Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 37361 

91 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3 See Exchange Rule 518(a)(5) for the definition 

of Complex Orders. 

4 The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

5 See Securities Exchange Act Release Nos. 84891 

(December 20, 2018), 83 FR 67421 (December 28, 

2018) (In the Matter of the Application of MIAX 

EMERALD, LLC for Registration as a National 

Securities Exchange; Findings, Opinion, and Order 

of the Commission); and 85345 (March 18, 2019), 

84 FR 10848 (March 22, 2019) (SR–EMERALD– 

2019–13) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change To Amend 

Exchange Rule 518, Complex Orders). 

6 See Securities Exchange Act Release No. 85207 

(February 27, 2019), 84 FR 7963 (March 5, 2019) 

(SR–EMERALD–2019–09) (providing a complete 

description of the cToM data feed). 

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

electronic book of complex orders and complex 

quotes. See Exchange Rule 518(a)(17). 

8 See supra note 6. 

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 

Nos. SR–NYSE–2021–25, SR– 

NYSEAMER–2021–21, SR–NYSEArca– 

2021–24, SR–NYSECHX–2021–07, and 

SR–NYSENAT–2021–09. The file 

numbers 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 such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchanges. 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 publicly available. All 

submissions should refer to File Nos. 

SR–NYSE–2021–25, SR–NYSEAMER– 

2021–21, SR–NYSEArca–2021–24, SR– 

NYSECHX–2021–07, and SR– 

NYSENAT–2021–09 and should be 

submitted on or before August 5, 2021. 

Rebuttal comments should be submitted 

by August 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.91

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15038 Filed 7–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92358; File No. SR– 

EMERALD–2021–21] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Establish Fees for the 

cToM Market Data Product 

July 9, 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 30, 

2021, MIAX Emerald, LLC (‘‘MIAX 

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

Securities and Exchange Commission 

(‘‘Commission’’) the 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 Exchange’s Fee Schedule 

(‘‘Fee Schedule’’) to establish fees for 

the market data product known as 

MIAX Emerald Complex Top of Market 

(‘‘cToM’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/emerald, 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 

Section 6(a) of the Fee Schedule to 

establish fees for the cToM market data 

product. 

The Exchange previously adopted 

rules governing the trading of Complex 

Orders 3 on the Emerald System 4 in 

2018.5 Shortly thereafter, the Exchange 

also adopted the market data product 

cToM and expressly waived fees for 

cToM to provide an incentive to 

prospective market participants to 

subscribe to that market data feed.6 The 

Exchange has not charged fees to cToM 

subscribers in the over two years since 

it was first available for subscription. 

In summary, cToM provides 

subscribers with the same information 

as the MIAX Emerald Top of Market 

(‘‘ToM’’) data product as it relates to the 

Strategy Book 7, i.e., the Exchange’s best 

bid and offer for a complex strategy, 

with aggregate size, based on 

displayable order and quoting interest 

in the complex strategy on the 

Exchange. However, cToM provides 

subscribers with the following 

additional information that is not 

included in ToM: (i) The identification 

of the complex strategies currently 

trading on the Exchange; (ii) complex 

strategy last sale information; and (iii) 

the status of securities underlying the 

complex strategy (e.g., halted, open, or 

resumed). cToM is a distinct market 

data product from ToM. ToM 

subscribers are not required to subscribe 

to cToM, and cToM subscribers are not 

required to subscribe to ToM.8

The Exchange now proposes to amend 

Section 6(a) of the Fee Schedule to 


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37362 Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 

9 A ‘‘Distributor’’ of MIAX Emerald data is any 

entity that receives a feed or file of data either 

directly from MIAX Emerald or indirectly through 

another entity and then distributes it either 

internally (within that entity) or externally (outside 

that entity). All Distributors are required to execute 

a MIAX Emerald Distributor Agreement. See 

Section 6(a) of the Fee Schedule. 

10 The Exchange also proposes to make a minor 

related change to remove ‘‘(as applicable)’’ from the 

explanatory paragraph in Section 6(a) as it will not 

change [sic] fees for both the ToM and cToM data 

feeds. 

