Notice2022-14998
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 532, Order and Quote Price Protection Mechanisms and Risk Controls
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
July 14, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 134 (Thursday, July 14, 2022)</title>
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[Federal Register Volume 87, Number 134 (Thursday, July 14, 2022)]
[Notices]
[Pages 42229-42232]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-14998]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95227; File No. SR-MIAX-2022-25]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 532, Order and Quote Price
Protection Mechanisms and Risk Controls
July 8, 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 June 29, 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 and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rule 532, Order
and Quote Price Protection Mechanisms and Risk Controls.
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 532, Order and Quote
Price Protection Mechanisms and Risk Controls, to (i) extend existing
price protections to sell limit orders and Offer eQuotes for certain
complex order spread strategies; (ii) make minor non-substantive edits
to clarify existing rule text; and (iii) make non-substantive edits to
correct numbering errors.
Background
Currently the Exchange offers three defined complex order spread
strategies: Butterfly Spread, Calendar Spread, and Vertical Spread. A
Butterfly Spread is a three legged Complex Order with two legs to buy
(sell) the same number of calls (puts) and one leg to sell (buy) twice
the number of calls (puts), all legs have the same expiration date but
different exercise prices, and the exercise price of the middle leg is
between the exercise prices of the other legs. The strike price of each
leg is equidistant from the next sequential strike price.\3\ A Calendar
Spread is a complex strategy consisting of the purchase of one call
(put) option and the sale of another call (put) option overlying the
same security that have different expirations but the same strike
price.\4\ A Vertical Spread is a complex strategy consisting of the
purchase of one call (put) option and the sale of another call (put)
option overlying the same security that have the same expiration but
different strike prices.\5\
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\3\ See Exchange Rule 532(b)(1)(i).
\4\ See Exchange Rule 532(b)(1)(ii).
\5\ See Exchange Rule 532(b)(1)(iii).
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For each of the aforementioned strategies the Exchange offers a
price protection. The Exchange will determine a Butterfly Spread
Variance (``BSV'') which establishes the minimum and maximum trading
price limits for Butterfly Spreads.\6\ The minimum possible trading
price limit of a Butterfly Spread is zero minus a pre-set value.\7\ The
maximum possible trading price limit of a Butterfly Spread is the
absolute value of the difference between the closest strikes (the upper
strike price minus the middle strike price or the middle strike price
minus the lower strike price) plus a pre-set value.\8\
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\6\ See Exchange Rule 532(b)(2).
\7\ The pre-set value used by the Exchange is $0.10. See MIAX
Options Exchange Regulatory Circular 2022-16, MIAX Order Price
Protection Pre-set Values (March 4, 2022) available at <a href="https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Options_RC_2022_16.pdf">https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Options_RC_2022_16.pdf</a>.
\8\ See Exchange Rule 532(b)(2)(i).
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The Exchange will determine a Calendar Spread Variance (``CSV'')
which establishes a minimum trading price limit for Calendar
Spreads.\9\ The maximum possible value of a Calendar Spread is
unlimited, thus there is no maximum price protection for Calendar
Spreads. The minimum possible trading price limit of a Calendar Spread
is zero minus a pre-set value.\10\
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\9\ See Exchange Rule 532(b)(3).
\10\ See Exchange Rule 532(b)(3)(i).
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The Exchange will determine a Vertical Spread Variance (``VSV'')
which establishes minimum and maximum trading price limits for Vertical
Spreads.\11\ The maximum possible trading price limit of the VSV is the
difference between the two component strike prices plus a pre-set
value. For example, a Vertical Spread consisting of the purchase of one
January 30 call and the sale of one January 35 call would have a
maximum trading price limit of $5.00 plus a pre-set value. The minimum
possible trading price limit of a Vertical Spread is always zero minus
a pre-set value.\12\
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\11\ See Exchange Rule 532(b)(4).
\12\ See Exchange Rule 532(b)(4)(i).
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Proposal
The Exchange now proposes to extend the price protections for each
of the aforementioned complex order spread
[[Page 42230]]
strategies. Specifically, the Exchange proposes to amend subparagraph
(iii) of the Butterfly Spread Variance (``BSV'') Price Protection.\13\
Currently, the first sentence of subparagraph (iii) provides that,
``[b]uy orders with a limit price of less than the minimum trading
price limit will be rejected.'' The Exchange now proposes to also
reject sell limit orders and Offer eQuotes with a limit price less than
the minimum trading price limit. As proposed the new sentence will
read, ``[b]uy orders, sell orders, and Offer eQuotes with a limit price
less than the minimum trading price limit will be rejected.'' This
change provides that the Exchange will not permit orders or eQuotes to
be submitted into the System \14\ that appear to be erroneously priced
because the prices are below the minimum trading price limit
established by the Exchange for Butterfly Spread strategies.
