Notice2025-15070
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make a Number of Minor, Non-Substantive Edits to the Exchange's Rulebook
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 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 151 (Friday, August 8, 2025)</title>
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[Federal Register Volume 90, Number 151 (Friday, August 8, 2025)]
[Notices]
[Pages 38542-38545]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15070]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103636; File No. SR-MIAX-2025-35]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Make a Number of Minor, Non-Substantive Edits
to the Exchange's Rulebook
August 5, 2025.
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 July 28, 2025, 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 make a number of minor, non-substantive
edits to the Exchange's Rulebook.
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>, at 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
Proposal To Remove the Definition of WAIT Orders
The Exchange proposes to amend Exchange Rule 516(d) to remove the
definition of WAIT Orders. Currently, Exchange Rule 516(d) provides
that ``WAIT'' shall mean for orders so designated, that upon entry into
the System, the order is held for one second without processing for
potential display and/or execution. After one second, the order is
processed for potential display and/or execution in accordance with all
order entry instructions as determined by the entering party. The
Exchange notes that WAIT Orders have never been implemented and are not
currently in use. The Exchange proposes to remove the definition of
WAIT Orders and then insert ``Reserved'' so as to keep the remainder of
the Rulebook as currently formatted. The purpose of proposed rule
change is to remove obsolete rule text and provide greater clarity to
Members \3\ and the public regarding the Exchange's offerings and
Rulebook. In the event that
[[Page 38543]]
the Exchange desires to offer WAIT Orders in the future, the Exchange
will file a rule change with the U.S. Securities and Exchange
Commission (the ``Commission'') to adopt rules to offer WAIT Orders.
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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.
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Proposal To Update Citations to Rule 600(b) of Regulation NMS
The Exchange proposes to update citations to Rule 600(b) of
Regulation NMS in Interpretation and Policy .01 to Exchange Rule 518,
Complex Orders, Exchange Rule 530, Limit Up-Limit Down, and Exchange
Rule 1701, Consolidated Audit Trail Compliance Rule--Definitions.
In 2024, the Commission amended Regulation NMS under the Act to
update the rule that requires disclosures for order executions in
national market system (``NMS'') stocks.\4\ As part of that initiative,
the Commission adopted new definitions in Rule 600(b) of Regulation NMS
and renumbered the remaining definitions, including the definitions of
Regular Trading Hours (formerly Rule 600(b)(77)), Listed Option
(formerly Rule 600(b)(43)), NMS Stock (formerly Rule 600(b)(55)), and
Trading Center (formerly Rule 600(b)(95)).
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\4\ See Securities Exchange Act Release No. 99679, 89 FR 26428
(April 15, 2024) (S7-29-22).
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The Exchange accordingly proposes to update the relevant citations
to Rule 600(b) in its rules as follows:
<bullet> The citations to the definition of NMS Stock in
Interpretation and Policy .01(b) to Exchange Rules 518 and 1701(qq)
would be changed to Rule 600(b)(65) of Regulation NMS.
<bullet> The citations to the definition of Trading Center in
Interpretation and Policy .01(b) to Exchange Rule 518 would be changed
to Rule 600(b)(106) of Regulation NMS.
<bullet> The citation to the definition of Regular Trading Hours in
Exchange Rule 530(a) would be changed to Rule 600(b)(88) of Regulation
NMS.
<bullet> The citation to the definition of Listed Option in
Exchange Rule 1701(y) would be changed to Rule 600(b)(52) of Regulation
NMS.
Proposal To Amend Exchange Rule 1014(d)(5)
The Exchange proposes to amend Exchange Rule 1014(d)(5) to make a
minor, non-substantive edit to provide accuracy and precision within
the rule text.
Currently, the table in Exchange Rule 1014(d)(5) provides the
number of violations of Exchange Rule 520(b) regarding limitations on
orders entered into the System by Electronic Exchange Members \5\ and
the applicable sanctions that may be imposed by the Exchange. In
particular, the fifth row of the table provides that if an Electronic
Exchange Members has sixteen (16) or twenty (20) violations within one
calendar year, it may be subject to a $2,000 fine. The Exchange now
proposes to amend the fifth row of the table by replacing ``16 or 20''
with ``16 to 20'' under the heading of ``Number of Violations Within
One Calendar Year''. The proposed rule change is to correct an
inadvertent drafting error in the original rule text. The proposed rule
change will provide clarity by accurately reflecting the intended range
of violations. Specifically, violations numbering from sixteen (16) to
twenty (20) within a calendar year are subject to a fine of $2,000. The
proposed rule change is consistent with the format used in the
surrounding rows, which clearly present ranges of violations. The
purpose of the proposed rule change is to provide accuracy and
precision within the rule text.
