
national best offer is greater than the Threshold Setting, the System
will reject the order. This provision is consistent with the operation
of the current rule, however under the Exchange's proposal the
Threshold Setting used for evaluation purposes may now be either the
Exchange default setting of $0.10 or the Member's Threshold Setting.
The Exchange proposes to adopt new subparagraph (vi) to paragraph
(a)(1) of Rule 519 to provide that, if the Exchange reevaluates a
market order to sell an option when the resulting national best bid is
zero and both (A) the trade price or route price, and (B) the national
best offer, are greater than the Threshold Setting, the System will
reject the order or cancel any unexecuted balance of the order. The
Exchange uses the route price or trade price, in conjunction with the
national best offer to determine the proper disposition of a market
order to sell when the national best bid becomes zero. The Exchange
believes considering both the route price or trade price, and the
national best offer, provides a clear indication of the current market
conditions when either the route price or trade price and the national
best offer is greater than the Threshold Setting and allows the
Exchange to make the proper determination regarding the disposition of
the order.
The proposed rule text provides additional detail regarding the
System's behavior when the Exchange reevaluates a market order to sell
and the national best bid has become zero. Example 1 below describes
the System processing when the national best bid is below the Threshold
Setting, and Example 2 describes the System processing when the
national best bid is above the Threshold Setting.
Example 1
MPV: $0.05
Exchange default Threshold Setting: $0.10
Member selected Threshold Setting: $0.25
MBBO \18\ (0) 0.00 x 5.00 (10)
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\18\ The term ``MBBO'' means the best bid or offer on the
Exchange. See Exchange Rule 100.
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ABBO \19\ (10) 0.10 x 0.15 (10)
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\19\ The term ``ABBO'' or ``Away Best Bid or Offer'' means the
best bid(s) or offer(s) disseminated by other Eligible Exchanges
(defined in Rule 1400(g)) and calculated by the Exchange based on
market information received by the Exchange from OPRA. See Exchange
Rule 100.
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NBBO \20\ (10) 0.10 x 0.15 (10)
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\20\ The term ``NBBO'' means the national best bid or offer as
calculated by the Exchange based on market information received by
the Exchange from OPRA. See Exchange Rule 100.
Market order to sell 20 contracts is received by the Exchange.
The Exchange routes the order to the away exchange by sending a
limit order to sell 10 contracts at $0.10 (the route price).
The order is executed on the away exchange, sell 10 at $0.10, and
the away market becomes zero bid.
MBBO: (0) 0.00 x 5.00 (10)
ABBO: (0) 0.00 x 0.15 (10)
NBBO: (0) 0.00 x 0.15 (10)
Using the Member selected Threshold Setting of $0.25 to reevaluate
the order, the remainder of the order (10 contracts) would be converted
to a limit order to sell and placed on the Exchange as the national
best offer ($0.15) (and the route price of $0.10) is less than or equal
to the Member selected Threshold Setting of $0.25. The 10 contracts
would then be displayed on the Exchange at an offer price of one
minimum trading increment or $0.05.
MBBO: (0) 0.00 x 0.05 (10)
ABBO: (0) 0.00 x 0.15 (10)
NBBO: (0) 0.00 x 0.05 (10)
If the Exchange default Threshold Setting was used for the
evaluation, the remainder of the order would be cancelled as the
national best offer (0.15) is greater than the Exchange default
Threshold Setting of $0.10.
Example 2
MPV: $0.05
Exchange default Threshold Setting: $0.10
Member selected Threshold Setting: $0.25
MBBO (0) 0.00 x 5.00 (10)
ABBO (10) 0.40 x 0.50 (10)
NBBO (10) 0.40 x 0.50 (10)
Market order to sell 20 contracts is received by the Exchange. The
Exchange is zero bid for that series and routes the order to the away
exchange by sending a limit order to sell 10 at $0.40 (the route
price).
The order is executed on the away exchange, sell 10 at $0.40, and
the away market becomes zero bid.
MBBO: (0) 0.00 x 5.00 (10)
ABBO: (0) 0.00 x 0.50 (10)
NBBO: (0) 0.00 x 0.50 (10)
Using the Member selected Threshold Setting of $0.25 to reevaluate
the order, the remainder of the order (10 contracts) would be cancelled
as both (i) the route price ($0.40) and (ii) the national best offer
($0.50) are greater than the Threshold Setting ($0.25).
2. Statutory Basis
MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \21\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \22\ in particular, in that it is 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 mechanisms of
a free and open market and a national market system and, in general, to
protect investors and the public interest.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
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The Exchange believes its proposal promotes just and equitable
principles of trade, removes impediments to and perfects the mechanisms
of a free and open market and a national market system, and in general,
protects investors and the public interest by allowing Members to
establish the threshold setting for the evaluation of market orders to
sell when the national best bid is zero. The Exchange believes
[[Page 33857]]
that allowing Members to determine the threshold setting provides
greater flexibility and allows the Member to tailor the threshold
setting to the business and risk tolerances of the Member.
The Exchange believes its proposal to allow Members the flexibility
to establish their own pre-set value to be used for evaluation purposes
of market orders to sell when the national best bid is zero allows
Members to align their risk protections with their risk tolerance.
Members have the discretion to set their pre-set value to whatever
value best aligns to their risk profile, which may be as low as
$0.00.\23\ The Exchange provides Members the ability to tailor risk
protection functionality to the risk profile of the Member, and has
allowed Members to customize their risk protection settings for other
risk protections. Specifically, the Exchange allows Members to set the
maximum size of an order for the purposes of the MIAX Order Monitor
Order Size Protection,\24\ and if the maximum size of an order is not
designated by the Member, the Exchange provides an Exchange defined
default value.\25\ Additionally, the Exchange provides Members the
option to set a price protection limit on a per order basis,\26\ and
orders received without a price protection limit specified receive the
Exchange defined default value.\27\ The current proposal to allow
Members to determine a pre-set value to be used as the Threshold
Setting continues the Exchange's approach of allowing a Member to
customize its risk protections to better align to the risk tolerance of
the Member.