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\13\ See Exchange Rule 532(b)(2).
\14\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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The Exchange recently adopted Butterfly Spread Variance (``BSV'')
Price Protection functionality on the Exchange.\15\ The Exchange
determines a Butterfly Spread Variance which establishes minimum and
maximum trading price limits for Butterfly Spreads.\16\ The minimum
value of a Butterfly Spread is zero and the maximum value is capped at
the absolute value of the difference between the closest strikes (the
upper strike price minus the middle strike price or the middle strike
price minus the lower strike price). To establish the maximum and
minimum trading price limits, a pre-set value of $0.10 \17\ is added to
the maximum value of the Butterfly Spread and subtracted from the
minimum value of the Butterfly Spread. After establishing the minimum
trading price limit the Exchange is able to evaluate orders and eQuotes
for reasonableness as related to the minimum trading price limit. As
such, sell limit orders and Offer eQuotes with a price below the
minimum trading price limit will be rejected back to the Member \18\
for reevaluation.
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\15\ See Securities Exchange Act Release No. 94353 (March 3,
2022), 87 FR 13339 (March 9, 2022) (SR-MIAX-2021-58) (Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment Nos.1 and 2, To Adopt Exchange Rule 532, Order and Quote
Price Protection Mechanisms and Risk Controls).
\16\ See Exchange Rule 532(b)(2)(i).
\17\ See supra note 7.
\18\ 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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Example 1A (Current Behavior)
Butterfly Spread: Buy 1 July 50 Call, Sell 2 July 55 Calls, Buy 1
July 60 Call.
The maximum spread value is the absolute value of the difference
between the closest strikes or $5.00 (60.00-55.00 or 55.00-50.00). The
minimum spread value is zero.\19\ The pre-set value is $0.10.
Therefore, the maximum allowable price limit is then $5.10 ($5.00 +
$0.10) and the minimum allowable price limit is then -$0.10 ($0.00-
$0.10).
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\19\ See supra note 16.
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A sell limit order or an Offer eQuote submitted with a price below
the minimum trading price limit will be accepted and will trade down
to, and including, the minimum trading price limit. Remaining interest
will then be placed on the Strategy Book and managed to the appropriate
trading price limit as described in Rule 518(c)(4), or cancelled if the
Managed Protection Override is enabled.\20\
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\20\ See Exchange Rule 532(b)(2)(ii).
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Example 1B (Proposed Behavior) \21\
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\21\ The Exchange notes that the proposed behavior described in
Example 1B is applicable to both the Calendar Spread Variance Price
Protection, and the Vertical Spread Variance Price Protection, as
the minimum trading price limit for these strategies is also zero
minus the pre-set value. See Exchange Rule 532(b)(3)(i) and
532(b)(4)(i), respectively.
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Butterfly Spread: Buy 1 July 50 Call, Sell 2 July 55 Calls, Buy 1
July 60 Call.
Using the same information from Example 1A above, the maximum
trading price limit is $5.10 and the minimum trading price limit is -
$0.10. Under the Exchange's proposal a sell limit order or an Offer
eQuote with a price below the minimum trading price limit submitted to
the Exchange will be rejected back to the Member due to being priced
below the minimum trading price limit.
The Exchange believes extending price protections to sell limit
orders and Offer eQuotes will benefit Members by rejecting interest
priced below the minimum trading price limit back to the Member for
reevaluation and potential re-submission at a price within the minimum
and maximum trading price limits as determined by the Exchange.
The Exchange also proposes to amend subparagraph (iii) of the
Calendar Spread Variance (``CSV'') Price Protection.\22\ Currently, the
first sentence of subparagraph (iii) provides that, ``[b]uy orders with
a limit price less than the minimum trading price limit will be
rejected.'' The Exchange proposes to also reject sell limit orders and
Offer eQuotes with a limit price less than the minimum trading price
limit. As proposed the new sentence will read, ``[b]uy orders, sell
orders, and Offer eQuotes with a limit price less than the minimum
trading price limit will be rejected.'' This change provides that the
Exchange will not permit orders or eQuotes to be submitted into the
System that appear to be erroneously priced because the prices are
below the minimum trading price limit established by the Exchange for
Calendar Spread strategies.
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\22\ See Exchange Rule 532(b)(3).
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The Exchange believes extending price protections to sell limit
orders and Offer eQuotes will benefit Members by rejecting interest
priced below the minimum trading price limit back to the Member for
reevaluation and potential re-submission at a price within the minimum
and maximum trading price limits as determined by the Exchange.
