Notice2023-27066
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule for Purge Ports
Primary source
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Published
December 11, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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[Federal Register Volume 88, Number 236 (Monday, December 11, 2023)]
[Notices]
[Pages 85958-85962]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-27066]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99088; File No. SR-MIAX-2023-43]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Fee Schedule for Purge Ports
December 5, 2023.
Pursuant to 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 22, 2023, Miami International Securities Exchange, LLC
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the MIAX Options Exchange Fee
Schedule (the ``Fee Schedule'') to amend fees for Purge Ports.\3\
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\3\ The proposed fee change is based on a recent proposal by
Nasdaq Phlx LLC (``Phlx'') to adopt fees for purge ports. See
Securities Exchange Act Release No. 97825 (June 30, 2023), 88 FR
43405 (July 7, 2023) (SR-Phlx-2023-28).
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings</a>, at
[[Page 85959]]
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 the fees for Purge Ports, which is a
function enabling Market Makers \4\ to cancel all open quotes or a
subset of open quotes through a single cancel message. The Exchange
currently provides Market Makers the option to purchase Purge Ports to
assist in their quoting activity. Purge Ports provide Market Makers
with the ability to send purge messages to the Exchange System.\5\
Purge Ports are not capable of sending or receiving any other type of
messages or information. The use of Purge Ports is completely optional
and no rule or regulation requires that a Market Maker utilize them.
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\4\ 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.
\5\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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The Exchange initially filed the proposal on September 29, 2023
(SR-MIAX-2023-37) (the ``Initial Proposal'').\6\ On November 22, 2023,
the Exchange withdrew the Initial Proposal and replaced it with this
filing.
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\6\ See Securities Exchange Act Release No. 98732 (October 12,
2023), 88 FR 71913 (October 18, 2023) (SR-MIAX-2023-37).
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Unlike other options exchanges that charge fees for Purge Ports on
a per port basis,\7\ the Exchange assesses a flat fee of $1,500 per
month, regardless of the number of Purge Ports utilized by a Market
Maker. Currently, a Market Maker may request and be allocated two (2)
Purge Ports per Matching Engine \8\ to which it connects and not all
Market Makers connect to all of the Exchange's Matching Engines.
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\7\ See Cboe BXZ Exchange, Inc. (``BZX'') Options Fee Schedule,
Options Logical Port Fees, Purge Ports ($750 per purge port per
month); Cboe EDGX Exchange, Inc. (``EDGX'') Options Fee Schedule,
Options Logical Port Fees, Purge Ports ($750 per purge port per
month); Cboe Exchange, Inc. (``Cboe'') Fee Schedule ($850 per purge
port per month). See also Nasdaq GEMX, Options 7, Pricing Schedule,
Section 6.C.(3). Nasdaq GEMX, LLC (``Nasdaq GEMX'') assesses its
members $1,250 per SQF Purge Port per month, subject to a monthly
cap of $17,500 for SQF Purge Ports and SQF Ports, applicable to
market makers. See also Securities Exchange Act Release No. 97825
(June 30, 2023), 88 FR 43405 (July 7, 2023) (SR-Phlx-2023-28).
\8\ 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.
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The Exchange now proposes to amend the fee for Purge Ports to align
more closely with other exchanges who charge on a per port basis by
providing two (2) Purge Ports per Matching Engine for a monthly flat
fee of $300 per month per Matching Engine. The only difference with a
per port structure is that Market Makers receive two (2) Purge Ports
per Matching Engine for the same proposed monthly fee, rather than
being charged a separate fee for each Purge Port. The Exchange proposes
to charge the proposed fee for Purge Ports per Matching Engine, instead
on a per Purge Port basis, due to its System architecture which
provides two (2) Purge Ports per Matching Engine for redundancy
purposes. In addition, the proposed fee is lower than the comparable
fee charged by competing exchanges that also charge on a per port
basis, notwithstanding that the Exchange is providing up to two (2)
Purge Ports for that same lower fee.\9\
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\9\ See supra note 7.
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Similar to a per port charge, Market Makers are able to select the
Matching Engines that they want to connect to,\10\ based on the
business needs of each Market Maker, and pay the applicable fee based
on the number of Matching Engines and ports utilized. The Exchange
believes that the proposed fee provides Market Makers with flexibility
to control their Purge Port costs based on the number of Matching
Engines each Marker Maker elects to connect to based on each Market
Maker's business needs.
