Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 327 

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

2 17 CFR 240.19b–4. 

reporting the public dose to demonstrate 

compliance with part 20 of title 10 of 

the Code of Federal Regulations (10 

CFR), ‘‘Standards For Protection Against 

Radiation’’ and 40 CFR part 190, 

‘‘Environmental Radiation Protection 

Standards for Nuclear Power 

Operations.’’ 

Substantial changes are integrated in 

this revision. This revision provides (1) 

guidance on acceptable methods for 

calibration of accident-range radiation 

monitors and accident-range effluent 

monitors, (2) updated guidance on 

reviewing and updating long-term, 

annual average X/Q and D/Q values 

used for determining dose to individual 

members of the public, (3) clarification 

on reporting requirements for low-level 

waste shipments from the site that waste 

classification does not need to be 

reported, and (4) clarification that 

drinking water sampling would only be 

performed under the guidance when the 

calculated dose from I–131 is greater 

than 1 mrem/yr. This guide also 

incorporates the risk-informed 

principles of the Reactor Oversight 

Process. A risk-informed, performancebased approach to regulatory decision 

making combines the ‘‘risk informed’’ 

and ‘‘performance based’’ elements 

discussed in the staff requirements 

memorandum to SECY 98–144, ‘‘Staff 

Requirements—SECY–98–144—White 

Paper on Risk-Informed and 

Performance-Based Regulation,’’ dated 

February 24, 1999 (ADAMS Accession 

No. ML003753593). In particular, the 

guidance in this RG gives licensees the 

option of deciding on what effluents to 

monitor based on a risk-significance 

basis. 

The staff is also issuing for public 

comment a draft regulatory analysis 

(ADAMS Accession No. ML20287A434). 

The staff develops a regulatory analysis 

to assess the value of issuing or revising 

a regulatory guide as well as alternative 

courses of action. 

III. Backfitting, Forward Fitting and 

Issue Finality 

The draft regulatory guide (DG–1377), 

if finalized, would not constitute 

backfitting as defined in 10 CFR 50.109, 

‘‘Backfitting,’’ and as described in NRC 

Management Directive (MD) 8.4, 

‘‘Management of Backfitting, Forward 

Fitting, Issue Finality, and Information 

Requests.’’ It also would not constitute 

forward fitting as that term is defined 

and described in MD 8.4; or affect the 

issue finality of any approval issued 

under 10 CFR part 52. As explained in 

DG–1377, applicants and licensees 

would not be required to comply with 

the positions set forth in DG–1377. 

Dated: December 30, 2020. 

For the Nuclear Regulatory Commission. 

Mekonen M. Bayssie, 

Acting Chief, Regulatory Guidance and 

Generic Issues Branch, Division of 

Engineering, Office of Nuclear Regulatory 

Research. 

[FR Doc. 2020–29154 Filed 1–4–21; 8:45 am] 

BILLING CODE 7590–01–P 

NUCLEAR REGULATORY 

COMMISSION 

Licensing Support Network Advisory 

Review Panel 

AGENCY: Nuclear Regulatory 

Commission. 

ACTION: Notice of renewal of the charter 

of the licensing support network 

advisory review panel. 

SUMMARY: The Licensing Support 

System Advisory Review Panel was 

established by the Nuclear Regulatory 

Commission (NRC) as a Federal 

Advisory Committee in 1989. Its 

purpose was to provide advice on the 

fundamental issues of design and 

development of an electronic 

information management system to be 

used to store and retrieve documents 

relating to the licensing of a geologic 

repository for the disposal of high-level 

radioactive waste, and on the operation 

and maintenance of the system. This 

electronic information management 

system was known as the Licensing 

Support System. 

FOR FURTHER INFORMATION CONTACT: 

Russell E. Chazell, Office of the 

Secretary, U.S. Nuclear Regulatory 

Commission, Washington, DC 20555; 

telephone: 301–415–7469 or at 

Russell.Chazell@nrc.gov. 

SUPPLEMENTARY INFORMATION: In 

November 1998, the Commission 

approved amendments to title 10 Code 

of Federal Regulations Part 2 that 

renamed the Licensing Support System 

Advisory Review Panel as the Licensing 

Support Network Advisory Review 

Panel (LSNARP). The Licensing Support 

Network (LSN) was shut down in 2011 

and the document collection was 

submitted to the Office of the Secretary. 

