Notice2025-13726
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 To Extend the Temporary Discount Program for the Open-Close Report
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
July 22, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 138 (Tuesday, July 22, 2025)</title>
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[Federal Register Volume 90, Number 138 (Tuesday, July 22, 2025)]
[Notices]
[Pages 34564-34567]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13726]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103485; File No. SR-MIAX-2025-33]
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 To
Extend the Temporary Discount Program for the Open-Close Report
July 17, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on July 9, 2025, 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 extend the temporary discount
program for the Open-Close Report.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</a> and MIAX's principal office.
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 Section 6)e) of the Fee Schedule to
extend the temporary discount program for the Open-Close Report until
December 31, 2025. Currently, the Exchange provides a temporary 20%
discount on fees assessed to Exchange Members \3\ and non-Members that
purchase $20,000 or more in a single order of historical Open-Close
Report data, which is set to expire on June 30, 2025.\4\ The discount
and its application are substantively similar to the discounts recently
provided by
[[Page 34565]]
competing options exchanges for their open-close data products.\5\
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\3\ 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
\4\ See Securities Exchange Act Release No. 102094 (January 2,
2025), 90 FR 1562 (January 8, 2025) (SR-MIAX-2024-46) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Establish a Fee Discount Program for the Open-Close Report).
\5\ See Securities Exchange Act Release Nos. 99028 (November 28,
2023), 88 FR 84002 (December 1, 2023) (SR-CBOE-2023-061)
(establishing the initial 20% discount on fees assessed to Cboe
Exchange, Inc. Members and non-Members that purchase $20,000 or more
of historical Open-Close Data, effective November 15, 2023 through
December 31, 2023). See also Securities Exchange Act Release Nos.
100370 (June 18, 2024), 89 FR 53148 (June 25, 2024) (SR-CBOE-2024-
025); 101509 (November 4, 2024), 89 FR 88845 (November 8, 2024) (SR-
CBOE-2024-049); 99027 (November 28, 2023), 88 FR 84028 (December 1,
2023) (SR-CboeBZX-2023-094); 100371 (June 18, 2024), 89 FR 53140
(June 25, 2024) (SR-CboeBZX-2024-047); 99025 (November 28, 2023), 88
FR 84007 (December 1, 2023) (SR-C2-2023-023); 100427 (June 25,
2023), 89 FR 54552 (June 25, 2023) (SR-C2-2024-012); 99026 (November
28, 2023), 88 FR 84023 (December 1, 2023) (SR-CboeEDGX-2023-070);
and 100352 (June 17, 2024), 89 FR 52521 (June 24, 2024) (SR-
CboeEDGX-2024-033).
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By way of background, the Exchange offers two versions of the Open-
Close Report, an end-of-day summary and intra-day report.\6\ The End-
of-Day Open-Close Report is a volume summary of trading activity on the
Exchange at the option level by origin (Priority Customer \7\, Non-
Priority Customer, Firm, Broker-Dealer, and Market Maker \8\), side of
the market (buy or sell), contract volume, and transaction type
(opening or closing). The customer and professional customer volume is
further broken down into trade size buckets (less than 100 contracts,
100-199 contracts, greater than 199 contracts).
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\6\ See Exchange Rule 531(d)(1).
\7\ See Exchange Rule 100.
\8\ Id.
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The Intra-Day Open-Close Report provides similar information to
that of the End-of-Day version but is produced and updated every 10
minutes during the trading day. Data is captured in ``snapshots'' taken
every 10 minutes throughout the trading day and is available to
subscribers within five minutes of the conclusion of each 10-minute
period. Each update represents the aggregate data captured from the
current ``snapshot'' and all previous ``snapshots.'' The Intra-Day
Open-Close data provides a volume summary of trading activity on the
Exchange at the option level by origin (Priority Customer, Non-Priority
Customer, Firm, Broker-Dealer, and Market Maker), side of the market
(buy or sell), and transaction type (opening or closing). All volume is
further broken down into trade size buckets (less than 100 contracts,
100-199 contracts, greater than 199 contracts).
Both versions of the Open-Close Report contain proprietary Exchange
trade data and do not include trade data from any other exchange. The
Intra-Day and End-of-Day Open-Close Report data products are completely
voluntary products, in that the Exchange is not required by any rule or
regulation to make this data available and that potential customers may
purchase it on an ad-hoc basis only if they voluntarily choose to do
so. The Open-Close Report is also a historical data product and not a
real-time data feed.
