Federal Register / Vol. 87, No. 134 / Thursday, July 14, 2022 / Notices 42229 

25 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 3See Exchange Rule 532(b)(1)(i). 

4See Exchange Rule 532(b)(1)(ii). 

5See Exchange Rule 532(b)(1)(iii). 

6See Exchange Rule 532(b)(2). 

7The pre-set value used by the Exchange is $0.10. 

See MIAX Options Exchange Regulatory Circular 

2022–16, MIAX Order Price Protection Pre-set 

Values (March 4, 2022) available at https://

www.miaxoptions.com/sites/default/files/circularfiles/MIAX_Options_RC_2022_16.pdf. 

8See Exchange Rule 532(b)(2)(i). 

9See Exchange Rule 532(b)(3). 

10See Exchange Rule 532(b)(3)(i). 

11See Exchange Rule 532(b)(4). 

12See Exchange Rule 532(b)(4)(i). 

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–C2–2022–013 and 

should be submitted on or before 

August 4, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–15000 Filed 7–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95227; File No. SR–MIAX– 

2022–25] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Exchange Rule 532, 

Order and Quote Price Protection 

Mechanisms and Risk Controls 

July 8, 2022. 

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 June 29, 2022, Miami International 

Securities Exchange, LLC (‘‘MIAX 

Options’’ or the ‘‘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 Exchange Rule 532, Order and 

Quote Price Protection Mechanisms and 

Risk Controls. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/ at MIAX Options’ 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 

Exchange Rule 532, Order and Quote 

Price Protection Mechanisms and Risk 

Controls, to (i) extend existing price 

protections to sell limit orders and Offer 

eQuotes for certain complex order 

spread strategies; (ii) make minor nonsubstantive edits to clarify existing rule 

text; and (iii) make non-substantive 

edits to correct numbering errors. 

Background 

Currently the Exchange offers three 

defined complex order spread strategies: 

Butterfly Spread, Calendar Spread, and 

Vertical Spread. A Butterfly Spread is a 

three legged Complex Order with two 

legs to buy (sell) the same number of 

calls (puts) and one leg to sell (buy) 

twice the number of calls (puts), all legs 

have the same expiration date but 

different exercise prices, and the 

exercise price of the middle leg is 

between the exercise prices of the other 

legs. The strike price of each leg is 

equidistant from the next sequential 

strike price.3 A Calendar Spread is a 

complex strategy consisting of the 

purchase of one call (put) option and 

the sale of another call (put) option 

overlying the same security that have 

different expirations but the same strike 

price.4 A Vertical Spread is a complex 

strategy consisting of the purchase of 

one call (put) option and the sale of 

another call (put) option overlying the 

same security that have the same 

expiration but different strike prices.5

For each of the aforementioned 

strategies the Exchange offers a price 

protection. The Exchange will 

determine a Butterfly Spread Variance 

(‘‘BSV’’) which establishes the 

minimum and maximum trading price 

limits for Butterfly Spreads.6 The 

minimum possible trading price limit of 

a Butterfly Spread is zero minus a preset value.7 The maximum possible 

trading price limit of a Butterfly Spread 

is the absolute value of the difference 

between the closest strikes (the upper 

strike price minus the middle strike 

price or the middle strike price minus 

the lower strike price) plus a pre-set 

value.8

The Exchange will determine a 

Calendar Spread Variance (‘‘CSV’’) 

which establishes a minimum trading 

price limit for Calendar Spreads.9 The 

maximum possible value of a Calendar 

Spread is unlimited, thus there is no 

maximum price protection for Calendar 

Spreads. The minimum possible trading 

price limit of a Calendar Spread is zero 

minus a pre-set value.10

The Exchange will determine a 

Vertical Spread Variance (‘‘VSV’’) 

which establishes minimum and 

maximum trading price limits for 

Vertical Spreads.11 The maximum 

possible trading price limit of the VSV 

is the difference between the two 

component strike prices plus a pre-set 

value. For example, a Vertical Spread 

consisting of the purchase of one 

January 30 call and the sale of one 

January 35 call would have a maximum 

trading price limit of $5.00 plus a preset value. The minimum possible 

trading price limit of a Vertical Spread 

is always zero minus a pre-set value.12

Proposal 

The Exchange now proposes to extend 

the price protections for each of the 

aforementioned complex order spread 


jspears on DSK121TN23PROD with NOTICES1
42230 Federal Register / Vol. 87, No. 134 / Thursday, July 14, 2022 / Notices 

13See Exchange Rule 532(b)(2). 

14The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

15See Securities Exchange Act Release No. 94353 

(March 3, 2022), 87 FR 13339 (March 9, 2022) (SR– 

MIAX–2021–58) (Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment Nos.1 and 2, To Adopt Exchange 

Rule 532, Order and Quote Price Protection 

Mechanisms and Risk Controls). 

16See Exchange Rule 532(b)(2)(i). 

17See supra note 7. 

18The 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. 

19See supra note 16. 

20See Exchange Rule 532(b)(2)(ii). 

21The Exchange notes that the proposed behavior 

described in Example 1B is applicable to both the 

Calendar Spread Variance Price Protection, and the 

Vertical Spread Variance Price Protection, as the 

minimum trading price limit for these strategies is 

also zero minus the pre-set value. See Exchange 

Rule 532(b)(3)(i) and 532(b)(4)(i), respectively. 