The document collection was made 

publicly available in the NRC’s 

Agencywide Documents Access and 

Management System in August 2016 

and contains over 3.69 million 

documents associated the proposed 

high-level waste facility at Yucca 

Mountain. Membership on the Panel 

will continue to be drawn from those 

whose interests could be affected by the 

use of the LSN document collection, 

including the Department of Energy, the 

NRC, the State of Nevada, the National 

Congress of American Indians, affected 

units of local governments in Nevada, 

the Nevada Nuclear Waste Task Force, 

and nuclear industry groups. Federal 

agencies with expertise and experience 

in electronic information management 

systems may also participate on the 

Panel. 

The NRC has determined that renewal 

of the charter for the LSNARP until 

December 30, 2022, is in the public 

interest in connection with duties 

imposed on the Commission by law. 

This action is being taken in accordance 

with the Federal Advisory Committee 

Act after consultation with the 

Committee Management Secretariat, 

General Services Administration. 

Dated: December 30, 2020. 

Russell E. Chazell, 

Federal Advisory Committee Management 

Officer, Office of the Secretary. 

[FR Doc. 2020–29170 Filed 1–4–21; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90814; File No. SR–MIAX– 

2020–39] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the 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’’) to extend the 

waiver period for certain nontransaction fees applicable to Market 


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

3The term ‘‘Market Makers’’ refers to ‘‘Lead 

Market Makers’’, ‘‘Primary Lead Market Makers’’ 

and ‘‘Registered Market Makers’’ collectively. See 

Exchange Rule 100. 

4The term ‘‘Proprietary Product’’ means a class 

of options that is listed exclusively on the 

Exchange. See Exchange Rule 100. 

5See Securities Exchange Act Release No. 84417 

(October 12, 2018), 83 FR 52865 (October 18, 2018) 

(SR–MIAX–2018–14) (Order Granting Approval of a 

Proposed Rule Change by Miami International 

Securities Exchange, LLC to List and Trade on the 

Exchange Options on the SPIKES® Index). 

6See Securities Exchange Release No. 85283 

(March 11, 2019), 84 FR 9567 (March 15, 2019) (SR– 

MIAX–2019–11). The Exchange initially filed the 

proposal on February 15, 2019 (SR–MIAX–2019– 

04). That filing was withdrawn and replaced with 

SR–MIAX–2019–11. On September 30, 2020, the 

Exchange filed its proposal to, among other things, 

reorganize the Fee Schedule to adopt new Section 

1)b), Proprietary Products Exchange Fees, and 

moved the fees and rebates for SPIKES options into 

new Section 1)b)i). See Securities Exchange Act 

Release No. 90146 (October 9, 2020), 85 FR 65443 

(October 15, 2020) (SR–MIAX–2020–32). 

7See Securities Exchange Act Release No. 86109 

(June 14, 2019), 84 FR 28860 (June 20, 2019) (SR– 

MIAX–2019–28). 

8See Securities Exchange Act Release No. 87282 

(October 10, 2019), 84 FR 55658 (October 17, 2019) 

(SR–MIAX–2019–43). 

9See Securities Exchange Act Release No. 87897 

(January 6, 2020), 85 FR 1346 (January 10, 2020) 

(SR–MIAX–2019–53). 

10See Securities Exchange Act Release No. 89289 

(July 10, 2020), 85 FR 43279 (July 16, 2020) (SR– 

MIAX–2020–22). 

11See Securities Exchange Act Release No. 90146 

(October 9, 2020), 85 FR 65443 (October 15, 2020) 

(SR–MIAX–2020–32). 

12The term ‘‘Electronic Exchange Member’’ or 

‘‘EEM’’ means the holder of a Trading Permit who 

is not a Market Maker. Electronic Exchange 

Members are deemed ‘‘members’’ under the 

Exchange Act. See Exchange Rule 100. 

Makers 3 that trade solely in Proprietary 

Products 4 until March 31, 2021. 

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 waiver 

period for certain non-transaction fees 

applicable to Market Makers that trade 

solely in Proprietary Products until 

March 31, 2021. 