The Exchange makes the Open-Close Report available for purchase to
Members and non-Members.\9\ Customers may currently purchase the Open-
Close Report on a subscription basis (monthly) or by ad hoc request for
a specified month or number of months. The Exchange assesses a monthly
fee of $600 per month for subscribing to the End-of-Day summary Open-
Close Report and $2,000 per month for subscribing to the Intra-Day
Open-Close Report.\10\ The Exchange also assesses a fee of $500 per
request per month for ad-hoc requests for historical End-of-Day Open-
Close data.\11\ An ad-hoc request for historical End-of-Day Open-Close
data can be for any number of months beginning with June 2021 for which
the data is available.\12\ The Exchange also assesses a fee of $1,000
per request per month for ad-hoc requests for historical Intra-Day
Open-Close data.\13\ An ad-hoc request for historical Intra-Day Open-
Close data can be for any number of months beginning with January 2013
for which the data is available.\14\ The Exchange also provides
discounts in Section 6)e) of the Fee Schedule for customers who request
multiple subscriptions or who are Qualifying Academic Purchasers.\15\
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\9\ See Fee Schedule, Section 6)e).
\10\ Id.
\11\ Id.
\12\ Id.
\13\ Id.
\14\ Id.
\15\ In order to qualify for the academic pricing, an academic
purchaser must: (1) be an accredited academic institution or member
of the faculty or staff of such an institution, and (2) use the data
in independent academic research, academic journals and other
publications, teaching and classroom use, or for other bona fide
educational purposes (i.e. academic use). See Securities Exchange
Act Release No. 97302 (April 13, 2024), 88 FR 24221 (April 19, 2023)
(SR-MIAX-2023-15).
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Open-Close Report data is subject to direct competition from
similar end-of-day and intra-day options trading summaries offered by
several other options exchanges.\16\ All of these exchanges offer
essentially the same end-of-day and intra-day options trading summary
information for trading activity on those exchanges.
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\16\ These substitute products are as follows: Open-Close Data
products from Cboe Exhange, Inc. (``Cboe''), Cboe C2 Exchange, Inc.
(``C2''), Cboe EDGX Exchange, Inc. (``EDGX Options''), and Cboe BZX
Exchange, Inc. (``BZX Options''); Nasdaq PHLX LLC (``PHLX'') Options
Trade Outline, The Nasdaq Stock Market LLC (``Nasdaq'') Options
Trade Outline, Nasdaq ISE, LLC (``ISE'') Open/Close Trade Profile,
and Nasdaq GEMX, LLC (``GEMX'') Open/Close Trade Profile; and NYSE
Options Open-Close Volume Summary for each of NYSE Arca, Inc.
(``NYSE Arca'') and NYSE American LLC (``NYSE American''). See e.g.,
Cboe Fee Schedule, Livevol Fees, Open-Close Data, Page 11, available
at <a href="https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf">https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf</a>
(last visited June 25, 2025); BZX Options Fee Schedule, Cboe
LiveVol, LLC Market Data Fees, Open-Close Data, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/bzx/?_gl=1*ync049*_up*MQ..*_ga*MTc4NDUwMDg0Ny4xNzMzNzYwNzEw*_ga_5Q99WB9X71*MTczMzc2MDcwOS4xLjEuMTczMzc2MTM3MS4wLjAuMA">https://www.cboe.com/us/options/membership/fee_schedule/bzx/?_gl=1*ync049*_up*MQ..*_ga*MTc4NDUwMDg0Ny4xNzMzNzYwNzEw*_ga_5Q99WB9X71*MTczMzc2MDcwOS4xLjEuMTczMzc2MTM3MS4wLjAuMA</a> (last visited June 25,
2025); PHLX Options Rules, Options 7 Pricing Schedule, Section 10.
Proprietary Data Feed Fees, PHLX Options Trade Outline (``PHOTO''),
available at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207">https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207</a> (last visited June 25, 2025); ISE Options Rules,
Options 7: Pricing Schedule, Sections 10.A.-C., available at <a href="https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207">https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207</a> (last
visited June 25, 2025); GEMX Options Rules, Options 7: Pricing
Schedule, Sections 7.D.-F., available at <a href="https://listingcenter.nasdaq.com/rulebook/gemx/rules/GEMX%20Options%207">https://listingcenter.nasdaq.com/rulebook/gemx/rules/GEMX%20Options%207</a>
(last visited December 9, 2024); and NYSE Arca Options Proprietary
Market Data Fees, NYSE Options Open-Close Volume Summary, page 2,
available at <a href="https://www.nyse.com/publicdocs/nyse/data/NYSE_Arca_Options_Proprietary_Data_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/data/NYSE_Arca_Options_Proprietary_Data_Fee_Schedule.pdf</a> (last visited
June 25, 2025).