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\10\ The Exchange notes that each Matching Engine corresponds to
a specified group of symbols. Certain Market Makers choose to only
quote in certain symbols while other Market Makers choose to quote
the entire market.
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* * * * *
A logical port represents a port established by the Exchange within
the Exchange's System for trading and billing purposes. Each logical
port grants a Member \11\ the ability to accomplish a specific
function, such as order entry, order cancellation, access to execution
reports, and other administrative information.
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\11\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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Purge Ports are designed to assist Market Makers \12\ in the
management of, and risk control over, their quotes, particularly if the
firm is dealing with a large number of securities. For example, if a
Market Maker detects market indications that may influence the
execution potential of their quotes, the Market Maker may use Purge
Ports to reduce uncertainty and to manage risk by purging all quotes in
a number of securities. This allows Market Makers to seamlessly avoid
unintended executions, while continuing to evaluate the market, their
positions, and their risk levels. Purge Ports are used by Market Makers
that conduct business activity that exposes them to a large amount of
risk across a number of securities. Purge Ports enable Market Makers to
cancel all open quotes, or a subset of open quotes through a single
cancel message. The Exchange notes that Purge Ports increase efficiency
of already existing functionality enabling the cancellation of quotes.
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\12\ Members seeking to become registered as a Market Maker must
comply with the applicable requirements of Chapter VI of the
Exchange's Rules.
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The Exchange operates highly performant systems with significant
throughput and determinism which allows participants to enter, update
and cancel quotes at high rates. Market Makers may currently cancel
individual quotes through the existing functionality, such as through
the use of a mass cancel message by which a Market Maker may request
that the Exchange remove all or a subset of its quotations and block
all or a subset of its new inbound quotations.\13\ Other than Purge
Ports being a dedicated line for cancelling quotations, Purge Ports
operate in the same manner as a mass cancel message being sent over a
different type of port. For example, like Purge Ports, mass
cancellations sent over a logical port may be done at either the firm
or MPID level. As a result, Market Makers can currently cancel quotes
in rapid succession across their
[[Page 85960]]
existing logical ports \14\ or through a single cancel message, all
open quotes or a subset of open quotes.
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\13\ See Exchange Rule 519C(a) and (b).
\14\ Current Exchange port functionality supports cancelation
rates that exceed one thousand messages per second and the
Exchange's research indicates that certain market participants rely
on such functionality and at times utilize such cancelation rates.
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Similarly, Market Makers may also use cancel-on-disconnect control
when they experience a disruption in connection to the Exchange to
automatically cancel all quotes, as configured or instructed by the
Member or Market Maker.\15\ In addition, the Exchange already provides
similar ability to mass cancel quotes through the Exchange's risk
controls, which are offered at no charge and enables Market Makers to
establish pre-determined levels of risk exposure, and can be used to
cancel all open quotes.\16\ Accordingly, the Exchange believes that the
Purge Ports provide an efficient option as an alternative to already
available services and enhance the Market Maker's ability to manage
their risk.
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\15\ See Exchange Rule 519C(c).
\16\ See Exchange Rule 532.
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The Exchange believes that market participants benefit from a
dedicated purge mechanism for specific Market Makers and to the market
as a whole. Market Makers will have the benefit of efficient risk
management and purge tools. The market will benefit from potential
increased quoting and liquidity as Market Makers may use Purge Ports to
manage their risk more robustly. Only Market Makers that request Purge
Ports would be subject to the proposed fees, and other Market Makers
can continue to operate in exactly the same manner as they do today
without dedicated Purge Ports, but with the additional purging
capabilities described above.
Implementation Date
The proposed fees are immediately effective.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\17\ in general, and furthers the
objectives of section 6(b)(5) of the Act,\18\ in particular, in that it
is not designed to permit unfair discrimination among customers,
brokers, or dealers. The Exchange also believes that its proposed fee
is consistent with section 6(b)(4) of the Act \19\ because it
represents an equitable allocation of reasonable dues, fees and other
charges among market participants.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ 15 U.S.C. 78f(b)(4).
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The Exchange supports the proposed fee change with the below
justification because a similar justification was used in a recent 2023
proposal filed with the Commission by another national securities
exchange, Phlx, to adopt fees for purge ports, which the Commission
deemed acceptable by not suspending that filing during the applicable
60-day review period.\20\ In fact, the same justification Phlx utilized
was also used in similar recent proposals to adopt fees for purge ports
by two of Phlx's affiliated exchanges.\21\ Therefore, the Exchange
utilized the below justification based on this recent Commission
precedent from approximately one month ago.