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\5\ The term ``Electronic Exchange Member'' or ``EEM'' means the
holder of a Trading Permit who is not a Market Maker. Electronic
Exchange Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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Proposal To Amend Exchange Rule 1308
The Exchange proposes to amend Exchange Rule 1308(a) to remove an
extra hyphen in the heading. Accordingly, with the proposed rule
change, Exchange Rule 1308(a) will read as follows:
(a) Duty to Supervise--Non-Member Accounts. The general partners or
directors of each Member that conducts a non-member customer business
shall provide for appropriate supervisory control and shall designate a
general partner or executive officer, who shall be identified to the
Exchange, to assume overall authority and responsibility for internal
supervision and control of the organization and compliance with
securities laws and regulations. This person, who may be the same
individual designated pursuant to substantially similar New York Stock
Exchange or FINRA rules, shall:
In addition, the Exchange proposes to remove Interpretation and
Policy .01 to Exchange Rule 1308. On March 18, 2025, the Exchange filed
its proposal (SR-MIAX-2025-12) to amend Exchange Rule 1308 to align the
annual obligations for Members with industry standard approaches.\6\
Specifically, the Exchange amended Exchange Rule 1308(g) to require
that the designated supervisory personnel must submit to the Member's
senior management, instead of the Exchange, no less than annually, a
report detailing each Member's system of supervisory controls, the
summary of the test results and significant identified exceptions, and
any additional or amended supervisory procedures created in response to
the test results. Currently, Interpretation and Policy .01 to Exchange
Rule 1308 provides that Members required to file an annual report under
paragraph (g) of Exchange Rule 1308 must file such report
electronically with the Exchange by utilizing the system or software
prescribed by the Exchange which will be announced via Regulatory
Circular. Since Members are no longer required to submit such report to
the Exchange, the Exchange proposes to remove Interpretation and Policy
.01 to Exchange Rule 1308. The purpose of the proposed change is to
remove obsolete text in the Rulebook and provide greater clarity to
Members and the public regarding the Exchange's Rulebook.
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\6\ See Securities Exchange Act Release No. 102722 (March 25,
2025), 90 FR 14290 (March 31, 2025) (SR-MIAX-2025-12) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Exchange Rule 1308, Supervision of Accounts).
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The Exchange notes that Exchange Rule 1308 as proposed to be
amended by this filing, is incorporated by reference into the rulebooks
of the Exchange's affiliates, MIAX PEARL, LLC (``MIAX Pearl''), MIAX
Emerald, LLC (``MIAX Emerald''), and MIAX Sapphire, LLC (``MIAX
Sapphire''). As such, the amendments to Exchange Rule 1308 proposed
herein will also apply to MIAX Pearl, MIAX Emerald, and MIAX Sapphire
members.
Proposal To Amend Exchange Rule 1703(a)(2)
The Exchange proposes to amend Exchange Rule 1703(a)(2) to remove
an extra closing parenthesis after the phrase ``Industry Member Data''.
The proposed rule change is to correct grammatical error and provide
greater clarity to Members and the public regarding the Exchange's
Rulebook. Accordingly, with the proposed rule change, Exchange Rule
1703(a)(2) will read as follows:
Subject to paragraph (3) below, each Industry Member shall record
and report to the Central Repository the following, as applicable
(``Received Industry Member Data'' and collectively with the
information referred to in Rule 1703(a)(1) ``Industry Member Data'') in
the manner prescribed by the Operating Committee pursuant to the CAT
NMS Plan:
[[Page 38544]]
2. Statutory Basis
The Exchange believes that the proposed changes are consistent with
Section 6(b) of the Act \7\ in general, and further the objectives of
Section 6(b)(1) of the Act \8\ in particular, in that they are designed
to enforce compliance by the Exchange's Members and persons associated
with its Members, with the provisions of the rules of the Exchange. In
particular, the Exchange believes that the proposed changes will
provide greater clarity to Members and the public regarding the
Exchange's Rulebook by correcting grammatical errors, removing obsolete
rule text, and updating citations to Rule 600(b) of Regulation NMS,
thereby providing accuracy and consistency within the Exchange's
Rulebook. The proposed changes will also make it easier for Members to
interpret the Exchange's Rulebook.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(1).
