Notice2023-22033
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Suspension of and Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Change To Amend the Fee Schedule To Modify Certain Connectivity and Port Fees
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 4, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 191 (Wednesday, October 4, 2023)</title>
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[Federal Register Volume 88, Number 191 (Wednesday, October 4, 2023)]
[Notices]
[Pages 68827-68830]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-22033]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98657; File No. SR-MIAX-2023-30]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Suspension of and Order Instituting Proceedings To
Determine Whether To Approve or Disapprove Proposed Rule Change To
Amend the Fee Schedule To Modify Certain Connectivity and Port Fees
September 29, 2023.
I. Introduction
On August 8, 2023, Miami International Securities Exchange, LLC
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4
thereunder,\2\ a proposed rule change (File No. SR-MIAX-2023-30) to
amend certain connectivity and port fees. The proposed rule change was
immediately effective upon filing with the Commission pursuant to
Section 19(b)(3)(A) of the Act.\3\ The proposed rule change was
published for comment in the Federal Register on August 25, 2023.\4\
Pursuant to Section 19(b)(3)(C) of the Act,\5\ the Commission is
hereby: (1) temporarily suspending the proposed rule change; and (2)
instituting proceedings to determine whether to approve or disapprove
the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take
effect upon filing with the Commission if it is designated by the
exchange as ``establishing or changing a due, fee, or other charge
imposed by the self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory organization.''
15 U.S.C. 78s(b)(3)(A)(ii).
\4\ See Securities Exchange Act Release No. 98173 (August 21,
2023), 88 FR 58378 (SR-MIAX-2023-30) (``Notice''). Comment on the
proposed rule change can be found at: <a href="https://www.sec.gov/comments/sr-miax-2023-30/srmiax202330.htm">https://www.sec.gov/comments/sr-miax-2023-30/srmiax202330.htm</a>.
\5\ 15 U.S.C. 78s(b)(3)(C).
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II. Background and Description of the Proposed Rule Change
As described in more detail in the Notice, the Exchange proposes
to: (1) increase fees for a 10 gigabit (``Gb'') ultra-low latency
(``ULL'') fiber connection for Members \6\ and non-Members from $10,000
to $13,500 per month; \7\ (2) remove provisions in the Exchange's Fee
Schedule that provide for a shared 10 Gb ULL network with the
Exchange's affiliate MIAX Pearl Options; \8\ and (3) increase fees for
Limited Service MIAX Express Interface \9\ (``MEI'') Ports available to
Market Makers \10\ through implementing a tiered-pricing structure.\11\
With respect to Limited Service MEI Ports, the Exchange will continue
to provide two Limited Service MEI Ports for each matching engine \12\
to which a Market Maker connects free of charge.\13\ Prior to the
proposed fee change, Market Makers were assessed a $100 monthly fee for
each additional Limited Service MEI Port for each matching engine above
the first two Limited Service MEI Ports that were included for
free.\14\ Now, the Exchange proposes to establish a tiered-pricing
structure for the Limited Service MEI Ports pursuant to which: (i) the
third and fourth Limited Service MEI Ports for each matching engine
will increase to $150 a month per port; (ii) the fifth and sixth
Limited Service MEI Ports for each matching engine will increase to
$200 a month per port; and (iii) the seventh or more Limited Service
MEI Ports will increase to $250 a month per port.\15\
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\6\ 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.
\7\ See Notice, supra note 4, at 58383.
\8\ On January 23, 2023, the Exchange bifurcated the Exchange
and MIAX Pearl Options 10Gb ULL network and stated that this
bifurcation was due to ever-increasing capacity constraints and
anticipated access needs for Members and market participants. See
Securities Exchange Act Release Nos. 96545 (December 20, 2022), 87
FR 79393 (December 27, 2022) (SR-MIAX-2022-48); and 96553 (December
20, 2022), 87 FR 79379 (December 27, 2022) (SR-PEARL-2022-60). The
instant filing would amend provisions in the Fee Schedule to reflect
the bifurcation of the 10Gb ULL network and specify that only the
1Gb network provides access to both the Exchange and MIAX Pearl
Options. See Notice, supra note 4, at 58383.
\9\ The MIAX Express Interface (``MEI'') is a connection to MIAX
systems that enables Market Makers to submit simple and complex
electronic quotes to MIAX. See Fee Schedule, note 26.
