Notice2023-21626
Self-Regulatory Organizations: Miami International Securities Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 404, Series of Option Contracts Open for Trading
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
October 2, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 189 (Monday, October 2, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 189 (Monday, October 2, 2023)]
[Notices]
[Pages 67830-67834]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21626]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98534; File No. SR-MIAX-2023-36]
Self-Regulatory Organizations: Miami International Securities
Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend
Exchange Rule 404, Series of Option Contracts Open for Trading
September 26, 2023.
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 September 14, 2023, Miami International
Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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 404,
Series of Option Contracts Open for Trading.
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings">http://www.miaxoptions.com/rule-filings</a>, at MIAX's principal
office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 404, Series of Option Contracts
Open for Trading. Specifically, the Exchange proposes to adopt new
Interpretations and Policies .12 to Rule 404 to implement a new strike
interval program for stocks that are priced less than $2.50 and have an
average daily trading volume of at least 1,000,000 shares per day for
the three (3) preceding calendar months. The Exchange also proposes to
amend the table in Interpretations and Policies .11 of Rule 404 to
harmonize the table to the propose change.
Background
Currently, Exchange Rule 404, Series of Option Contracts Open for
Trading, describes the process and procedures for listing and trading
series of options \3\ on the Exchange. Rule 404 provides for a $2.50
Strike Price Program, where the Exchange may select up to 60 option
classes \4\ on individual stocks for which the interval of strike
prices will be $2.50 where the strike price is greater than $25.00 but
less than $50.00.\5\ Rule 404 also provides for a $1 Strike Price
Interval Program, where the interval between strike prices of series of
options \6\ on individual stocks may be $1.00 or greater provided the
strike price is $50.00 or less, but not less than $1.00.\7\
Additionally, Rule 404 provides for a $0.50 Strike Program.\8\ The
interval of strike prices of series of options on individual stocks may
be $0.50 or greater beginning at $0.50 where the strike price is $5.50
or less, but only for options classes whose underlying security closed
at or below $5.00 in its primary market on the previous trading day and
which have national average daily volume that equals or exceeds 1,000
contracts per day as determined by The Options Clearing Corporation
during the preceding three calendar months. The listing of $0.50 strike
prices is limited to options classes overlying no more than 20
individual stocks (the ``$0.50 Strike Program'') as specifically
designated by the Exchange. The Exchange may list $0.50 strike prices
on any other option classes if those classes are specifically
designated by other securities exchanges that employ a similar $0.50
Strike Program under their respective rules. A stock shall remain in
the $0.50 Strike Program until otherwise designated by the Exchange.\9\
---------------------------------------------------------------------------
\3\ The term ``option contract'' means a put or a call issued,
or subject to issuance, by the Clearing Corporation pursuant to the
Rules of the Clearing Corporation. See Exchange Rule 100.
\4\ The terms ``class of options'' or ``option class'' means all
option contracts covering the same underlying security. See Exchange
Rule 100.
\5\ See Exchange Rule 404(f).
\6\ The term ``series of options'' means all option contracts of
the same class having the same exercise price and expiration date.
See Exchange Rule 100.
\7\ See Interpretations and Policies .01(a) of Rule 404.
\8\ See Interpretations and Policies .04 of Rule 404.
\9\ Id.
---------------------------------------------------------------------------
Proposal
At this time, the Exchange proposes to adopt a new strike interval
program for underlying stocks that are not in the aforementioned $0.50
Strike Program (or the Short Term Option Series Program) \10\ and that
close below $2.50 and have an average daily trading volume of at least
1,000,000 shares per day for the three (3) preceding calendar months.
The $0.50 Strike Program considers stocks that have a closing price at
or below $5.00 whereas the Exchange's proposal will consider stocks
that have a closing price below $2.50. Currently, there is a subset of
stocks that are not included in the $0.50 Strike Program as a result of
the limitations of that program which provides that the listing of
$0.50 strike prices shall be limited to option classes overlying no
more than 20 individual stocks as specifically designated by the
Exchange and requires a national average daily volume that equals or
exceeds 1,000 contracts per day as determined by The Options Clearing
Corporation during the preceding three calendar months.\11\ Therefore,
the Exchange is proposing to implement a new strike interval program
termed the ``Low Priced Stock Strike Price Interval Program.''
