Notice2024-06457
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Options Exchange Fee Schedule
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
March 27, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 60 (Wednesday, March 27, 2024)</title>
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[Federal Register Volume 89, Number 60 (Wednesday, March 27, 2024)]
[Notices]
[Pages 21305-21308]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06457]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99830; File No. SR-MIAX-2024-15]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the MIAX Options Exchange Fee Schedule
March 21, 2024.
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 March 8, 2024, Miami International Securities
Exchange, LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a proposed rule change as
described in Items I, II and III below, which Items have been prepared
by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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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'').
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 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 exchange grouping of options
exchanges within the routing fee table in Section 1)c) of the Fee
Schedule, Fees for Customer Orders Routed to Another Options Exchange,
to (i) adjust the groupings of options exchanges; and (ii) adopt a new
routing tier. The Exchange originally filed this proposal on January
31, 2024 (SR-MIAX-2024-05). On February 14, 2024, the Exchange withdrew
SR-MIAX-2024-05 and resubmitted the proposal as SR-MIAX-2024-11. On
February 26, 2024, SR-MIAX-2024-11 was rejected due to a technical
issue with the filing. On February 26, 2024, the Exchange resubmitted a
corrected proposal as SR-MIAX-2024-12. On March 8, 2024, the Exchange
withdrew SR-MIAX-2024-12 and resubmitted this proposal.
Background
Currently, the Exchange assesses routing fees based upon (i) the
origin type of the order; (ii) whether or not it is an order for
standard option classes in the Penny Interval Program \3\ (``Penny
classes'') or an order for standard option classes which are not in the
Penny Interval Program (``Non-Penny classes'') (or other explicitly
identified classes); and (iii) to which away market it is being routed.
This assessment practice is identical to the routing fees assessment
practice currently utilized by the Exchange's affiliates, MIAX PEARL,
LLC (``MIAX Pearl'') and MIAX Emerald, LLC (``MIAX Emerald''). This is
also similar to the methodology utilized by the Cboe BZX Exchange, Inc.
(``Cboe BZX Options''), a competing options exchange, in assessing
routing fees. Cboe BZX Options has exchange groupings in its fee
schedule, similar to those of the Exchange, whereby several exchanges
are grouped into the same category dependent upon the order's origin
type and whether it is a Penny or Non-Penny class.\4\
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\3\ See Exchange Rule 510(c).
\4\ See Cboe U.S. Options Fee Schedules, BZX Options, effective
March 1, 2024, ``Fee Codes and Associated Fees,'' at <a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/">https://www.cboe.com/us/options/membership/fee_schedule/bzx/</a>.
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As a result of conducting a periodic review of the current
transaction fees charged by away markets, the Exchange has determined
to amend the exchange groupings of options exchanges within the routing
fee table, and to add another fee tier to account for fees assessed at
away markets and to better reflect the associated costs and fees of
routing customer orders to certain away markets for execution.
Proposal
The Exchange proposes to amend the table in Section 1)c) of the
Exchange's Fee Schedule, Fees for Customer Orders Routed to Another
Options Exchange.
The purpose of the proposed change is to adjust the routing fee
groups for orders routed to other exchanges to better reflect the
associated costs for that routed execution in Penny and Non-Penny
Classes as determined by the fees assessed at the executing exchange.
In determining to amend its routing fees the Exchange took into account
transaction fees assessed by the away market to which the Exchange
routes orders, as well as the Exchange's clearing costs,
administrative, regulatory, and technical costs associated with routing
orders to an away market. The Exchange uses unaffiliated routing
brokers to route orders to the away markets; the costs associated with
the use of these services are included in the routing fees specified in
the Fee Schedule. This routing fee structure is not only similar to the
Exchange's affiliates, MIAX Pearl and MIAX Emerald, but is also
comparable to the structure in place on at least one other competing
options exchange, Cboe BZX Options.\5\ The Exchange's routing fee
structure approximates the Exchange's costs associated with routing
orders to away markets. The per-contract transaction fee amount
associated with each grouping closely approximates the Exchange's all-
in cost (plus an additional, non-material amount) \6\ to execute that
corresponding contract at that corresponding exchange.
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\5\ See supra note 4. The Cboe BZX Options fee schedule has
exchange groupings, whereby several exchanges are grouped into the
same category, dependent on the order's Origin type and whether it
is a Penny or Non-Penny class. For example, Cboe BZX Options fee
code RR covers routed customer orders in Non-Penny classes to NYSE
Arca, Nasdaq BX, Cboe C2, Nasdaq ISE, Nasdaq Gemini, MIAX Emerald,
MIAX Pearl, NOM, or MEMX with a single fee of $1.25 per contract.
