350 Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 

30 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 ‘‘cPRIME’’ is the process by which a Member 

may electronically submit a ‘‘cPRIME Order’’ (as 

defined in Rule 518(b)(7)) it represents as agent (a 

‘‘cPRIME Agency Order’’) against principal or 

solicited interest for execution (a ‘‘cPRIME 

Auction’’), subject to the restrictions set forth in 

Exchange Rule 515A, Interpretation and Policy .12. 

See Exchange Rule 515A. 

4Under the PCRP, MIAX credits each Member the 

per contract amount 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, 

mini-options, 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 

Exchange Rule 1400), provided the Member meets 

certain percentage thresholds in a month as 

described in the PCRP table. See Fee Schedule, 

Section 1(a)(iii). ‘‘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 accounts(s). 

A ‘‘Priority Customer Order’’ means an order for the 

account of a Priority Customer. See Exchange Rule 

100. 

5A ‘‘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 ratio that is equal to or 

greater than one-to-three (.333) and less than or 

equal to three-to-one (3.00) and for the purposes of 

executing a particular investment strategy. A 

complex order can also be a ‘‘stock-option’’ order, 

which is an order to buy or sell a stated number 

of units of an underlying security coupled with the 

purchase or sale of options contract(s) on the 

opposite side of the market, subject to certain 

contingencies set forth in the proposed rules 

governing complex orders. For a complete 

definition of a ‘‘complex order,’’ see Exchange Rule 

518(a)(5). See also Securities Exchange Act Release 

No. 78620 (August 18, 2016), 81 FR 58770 (August 

25, 2016) (SR–MIAX–2016–26). 

6See Securities Exchange Act Release No. 81131 

(July 12, 2017), 82 FR 32900 (July 18, 2017) (SR– 

MIAX–2017–19) (Order Granting Approval of a 

Proposed Rule Change to Amend MIAX Options 

Rules 515, Execution of Orders and Quotes; 515A, 

MIAX Price Improvement Mechanism (‘‘PRIME’’) 

and PRIME Solicitation Mechanism; and 518, 

Complex Orders). 

7 Id. 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MIAX–2020–41, and 

should be submitted on or before 

January 26, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29132 Filed 1–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90818; File No. SR–MIAX– 

2020–40] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

December 29, 2020. 

Pursuant to the provisions of 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 December 21, 2020, Miami 

International Securities Exchange LLC 

(‘‘MIAX Options’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Options Fee Schedule 

(the ‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings, at MIAX’s principal office, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule to extend the cap waiver 

of 1,000 contracts per leg for complex 

PRIME (‘‘cPRIME’’) 3 Agency Order 

rebates for all tiers under the Priority 

Customer Rebate Program (‘‘PCRP’’) 4

until March 31, 2021. 

Background 

Exchange Rule 518(b)(7) defines a 

cPRIME Order as a type of complex 

order 5 that is submitted for 

participation in a cPRIME Auction and 

trading of cPRIME Orders is governed 

by Rule 515A, Interpretation and Policy 

.12.6 cPRIME Orders are processed and 

executed in the Exchange’s PRIME 

mechanism, the same mechanism that 

the Exchange uses to process and 

execute simple PRIME orders, pursuant 

to Exchange Rule 515A.7 PRIME is a 

process by which a Member may 

electronically submit for execution an 

order it represents as agent (an ‘‘Agency 

Order’’) against principal interest and/or 

solicited interest. The Member that 

submits the Agency Order (‘‘Initiating 

Member’’) agrees to guarantee the 

execution of the Agency Order by 

submitting a contra-side order 

representing principal interest or 

solicited interest (‘‘Contra-Side Order’’). 

When the Exchange receives a properly 

designated Agency Order for Auction 

processing, a request for response 

(‘‘RFR’’) detailing the option, side, size 

and initiating price is broadcasted to 

MIAX participants up to an optional 

designated limit price. Members may 

submit responses to the RFR, which can 

be either an Auction or Cancel (‘‘AOC’’) 

order or an AOC eQuote. A cPRIME 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 351 

8The ‘‘Simple Order Book’’ is the Exchange’s 

regular electronic book of orders and quotes. See 

Exchange Rule 518(a)(15). 

