Notice2024-18794
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for QCC Orders and cQCC Orders
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
August 22, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 163 (Thursday, August 22, 2024)</title>
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[Federal Register Volume 89, Number 163 (Thursday, August 22, 2024)]
[Notices]
[Pages 67983-67986]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-18794]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100746; File No. SR-SAPPHIRE-2024-11]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt
Fees for QCC Orders and cQCC Orders
August 16, 2024.
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 August 6, 2024, MIAX Sapphire, LLC (``MIAX Sapphire'' 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 is filing a proposal to amend the MIAX Sapphire Fee
Schedule (the ``Fee Schedule'') to adopt fees for Qualified Contingent
Cross (``QCC'') Orders \3\ and complex Qualified Contingent Cross
(``cQCC'') Orders.\4\ MIAX Sapphire will commence operations as a
national securities exchange registered under Section 6 of the Act \5\
on August 12, 2024.\6\
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\3\ A Qualified Contingent Cross Order is comprised of an
originating order to buy or sell at least 1,000 contracts, or 10,000
mini-option contracts, that is identified as being part of a
qualified contingent trade, as that term is defined in
Interpretation and Policy .01 of MIAX Sapphire Rule 516, coupled
with a contra-side order or orders totaling an equal number of
contracts. See Exchange Rule 516(j).
\4\ A Complex Qualified Contingent Cross of ``cQCC'' Order is
comprised of an originating complex order to buy or sell where each
component is at least 1,000 contracts that is identified as being
part of a qualified contingent trade, as defined in Rule 516,
Interpretation and Policy .01, coupled with a contra-side complex
order or orders totaling an equal number of contracts. See Exchange
Rule 518(b)(4).
\5\ 15 U.S.C. 78f.
\6\ See Securities Exchange Act Release No. 100539 (July 15,
2024), 89 FR 58848 (July 19, 2024) (File No. 10-240) (order
approving application of MIAX Sapphire, LLC for registration as a
national securities exchange).
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While changes to the Fee Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated these changes to be
operative on August 12, 2024.
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-sapphire/rule-filings">https://www.miaxglobal.com/markets/us-options/miax-sapphire/rule-filings</a>, at the Exchange'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 adopt Section 1)a)ii) of the Fee Schedule
as ``QCC Fees'' to adopt certain fees and rebates applicable to QCC
Orders. Additionally, the Exchange proposes to adopt Section 1)a)iii)
of the Fee Schedule as ``cQCC Fees'' to adopt certain fees and rebates
applicable to cQCC Orders. Finally, the Exchange proposes to adopt
Section 1)a)i) to the Fee Schedule which the Exchange is proposing to
reserve to be amended by a later proposal. The Exchange notes that
these fees are identical to fees charged on the Exchange's affiliate,
Miami International Securities Exchange, LLC (``MIAX Options'').\7\
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\7\ See MIAX Options Exchange Fee Schedule, Section 1)a)vii)
``QCC Fees'' and Section 1)a)viii) ``cQCC Fees'' available at
<a href="https://www.miaxglobal.com/markets/us-options/miax-options/fees">https://www.miaxglobal.com/markets/us-options/miax-options/fees</a>.
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Background
A QCC Order is comprised of an originating order to buy or sell at
least 1,000 contracts that is identified as being part of a qualified
contingent trade, coupled with a contra-side order or orders totaling
an equal number of contracts.\8\ A ``qualified contingent trade'' is a
transaction consisting of two or more component orders, executed as
agent or principal, where: (a) at least one component is an NMS Stock,
as defined in Rule 600 of Regulation NMS under the Exchange Act; (b)
all components are effected with a product or price contingency that
either has been agreed to by all the respective counterparties or
arranged for by a broker-dealer as principal or agent; (c) the
execution of one component is contingent upon the execution of all
other components at or near the same time; (d) the specific
relationship between the component orders (e.g., the spread between the
prices of the component orders) is determined by the time the
contingent order is placed; (e) the component orders bear a derivative
relationship to one another, represent different classes of shares of
the same issuer, or involve the securities of participants in mergers
or with intentions to merge that have been announced or cancelled; and
(f) the transaction is fully hedged (without regard to any prior
existing position) as a result of other components of the contingent
trade.\9\
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\8\ See Exchange Rule 516(j).
