97138 Federal Register / Vol. 89, No. 235 / Friday, December 6, 2024 / Notices 

59 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See ‘‘MIAX Exchange Group—Options and 

Equities Markets—Final Reminder: New email 

domain,’’ available at https://www.miaxglobal.com/ 

alert/2023/06/01/miax-exchange-group-optionsand-equities-markets-final-reminder-new-email-1. 

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 such filing 

also will be available for inspection and 

copying at the principal office of OCC 

and on OCC’s website at https://

www.theocc.com/CompanyInformation/Documents-and-Archives/ 

By-Laws-and-Rules. 

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–OCC–2024–016 and 

should be submitted on or before 

December 27, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.59

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28538 Filed 12–5–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101789; File No. SR–MIAX– 

2024–41] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

December 2, 2024. 

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 19, 2024, 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 proposes to amend the 

MIAX Options Exchange Fee Schedule 

(‘‘Fee Schedule’’) to (1) update the 

Exchange’s email domain; and (2) delete 

all references and transaction fees and 

rebates for mini-options. 

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 

The Exchange proposes to amend the 

Fee Schedule to (1) update the 

Exchange’s email domain; and (2) delete 

all references and transaction fees and 

rebates for mini-options. 

Proposal To Amend the Footnote 

Definition of ‘‘Affiliate’’ in Section 1)a)i) 

of the Fee Schedule 

The Exchange proposes to amend the 

MIAX email domain in footnote #1 of 

the Members and Their Affiliates In 

Priority Customer Rebate Program 

Volume Tier 3 or Higher table in Section 

1)a)i) of the Fee Schedule. 

Currently, footnote #1 in the Fee 

Schedule provides, in relevant part, that 

‘‘. . . A MIAX Market Maker appoints 

an EEM and an EEM appoints a MIAX 

Market Maker, for the purposes of the 

Fee Schedule, by each completing and 

sending an executed Volume 

Aggregation Request Form by email to 

membership@miaxoptions.com no later 

than 2 business days prior to the first 

business day of the month in which the 

designation is to become effective . . .’’ 

MIAX started using the new domain 

(@miaxglobal.com), instead of the old 

domain (@miaxoptions.com), and all 

firms are required to include the new 

domain (@miaxglobal.com) as of June 1, 

2023.3 The Exchange now proposes to 

replace the old email domain 

(membership@miaxoptions.com) with 

the new email domain (membership@

miaxglobal.com) in footnote #1 in the 

Fee Schedule. Accordingly, with the 

proposed changes, footnote #1 will read 

as follows: 

For purposes of the MIAX Options Fee 

Schedule, the term ‘‘Affiliate’’ means (i) an 

affiliate of a Member of at least 75% common 

ownership between the firms as reflected on 

each firm’s Form BD, Schedule A, 

(‘‘Affiliate’’), or (ii) the Appointed Market 

Maker of an Appointed EEM (or, conversely, 

the Appointed EEM of an Appointed Market 

Maker). An ‘‘Appointed Market Maker’’ is a 

MIAX Market Maker (who does not otherwise 

have a corporate affiliation based upon 

common ownership with an EEM) that has 

been appointed by an EEM and an 

‘‘Appointed EEM’’ is an EEM (who does not 

otherwise have a corporate affiliation based 

upon common ownership with a MIAX 

Market Maker) that has been appointed by a 

MIAX Market Maker, pursuant to the 

following process. A MIAX Market Maker 

appoints an EEM and an EEM appoints a 

MIAX Market Maker, for the purposes of the 

Fee Schedule, by each completing and 

sending an executed Volume Aggregation 

Request Form by email to membership@

miaxglobal.com no later than 2 business days 

prior to the first business day of the month 

in which the designation is to become 

effective. Transmittal of a validly completed 

and executed form to the Exchange along 

with the Exchange’s acknowledgement of the 

effective designation to each of the Market 

Maker and EEM will be viewed as acceptance 

of the appointment. The Exchange will only 

recognize one designation per Member. A 

Member may make a designation not more 

than once every 12 months (from the date of 

its most recent designation), which 

designation shall remain in effect unless or 

until the Exchange receives written notice 

submitted 2 business days prior to the first 

business day of the month from either 

Member indicating that the appointment has 

been terminated. Designations will become 

operative on the first business day of the 

effective month and may not be terminated 

prior to the end of the month. Execution data 

and reports will be provided to both parties. 