\6\ This amount is to cover de minimis differences/changes to
away market fees (i.e., minor increases or decreases) that would not
necessitate a fee filing by the Exchange to re-categorize the away
exchange into a different grouping. Routing fees are not intended to
be a profit center for the Exchange and the Exchange's goal
regarding routing fees and expenses is to be as close as possible to
net neutral.
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Specifically, the Exchange proposes to amend the ``Routed, Priority
Customer, Penny Program'' $0.15 fee tier and the ``Routed, Priority
Customer, Penny Program'' $0.30 fee tier to segregate routing fees for
SPY orders executed on Nasdaq MRX. Currently, the Exchange assesses a
$0.30 fee for any Priority Customer order in a Penny Program symbol,
routed to Nasdaq MRX. The Exchange now proposes to amend the ``Routed,
Priority Customer, Penny Program'' $0.15 fee tier to include Nasdaq MRX
(SPY Only) and to amend
[[Page 21306]]
the ``Routed Priority Customer, Penny Program'' $0.30 fee tier to amend
Nasdaq MRX to Nasdaq MRX (except SPY). This change is being made as
Nasdaq MRX assesses a $0.20 per contract taker fee for Priority
Customer orders in Penny Program symbols,\7\ but does not assess a
taker fee for Priority Customer SPY orders.\8\ The proposed changes to
the Exchange's fee schedule better reflect the taker fees charged by
Nasdaq MRX for Priority Customer SPY orders.
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\7\ See Nasdaq MRX Rules, Options 7, Pricing Schedule, Section
3, Regular Order Fees and Rebates, Table 1. The Exchange notes that
on March 1, 2024, Nasdaq MRX increased the taker fee from $0.15 to
$0.20 for Priority Customer orders in penny classes and increased
the taker fee to $0.40 for Priority Customer orders in non-penny
classes.
\8\ See footnote 6 of Nasdaq MRX Rules, Options 7, Pricing
Schedule, Section 3, Regular Order Fees and Rebates, which provides,
``Market Maker Tier 1 through Tier 4 Maker Fees/Rebates and Priority
Customer Tier 1 through Tier 4 Taker Fees will be $0.00 per
contract, in Penny Symbols, for the following options symbols: SPY,
QQQ and IWM. See also Securities Exchange Release No. 98129 (August
14, 2023), 88 FR 56672 (August 18, 2023) (SR-MRX-2023-12).
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Additionally, the Exchange proposes to similarly segregate Routed,
Priority Customer SPY orders to the BOX Exchange (``BOX'').
Specifically, the Exchange proposes to amend the ``Routed, Priority
Customer, Penny Program'' $0.15 fee tier to specify that orders in this
segment routed to BOX will be assessed a $0.15 fee except for SPY
orders. Additionally, the Exchange proposes to amend the ``Routed,
Priority Customer, Penny Program'' $0.30 fee tier to specify that SPY
orders in this segment routed to BOX will be assessed a $0.30 fee. This
change is being made as BOX does not assess a taker fee for
Professional Customer orders in any Penny or Non-Penny classes \9\
except for SPY orders where BOX assesses a $0.10 per contract taker
fee.\10\ The proposed changes are being made to better reflect the
costs and fees associated with executing Priority Customer SPY orders
on BOX.\11\
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\9\ See BOX Exchange Fee Schedule, Section IV, Electronic
Transaction Fees, A, Non-Auction Transactions.
\10\ See id.
\11\ BOX Exchange charges a $0.10 Taker fee for executions
against Professional Customers/Broker Dealers, and Market Makers.
See BOX Exchange Fee Schedule as of January 2, 2024, Section IV.
Electronic Transaction Fees, A. Non-Auction Transactions, available
online at <a href="https://boxoptions.com/fee-schedule/">https://boxoptions.com/fee-schedule/</a>.
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The Exchange proposes to amend the ``Routed, Priority Customer,
Non-Penny Program'' $0.15 fee tier to remove Nasdaq ISE and to amend
the ``Routed, Priority Customer, Non-Penny Program'' $1.00 fee tier to
add Nasdaq ISE. This proposed change reflects fees charged by Nasdaq
ISE when a Priority Customer trades against a Priority Customer.\12\
This change is being made to better reflect the costs and fees
associated with executing orders in this segment on Nasdaq ISE.
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\12\ See Nasdaq ISE Rules, Options 7 Pricing Schedule, Section
3. Regular Order Fees and Rebates, footnote 3 which provides in
pertinent part that, ``Priority Customer orders will be charged a
taker fee of $1.00 per contract for trades executed against a
Priority Customer.''
