74224 Federal Register / Vol. 88, No. 208 / Monday, October 30, 2023 / Notices 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A ‘‘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). 

4The ‘‘Simple Order Book’’ is the Exchange’s 

regular electronic book of orders and quotes. See 

Exchange Rule 518(a)(15). 

5The term ‘‘NBBO’’ means the national best bid 

or offer as calculated by the Exchange based on 

market information received by the Exchange from 

the appropriate Securities Information Processor 

(‘‘SIP’’). See Exchange Rule 518(a)(14). 

6See Securities Exchange Release No. 87440 

(November 1, 2019), 84 FR 60117 (November 7, 

2019) (SR–MIAX–2019–45). 

7See Securities Exchange Release Nos. 94939 

(May 18, 2022), 87 FR 31590 (May 24, 2022) (SR– 

MIAX–2022–21); No. 96490 (December 13, 2022), 

87 FR 77648 (December 19, 2022) (SR–MIAX–2022– 

46). 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23817 Filed 10–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98792; File No. SR–MIAX– 

2023–42] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Delay Implementation of an 

Amendment to Rule 518, Complex 

Orders, To Permit Legging Through 

the Simple Market 

October 24, 2023. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on October 

12, 2023, Miami International Securities 

Exchange LLC (‘‘MIAX’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. 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 

delay implementation of the change to 

allow a component of a complex order 3

that legs into the Simple Order Book 4 to 

execute at a price that is outside the 

NBBO.5

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/miax-options/rule-filings, 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 

On October 22, 2019, the Exchange 

filed a proposed rule change to amend 

subsection (c)(2)(iii) of Exchange Rule 

518, Complex Orders, to remove the 

provision which provides that a 

component of a complex order that legs 

into the Simple Order Book may not 

execute at a price that is outside the 

NBBO.6 The proposed rule change 

indicated that the Exchange would 

announce the implementation date of 

the proposed rule change by Regulatory 

Circular to be published no later than 90 

days following the operative date of the 

proposed rule. The implementation date 

will be no later than 90 days following 

the issuance of the Regulatory Circular. 

The Exchange filed to delay the 

implementation of this functionality 

and the latest proposal delayed 

implementation until the third quarter 

of 2023.7 The Exchange now proposes to 

again delay the implementation of this 

functionality until the fourth quarter of 

2024, at the latest. 

The Exchange proposes this delay in 

order to allow the Exchange to 

reprioritize its software delivery and 

release schedule as a result of a shift in 

priorities at the Exchange. The 

Exchange will issue a Regulatory 

Circular notifying market participants at 

least 45 days prior to implementing this 

functionality. 

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

Section 6(b) of the Act 8 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act 9 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in, securities, to 

remove impediments to and perfect the 

mechanisms of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest by allowing the 

Exchange additional time to plan and 

implement the proposed functionality. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange’s proposal to delay the 

implementation of the proposed 

functionality does not impose an undue 

burden on competition. Delaying the 

implementation will simply allow the 

Exchange additional time to properly 

plan and implement the proposed 

functionality. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intramarket competition 

as the delay will apply equally to all 

Members of the Exchange. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intermarket competition 

as the proposal is to delay the 

implementation of approved 

functionality which affects MIAX 

Members only and does not impact 

intermarket competition. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 208 / Monday, October 30, 2023 / Notices 74225 

10 15 U.S.C. 78s(b)(3)(A)(iii). 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14See supra note 6. 

15See supra note 7. 

16For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12). 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 10 and Rule 

19b–4(f)(6) thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) 12 normally does not 

become operative for 30 days after the 

date of the filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),13 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. Rule 

19b–4(f)(6)(iii) also requires a selfregulatory organization to provide the 

Commission with written notice of its 

intent to file a proposed rule change, 

along with a brief description and text 

of the proposed rule change, at least five 

business days prior to the date of filing 

of the proposed rule change, or such 

shorter time as designated by the 

Commission. 

The Exchange has asked the 

Commission to waive both the fivebusiness day pre-filing requirement and 

the 30-day operative delay to allow the 

Exchange to provide an immediate 

update regarding the implementation of 

the functionality, which would 

eliminate potential confusion regarding 

the implementation of the proposal. The 

Exchange states that delaying the 

implementation of the functionality will 

allow the Exchange to reprioritize its 

software delivery and release schedule 

and provide the Exchange additional 

time to plan and implement the 

functionality. 

The Commission waives the fivebusiness day pre-filing requirement. In 

addition, the Commission finds that it is 

consistent with the protection of 

investors and the public interest to 

waive the 30-day operative delay. As 

discussed above, the Exchange amended 

its rules in 2019 to allow the component 

legs of a complex order to execute at a 

price that is outside the NBBO when 

they execute against interest on the 

Exchange’s Simple Order Book.14 The 

Exchange has delayed the 

implementation of this functionality 

several times, most recently until the 

third quarter of 2023.15 Waiver of the 

operative delay will allow the Exchange 

to immediately notify its members of the 

delay in implementing the functionality, 

which could help to avoid confusion 

regarding its implementation. Therefore, 

the Commission waives the 30-day 

operative delay and designates the 

proposal operative upon filing.16

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

MIAX–2023–42 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–2023–42. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

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–2023–42 and should be 

submitted on or before November 20, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23816 Filed 10–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

November 2, 2023. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 


khammond on DSKJM1Z7X2PROD with NOTICES