---------------------------------------------------------------------------
\10\ See Interpretations and Policies .02 of Rule 404.
\11\ See Interpretations and Policies .04 of Rule 404.
---------------------------------------------------------------------------
[[Page 67831]]
To be eligible for the inclusion in the Low Priced Stock Strike
Price Interval Program, an underlying stock must (i) close below $2.50
in its primary market on the previous trading day; and (ii) have an
average daily trading volume of at least 1,000,000 shares per day for
the three (3) preceding calendar months. The Exchange notes that there
is no limit to the number of classes that will be eligible for
inclusion in the proposed program, provided, of course, that the
underlying stocks satisfy both the price and average daily trading
volume requirements of the proposed program.
The Exchange also proposes that after a stock is added to the Low
Priced Stock Strike Price Interval Program, the Exchange may list $0.50
strike price intervals from $0.50 up to $2.00.\12\ For the purpose of
adding strikes under the Low Priced Stock Strike Price Interval
Program, the ``price of the underlying stock'' shall be measured in the
same way as ``the price of the underlying security'' as set forth in
Rule 404A(b)(1).\13\ Further, no additional series in $0.50 intervals
may be listed if the underlying stock closes at or above $2.50 in its
primary market. Additional series in $0.50 intervals may not be added
until the underlying stock again closes below $2.50.
---------------------------------------------------------------------------
\12\ While the Exchange may list new strikes on underlying
stocks that meet the eligibility requirements of the new program the
Exchange will exercise its discretion and will not list strikes on
underlying stocks the Exchange believes are subject to imminent
delisting from their primary exchange.
\13\ The Exchange notes this is the same methodology used in the
$1 Strike Price Interval Program. See Interpretations and Policies
.01(c)(3) of Rule 404.
---------------------------------------------------------------------------
The Exchange's proposal addresses a gap in strike coverage for low
priced stocks. The $0.50 Strike Program considers stocks that close
below $5.00 and limits the number of option classes listed to no more
than 20 individual stocks (provided that the open interest criteria is
also satisfied). Whereas, the Exchange's proposal has a narrower focus,
with respect to the underlying's stock price, and is targeted to those
stocks that close below $2.50 and does not limit the number of stocks
that may participate in the program (provided that the average daily
trading volume is also satisfied). The Exchange does not believe that
any market disruptions will be encountered with the addition of these
new strikes. The Exchange represents that it has the necessary capacity
and surveillance programs in place to support and properly monitor
trading in the proposed Low Priced Stock Strike Price Interval Program.
The Exchange believes that its average daily trading volume
requirement of 1,000,000 shares is a reasonable threshold to ensure
adequate liquidity in eligible underlying stocks as it is substantially
greater than the thresholds used for listing options on equities,
American Depository Receipts, and broad-based indexes. Specifically,
underlying securities with respect to which put or call option
contracts are approved for listing and trading on the Exchange must
meet certain criteria as determined by the Exchange. One of those
requirements is that trading volume (in all markets in which the
underlying security is traded) has been at least 2,400,000 shares in
the preceding twelve (12) months.\14\ Rule 402(f) provides the criteria
for listing options on American Depositary Receipts (``ADRs'') if they
meet certain criteria and guidelines set forth in Exchange Rule 402.
One of the requirements is that the average daily trading volume for
the security in the U.S. markets over the three (3) months preceding
the selection of the ADR for options trading is 100,000 or more
shares.\15\ Finally, the Exchange may trade options on a broad-based
index pursuant to Rule 19b-4(e) of the Securities Exchange Act of 1934
provided a number of conditions are satisfied. One of those conditions
is that each component security that accounts for at least one percent
(1%) of the weight of the index has an average daily trading volume of
at least 90,000 shares during the last six month period.\16\
---------------------------------------------------------------------------
\14\ See Exchange Rule 402(b)(4).
\15\ See Exchange Rule 402(f)(3)(ii).
\16\ See Exchange Rule 1802(d)(7).
