Notice2022-12013
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
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 6, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 108 (Monday, June 6, 2022)</title>
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[Federal Register Volume 87, Number 108 (Monday, June 6, 2022)]
[Notices]
[Pages 34321-34325]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12013]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95005; File No. SR-EMERALD-2022-21]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule
May 31, 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 18, 2022, MIAX Emerald, LLC (``MIAX
Emerald'' 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 Emerald 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/emerald">http://www.miaxoptions.com/rule-filings/emerald</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 Section 1)a)i) of the Fee Schedule
to amend the Simple Maker (defined
[[Page 34322]]
below) rebates in all Tiers (defined below) for options transactions in
Penny Classes (defined below) for executed Priority Customer \3\ Origin
orders. The Exchange originally filed this proposal on April 28, 2022
(SR-EMERALD-2022-17). On May 10, 2022, the Exchange withdrew SR-
EMERALD-2022-17 and resubmitted this proposal (SR-EMERALD-2022-20). On
May 18, 2022, the Exchange withdrew SR-EMERALD-2022-20 and resubmitted
this proposal.
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\3\ ``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, including Interpretation and Policy .01.
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Background
The Exchange currently assesses transaction rebates and fees to all
market participants, which are based upon a threshold tier structure
(``Tier''). Tiers are determined on a monthly basis and are based on
three alternative calculation methods, as defined in Section 1)a)ii) of
the Fee Schedule. The calculation method that results in the highest
Tier achieved by the Member \4\ shall apply to all Origin types by the
Member, except the Priority Customer Origin type. For the Priority
Customer Origin calculation, the Tier applied for a Member and its
Affiliates' \5\ is solely determined by calculation Method 3, as
defined in Section 1)a)ii) of the Fee Schedule, titled ``Total Priority
Customer, Maker sides volume, based on % of CTCV (`Method 3').'' The
monthly volume thresholds for each of the methods, associated with each
Tier, are calculated as the total monthly volume executed by the Member
in all options classes on MIAX Emerald in the relevant Origins and/or
applicable liquidity, not including Excluded Contracts,\6\ (as the
numerator) expressed as a percentage of (divided by) Customer Total
Consolidated Volume (``CTCV'') (as the denominator). CTCV is calculated
as the total national volume cleared at The Options Clearing
Corporation (``OCC'') in the Customer range in those classes listed on
MIAX Emerald for the month for which fees apply, excluding volume
cleared at the OCC in the Customer range executed during the period of
time in which the Exchange experiences an ``Exchange System
Disruption'' \7\ (solely in the option classes of the affected Matching
Engine).\8\ In addition, the per contract transaction rebates and fees
shall be applied retroactively to all eligible volume once the Tier has
been reached by the Member. Members that place resting liquidity, i.e.,
orders on the MIAX Emerald System, will be assessed the specified
``maker'' rebate or fee (each a ``Maker'') and Members that execute
against resting liquidity will be assessed the specified ``taker'' fee
or rebate (each a ``Taker'').\9\ Members are also assessed lower
transaction fees and smaller rebates for order executions in standard
option classes in the Penny Interval Program \10\ (``Penny Classes'')
than for order executions in standard option classes which are not in
the Penny Program (``non-Penny Classes''), for which Members will be
assessed a higher transaction fees and larger rebates.
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\4\ ``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 the
Definitions Section of the Fee Schedule and Exchange Rule 100.
\5\ ``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, 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 Emerald
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
Emerald Market Maker) that has been appointed by a MIAX Emerald
Market Maker, pursuant to the following process. A MIAX Emerald
Market Maker appoints an EEM and an EEM appoints a MIAX Emerald
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#127f777f707760617a7b62527f7b736a7d62667b7d7c613c717d7f"><span class="__cf_email__" data-cfemail="610c040c03041312090811210c0800190e1115080e0f124f020e0c">[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. See the Definitions Section of the
Fee Schedule.
\6\ The term ``Excluded Contracts'' means any contracts routed
to an away market for execution. See the Definitions Section of the
Fee Schedule.
\7\ The term ``Exchange System Disruption'' means an outage of a
Matching Engine or collective Matching Engines for a period of two
consecutive hour or more, during trading hours. See the Definitions
Section of the Fee Schedule.