11 See NYSE American Options Proprietary 

Market Data Fees, American Options Complex Fees 

($1,500 per month Access Fee and $1,000 per 

month Redistribution Fee), at https://

www.nyse.com/publicdocs/nyse/data/NYSE_

American_Options_Market_Data_Fee_

Schedule.pdf; see also NYSE Arca Options 

Proprietary Market Data Fees, Arca Options 

Complex Fees ($1,500 per month Access Fee and 

$1,000 per month Redistribution Fee), at https://

www.nyse.com/publicdocs/nyse/data/NYSE_Arca_

Options_Proprietary_Data_Fee_Schedule.pdf; 

Nasdaq PHLX LLC Price List—U.S. Derivatives 

Data, PHLX Orders Fees (Internal Distributor fee of 

$3,000 per month and External Distributor fee of 

$3,500 per month), at http://

www.nasdaqtrader.com/ 

Trader.aspx?id=DPPriceListOptions#PHLX. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(4) and (5). 

14 See supra note 11. 

15 See MIAX’s ‘‘The Market at a Glance’’, 

available at https://www.miaxoptions.com/ (last 

visited June 29, 2021). 

16 See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

17 The term ‘‘Priority Customer’’ means a person 

or entity that (i) is not a broker or dealer in 

securities and (ii) does not place more than 390 

orders in listed options per day on average during 

a calendar month for its own beneficial accounts(s). 

The term ‘‘Priority Customer Order’’ means an order 

for the account of a Priority Customer. See 

Exchange Rule 100. 

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

regular electronic book of orders and quotes. See 

Exchange Rule 100. See supra note 5. 

charge monthly fees to Distributors 9 of 

cToM. Specifically, the Exchange 

proposes to assess Internal Distributors 

$1,250 per month and External 

Distributors $1,750 per month for the 

cToM data feed.10 The Exchange notes 

that the proposed monthly cToM fees 

for Internal and External Distributor are 

the same prices that the Exchange 

charges for its ToM data product, and 

are similar to other options exchanges’ 

data feed prices for their comparable 

complex order data feed products.11

Like it does today for ToM, the 

Exchange proposes to assess cToM fees 

on Internal and External Distributors in 

each month the Distributor is 

credentialed to use cToM in the 

production environment. Also, like the 

Exchange does today for ToM, market 

data fees for cToM will be reduced for 

new Distributors for the first month 

during which they subscribe to cToM, 

based on the number of trading days 

that have been held during the month 

prior to the date on which that 

subscriber has been credentialed to use 

cToM in the production environment. 

Such new Distributors will be assessed 

a pro-rata percentage of the fees in the 

table in Section 6(a) of the Fee 

Schedule, which is the percentage of the 

number of trading days remaining in the 

affected calendar month as of the date 

on which they have been credentialed to 

use cToM in the production 

environment, divided by the total 

number of trading days in the affected 

calendar month. 

Implementation Date 

The proposed fee changes will 

become effective on July 1, 2021. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 12

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 13 in 

particular, in that it is an equitable 

allocation of reasonable dues, 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. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and brokerdealers increased authority and 

flexibility to offer new and unique 

market data to the public. It was 

believed that this authority would 

expand the amount of data available to 

consumers, and also spur innovation 

and competition for the provision of 

market data. Particularly, cToM further 

broadens the availability of U.S. option 

market data to investors consistent with 

the principles of Regulation NMS. The 

data product also promotes increased 

transparency through the dissemination 

of cToM. Particularly, cToM provides 

subscribers with the same information 

as ToM, but includes the following 

additional information: (i) The 

identification of the complex strategies 

currently trading on the Exchange; (ii) 

complex strategy last sale information; 

and (iii) the status of securities 

underlying the complex strategy (e.g., 

halted, open, or resumed). The 

Exchange believes cToM provides a 

valuable tool that subscribers can use to 

gain substantial insight into the trading 

activity in Complex Orders, but also 

emphasizes such data is not necessary 

for trading. Moreover, other exchanges 

offer similar data products.14

The Exchange operates in a highly 

competitive environment. Indeed, there 

are currently 16 registered options 

exchanges that trade options. Based on 

publicly available information, no single 

options exchange has more than 15% of 

the market share and currently the 

Exchange represents only approximately 

3.24% of the market share.15 The 

Commission has repeatedly expressed 

its preference for competition over 

regulatory intervention in determining 

prices, products, and services in the 

securities markets. Particularly, in 

Regulation NMS, the Commission 

highlighted the importance of market 

forces in determining prices and 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.’’ 16

Making similar data products available 

to market participants fosters 

competition in the marketplace, and 

constrains the ability of exchanges to 

charge supra-competitive fees. In the 

event that a market participant views 

one exchange’s data product as more or 

less attractive than the competition, that 

market participant can and may switch 

between similar products. The proposed 

fees are a result of the competitive 

environment, as the Exchange seeks to 

adopt fees to attract purchasers of cToM. 