\9\ See Interpretation and Policy .01 of Exchange Rule 516.
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Proposal To Adopt QCC Order Fees and Rebates
The Exchange proposes to adopt Section 1)a)ii) of the Fee Schedule
as ``QCC Fees'' to adopt certain fees and rebates applicable to QCC
Orders. The Exchange proposes to assess initiator fees as follows:
$0.00 per contract for the Priority Customer \10\ origin; $0.12 for
Public Customer \11\ that is Not a Priority Customer; and $0.20 per
contract for all other market participant origins (i.e., Sapphire
Market Makers,\12\ non-Sapphire Market Makers, non-Member Broker-
Dealers, and Firm).\13\
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\10\ The term ``Priority Customer'' means a person or entity
that (i) is not a broker or dealer in securities, and (ii) does not
place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s). See
Exchange Rule 100.
\11\ The term ``Public Customer'' means a person that is not a
broker or dealer in securities. See Exchange Rule 100.
\12\ The term ``Market Makers'' means a Member registered with
the Exchange for the purposes of making markets in options contracts
traded on the Exchange and that is vested with the rights and
responsibilities specified in Chapter VI of MIAX Sapphire Rules. See
Exchange Rule 100.
\13\ For the purposes of this filing, the origins comprising
Sapphire Market Makers, non-Sapphire Market Makers, non-Member
broker-dealers and firms will be referred to as ``Professional.''
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The Exchange proposes to assess contra-side fees for all market
participant origins, except the Priority Customer origin, as follows:
$0.12 per contract side for the Public Customer that is not a Priority
Customer origin; and $0.20 per contract side for Professional origins.
The Exchange proposes to establish that rebates are paid to the
Electronic
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Exchange Member (``EEM'') \14\ that entered the QCC Order, depending
upon the origin type and the origin type on the contra-side.
Specifically, the Exchange proposes to provide the following rebates
for an EEM when the contra-side is a Priority Customer: $0.00 per
contract for the Priority Customer origin; $0.07 per contract for the
Public Customer that is not a Priority Customer origin; and $0.17 per
contract for Professional origins.
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\14\ The term ``Electronic Exchange Member'' or ``EEM'' means
the holder of a Trading Permit who is a Member representing as agent
Public Customer Orders or Non-Customer Orders on the Exchange and
those non-Market Maker Members conducting proprietary trading.
Electronic Exchange Members are deemed ``members'' under the
Exchange Act. See Exchange Rule 100.
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The Exchange proposes to provide the following rebates for an EEM
when the contra-side is a Public Customer that is not a Priority
Customer: $0.07 per contract for the Priority Customer origin; $0.17
per contract for the Public Customer that is not a Priority Customer
origin; and $0.25 per contract for Professional origins.
The Exchange proposes to provide the following rebates for an EEM
when the contra-side is all other origins (i.e., neither a Priority
Customer nor a Public Customer that is not a Priority Customer): $0.17
per contract for the Priority Customer origin; $0.25 per contract for
the Public Customer that is not a Priority Customer origin; and $0.30
per contract for Professional origins.
The Exchange also proposes to adopt a note below the table of fees
and rebates for QCC Orders that will specify that per contract rebates
will be paid to the EEM that enters the QCC Order into the MIAX
Sapphire System.\15\ Additionally, the Exchange proposes to include a
definition of a QCC order in the note which will provide that, a QCC
transaction is comprised of an `initiating order' to buy (sell) at
least 1,000 contracts that is identified as being part of a qualified
contingent trade, coupled with a contra-side order to sell (buy) an
equal number of contracts. The Exchange notes that with regard to order
entry, the first order submitted into the System is marked as the
initiating side and the second order is marked as the contra-side.