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The Exchange proposes to amend the ``Routed, Public Customer that
is not a Priority Customer, Non-Penny Program'' $1.15 fee tier to
remove NOM and Nasdaq ISE. The Exchange proposes to amend the ``Routed,
Public Customer that is not a Priority Customer, Non-Penny Program''
$1.00 fee tier to add NOM.\13\ This change is being made to better
reflect the associated costs and fees of routing these customer orders
to certain away markets for execution.
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\13\ NOM assesses an $0.85 taker fee for Customer and
Professional orders in Non-Penny classes. See Nasdaq Stock Market
Rules, Options 7, Pricing Schedule, Section 2, Nasdaq Options
Market--Fees and Rebates, Fees to Remove Liquidity in Penny and Non-
Penny Symbols.
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The Exchange proposes to amend the ``Routed, Public Customer that
is not a Priority Customer, Non-Penny Program'' $1.25 fee tier to
remove Cboe BZX Options and Nasdaq BX Options. The Exchange now
proposes to adopt a new ``Routed, Public Customer that is not a
Priority Customer, Non-Penny Program'' $1.40 fee tier to include Nasdaq
ISE, Cboe BZX Options, and Nasdaq BX Options. This change is being made
to better reflect the fees assessed for executions that occur on Cboe
BZX Options,\14\ Nasdaq ISE,\15\ and Nasdaq BX Options \16\ and the
associated costs of routing customer orders to these away markets for
execution.
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\14\ See Cboe U.S. Options Fee Schedules, BZX Options, effective
March 1, 2024, ``Fee Codes and Associated Fees,'' which assesses a
$1.15 fee for Non-Customer orders, and an $0.85 fee for Customer
orders, that remove liquidity in Non-Penny classes, available online
at <a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/">https://www.cboe.com/us/options/membership/fee_schedule/bzx/</a>.
\15\ See Nasdaq ISE Rules, Options 7 Pricing Schedule, Section
3, Regular Order Fees and Rebates, footnote 3 which provides in
pertinent part that, ``Non-Priority Customer orders will be charged
a taker fee of $1.25 per contract for trades executed against a
Priority Customer.'' See also Securities Exchange Act Release No.
99024 (November 28, 2023), 88 FR 84014 (December 1, 2023) (SR-ISE-
2023-28).
\16\ See Nasdaq BX Rules, Options 7 Pricing Schedule, Section 2,
BX Options Market-Fees and Rebates, paragraph (1) Fees and Rebates
for Execution of Contracts on the BX Options Markets, which assesses
a $1.25 Taker Fee for Non-Penny Symbols. See also Securities
Exchange Act Release No. 99008 (November 21, 2023), 88 FR 83189
(November 28, 2023) (SR-BX-2023-31).
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As discussed above the Exchange uses unaffiliated routing brokers
to route orders to the away markets; the costs associated with the use
of these services are included in the routing fees specified in the Fee
Schedule. The per-contract transaction fee amount associated with each
grouping, including the proposed ``Routed, Public Customer that is not
a Priority Customer, Non-Penny Program'' $1.40 fee tier closely
approximates the Exchange's all-in cost (plus an additional, non-
material amount) \17\ to execute that corresponding contract at that
corresponding exchange.
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\17\ See supra note 6.
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The Exchange notes that in determining whether to adjust certain
groupings of options exchanges in the routing fee table, the Exchange
considered the transaction fees assessed by away markets, and
determined to amend the grouping of exchanges that assess transaction
fees for routed orders within a similar range. This same logic and
structure applies to all of the groupings in the routing fee table. By
utilizing the same structure that is utilized by the Exchange's
affiliates, MIAX Pearl and MIAX Emerald, the Exchange's Members \18\
will be assessed routing fees in a similar manner. The Exchange
believes that this structure will minimize any confusion as to the
method of assessing routing fees between the three exchanges. The
Exchange notes that its affiliates, MIAX Pearl and MIAX Emerald, will
file to make the same proposed routing fee changes contained herein.
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\18\ 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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Implementation
The proposed rule changes are immediately effective.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \19\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \20\ in
particular, in that it is an equitable allocation of reasonable dues,
fees, and other charges among its members and issuers and other persons
using its facilities. The Exchange also believes the proposal furthers
the objectives of Section 6(b)(5) of the Act \21\ in that it is
designed to promote just and equitable principles of trade, 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
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public interest and is not designed to permit unfair discrimination
between customers, issuers, brokers and dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(4).