On October 12, 2018, the Exchange 

received approval from the Commission 

to list and trade on the Exchange, 

options on the SPIKES® Index, a new 

index that measures expected 30-day 

volatility of the SPDR S&P 500 ETF 

Trust (commonly known and referred to 

by its ticker symbol, ‘‘SPY’’).5 The 

Exchange adopted its initial SPIKES 

transaction fees on February 15, 2019 

and adopted a new section of the Fee 

Schedule—Section 1)a)xi), SPIKES—for 

those fees.6 Options on the SPIKES 

Index began trading on the Exchange on 

February 19, 2019. 

On May 31, 2019, the Exchange filed 

a proposal with the Commission to 

amend the Fee Schedule to waive 

certain non-transaction fees applicable 

to Market Makers that trade solely in 

Proprietary Products (including options 

on the SPIKES Index) until September 

30, 2019.7 In particular, the Exchange 

adopted waivers for Membership 

Application fees, monthly Market Maker 

Trading Permit fees, Application 

Programming Interface (‘‘API’’) Testing 

and Certification fees for Members, and 

monthly MEI Port fees assessed to 

Market Makers that trade solely in 

Proprietary Products (including options 

on SPIKES) until September 30, 2019. 

On October 1, 2019, the Exchange 

filed a proposal with the Commission to 

extend the waiver period for the same 

non-transaction fees applicable to 

Market Makers that trade solely in 

Proprietary Products (including options 

on SPIKES) until December 31, 2019.8

On December 30, 2019, the Exchange 

filed a proposal with the Commission to 

extend the waiver period for the same 

non-transaction fees applicable to 

Market Makers that trade solely in 

Proprietary Products (including options 

on SPIKES) until June 30, 2020.9 On 

June 30, 2020, the Exchange filed a 

proposal with the Commission to extend 

the waiver period for the same nontransaction fees applicable to Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

until September 30, 2020.10 On 

September 30, 2020, the Exchange filed 

a proposal with the Commission to 

extend the waiver period for the same 

non-transaction fees applicable to 

Market Makers that trade solely in 

Proprietary Products (including options 

on SPIKES) until December 31, 2020.11

The Exchange now proposes to extend 

the waiver period for the same nontransaction fees applicable to Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

until March 31, 2021. In particular, the 

Exchange proposes to waive 

Membership Application fees, monthly 

Market Maker Trading Permit fees, 

Member API Testing and Certification 

fees, and monthly MEI Port fees 

assessed to Market Makers that trade 

solely in Proprietary Products 

(including options on SPIKES) until 

March 31, 2021. 

Membership Application Fees 

The Exchange currently assesses 

Membership fees for applications of 

potential Members. The Exchange 

assesses a one-time Membership 

Application fee on the earlier of (i) the 

date the applicant is certified in the 

membership system, or (ii) once an 

application for MIAX membership is 

finally denied. The one-time application 

fee is based upon the applicant’s status 

as either a Market Maker or an 

Electronic Exchange Member 

(‘‘EEM’’).12 A Market Maker is assessed 

a one-time Membership Application fee 

of $3,000. 

The Exchange proposes that the 

waiver for the one-time Membership 

Application fee of $3,000 for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

will be extended from December 31, 

2020 until March 31, 2021, which the 

Exchange proposes to state in the Fee 

Schedule. The purpose of this proposed 

change is to continue to provide an 

incentive for potential Market Makers to 

submit membership applications, which 

should result in increasing potential 

liquidity in Proprietary Products, 

including options on SPIKES. Even 

though the Exchange is proposing to 

extend the waiver of this particular fee 

for Market Makers who will trade solely 

in Proprietary Products from December 

31, 2020 until March 31, 2021, the 

overall structure of the fee is outlined in 

the Fee Schedule so that there is general 

awareness that the Exchange intends to 

assess such a fee after March 31, 2021. 

Trading Permit Fees 

The Exchange issues Trading Permits 

that confer the ability to transact on the 

Exchange. MIAX Trading Permits are 

issued to Market Makers and EEMs. 

Members receiving Trading Permits 

during a particular calendar month are 

assessed monthly Trading Permit fees as 

set forth in the Fee Schedule. As it 

relates to Market Makers, MIAX 

currently assesses a monthly Trading 


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Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 329 

13Full Service MEI Ports provide Market Makers 

with the ability to send Market Maker simple and 

complex quotes, eQuotes, and quote purge messages 

to the MIAX System. Full Service MEI Ports are also 

capable of receiving administrative information. 

