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

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<title>Federal Register, Volume 91 Issue 199 (Friday, October 16, 2026)</title>
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[Federal Register Volume 91, Number 199 (Friday, October 16, 2026)]
[Notices]
[Pages 65806-65809]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21133]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106654; File No. SR-MIAX-2026-40]


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

October 13, 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 September 30, 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 MIAX Options Exchange Fee 
Schedule (the ``Fee Schedule'') to amend the Priority Customer Rebate 
Program (``PCRP'') table to modify the calculation used to determine 
the alternative rebates applicable to certain transactions in Complex 
Orders (all terms described 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 amend the PCRP table to modify the calculation used to 
determine the alternative rebates applicable 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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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 (referred to as ``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

[[Page 65807]]

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#660b030b040314150e0f16260b0f071e010a0904070a4805090b"><span class="__cf_email__" data-cfemail="b1dcd4dcd3d4c3c2d9d8c1f1dcd8d0c9d6ddded3d0dd9fd2dedc">[email&#160;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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    Effective beginning September 1, 2026, the Exchange established 
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 PCRP.\15\
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    \15\ See Securities Exchange Act Release No. 106317 (September 
11, 2026), 91 FR 58723 (September 16, 2026) (SR-MIAX-2026-37). See 
also Fee Schedule, Section (1)(a)(iii) (last two columns in the PCRP 
table).
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Proposal
    The Exchange proposes to amend the PCRP table to modify the 
calculation used to determine the alternative rebates applicable to 
certain transactions in non-paired Complex Orders.
    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 non-paired 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 
PCRP. In particular, if the Member's Priority Customer non-paired 
Complex Orders account for less than 50% of the Member's Priority 
Customer total monthly PCRP volume, that Member's Priority Customer 
executed non-paired complex volume qualifies for the following rebates: 
(i) $0.20 per contract in tier 1; (ii) $0.21 per contract in tier 2; 
(iii) $0.26 \16\ or $0.27 \17\ per contract in tier 3 depending on 
whether the executing buyer and seller are the same Member or 
Affiliates; and (iv) $0.27 \18\ or $0.28 \19\ per contract in tiers 4 
and 5 depending on whether the executing buyer and seller are not the 
same Member or Affiliates. If the Member's Priority Customer non-paired 
Complex Orders account for 50% or more of the Member's Priority 
Customer total monthly PCRP volume, that Member's Priority Customer 
executed non-paired complex volume qualifies 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.
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    \16\ 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, Section (1)(a)(iii), note K.
    \17\ 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, Section (1)(a)(iii), note 
[squf].
    \18\ See supra note 16.
    \19\ See supra note 17.
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    To calculate whether Members qualify for the alternative, higher 
rebates for their Priority Customer Complex Order volume, the Exchange 
compares the Member's monthly Priority Customer non-paired Complex 
Order volume to its total monthly Priority Customer volume aggregated 
for the PCRP. The aggregated PCRP volume includes simple, PRIME Agency, 
complex, and cPRIME Agency orders transmitted by that Priority Customer 
which are executed electronically on the Exchange in all multiply-
listed option classes, with certain exclusions. The Exchange excludes 
the following orders 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 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.\20\ For purposes of 
calculating the Member's monthly Priority Customer non-paired Complex 
Order volume for the alternative PCRP rebates, the Exchange counts the 
volume of the option legs of a Complex Order and excludes the stock 
portion if the Complex Order is a stock-option order, as defined in 
Exchange Rule 518(a)(5).
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    \20\ See Fee Schedule, Section (1)(a)(iii) (explanatory 
paragraphs below the tables).
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    The Exchange now proposes to amend the PCRP table to modify the 
calculation used to determine the alternative rebates applicable to 
certain transactions in non-paired Complex Orders. In particular, the 
Exchange proposes to include the Member's Priority Customer cPRIME 
Agency order volume in the calculation that currently compares the 
Member's monthly Priority Customer non-paired Complex Order volume to 
its total monthly Priority Customer volume aggregated for the PCRP. 
Specifically, the Exchange proposes to amend Section (1)(a)(iii) of the 
Fee Schedule to amend the last two column headings to insert the words 
``and cPRIME Agency'' following the phrase ``Per Contract Credit for 
Complex Orders, Priority Customer Non-Paired Complex Orders. . . .'' 
With the proposed changes, the last two columns in the table in Section 
(1)(a)(iii) of the Fee Schedule will read as follows: ``Per Contract 
Credit for Complex Orders, Priority Customer Non-Paired Complex Orders 
and cPRIME Agency Volume <50% of Member's PCRP Volume'' and ``Per 
Contract Credit for Complex Orders, Priority Customer Non-Paired 
Complex Orders and cPRIME Agency Volume >=50% of Member's PCRP 
Volume''. Accordingly, to determine the alternative rebates applicable 
to certain transactions in Complex Orders for the

[[Page 65808]]

