Notice2023-25779
Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing of a Proposed Rule Change To Accommodate the Listings of Monthly Options Series
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
November 22, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 224 (Wednesday, November 22, 2023)</title>
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[Federal Register Volume 88, Number 224 (Wednesday, November 22, 2023)]
[Notices]
[Pages 81495-81499]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-25779]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98973; File No. SR-MIAX-2023-44]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing of a Proposed Rule Change To Accommodate
the Listings of Monthly Options Series
November 16, 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 November 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 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 its Rules to adopt
Monthly Options Series.
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 its Rules to accommodate the listing
of options series that would expire at the close of business on the
last business day of a calendar month (``Monthly Options Series'').
Pursuant to proposed Interpretation and Policy .13 to Exchange Rule
404 and Interpretation and Policy .03 to Exchange Rule 1809, the
Exchange may list Monthly Options Series for up to five currently
listed option classes that are either index options or options on
exchange-traded funds (``ETFs'').\3\ In addition, the Exchange may also
list Monthly Options Series on any options classes that are selected by
other securities exchanges that employ a similar program under their
respective rules.\4\ The Exchange may list 12 expirations for Monthly
Options Series. Monthly Options Series need not be for consecutive
months; however, the expiration date of a nonconsecutive expiration may
not be beyond what would be considered the last expiration date if the
maximum number of expirations were listed consecutively.\5\
[[Page 81496]]
Other expirations in the same class are not counted as part of the
maximum numbers of Monthly Options Series expirations for a class.\6\
Monthly Options Series will be P.M.-settled.\7\
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\3\ The Exchange proposes to amend Exchange Rule 404(a) to
provide that proposed Interpretation and Policy .13 to Exchange Rule
404 will describe how the Exchange will fix a specific expiration
date and exercise price for Monthly Options Series and that proposed
Interpretation and Policy .13 to Exchange Rule 404 will govern the
procedures for opening Monthly Options Series, respectively. This is
consistent with language in current Exchange Rules 404(a) for other
Short Term Options Series and Quarterly Options Series.
\4\ Currently, Cboe Exchange, Inc. has a similar program. See
Securities Exchange Act Release No. 98915 (Nov. 13, 2023) (SR-CBOE-
2023-049) (Order Approving a Proposed Rule Change To Adopt Monthly
Options Series).
\5\ The Exchange notes this provision considers consecutive
monthly listings. In other words, as other expirations (such as
Quarterly Options Series) are not counted as part of the maximum,
those expirations would not be considered when considering when the
last expiration date would be if the maximum number were listed
consecutively. For example, if it is January 2024 and the Exchange
lists Quarterly Options Series in class ABC with expirations in
March, June, September, December, and the following March, the
Exchange could also list Monthly Options Series in class ABC with
expirations in January, February, April, May, July, August, October,
and November 2024 and January and February of 2025. This is because,
if Quarterly Options Series, for example, were counted, the Exchange
would otherwise never be able to list the maximum number of Monthly
Options Series. This is consistent with the listing provisions for
Quarterly Options Series, which permit calendar quarter expirations.
The need to list series with the same expiration in the current
calendar year and the following calendar year (whether Monthly or
Quarterly expiration) is to allow market participants to execute
one-year strategies pursuant to which they may not roll their
exposures in the longer-dated options (e.g., January 2025) prior to
the expiration of the nearer-dated option (e.g., January 2024).
\6\ See proposed Interpretation and Policy .13(b) to Exchange
Rule 404.
\7\ See proposed Interpretation and Policy .13(c) to Exchange
Rule 404.
