Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81495 

36 15 U.S.C. 78s(b)(2)(B). 

37 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange proposes to amend Exchange 

Rule 404(a) to provide that proposed Interpretation 

and Policy .13 to Exchange Rule 404 will describe 

how the Exchange will fix a specific expiration date 

and exercise price for Monthly Options Series and 

that proposed Interpretation and Policy .13 to 

Exchange Rule 404 will govern the procedures for 

opening Monthly Options Series, respectively. This 

is consistent with language in current Exchange 

Rules 404(a) for other Short Term Options Series 

and Quarterly Options Series. 

4Currently, Cboe Exchange, Inc. has a similar 

program. See Securities Exchange Act Release No. 

98915 (Nov. 13, 2023) (SR–CBOE–2023–049) (Order 

Approving a Proposed Rule Change To Adopt 

Monthly Options Series). 

5The Exchange notes this provision considers 

consecutive monthly listings. In other words, as 

other expirations (such as Quarterly Options Series) 

are not counted as part of the maximum, those 

Continued 

action is consistent with the protection 

of investors and the public interest. 

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 

under Section 19(b)(2)(B) 36 of the Act to 

determine whether the proposed rule 

change 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– 

NYSECHX–2023–22 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–NYSECHX–2023–22. 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–NYSECHX–2023–22 and should be 

submitted on or before December 13, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.37

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25772 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98973; File No. SR–MIAX– 

2023–44] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing of a Proposed Rule 

Change To Accommodate the Listings 

of Monthly Options Series 

November 16, 2023. 

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 November 14, 2023, Miami 

International Securities Exchange LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I and II 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 its Rules to adopt Monthly 

Options Series. 

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 its 

Rules to accommodate the listing of 

options series that would expire at the 

close of business on the last business 

day of a calendar month (‘‘Monthly 

Options Series’’). 

Pursuant to proposed Interpretation 

and Policy .13 to Exchange Rule 404 

and Interpretation and Policy .03 to 

Exchange Rule 1809, the Exchange may 

list Monthly Options Series for up to 

five currently listed option classes that 

are either index options or options on 

exchange-traded funds (‘‘ETFs’’).3 In 

addition, the Exchange may also list 

Monthly Options Series on any options 

classes that are selected by other 

securities exchanges that employ a 

similar program under their respective 

rules.4 The Exchange may list 12 

expirations for Monthly Options Series. 

Monthly Options Series need not be for 

consecutive months; however, the 

expiration date of a nonconsecutive 

expiration may not be beyond what 

would be considered the last expiration 

date if the maximum number of 

expirations were listed consecutively.5


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81496 Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 

expirations would not be considered when 

considering when the last expiration date would be 

if the maximum number were listed consecutively. 

For example, if it is January 2024 and the Exchange 

lists Quarterly Options Series in class ABC with 

expirations in March, June, September, December, 

and the following March, the Exchange could also 

list Monthly Options Series in class ABC with 

expirations in January, February, April, May, July, 

August, October, and November 2024 and January 

and February of 2025. This is because, if Quarterly 

Options Series, for example, were counted, the 

Exchange would otherwise never be able to list the 

maximum number of Monthly Options Series. This 

is consistent with the listing provisions for 

Quarterly Options Series, which permit calendar 

quarter expirations. The need to list series with the 

same expiration in the current calendar year and 

the following calendar year (whether Monthly or 

Quarterly expiration) is to allow market participants 

to execute one-year strategies pursuant to which 

they may not roll their exposures in the longerdated options (e.g., January 2025) prior to the 

expiration of the nearer-dated option (e.g., January 

2024). 

6See proposed Interpretation and Policy .13(b) to 

Exchange Rule 404. 

7See proposed Interpretation and Policy .13(c) to 

Exchange Rule 404. 

8See proposed Interpretation and Policy .13(d). 