No market participant is required by 

any rule or regulation to utilize the 

Exchange’s Complex Order functionality 

or subscribe to the cToM data feed. 

Further, unlike orders on the Exchange’s 

Simple Order Book, Complex Orders are 

not protected and will never trade 

through Priority Customer 17 orders, 

thus protecting the priority that is 

established in the Simple Order Book.18

Additionally, unlike the continuous 

quoting requirements of Market Makers 

in the simple order market, there are no 

continuous quoting requirements 

respecting Complex Orders. It is a 

business decision whether market 

participants utilize Complex Order 

strategies on the Exchange and whether 

to purchase cToM data to help effect 

those strategies. 

The Exchange believes the proposed 

fees are reasonable as the proposed fees 

are both modest and similar to, or even 

lower than, the fees assessed by other 

exchanges that provide similar data 


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Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 37363 

19 See supra note 11. 

20 See id. 

21 See supra note 6. 

22 See Exchange Data Agreement, available at 

https://miaxweb2.pairsite.com/sites/default/files/ 

page-files/MIAX_Exchange_Group_Data_

Agreement_09032020.pdf. 

23 See id. 

24 See id. 

25 See supra note 11. 

26 Id. 

27 Id. 

products.19 Indeed, proposing fees that 

are excessively higher than established 

fees for similar data products would 

simply serve to reduce demand for the 

Exchange’s data product, which as 

noted, is entirely optional. Like the 

Exchange’s cToM data product, other 

exchanges offer similar data products 

and complex order functionality. As 

such, if a market participant views 

another exchange’s complex order 

functionality and related data feed(s) as 

more attractive than what is offered by 

the Exchange, then such market 

participant can merely choose not to 

utilize the Exchange’s Complex Order 

functionality or purchase cToM. 

Instead, that market participant can 

utilize similar complex functionality 

elsewhere and purchase another 

exchange’s complex data product, 

which likely offers similar data points, 

albeit based on that other market’s 

complex order trading activity. 

Selling market data, such as cToM, is 

also a means by which exchanges 

compete to attract business. If the 

market deems the proposed fees to be 

unfair or inequitable, firms can 

diminish or discontinue their use of the 

data and/or avail themselves of similar 

products offered by other exchanges.20

The Exchange therefore believes that the 

proposed fees for cToM reflect the 

competitive environment and would be 

properly assessed on Member or nonMember users. The Exchange also 

believes the proposed fees are equitable 

and not unfairly discriminatory as the 

fees would apply equally to all users 

who choose to purchase such data. The 

Exchange’s proposed fees would not 

differentiate between subscribers that 

purchase cToM and are set at a modest 

level that would allow any interested 

Member or non-Member to purchase 

such data based on their business needs. 

The Exchange also believes the 

proposed cToM fees are reasonable and 

not unfairly discriminatory because 

since the Exchange initially established 

the cToM data product in 2016, all 

Exchange Members have had the ability 

to receive the Exchange’s cToM data 

free of charge for the past two years.21

The Exchange believes that it is 

reasonable, equitable and not unfairly 

discriminatory to assess Internal 

Distributors fees that are less than the 

fees assessed for External Distributors 

for subscriptions to the cToM data feed 

because Internal Distributors have 

limited, restricted usage rights to the 

market data, as compared to External 

Distributors, which have more 

expansive usage rights. All Members 

and non-Members that determine to 

receive any market data feed of the 

Exchange (or its affiliates, MIAX 

PEARL, LLC and Miami International 

Securities Exchange, LLC), must first 

execute, among other things, the MIAX 

Exchange Group Exchange Data 

Agreement (the ‘‘Exchange Data 

Agreement’’).22 Pursuant to the 

Exchange Data Agreement, Internal 

Distributors are restricted to the 

‘‘internal use’’ of any market data they 

receive. This means that Internal 

Distributors may only distribute the 

Exchange’s market data to the 

recipient’s officers and employees and 

its affiliates.23 External Distributors may 

distribute the Exchange’s market data to 

persons who are not officers, employees 

or affiliates of the External Distributor,24

and may charge their own fees for the 

distribution of such market data. 

