33396 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3The 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. 

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

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

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

‘‘cPRIME Agency Order’’) against principal or 

solicited interest for execution (a ‘‘cPRIME 

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

Exchange Rule 515A, Interpretation and Policy .12. 

See Exchange Rule 515A. 

5Under the PCRP, MIAX Options credits each 

Member the per contract amount resulting from 

each Priority Customer order transmitted by that 

Member which is executed electronically on the 

Exchange in all multiply-listed option classes 

(excluding, in simple or complex as applicable, 

QCC and cQCC Orders, mini-options, Priority 

Customer-to-Priority Customer Orders, C2C and 

cC2C Orders, PRIME and cPRIME AOC Responses, 

PRIME and cPRIME Contra-side Orders, PRIME and 

cPRIME Orders for which both the Agency and 

Contra-side Order are Priority Customers, and 

executions related to contracts that are routed to 

one or more exchanges in connection with the 

Options Order Protection and Locked/Crossed 

Market Plan referenced in Exchange Rule 1400), 

provided the Member meets certain percentage 

thresholds in a month as described in the Priority 

Customer Rebate Program table. See Fee Schedule, 

Section 1)a)iii. 

6A ‘‘complex order’’ is any order involving the 

concurrent purchase and/or sale of two or more 

different options in the same underlying security 

(the ‘‘legs’’ or ‘‘components’’ of the complex order), 

for the same account, in a ratio that is equal to or 

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

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

executing a particular investment strategy. A 

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

which is an order to buy or sell a stated number 

of units of an underlying security coupled with the 

purchase or sale of options contract(s) on the 

opposite side of the market, subject to certain 

contingencies set forth in the proposed rules 

governing complex orders. For a complete 

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

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

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

25, 2016) (SR–MIAX–2016–26). 

7See Securities Exchange Act Release No. 81131 

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

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

Proposed Rule Change to Amend MIAX Options 

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

MIAX Price Improvement Mechanism (‘‘PRIME’’) 

and PRIME Solicitation Mechanism; and 518, 

Complex Orders). 

8 Id. 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is June 24, 2021. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds it appropriate to 

designate a longer period within which 

to take action on the proposed rule 

change so that it has sufficient time to 

consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates August 8, 2021 as the date by 

which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CBOE–2021–029). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13245 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92186; File No. SR–MIAX– 

2021–26] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule for 

the Complex PRIME (‘‘cPRIME’’) 

Agency Order Credit 

June 15, 2021. 

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 June 9, 

2021, 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, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Options Fee Schedule 

(the ‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule to modify one of the 

conditions for Members 3 to receive the 

alternative complex PRIME 

(‘‘cPRIME’’) 4 Agency Order Credit 

amount for cPRIME Agency Orders in 

Tier 4 of the Priority Customer Rebate 

Program (‘‘PCRP’’) 5 that applies instead 

of the credit otherwise applicable to 

such orders, if a certain threshold is 

satisfied. The Exchange initially filed 

this proposal on May 28, 2021 (SR– 

MIAX–2021–24) and withdrew such 

filing on June 9, 2021. The Exchange 

proposes to implement the fee change 

effective June 9, 2021. 

Background 

Exchange Rule 518(b)(7) defines a 

cPRIME Order as a type of complex 

order 6 that is submitted for 

participation in a cPRIME Auction and 

trading of cPRIME Orders is governed 

by Rule 515A, Interpretation and 

Policies .12.7 cPRIME Orders are 

processed and executed in the 

Exchange’s PRIME mechanism, the 

same mechanism that the Exchange uses 

to process and execute simple PRIME 

orders, pursuant to Exchange Rule 

515A.8 PRIME is a process by which a 

Member may electronically submit for 

execution an order it represents as agent 

(an ‘‘Agency Order’’) against principal 

interest and/or solicited interest. The 

Member that submits the Agency Order 

(‘‘Initiating Member’’) agrees to 

guarantee the execution of the Agency 

Order by submitting a contra-side order 

representing principal interest or 

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

When the Exchange receives a properly 

designated Agency Order for Auction 

processing, a request for response 

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

and initiating price is broadcasted to 

MIAX participants up to an optional 

designated limit price. Members may 

submit responses to the RFR, which can 

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


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Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 33397 

9The ‘‘Simple Order Book’’ is the Exchange’s 

regular electronic book of orders and quotes. See 

Exchange Rule 518(a)(15). 10See supra note 6. Mini-options may only be 

part of a complex order that includes other minioptions. 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 class-by-class basis and 

communicated to Members via Regulatory Circular, 

are eligible for processing. See Exchange Rule 

518(a)(5). 