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Currently, the Exchange provides a temporary pricing incentive
program in which Members and non-Members that purchase historical Open-
Close Report data receive a percentage fee discount when a specific
purchase threshold is met. Specifically, the footnote ``e.'' below the
table of fees for the Open-Close Report in Section 6)e) of the Fee
Schedule, which applies to the rows for ``End-of-Day Ad-hoc Request
(historical data)'' and ``Intra-Day Ad-hoc Request (historical data),''
provides a 20% discount for ad-hoc purchases of historical Open-Close
Report data of $20,000 or more.\17\ To encourage the purchase of
monthly subscriptions to Open-Close Report data, the temporary discount
program is provided to only existing subscribers \18\ who purchase the
[[Page 34566]]
same category of historical data for which they have a monthly Intra-
Day or an End-of-Day subscription. The temporary discount program
cannot be combined with any other discounts offered by the Exchange,
including the academic discount provided for Qualifying Academic
Purchasers \19\ of historical Open-Close Report data. The temporary
discount program for Open-Close Report is currently set to expire on
June 30, 2025.
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\17\ The discount applies on an order-by-order basis. To qualify
for the discount, an order must contain End-of-Day Ad-hoc Requests
(historical data) and/or Intra-Day Ad-hoc Requests (historical data)
and must total $20,000 or more. The Exchange does not aggregate
purchases made throughout a billing cycle for purposes of the
incentive program. The discount applies to the total purchase price,
once the $20,000 minimum purchase is satisfied (for example, a
qualifying order of $25,000 would be discounted to $20,000, i.e.
receive a 20% discount of $5,000). This is in line with the similar
discount programs offered by the Cboe exchanges for their open-close
data products. See supra note 5.
\18\ The Exchange notes that this differs from the Cboe
exchanges' discount program for their open-close data product, which
discount applies to all market participants irrespective of whether
the market participant is a new or current purchaser. See, e.g.,
Securities Exchange Act Release No. 101509 (November 4, 2024), 89 FR
88845 (November 8, 2024) (SR-CBOE-2024-049).
\19\ See supra note 15.
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The Exchange now proposes to extend the temporary discount program
until December 31, 2025.\20\ The purpose of this extension is to
continue attracting subscribers of historical Open-Close Report data
and making such data more widely accessible.
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\20\ The Exchange notes that at the end of this period, the
temporary discount program will expire unless the Exchange files
another 19b-4 Rule Filing with the Securities and Exchange
Commission (the ``Commission'') to amend the terms or extend the
discount program.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\21\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\22\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
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 to protect investors and the public
interest, and that it is not designed to permit unfair discrimination
among customers, brokers, or dealers. The Exchange also believes that
its proposed changes to its Fee Schedule concerning fees for the Open-
Close Report is consistent with Section 6(b) of the Act \23\ in
general, and furthers the objectives of Section 6(b)(4) of the Act \24\
in particular, in that it is an equitable allocation of dues, fees and
other charges among its members and other recipients of Exchange data.
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\21\ 15 U.S.C. 78f(b).
\22\ 15 U.S.C. 78f(b)(5).
\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. Particularly, the Open-Close Report further
broadens the availability of U.S. options market data to investors
consistent with the principles of Regulation NMS. The data product also
promotes increased transparency through the dissemination of the Open-
Close Report. Particularly, information regarding opening and closing
activity across different option series during the trading day may
indicate investor sentiment, which may allow market participants to
make better informed trading decisions throughout the day. Subscribers
to the data may also be able to enhance their ability to analyze option
trade and volume data and create and test trading models and analytical
strategies. The Exchange believes that the Open-Close Report provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading and completely optional.
Moreover, several other exchanges offer similar data products which
offer the same type of data content through end-of-day or intra-day
reports.\25\
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\25\ See supra note 16.
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The Exchange operates in a highly competitive environment. Indeed,
there are currently 18 registered options exchanges that trade options.
