Notice2022-15935
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 515 To Make Minor, Non-Substantive Edits
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 26, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 142 (Tuesday, July 26, 2022)</title>
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[Federal Register Volume 87, Number 142 (Tuesday, July 26, 2022)]
[Notices]
[Pages 44475-44477]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15935]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95343; File No. SR-EMERALD-2022-24]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 515 To Make Minor, Non-Substantive Edits
July 20, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 18, 2022, MIAX Emerald, LLC (``MIAX Emerald'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the 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 proposes to make a number of minor, non-substantive
edits to Exchange Rule 515, Execution of Orders and Quotes.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxoptions.com/rule-filings/emerald">https://www.miaxoptions.com/rule-filings/emerald</a>, at MIAX
Emerald's
[[Page 44476]]
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 515 to make minor,
non-substantive edits and clarifying changes to provide accuracy,
precision, and ease of reference within the rule text.
First, the Exchange proposes to amend current subparagraph (a) to
add the word ``the'' at the end of the last sentence in the first
paragraph for grammatical correctness and clarity in the Rule text.
Accordingly, with the proposed change, the last sentence in the first
paragraph of subparagraph (a) will read as follows: ``Orders and quotes
that could not be executed because the executions would be at prices
inferior to the NBBO will be handled in accordance with the Managed
Interest Process for orders described in paragraph (c)(1)(ii) below or
in accordance with the process for handling Market Maker orders and
quotes described in paragraph (d) below.''
The Exchange also proposes to amend several paragraphs and
subsections to make corrective changes to the numerical and
alphabetical list item identifiers to properly conform to the
hierarchical heading scheme and list item identifiers used throughout
the Exchange's rulebook. The Exchange notes that anytime there is block
text in a paragraph or subsection that contains a list of numbered
clauses or items that are not specifically broken out into their own
subsections, the Exchange uses romanettes to identify each clause or
item. Accordingly, the Exchange proposes to amend current subparagraph
(h)(3) of Exchange Rule 515 that contains independent clauses currently
numbered ``(A)'' through ``(D)'' to now be renumbered ``(i)'' through
``(iv)'', respectively. The Exchange also proposes to amend current
subparagraph (h)(4) that contains independent clauses currently
numbered ``(A)'', ``(B)'', and ``(C)'' to now be renumbered to ``(i)'',
``(ii)'', and ``(iii)'', respectively. The purpose of all these
proposed changes is to promote consistency and clarity within the
Exchange's Rulebook and conform to the existing identification scheme.
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with Section 6(b) of the Act \3\ in general, and furthers [sic] the
objectives of Section 6(b)(5) of the Act \4\ in particular, in that
they are designed to prevent fraudulent and manipulative acts and
practices, promote just and equitable principles of trade, foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, remove impediments to and
perfect the mechanisms [sic] of a free and open market and a national
market system and, in general, protect investors and the public
interest.
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\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed changes to Exchange Rule 515
promote just and equitable principles of trade and remove impediments
to and perfect the mechanism of a free and open market and a national
market system because the proposed rule changes will provide greater
clarity to Members \5\ and the public regarding the Exchange's Rules by
correcting a grammatical error and conforming the numbering in Exchange
Rule 515 to the existing identification scheme in the Exchange's
rulebook. It is in the public interest for rules to be accurate and
concise so as to eliminate the potential for confusion.
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\5\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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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. Specifically, the Exchange
believes the proposed changes will not impose any burden on intra-
market competition as there is no functional change to the Exchange's
System \6\ and because the rules of the Exchange apply to all MIAX
Emerald participants equally. The Exchange believes the proposed rule
changes will have [sic] not impose any burden on intra-market
competition as the proposed changes are not designed to address any
competitive issue but rather are designed to remedy minor non-
substantive issues and provide added precision and accuracy to the rule
text of Exchange Rule 515. In addition, the Exchange does not believe
the proposal will impose any burden on inter-market competition as the
proposal does not address any competitive issues and is intended to
protect investors by providing further transparency and precision for
referencing the Exchange's Rules.
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\6\ 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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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) of the Act \7\ and Rule 19b-4(f)(6) \8\
thereunder.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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.
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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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#afdddac3ca82ccc0c2c2cac1dbdcefdccacc81c8c0d9"><span class="__cf_email__" data-cfemail="2351564f460e404c4e4e464d5750635046400d444c55">[email protected]</span></a>. Please include
File Number SR-EMERALD-2022-24.
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-2022-24. 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="https://www.sec.gov/rules/sro.shtml">https://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-2022-24, and should
be submitted on or before August 16, 2022.
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\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-15935 Filed 7-25-22; 8:45 am]
BILLING CODE 8011-01-P
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