9A ‘‘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 ratio that is equal to or 

greater than one-to-three (.333) and less than or 

equal to three-to-one (3.00) and for the purposes of 

executing a particular investment strategy. Minioptions may only be part of a complex order that 

includes other mini-options. Only those complex 

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 classby-class basis and communicated to Members via 

Regulatory Circular, are eligible for processing. See 

Exchange Rule 518(a)(5). 

10The ‘‘Strategy Book’’ is the Exchange’s 

electronic book of complex orders and complex 

quotes. See Exchange Rule 518(a)(17). 

11See Securities Exchange Act Release No. 88349 

(March 10, 2020), 85 FR 14995 (March 15, 2020) 

(SR–MIAX–2020–05). 

12See Securities Exchange Act Release No. 89035 

(June 9, 2020), 85 FR 36249 (June 15, 2020) (SR– 

MIAX–2020–12). 

13See Securities Exchange Act Release No. 89530 

(August 12, 2020), 85 FR 50845 (August 18, 2020) 

(SR–MIAX–2020–26). 

14See Securities Exchange Act Release No. 89771 

(September 4, 2020), 85 FR 55873 (September 10, 

2020) (SR–MIAX–2020–28). 

15See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 

16The OCC publishes options and futures volume 

in a variety of formats, including daily and monthly 

volume by exchange, available at: https://

www.theocc.com/market-data/volume/default.jsp. 

17See id. 18See Securities Exchange Act Release No. 85301 

(March 13, 2019), 84 FR 10166 (March 19, 2019) 

(SR–MIAX–2019–09). 19 15 U.S.C. 78f(b). 20 15 U.S.C. 78f(b)(4) and (5). 

Auction is the price-improvement 

mechanism of the Exchange’s System 

pursuant to which an Initiating Member 

electronically submits a complex 

Agency Order into a cPRIME Auction. 

The Initiating Member, in submitting an 

Agency Order, must be willing to either 

(i) cross the Agency Order at a single 

price against principal or solicited 

interest, or (ii) automatically match 

against principal or solicited interest, 

the price and size of a RFR that is 

broadcast to MIAX participants up to an 

optional designated limit price. Such 

responses are defined as cPRIME AOC 

Responses or cPRIME eQuotes. The 

PRIME mechanism is used for orders on 

the Exchange’s Simple Order Book.8

The cPRIME mechanism is used for 

Complex Orders 9 on the Exchange’s 

Strategy Book,10 with the cPRIME 

mechanism operating in the same 

manner for processing and execution of 

cPRIME Orders that is used for PRIME 

Orders on the Simple Order Book. 

The Exchange proposes to amend 

footnote ‘‘*’’ in Section 1(a)(iii) of the 

Fee Schedule to extend the waiver of 

the contracts cap per leg for cPRIME 

Agency Order rebates for all tiers under 

the PCRP until March 31, 2021. Prior to 

a rule filing by the Exchange (described 

below), the Exchange limited the 

cPRIME Agency Order Credit to be 

payable only to the first 1,000 contracts 

per leg for each cPRIME Agency Order 

in all tiers under the PCRP. On February 

28, 2020, the Exchange filed, and the 

Commission approved, the Exchange’s 

proposal to waive the 1,000 contracts 

cap per leg for cPRIME Agency Order 

rebates for all tiers under the PCRP from 

March 1, 2020 until May 31, 2020.11

On May 29, 2020, the Exchange filed, 

and the Commission approved, the 

Exchange’s proposal to extend the 

waiver of the 1,000 contracts cap per leg 

for cPRIME Agency Order rebates for all 

tiers under the PCRP from June 1, 2020 

until July 31, 2020.12 On July 31, 2020, 

the Exchange filed, and the Commission 

approved, the Exchange’s proposal to 

extend the waiver of the 1,000 contracts 

cap per leg for cPRIME Agency Order 

rebates for all tiers under the PCRP from 

August 1, 2020 until August 31, 2020.13

On August 25, 2020, the Exchange filed, 

and the Commission approved, the 

Exchange’s proposal to extend the 

waiver of the 1,000 contracts cap per leg 

for cPRIME Agency Order rebates for all 

tiers under the PCRP from August 31, 

2020 until December 31, 2020.14

The Exchange now proposes to extend 

the cap waiver of 1,000 contracts per leg 

for cPRIME Agency Order rebates for all 

tiers under the PCRP until March 31, 

2021. The purpose of this proposed 

change is for business and competitive 

reasons and to continue to entice market 

participants to submit larger-sized 

cPRIME Agency Orders. 