---------------------------------------------------------------------------
Additionally, the Exchange proposes to amend the table in
Interpretations and Policies .11 of Rule 404 to insert a new column to
harmonize the Exchange's proposal to the strike intervals for Short
Term Options Series as described in Interpretations and Policies .02 of
Rule 404. The table in Interpretations and Policies .11 is intended to
limit the intervals between strikes for multiply listed equity options
within the Short Term Options Series program that have an expiration
date more than twenty-one days from the listing date. Specifically, the
table defines the applicable strike intervals for options on underlying
stocks given the closing price on the primary market on the last day of
the calendar quarter, and a corresponding average daily volume of the
total number of options contracts traded in a given security for the
applicable calendar quarter divided by the number of trading days in
the applicable calendar quarter.\17\ However, the lowest share price
column is titled ``Less than $25.'' The Exchange now proposes to insert
a column titled ``Less than $2.50'' and to set the strike interval at
$0.50 for each average daily volume tier represented in the table.
Also, the Exchange proposes to amend the heading of the column
currently titled ``Less than $25,'' to ``$2.50 to less than $25'' as a
result of the adoption of the new proposed column, ``Less than $2.50.''
The Exchange believes this change will remove any potential conflict
between the strike intervals under the Short Term Options Series
Program and those described herein under the Exchange's proposal.
---------------------------------------------------------------------------
\17\ See Securities Exchange Release Act No. 91125 (February 21,
2021), 86 FR 10375 (February 19, 2021) (SR-BX-2020-032) (Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 1, To Amend Options 4, Section 5, To Limit Short
Term Options Series Intervals Between Strikes That Are Available for
Quoting and Trading on BX).
---------------------------------------------------------------------------
Impact of Proposal
The Exchange recognizes that its proposal will introduce new
strikes in the marketplace and further acknowledges that there has been
significant effort undertaken by the industry to curb strike
proliferation. This initiative has been spearheaded by the Nasdaq BX
who filed an initial proposal focused on the removal, and prevention of
the listing, of strikes which are extraneous and do not add value to
the marketplace (the ``Strike Interval Proposal'').\18\ The Strike
Interval Proposal was intended to remove repetitive and unnecessary
strike listings across the weekly expiries. Specifically, the Strike
Interval Proposal aimed to reduce the density of strike intervals that
would be listed in the later weeks, by creating limitations for
intervals between strikes which have an expiration date more than
twenty-one days from the listing date.\19\ The Strike Interval Proposal
took into account OCC customer-cleared volume, using it as an
appropriate proxy for demand. The Strike Interval Proposal was designed
to maintain strikes where there was customer demand and eliminate
strikes where there wasn't. At the time of its proposal Nasdaq BX
estimated that the Strike Interval Proposal would reduce the number of
strikes it listed by 81,000.\20\ The
[[Page 67832]]
Exchange proposes to amend the table to define the strike interval at
$0.50 for underlying stocks with a share price of less than $2.50. The
Exchange believes this amendment will harmonize the Exchange's proposal
with the Strike Interval Proposal described above.
---------------------------------------------------------------------------
\18\ See Securities Exchange Act No. 91225 (February 12, 2021),
86 FR 10375 (February 12, 2021) (SR-BX-2020-032) (BX Strike Approval
Order); see also BX Options Strike Proliferation Proposal (February
25, 2021) available at: <a href="https://www.nasdaq.com/solutions/bx-options-strike-proliferation-proposal">https://www.nasdaq.com/solutions/bx-options-strike-proliferation-proposal</a>).
\19\ See Securities Exchange Act No. 91225 (February 12, 2021),
86 FR 10375 (February 12, 2021) (SR-BX-2020-032).
\20\ See id.
---------------------------------------------------------------------------
The Exchange recognizes that its proposal will moderately increase
the total number of option series available on the Exchange. However,
the Exchange's proposal is designed to only add strikes where there is
investor demand \21\ which will improve market quality. Under the
requirements for the Low Priced Stock Strike Price Interval Program as
described herein, the Exchange determined that as of August 9, 2023,
106 symbols met the proposed criteria. Of those symbols 36 are
currently in the $1 Strike Price Interval Program with $1.00 and $2.00
strikes listed. Under the Exchange's proposal the Exchange would add
the $0.50 and $1.50 strikes for these symbols for the current
expiration terms. The remaining 70 symbols eligible under the
Exchange's proposal would have $0.50, $1.00, $1.50 and $2.00 strikes
added to their current expiration terms. Therefore, for the 106 symbols
eligible for the Low Priced Stock Strike Price Interval Program a total
of approximately 3,250 options would be added. As of August 9, 2023,
the Exchange listed 1,106,550 options, therefore the additional options
that would be listed under this proposal would represent a very minor
increase of 0.294% in the number of options listed on the Exchange.