\8\ A ``Matching Engine'' is a part of the MIAX Emerald
electronic system that processes options orders and trades on a
symbol-by-symbol basis. See the Definitions Section of the Fee
Schedule.
\9\ For a Priority Customer complex order taking liquidity in
both a Penny Class and non-Penny Class against Origins other than
Priority Customer, the Priority Customer order will receive a rebate
based on the Tier achieved.
\10\ See Securities Exchange Act Release No. 88993 (June 2,
2020), 85 FR 35145 (June 8, 2020) (SR-EMERALD-2020-05) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments, To Conform the Rule to Section 3.1 of the Plan
for the Purpose of Developing and Implementing Procedures Designed
To Facilitate the Listing and Trading of Standardized Options) (the
``Penny Program'').
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Proposal
First, the Exchange proposes to amend Section 1)a)i) of the Fee
Schedule to amend the Simple Maker rebates in Tiers 1, 2 and 3 for
options transactions in Penny Classes for executed Priority Customer
Origin orders. Currently, the Exchange provides a Simple Maker rebate
of ($0.43) per contract for options transactions in most Penny Classes
(excluding SPY, QQQ, and IWM) for executed Priority Customer Origin
orders in Tiers 1, 2 and 3 per the rate table. The Exchange also
provides a higher Simple Maker rebate of ($0.45) per contract for
options transactions in Penny Classes for SPY, QQQ and IWM, which is
noted by the symbol ``[dtri]'' following the tables of rebates and fees
in Section 1)a)i) of the Fee Schedule.
The Exchange now proposes to amend symbol ``[dtri]'' to modify the
Simple Maker rebate for all options in Penny Classes for executed
Priority Customer Origin orders in Tiers 1, 2 and 3 depending on
whether the contra is an Affiliated Market Maker.\11\ In particular,
the Exchange proposes to provide a lower Simple Maker rebate of ($0.37)
per contract for options in all Penny Classes for executed Priority
Customer Origin orders in Tiers 1, 2 and 3 when the contra is an
Affiliated Market Maker. To show the difference in rebates depending on
whether the contra is an Affiliated Market Maker, the Exchange proposes
to amend the text in symbol ``[dtri]'' to now read as follows: ``The
Simple Maker rebate in SPY, QQQ and IWM is ($0.45) for Priority
Customer Origin in Tiers 1, 2 and 3 when the contra is not an
Affiliated Market Maker. The Simple Maker rebate in all Penny Classes
is ($0.37) for Priority Customer Origin in Tiers 1, 2 and 3 when the
contra is an Affiliated Market Maker.'' In summary, with the proposed
changes, Priority Customer Origin orders in Tiers 1, 2 and 3 will
receive (a) the current ($0.43) per contract rebate for most Penny
Classes (excluding SPY, QQQ, and IWM classes)
[[Page 34323]]
when the contra is not an Affiliated Market Maker; (b) will continue to
receive the current ($0.45) per contract rebate for SPY, QQQ, and IWM
classes when the contra is not an affiliated Market Maker; and (c) will
receive the ($0.37) per contract rebate in all Penny Classes when the
contra is an affiliated Market Maker.
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\11\ The term ``Market Maker'' refers to ``Lead Market Maker''
(``LMM''), ``Primary Lead Market Maker'' (``PLMM'') and ``Registered
Market Maker'' (``RMM''), collectively. See the Definitions Section
of the Fee Schedule and Exchange Rule 100.
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Next, the Exchange proposes to amend Section 1)a)i) of the Fee
Schedule to amend the Simple Maker rebate in Tier 4 for options
transactions in Penny Classes for executed Priority Customer Origin
orders. Currently, the Exchange provides a Simple Maker rebate of
($0.53) for executed Priority Customer Origin orders in Tier 4 in
options in Penny Classes if the contra is not an Affiliated Market
Maker. If the contra is an Affiliated Market Maker, the Exchange
provides a lower Simple Maker rebate of ($0.43) for executed Priority
Customer Origin orders in Tier 4 in options in Penny Classes.\12\ Both
the lower Simple Maker rebate of ($0.43) and the rate table rebate of
($0.53) depending on whether the contra is or is not an Affiliated
Market Maker for executed Priority Customer Origin orders in Tier 4 in
Penny Classes is denoted by the symbol ``[squ]'' following the table of
fees and rebates in Section 1)a)i) of the Fee Schedule.