The Exchange notes these proposed provisions are 

consistent with the initial series provision for the 

Quarterly Options Series program in Interpretation 

and Policy .03 to Exchange Rule 404. While 

different than the initial strike listing provision for 

the Quarterly Options Series program in current 

Interpretation and Policy .03 to Exchange Rule 404, 

the Exchange believes the proposed provision is 

appropriate, as it contemplates classes that may 

have strike intervals of $5 or greater. 

9The 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. 

10See proposed Interpretation and Policy .13(e) to 

Exchange Rule 404. 

11See proposed Interpretation and Policy .13(f) to 

Exchange Rule 404; see also Interpretations and 

Policies .01 and .04, .06, .08, .09, .10 to Exchange 

Rule 404 (permissible strike prices for ETF classes) 

and Interpretations and Policies .05, .07, .11 to 

Exchange Rule 404 (permissible strike prices for 

index options). 

12The Exchange also proposes to make a nonsubstantive change to Interpretation and Policy .02 

to Exchange Rule 404 to change current references 

to ‘‘monthly options series’’ to ‘‘standard expiration 

options series’’ (i.e., series that expire on the third 

Friday of a month), to eliminate potential 

confusion. The current references to ‘‘monthly 

options series’’ are intended to refer to those series 

that expire on the third Friday of a month, which 

are generally referred to in the industry as standard 

expirations. 

13The Exchange notes this would not prevent the 

Exchange from listing a P.M.-settled Monthly 

Options Series on an index with the same 

expiration date as an A.M.-settled Short Term 

Options Series on the same index, both of which 

may expire on a Friday. The Exchange believes this 

concurrent listing would provide investors with yet 

another hedging mechanism and is reasonable given 

these series would not be identical (unlike if they 

were both P.M.-settled). This could not occur with 

respect to ETFs, as all Short Term Options Series 

on ETFs are P.M.-settled. 

14See proposed Interpretation and Policy .13(g) to 

Exchange Rule. Pursuant to Exchange Rule 1807, 

exercise limits for impacted index and ETF classes 

would be equal to the applicable position limits. 