Based on publicly available information, no single options exchange had
more than approximately 11-12% of the equity options market share for
the month of May 2025 and the Exchange represented only approximately
8.49% of the equity options market share for the month of May 2025.\26\
The Commission has repeatedly expressed its preference for competition
over regulatory intervention in determining prices, products, and
services in the securities markets. Particularly, in Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \27\ Making similar data
products available to market participants fosters competition in the
marketplace, and constrains the ability of exchanges to charge supra-
competitive fees. In the event that a market participant views one
exchange's data product as more or less attractive than the competition
they can, and do, switch between similar products. The extension of the
fee discount for historical Open-Close Report data is a result of this
competitive environment, as the Exchange seeks to continue attracting
subscribers of historical Open-Close Report data and making such data
more widely accessible.
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\26\ See the ``Market Share'' section of the Exchange's website,
available at <a href="https://www.miaxglobal.com/">https://www.miaxglobal.com/</a>.
\27\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes that the temporary discount program for any
Member or non-Member who purchases historical Open-Close Report data is
reasonable because such purchasers receive a 20% discount for
purchasing $20,000 or more worth of historical Open-Close Report data.
The Exchange believes the discount is reasonable as it gives purchasers
the ability to use and test the historical Open-Close Report data at a
discounted rate and therefore encourages and promotes users to purchase
the historical Open-Close Report data. Specifically, the discount is
similar to discounts provided for a similar data product by other
options exchanges.\28\ Further, the extension of the temporary discount
is intended to continue promoting increased use of the Exchange's
historical Open-Close Report data by defraying some of the costs a
purchaser would ordinarily have to expend. Further, providing the
discount to only existing subscribers of a monthly Intra-Day or an End-
of-Day subscription is designed to encourage the purchase of monthly
subscriptions to Open-Close Report data.
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\28\ See supra note 5. Again, the Exchange notes that this
differs from the Cboe exchanges' discount program for their open-
close data product, which discount applies to all market
participants irrespective of whether the market participant is a new
or current purchaser. See, e.g., Securities Exchange Act Release No.
101509 (November 4, 2024), 89 FR 88845 (November 8, 2024) (SR-CBOE-
2024-049).
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The Exchange believes that the extension of the temporary discount
program is equitable and not unfairly discriminatory because it applies
equally to all Members and non-Members who are existing subscribers of
Open-Close Report data and chose to also purchase historical Open-Close
Report data. Providing the discount to only existing subscribers of a
monthly Intra-Day or an End-of-Day subscription is not unfairly
discriminatory because it is a reasonable means to encourage the
purchase of monthly subscriptions to Open-Close Report data. Lastly,
the purchase of this data product is discretionary and not compulsory.
Indeed, no market participant is required to purchase the historical
Open-Close Report data, and the Exchange is not required to make the
historical Open-Close Report data
[[Page 34567]]
available to all investors. Potential purchasers may request the data
at any time if they believe it to be valuable or may decline to
purchase such data.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange operates in a
highly competitive environment in which the Exchange must continually
adjust its fees to remain competitive. Because competitors are free to
modify their own fees in response, the Exchange believes that the
degree to which fee changes in this market may impose any burden on
competition is extremely limited. As discussed above, Open-Close Report
data is subject to direct competition from several other options
exchanges that offer substantively similar substitutes to the
Exchange's Open-Close Report, albeit for trading data on those
exchanges.\29\ Moreover, purchase of historical Open-Close Report data
is entirely optional. It is designed to help investors understand
underlying market trends to improve the quality of investment
decisions, but is not necessary to execute a trade.
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\29\ See supra note 16.
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The rule change is grounded in the Exchange's efforts to compete
more effectively. In this competitive environment, potential purchasers
are free to choose which, if any, similar product to purchase to
satisfy their need for market information. As a result, the Exchange
believes this proposed rule change permits fair competition among
national securities exchanges. Further, the Exchange believes that the
proposed change will not cause any unnecessary or inappropriate burden
on intermarket competition, as the extension of the temporary discount
program applies uniformly to any purchaser of historical Open-Close
Report data.
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,\30\ and Rule 19b-4(f)(2) \31\ 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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\30\ 15 U.S.C. 78s(b)(3)(A)(ii).
\31\ 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#5624233a337b35393b3b333822251625333578313920"><span class="__cf_email__" data-cfemail="0775726b622a64686a6a626973744774626429606871">[email protected]</span></a>. Please include
file number SR-MIAX-2025-33 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-2025-33. 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 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-2025-33 and should be submitted on
or before August 12, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13726 Filed 7-21-25; 8:45 am]
BILLING CODE 8011-01-P
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