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\15\ 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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Proposal To Adopt cQCC Order Fees and Rebates
The Exchange proposes to adopt section 1)a)iii) to the Fee Schedule
as ``cQCC Fees'' to adopt fees and rebates applicable to cQCC Orders,
which are assessed per contract per leg. A cQCC Order is comprised of
an originating complex order \16\ to buy or sell where each component
is at least 1,000 contracts that is identified as being part of a
qualified contingent trade \17\ coupled with a contra-side complex
order or orders totaling an equal number of contracts.\18\
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\16\ In sum, a ``complex order'' is any order involving the
concurrent purchase and/or sale of two or more different options in
the same underlying security (the ``legs'' or ``components'' of the
complex order), for the same account, in a conforming or non-
conforming ratio for the purposes of executing a particular
investment strategy. See Exchange Rule 518(a). A complex order can
also be a ``stock-option order'' with a conforming or non-conforming
ratio as defined in Exchange Rule 518(a).
\17\ See supra note 4.
\18\ Trading of cQCC Orders is governed by Exchange Rule
515(g)(4).
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The Exchange proposes to adopt initiator fees for all market
participants, except the Priority Customer origin, as follows: $0.12
per contract side for the Public Customer that is not a Priority
Customer origin; and $0.20 per contract side for Professional origins.
The Exchange does not propose to charge an initiator fee for the
Priority Customer origin.
The Exchange proposes to assess contra-side fees for all market
participants, except the Priority Customer origin, as follows: $0.12
per contract side for the Public Customer that is not a Priority
Customer origin; and $0.20 per contract side for Professional origins.
The Exchange proposes to provide the following rebates for an EEM
when the contra-side is a Priority Customer: $0.00 per contract for the
Priority Customer origin; $0.07 per contract for the Public Customer
that is not a Priority Customer origin; and $0.17 per contract for
Professional origins. The Exchange also proposes to provide the
following rebates for an EEM when the contra-side is a Public Customer
that is not Priority Customer: $0.07 per contract for the Priority
Customer origin; $0.17 per contract for the Public Customer that is not
a Priority Customer origin; and $0.25 per contract for Professional
origins. Finally, the Exchange proposes to provide the following
rebates for an EEM when the contra-side is all other origins (i.e.,
neither a Priority Customer nor a Public Customer that is not a
Priority Customer): $0.17 per contract for the Priority Customer
origin; $0.25 per contract for the Public Customer that is not a
Priority Customer origin; and $0.30 per contract for Professional
origins.
The Exchange also proposes to adopt a note below the table of fees
and rebates for cQCC Orders. The Exchange proposes to specify that per
contract rebates will be paid to the EEM that enters the cQCC Order
into the MIAX Sapphire System. Additionally, the note will provide
that, all fees and rebates are per contract leg. Finally, the note will
provide the definition of a cQCC transaction as one that is comprised
of an `initiating complex order' to buy (sell) where each component is
at least 1,000 contracts that is identified as being part of a
qualified contingent trade, coupled with a contra-side complex order or
orders to sell (buy) an equal number of contracts. The Exchange also
proposes to add the following reference sentence at the end of the
notes section following the table of fees and rebates for cQCC Orders:
``The stock handling fee for the stock leg of cQCC transactions is
described in Section 1)a)v) of the Fee Schedule.'' This will provide
clarity to the Exchange's Fee Schedule and help signal to market
participants that the stock handling fees for the stock leg of cQCC
transactions is located in a separate section of the Fee Schedule.