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 selfregulatory organization (‘‘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.’’ 15

There are currently 16 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, as of December 14, 2020, no 

single exchange has more than 

approximately 14% of the market share 

of executed volume of multiply-listed 

equity options trades for the month of 

December 2020.16 Therefore, no 

exchange possesses significant pricing 

power in the execution of multiplylisted equity options order flow. More 

specifically, for the month of November 

2020, the Exchange had a total market 

share of 3.90% of all equity options 

volume.17

The Exchange believes that the evershifting market shares among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow (as further 

described below), or discontinue or 

reduce use of certain categories of 

products, in response to transaction and 

non-transaction fee changes. For 

example, on March 1, 2019, the 

Exchange filed with the Commission an 

immediately effective filing to decrease 

certain credits assessable to Members 

pursuant to the PCRP.18 The Exchange 

experienced a decrease in total market 

share between the months of February 

and March of 2019. Accordingly, the 

Exchange believes that the March 1, 

2019 fee change may have contributed 

to the decrease in the Exchange’s market 

share and, as such, the Exchange 

believes competitive forces constrain 

options exchange transaction and nontransaction fees. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 19

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 20 in 

particular, in that it is an equitable 

allocation of reasonable 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 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. 

The Exchange believes its proposal to 

extend the waiver of the cap of 1,000 

contracts per leg for cPRIME Agency 

Order rebates for all tiers under the 

PCRP until March 31, 2021 provides for 

the equitable allocation of reasonable 

dues and fees and is not unfairly 

discriminatory for the following 

reasons. The Exchange operates in a 

highly competitive market. The 

Commission has repeatedly expressed 

its preference for competition over 

regulatory intervention in determining 


jbell on DSKJLSW7X2PROD with NOTICES
352 Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 

21See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 

22See supra note 16. 

23See id. 

24See supra note 18. 25 15 U.S.C. 78f(b)(8). 

26See supra note 16. 

27See id. 

28 15 U.S.C. 78s(b)(3)(A)(ii). 

29 17 CFR 240.19b–4(f)(2). 

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.’’ 21

There are currently 16 registered 

options exchanges competing for order 

flow. Based on publicly-available 

information, and excluding index-based 

options, as of December 14, 2020, no 

single exchange has more than 

approximately 14% of the market share 

of executed volume of multiply-listed 

equity options trades for the month of 

December 2020.22 Therefore, no 

exchange possesses significant pricing 

power in the execution of multiplylisted equity and ETF options order 

flow. More specifically, for the month of 

November 2020, the Exchange had a 

total market share of 3.90% of all equity 

options volume.23

The Exchange believes that the evershifting market shares among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, in response to transaction 

and/or non-transaction fee changes. For 

example, on March 1, 2019, the 

Exchange filed with the Commission an 

immediately effective filing to decrease 

certain credits assessable to Members 

pursuant to the PCRP.24 The Exchange 

experienced a decrease in total market 

share between the months of February 

and March of 2019. Accordingly, the 

Exchange believes that the March 1, 

2019 fee change may have contributed 

to the decrease in the Exchange’s market 

share and, as such, the Exchange 

believes competitive forces constrain 

options exchange transaction and nontransaction fees and market participants 

can shift order flow based on fee 

changes instituted by the exchanges. 

The Exchange believes that its 

proposal to continue to waive the 1,000 

contracts cap per leg for cPRIME Agency 

Order rebates for all tiers in the PCRP 

until March 31, 2021 is reasonable, 

equitably allocated and not unfairly 

discriminatory because this change is 

for business and competitive reasons 

and available equally to all market 

participants. The Exchange cannot 

predict with certainty whether any 

market participant would submit 

additional cPRIME Agency Orders in 

excess of 1,000 contracts per leg in light 

of the proposal to continue to waive the 

cap of 1,000 contracts per leg for 

cPRIME Agency Order rebates for all 

tiers under the PCRP, but believes that 

market participants would continue to 

be encouraged to submit larger orders to 

obtain the additional credits. The 

Exchange believes that this proposed 

change would encourage increased 

cPRIME Agency Order flow, which will 

bring greater volume and liquidity to the 

Exchange, which benefits all market 

participants by providing more trading 

opportunities and tighter spreads. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,25 the Exchange believes that the 

proposed rule changes would not 

impose any burden on competition that 

are not necessary or appropriate in 

furtherance of the purposes of the Act. 