Market Makers are limited to two Full Service MEI 

Ports per matching engine. See Fee Schedule, note 

27. 

14A FIX Port is an interface with MIAX systems 

that enables the Port user (typically an Electronic 

Exchange Member or a Market Maker) to submit 

simple and complex orders electronically to MIAX. 

See Fee Schedule, note 24. 

15Clearing Trade Drop (‘‘CTD’’) provides 

Exchange members with real-time clearing trade 

updates. The updates include the Member’s 

clearing trade messages on a low latency, real-time 

basis. The trade messages are routed to a Member’s 

connection containing certain information. The 

information includes, among other things, the 

following: (i) Trade date and time; (ii) symbol 

information; (iii) trade price/size information; (iv) 

Member type (for example, and without limitation, 

Market Maker, Electronic Exchange Member, 

Broker-Dealer); (v) Exchange Member Participant 

Identifier (‘‘MPID’’) for each side of the transaction, 

including Clearing Member MPID; and (vi) strategy 

specific information for complex transactions. CTD 

Port Fees will be assessed in any month the 

Member is credentialed to use the CTD Port in the 

production environment. See Fee Schedule, Section 

5)d)iii. 

16The FIX Drop Copy Port (‘‘FXD’’) is a 

messaging interface that will provide a copy of realtime trade execution, trade correction and trade 

cancellation information for simple and complex 

orders to FIX Drop Copy Port users who subscribe 

to the service. FIX Drop Copy Port users are those 

users who are designated by an EEM to receive the 

information and the information is restricted for use 

by the EEM only. FXD Port Fees will be assessed 

in any month the Member is credentialed to use the 

FXD Port in the production environment. See Fee 

Schedule, Section 5)d)iv. 

Permit fee in any month the Market 

Maker is certified in the membership 

system, is credentialed to use one or 

more MIAX Express Interface Ports 

(‘‘MEI Ports’’) 13 in the production 

environment and is assigned to quote in 

one or more classes. MIAX assesses its 

Market Makers the monthly Market 

Maker Trading Permit fee based on the 

greatest number of classes listed on 

MIAX that the MIAX Market Maker was 

assigned to quote in on any given day 

within a calendar month and the 

applicable fee rate is the lesser of either 

the per class basis or percentage of total 

national average daily volume 

measurements. A MIAX Market Maker 

is assessed a monthly Trading Permit 

Fee according to the following table: 

Type of trading permit 

Monthly MIAX 

trading 

permit fee 

Market Maker assignments 

(the lesser of the applicable measurements below) W 

Per class % of National average daily volume 

Market Maker (includes RMM, LMM, PLMM) ......... $7,000.00 

12,000.00 

Up to 10 Classes ......

Up to 40 Classes .......

Up to 20% of Classes by volume. 

Up to 35% of Classes by volume. 

* 17,000.00 Up to 100 Classes ..... Up to 50% of Classes by volume. 

* 22,000.00 Over 100 Classes ...... Over 50% of Classes by volume up to all Classes 

listed on MIAX. 

W Excludes Proprietary Products. 

* For these Monthly MIAX Trading Permit Fee levels, if the Market Maker’s total monthly executed volume during the relevant month is less 

than 0.060% of the total monthly executed volume reported by OCC in the market maker account type for MIAX-listed option classes for that 

month, then the fee will be $15,500 instead of the fee otherwise applicable to such level. 

MIAX proposes that the waiver for the 

monthly Trading Permit fee for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

will be extended from December 31, 

2020 to March 31, 2021, which the 

Exchange proposes to state in the Fee 

Schedule. The purpose of this proposed 

change is to continue to provide an 

incentive for Market Makers to provide 

liquidity in Proprietary Products on the 

Exchange, which should result in 

increasing potential order flow and 

volume in Proprietary Products, 

including options on SPIKES. Even 

though the Exchange is proposing to 

extend the waiver of this particular fee 

for Market Makers trading solely in 

Proprietary Products from December 31, 

2020 until March 31, 2021, the overall 

structure of the fee is outlined in the Fee 

Schedule so that there is general 

awareness by potential Members 

seeking a Trading Permit on the 

Exchange that the Exchange intends to 

assess such a fee after March 31, 2021. 