---------------------------------------------------------------------------
\21\ See proposed Interpretations and Policies .12(a) of Rule
404 which requires that an underlying stock have an average daily
trading volume of 1,000,000 shares for the three (3) preceding
months to be eligible for inclusion in the Low Priced Stock Strike
Price Interval Program.
---------------------------------------------------------------------------
The Exchange does not believe that its proposal contravenes the
industry's efforts to curtail unnecessary strikes. The Exchange's
proposal is targeted to only underlying stocks that close at less than
$2.50 and that also meet the average daily trading volume requirement.
Additionally, because the strike increment is $0.50 there are only a
total of four strikes that may be listed under the program ($0.50,
$1.00, $1.50, and $2.00) for an eligible underlying stock. Finally, if
an eligible underlying stock is in another program (e.g., the $0.50
Strike Program or the $1 Strike Price Interval Program) the number of
strikes that may be added is further reduced if there are pre-existing
strikes as part of another strike listing program. Therefore, the
Exchange does not believe that it will list any unnecessary or
repetitive strikes as part of its program, and that the strikes that
will be listed will improve market quality and satisfy investor demand.
The Exchange further believes that the Options Price Reporting
Authority (``OPRA''), has the necessary systems capacity to handle any
additional messaging traffic associated with this proposed rule change.
The Exchange also believes that Members \22\ will not have a capacity
issue as a result of the proposed rule change. Finally, the Exchange
believes that the additional options will serve to increase liquidity,
provide additional trading and hedging opportunities for all market
participants, and improve market quality.
---------------------------------------------------------------------------
\22\ 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.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act,\23\ 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. Additionally, the Exchange believes the proposed rule change
is consistent with the Section (6)(b)(5) \24\ requirement that the
rules of an exchange not be designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78(f)(b)(5).
---------------------------------------------------------------------------
The Exchange believes its proposal promotes just and equitable
principles of trade and removes impediments to and perfects the
mechanisms of a free and open market and a national market system as
the Exchange has identified a subset of stocks that are trading under
$2.50 and do not have meaningful strikes available. For example, on
August 9, 2023, symbol SOND closed at $0.50 and had open interest of
over 44,000 contracts and an average daily trading volume in the
underlying stock of over 1,900,000 shares for the three preceding
calendar months.\25\ Currently the lowest strike listed is for $2.50,
making the lowest strike 400% away from the closing stock price.
Another symbol, CTXR, closed at $0.92 on August 9, 2023, and had open
interest of over 63,000 contracts and an average daily trading volume
in the underlying stock of over 1,900,000 shares for the three
preceding calendar months.\26\ Similarly, the lowest strike listed is
for $2.50, making the lowest strike more than 170% away from the
closing stock price. Currently, such products have no at-the-money
options, as well as no in-the-money calls or out-of-the-money puts. The
Exchange's proposal will provide additional strikes in $0.50 increments
from $0.50 up to $2.00 to provide more meaningful trading and hedging
opportunities for this subset of stocks. Given the increased
granularity of strikes as proposed under the Exchange's proposal out-
of-the-money puts and in-the-money calls will be created. The Exchange
believes this will allow market participants to tailor their investment
and hedging needs more effectively.
---------------------------------------------------------------------------
\25\ See Yahoo! Finance, <a href="https://finance.yahoo.com/quote/SOND/history?p=SOND">https://finance.yahoo.com/quote/SOND/history?p=SOND</a> (last visited August 10, 2023).
\26\ See Yahoo! Finance, <a href="https://finance.yahoo.com/quote/CTXR/history?p=CTXR">https://finance.yahoo.com/quote/CTXR/history?p=CTXR</a> (last visited August 10, 2023).
---------------------------------------------------------------------------
The Exchange believes its proposal promotes just and equitable
principles of trade and 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 adding
strikes that improves market quality and satisfies investor demand. The
Exchange does not believe that the number of strikes that will be added
under the program will negatively impact the market. Additionally, the
proposal does not run counter to the efforts undertaken by the industry
to curb strike proliferation as that effort focused on the removal and
prevention of extraneous strikes where there was no investor demand.