\10\ The term ``Market Makers'' refers to Lead Market Makers
(``LMMs''), Primary Lead Market Makers (``PLMMs''), and Registered
Market Makers (``RMMs'') collectively. See Exchange Rule 100. For
purposes of Limit Service MEI Ports, Market Makers also include
firms that engage in other types of liquidity activity, such as
seeking to remove resting liquidity from the Exchange's Book. The
Exchange states that the Limited Service MEI Ports provide Market
Makers with the ability to send eQuotes and quote purge messages
only, but not Market Maker Quotes, to the MIAX System, in addition
to being capable of receiving administrative information. See
Notice, supra note 4, at 58383, n.61.
\11\ See Notice, supra note 4, at 58383. The Exchange initially
filed the proposed fee change on December 30, 2022, with an
effective date of January 1, 2023. See Securities Exchange Act
Release No. 96629 (January 10, 2023), 88 FR 2729 (January 17, 2023)
(SR-MIAX-2022-50). That filing was withdrawn by the Exchange and the
Exchange filed a new proposed fee change with additional
justification (SR-MIAX-2023-08) on February 23, 2023. See Securities
Exchange Act Release No. 97081 (March 8, 2023), 88 FR 15782 (March
14, 2023). The Exchange subsequently withdrew that filing and
replaced it with SR-MIAX-2023-18 on April 20, 2023. See Securities
Exchange Act Release No. 97419 (May 2, 2023), 88 FR 29777 (May 8,
2023). The Exchange subsequently withdrew that filing and replaced
it with SR-MIAX-2023-25 on June 16, 2023. See Securities Exchange
Act Release No. 97814 (June 27, 2023), 88 FR 42844 (July 3, 2023).
The Exchange subsequently withdrew that filing and replaced it with
the instant filing to provide additional information and a revised
justification for the proposal, which is discussed herein. See
Notice, supra note 4, at 58379.
\12\ A ``matching engine'' is a part of the MIAX electronic
system that processes options quotes and trades on a symbol-by-
symbol basis. Some matching engines will process option classes with
multiple root symbols, and other matching engines will be dedicated
to one single option root symbol (for example, options on SPY will
be processed by one single matching engine that is dedicated only to
SPY). A particular root symbol may only be assigned to a single
designated matching engine. A particular root symbol may not be
assigned to multiple matching engines. See Notice, supra note 4, at
58383, n.62 (citing Fee Schedule, Section 5)d)ii), note 29).
\13\ See Notice, supra note 4, at 58383.
\14\ See id.
\15\ See id.
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III. Suspension of the Proposed Rule Change
Pursuant to Section 19(b)(3)(C) of the Act,\16\ at any time within
60 days of the date of filing of an immediately effective proposed rule
change pursuant to Section 19(b)(1) of the Act,\17\ the Commission
summarily may temporarily suspend the change in the rules of a self-
regulatory organization (``SRO'') 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. The Commission believes a temporary suspension of the proposed
rule change is necessary and appropriate to allow for additional
analysis of the proposed rule change's consistency with the Act and the
rules thereunder.
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\16\ 15 U.S.C. 78s(b)(3)(C).
\17\ 15 U.S.C. 78s(b)(1).
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In support of the proposal, the Exchange states its belief that the
proposed fees overall are reasonable because they promote parity among
exchange pricing for access, which promotes competition, while allowing
the Exchange to recover its costs to provide dedicated access via 10Gb
ULL connectivity and Limited Service MEI
[[Page 68828]]
Ports.\18\ The Exchange further states that the proposed fees are fair
and reasonable because they will not result in pricing that deviates
from that of other exchanges or a ``supra-competitive profit,'' when
comparing the total expense of the Exchange associated with providing
10Gb ULL connectivity and Limited Service MEI Port services versus the
total projected revenue of the Exchange associated with these
services.\19\ According to the Exchange, employing a methodology that
is the ``result of an extensive review and analysis,'' it estimates the
total projected annual cost of providing 10Gb ULL connectivity to be
$12,034,554 and for providing Limited Service MEI Ports to be
$2,157,178.\20\
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\18\ See Notice, supra note 4, at 58385.
\19\ See id. at 58398.
\20\ See id. at 58389, 58390. The Exchange states that its cost
analysis is based on the Exchange's 2023 fiscal year of operations
and projections. See id. at 58397.