Proposal To Delete All References to 

Mini-Options 

The Exchange proposes to delete all 

outdated references to mini-options in 

the Fee Schedule. On April 17, 2013, 

the Exchange began listing and trading 

mini-options that were options contracts 

on a select number of high-priced and 


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Federal Register / Vol. 89, No. 235 / Friday, December 6, 2024 / Notices 97139 

4See Securities Exchange Act Release No. 69136 

(March 14, 2013), 78 FR 17259 (March 20, 2013) 

(SR–MIAX–2013–06). 

5The 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. 

6See Securities Exchange Act Release No. 88374 

(March 12, 2020), 85 FR 15522 (March 18, 2020) 

(SR–Phlx–2020–08) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change To Amend 

Certain Phlx Rules To Remove References to Mini 

Options); see also Securities Exchange Act Release 

No. 88458 (March 23, 2020), 85 FR 17372 (March 

27, 2020) (SR–MRX–2020–07) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Related to the Removal of Obsolete Listing Rules); 

see also Securities Exchange Act Release No. 88456 

(March 23, 2020), 85 FR 17126 (March 26, 2020) 

(SR–ISE–2020–11) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change Related to 

the Removal of Obsolete Listing Rules). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(1). 

9The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

actively traded securities, each with a 

unit of trading ten times lower than that 

of standard-sized options contracts.4

Mini-options never gained significant 

market acceptance and have not 

achieved the expected level of traction 

or success in its target market. 

Accordingly, all mini-options were 

delisted several years ago and the 

Exchange does not have plans to re-list 

them in the foreseeable future. As the 

Exchange no longer offers mini-option 

contracts, the Exchange proposes to 

delete all references to mini-options to 

provide greater clarity to Members 5 and 

the public regarding the Exchange’s 

offerings and Fee Schedule. The 

Exchange also notes that other 

exchanges filed similar proposals to 

delete references to mini-options.6 In 

the event that the Exchange desires to 

list mini-options in the future, the 

Exchange will file a rule change with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) to 

adopt rules to list mini-options and 

corresponding fees and rebates for 

transactions in mini-options, if 

applicable. 

Specifically, the Exchange proposes to 

delete ‘‘except mini-options’’ at the end 

of the second sentence of the 

explanatory paragraph and delete 

‘‘MIAX Market Makers will be assessed 

a $0.02 per executed contract fee for 

transactions in mini-options,’’ which is 

the third sentence of the explanatory 

paragraph below the Members and Their 

Affiliates In Priority Customer Rebate 

Program Volume Tier 3 or Higher table 

in Section 1)a)i) of the Fee Schedule. 

The Exchange proposes to delete the 

two columns for mini-options 

transaction fees in Section 1)a)ii) of the 

Fee Schedule. The Exchange proposes 

to delete ‘‘mini-options,’’ in the first 

explanatory paragraph below cPRIME 

Agency Order Break-up Table in Section 

1)a)iii) of the Fee Schedule. The 

Exchange proposes to delete ‘‘minioptions,’’ in the last explanatory 

paragraph below the cPRIME Agency 

Order Break-up Table in Section 1)a)iii) 

of the Fee Schedule. The Exchange 

proposes to delete ‘‘mini-options,’’ in 

the first explanatory paragraph below 

the Professional Rebate Program fee 

table in Section 1)a)iv) of the Fee 

Schedule. The Exchange proposes to 

delete the sentence that states 

‘‘Transaction fees in mini-options will 

be 1/10th of the standard per contract 

fee or rebate described in the table 

above for the PRIME Auction.’’ in the 

explanatory paragraph in Section 1)a)v) 

of the Fee Schedule. The Exchange 

proposes to delete ‘‘including mini 

options,’’ in the first sentence of the first 

explanatory paragraph in Section 1)a)xi) 

of the Fee Schedule. The Exchange 

proposes to delete the last two rows of 

the table that provides the marketing fee 

for mini-options in Section 1)a)xi) of the 

Fee Schedule. The Exchange proposes 

to delete ‘‘including Mini Options,’’ in 

the first sentence of the explanatory 

paragraph of Section 2)b) of the Fee 

Schedule. 

2. Statutory Basis 

The Exchange believes that the 

proposed changes are consistent with 

Section 6(b) of the Act 7 in general, and 

further the objectives of Section 6(b)(1) 

of the Act,8 in particular, in that they are 

designed to enforce compliance by the 

Exchange’s Members and persons 

associated with its Members, with the 

provisions of the rules of the Exchange. 

In particular, the Exchange believes that 

the proposed changes will provide 

greater clarity to Members and the 

public regarding the Exchange’s Fee 

Schedule by updating the Exchange’s 

new email domain and removing 

outdated references to mini-options that 

are no longer offered by the Exchange. 

