Notice2026-18928
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Modify the Priority Customer Rebate Program Table for Certain Transactions in Complex 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
September 16, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 178 (Wednesday, September 16, 2026)</title>
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[Federal Register Volume 91, Number 178 (Wednesday, September 16, 2026)]
[Notices]
[Pages 58723-58726]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18928]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106317; File No. SR-MIAX-2026-37]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Fee Schedule To Modify the Priority
Customer Rebate Program Table for Certain Transactions in Complex
Orders
September 11, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'' or ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on August 31, 2026, 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 Priority Customer Rebate Program
(``PCRP'') (defined below) table to establish alternative rebates
appliable to certain transactions in Complex Orders (defined below).
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>, and at the Exchange'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 1)a)iii) of the Fee Schedule
to modify the PCRP table to establish alternative rebates appliable to
certain transactions in Complex Orders.\3\
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\3\ 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. A complex order can also be a ``stock-option order'' with
a conforming or non-conforming ratio, and subject to the limitations
set forth, in Interpretation and Policy .01 of Rule 518. A stock-
option order is an order to buy or sell a stated number of units of
an underlying security (stock or Exchange Traded Fund Share
(``ETF'')) or a security convertible into the underlying stock
(``convertible security'') coupled with the purchase or sale of
options contract(s) on the opposite side of the market representing
either (i) the same number of units of the underlying security or
convertible security, or (ii) the number of units of the underlying
stock necessary to create a delta neutral position where the ratio
represents the total number of units of the underlying security or
convertible security in the option leg to the total number of units
of the underlying security or convertible security in the stock leg.
Only those stock-option orders in the classes designated by the
Exchange and communicated to Members via Regulatory Circular with no
more than the applicable number of legs as determined by the
Exchange on a class-by-class basis and communicated to Members via
Regulatory Circular, are eligible for processing. See Exchange Rule
518(a)(5).
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[[Page 58724]]
Background
Pursuant to the PCRP, the Exchange credits each Member \4\ the per
contract amount set forth in the PCRP table in Section 1)a)iii) of the
Fee Schedule, as applicable, resulting from each Priority Customer \5\
order transmitted by that Member which is executed electronically on
the Exchange in all multiply-listed option classes (with certain
exclusions described below), provided the Member meets certain
percentage thresholds in a month as described in the PCRP table. The
volume thresholds are calculated based on the percentage of national
customer volume in multiply-listed options classes listed on MIAX
entered and executed over the course of the month but does not include,
in simple or complex as applicable, QCC \6\ and cQCC Orders,\7\
Priority Customer-to-Priority Customer Orders, C2C \8\ and cC2C
Orders,\9\ PRIME \10\ and cPRIME \11\ AOC Responses, PRIME and cPRIME
Contra-side Orders, PRIME and cPRIME Orders for which both the Agency
and Contra-side Order are Priority Customers, and executions related to
contracts that are routed to one or more exchanges in connection with
the Options Order Protection and Locked/Crossed Market Plan referenced
in MIAX Rule 1400 (herein referred to as the ``National Customer
Volume'').\12\
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\4\ 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.
\5\ 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.
\6\ A Qualified Contingent Cross 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, as that
term is defined in Interpretations and Policies .01, coupled with a
contra-side order or orders totaling an equal number of contracts.
See Exchange Rule 516(j).
\7\ A Complex Qualified Contingent Cross or ``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,
Interpretations and Policies .01, coupled with a contra-side complex
order or orders totaling an equal number of contracts. Trading of
cQCC Orders is governed by Rule 515(h)(4). See Exchange Rule
518(b)(6).
\8\ A Customer Cross Order is comprised of a Priority Customer
Order to buy and a Priority Customer Order to sell at the same price
and for the same quantity. See Exchange Rule 516(i).
\9\ A Complex Customer Cross or ``cC2C'' Order is comprised of
one Priority Customer complex order to buy and one Priority Customer
complex order to sell at the same price and for the same quantity.
Trading of cC2C Orders is governed by Rule 515(h)(3). See Exchange
Rule 518(b)(5).
\10\ PRIME is a process by which a Member may electronically
submit for execution (``Auction'') an order it represents as agent
(``Agency Order'') against principal interest, and/or an Agency
Order against solicited interest. See Exchange Rule 515A(a).
\11\ A Complex Prime or ``cPRIME'' Order is a complex order (as
defined in Rule 518(a)(5)) that is submitted for participation in a
cPRIME Auction. See Exchange Rule 518(b)(7).
\12\ See Fee Schedule, Section 1)a)iii).