The Exchange also proposes that 

Market Makers who trade Proprietary 

Products (including options on SPIKES) 

along with multi-listed classes will 

continue to not have Proprietary 

Products (including SPIKES) counted 

toward those Market Makers’ class 

assignment count or percentage of total 

national average daily volume. This 

exclusion is noted with the symbol ‘‘W’’ 

following the table that shows the 

monthly Trading Permit Fees currently 

assessed for Market Makers in Section 

3)b) of the Fee Schedule. 

API Testing and Certification Fee 

The Exchange assesses an API Testing 

and Certification fee to all Members 

depending upon the type of Member. 

An API makes it possible for Members’ 

software to communicate with MIAX 

software applications, and is subject to 

Members testing with, and certification 

by, MIAX. The Exchange offers four 

types of interfaces: (i) The Financial 

Information Exchange Port (‘‘FIX 

Port’’),14 which enables the FIX Port 

user (typically an EEM or a Market 

Maker) to submit simple and complex 

orders electronically to MIAX; (ii) the 

MEI Port, which enables Market Makers 

to submit simple and complex 

electronic quotes to MIAX; (iii) the 

Clearing Trade Drop Port (‘‘CTD 

Port’’),15 which provides real-time trade 

clearing information to the participants 

to a trade on MIAX and to the 

participants’ respective clearing firms; 

and (iv) the FIX Drop Copy Port (‘‘FXD 

Port’’),16 which provides a copy of realtime trade execution, correction and 

cancellation information through a FIX 

Port to any number of FIX Ports 

designated by an EEM to receive such 

messages. 

API Testing and Certification fees for 

Market Makers are assessed (i) initially 

per API for CTD and MEI in the month 

the Market Maker has been credentialed 

to use one or more ports in the 

production environment for the tested 

API and the Market Maker has been 

assigned to quote in one or more classes, 

and (ii) each time a Market Maker 

initiates a change to its system that 

requires testing and certification. API 

Testing and Certification fees will not be 

assessed in situations where the 

Exchange initiates a mandatory change 

to the Exchange’s system that requires 

testing and certification. The Exchange 

currently assesses a Market Maker an 

API Testing and Certification fee of 

$2,500. The API Testing and 

Certification fees represent costs 

incurred by the Exchange as it works 

with each Member for testing and 

certifying that the Member’s software 

systems communicate properly with 

MIAX’s interfaces. 

MIAX proposes to extend the waiver 

of the API Testing and Certification fee 

for Market Makers that trade solely in 


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

Proprietary Products (including options 

on SPIKES) from December 31, 2020 

until March 31, 2021, which the 

Exchange proposes to state in the Fee 

Schedule. The purpose of this proposed 

change is to continue to provide an 

incentive for potential Market Makers to 

develop software applications to trade 

in Proprietary Products, including 

options on SPIKES. Even though the 

Exchange is proposing to extend the 

waiver of this particular fee for Market 

Makers who trade solely in Proprietary 

Products from December 31, 2020 until 

March 31, 2021, the overall structure of 

the fee is outlined in the Fee Schedule 

so that there is general awareness that 

the Exchange intends to assess such a 

fee after March 31, 2021. 

MEI Port Fees 

MIAX provides four (4) Port types, 

including (i) the FIX Port, which 

enables the FIX Port user (typically an 

EEM or a Market Maker) to submit 

simple and complex orders 

electronically to MIAX; (ii) the MEI 

Port, which enables Market Makers to 

submit simple and complex electronic 

quotes to MIAX; (iii) the CTD Port, 

which provides real-time trade clearing 

information to the participants to a trade 

on MIAX and to the participants’ 

respective clearing firms; and (iv) the 

FXD Port, which provides a copy of 

real-time trade execution, correction 

and cancellation information through a 

FIX Port to any number of FIX Ports 

designated by an EEM to receive such 

messages. 

MIAX assesses monthly MEI Port Fees 

to Market Makers in each month the 

Member has been credentialed to use 

the MEI Port in the production 

environment and has been assigned to 

quote in at least one class. The amount 

of the monthly MEI Port Fee is based 

upon the number of classes in which the 

Market Maker was assigned to quote on 

any given day within the calendar 

month, and upon the class volume 

percentages set forth in the table below. 