The proposed changes will also make it 

easier for Members and non-Members to 

interpret the Exchange’s Fee Schedule. 

The Exchange believes that the 

proposed changes also further the 

objectives of Section 6(b)(5) of the Act. 

In particular, they are designed to 

prevent fraudulent and manipulative 

acts and practices, promote just and 

equitable principles of trade, foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, remove impediments to 

and perfect the mechanisms of a free 

and open market and a national market 

system and, in general, protect investors 

and the public interest. The Exchange 

believes the proposed changes promote 

just and equitable principles of trade 

and remove impediments to and perfect 

the mechanism of a free and open 

market and a national market system 

because the proposed changes will 

provide greater clarity to Members and 

the public regarding the Exchange’s Fee 

Schedule by updating the Exchange’s 

new email domain and removing 

outdated references to mini-options that 

are no longer offered by the Exchange. 

The proposed changes to remove 

obsolete language in the Fee Schedule 

include the removal of outdated 

references to mini-options. Mini-options 

are no longer offered by the Exchange 

since mini-options failed to gain 

significant market acceptance and did 

not achieve the expected level of 

traction or success in its target market. 

Removing references to mini-options 

would render the Exchange’s Fee 

Schedule more accurate and reduce 

potential investor confusion. The 

Exchange does not propose to amend 

any fees to be assessed to Members or 

non-Members. It is in the public interest 

for the Exchange’s Fee Schedule to be 

accurate and consistent so as to 

eliminate the potential for confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed changes will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. Specifically, the 

Exchange believes the proposed changes 

will not impose any burden on intramarket competition as there is no 

functional change to the Exchange’s 

System 9 or the Exchange’s fees and 

because the Exchange’s Fee Schedule 

applies to all market participants 

equally. The proposal will have no 

impact on competition as it is not 

designed to address any competitive 

issue but rather is designed to remedy 

minor issues and provide added clarity 

to the Fee Schedule, including removing 

outdated references to mini-options that 

are no longer offered by the Exchange. 

Mini-options failed to gain significant 

market acceptance and have not 

achieved the expected level of traction 

or success in its target market; 

accordingly, the Exchange delisted all 

mini-options several years ago and does 

not have plans to re-list them in the 


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97140 Federal Register / Vol. 89, No. 235 / Friday, December 6, 2024 / Notices 

10The Exchange notes that other exchanges filed 

similar proposals to delete references to minioptions. See supra note 6. 

11 15 U.S.C. 78s(b)(3)(A)(iii). 

12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For 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). 

16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12), (59). 

foreseeable future.10 The proposed 

changes would apply uniformly to all 

market participants. The proposed 

changes do not favor certain categories 

of market participants in a manner that 

would impose an undue burden on 

competition. 

In addition, the Exchange does not 

believe the proposal 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 

email domain and offerings. Removing 

outdated references to mini-options that 

are no longer offered by the Exchange is 

to provide more clarity within the Fee 

Schedule by deleting obsolete language 

in the Fee Schedule. Mini-options failed 

to gain significant market acceptance 

and have not achieved the expected 

level of traction or success in its target 

market, so the Exchange delisted all 

mini-options several years ago and does 

not have plans to re-list them in the 

foreseeable future. The Exchange does 

not believe that the proposal will harm 

another exchange’s ability to compete. 

Accordingly, the Exchange does not 

believe the proposal imposes any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

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 prior to 30 days from the date 

on which it was filed, or such shorter 

time as the Commission may designate, 

if consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 11 and Rule 

19b–4(f)(6) thereunder.12

A proposed rule change filed under 

Rule 19b–4(f)(6) 13 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),14 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange states that 

removing references to mini-options 

would render the Exchange’s Fee 

Schedule more accurate and reduce 

potential investor confusion by 

removing outdated references to a type 

of option that is no longer offered by the 

Exchange. The Exchange also states that 

competing exchanges have removed 

references to mini-options in their 

rulebooks because they no longer trade 

mini-options. The Exchange further 

states that the proposal to update the 

email domain is a minor, nonsubstantive edit that will provide greater 

clarity to Members and the public 

regarding the Exchange’s Fee Schedule. 

For these reasons, and because the 

proposal does not raise any new or 

novel issues, the Commission believes 

that waiver of the operative delay is 

consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.15

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 

under Section 19(b)(2)(B) 16 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– 

MIAX–2024–41 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–2024–41. 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–2024–41 and should be 

submitted on or before December 27, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28546 Filed 12–5–24; 8:45 am] 

BILLING CODE 8011–01–P 


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