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The strike price of each Monthly Options Series will be fixed at a
price per share, with at least two, but no more than five, strike
prices above and at least two, but no more than five, strike prices
below the value of the underlying index or price of the underlying
security at about the time that a Monthly Options Series is opened for
trading on the Exchange. The Exchange will list strike prices for
Monthly Options Series that are reasonably related to the current price
of the underlying security or current index value of the underlying
index to which such series relates at about the time such series of
options is first opened for trading on the Exchange. The term
``reasonably related to the current price of the underlying security or
index value of the underlying index'' means that the exercise price is
within 30% of the current underlying security price or index value.\8\
Additional Monthly Options Series of the same class may be open for
trading on the Exchange when the Exchange deems it necessary to
maintain an orderly market, to meet Member \9\ demand, or when the
market price of the underlying security moves substantially from the
initial exercise price or prices. To the extent that any additional
strike prices are listed by the Exchange, such additional strike prices
will be within 30% above or below the closing price of the underlying
index or security on the preceding day. The Exchange may also open
additional strike prices of Monthly Options Series that are more than
30% above or below the current price of the underlying security,
provided that demonstrated Member interest exists for such series, as
expressed by institutional, corporate, Members or their brokers. Market
Makers trading for their own account will not be considered when
determining Member interest under this provision. The opening of the
new Monthly Options Series will not affect the series of options of the
same class previously opened.\10\ The interval between strike prices on
Monthly Options Series will be the same as the interval for strike
prices for series in that same options class that expire in accordance
with the normal monthly expiration cycle.\11\
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\8\ See proposed Interpretation and Policy .13(d). The Exchange
notes these proposed provisions are consistent with the initial
series provision for the Quarterly Options Series program in
Interpretation and Policy .03 to Exchange Rule 404. While different
than the initial strike listing provision for the Quarterly Options
Series program in current Interpretation and Policy .03 to Exchange
Rule 404, the Exchange believes the proposed provision is
appropriate, as it contemplates classes that may have strike
intervals of $5 or greater.
\9\ 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.
\10\ See proposed Interpretation and Policy .13(e) to Exchange
Rule 404.
\11\ See proposed Interpretation and Policy .13(f) to Exchange
Rule 404; see also Interpretations and Policies .01 and .04, .06,
.08, .09, .10 to Exchange Rule 404 (permissible strike prices for
ETF classes) and Interpretations and Policies .05, .07, .11 to
Exchange Rule 404 (permissible strike prices for index options).
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By definition, Monthly Options Series can never expire in the same
week that a standard options series that expires on the third Friday of
a month in the same class expires. The same, however, is not the case
with respect to Short Term Options Series or Quarterly Options Series.
Therefore, to avoid any confusion in the marketplace, the Exchange
proposes to amend Interpretation and Policy .02 to Exchange Rule 404 to
provide that the Exchange will not list a Short Term Options Series in
a class on a date on which a Monthly Options Series or Quarterly
Options Series expires.\12\ Similarly, proposed Interpretation and
Policy .13(b) to Exchange Rule 404 provide that no Monthly Options
Series may expire on a date that coincides with an expiration date of a
Quarterly Options Series in the same index or ETF class. In other
words, the Exchange will not list a Short Terms Options Series on an
index or ETF if a Monthly Options Series on that index or ETF were to
expire on the same date, nor will the Exchange list a Monthly Options
Series on an index or ETF if a Quarterly Options Series on that ETF
were to expire on the same date to prevent the listing of series with
concurrent expirations.\13\
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\12\ The Exchange also proposes to make a non-substantive change
to Interpretation and Policy .02 to Exchange Rule 404 to change
current references to ``monthly options series'' to ``standard
expiration options series'' (i.e., series that expire on the third
Friday of a month), to eliminate potential confusion. The current
references to ``monthly options series'' are intended to refer to
those series that expire on the third Friday of a month, which are
generally referred to in the industry as standard expirations.
\13\ The Exchange notes this would not prevent the Exchange from
listing a P.M.-settled Monthly Options Series on an index with the
same expiration date as an A.M.-settled Short Term Options Series on
the same index, both of which may expire on a Friday. The Exchange
believes this concurrent listing would provide investors with yet
another hedging mechanism and is reasonable given these series would
not be identical (unlike if they were both P.M.-settled). This could
not occur with respect to ETFs, as all Short Term Options Series on
ETFs are P.M.-settled.
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With respect to Monthly Options Series added pursuant to proposed
Interpretation and Policy .13(a)-(f) to Exchange Rule 404, the Exchange
will, on a monthly basis, review series that are outside a range of
five strikes above and five strikes below the current price of the
underlying index or security, and delist series with no open interest
in both the put and the call series having a strike: (i) higher than
the highest strike price with open interest in the put and/or call
series for a given expiration month; and (ii) lower than the lowest
strike price with open interest in the put and/or call series for a
given expiration month. Notwithstanding this delisting policy, Member
requests to add strikes and/or maintain strikes in Monthly Options
Series in series eligible for delisting will be granted. In connection
with this delisting policy, if the Exchange identifies series for
delisting, the Exchange will notify other options exchanges with
similar delisting policies regarding eligible series for delisting and
will work with such other exchanges to develop a uniform list of series
to be delisted, so as to ensure uniform series delisting of multiply
listed Monthly Options Series.\14\
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\14\ See proposed Interpretation and Policy .13(g) to Exchange
Rule. Pursuant to Exchange Rule 1807, exercise limits for impacted
index and ETF classes would be equal to the applicable position
limits.