Other expirations in the same class are 

not counted as part of the maximum 

numbers of Monthly Options Series 

expirations for a class.6 Monthly 

Options Series will be P.M.-settled.7

The strike price of each Monthly 

Options Series will be fixed at a price 

per share, with at least two, but no more 

than five, strike prices above and at least 

two, but no more than five, strike prices 

below the value of the underlying index 

or price of the underlying security at 

about the time that a Monthly Options 

Series is opened for trading on the 

Exchange. The Exchange will list strike 

prices for Monthly Options Series that 

are reasonably related to the current 

price of the underlying security or 

current index value of the underlying 

index to which such series relates at 

about the time such series of options is 

first opened for trading on the 

Exchange. The term ‘‘reasonably related 

to the current price of the underlying 

security or index value of the 

underlying index’’ means that the 

exercise price is within 30% of the 

current underlying security price or 

index value.8 Additional Monthly 

Options Series of the same class may be 

open for trading on the Exchange when 

the Exchange deems it necessary to 

maintain an orderly market, to meet 

Member 9 demand, or when the market 

price of the underlying security moves 

substantially from the initial exercise 

price or prices. To the extent that any 

additional strike prices are listed by the 

Exchange, such additional strike prices 

will be within 30% above or below the 

closing price of the underlying index or 

security on the preceding day. The 

Exchange may also open additional 

strike prices of Monthly Options Series 

that are more than 30% above or below 

the current price of the underlying 

security, provided that demonstrated 

Member interest exists for such series, 

as expressed by institutional, corporate, 

Members or their brokers. Market 

Makers trading for their own account 

will not be considered when 

determining Member interest under this 

provision. The opening of the new 

Monthly Options Series will not affect 

the series of options of the same class 

previously opened.10 The interval 

between strike prices on Monthly 

Options Series will be the same as the 

interval for strike prices for series in 

that same options class that expire in 

accordance with the normal monthly 

expiration cycle.11

By definition, Monthly Options Series 

can never expire in the same week that 

a standard options series that expires on 

the third Friday of a month in the same 

class expires. The same, however, is not 

the case with respect to Short Term 

Options Series or Quarterly Options 

Series. Therefore, to avoid any 

confusion in the marketplace, the 

Exchange proposes to amend 

Interpretation and Policy .02 to 

Exchange Rule 404 to provide that the 

Exchange will not list a Short Term 

Options Series in a class on a date on 

which a Monthly Options Series or 

Quarterly Options Series expires.12

Similarly, proposed Interpretation and 

Policy .13(b) to Exchange Rule 404 

provide that no Monthly Options Series 

may expire on a date that coincides with 

an expiration date of a Quarterly 

Options Series in the same index or ETF 

class. In other words, the Exchange will 

not list a Short Terms Options Series on 

an index or ETF if a Monthly Options 

Series on that index or ETF were to 

expire on the same date, nor will the 

Exchange list a Monthly Options Series 

on an index or ETF if a Quarterly 

Options Series on that ETF were to 

expire on the same date to prevent the 

listing of series with concurrent 

expirations.13

With respect to Monthly Options 

Series added pursuant to proposed 

Interpretation and Policy .13(a)–(f) to 

Exchange Rule 404, the Exchange will, 

on a monthly basis, review series that 

are outside a range of five strikes above 

and five strikes below the current price 

of the underlying index or security, and 

delist series with no open interest in 

both the put and the call series having 

a strike: (i) higher than the highest strike 

price with open interest in the put and/ 

or call series for a given expiration 

month; and (ii) lower than the lowest 

strike price with open interest in the put 

and/or call series for a given expiration 

month. Notwithstanding this delisting 

policy, Member requests to add strikes 

and/or maintain strikes in Monthly 

Options Series in series eligible for 

delisting will be granted. In connection 

with this delisting policy, if the 

Exchange identifies series for delisting, 

the Exchange will notify other options 

exchanges with similar delisting 

policies regarding eligible series for 

delisting and will work with such other 

exchanges to develop a uniform list of 

series to be delisted, so as to ensure 

uniform series delisting of multiply 

listed Monthly Options Series.14

The Exchange believes that Monthly 

Options Series will provide investors 

with another flexible and valuable tool 

to manage risk exposure, minimize 

capital outlays, and be more responsive 

to the timing of events affecting the 

securities that underlie options 

contracts. The Exchange believes 

limiting Monthly Options Series to five 

classes will ensure the addition of these 

new series will have a negligible impact 


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Federal Register / Vol. 88, No. 224 / Wednesday, November 22, 2023 / Notices 81497 

15See proposed Exchange Rules 1804(d) 

(regarding position limits for broad-based index 

options) and 1805(d) (regarding position limits for 

industry index options). 

16The Exchange notes it currently lists quarterly 

expirations on certain ETF options pursuant to 

Interpretation and Policy .03 to Exchange Rule 404. 

17See supra note 4. 

18 15 U.S.C. 78f(b). 

19 15 U.S.C. 78f(b)(5). 

20 Id. 

21Compare proposed Interpretation and Policy 

.13 Exchange Rule 404 to Interpretation and Policy 

.03 to Exchange Rule 404. 

on the Options Price Reporting 

Authority (‘‘OPRA’’) and the Exchange’s 

quoting capacity. The Exchange 

represents it has the necessary systems 

capacity to support new options series 

that will result from the introduction of 

Monthly Options Series. 

The Exchange also proposes to amend 

Exchange Rules 1804(d) and 1805(d) to 

provide that positions in Monthly 

Options Series will be aggregated with 

positions in options contracts on the 

same underlying security or index.15

This is consistent with how position 

(and exercise) limits are currently 

imposed on series with other 

expirations (Short Term Options Series 

and Quarterly Options Series). 

Therefore, positions in options within 

class of index or ETF options, regardless 

of their expirations, would continue to 

be subject to existing position (and 

exercise) limits. The Exchange believes 

this will address potential manipulative 

schemes and adverse market impacts 

surrounding the use of options. 