PCRP, the Exchange will compare the Member's monthly Priority Customer 
non-paired Complex Orders and cPRIME Agency order volume to its total 
monthly Priority Customer volume aggregated for the PCRP, which 
aggregated volume includes simple, PRIME Agency, complex, and cPRIME 
Agency orders transmitted by that Priority Customer that are executed 
electronically on the Exchange in all multiply-listed option classes. 
The Exchange will continue to exclude the following 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 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.\21\ The Exchange does not propose to amend any of 
the volume threshold percentages or credit amounts with this filing.
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    \21\ For purposes of calculating the Member's monthly Priority 
Customer non-paired Complex Order volume for the alternative PCRP 
rebates, the Exchange will continue to 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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    The purpose of this proposed change is for business and competitive 
reasons. With the proposed change to include Priority Customer cPRIME 
Agency order volume in the calculation used to determine the 
alternative rebates applicable to certain transactions in Complex 
Orders, Members may be able to more easily qualify for the higher PCRP 
rebates for their Complex Orders. The Exchange believes this 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 
notes that at least one competing equity options exchange similarly 
provides for higher customer rebates based on the ratio of simple order 
volume to complex order volume, with certain segments and/or symbols 
excluded from the calculation.\22\
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    \22\ See Cboe Exchange Inc. (``Cboe'') Fee Schedule, Volume 
Incentive Program, page 4, 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 September 
28, 2026). The Cboe Volume Incentive Program provides, in part, 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.'' Cboe excludes certain segments and symbols from this 
calculation. See Cboe Fee Schedule, note 36.
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Implementation
    The proposed changes are effective beginning October 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 \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 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 \25\ 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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    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(4).
    \25\ 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.'' \26\
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    \26\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005).
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    There are currently 19 registered options exchanges competing for 
order flow.\27\ Based on publicly-available information, and excluding 
index-based and singly-listed options, no single exchange had more than 
approximately 10-11% of the multiply-listed equity options market share 
for the month of August 2026.\28\ Therefore, no exchange possesses 
significant pricing power. More specifically, the Exchange had a market 
share of approximately 10.22% of executed volume of multiply-listed 
equity options for the month of August 2026.\29\
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    \27\ MX2 Options launched electronic equity options trading in a 
limited number of symbols on September 14, 2026. See MEMX Press 
Release, dated September 14, 2026, available at <a href="https://memx.com/insights/memx-group-successfully-launches-mx2-options">https://memx.com/insights/memx-group-successfully-launches-mx2-options</a>.
    \28\ 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 September 28, 
2026).
    \29\ See id.
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    The Exchange believes its proposal to amend the PCRP to include 
Priority Customer cPRIME Agency order volume in the calculation used to 
determine the alternative rebates applicable to certain transactions in 
Complex Orders is reasonable, equitable and not unfairly discriminatory 
because Members may be able to more easily qualify for the higher PCRP 
rebates for their Complex Orders. The Exchange believes this change is 
reasonable because it may encourage market participants to submit more 
Priority Customer Complex Orders, both non-paired Complex Orders and 
cPRIME 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 who provide Priority Customer cPRIME Agency 
order volume. The Exchange believes the proposed change is reasonable 
because at least one competing equity options exchange similarly 
provides for higher customer rebates based on the ratio of simple order 
volume to complex order volume, with certain segments and/or symbols 
excluded from the calculation.\30\
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    \30\ See supra note 22.
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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 amend the PCRP to include 
cPRIME Agency order volume in the calculation used to determine the 
alternative rebates applicable to certain transactions in Complex 
Orders will not impose any burden on intra-market competition. Instead, 
the Exchange believes this

[[Page 65809]]

proposed change will promote competition because it would encourage 
market participants to submit more Priority Customer cPRIME Agency 
order volume 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 19 registered 
options exchanges competing for order flow. Based on publicly-available 
information, and excluding index-based options, no single exchange had 
more than approximately 10-11% of the multiply-listed equity options 
market share for the month of August 2026.\31\ Therefore, no exchange 
possesses significant pricing power. More specifically, the Exchange 
had a market share of approximately 10.22% of executed volume of 
multiply-listed equity options for the month of August 2026.\32\
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    \31\ See supra note 28.
    \32\ 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 competing equity options exchange similarly 
provides for higher customer rebates based on the ratio of simple order 
volume to complex order volume, with certain segments and/or symbols 
excluded from the calculation.\33\
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    \33\ See supra note 22.
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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,\34\ and Rule 19b-4(f)(2) \35\ 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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    \34\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \35\ 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#295b5c454c044a4644444c475d5a695a4c4a074e465f"><span class="__cf_email__" data-cfemail="0a787f666f27696567676f647e794a796f69246d657c">[email&#160;protected]</span></a>. Please include 
file number SR-MIAX-2026-40 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-2026-40. 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-2026-40 and should be submitted on 
or before November 6, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\36\
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    \36\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-21133 Filed 10-15-26; 8:45 am]
BILLING CODE 8011-01-P


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