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The Exchange believes that Monthly Options Series will provide
investors with another flexible and valuable tool to manage risk
exposure, minimize capital outlays, and be more responsive to the
timing of events affecting the securities that underlie options
contracts. The Exchange believes limiting Monthly Options Series to
five classes will ensure the addition of these new series will have a
negligible impact
[[Page 81497]]
on the Options Price Reporting Authority (``OPRA'') and the Exchange's
quoting capacity. The Exchange represents it has the necessary systems
capacity to support new options series that will result from the
introduction of Monthly Options Series.
The Exchange also proposes to amend Exchange Rules 1804(d) and
1805(d) to provide that positions in Monthly Options Series will be
aggregated with positions in options contracts on the same underlying
security or index.\15\ This is consistent with how position (and
exercise) limits are currently imposed on series with other expirations
(Short Term Options Series and Quarterly Options Series). Therefore,
positions in options within class of index or ETF options, regardless
of their expirations, would continue to be subject to existing position
(and exercise) limits. The Exchange believes this will address
potential manipulative schemes and adverse market impacts surrounding
the use of options.
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\15\ See proposed Exchange Rules 1804(d) (regarding position
limits for broad-based index options) and 1805(d) (regarding
position limits for industry index options).
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The Exchange also represents its current surveillance programs will
apply to Monthly Options Series and will properly monitor trading in
the proposed Monthly Options Series. The Exchange currently lists
Quarterly Options Series in certain ETF classes \16\, which expire at
the close of business at the end of four calendar months (i.e., the end
of each calendar quarter), and has not experienced any market
disruptions nor issues with capacity. The Exchange's surveillance
programs currently in place to support and properly monitor trading in
these Quarterly Options Series, as well as Short Term Options Series
and standard expiration series, will apply to the proposed Monthly
Options Series. The Exchange believes its surveillances continue to be
designed to deter and detect violations of its Rules, including
position and exercise limits and possible manipulative behavior, and
these surveillances will apply to Monthly Options Series that the
Exchange determines to list for trading. Ultimately, the Exchange does
not believe the proposed rule change raises any unique regulatory
concerns because existing safeguards--such as position and exercise
limits (and the aggregation of options overlying the same index or ETF)
and reporting requirements--would continue to apply.
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\16\ The Exchange notes it currently lists quarterly expirations
on certain ETF options pursuant to Interpretation and Policy .03 to
Exchange Rule 404.
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The Exchange notes that the proposed rule change is substantively
identical to the proposed rule changes recently filed by the Cboe
Exchange, Inc. (``Cboe'').\17\ The Exchange notes that MIAX Chapters IV
and XVIII are incorporated by reference into the rulebook of the
Exchange's affiliate, MIAX Emerald, LLC (``Emerald''). As such, the
amendments to MIAX Chapters IV and XVIII proposed herein will also
apply to MIAX Emerald Chapters IV and XVIII.
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\17\ See supra note 4.
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2. Statutory Basis
The Exchange believes the 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.\18\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \19\ requirements that the rules
of an exchange be 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 mechanism 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) \20\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
Members, issuers, brokers, or dealers.
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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
\20\ Id.
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In particular, the Exchange believes the introduction of Monthly
Options Series will remove impediments to and perfect the mechanism of
a free and open market and a national market system by expanding
hedging tools available to market participants. The Exchange believes
the proposed monthly expirations will allow market participants to
transact in the index and ETF options listed pursuant to the proposed
rule change based on their timings as needed and allow them to tailor
their investment and hedging needs more effectively. Further, the
Exchange believes the availability of Monthly Options Series would
protect investors and the public interest by providing investors with
more flexibility to closely tailor their investment and hedging
decisions in these options, thus allowing them to better manage their
risk exposure.
The Exchange believes the Quarterly Options Series Program has been
successful to date and the proposed Monthly Options Series program
simply expands the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
at month's end in the same way the Quarterly Options Series Program has
expanded the landscape of hedging for quarter-end news. Monthly Options
Series will also complement Short Term Options Series, which will allow
investors to hedge risk against events that occur throughout a month.
The Exchange believes the availability of additional expirations should
create greater trading and hedging opportunities for investors, as well
as provide investors with the ability to tailor their investment
objectives more effectively.