The Exchange also represents its 

current surveillance programs will 

apply to Monthly Options Series and 

will properly monitor trading in the 

proposed Monthly Options Series. The 

Exchange currently lists Quarterly 

Options Series in certain ETF classes 16, 

which expire at the close of business at 

the end of four calendar months (i.e., the 

end of each calendar quarter), and has 

not experienced any market disruptions 

nor issues with capacity. The 

Exchange’s surveillance programs 

currently in place to support and 

properly monitor trading in these 

Quarterly Options Series, as well as 

Short Term Options Series and standard 

expiration series, will apply to the 

proposed Monthly Options Series. The 

Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same index or 

ETF) and reporting requirements— 

would continue to apply. 

The Exchange notes that the proposed 

rule change is substantively identical to 

the proposed rule changes recently filed 

by the Cboe Exchange, Inc. (‘‘Cboe’’).17

The Exchange notes that MIAX Chapters 

IV and XVIII are incorporated by 

reference into the rulebook of the 

Exchange’s affiliate, MIAX Emerald, 

LLC (‘‘Emerald’’). As such, the 

amendments to MIAX Chapters IV and 

XVIII proposed herein will also apply to 

MIAX Emerald Chapters IV and XVIII. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.18 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 19 requirements that the rules of 

an exchange be 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 mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 20 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

Members, issuers, brokers, or dealers. 

In particular, the Exchange believes 

the introduction of Monthly Options 

Series will remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system by expanding hedging tools 

available to market participants. The 

Exchange believes the proposed 

monthly expirations will allow market 

participants to transact in the index and 

ETF options listed pursuant to the 

proposed rule change based on their 

timings as needed and allow them to 

tailor their investment and hedging 

needs more effectively. Further, the 

Exchange believes the availability of 

Monthly Options Series would protect 

investors and the public interest by 

providing investors with more 

flexibility to closely tailor their 

investment and hedging decisions in 

these options, thus allowing them to 

better manage their risk exposure. 

The Exchange believes the Quarterly 

Options Series Program has been 

successful to date and the proposed 

Monthly Options Series program simply 

expands the ability of investors to hedge 

risk against market movements 

stemming from economic releases or 

market events that occur at month’s end 

in the same way the Quarterly Options 

Series Program has expanded the 

landscape of hedging for quarter-end 

news. Monthly Options Series will also 

complement Short Term Options Series, 

which will allow investors to hedge risk 

against events that occur throughout a 

month. The Exchange believes the 

availability of additional expirations 

should create greater trading and 

hedging opportunities for investors, as 

well as provide investors with the 

ability to tailor their investment 

objectives more effectively. 

The Exchange notes the proposed 

terms of Monthly Options Series, 

including the limitation to five index 

and ETF option classes, are 

substantively the same as the current 

terms of Quarterly Options Series.21

Quarterly Options Series expire on the 

last business day of a calendar quarter, 

which is the last business day of every 

third month. The proposed Monthly 

Options Series would fills the gaps 

between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes. As is the 

case with Quarterly Options Series, no 

Short Term Options Series may expire 

on the same day as a Monthly Options 

Series. Similarly, as proposed, no 

Monthly Options Series may expire on 

the same day as a Quarterly Options 

Series. The Exchange believes 

preventing listing series with concurrent 

expirations in a class will eliminate 

potential investors confusion and thus 

protect investors and the public interest. 

Given that Quarterly Options Series the 

Exchange currently lists are essentially 

Monthly Options Series that can expire 

at the end of only certain calendar 

months, the Exchange believes it is 

reasonable to list Monthly Options 

Series in accordance with the same 

terms, as it will promote just and 

equitable principles of trade. The 

Exchange believes limiting Monthly 

Options Series to five classes will 


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22 15 U.S.C. 78s(b)(3)(A)(iii). 

23 17 CFR 240.19b–4(f)(6). 

24 15 U.S.C. 78s(b)(3)(A)(iii). 

25 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the 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 satisfied this requirement. 

26 17 CFR 240.19b–4(f)(6). 