11The ‘‘Strategy Book’’ is the Exchange’s 

electronic book of complex orders and complex 

quotes. See Exchange Rule 518(a)(17). 12See Securities Exchange Act Release No. 85301 

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

(SR–MIAX–2019–09). 

13See Securities Exchange Act Release No. 88349 

(March 10, 2020), 85 FR 14995 (March 16, 2020) 

(SR–MIAX–2020–05). 

14For 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@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. 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. 

15The Exchange notes that other exchanges offer 

comparable rebates in their middle to highest tiers 

for similar transactions. See, generally, Nasdaq 

PHLX LLC, Options 7, Pricing Schedule (highest 

tier rebate of $0.14 per contract for similar 

transactions); Cboe EDGX Exchange, Inc. Fee 

Schedule (mid-tier rebate of $0.11 per contract, up 

to $0.14 per contract in the highest tier for similar 

transactions); NYSE American LLC Fee Schedule 

(rebate of $0.10 per contract for similar 

transactions). 

16See supra notes 12 and 13. 

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

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

order or an AOC eQuote. A cPRIME 

Auction is the price-improvement 

mechanism of the Exchange’s System 

pursuant to which an Initiating Member 

electronically submits a complex 

Agency Order into a cPRIME Auction. 

The Initiating Member, in submitting an 

Agency Order, must be willing to either 

(i) cross the Agency Order at a single 

price against principal or solicited 

interest, or (ii) automatically match 

against principal or solicited interest, 

the price and size of a RFR that is 

broadcast to MIAX participants up to an 

optional designated limit price. Such 

responses are defined as cPRIME AOC 

Responses or cPRIME eQuotes. The 

PRIME mechanism is used for orders on 

the Exchange’s Simple Order Book.9

The cPRIME mechanism is used for 

Complex Orders 10 on the Exchange’s 

Strategy Book,11 with the cPRIME 

mechanism operating in the same 

manner for processing and execution of 

cPRIME Orders that is used for PRIME 

Orders on the Simple Order Book. 

On February 28, 2019, the Exchange 

filed its proposal to, among other things, 

establish the alternative cPRIME Agency 

Order Credit amount for cPRIME 

Agency Orders in Tier 4 of the PCRP 

that would apply instead of the credit 

otherwise applicable to such orders, if a 

certain threshold was satisfied by the 

Member.12 With that filing, the 

Exchange adopted footnote ‘‘**’’ below 

the PCRP table in Section 1)a)iii) of the 

Fee Schedule, which described the 

alternative cPRIME Agency Order Credit 

amount for cPRIME Agency Orders in 

Tier 4 of the PCRP. On February 28, 

2020, the Exchange filed its proposal to, 

among other things, lower the 

alternative cPRIME Agency Order rebate 

for PCRP Members in Tier 4 that execute 

Priority Customer standard non-paired 

complex volume at least equal to or 

greater than their Priority Customer 

cPRIME agency volume from $0.22 per 

contract to $0.12 per contract.13

Currently, under the PCRP, the 

Exchange provides a higher credit of 

$0.12 per contract for cPRIME Agency 

Orders if any Member or its Affiliate 14

qualifies for PCRP Tier 4 and executes 

Priority Customer standard, non-paired 

complex volume at least equal to or 

greater than their Priority Customer 

cPRIME Agency Order volume on a 

monthly basis, instead of the $0.10 

credit otherwise applicable for Tier 4.15

The Exchange now proposes to 

modify one of the conditions in order 

for a Member to receive the alternative 

cPRIME Agency Order Credit amount 

for cPRIME Agency Orders in Tier 4 of 

the PCRP that applies instead of the 

credit otherwise applicable to such 

orders. With the proposed change, any 

Member or its Affiliate that qualifies for 

PCRP Tier 4 and executes Priority 

Customer standard, non-paired complex 

volume at least equal to or greater than 

three (3) times their Priority Customer 

cPRIME Agency Order volume on a 

monthly basis, will receive a credit of 

$0.12 per contract for cPRIME Agency 

Orders instead of the credit otherwise 

applicable to such orders in Tier 4. The 

Exchange proposes to make the 

corresponding change to footnote ‘‘**’’ 