The Exchange notes the proposed terms of Monthly Options Series,
including the limitation to five index and ETF option classes, are
substantively the same as the current terms of Quarterly Options
Series.\21\ Quarterly Options Series expire on the last business day of
a calendar quarter, which is the last business day of every third
month. The proposed Monthly Options Series would fills the gaps between
Quarterly Options Series expirations by permitting series to expire on
the last business day of every month, rather than every third month.
The proposed Monthly Options Series may be listed in accordance with
the same terms as Quarterly Options Series, including permissible
strikes. As is the case with Quarterly Options Series, no Short Term
Options Series may expire on the same day as a Monthly Options Series.
Similarly, as proposed, no Monthly Options Series may expire on the
same day as a Quarterly Options Series. The Exchange believes
preventing listing series with concurrent expirations in a class will
eliminate potential investors confusion and thus protect investors and
the public interest. Given that Quarterly Options Series the Exchange
currently lists are essentially Monthly Options Series that can expire
at the end of only certain calendar months, the Exchange believes it is
reasonable to list Monthly Options Series in accordance with the same
terms, as it will promote just and equitable principles of trade. The
Exchange believes limiting Monthly Options Series to five classes will
[[Page 81498]]
ensure the addition of these new series will have a negligible impact
on the Exchange and OPRA's quoting capacity. The Exchange represents it
has the necessary systems capacity to support new options series that
will result from the introduction of Monthly Options Series.
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\21\ Compare proposed Interpretation and Policy .13 Exchange
Rule 404 to Interpretation and Policy .03 to Exchange Rule 404.
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The Exchange further believes the proposed rule change regarding
the treatment of Monthly Options Series with respect to determining
compliance with position and exercise limits is designed to prevent
fraudulent and manipulative acts and practices and promote just and
equitable principles of trade. Monthly Options Series will be
aggregated with options overlying the same ETF or index for purposes of
compliance with position (and exercise) limits, which is consistent
with how position (and exercise) limits are currently imposed on series
with other expirations (Short Term Options Series and Quarterly Options
Series). Therefore, options positions within ETF or index option
classes for which Monthly Options Series are listed, regardless of
their expirations, would continue to be subject to existing position
(and exercise) limits. The Exchange believes this will address
potential manipulative schemes and adverse market impacts surrounding
the use of options. The Exchange also represents its current
surveillance programs will apply to Monthly Options Series and will
properly monitor trading in the proposed Monthly Options Series. As
mentioned above, the Exchange currently trades Quarterly Options Series
in certain ETF classes, which expire at the close of business at the
end of three calendar months (i.e., the end of each calendar quarter),
and has not experienced any market disruptions nor issues with
capacity. The Exchange's surveillance programs currently in place to
support and properly monitor trading in these Quarterly Options Series,
as well as Short Term Options Series, and standard expiration series,
will apply to the proposed Monthly Options Series. The Exchange
believes its surveillances continue to be designed to deter and detect
violations of its Rules, including position and exercise limits and
possible manipulative behavior, and these surveillances will apply to
Monthly Options Series that the Exchange determines to list for
trading. Ultimately, the Exchange does not believe the proposed rule
change raises any unique regulatory concerns because existing
safeguards--such as position and exercise limits (and the aggregation
of options overlying the same ETF or index) and reporting
requirements--would continue to apply.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
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 \24\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\25\
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\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6).
\24\ 15 U.S.C. 78s(b)(3)(A)(iii).
\25\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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 pursuant to Rule 19b-4(f)(6) under the
Act \26\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \27\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the Exchange may immediately list Monthly Options Series, thereby
providing an additional market to investors, which the Exchange
believes will benefit investors by promoting competition in Monthly
Options Series. The Commission notes that it recently approved Cboe's
substantially similar proposal.\28\ The Commission believes that the
proposed rule change presents no novel issues and that waiver of the
30-day operative delay is consistent with the protection of investors
and the public interest. Accordingly, the Commission hereby waives the
operative delay and designates the proposed rule change operative upon
filing.\29\
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\26\ 17 CFR 240.19b-4(f)(6).
\27\ 17 CFR 240.19b-4(f)(6)(iii).
\28\ See supra note 4.
\29\ 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="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#582a2d343d753b3735353d362c2b182b3d3b763f372e"><span class="__cf_email__" data-cfemail="cbb9bea7aee6a8a4a6a6aea5bfb88bb8aea8e5aca4bd">[email protected]</span></a>. Please include
file number
SR-MIAX-2023-44 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-2023-44. 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,
[[Page 81499]]
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-2023-44 and should be
submitted on or before December 13, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25779 Filed 11-21-23; 8:45 am]
BILLING CODE 8011-01-P
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