The class volume percentage is based on 

the total national average daily volume 

in classes listed on MIAX in the prior 

calendar quarter. Newly listed option 

classes are excluded from the 

calculation of the monthly MEI Port Fee 

until the calendar quarter following 

their listing, at which time the newly 

listed option classes will be included in 

both the per class count and the 

percentage of total national average 

daily volume. The Exchange assesses 

MIAX Market Makers the monthly MEI 

Port Fee based on the greatest number 

of classes listed on MIAX that the MIAX 

Market Maker was assigned to quote in 

on any given day within a calendar 

month and the applicable fee rate that 

is the lesser of either the per class basis 

or percentage of total national average 

daily volume measurement. MIAX 

assesses MEI Port Fees on Market 

Makers according to the following table: 

Monthly MIAX MEI fees 

Market Maker assignments 

(the lesser of the applicable measurements below) W 

Per class % of National average daily volume 

$5,000.00 ...................................... Up to 5 Classes ..................................... Up to 10% of Classes by volume. 

$10,000.00 .................................... Up to 10 Classes ................................... Up to 20% of Classes by volume. 

$14,000.00 .................................... Up to 40 Classes ................................... Up to 35% of Classes by volume. 

$17,500.00 * .................................. Up to 100 Classes ................................. Up to 50% of Classes by volume. 

$20,500.00 * .................................. Over 100 Classes .................................. Over 50% of Classes by volume up to all Classes listed on MIAX. 

W Excludes Proprietary Products. 

* For these Monthly MIAX MEI Fees levels, if the Market Maker’s total monthly executed volume during the relevant month is less than 0.060% 

of the total monthly executed volume reported by OCC in the market maker account type for MIAX-listed option classes for that month, then the 

fee will be $14,500 instead of the fee otherwise applicable to such level. 

MIAX proposes to extend the waiver 

of the monthly MEI Port Fee for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

from December 31, 2020 until March 31, 

2021, which the Exchange proposes to 

state in the Fee Schedule. The purpose 

of this proposal is to continue to 

provide an incentive to Market Makers 

to connect to MIAX through the MEI 

Port such that they will be able to trade 

in MIAX Proprietary Products. Even 

though the Exchange is proposing to 

extend the waiver of this particular fee 

for Market Makers trading solely in 

Proprietary Products until March 31, 

2021, the overall structure of the fee is 

outlined in the Fee Schedule so that 

there is general awareness that the 

Exchange intends to assess such a fee 

after March 31, 2021. 

The Exchange notes that for the 

purposes of this proposed change, other 

Market Makers who trade MIAX 

Proprietary Products (including options 

on SPIKES) along with multi-listed 

classes will continue to not have 

Proprietary Products (including SPIKES) 

counted toward those Market Makers’ 

class assignment count or percentage of 

total national average daily volume. 

This exclusion is noted by the symbol 

‘‘W’’ following the table that shows the 

monthly MEI Port Fees currently 

assessed for Market Makers in Section 

5)d)ii) of the Fee Schedule. 

The proposed extension of the fee 

waivers are targeted at market 

participants, particularly market 

makers, who are not currently members 

of MIAX, who may be interested in 

being a Market Maker in Proprietary 

Products on the Exchange. The 

Exchange estimates that there are fewer 

than ten (10) such market participants 

that could benefit from the extension of 

these fee waivers. The proposed 

extension of the fee waivers does not 

apply differently to different sizes of 

market participants, however the fee 

waivers do only apply to Market Makers 

(and not EEMs). 

Market Makers, unlike other market 

participants, take on a number of 

obligations, including quoting 

obligations that other market 

participants do not have. Further, 

Market Makers have added market 

making and regulatory requirements, 

which normally do not apply to other 

market participants. For example, 

Market Makers have obligations to 

maintain continuous markets, engage in 

a course of dealings reasonably 

calculated to contribute to the 

maintenance of a fair and orderly 

market, and to not make bids or offers 

or enter into transactions that are 

inconsistent with a course of dealing. 

Accordingly, the Exchange believes it is 

reasonable and not unfairly 

discriminatory to continue to offer the 

fee waivers to Market Makers because 

the Exchange is seeking additional 

liquidity providers for Proprietary 

Products, in order to enhance liquidity 

and spreads in Proprietary Products, 

which is traditionally provided by 

Market Makers, as opposed to EEMs. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 


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Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Notices 331 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(4) and (5). 

consistent with Section 6(b) of the Act 17

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 18 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 that the 

proposal to extend the fee waiver period 

for certain non-transaction fees for 

Market Makers in Proprietary Products 

is an equitable allocation of reasonable 

fees because the proposal continues to 

waive non-transaction fees for a limited 

period of time in order to enable the 

Exchange to improve its overall 

competitiveness and strengthen its 

market quality for all market 

participants in MIAX’s Proprietary 

Products, including options on SPIKES. 