The Exchange's proposal requires the satisfaction of an average daily
trading volume threshold in addition to the underlying stock closing at
a price below $2.50 to be eligible for the program. The Exchange
believes that the average daily trading volume threshold of the program
ensures that only strikes with investor demand will be listed and fills
a gap in strike interval coverage as described above. Further, being
that the strike interval is $0.50, there are only a maximum of four
strikes that may be added ($0.50, $1.00, $1.50, and $2.00). Therefore,
the Exchange does not
[[Page 67833]]
believe that its proposal will undermine the industry's efforts to
eliminate repetitive and unnecessary strikes in any fashion.
The Exchange believes that its average daily trading volume
threshold promotes just and equitable principles of trade and 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 as it is designed to permit only those stocks with
demonstrably high levels of trading activity to participate in the
program. The Exchange notes that its average daily trading volume
requirement is substantially greater that the average daily trading
requirement currently in place on the Exchange for options on equity
underlyings,\27\ ADRs,\28\ and broad-based indexes.\29\
---------------------------------------------------------------------------
\27\ See supra note 14.
\28\ See supra note 15.
\29\ See supra note 16.
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(1) of the Act, which provides that the Exchange be
organized and have the capacity to be able to carry out the purposes of
the Act and the rules and regulations thereunder, and the rules of the
Exchange. The proposed rule change allows the Exchange to respond to
customer demand to provide meaningful strikes for low priced stocks.
The Exchange does not believe that the proposed rule would create any
capacity issue or negatively affect market functionality. Additionally,
the Exchange represents that it has the necessary systems capacity to
support the new options series and handle additional messaging traffic
associated with this proposed rule change. The Exchange also believes
that its Members will not experience any capacity issues as a result of
this proposal. In addition, the Exchange represents that it believes
that additional strikes for low priced stocks will serve to increase
liquidity available as well and improve price efficiency by providing
more trading opportunities for all market participants. The Exchange
believes that the proposed rule change will benefit investors by giving
them increased opportunities to execute their investment and hedging
decisions.
Finally, the Exchange believes its proposal is designed to prevent
fraudulent and manipulative acts and practices as options may only be
listed on underlyings that satisfy the listing requirements of the
Exchange as described in Exchange Rule 402, Criteria for Underlying
Securities. Specifically, Rule 402 requires that underlying securities
for which put or call option contracts are approved for listing and
trading on the Exchange must meet the following criteria: (1) the
security must be registered and be an ``NMS stock'' as defined in Rule
600 of Regulation NMS under the Exchange Act; (2) the security shall be
characterized by a substantial number of outstanding shares that are
widely held and actively traded.\30\ Additionally, Rule 402 provides
that absent exceptional circumstances, an underlying security will not
be selected for options transactions unless: (1) there are a minimum of
seven (7) million shares of the underlying security which are owned by
persons other than those required to report their stock holdings under
Section 16(a) of the Exchange Act; (2) there are a minimum of 2,000
holders of the underlying security; (3) the issuer is in compliance
with any applicable requirements of the Exchange Act; and (4) trading
volume (in all markets in which the underlying security is traded) has
been at least 2,400,000 shares in the preceding twelve (12) months.\31\
The Exchange's proposal does not impact the eligibility of an
underlying stock to have options listed on it, but rather addresses
only the listing of new additional option classes on an underlying
listed on the Exchange in accordance to the Exchange's listings rules.
As such, the Exchange believes that the listing requirements described
in Exchange Rule 402 address potential concerns regarding possible
manipulation. Additionally, in conjunction with the proposed Average
Daily Volume requirement described herein, the Exchange believes any
possible market manipulation is further mitigated.
---------------------------------------------------------------------------
\30\ See Exchange Rule 402(a)(1) and (2).
\31\ See Exchange Rule 402(b)(1),(2),(3) and (4).
---------------------------------------------------------------------------
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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="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#9ceee9f0f9b1fff3f1f1f9f2e8efdceff9ffb2fbf3ea"><span class="__cf_email__" data-cfemail="e89a9d848dc58b8785858d869c9ba89b8d8bc68f879e">[email protected]</span></a>. Please include
file number SR-MIAX-2023-36 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-2023-36. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-MIAX-2023-36 and should be
submitted on or before October 23, 2023.
[[Page 67834]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
---------------------------------------------------------------------------
\32\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21626 Filed 9-29-23; 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 October 2, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.