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Pursuant to the PCRP, Priority Customer volume for transactions in
simple, PRIME Agency, complex, and cPRIME Agency are aggregated to
determine the appropriate volume tier threshold applicable to each
transaction. Volume is recorded for, and credits are delivered to, the
Member that submits the order to the Exchange. All fees and rebates are
per contract per leg. MIAX aggregates the contracts resulting from
Priority Customer Orders \13\ transmitted and executed electronically
on MIAX from Members and Affiliates \14\ for purposes of the thresholds
described in the PCRP table.
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\13\ The term ``Priority Customer Order'' means an order for the
account of a Priority Customer. See Exchange Rule 100.
\14\ For purposes of the MIAX Options Fee Schedule, the term
``Affiliate'' means (i) an affiliate of a Member of at least 75%
common ownership between the firms as reflected on each firm's Form
BD, Schedule A, (``Affiliate''), or (ii) the Appointed Market Maker
of an Appointed EEM (or, conversely, the Appointed EEM of an
Appointed Market Maker). An ``Appointed Market Maker'' is a MIAX
Market Maker (who does not otherwise have a corporate affiliation
based upon common ownership with an EEM) that has been appointed by
an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise
have a corporate affiliation based upon common ownership with a MIAX
Market Maker) that has been appointed by a MIAX Market Maker,
pursuant to the following process. A MIAX Market Maker appoints an
EEM and an EEM appoints a MIAX Market Maker, for the purposes of the
Fee Schedule, by each completing and sending an executed Volume
Aggregation Request Form by email to <a href="/cdn-cgi/l/email-protection#610c040c03041312090811210c080019060d0e03000d4f020e0c"><span class="__cf_email__" data-cfemail="761b131b141304051e1f06361b1f170e111a1914171a5815191b">[email protected]</span></a> no
later than 2 business days prior to the first business day of the
month in which the designation is to become effective. Transmittal
of a validly completed and executed form to the Exchange along with
the Exchange's acknowledgement of the effective designation to each
of the Market Maker and EEM will be viewed as acceptance of the
appointment. The Exchange will only recognize one designation per
Member. A Member may make a designation not more than once every 12
months (from the date of its most recent designation), which
designation shall remain in effect unless or until the Exchange
receives written notice submitted 2 business days prior to the first
business day of the month from either Member indicating that the
appointment has been terminated. Designations will become operative
on the first business day of the effective month and may not be
terminated prior to the end of the month. Execution data and reports
will be provided to both parties. See Fee Schedule, Section 1)a)i),
note 1.
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Proposal
The Exchange proposes to amend the PCRP table to establish
alternative rebates for certain transactions in Complex Orders based on
a Member's Priority Customer total monthly non-paired Complex Order
volume as a percent of the Member's Priority Customer total monthly
volume aggregated to the Priority Customer Rebate Program as described
above.
Currently, the PCRP table provides the following volume thresholds
applicable to Priority Customer Orders, which are based on a percentage
of national customer volume in multiply-listed options classes listed
on MIAX during the relevant month: 0.00% to 0.50% in tier 1; above
0.50% to 1.50% in tier 2; above 1.50% to 1.90% in tier 3; above 1.90%
to 3.50% in tier 4; and above 3.50% in tier 5. Currently, for Priority
Customer orders in the PCRP, the Exchange provides a per contract
credit for Complex Orders as follows: $0.20 per contract in tier 1;
$0.21 per contract in tier 2; $0.26 \15\ or $0.27 \16\ per contract in
tier 3, depending on whether the executing buyer and seller are the
same Member or Affiliates; and $0.27 \17\ or $0.28 \18\ per contract in
tiers 4 and 5 depending on whether the executing buyer and seller are
not the same Member or Affiliates.
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\15\ This rebate is for executed Priority Customer non-paired
Complex Orders when the executing buyer and seller are the same
Member or Affiliates. See Fee Schedule, note.
\16\ This rebate is for executed Priority Customer non-paired
Complex Orders when the executing buyer and seller are not the same
Member or Affiliates. See Fee Schedule, note.
\17\ See supra note 15.
\18\ See supra note 16.