\21\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed change to the exchange groupings
of options exchanges within the routing fee table furthers the
objectives of Section 6(b)(4) of the Act and is reasonable, equitable
and not unfairly discriminatory because the proposed change will
continue to apply in the same manner to all Members that are subject to
routing fees. The Exchange believes the proposed change to the routing
fee table exchange groupings furthers the objectives of Section 6(b)(5)
of the Act and is designed to promote just and equitable principles of
trade and is not unfairly discriminatory because the proposed change
seeks to recoup costs that are incurred by the Exchange when routing
Priority and Public Customer Orders to away markets on behalf of
Members and does so in the same manner for all Members that are subject
to routing fees. The costs to the Exchange to route orders to away
markets for execution primarily includes transaction fees assessed by
the away markets to which the Exchange routes orders, in addition to
the Exchange's clearing costs, administrative, regulatory and technical
costs. The Exchange believes that the proposed re-categorization of
certain exchange groupings and the introduction of an additional fee
tier would enable the Exchange to better reflect the costs and fees
associated with routing orders to other exchanges for execution.
Further, the new proposed fee tier is in line with at least one other
exchange that assesses a fee to similarly route customer orders for
Non-Penny Classes to away markets for execution.\22\
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\22\ See C2 Options Fee Schedule, as of February 9, 2024,
Linkage Routing Fees, which assesses a $1.55 fee for orders marked
with fee code ``RD'' Routed (Customer), Non-Penny. The term
``Customer'' means a Public Customer or a broker-dealer. See Rules
of Cboe C2 Exchange, Rule 1.1. ``Public Customer'' means a person
that is not a broker or dealer in securities. See Rules of Cboe C2
Exchange, Rule 1.1. The Exchange similarly defines ``Public
Customer'' as a person that is not a broker or dealer in securities.
See Exchange Rule 100.
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The Exchange places away markets in the fee tier grouping that best
approximates the Exchange's costs and fees to route the orders in that
segment to that away market. The per-contract transaction fee amount
associated with each grouping approximates the Exchange's all-in cost
(plus an additional, non-material amount) \23\ to execute the
corresponding contract at the corresponding exchange. Other exchanges
employ more simplistic models that provide for even fewer tiers than
the Exchange (e.g., two tiers on MEMX,\24\ and five tiers on Cboe BZX)
\25\ in their attempt to reflect the costs and fees associated with
routing and executing orders on other exchanges. The Exchange believes
its tier structure represents the best approach to reflect the costs
and fees associated with routing and executing orders on other
exchanges.
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\23\ See supra note 6.
\24\ See MEMX Options Fee Schedule, as of February 15, 2024,
Routing Fees, which assesses a fee of $0.60 for orders in penny
classes routed to other exchanges and $1.20 for orders in non-penny
classes routed to other exchanges, available at <a href="https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/">https://info.memxtrading.com/us-options-trading-resources/us-options-fee-schedule/</a>.
\25\ See Cboe BZX Options Fee Schedule, as of March 1, 2024, Fee
Codes and Associated Fees, which assesses a $0.90 fee for non-
customer orders in penny classes routed to other exchanges and a
$1.25 fee for non-customer orders in non-penny classes routed to
other exchanges, and additionally provides for three additional fee
tiers for customer orders routed to other exchanges, available at
<a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/">https://www.cboe.com/us/options/membership/fee_schedule/bzx/</a>.
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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. The Exchange's proposed re-
categorization of certain exchange groupings is intended to enable the
Exchange to recover the costs it incurs to route orders to away
markets, while the introduction of a new fee tier is designed to allow
the Exchange to better approximate the costs it incurs to route orders
to Cboe BZX Options, Nasdaq ISE, and Nasdaq BX. The costs to the
Exchange to route orders to away markets for execution primarily
includes the transaction fees assessed by the away markets to which the
Exchange routes orders, in addition to the Exchange's clearing costs,
administrative, regulatory and technical costs. This new tier is
reflective of the fees assessed on the away markets and the Exchange's
cost to route orders to these away markets on behalf of Members. The
Exchange does not believe that this proposal imposes any unnecessary
burden on competition because it seeks to better reflect the costs and
fees incurred by the Exchange when routing orders to away markets on
behalf of Members and notes that at least one other options exchange
has a similar routing fee structure.\26\
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\26\ See supra note 4.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
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,\27\ and Rule 19b-4(f)(2) \28\ 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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\27\ 15 U.S.C. 78s(b)(3)(A)(ii).
\28\ 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#98eaedf4fdb5fbf7f5f5fdf6ecebd8ebfdfbb6fff7ee"><span class="__cf_email__" data-cfemail="ee9c9b828bc38d8183838b809a9dae9d8b8dc0898198">[email protected]</span></a>. Please include
file number SR-MIAX-2024-15 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-2024-15. 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
[[Page 21308]]
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-2024-15 and should be
submitted on or before April 17, 2024.
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\29\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06457 Filed 3-26-24; 8:45 am]
BILLING CODE 8011-01-P
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