27 17 CFR 240.19b–4(f)(6)(iii). 

28See supra note 4. 

29For 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). 

ensure the addition of these new series 

will have a negligible impact on the 

Exchange and OPRA’s quoting capacity. 

The Exchange represents it has the 

necessary systems capacity to support 

new options series that will result from 

the introduction of Monthly Options 

Series. 

The Exchange further believes the 

proposed rule change regarding the 

treatment of Monthly Options Series 

with respect to determining compliance 

with position and exercise limits is 

designed to prevent fraudulent and 

manipulative acts and practices and 

promote just and equitable principles of 

trade. Monthly Options Series will be 

aggregated with options overlying the 

same ETF or index for purposes of 

compliance with position (and exercise) 

limits, which is consistent with how 

position (and exercise) limits are 

currently imposed on series with other 

expirations (Short Term Options Series 

and Quarterly Options Series). 

Therefore, options positions within ETF 

or index option classes for which 

Monthly Options Series are listed, 

regardless of their expirations, would 

continue to be subject to existing 

position (and exercise) limits. The 

Exchange believes this will address 

potential manipulative schemes and 

adverse market impacts surrounding the 

use of options. The Exchange also 

represents its current surveillance 

programs will apply to Monthly Options 

Series and will properly monitor trading 

in the proposed Monthly Options 

Series. As mentioned above, the 

Exchange currently trades Quarterly 

Options Series in certain ETF classes, 

which expire at the close of business at 

the end of three calendar months (i.e., 

the end of each calendar quarter), and 

has not experienced any market 

disruptions nor issues with capacity. 

The Exchange’s surveillance programs 

currently in place to support and 

properly monitor trading in these 

Quarterly Options Series, as well as 

Short Term Options Series, and 

standard expiration series, will apply to 

the proposed Monthly Options Series. 

The Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same ETF or 

index) and reporting requirements— 

would continue to apply. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 22 and Rule 

19b–4(f)(6) thereunder.23 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 24 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.25

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 26 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 27

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay so that the 

Exchange may immediately list Monthly 

Options Series, thereby providing an 

additional market to investors, which 

the Exchange believes will benefit 

investors by promoting competition in 

Monthly Options Series. The 

Commission notes that it recently 

approved Cboe’s substantially similar 

proposal.28 The Commission believes 

that the proposed rule change presents 

no novel issues and that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 

operative delay and designates the 

proposed rule change operative upon 

filing.29

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–2023–44 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–2023–44. 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, 


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30 17 CFR 200.30–3(a)(12), (59). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4For purposes of the Exchange’s colocation 

services, a ‘‘User’’ means any market participant 

that requests to receive colocation services directly 

from the Exchange. See Securities Exchange Act 

Release No. 76009 (September 29, 2015), 80 FR 

60213 (October 5, 2015) (SR–NYSEMKT–2015–67). 

As specified in the Fee Schedule, a User that incurs 

colocation fees for a particular colocation service 

pursuant thereto would not be subject to colocation 

fees for the same colocation service charged by the 

Exchange’s affiliates the New York Stock Exchange 

LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and 

NYSE National, Inc. (together, the ‘‘Affiliate 

SROs’’). Each Affiliate SRO has submitted 

substantially the same proposed rule change to 

propose the changes described herein. See SR– 

NYSE–2023–44, SR–NYSEARCA–2023–79, SR– 

NYSECHX–2023–22, and SR–NYSENAT–2023–26. 

5The Exchange filed a similar proposal in 2021, 

which it subsequently withdrew. See Securities 

Exchange Act Release No. 93810 (December 17, 

2021), 86 FR 73026 (December 23, 2021) (SR– 

NYSE–2021–67, SR–NYSEAMER–2021–43, SR– 

NYSEARCA–2021–97, SR–NYSECHX–2021–17, 

SR–NYSENAT–2021–23). 