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\20\ See supra note 3.
\21\ See Securities Exchange Act Release Nos. 98770 (October 18,
2023), 88 FR 73065 (October 24, 2023) (SR-BX-2023-026); and 98768
(October 18, 2023), 88 FR 73056 (October 24, 2023) (SR-NASDAQ-2023-
041). While the Exchange included a cos- based justification in a
related filing to amend fees for connectivity, it does not believe a
cost-based justification is require here because Purge Ports are
optional functionality and no cost-based justification was provided
by Phlx or any of its affiliates in their same filings to adopt fees
for purge ports. Nor does the Commission Staff's own fee guidance
include such a requirement. See Staff Guidance on SRO Rule Filings
Relating to Fees (May 21, 2019), available at <a href="https://www.sec.gov/tm/staff-guidance-sro-rule-filings-fees">https://www.sec.gov/tm/staff-guidance-sro-rule-filings-fees</a>.
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The Exchange believes that the proposed rule change would promote
just and equitable principles of trade and remove impediments to and
perfect the mechanism of a free and open market because offering Market
Makers optional service and flexible fee structures which promotes
choice, flexibility, efficiency, and competition. The Exchange believes
Purge Ports enhance Market Makers' ability to manage quotes, which
would, in turn, improve their risk controls to the benefit of all
market participants. The Exchange believes that Purge Ports foster
cooperation and coordination with persons engaged in facilitating
transactions in securities because designating Purge Ports for purge
messages may encourage better use of such ports. This may, concurrent
with the ports that carry quotes and other information necessary for
market making activities, enable more efficient, as well as fair and
reasonable, use of Market Makers' resources. Similar connectivity and
functionality is offered by options exchanges, including the Exchange's
own affiliated options exchanges, and other equities exchanges.\22\ The
Exchange believes that proper risk management, including the ability to
efficiently cancel multiple quotes quickly when necessary, is similarly
valuable to firms that trade in the equities market, including Market
Makers that have heightened quoting obligations that are not applicable
to other market participants.
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\22\ See supra notes 3 and 7. See also Securities Exchange Act
Release No. 77613 (April 13, 2016), 81 FR 23023 (April 19, 2016).
See also Securities Exchange Act Release Nos. 79956 (February 3,
2017), 82 FR 10102 (February 9, 2017) (SR-BatsBZX-2017-05); 79957
(February 3, 2017), 82 FR 10070 (February 9, 2017) (SR-BatsEDGX-
2017-07); 83201 (May 9, 2018), 83 FR 22546 (May 15, 2018) (SR-C2-
2018-006).
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Purge Ports do not relieve Market Makers of their quoting
obligations or firm quote obligations under Regulation NMS Rule
602.\23\ Specifically, any interest that is executable against a
Member's or Market Maker's quotes that is received by the Exchange
prior to the time of the removal of quotes request will automatically
execute. Market Makers that purge their quotes will not be relieved of
the obligation to provide continuous two-sided quotes on a daily basis,
nor will it prohibit the Exchange from taking disciplinary action
against a Market Maker for failing to meet their continuous quoting
obligation each trading day.\24\
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\23\ See Exchange Rule 604. See also generally Chapter VI of the
Exchange's Rules.
\24\ Id.
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The Exchange is not the only exchange to offer this functionality
and to charge associated fees.\25\ The Exchange believes the proposed
fee for Purge Ports is reasonable because it is lower than the fees
currently charged by other exchanges for similar port functionality.
For example, BZX and EDGX charge a fee of $750 per purge port per
month, Cboe charges $850 per purge port per month, Nasdaq GEMX assesses
its members $1,250 per SQF Purge Port per month, subject to a monthly
cap of $17,500 for SQF Purge Ports and SQF Ports.\26\
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\25\ See supra notes 3 and 7.
\26\ See supra note 7.
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The Exchange believes it is reasonable to charge $300 per month for
Purge Ports as proposed because such ports were specially developed to
allow Market Makers to send a single message to cancel multiple quotes,
thereby assisting firms in effectively managing risk. The Exchange also
believes that a Member that chooses to utilize Purge Ports may, in the
future, reduce their need for additional ports by consolidating cancel
messages to their dedicated Purge Port and thus freeing up some
capacity of the existing logical ports and, therefore, allowing for
increased message traffic without paying for additional logical ports.