Finally, the Exchange also notes that competing exchanges provide
similar rebate and fee structures and amounts for QCC and cQCC
Orders.\19\
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\19\ See e.g., BOX Exchange LLC (``BOX'') Fee Schedule (dated
January 2, 2024), Section IV.D., Qualified Contingent Cross
(``QCC'') Transactions, available at <a href="https://boxoptions.com/resources/fee-schedule/">https://boxoptions.com/resources/fee-schedule/</a>. BOX does not assess any fee for QCC orders
from public customers and professional customers and assesses
broker-dealers and market makers a $0.20 fee per contract for their
agency (originating) and contra-side QCC orders. BOX provides tiered
rebates depending on the parties to each QCC transaction. For
example, when only one side of a QCC transaction is a broker-dealer
or market maker, BOX provides rebates ranging from $0.14 per
contract to $0.17 per contract. When both parties to a QCC
transaction are a broker-dealer or market maker (i.e.,
professionals), BOX provides higher rebates ranging from $0.22 per
contract to $0.27 per contract, similar to the Exchange's proposed
rebate structure. See also NYSE American LLC (``NYSE American'')
Options Exchange Fee Schedule (effective as of July 1, 2024),
Section I.F., Qualified Contingent Cross (``QCC'') Fees & Credits,
available online at <a href="https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf</a>. NYSE
American does not assess any fee for QCC orders from customers or
professional customers and assesses market makers, firms and broker-
dealers a $0.20 fee per contract side for their QCC orders. NYSE
American provides rebates depending on the parties to each QCC
transaction. For example, when a Floor Broker executes a customer or
professional customer QCC order when the contra-side is a market
maker, firm or broker-dealer, NYSE American provides a lower rebate
of $0.12 per contract. When a Floor Broker executes a market maker,
firm or broker-dealer QCC order when the contra-side is another
market maker, firm or broker-dealer, NYSE American provides a higher
rebate of $0.18 per contract. See also MIAX Options Exchange Fee
Schedule, Section (1)(a)(vii) and (viii) available online at <a href="https://www.miaxglobal.com/markets/us-options/miax-options/fees">https://www.miaxglobal.com/markets/us-options/miax-options/fees</a>.
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[[Page 67985]]
Implementation
The proposed fee 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 \20\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \21\ 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 \22\ 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
public interest and is not designed to permit unfair discrimination
between customers, issuers, brokers and dealers.
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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(4).
\22\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed fees and rebates for QCC and
cQCC Orders is reasonable because the Exchange believes the proposal
will increase competition and potentially attract additional QCC and
cQCC Order flow from various origins to the Exchange, which will grow
the Exchange's market share in this segment. The Exchange also believes
it is reasonable and not unfairly discriminatory to provide higher
rebates for QCC and cQCC Orders for EEMs that trade against origins
other than Priority Customer or Public Customer because Priority
Customer and Public Customer QCC and cQCC Orders are already
incentivized with reduced fees for the initiator and contra-side of
such orders. The Exchange believes that it is equitable and not
unfairly discriminatory to assess lower fees to Priority Customer QCC
and cQCC Order than to Professional QCC and cQCC Orders because a
Priority Customer is by definition not a broker or dealer in
securities, and does not place more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s).\23\ This limitation does not apply to Professionals, who
will generally submit a higher number of orders than Priority
Customers. Further, the Exchange believes that it is equitable and not
unfairly discriminatory that Priority Customer and Public Customer
origins be treated differently than Professional origins, who are
assessed higher fees for QCC and cQCC Orders. The exchanges, in
general, have historically aimed to improve markets for investors and
develop various features within their market structure for customer
benefit. Priority Customer and Public Customer liquidity benefits all
market participants by providing more trading opportunities. An
increase in the activity of these market participants in turn
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
The Exchange also believes its proposed fee and rebate structure is
reasonable, equitably allocated and not unfairly discriminatory because
competing exchanges provide similar rebate and fee structures and
amounts for QCC and cQCC Orders on those exchanges.\24\
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\23\ See supra note 8.
\24\ See supra note 5 and 17.
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Further, the Exchange believes its proposal provides for the
equitable allocation of reasonable dues and fees and is not unfairly
discriminatory since the Exchange has different net transaction
revenues based on different combinations of origins and contra-side
orders. For example, when a Priority Customer is both the initiator and
contra-side, no rebates are paid (for both QCC and cQCC transactions).
This combination is in the MIAX Options Fee Schedule and in
competitors' fee schedules as well.\25\ The Exchange notes that
Priority Customers are generally assessed a $0.00 transaction fee.
Accordingly, the Exchange believes that it is reasonable, equitable,
and not unfairly discriminatory to provide the proposed higher EEM
rebates for QCC and cQCC Orders for Public Customer and Professional
origins when they trade against an origin other than Priority Customer,
in order to increase competition and potentially attract different
combinations of additional QCC and cQCC Order flow to the Exchange. The
Exchange also believes it is reasonable, equitable, and not unfairly
discriminatory to continue to provide higher rebates for EEMs for QCC
and cQCC Orders for Professionals when they trade against origins other
than Priority Customers or Public Customers because Priority Customers
and Public Customers are already incentivized by reduced fees for
submitting QCC and cQCC Orders, as compared to Professionals that
submit QCC and cQCC Orders.