Instead, as discussed above, the 

Exchange believes that the proposed 

change would continue to encourage the 

submission of additional liquidity to a 

public exchange, thereby promoting 

market depth, price discovery and 

transparency and enhancing order 

execution opportunities for all market 

participants. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

integrated competition among orders. 

The Exchange does not believe that 

other market participants at the 

Exchange would be placed at a relative 

disadvantage by the proposed change to 

continue to waive the cap of 1,000 

contracts per leg for cPRIME Agency 

Order rebates for all tiers under the 

PCRP until March 31, 2021. The 

proposed change is designed to attract 

additional order flow to the Exchange. 

The Exchange believes that this 

proposal will continue to encourage 

Members to submit Priority Customer 

cPRIME Agency Orders, which will 

increase liquidity and benefit all market 

participants by providing more trading 

opportunities and tighter spreads. 

Accordingly, the Exchange believes that 

the proposed change will not impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act because it 

will continue to encourage order flow, 

which provides greater volume and 

liquidity, benefiting all market 

participants by providing more trading 

opportunities and tighter spreads. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive. There 

are currently 16 registered options 

exchanges competing for order flow. 

Based on publicly-available 

information, and excluding index-based 

options, as of December 14, 2020, no 

single exchange has more than 

approximately 14% of the market share 

of executed volume of multiply-listed 

equity options trades for the month of 

December 2020.26 Therefore, no 

exchange possesses significant pricing 

power in the execution of multiplylisted equity options order flow. More 

specifically, for the month of November 

2020, the Exchange had a total market 

share of 3.90% of all equity options 

volume.27

In such an environment, the Exchange 

must continually adjust its transaction 

and non-transaction fees to remain 

competitive with other exchanges and to 

attract order flow. The Exchange 

believes that the proposed rule change 

reflects this competitive environment 

because it continues to encourage 

market participants to provide and send 

order flow to the Exchange. To the 

extent this is achieved, all the 

Exchange’s market participants should 

benefit from the improved market 

quality. 

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,28 and Rule 

19b–4(f)(2) 29 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 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 353 

30 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90383 

(November 9, 2020), 85 FR 73095. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90443 

(November 17, 2020), 85 FR 74778. 

4 15 U.S.C. 78s(b)(2). 

whether the proposed rule should be 

approved or disapproved. 

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 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

MIAX–2020–40 on the subject line. 

Paper Comments 

• 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–2020–40. 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 (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MIAX–2020–40 and should 

be submitted on or before January 26, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29138 Filed 1–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90815; File No. SR–BX– 

2020–033] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change To Utilize 

the FIX Protocol To Submit Orders to 

BX’s Price Improvement Auction 

Mechanism 

December 29, 2020. 

On October 27, 2020, Nasdaq BX, Inc. 

(‘‘BX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend Options 3, Section 7(d)(1)(A) to 

offer BX Participants the ability to 

utilize the Financial Information 

eXchange or ‘‘FIX’’ protocol to submit 

orders to its Price Improvement Auction 

mechanism. The proposed rule change 

was published for comment in the 

Federal Register on November 16, 

2020.3 The Commission received no 

comments on the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is December 31, 

2020. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates February 14, 2021 as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–BX–2020–033). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29135 Filed 1–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90816; File No. SR– 

NYSEArca–2020–98] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change Regarding 

the Availability of Information for the 

iShares Gold Trust, the iShares Silver 

Trust Under NYSE Arca Rule 8.201–E 

and the iShares S&P GSCI CommodityIndexed Trust Under Rule 8.203–E 

December 29, 2020. 

On November 12, 2020, NYSE Arca, 

Inc. filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 

proposed rule change regarding the 

availability of information for the 

iShares Gold Trust (formerly the 

iShares® COMEX Gold Trust) and the 

iShares Silver Trust, shares of which are 

currently listed on the Exchange under 

NYSE Arca Rule 8.201–E (CommodityBased Trust Shares), and the iShares 

S&P GSCI Commodity-Indexed Trust, 

shares of which currently are listed and 

traded on the Exchange under Rule 

8.203–E (Commodity Index Trust 

Shares). The proposed rule change was 

published for comment in the Federal 

Register on November 23, 2020.3 The 

Commission has received no comment 

letters on the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 


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