Purge Ports provide the ability to cancel
[[Page 85961]]
multiple quotes with a single message over a dedicated port, and,
therefore, may create efficiencies for firms and provide a more
efficient solution for them based on their risk management needs. In
addition, Purge Port requests may cancel quotes submitted over numerous
ports and contain added functionality to purge only a subset of these
quotes. Effective risk management is important both for individual
market participants that choose to utilize risk features provided by
the Exchange, as well as for the market in general. As a result, the
Exchange believes that it is appropriate to charge fees for such
functionality as doing so aids in the maintenance of a fair and orderly
market.
The Exchange also believes that its ability to set fees for Purge
Ports is subject to significant substitution-based forces because
Market Makers are able to rely on currently available services both
free and those they receive when using existing trading protocols. If
the value of the efficiency introduced through the Purge Port
functionality is not worth the proposed fees, Market Makers will simply
continue to rely on the existing functionality and not pay for Purge
Ports. In that regard, Market Makers may currently cancel individual
quotes through the existing functionality, such as through the use of a
mass cancel message by which a Market Maker may request that the
Exchange remove all or a subset of its quotations and block all or a
subset of its new inbound quotations. Already Market Makers can also
cancel quotes individually and by utilizing Exchange protocols that
allow them to develop proprietary systems that can send cancel messages
at a high rate.\27\ In addition, the Exchange already provides similar
ability to mass cancel quotes through the Exchange's risk controls,
which are offered at no charge that enables Market Makers to establish
pre-determined levels of risk exposure, and can be used to cancel all
open quotes.\28\ Further, like Purge Ports, Members may also cancel all
or a subset of its orders in the System, by firm name or by MPID, over
their existing ports, or by requesting the Exchange staff to effect
such cancellations.\29\
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\27\ Current Exchange port functionality supports cancelation
rates that exceed one thousand messages per second and the
Exchange's research indicates that certain Participants rely on such
functionality and at times utilize such cancelation rates.
\28\ See Exchange Rule 532.
\29\ See Exchange Rule 519C(a).
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Similarly, Market Makers may use cancel-on-disconnect control when
they experience a disruption in their connection to the Exchange and
immediately cancel all pending quotes in the Exchange's System.\30\
Finally, this existing purging functionality will allow Market Makers
to achieve essentially the same outcome in canceling quotes as they
would by utilizing the Purge Ports. Accordingly, the Exchange believes
that the proposed Purge Port fee is reasonable because it is related to
the efficiency of Purge Ports and to other means and services already
available which are either free or already a part of a fee assessed to
the Market Maker for existing connectivity. Accordingly, because Purge
Ports provide additional optional functionality, excessive fees would
simply serve to reduce or eliminate demand for this optional product.
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\30\ See Exchange Rule 519C(c).
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The Exchange also believes that offering Purge Ports at the
Matching Engine level promotes risk management across the industry, and
thereby facilitates investor protection. Some market participants, in
particular the larger firms, could and do build similar risk
functionality (as described above) in their trading systems that permit
the flexible cancellation of quotes entered on the Exchange at a high
rate. Offering Matching Engine level protections ensures that such
functionality is widely available to all firms, including smaller firms
that may otherwise not be willing to incur the costs and development
work necessary to support their own customized mass cancel
functionality.
As noted above, the Exchange is not the only exchange to offer
dedicated Purge Ports, and the proposed rate is lower than that charged
by other exchanges for similar functionality. The Exchange also
believes that moving to a per Matching Engine fee is reasonable due to
the Exchange's architecture that provides it the ability to provide two
(2) Purge Ports per Matching Engine for a fee that would still be lower
than competing exchanges that charge on a per port basis. Generally
speaking, restricting the Exchange's ability to charge fees for these
services discourages innovation and competition. Specifically in this
case, the Exchange's inability to offer similar services to those
offered by other exchanges, and charge reasonable and equitable fees
for such services, would put the Exchange at a significant competitive
disadvantage and, therefore, serve to restrict competition in the
market--especially when other exchanges assess comparable fees higher
than those proposed by the Exchange.
The Exchange believes that the proposed Purge Port fees are
equitable because the proposed Purge Ports are completely voluntary as
they relate solely to optional risk management functionality.