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To arrive at these figures, the Exchange states that it undertook
an extensive cost analysis to analyze every expense in the Exchange's
general expense ledger to determine whether each such expense related
to the provision of connectivity and port services, and, if such
expense did so relate, what portion (or percentage) of such expense
supported the provision of connectivity and port services.\21\ The
Exchange states that it determined the total cost for the Exchange and
its affiliated markets for each cost driver \22\ through a company-wide
process that included discussions with senior management, Exchange
department heads, and the Finance Team.\23\ The Exchange further states
that it determined what portion of the cost allocated to the Exchange
pursuant to this methodology is to be allocated to each core service,
including the appropriate allocation to connectivity and ports.\24\ The
Exchange states that through this allocation methodology, the Exchange
``applied an allocation of each cost driver to each core service'' and
``[e]ach of the [resulting] cost allocations is unique to the Exchange
and represents a percentage of overall cost that was allocation to the
Exchange pursuant to the initial allocation.'' \25\
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\21\ See id. at 58391.
\22\ The Exchange defines ``cost drivers'' within the filing as
the costs necessary to deliver each of the core services, including
infrastructure, software, human resources (i.e., personnel), and
certain general and administrative expenses. See Notice, supra note
4, at 58390.
\23\ See Notice, supra note 4, at 58390. The Exchange states
that because the Exchange's parent company currently owns and
operates four separate and distinct marketplaces, the Exchange's
parent company determines an accurate cost for each marketplace,
which results in different allocations and amounts across exchanges
for the same cost drivers. See id. According to the Exchange, its
allocation methodology ensures that no cost would be allocated twice
or double-counted between the Exchange and its affiliated markets.
See id.
\24\ See id. The Exchange describes ``core services'' as
services provided by the Exchange, including transaction execution,
market data, membership services, physical connectivity, and port
access (which provides order entry, cancellation and modification
functionality, risk functionality, the ability to receive drop
copies, and other functionality). See id.
\25\ Id.
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The Exchange states that the $12,034,554 aggregate annual costs for
providing physical dedicated 10Gb ULL connectivity via an unshared
network is the sum of the following individual line-item costs: (1)
Human Resources at $3,867,297; (2) Connectivity (external fees,
cabling, switches, etc.) at $70,163; (3) internet Services and External
Market Data at $424,584; (4) Data Center at $718,950; (5) Hardware and
Software Maintenance and Licenses at $727,734; (6) Depreciation at
$2,310,898; and (7) Allocated Shared Expenses at $3,914,928.\26\ The
Exchange represents that it estimates that the proposed fees will
result in an annual revenue of approximately $15,066,000, which is a
potential profit margin of 20% over the cost of providing 10Gb ULL
connectivity services.\27\
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\26\ See id. at 58391.
\27\ See id. at 58397-98.
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The Exchange states that the $2,157,178 aggregate annual costs for
offering Limited Service MEI Ports is the sum of the following
individual line-item costs: (1) Human Resources at $898,480; (2)
Connectivity (external fees, cabling, switches, etc.) at $4,435; (3)
internet Services and External Market Data at $41,601; (4) Data Center
at $85,214; (5) Hardware and Software Maintenance and Licenses at
$104,859; (6) Depreciation at $237,335; and (7) Allocated Shared
Expenses at $785,254.\28\ The Exchange represents that it estimates
that the proposed fees will result in an annual revenue of
approximately $3,300,600, which is a potential profit margin of 35%
over the cost of providing Limited Service MEI Ports.\29\
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\28\ See Notice, supra note 4, at 58394.
\29\ See id. at 58398.
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The Exchange states its belief that the proposed fees are
reasonable because they allow the Exchange to ``recoup the Exchange's
costs of providing dedicated 10Gb ULL connectivity and Limited Service
MEI Ports'' and that the cost analysis and related projections
demonstrate that the Exchange is not earning ``supra-competitive
profits.'' \30\ In addition, the Exchange states that the proposed fees
are comparable to or lower than the fees charged by competing options
exchanges for similar products.\31\
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\30\ Id.
\31\ See id.
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In further support of the proposal, the Exchange states its belief
that the proposed fees are reasonable, fair, equitable, and not
unfairly discriminatory, because they are designed to align fees with
services provided and will apply equally to all subscribers.\32\
Moreover, the Exchange asserts that the proposed fees are equitably
allocated among users of the network connectivity and port
alternatives, as the ``users of 10Gb ULL connections consume
substantially more bandwidth and network resources than the users of
1Gb ULL connection.'' \33\ The Exchange also states that with respect
to Limited Service MEI Ports, the tiered-pricing structure is
``explicitly designed to link fees to related costs imposed on the
[E]xchange'' and that ``Market Makers that purchase more connections
cause significantly greater costs and expenses to the Exchange.'' \34\
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\32\ See id. at 58399.
\33\ Id.
\34\ Id.