below the PCRP table in Section 1)a)iii) 

of the Fee Schedule. The purpose of the 

proposed change is for business and 

competitive reasons. As the amount and 

type of volume that is executed on the 

Exchange has shifted since it first 

established the alternative cPRIME 

Agency Order Credit amount for 

cPRIME Agency Orders in Tier 4 of the 

PCRP, provided that the Member meets 

certain Priority Customer standard, nonpaired complex volume,16 the Exchange 

has determined to level-set the 

threshold to achieve the alternative 

rebate by requiring Members to execute 

an increased amount of Priority 

Customer standard, non-paired complex 

volume. With the proposed change, the 

Exchange believes the higher credit of 

$0.12 per contract for cPRIME Agency 

Orders will continue to be attractive and 

reflective of the amount and type of 

volume executed on the Exchange. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

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 its proposal 

provides for the equitable allocation of 

reasonable dues and fees and is not 

unfairly discriminatory for the following 

reasons. The Exchange operates in a 

highly competitive market. The 

Commission has repeatedly expressed 

its preference for competition over 

regulatory intervention in determining 

prices, products, and services in the 

securities markets. In Regulation NMS, 

the Commission highlighted the 

importance of market forces in 

determining prices and self-regulatory 


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33398 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

19See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 20See https://www.cboe.com/us/options/market_

statistics/. 21See id. 22See supra note 12. 23 15 U.S.C. 78f(b)(4). 24 15 U.S.C. 78f(b)(1) and (b)(5). 

25 15 U.S.C. 78f(b)(8). 

26See supra note 20. 

organization (‘‘SRO’’) revenues and, 

also, recognized that current regulation 

of the market system ‘‘has been 

remarkably successful in promoting 

market competition in its broader forms 

that are most important to investors and 

listed companies.’’ 19 There are 

currently 16 registered options 

exchanges competing for order flow. 

Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than approximately 13–14% of the 

market share of executed volume of 

multiply-listed equity and exchangetraded fund (‘‘ETF’’) options trades as of 

June 9, 2021, for the month of June 

2021.20 Therefore, no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, as of June 9, 2021, the 

Exchange has a total market share of 

6.73% of all equity options volume, for 

the month of June 2021.21

The Exchange believes that the evershifting market shares among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow (as further 

described below), or discontinue or 

reduce use of certain categories of 

products, in response to transaction and 

non-transaction fee changes. For 

example, in February 2019, the 

Exchange filed with the Commission an 

immediately effective filing to decrease 

certain credits assessable to Members 

pursuant to the PCRP, with the fee 

change effective for March 1, 2019.22

The Exchange experienced a decrease in 

total market share between the months 

of February and March of 2019. 

Accordingly, the Exchange believes that 

the February 2019 fee change may have 

contributed to the decrease in the 

Exchange’s market share and, as such, 

the Exchange believes competitive 

forces constrain options exchange 

transaction fees. 

The Exchange believes its proposal to 

modify the amount of Priority Customer 

standard, non-paired complex volume 

in order for Members to achieve the 

higher alternative cPRIME Agency 

Order Credit amount for cPRIME 

Agency Orders in Tier 4 of the PCRP is 

consistent with Section 6(b)(4) of the 

Act 23 because it applies equally to all 

participants. The proposal is based on 

the amount and type of complex and 

cPRIME business transacted on the 

Exchange and Members are not 

obligated to try to achieve the higher 

alternative cPRIME Agency Order Credit 

amount for cPRIME Agency Orders in 

Tier 4 of the PCRP, nor are they 

obligated to execute any cPRIME 

transactions. Rather, the proposal is 

designed to level-set the volume 

threshold to Exchange volume in these 

segments to achieve the higher 

alternative rebate by requiring Members 

to execute an increased amount of 

Priority Customer standard, non-paired 

complex volume. The Exchange believes 

that by encouraging market participants 

to execute Priority Customer standard, 

non-paired complex volume at least 

equal to or greater than three times their 

Priority Customer cPRIME Agency 

Order volume in order to receive a 

higher alternative credit instead of the 

credit otherwise applicable to such 

orders in Tier 4 of the PCRP is 

reasonable, equitably allocated and not 

unfairly discriminatory because it is 

more reflective of the amount and type 

of volume executed on the Exchange 

since the Exchange first established the 

alternative cPRIME Agency Order 

Credit. 