The Exchange believe the proposed 

extension of the fee waivers is fair and 

equitable and not unreasonably 

discriminatory because it applies to all 

market participants not currently 

registered as Market Makers at the 

Exchange. Any market participant may 

choose to satisfy the additional 

requirements and obligations of being a 

Market Maker and trade solely in 

Proprietary Products in order to qualify 

for the fee waivers. 

The Exchange believes that the 

proposed extension of the fee waivers is 

equitable and not unfairly 

discriminatory for Market Makers as 

compared to EEMs because Market 

Makers, unlike other market 

participants, take on a number of 

obligations, including quoting 

obligations that other market 

participants do not have. Further, 

Market Makers have added market 

making and regulatory requirements, 

which normally do not apply to other 

market participants. For example, 

Market Makers have obligations to 

maintain continuous markets, engage in 

a course of dealings reasonably 

calculated to contribute to the 

maintenance of a fair and orderly 

market, and to not make bids or offers 

or enter into transactions that are 

inconsistent with a course of dealing. 

The Exchange believes it is reasonable 

and equitable to continue to waive the 

one-time Membership Application Fee, 

monthly Trading Permit Fee, API 

Testing and Certification Fee, and 

monthly MEI Port Fee for Market 

Makers that trade solely in Proprietary 

Products (including options on SPIKES) 

until March 31, 2021, since the waiver 

of such fees provides incentives to 

interested market participants to trade 

in Proprietary Products. This should 

result in increasing potential order flow 

and liquidity in MIAX Proprietary 

Products, including options on SPIKES. 

The Exchange believes it is reasonable 

and equitable to continue to waive the 

API Testing and Certification fee 

assessable to Market Makers that trade 

solely in Proprietary Products 

(including options on SPIKES) until 

March 31, 2021, since the waiver of 

such fees provides incentives to 

interested Members to develop and test 

their APIs sooner. Determining system 

operability with the Exchange’s system 

will in turn provide MIAX with 

potential order flow and liquidity 

providers in Proprietary Products. 

The Exchange believes it is 

reasonable, equitable and not unfairly 

discriminatory that Market Makers who 

trade in Proprietary Products along with 

multi-listed classes will continue to not 

have Proprietary Products counted 

toward those Market Makers’ class 

assignment count or percentage of total 

national average daily volume for 

monthly Trading Permit Fees and 

monthly MEI Port Fees in order to 

incentivize existing Market Makers who 

currently trade in multi-listed classes to 

also trade in Proprietary Products, 

without incurring certain additional 

fees. 

The Exchange believes that the 

proposed extension of the fee waivers 

constitutes an equitable allocation of 

reasonable fees and other charges among 

its members and issuers and other 

persons using its facilities. The 

proposed extension of the fee waivers 

means that all prospective market 

makers that wish to become Market 

Maker Members of the Exchange and 

quote solely in Proprietary Products 

may do so and have the abovementioned fees waived until March 31, 

2021. The proposed extension of the fee 

waivers will continue to not apply to 

potential EEMs because the Exchange is 

seeking to enhance the quality of its 

markets in Proprietary Products through 

introducing more competition among 

Market Makers in Proprietary Products. 

In order to increase the competition, the 

Exchange believes that it must continue 

to waive entry type fees for such Market 

Makers. EEMs do not provide the 

benefit of enhanced liquidity which is 

provided by Market Makers, therefore 

the Exchange believes it is reasonable 

and not unfairly discriminatory to 

continue to only offer the proposed fee 

waivers to Market Makers (and not 

EEMs). Further, the Exchange believes it 

is reasonable and not unfairly 

discriminatory to continue to exclude 

Proprietary Products from an existing 

Market Maker’s permit fees and port 

fees, in order to incentive such Market 

Makers to quote in Proprietary Products. 