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\12\ See Fee Schedule, Section 1)a)i), note ``[squ]''. See
Securities Exchange Act Release Nos. 94406 (March 14, 2022), 87 FR
15460 (March 18, 2022) (SR-EMERALD-2022-10) (lowering Simple Maker
rebate in Tier 4 for options transactions in Penny Classes for
executed Priority Customer orders when the contra is an Affiliated
Market Maker from ($0.49) to ($0.43) and 89927 (September 21, 2020),
85 FR 60498 (September 25, 2020) (SR-EMERALD-2020-07) (establishing
lower Priority Customer Tier 4 Simple Maker rebates in Penny Classes
when the contra is an Affiliated Market Maker).
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The Exchange now proposes to lower the Simple Maker rebate in Tier
4 for options transactions in Penny Classes for executed Priority
Customer orders when the contra is an Affiliated Market Maker.
Specifically, the Exchange proposes to lower the Simple Maker rebate
for executed Priority Customer orders in options in Penny Classes in
Tier 4 from ($0.43) to ($0.37) when the contra is an Affiliated Market
Maker. To be clear, executed Priority Customer Origin order in options
in Penny Classes in Tier 4 will continue to receive the current ($0.53)
per contract rebate when the contra is not an Affiliated Market Maker.
The proposed change would be reflected in current footnote ``[squ]''
for Penny Classes. Accordingly, the Exchange proposes to update
footnote ``[squ]'' to now read: ``This Maker rebate is for executed
Priority Customer Simple Orders when the contra is not an Affiliated
Market Maker. When the contra is an Affiliated Market Maker, this Maker
rebate for executed Priority Customer Simple Orders will be ($0.37).''
The purpose of adjusting the specified Simple Maker rebate is for
business and competitive reasons. In order to attract order flow, the
Exchange initially set its Maker rebates and Taker fees so that they
were meaningfully higher/lower than other options exchanges that
operate comparable maker/taker pricing models.\13\ The Exchange now
believes that it is appropriate to further adjust these specified Maker
rebates so that they are more in line with other exchanges, but will
still remain highly competitive such that they should enable the
Exchange to continue to attract order flow and maintain market
share.\14\
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\13\ See Securities Exchange Act Release No. 85393 (March 21,
2019), 84 FR 11599 (March 27, 2019) (SR-EMERALD-2019-15).
\14\ See Cboe BZX Options Exchange Fee Schedule, under
``Transaction Fees'' (providing Customer rebates for Penny Program
Securities ranging from $0.25 to $0.53); see also Nasdaq Stock
Market, Options 7, Pricing Schedule, Section 2 Nasdaq Options
Market--Fees and Rebates, note 2 (providing lower rates when the
Participant is both the buyer and seller).
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Implementation
The proposed changes are immediately effective.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \15\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\16\ in that it
is an equitable allocation of reasonable dues, fees and other charges
among Exchange members and issuers and other persons using its
facilities, and 6(b)(5) of the Act,\17\ in that it is designed to
prevent fraudulent and manipulative acts and practices, promote just
and equitable principles of trade, foster cooperation and coordination
with persons engaged in facilitating transactions in securities, remove
impediments to and perfect the mechanisms of a free and open market and
a national market system and, in general, protect investors and the
public interest.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(4).
\17\ 15 U.S.C. 78f(b)(1) and (b)(5).
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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 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.'' \18\
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\18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
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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 a market share of more than
approximately 13-14% of the equity options market.\19\ Therefore, no
exchange possesses significant pricing power. More specifically, as of
May 17, 2022, the Exchange had a market share of approximately 3.68% of
executed volume of multiply-listed equity options for the month of May
2022.\20\
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\19\ See ``The Market at a Glance,'' (last visited May 17,
2022), available at <a href="https://www.miaxoptions.com/">https://www.miaxoptions.com/</a>.