The Exchange also believes that this 

proposal continues to encourage 

increased volume of Priority Customer 

standard, non-paired complex orders 

and Priority Customer cPRIME orders, 

which will continue to result in 

increased complex and cPRIME 

liquidity that benefits all Exchange 

participants by providing more trading 

opportunities and tighter spreads. The 

Exchange also believes the PCRP is 

reasonably designed because it 

incentivizes providers of Priority 

Customer order flow to send that 

Priority Customer order flow to the 

Exchange in order to obtain the highest 

volume threshold and receive a credit in 

a manner that enables the Exchange to 

improve its overall competitiveness and 

strengthen its market quality for all 

market participants. 

In addition, the proposal is also 

consistent with Section 6(b)(5) of the 

Act 24 because it perfects the 

mechanisms of a free and open market 

and a national market system and 

protects investors and the public 

interest because, while only certain 

Priority Customer order flow qualifies 

for the rebate program under the PCRP 

and, specifically, only order flow by 

Members in Tier 4 of the PCRP that 

meet the additional threshold will 

continue to receive the higher 

alternative cPRIME Agency Order 

rebate, an increase in Priority Customer 

order flow will bring greater volume and 

liquidity, which benefits all market 

participants by providing more trading 

opportunities and tighter spreads. To 

the extent Priority Customer order flow 

continues to increase by the proposal, 

market participants will increasingly 

compete for the opportunity to trade on 

the Exchange including sending more 

orders and providing narrower and 

larger-sized quotations in the effort to 

trade with such Priority Customer order 

flow. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,25 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that are not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes that its 

proposal to modify the condition for the 

alternative cPRIME Agency Order Credit 

will not impose any undue burden on 

intra-market competition. The Exchange 

believes that this proposal will continue 

to encourage Members to submit both 

Priority Customer standard, non-paired 

complex orders and Priority Customer 

cPRIME orders, which will increase 

liquidity and benefit all market 

participants by providing more trading 

opportunities and tighter spreads. 

Accordingly, the Exchange believes that 

the proposed changes will not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because it 

will continue to encourage order flow, 

which provides greater volume and 

liquidity, benefiting all market 

participants by providing more trading 

opportunities and tighter spreads. 

Inter-Market Competition 

The Exchange operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive. There 

are currently 16 registered options 

exchanges competing for order flow. 

Based on publicly-available 

information, and excluding index-based 

options, no single exchange has more 

than approximately 13–14% of the 

market share of executed volume of 

multiply-listed equity and ETF options 

trades as of June 9, 2021, for the month 

of June 2021.26 Therefore, no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 


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Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 33399 

27See id. 

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

29 17 CFR 240.19b–4(f)(2). 30 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

specifically, as of June 9, 2021, the 

Exchange has a total market share of 

6.73% of all equity options volume, for 

the month of June 2021.27 In such an 

environment, the Exchange must 

continually adjust its transaction and 

non-transaction fees to remain 

competitive with other exchanges and to 

attract order flow. The Exchange 

believes that the proposed rule change 

reflects this competitive environment 

because it will modify the Exchange’s 

rebates in a manner that encourages 

market participants to continue to 

provide and send order flow to the 

Exchange. To the extent this is 

achieved, all the Exchange’s market 

participants should benefit from the 

improved market quality. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,28 and Rule 

19b–4(f)(2) 29 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

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–2021–26 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–2021–26. 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–2021–26 and should 

be submitted on or before July 15, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13288 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92173; File No. SR–C2– 

2021–010] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Relating To Amend Its 

Fees Schedule 

June 14, 2021. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on June 1, 

2021, Cboe C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the 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 

Cboe C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend Open-Close Data fees. The text 

of the proposed rule change is provided 

in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/ctwo/), 

at the Exchange’s Office of the 

Secretary, 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. 


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