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The proposed changes to replace ``16 or 20'' with ``16 to 20'' in
Exchange Rule 1014(d)(5), remove an extra hyphen in Exchange Rule
1308(a), and remove an extra closing parenthesis in Exchange Rule
1703(a)(2), [sic] in order to correct grammatical errors in rule text.
The proposed changes to remove the definition of WAIT Orders and
Interpretation and Policy .01 of Exchange Rule 1307 are to remove
obsolete rule text that is no longer applicable. The proposed changes
to update the citations to Rule 600(b) of Regulation NMS are to correct
inaccurate rule citations, thereby reducing potential confusion and
ensuring that those subject to the Exchange's jurisdiction, regulators,
and the investing public can more easily navigate and understand the
Exchange's Rulebook. The Exchange believes that the proposed changes
will help enforce compliance with the Exchange's rules by providing
clarity and consistency within the Exchange's Rulebook, thereby making
it easier for Members to interpret the Exchange's Rulebook. The
Exchange believes that Members would benefit from the increased clarity
and consistency, thereby alleviating potential investor or market
participant confusion.
The Exchange believes that the proposed rule changes also further
the objectives of Section 6(b)(5) of the Act.\9\ In particular, they
are designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general,
protect investors and the public interest. The Exchange believes the
proposed changes promote just and equitable principles of trade and
remove impediments to and perfect the mechanism of a free and open
market and a national market system because the proposed rule changes
will provide greater clarity to Members and the public regarding the
Exchange's Rulebook by correcting grammatical errors, removing obsolete
rule text, and updating citations to Rule 600(b) of Regulation NMS. The
proposed changes to replace ``16 or 20'' with ``16 to 20'' in Exchange
Rule 1014(d)(5), remove an extra hyphen in Exchange Rule 1308(a), and
remove an extra closing parenthesis in Exchange Rule 1703(a)(2), are to
correct grammatical errors in rule text. The proposed changes to remove
the definition of WAIT Orders and Interpretation and Policy .01 of
Exchange Rule 1307 are to remove obsolete rule text that is no longer
applicable. WAIT Orders have never been implemented and are not
currently in use. Interpretation and Policy .01 of Exchange Rule 1308
is not applicable as Members are no longer required to submit written
reports to the Exchange under Exchange Rule 1308(g). Removal of
obsolete rule text would provide greater clarity to Members and the
public regarding the Exchange's offerings and Rulebook. The proposed
changes to update the citations to Rule 600(b) of Regulation NMS are to
correct inaccurate rule citations. It is in the public interest for the
Exchange's Rulebook to be accurate and concise so as to eliminate the
potential for confusion.
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\9\ 15 U.S.C. 78f(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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
Intramarket Competition
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act as there is no functional
change to the Exchange's System \10\ and because the rules of the
Exchange apply to all Members equally. The proposed rule changes are
not intended to address competitive issues but rather are concerned
solely with correcting grammatical errors, removing obsolete rule text,
and updating citations to Rule 600(b) of Regulation NMS. The purpose of
the proposed changes is to provide accuracy and consistency within the
Exchange's Rulebook and eliminate the potential for confusion.
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\10\ 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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Intermarket Competition
The Exchange believes the proposed rule changes do not impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule changes
are not intended to address competitive issues but rather are concerned
solely with correcting grammatical errors, removing obsolete rule text,
and updating citations to Rule 600(b) of Regulation NMS. The purpose of
the proposed changes is to provide accuracy and consistency within the
Exchange's Rulebook and eliminate the potential for confusion.
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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) \12\ thereunder.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of this 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
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
[[Page 38545]]
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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3a484f565f17595557575f544e497a495f59145d554c"><span class="__cf_email__" data-cfemail="1361667f763e707c7e7e767d6760536076703d747c65">[email protected]</span></a>. Please include
File Number SR-MIAX-2025-35 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to file number SR-MIAX-2025-35. 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 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-2025-35 and should
be submitted on or before August 25, 2025.
For the Commission, by the Division of Trading and Markets, pursuant to
delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15070 Filed 8-7-25; 8:45 am]
BILLING CODE 8011-01-P
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