The Exchange also proposes to amend subparagraph (iii) of the
Vertical Spread Variance (``VSV'') Price Protection.\23\ Currently, the
first sentence of subparagraph (iii) provides that, ``[b]uy orders with
a limit price less than the minimum trading price limit will be
rejected.'' The Exchange proposes to also reject sell limit orders and
Offer eQuotes with a limit price less than the minimum trading price
limit. As proposed the new sentence will read, ``[b]uy orders, sell
orders, and Offer eQuotes with a limit price less than the minimum
trading price limit will be rejected.'' This change provides that the
Exchange will not permit orders or eQuotes to be submitted into the
System that appear to be erroneously priced because the prices are
below the minimum trading price limit established by the Exchange for
Vertical Spread strategies.
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\23\ See Exchange Rule 532(b)(4).
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The Exchange believes extending price protections to sell limit
orders and Offer eQuotes will benefit Members by rejecting interest
priced below the minimum trading price limit back to the Member for
reevaluation and potential re-submission at a price within the minimum
and maximum trading price limits as determined by the Exchange.
The Exchange also proposes to make a minor non-substantive edit to
the rule text of Rule 532(b)(5)(v). Currently, the rule text states
that, ``[i]f the MSPP is priced less aggressively than the limit price
of the complex order (i.e., the MSPP is less than the complex order's
bid price for a buy order, or the MSPP is greater than the complex
order's offer price for a sell order) the order, or if the order is a
complex market order, will be (i) executed up to, and including, its
MSPP for buy orders; or (ii) executed down to, and including, its MSPP
for
[[Page 42231]]
sell orders. Any unexecuted portion of such a complex order will be
canceled.''
The Exchange proposes to remove the phrase ``the order'' after the
parenthetical and to relocate it after the phrase, ``or if the order is
a complex market order,'' to improve the clarity of the rule text. As
proposed the rule would state, ``[i]f the MSPP is priced less
aggressively than the limit price of the complex order (i.e., the MSPP
is less than the complex order's bid price for a buy order, or the MSPP
is greater than the complex order's offer price for a sell order), or
if the order is a complex market order, the order will be (i) executed
up to, and including, its MSPP for buy orders; or (ii) executed down
to, and including, its MSPP for sell orders. Any unexecuted portion of
such a complex order will be canceled.'' This proposed change will not
affect the operation of the rule in any fashion.
Additionally, the Exchange proposes to make non-substantive changes
to correct paragraph and subparagraph numbering that was erroneously
introduced in the Exchange's Amendment 2 \24\ of the Exchange's
original filing, SR-MIAX-2021-58.\25\ The Exchange now proposes to
correct the numbering scheme throughout Rule 532. This proposed change
will provide clarity and precision and will not affect the operation of
the rule in any fashion.
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\24\ See Securities Exchange Act Release No. 94353 (March 3,
2022), 87 FR 13339 (March 9, 2022) (SR-MIAX-2021-58).
\25\ See Securities Exchange Act Release No. 93676 (November 29,
2021), 86 FR 68695 (December 3, 2021) (SR-MIAX-2021-58).
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Implementation
The Exchange proposes to implement the proposed rule changes in the
third quarter of 2022. The Exchange will announce the implementation
date to its Members via Regulatory Circular.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \26\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \27\ 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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\26\ 15 U.S.C. 78f(b).
\27\ 15 U.S.C. 78f(b)(5).
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In particular, the Exchange believes the proposed price protections
will protect investors and the public interest and maintain fair and
orderly markets by mitigating potential risks associated with market
participants entering sell limit orders and Offer eQuotes at clearly
unintended prices and trading at prices that are extreme and
potentially erroneous. The proposed price protections will assist in
the maintenance of a fair and orderly market and protect investors by
rejecting limit orders and eQuotes that are priced to sell below the
minimum trading limit established by the Exchange for certain complex
strategies. The Exchange believes this will promote just and equitable
principles of trade and ultimately protect investors. Further, the
Exchange notes that its proposal is designed to mitigate the potential
risks of executions at prices that are not within acceptable price
ranges, as a means to help mitigate potential risks associated with
complex strategies trading at prices that are potentially erroneous or
unintended. As such, the proposed rule change is designed to protect
investors and the public interest.
The Exchange believes extending current price protections to sell
limit orders and Offer eQuotes will protect investors and the public
interest and assist the Exchange in maintaining fair and orderly
markets by mitigating potential risks associated with market
participants entering orders at clearly unintended prices and orders
trading at prices that are extreme and potentially erroneous. The
Exchange believes rejecting these orders is appropriate as it gives the
Member the opportunity to reevaluate their order or eQuote and possibly
resubmit the order or eQuote at a price within the minimum and maximum
trading price limits for the strategy as established by the Exchange.