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Finally, the Exchange asserts that the proposed fees would not
cause any unnecessary or inappropriate burden on inter-market
competition because if the fee is set too high it would make it easier
for other exchanges to compete with the Exchange, and only if the
proposed fees were a ``substantial fee decrease could this be
considered a form of predatory pricing.'' \35\ Furthermore, the
Exchange asserts that the proposed fee change for 10Gb ULL connectivity
is a ``technology driven change designed to meet customer needs,'' and
that separating the 10Gb ULL network from MIAX Pearl Options enables
the Exchange to ``better compete with other exchanges'' by continuing
to provide adequate connectivity to current and new Members, which
``may increase [its] ability to compete for order flow and deepen its
liquidity pool, improving the overall quality of its market.'' \36\ The
Exchange also asserts that the proposed rule change would not cause any
unnecessary or inappropriate burden on intra-market competition because
the proposed fees will allow the Exchange to recoup some of its costs
in providing 10Gb ULL connectivity and Limited Service MEI Ports at
below market rates since the Exchange launched operations.\37\
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\35\ Id. at 58401.
\36\ Id. at 58402.
\37\ See id. at 58401.
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[[Page 68829]]
To date, the Commission has received one comment letter on the
revised justifications for the proposed increase in fees for 10Gb ULL
connectivity and Limited Service MEI Ports.\38\ This commenter states
that the revisions reflected in the Exchange's instant proposal as
compared to its earlier filings ``do[ ] not fundamentally redress the
valid critiques that SIG raised in its prior letters objecting to the
subject fee increases.'' \39\
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\38\ See Letter from Gerald D. O'Connell, Executive Director,
Susquehanna International Group, LLP, to Vanessa Countryman,
Secretary, Commission, dated September 18, 2023 (``SIG Letter'').
\39\ Id.
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When exchanges file their proposed rule changes with the
Commission, including fee filings like the Exchange's present proposal,
they are required to provide a statement supporting the proposal's
basis under the Act and the rules and regulations thereunder applicable
to the exchange.\40\ The instructions to Form 19b-4, on which exchanges
file their proposed rule changes, specify that such statement ``should
be sufficiently detailed and specific to support a finding that the
proposed rule change is consistent with [those] requirements.'' \41\
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\40\ See 17 CFR 240.19b-4 (Item 3 entitled ``Self-Regulatory
Organization's Statement of the Purpose of, and Statutory Basis for,
the Proposed Rule Change'').
\41\ See id.
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Section 6 of the Act, including Sections 6(b)(4), (5), and (8),
require the rules of an exchange to: (1) provide for the equitable
allocation of reasonable fees among members, issuers, and other persons
using the exchange's facilities; \42\ (2) perfect the mechanism of a
free and open market and a national market system, protect investors
and the public interest, and not be designed to permit unfair
discrimination between customers, issuers, brokers, or dealers; \43\
and (3) not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\44\
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\42\ 15 U.S.C. 78f(b)(4).
\43\ 15 U.S.C. 78f(b)(5).
\44\ 15 U.S.C. 78f(b)(8).
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In temporarily suspending the Exchange's proposed rule change, the
Commission intends to further consider whether the proposal to increase
fees for 10Gb ULL connectivity (to be provided via an unshared network)
and adopt a tired-pricing structure for Limited Service MEI Ports is
consistent with the statutory requirements applicable to a national
securities exchange under the Act. In particular, the Commission will
consider whether the proposed rule change satisfies the standards under
the Act and the rules thereunder requiring, among other things, that an
exchange's rules provide for the equitable allocation of reasonable
fees among members, issuers, and other persons using its facilities;
not permit unfair discrimination between customers, issuers, brokers or
dealers; and do not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\45\
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\45\ See 15 U.S.C. 78f(b)(4), (5), and (8), respectively.
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Therefore, the Commission finds that it is appropriate in the
public interest, for the protection of investors, and otherwise in
furtherance of the purposes of the Act, to temporarily suspend the
proposed rule change.\46\
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\46\ For purposes of temporarily suspending the proposed rule
change, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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IV. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Rule Change
In addition to temporarily suspending the proposal, the Commission
also hereby institutes proceedings pursuant to Sections 19(b)(3)(C)
\47\ and 19(b)(2)(B) of the Act \48\ to determine whether the
Exchange's proposed rule change should be approved or disapproved.
Institution of proceedings does not indicate that the Commission has
reached any conclusions with respect to any of the issues involved.
Rather, the Commission seeks and encourages interested persons to
provide additional comment on the proposed rule change to inform the
Commission's analysis of whether to approve or disapprove the proposed
rule change.