\20\ See id.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
discontinue or reduce use of certain categories of products and
services, terminate an existing membership or determine to not become a
new member, and/or shift order flow, in response to transaction fee
changes. For example, on February 28, 2019, the Exchange's affiliate,
MIAX PEARL, LLC (``MIAX Pearl''), filed with the Commission a proposal
to increase Taker fees in certain Tiers for options transactions in
certain Penny classes for Priority Customers and decrease Maker rebates
in certain Tiers for options transactions in Penny classes for Priority
Customers (which fee was to be effective March 1, 2019).\21\ MIAX Pearl
experienced a decrease in total market share for the month of March
2019, after the proposal went into effect. Accordingly, the Exchange
believes that the MIAX Pearl March 1, 2019 fee change, to increase
certain transaction fees and decrease certain transaction rebates, may
have contributed to the decrease in MIAX Pearl's market share and, as
such, the Exchange believes competitive forces constrain the
Exchange's, and other options exchanges, ability to set transaction
fees and market participants can shift order flow based on fee changes
instituted by the exchanges.
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\21\ See Securities Exchange Act Release No. 85304 (March 13,
2019), 84 FR 10144 (March 19, 2019) (SR-PEARL-2019-07).
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The Exchange believes its proposal to amend the Simple Maker
rebates for options transactions in Penny Classes for Priority
Customers is reasonable,
[[Page 34324]]
equitable and not unfairly discriminatory because all similarly
situated market participants in the same Origin type are subject to the
same tiered Maker rebates and Taker fees. The Exchange believes it is
equitable and not unfairly discriminatory to reduce the Simple Maker
rebates for Priority Customer orders in Penny Classes when the contra
is an Affiliated Market Maker for business and competitive reasons
because the Exchange initially set its Simple Maker rebates for such
orders higher than certain other options exchanges that operate
comparable maker/taker pricing models.\22\ The Exchange now believes
that it is appropriate to further decrease the specified Simple Maker
rebates so that they are more in line with other exchanges, but will
remain highly competitive such that they should enable the Exchange to
continue to attract order flow and maintain market share.\23\
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\22\ See supra note 13.
\23\ See supra note 14.
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The Exchange believes that it is equitable and not unfairly
discriminatory to continue to provide higher rebates for Priority
Customer orders (even with the proposed changes) than to orders from
origin types that are not Priority Customer. A Priority Customer is by
definition not a broker or dealer in securities, and does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s).\24\ This limitation
does not apply to participants on the Exchange whose behavior is
substantially similar to that of market professionals, including orders
from Non-MIAX Emerald Market Makers, Firm Proprietary/Broker-Dealer
Origins, and Non-Priority Customers, who will generally submit a higher
number of orders (many of which do not result in executions) than
Priority Customers. Furthermore, the Exchange believes that even with
the proposed changes, the rebates for Priority Customers will continue
to encourage Members to send Priority Customer orders to the Exchange,
which benefits all Exchange participants by providing more trading
opportunities and tighter spreads.
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\24\ See supra note 3.
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The Exchange believes it is reasonable and equitable to reduce the
Simple Maker rebates for Priority Customer orders in Penny Classes when
the contra is an Affiliated Market Maker (versus when the contra is not
an Affiliated Market Maker) because the Exchange already offers certain
potential fee benefits to Members and their Affiliates from their
aggregated volume. For example, pursuant to Section 1)a)ii) of the Fee
Schedule, the Tier applied for a Member and its Affiliates' Priority
Customer Origin is solely determined by Method 3 (Priority Customer
Maker volume). However, the Market Maker Origin receives the highest
Tier based on any of the three application methods, including based on
Tier achieved by their Affiliated Priority Customer Maker order flow.