The Exchange believes this will promote just and equitable principles
of trade and ultimately protect investors.
The Exchange believes its proposal to make non-substantive changes
to Rule 532(b)(5)(v) to improve the clarity of the rule protects
investors and the public interest as having clear and concise rules
avoids the potential for confusion and benefits investors. Finally, the
Exchange believes its proposal to make non-substantive changes to
correct the numbering scheme throughout the rule benefits investors and
the public interest by logically and accurately organizing its rule
text for clarity and ease of reference. The Exchange believes that the
proposed rule change will provide greater clarity to Members and the
public regarding the Exchange's Rules, and it is in the public interest
for rules to be accurate and concise so as to eliminate 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 the proposed rule change to
extend existing price protections to sell Orders and Offer eQuotes for
certain complex spread strategies will impose any burden on intra-
market competition. The proposed rule benefits Members as it will
extend price protections that will prevent the execution of certain
strategies at prices that are potentially erroneous or unintended. The
Exchange believes its proposal may enhance competition as Members that
submit complex orders will be assured that the Exchange has risk
protections in place to prevent the inadvertent execution of certain
complex spread strategies at potentially erroneous or unintended
prices. Further, the Exchange does not believe the proposed change will
impose a burden on intra-market competition as the protection is
available to all Members on the Exchange.
The Exchange does not believe that the proposed rule change will
impose any burden on inter-market competition as the proposal is not
competitive in nature, but rather seeks to extend existing price
protections for certain complex order strategies. Alternatively, the
Exchange's proposal could enhance competition among the various markets
for complex order execution, potentially resulting in more active
complex order trading on all exchanges. The Exchange notes that other
exchanges have comparable price protections in place for certain
complex strategies.\28\
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\28\ See e.g., Cboe Exchange Rule 5.34(b)(3)(A); see also Nasdaq
Phlx Exchange Rule, Options 3, Section 16(c)(i).
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The Exchange does not believe that the proposal to make non-
substantive changes to rule 532(b)(5)(v) imposes any burden on intra-
market or inter-market competition as the proposed changes add clarity
and precision to the rule text and does [sic] not change the operation
of the rule in any way. Additionally, the Exchange does not believe
that the proposal to make non-substantive changes to Rule 532 to
correct paragraph and subparagraph numbering imposes any burden on
intra-market or inter-
[[Page 42232]]
market competition as the proposed changes do not change the operation
of the rule in any way and simply provides accuracy in the numbering
convention used within the Exchange's Rules.
For the reasons stated, 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, and
the Exchange believes that the proposed rule changes may enhance
competition.
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 from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \29\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\30\
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\29\ 15 U.S.C. 78s(b)(3)(A)(iii).
\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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A proposed rule change filed under Rule 19b-4(f)(6) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\32\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay. The Exchange states
that waiver of the operative delay will allow the Exchange to
immediately extend the Butterfly Spread Variance Price Protection, the
Calendar Spread Variance Price Protection, and the Vertical Spread
Variance Price Protection to sell limit orders and Offer eQuotes, as
described above, which could help to protect market participants from
executing orders in these strategies at potentially erroneous or
unwanted prices. In addition, waiver of the operative delay will allow
the Exchange to immediately implement the proposed non-substantive
changes to clarify the text of Exchange Rule 532(b)(5)(v) and to
correct rule numbering errors in Exchange Rule 532. The Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. The Commission
believes that extending the Butterfly Spread Variance Price Protection,
the Calendar Spread Variance Price Protection, and the Vertical Spread
Variance Price Protection to sell limit orders and Offer eQuotes could
help to protect market participants from executing orders in these
strategies at potentially erroneous prices. In addition, the non-
substantive changes to clarify the text of Exchange Rule 532(b)(5)(v)
and to correct rule numbering errors in Exchange Rule 532 will help to
ensure the clarity and accuracy of these rules. Accordingly, the
Commission waives the operative delay and designates the proposed rule
change operative upon filing.\33\
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\31\ 17 CFR 240.19b-4(f)(6).
\32\ 17 CFR 240.19b-4(f)(6)(iii).
\33\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule 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#057770696028666a6868606b7176457660662b626a73"><span class="__cf_email__" data-cfemail="cbb9bea7aee6a8a4a6a6aea5bfb88bb8aea8e5aca4bd">[email protected]</span></a>. Please include
File Number SR-MIAX-2022-25 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-2022-25. 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-2022-25, and should be submitted on
or before August 4, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-14998 Filed 7-13-22; 8:45 am]
BILLING CODE 8011-01-P
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