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\23\ The Exchange notes that the Nasdaq Phlx does not have a
threshold evaluation and, in the case where the bid price for any
options series is $0.00, a Market Order accepted into the System to
sell that series shall be considered a Limit Order to sell at a
price equal to the minimum trading increment as defined in Nasdaq
Phlx Options 3, Section 3. Orders will be placed on the Limit Order
book in the order in which they were received by the System. With
respect to Market Orders to sell which are submitted prior to the
Opening Process and persist after the Opening Process, those orders
are posted at a price equal to the minimum trading increment as
defined in Options 3, Section 3. See Nasdaq Phlx Options 3, Section
10(b).
\24\ See Securities Exchange Act Release No. 80121 (February 28,
2017), 82 FR 12656 (March 6, 2017) (SR-MIAX-2017-09).
\25\ See MIAX Options Regulatory Circular 2017-15, Mandatory
Usage of MIAX Options Order Monitor Protections (March 21, 2017)
available at <a href="https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Options_RC_2017_15.pdf">https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Options_RC_2017_15.pdf</a>.
\26\ See Securities Exchange Act Release No. 80230 (March 13,
2017), 82 FR 14251 (March 17, 2017) (SR-MIAX-2017-12).
\27\ See MIAX Options Regulatory Circular 2018-37, Changes to
MIAX Options Price Protection Process (August 20, 2018) available at
<a href="https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Options_RC_2018_37.pdf">https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Options_RC_2018_37.pdf</a>.
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The Exchange believes its proposal to reorganize the current rule
text to describe each scenario separately (i.e., evaluation of a market
order to sell when the national best bid is zero and the national best
offer is less than or equal to the Threshold Setting (proposed
paragraph (ii)); reevaluation of a market order to sell when the
national best bid becomes zero and the national best offer is less than
or equal to the Threshold Setting (proposed paragraph (iii)); initial
evaluation of a market order to sell when the national best bid is zero
and the national best offer is greater than the Threshold Setting
(proposed paragraph (v)); and reevaluation of a market order to sell
when the national best bid becomes zero and the national best offer is
greater than the Threshold Setting (proposed paragraph vi))) better
organizes the rule text. The Exchange believes discussing each scenario
separately and describing the evaluations that are performed by the
System to determine the proper disposition of the order provides
transparency and clarity in the Exchange's rules.
The Exchange believes its proposal promotes just and equitable
principles of trade, removes impediments to and perfects the mechanisms
of a free and open market and a national market system, and in general,
protects investors and the public interest by providing additional
detail regarding the Exchange's process for reevaluating market orders
to sell when the national best bid becomes zero. The Exchange believes
it is in the interest of investors and the public to accurately
describe the behavior of the Exchange's System in its rules as this
information may be used by investors to make decisions concerning the
submission of their orders. Transparency and clarity are consistent
with the Act because it removes impediments to and perfects the
mechanism of a free and open market and a national market system, and,
in general, protects investors and the public interest by accurately
describing how market orders to sell in zero bid series are handled on
the Exchange. It is in the public interest for rules to be accurate and
concise so as to eliminate the potential for confusion.
Additionally, the Exchange believes its proposal promotes just and
equitable principles of trade, removes impediments to and perfects the
mechanisms of a free and open market and a national market system, and
in general, protects investors and the public interest by re-organizing
the rule text for ease of reference. The Exchange believes that
Exchange rules should be clear and transparent so as to avoid the
potential for confusion.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange does not believe that its proposal will impose any
burden on intra-market competition as all Members that submit market
orders to the Exchange will be treated equally and the Rules of the
Exchange apply equally to all Exchange Members. Additionally, the
proposal allows each Member to determine the pre-set value to be used
as the Threshold Setting and allows each Member to align their
Threshold Setting to their risk tolerance.
The Exchange does not believe that its proposal will impose any
burden on inter-market competition as the Exchange's proposal is not a
competitive filing but one that provides additional detail regarding
the Exchange's process for reevaluating market orders to sell when the
national bid becomes zero. Additionally, the Exchange's proposal is
similar to the rules of at least one other options exchange.\28\
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\28\ See Cboe Rule 5.34(a)(1)(A) which provides that if the
System receives a sell market order in a series after it is open for
trading with an NBB of zero: (i) If the NBO in the series is less
than or equal to $0.50, then the System converts the market order to
a limit order with a limit price equal to the minimum trading
increment applicable to the series and enters the order into the
Book with a timestamp based on the time it enters the Book. If the
order has a Time-in-Force of GTC or GTD that expires on a subsequent
day, the order remains on the Book as a limit order until it
executes, expires, or the User cancels it. (ii) if the NBO in the
series is greater than $0.50, then the System cancels or rejects the
market order, or routes the market order to PAR for manual handling,
subject to a User's instructions.
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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
Because the foregoing 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A)
[[Page 33858]]
of the Act \29\ and Rule 19b-4(f)(6) \30\ thereunder.
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\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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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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.
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#2755524b420a44484a4a424953546754424409404851"><span class="__cf_email__" data-cfemail="99ebecf5fcb4faf6f4f4fcf7edead9eafcfab7fef6ef">[email protected]</span></a>. Please include
File Number SR-MIAX-2022-22 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-2022-22. 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-2022-22, and should be submitted on
or before June 24, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11876 Filed 6-2-22; 8:45 am]
BILLING CODE 8011-01-P
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