Thus, for example, if a Market Maker and its Affiliates naturally
achieved Tier 1 from Market Maker Volume, the Exchange will also look
at their Priority Customer order flow and if that Priority Customer
order flow achieved higher Tiers (i.e., Tier 4), the Market Maker and
its Affiliates will receive the benefit of the Tier 4 rates based on
their Priority Customer order flow. The Exchange also believes it is
equitable and not unfairly discriminatory to continue to provide
different rebates depending on whether the contra is or is not an
Affiliated Market Maker for executed Priority Customer Origin orders
because competing exchanges also provide different rates depending on
whether the executing buyer and seller are affiliated.\25\ Further, the
Exchange's affiliate, Miami International Securities Exchange, LLC
(``MIAX''), provides a similar pricing structure for certain complex
order transactions for MIAX Members and their Affiliates that aggregate
their order flow.\26\ Accordingly, the Exchange believes it is
reasonable, equitable, and not unfairly discriminatory to provide a
lower rebate for certain Priority Customer Origin orders when the
executing buyer and seller are the same Member or Affiliates.
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\25\ See, e.g., Nasdaq Stock Market, Options 7, Pricing
Schedule, Section 2 Nasdaq Options Market--Fees and Rebates, note 2
(providing lower rates when the Participant is both the buyer and
seller).
\26\ See MIAX Fee Schedule, Section 1)a)iii), notes ``K'' and
``[ssquf]''.
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Furthermore, the proposed decrease to the Simple Maker rebates for
Priority Customers when the contra is an Affiliated Market Maker
promotes just and equitable principles of trade, fosters cooperation
and coordination with persons engaged in facilitating transactions in
securities, and protects investors and the public interest, because
even with the decrease, the Exchange's proposed Simple Maker rebates
for such orders still remain highly competitive with certain other
options exchanges offering comparable pricing models, and should enable
the Exchange to continue to attract order flow and maintain market
share.\27\ The Exchange believes that the amount of such rebates, with
the proposed decrease, will continue to encourage those market
participants to send Priority Customer orders to the Exchange.
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\27\ See supra note 14.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Intra-Market Competition
The Exchange believes that the proposed changes to the specified
Simple Maker rebates for the applicable market participants should
continue to encourage the provision of liquidity that enhances the
quality of the Exchange's market and increases the number of trading
opportunities on the Exchange for all participants who will be able to
compete for such opportunities. The proposed rule change should enable
the Exchange to continue to attract and compete for Priority Customer
order flow with other exchanges. The Exchange believes that even with
the proposed changes, the rebates for Priority Customers will continue
to encourage Members to send Priority Customer orders to the Exchange,
which benefits all Exchange participants by providing more trading
opportunities and tighter spreads. However, this competition does not
create an undue burden on competition but rather offers all market
participants the opportunity to receive the benefit of competitive
pricing.
The Exchange believes that the pricing structure to provide
different rebates depending on whether the contra is or is not an
Affiliated Market Maker for executed Priority Customer Origin orders
will not impose any undue burden on intra-market competition because
the different rates apply equally to all Members that aggregate their
order flow on the Exchange. Further, this pricing structure is not new
or novel and has been in place at the Exchange, its affiliate, MIAX,
and competing exchanges for years.\28\
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\28\ See supra notes 12, 25 and 26.
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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.
[[Page 34325]]
Based on publicly-available information, and excluding index-based
options, no single exchange has a market share of more than
approximately 13-14% of the equity options market.\29\ Therefore, no
exchange possesses significant pricing power. More specifically, as of
May 17, 2022, the Exchange had a market share of approximately 3.68% of
executed volume of multiply-listed equity options for the month of May
2022.\30\ Therefore, no exchange possesses significant pricing power in
the execution of multiply-listed equity options order flow. 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
changes reflect this competitive environment because it modifies the
Exchange's rebates in a manner that will allow the Exchange to remain
competitive.
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\29\ See supra note 19.
\30\ See id.
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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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\31\ and Rule 19b-4(f)(2) \32\ 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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\31\ 15 U.S.C. 78s(b)(3)(A)(ii).
\32\ 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
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#eb999e878ec6888486868e859f98ab988e88c58c849d"><span class="__cf_email__" data-cfemail="3e4c4b525b135d5153535b504a4d7e4d5b5d10595148">[email protected]</span></a>. Please include
File Number SR-EMERALD-2022-21 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-EMERALD-2022-21. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-EMERALD-2022-21, and should be submitted
on or before June 27, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12013 Filed 6-3-22; 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 6, 2022.
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