Accordingly, the Exchange believes it is 

fair, reasonable and not unfairly 

discriminatory to assess External 

Distributors a higher fee for the 

Exchange’s market data products as 

External Distributors have greater usage 

rights to commercialize such market 

data. The Exchange also utilizes more 

resources to support External 

Distributors versus Internal Distributors, 

as External Distributors have reporting 

and monitoring obligations that Internal 

Distributors do not have, thus requiring 

additional time and effort of Exchange 

staff. The Exchange believes the 

proposed cToM fees are equitable and 

not unfairly discriminatory because the 

fee level results in a reasonable and 

equitable allocation of fees amongst 

subscribers for similar services, 

depending on whether the subscribers is 

an Internal or External Distributor. 

Moreover, the decision as to whether or 

not to purchase market data is entirely 

optional to all market participants. 

Potential purchasers are not required to 

purchase the market data, and the 

Exchange is not required to make the 

market data available. Purchasers may 

request the data at any time or may 

decline to purchase such data. The 

allocation of fees among users is fair and 

reasonable because, if market 

participants deem the proposed fees to 

be unfair or inequitable, firms can 

discontinue their use of the cToM data. 

Further, the Exchange no longer 

believes it is necessary to provide cToM 

data for free to attract market 

participants since the Exchange’s 

Strategy Book is now established and 

the Exchange no longer needs to rely on 

such waivers to attract market 

participants to its Complex Order 

market or cToM subscribers. The 

Exchange believes that the proposal is 

equitable and not unfairly 

discriminatory because the proposed 

cToM fees will apply to all market 

participants of the Exchange on a 

uniform basis. The Exchange also notes 

that the proposed monthly cToM fees 

for Internal and External Distributors are 

the same prices that the Exchange 

charges for its ToM data product, and 

are generally lower than other options 

exchanges’ data feed prices for their 

comparable data feed products.25

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Rather, the 

Exchange believes that the proposal will 

promote competition by permitting the 

Exchange to sell a data product similar 

to those offered by other competitor 

options exchanges.26 The Exchange 

made Complex Order functionality and 

cToM available in order to keep pace 

with changes in the U.S. options 

industry and evolving customer needs, 

and believes the data product will 

continue to contribute to robust 

competition among national securities 

exchanges. Other U.S. options 

exchanges offer complex order 

functionality and market data products 

that are substantially similar to that 

offered by the Exchange. As a result, the 

Exchange believes this proposed rule 

change permits fair competition among 

national securities exchanges. 

Furthermore, the Exchange operates 

in a highly competitive environment, 

and its ability to price cToM is 

constrained by competition among 

exchanges that offer similar data 

products and complex order 

functionality to their customers. As 

discussed, there are currently a number 

of similar products available to market 

participants and investors. Other U.S. 

options exchanges offer market data 

products that are substantially similar to 

cToM, which the Exchange must 

consider in its pricing discipline in 

order to compete for the market data.27

For example, proposing fees that are 

excessively higher than established fees 

for similar data products would simply 


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37364 Federal Register / Vol. 86, No. 133 / Thursday, July 15, 2021 / Notices 

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. 

3See Fee Schedule, Section 5(d)(ii), footnote 30. 

serve to reduce demand for the 

Exchange’s data product, which as 

discussed, market participants are under 

no obligation to utilize. In this 

competitive environment, potential 

purchasers are free to choose which, if 

any, similar product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange also does not believe 

the proposed fees would cause any 

unnecessary or inappropriate burden on 

intermarket competition as other 

exchanges are free to introduce their 

own comparable data product and lower 

their prices to better compete with the 

Exchange’s offering. The Exchange does 

not believe the proposed rule change 

would cause any unnecessary or 

inappropriate burden on intramarket 

competition. Particularly, the proposed 

product and fees apply uniformly to any 

purchaser, in that it does not 

differentiate between subscribers that 

purchase cToM. The proposed fees are 

set at a modest level that would allow 

any interested Member or non-Member 

to purchase such data based on their 

business needs. 

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– 

EMERALD–2021–21 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–EMERALD–2021–21. 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–EMERALD–2021–21, and 

should be submitted on or before 

August 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–15030 Filed 7–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92364; File No. SR–MIAX– 

2021–29] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Fees for Purge 

Ports 

July 9, 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 July 1, 

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’’) to amend the 

MIAX Options Fee Schedule (the ‘‘Fee 

Schedule’’) to amend the fees for Purge 

Ports.3

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. 


khammond on DSKJM1Z7X2PROD with NOTICES