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The Exchange now proposes to amend the PCRP table to establish
alternative rebates for certain transactions in non-paired Complex
Order volume based on a Member's Priority Customer total monthly non-
paired Complex Order volume as a percent of the Member's Priority
Customer total monthly volume aggregated to the Priority Customer
Rebate Program as described above. Under the proposed structure,
Members can qualify for alternative, higher rebates for their Priority
Customer Complex Orders. The Exchange will compare the Member's monthly
Priority Customer non-paired Complex Order volume to its total monthly
Priority Customer volume aggregated for the Priority Customer Rebate
Program which includes simple, PRIME Agency, complex, and cPRIME Agency
orders transmitted by that Priority Customer which is executed
electronically on the Exchange in all multiply-listed option classes
with certain exclusions. The following orders will be excluded from the
calculation of Priority Customer Complex Order credits and from the
calculation of the volume thresholds set forth in the PCRP table: QCC
and cQCC
[[Page 58725]]
Orders, Priority Customer-to-Priority Customer Orders, C2C and cC2C
Orders, PRIME and cPRIME AOC Responses, PRIME and cPRIME Contra-side
Orders, PRIME and cPRIME Orders for which both the Agency and Contra-
side Order are Priority Customers, and executions related to contracts
that are routed to one or more exchanges in connection with the Options
Order Protection and Locked/Crossed Market Plan referenced in MIAX Rule
1400.\19\ For purposes of calculating the Member's monthly Priority
Customer non-paired Complex Order volume for the alternative PCRP
rebates, the Exchange will count the volume of the option legs of a
Complex Order and exclude the stock portion if the Complex Order is a
stock-option order, as defined in Exchange Rule 518(a)(5).
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\19\ See Fee Schedule, the explanation paragraph underneath
cPRIME Agency Order Break-up Table on page 6 (stating that ``MIAX
shall credit each Member the per contract amount set forth above as
applicable resulting from each Priority Customer order transmitted
by that Member which is executed electronically on the Exchange in
all multiply-listed option classes (excluding, in simple or complex
as applicable, QCC and cQCC Orders, Priority Customer-to-Priority
Customer Orders, C2C and cC2C Orders, PRIME and cPRIME AOC
Responses, PRIME and cPRIME Contra-side Orders, PRIME and cPRIME
Orders for which both the Agency and Contra-side Order are Priority
Customers, and executions related to contracts that are routed to
one or more exchanges in connection with the Options Order
Protection and Locked/Crossed Market Plan referenced in MIAX Rule
1400), provided the Member meets certain percentage thresholds in a
month as described in the Priority Customer Rebate Program
table.''). See also Fee Schedule, the sixth explanation paragraph on
page 7 (stating that ``[t]he percentage thresholds are calculated
based on the percentage of national customer volume in multiply-
listed options classes listed on MIAX entered and executed over the
course of the month (excluding QCC and cQCC Orders, Priority
Customer-to-Priority Customer Orders, C2C and cC2C Orders, PRIME and
cPRIME AOC Responses, PRIME and cPRIME Contra-side Orders, and PRIME
and cPRIME Orders for which both the Agency and Contra-side Order
are Priority Customers).'').
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Specifically, the Exchange proposes to amend Section 1)a)iii) of
the Fee Schedule to amend the PCRP table to add a new column to the
table, titled ``Per Contract Credit for Complex Orders, Priority
Customer Non-Paired Complex Orders Volume >= 50% of Member's PCRP
Volume''. The Exchange also proposes to amend the title of the eighth
column from ``Per Contract Credit for Complex Orders,'' to now be ``Per
Contract Credit for Complex Orders, Priority Customer Non-Paired
Complex Orders Volume <50% of Member's PCRP Volume''. With the proposed
changes, if Priority Customer non-paired Complex Orders account for 50%
or more of a Priority Customer's total monthly volume, Priority
Customers will qualify for higher rebates as follows: (i) $0.23 per
contract in tier 1; (ii) $0.27 per contract in tier 2; and (iii) $0.28
per contract in tiers 3, 4, or 5. If Priority Customer non-paired
Complex Orders account for less than 50% of a Priority Customer's total
monthly volume, Priority Customers will qualify for the current rebates
applicable to Complex Orders in the PCRP table, which are as follows:
(i) $0.20 per contract in tier; (ii) $0.21 per contract in tier 2;
(iii) $0.26 \20\ or $0.27 \21\ per contract in tier 3 depending on
whether the executing buyer and seller are the same Member or
Affiliates; and (iv) $0.27 \22\ or $0.28 \23\ per contract in tiers 4
and 5 depending on whether the executing buyer and seller are not the
same Member or Affiliates. The Exchange does not propose to amend any
of the volume threshold percentages with this filing.
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\20\ See supra note 15.
\21\ See supra note 16.
\22\ See supra note 15.
\23\ See supra note 16.