6See Securities Exchange Act Release Nos. 76748 

(December 23, 2015), 80 FR 81648 (December 30, 

2015) (SR–NYSEMKT–2015–85); 78376 (July 21, 

2016), 81 FR 49311 (July 27, 2016) (SR–NYSEMKT– 

2016–17); and 80117 (February 28, 2017), 82 FR 

12646 (March 6, 2017) (SR–NYSEMKT–2017–09). 

7See Securities Exchange Act Release No. 80309 

(March 24, 2017), 82 FR 15725 (March 30, 2017) 

(SR–NYSEMKT–2016–63). 

8Through its Fixed Income and Data Services 

(‘‘FIDS’’) (previously ICE Data Services) business, 

Intercontinental Exchange, Inc. (‘‘ICE’’) operates the 

MDC. The Exchange and the Affiliate SROs are 

indirect subsidiaries of ICE. The proposed service 

would be provided by FIDS pursuant to an 

agreement with a non-ICE entity. FIDS does not 

own the wireless network that would be used to 

provide the service. 

9 If a User also connects to Existing Third Party 

Data, it would not be able to connect to such 

Existing Third Party Data using the same port that 

it uses for connectivity to CME Group Data. 

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–2023–44 and should be 

submitted on or before December 13, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25779 Filed 11–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98963; File No. SR– 

NYSEAMER–2023–59] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Connectivity Fee Schedule 

November 16, 2023. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on November 

9, 2023, NYSE American LLC (‘‘NYSE 

American’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory 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 proposes to amend the 

Connectivity Fee Schedule (‘‘Fee 

Schedule’’) regarding colocation 

services and fees to provide Users with 

wireless connectivity to CME Group 

market data. The proposed rule change 

is available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Connectivity Fee Schedule (‘‘Fee 

Schedule’’) regarding colocation 

services and fees to provide Users 4 with 

wireless connectivity to CME Group 

market data.5

The Exchange currently provides 

Users with wireless connections to eight 

market data feeds or combinations of 

feeds from third-party markets (the 

‘‘Existing Third Party Data’’),6 and 

wired connections to more than 45 

market data feeds or combinations of 

feeds.7 The Exchange proposes to add to 

the Fee Schedule wireless connections 

to CME Group, Inc. (‘‘CME Group’’) 

market data (‘‘CME Group Data’’ and, 

together with the Existing Third Party 

Data, the ‘‘Third Party Data’’). Users 

would be offered the proposed wireless 

connection to the CME Group Data 

through connections into the colocation 

center in the Mahwah, New Jersey data 

center (‘‘MDC’’).8

The Exchange expects that the 

proposed rule change would become 

operative in the fourth quarter of 2023, 

and in any event, no later than 

December 31, 2023. The Exchange will 

announce the date that the wireless 

connection to the CME Group Data will 

be available through a customer notice. 

To receive CME Group Data, the User 

would enter into an agreement with a 

third party for permission to receive the 

data, if required. The User would pay 

this third party any fees for the data 

content. 

The Exchange proposes to revise the 

Fee Schedule to reflect fees related to 

the wireless connection to CME Group 

Data. For each wireless connection to 

CME Group Data, a User would be 

charged a $5,000 non-recurring initial 

charge and a monthly recurring charge 

of $6,000. If a User were to purchase 

more than one wireless connection to 

CME Group Data, it would pay more 

than one non-recurring initial charge. 

Each proposed wireless connection 

would include the use of one port for 

connectivity to CME Group Data, and a 

User would not pay a separate fee for 

the use of such port.9

The Exchange’s proposed wireless 

connectivity to CME Group market data 

would not include the entire CME 

Group market data feed, which includes 

market data for approximately 1,200 

futures symbols. Wireless bandwidth 

capacity is a small fraction of the 

capacity required to transport the full 

CME Group feed. Accordingly, FIDS has 

consulted with customers about which 

of the CME Group symbols they would 

like to be available wirelessly and plans 

to offer connectivity to a subgroup of 

symbols based on this customer 

feedback. The Exchange understands 


khammond on DSKJM1Z7X2PROD with NOTICES