The Exchange also believes that the proposed amendments to its Fee
Schedule are not unfairly discriminatory because they will apply
uniformly to all Market Makers that choose to use the optional Purge
Ports. Purge Ports are completely voluntary and, as they relate solely
to optional risk management functionality, no Market Maker is required
or under any regulatory obligation to utilize them. All Market Makers
that voluntarily select this service option will be charged the same
amount for the same services. All Market Makers have the option to
select any connectivity option, and there is no differentiation among
Market Makers with regard to the fees charged for the services offered
by the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Purge Ports are completely
voluntary and are available to all Market Makers on an equal basis at
the same cost. While the Exchange believes that Purge Ports provide a
valuable service, Market Makers can choose to purchase, or not
purchase, these ports based on their own determination of the value and
their business needs. No Market Maker is required or under any
regulatory obligation to utilize Purge Ports. Accordingly, the Exchange
believes that Purge Ports offer appropriate risk management
functionality to firms that trade on the Exchange without imposing an
unnecessary or inappropriate burden on competition.
Furthermore, the Exchange operates in a highly competitive
environment, and its ability to price the Purge Ports is constrained by
competition among exchanges that offer similar functionality. As
discussed, there are currently a number of similar offers available to
market participants for higher fees at other exchanges. Proposing fees
that are excessively higher than established fees for similar
functionality would simply serve to reduce demand for the Purge Ports,
which as discussed, market participants are under no obligation to
utilize. It could also cause firms to shift trading to other exchanges
that offer similar functionality at a lower cost, adversely impacting
the overall trading on the
[[Page 85962]]
Exchange and reducing market share. In this competitive environment,
potential purchasers are free to choose which, if any, similar product
to purchase to satisfy their need for risk management. As a result, the
Exchange believes this proposed rule change permits fair competition
among national securities exchanges.
The Exchange also does not believe the proposal would cause any
unnecessary or inappropriate burden on intermarket competition as other
exchanges are free to introduce their own purge port functionality and
lower their prices to better compete with the Exchange's offering. The
Exchange does not believe the proposed rule change would cause any
unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposal would apply uniformly to any market
participant, in that it does not differentiate between Market Makers.
The proposal would allow any interested Market Makers to purchase Purge
Port functionality based on their business needs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange received one comment letter on the proposal.\31\ This
comment letter was submitted not only on this proposal, but also the
proposals by the Exchange and its affiliates to amend fees for 10Gb ULL
connectivity and certain ports. Overall, the Exchange believes that the
issues raised by the commenter are not germane to this proposal because
they apply primarily to the other fee filings. Also, the commenter's
raised concerns with the current environment surrounding exchange non-
transaction fee proposals that should be addressed by the Commission
through rule making, or Congress, more holistically and not through an
individual exchange fee filings. However, the commenter does raise one
issue that concerns this proposal whereby it asserts that the
Exchange's comparison to fees charged by other exchanges for similar
ports is irrelevant and unpersuasive. The core of the issue raised is
regarding the cost to connect to one exchange compared to the cost to
connect to others. A thorough response to this comment would require
the Exchange to obtain competitively sensitive information about other
exchange architecture and how their members connect. The Exchange is
not privy to this information. Further, the commenter compares the
Exchange's proposed rate to other exchanges that offer purge port
functionality across all matching engines for a single fee, but fails
to provide the same comparison to other exchanges that charge for purge
functionality like proposed here. The Exchange does not have insight
into the technical architecture of other exchanges so it is difficult
to ascertain the number of purge ports a firm would need to connect to
another exchanges entire market. Therefore, the Exchange is limited to
comparing its proposed fee to other exchanges' purge port fees as
listed in their fee schedules.
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\31\ See letter from Thomas M. Merritt, Deputy General Counsel,
Virtu Financial, Inc. (``Virtu''), to Vanessa Countryman, Secretary,
Commission, dated November 8, 2023.
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III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act,\32\ and Rule 19b-4(f)(2) \33\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\32\ 15 U.S.C. 78s(b)(3)(A)(ii).
\33\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#8bf9fee7eea6e8e4e6e6eee5fff8cbf8eee8a5ece4fd"><span class="__cf_email__" data-cfemail="b2c0c7ded79fd1dddfdfd7dcc6c1f2c1d7d19cd5ddc4">[email protected]</span></a>. Please include
file number SR-MIAX-2023-43 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-2023-43. 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-2023-43 and should be
submitted on or before January 2, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-27066 Filed 12-8-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on December 11, 2023.
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