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\47\ 15 U.S.C. 78s(b)(3)(C). Once the Commission temporarily
suspends a proposed rule change, Section 19(b)(3)(C) of the Act
requires that the Commission institute proceedings under Section
19(b)(2)(B) to determine whether a proposed rule change should be
approved or disapproved.
\48\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Act,\49\ the Commission is
providing notice of the grounds for possible disapproval under
consideration:
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\49\ Id. Section 19(b)(2)(B) of the Act also provides that
proceedings to determine whether to disapprove a proposed rule
change must be concluded within 180 days of the date of publication
of notice of the filing of the proposed rule change. See id. The
time for conclusion of the proceedings may be extended for up to 60
days if the Commission finds good cause for such extension and
publishes its reasons for so finding, or if the exchange consents to
the longer period. See id.
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<bullet> Whether the Exchange has demonstrated how the proposed
fees are consistent with Section 6(b)(4) of the Act, which requires
that the rules of a national securities exchange ``provide for the
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using its facilities;'' \50\
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\50\ 15 U.S.C. 78f(b)(4).
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<bullet> Whether the Exchange has demonstrated how the proposed
fees are consistent with Section 6(b)(5) of the Act, which requires,
among other things, that the rules of a national securities exchange
not be ``designed to permit unfair discrimination between customers,
issuers, brokers, or dealers;'' \51\ and
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\51\ 15 U.S.C. 78f(b)(5).
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<bullet> Whether the Exchange has demonstrated how the proposed
fees are consistent with Section 6(b)(8) of the Act, which requires
that the rules of a national securities exchange ``not impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of [the Act].'' \52\
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\52\ 15 U.S.C. 78f(b)(8).
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As discussed in Section III above, the Exchange made various
arguments in support of its proposal. The Commission believes that
there are questions as to whether the Exchange has provided sufficient
information to demonstrate that the proposed fees are consistent with
the Act and the rules thereunder.
Under the Commission's Rules of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the [Act]
and the rules and regulations issued thereunder . . . is on the [SRO]
that proposed the rule change.'' \53\ The description of a proposed
rule change, its purpose and operation, its effect, and a legal
analysis of its consistency with applicable requirements must all be
sufficiently detailed and specific to support an affirmative Commission
finding,\54\ and any failure of an SRO to provide this information may
result in the Commission not having a sufficient basis to make an
affirmative finding that a proposed rule change is consistent with the
Act and the applicable rules and regulations.\55\
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\53\ 17 CFR 201.700(b)(3).
\54\ See id.
\55\ See id.
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The Commission is instituting proceedings to allow for additional
consideration and comment on the issues raised herein, including as to
whether the proposed fees are consistent with the Act, and
specifically, with its requirements that exchange fees be reasonable
and equitably allocated, not be unfairly discriminatory, and not impose
any burden on competition that is not
[[Page 68830]]
necessary or appropriate in furtherance of the purposes of the Act.\56\
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\56\ See 15 U.S.C. 78f(b)(4), (5), and (8).
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V. Commission's Solicitation of Comments
The Commission requests written views, data, and arguments with
respect to the concerns identified above as well as any other relevant
concerns. Such comments should be submitted by October 25, 2023.
Rebuttal comments should be submitted by November 8, 2023. Although
there do not appear to be any issues relevant to approval or
disapproval that would be facilitated by an oral presentation of views,
data, and arguments, the Commission will consider, pursuant to Rule
19b-4, any request for an opportunity to make an oral presentation.\57\
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\57\ 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by an SRO. See Securities
Acts Amendments of 1975, Report of the Senate Committee on Banking,
Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th
Cong., 1st Sess. 30 (1975).
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The Commission asks that commenters address the sufficiency and
merit of the Exchange's statements in support of the proposal, in
addition to any other comments they may wish to submit about the
proposed rule change.
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#5f2d2a333a723c3032323a312b2c1f2c3a3c71383029"><span class="__cf_email__" data-cfemail="4d3f382128602e2220202823393e0d3e282e632a223b">[email protected]</span></a>. Please include
file number SR-MIAX-2023-30 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-2023-30. 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-2023-30 and should be
submitted on or before October 25, 2023. Rebuttal comments should be
submitted by November 8, 2023.
VI. Conclusion
It is therefore ordered, pursuant to Section 19(b)(3)(C) of the
Act,\58\ that File No. SR-MIAX-2023-30, be and hereby is, temporarily
suspended. In addition, the Commission is instituting proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\58\ 15 U.S.C. 78s(b)(3)(C).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\59\
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\59\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-22033 Filed 10-3-23; 8:45 am]
BILLING CODE 8011-01-P
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