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The Exchange believes that the proposed changes to provide enhanced
rebates for Priority Customers Complex Orders that account for 50% or
more of its total monthly Priority Customer volume will encourage
market participants to submit more Priority Customer Complex Orders and
therefore increase Priority Customer order flow, resulting in increased
liquidity which benefits all Exchange participants by providing more
trading opportunities and tighter spreads. The Exchange also notes that
at least one other competing exchange similarly provides for higher
rebates based on the ratio of simple order volume to complex order
volume.\24\
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\24\ See Cboe Exchange Inc. (``Cboe'') Fee Schedule, dated
August 20, 2026, page 4, which states that ``[a] TPH will only
receive the Complex credit rates for Complex volume if at least 32%
for Tiers 1, 2, and 3 or 38% for Tiers 4 and 5 of that TPH's
qualifying VIP volume in the previous month was comprised of Simple
volume. If not, then the TPH's Customer (C) Complex volume will
receive credits at the applicable Simple credit rate only.''
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Implementation
The proposed changes are effective beginning September 1, 2026.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \25\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \26\ 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 \27\ 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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\25\ 15 U.S.C. 78f(b).
\26\ 15 U.S.C. 78f(b)(4).
\27\ 15 U.S.C. 78f(b)(5).
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The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. 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.'' \28\
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\28\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
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There are currently 18 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based and singly-listed options, no single exchange had more than
approximately 11-12% of the multiply-listed equity options market share
for the month of July 2026.\29\ Therefore, no exchange possesses
significant pricing power. More specifically, the Exchange had a market
share of approximately 9.46% of executed volume of multiply-listed
equity options for the month of July 2026.\30\
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\29\ See the ``Market Share'' section of the Exchange's website,
available at <a href="https://www.miaxglobal.com/">https://www.miaxglobal.com/</a> (last visited August 26,
2026).
\30\ See id.
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The Exchange believes its proposal to provide alternative, enhanced
rebates for Priority Customers non-paired Complex Orders that account
for 50% or more of its total Priority Customer monthly volume, with
certain exclusions from the calculation, is reasonable, equitable and
not unfairly discriminatory because it may encourage market
participants to submit more Priority Customer Complex Orders and
therefore increase Priority Customer order flow, resulting in increased
liquidity which benefits all Exchange participants by providing more
trading opportunities and tighter spreads. The Exchange believes the
proposed change to the PCRP is equitable and not unfairly
discriminatory because it will apply equally to all market participants
[[Page 58726]]
who provide Priority Customer Orders in various segments. The Exchange
also notes that at least one other competing exchange similarly
provides for higher customer rebates based on the ratio of simple order
volume to complex order volume.\31\
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\31\ See supra note 24.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed change will not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Intra-Market Competition
The Exchange does not believe that the proposal will impose any
burden on intra-market competition not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange believes its proposal to provide enhanced rebates for
Priority Customers Complex Orders that account for 50% or more of its
total Priority Customer monthly volume will not impose any burden on
intra-market competition. Instead, the Exchange believes this proposed
change will promote competition because it would encourage market
participants to submit more Priority Customer Complex Orders and
therefore increase Priority Customer order flow, resulting in increased
liquidity which benefits all Exchange participants by providing more
trading opportunities and tighter spreads.
Inter-Market Competition
The Exchange does not believe that the proposed changes will impose
any burden on inter-market competition and the Exchange notes that it
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, or rebate opportunities available at
other venues to be more favorable. There are currently 18 registered
options exchanges competing for order flow. Based on publicly-available
information, and excluding index-based options, no single exchange had
more than approximately 11-12% of the multiply-listed equity options
market share for the month of July 2026.\32\ Therefore, no exchange
possesses significant pricing power. More specifically, the Exchange
had a market share of approximately 9.46% of executed volume of
multiply-listed equity options for the month of July 2026.\33\
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\32\ See supra note 29.
\33\ See id.
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In such an environment, the Exchange must continually adjust its
rebates and tiers to remain competitive with other options exchanges.
Because competitors are free to modify their own fees and tiers in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. The Exchange believes that the proposed rule changes
reflect this competitive environment because they modify the Exchange's
rebates in a manner that encourages market participants to continue to
provide liquidity and to send order flow to the Exchange. The Exchange
notes that at least one other competing exchange similarly provides for
different rebates based on the ratio of simple order volume to complex
order volume.\34\
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\34\ See supra note 24.
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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,\35\ and Rule 19b-4(f)(2) \36\ thereunder.
At any time within 60 days of the filing of such 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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\35\ 15 U.S.C. 78s(b)(3)(A)(ii).
\36\ 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#196b6c757c347a7674747c776d6a596a7c7a377e766f"><span class="__cf_email__" data-cfemail="eb999e878ec6888486868e859f98ab988e88c58c849d">[email protected]</span></a>. Please include
file number SR-MIAX-2026-37 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-2026-37. 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-2026-37 and should be submitted on
or before October 7, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18928 Filed 9-15-26; 8:45 am]
BILLING CODE 8011-01-P
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