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\25\ See id.
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The Exchange also believes its proposal is consistent with Section
6(b)(5) of the Act \26\ and is designed to prevent fraudulent and
manipulative acts and practices, promotes just and equitable principles
of trade, fosters cooperation and coordination with persons engaged in
regulating, clearing, setting, processing information with respect to,
and facilitating transaction in securities, removes impediments to and
perfects the mechanism of a free and open market and a national market
system, and, in general, protects investors and the public interest;
and is not designed to permit unfair discrimination. This is because
the Exchange believes the proposed changes will incentivize QCC and
cQCC Order flow and an increase in such order flow will bring greater
volume and liquidity, which benefits all market participants by
providing more trading opportunities and tighter spreads. To the extent
QCC and cQCC Order flow is increased by the proposal, market
participants will increasingly compete for the opportunity to trade on
the Exchange including sending more orders and providing narrower and
larger-sized quotations in the effort to trade with such order flow.
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\26\ 15 U.S.C. 78f(b)(1) and (b)(5).
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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.
Intra-Market Competition
The Exchange believes that the proposed changes do not impose an
undue burden on intra-market competition because the Exchange does not
believe that its proposal will place any category of market participant
at a competitive disadvantage. The Exchange believes that the proposed
changes will encourage market participants to send their QCC and cQCC
Orders to the Exchange for execution in order to obtain greater rebates
and lower their costs. The Exchange believes the proposed fees and
rebates for QCC and cQCC Orders will not impose an undue burden on
intra-market competition because the proposed changes will increase
competition and potentially attract different combinations of
additional QCC and cQCC order flow to the Exchange, which will grow the
Exchange's market share in this segment. The Exchange's proposal to
provide higher rebates for QCC and cQCC Orders for EEMs that trade
against origins other than Priority Customer or Public Customer does
not impose an undue burden on intra-market competition because Priority
Customer
[[Page 67986]]
and Public Customer QCC and cQCC Orders are already incentivized with
reduced fees for such orders. The Exchange's proposed fee and rebate
structure is similar to that of competing exchanges that offer QCC and
cQCC transaction fees and rebates.\27\
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\27\ See supra note 15.
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Inter-Market Competition
The Exchange operates in a highly competitive market in which
market participants can readily favor competing venues if they deem fee
levels at a particular venue to be excessive. There are currently 17
registered options exchanges competing for order flow. For the month of
July 2024, based on publicly-available information, and excluding
index-based options, no single exchange exceeded approximately 13-14%
of the market share of executed volume of multiply-listed equity and
exchange-traded fund (``ETF'') options.\28\ Therefore, no exchange
possesses significant pricing power in the execution of multiply-listed
equity and ETF options order flow. In such an environment, the Exchange
must propose transaction fees and rebates to be competitive with other
exchanges and to attract order flow. The Exchange believes that the
Exchange's proposal reflects this competitive environment as the
proposal encourages market participants to provide QCC and cQCC
liquidity and to send order flow to the Exchange. To the extent this is
achieved, all the Exchange's market participants should benefit from
the improved market quality.
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\28\ See the ``Market Share'' section of the Exchange's website,
available at <a href="https://www.miaxglobal.com/">https://www.miaxglobal.com/</a>.
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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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\29\ and Rule 19b-4(f)(2) \30\ 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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\29\ 15 U.S.C. 78s(b)(3)(A)(ii).
\30\ 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#88fafde4eda5ebe7e5e5ede6fcfbc8fbedeba6efe7fe"><span class="__cf_email__" data-cfemail="3240475e571f515d5f5f575c4641724157511c555d44">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2024-11 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-SAPPHIRE-2024-11. 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-SAPPHIRE-2024-11 and should
be submitted on or before September 12, 2024.
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\31\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-18794 Filed 8-21-24; 8:45 am]
BILLING CODE 8011-01-P
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