The amount of a Market Maker’s permit 

and port fee is determined by the 

number of classes quoted and volume of 

the Market Maker. By excluding 

Proprietary Products from such fees, the 

Exchange is able to incentivize Market 

Makers to quote in Proprietary Products. 

EEMs do not pay permit and port fees 

based on the classes traded or volume, 

so the Exchange believes it is 

reasonable, equitable, and not unfairly 

discriminatory to only offer the 

exclusion to Market Makers (and not 

EEMs). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes that the 

proposal to reorganize certain sections 

of the Fee Schedule does not impose 

any burden on intra-market competition 

that is not necessary or appropriate 

because this proposal is not competitive 

in nature, but rather is designed to 

remedy minor non-substantive issues 

and provide added clarity to the Fee 

Schedule in order to avoid potential 

confusion on the part of market 

participants. [sic] 

The Exchange believes that the 

proposal to extend certain of the nontransaction fee waivers until March 31, 

2021 for Market Makers that trade solely 

in Proprietary Products would increase 

intra-market competition by 

incentivizing new potential Market 

Makers to quote in Proprietary Products, 

which will enhance the quality of 

quoting and increase the volume of 

contracts in Proprietary Products traded 

on MIAX, including options on SPIKES. 

To the extent that this purpose is 

achieved, all the Exchange’s market 

participants should benefit from the 

improved market liquidity for the 

Exchange’s Proprietary Products. 

Enhanced market quality and increased 

transaction volume in Proprietary 

Products that results from the 


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

19 15 U.S.C. 78s(b)(3)(A)(ii). 

20 17 CFR 240.19b–4(f)(2). 

21 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. 88795 

(May 1, 2020), 85 FR 27254 (‘‘Notice’’). 

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

5See Securities Exchange Act Release No. 89076 

(June 16, 2020), 85 FR 37488 (June 22, 2020). The 

Commission designated August 5, 2020 as the date 

by which the Commission shall approve or 

disapprove, or institute proceedings to determine 

whether to disapprove, the proposed rule change. 

6See Securities Exchange Act Release No. 89472 

(Aug. 4, 2020), 85 FR 48318 (Aug. 20, 2020) 

(‘‘OIP’’). 

anticipated increase in Market Maker 

activity on the Exchange will benefit all 

market participants and improve 

competition on the Exchange. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intra-market competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the proposed changes for each 

separate type of market participant (new 

Market Makers and existing Market 

Makers) will be assessed equally to all 

such market participants. While 

different fees are assessed to different 

market participants in some 

circumstances, these different market 

participants have different obligations 

and different circumstances as 

discussed above. For example, Market 

Makers have quoting obligations that 

other market participants (such as 

EEMs) do not have. 

Inter-Market Competition 

The Exchange does not believe the 

proposal to reorganize certain sections 

of the Fee Schedule will impose any 

burden on inter-market competition as 

the proposal does not address any 

competitive issues and is intended to 

protect investors by providing further 

transparency regarding the Exchange’s 

Fee Schedule. [sic] 

The Exchange does not believe that 

the proposed rule change to extend the 

fee waiver for certain non-transaction 

fees will impose any burden on intermarket competition that is not necessary 

or appropriate in furtherance of the 

purposes of the Act because the 

proposed extension of the fee waivers 

apply only to the Exchange’s Proprietary 

Products (including options on SPIKES), 

which are traded exclusively on the 

Exchange. 

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,19 and Rule 

19b–4(f)(2) 20 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule should be 

approved or disapproved. 

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–2020–39 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–2020–39. 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–2020–39, and 

should be submitted on or before 

January 26, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29134 Filed 1–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90819; File No. SR– 

CboeBZX–2020–036] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Order 

Disapproving a Proposed Rule Change 

Relating to Rule 14.11, Other 

Securities, To Modify a Continued 

Listing Criterion for Certain ExchangeTraded Products 

December 29, 2020. 

I. Introduction 

On April 29, 2020, Cboe BZX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Exchange 

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

proposed rule change to amend one of 

the continued listing requirements 

relating to certain exchange-traded 

products (‘‘ETPs’’) under BZX Rule 

14.11. The proposed rule change was 

published for comment in the Federal 

Register on May 7, 2020.3

On June 16, 2020, pursuant to Section 

19(b)(2) of the Exchange Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On August 4, 

2020, the Commission instituted 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change.6 On October 28, 2020, the 

Commission designated a longer period 


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