22See Exchange Rule 532(b)(3). 23See Exchange Rule 532(b)(4). 

strategies. Specifically, the Exchange 

proposes to amend subparagraph (iii) of 

the Butterfly Spread Variance (‘‘BSV’’) 

Price Protection.13 Currently, the first 

sentence of subparagraph (iii) provides 

that, ‘‘[b]uy orders with a limit price of 

less than the minimum trading price 

limit will be rejected.’’ The Exchange 

now proposes to also reject sell limit 

orders and Offer eQuotes with a limit 

price less than the minimum trading 

price limit. As proposed the new 

sentence will read, ‘‘[b]uy orders, sell 

orders, and Offer eQuotes with a limit 

price less than the minimum trading 

price limit will be rejected.’’ This 

change provides that the Exchange will 

not permit orders or eQuotes to be 

submitted into the System 14 that appear 

to be erroneously priced because the 

prices are below the minimum trading 

price limit established by the Exchange 

for Butterfly Spread strategies. 

The Exchange recently adopted 

Butterfly Spread Variance (‘‘BSV’’) Price 

Protection functionality on the 

Exchange.15 The Exchange determines a 

Butterfly Spread Variance which 

establishes minimum and maximum 

trading price limits for Butterfly 

Spreads.16 The minimum value of a 

Butterfly Spread is zero and the 

maximum value is capped at the 

absolute value of the difference between 

the closest strikes (the upper strike price 

minus the middle strike price or the 

middle strike price minus the lower 

strike price). To establish the maximum 

and minimum trading price limits, a 

pre-set value of $0.10 17 is added to the 

maximum value of the Butterfly Spread 

and subtracted from the minimum value 

of the Butterfly Spread. After 

establishing the minimum trading price 

limit the Exchange is able to evaluate 

orders and eQuotes for reasonableness 

as related to the minimum trading price 

limit. As such, sell limit orders and 

Offer eQuotes with a price below the 

minimum trading price limit will be 

rejected back to the Member 18 for 

reevaluation. 

Example 1A (Current Behavior) 

Butterfly Spread: Buy 1 July 50 Call, 

Sell 2 July 55 Calls, Buy 1 July 60 Call. 

The maximum spread value is the 

absolute value of the difference between 

the closest strikes or $5.00 

(60.00¥55.00 or 55.00¥50.00). The 

minimum spread value is zero.19 The 

pre-set value is $0.10. Therefore, the 

maximum allowable price limit is then 

$5.10 ($5.00 + $0.10) and the minimum 

allowable price limit is then ¥$0.10 

($0.00¥$0.10). 

A sell limit order or an Offer eQuote 

submitted with a price below the 

minimum trading price limit will be 

accepted and will trade down to, and 

including, the minimum trading price 

limit. Remaining interest will then be 

placed on the Strategy Book and 

managed to the appropriate trading 

price limit as described in Rule 

518(c)(4), or cancelled if the Managed 

Protection Override is enabled.20

Example 1B (Proposed Behavior) 21

Butterfly Spread: Buy 1 July 50 Call, 

Sell 2 July 55 Calls, Buy 1 July 60 Call. 

Using the same information from 

Example 1A above, the maximum 

trading price limit is $5.10 and the 

minimum trading price limit is ¥$0.10. 

Under the Exchange’s proposal a sell 

limit order or an Offer eQuote with a 

price below the minimum trading price 

limit submitted to the Exchange will be 

rejected back to the Member due to 

being priced below the minimum 

trading price limit. 

The Exchange believes extending 

price protections to sell limit orders and 

Offer eQuotes will benefit Members by 

rejecting interest priced below the 

minimum trading price limit back to the 

Member for reevaluation and potential 

re-submission at a price within the 

minimum and maximum trading price 

limits as determined by the Exchange. 

The Exchange also proposes to amend 

subparagraph (iii) of the Calendar 

Spread Variance (‘‘CSV’’) Price 

Protection.22 Currently, the first 

sentence of subparagraph (iii) provides 

that, ‘‘[b]uy orders with a limit price 

less than the minimum trading price 

limit will be rejected.’’ The Exchange 

proposes to also reject sell limit orders 

and Offer eQuotes with a limit price less 

than the minimum trading price limit. 

As proposed the new sentence will read, 

‘‘[b]uy orders, sell orders, and Offer 

eQuotes with a limit price less than the 

minimum trading price limit will be 

rejected.’’ This change provides that the 

Exchange will not permit orders or 

eQuotes to be submitted into the System 

that appear to be erroneously priced 

because the prices are below the 

minimum trading price limit established 

by the Exchange for Calendar Spread 

strategies. 

The Exchange believes extending 

price protections to sell limit orders and 

Offer eQuotes will benefit Members by 

rejecting interest priced below the 

minimum trading price limit back to the 

Member for reevaluation and potential 

re-submission at a price within the 

minimum and maximum trading price 

limits as determined by the Exchange. 

The Exchange also proposes to amend 

subparagraph (iii) of the Vertical Spread 

Variance (‘‘VSV’’) Price Protection.23

Currently, the first sentence of 

subparagraph (iii) provides that, ‘‘[b]uy 

orders with a limit price less than the 

minimum trading price limit will be 

rejected.’’ The Exchange proposes to 

also reject sell limit orders and Offer 

eQuotes with a limit price less than the 

minimum trading price limit. As 

proposed the new sentence will read, 

‘‘[b]uy orders, sell orders, and Offer 

eQuotes with a limit price less than the 

minimum trading price limit will be 

rejected.’’ This change provides that the 

Exchange will not permit orders or 

eQuotes to be submitted into the System 

that appear to be erroneously priced 

because the prices are below the 

minimum trading price limit established 

by the Exchange for Vertical Spread 

strategies. 

The Exchange believes extending 

price protections to sell limit orders and 

Offer eQuotes will benefit Members by 

rejecting interest priced below the 

minimum trading price limit back to the 

Member for reevaluation and potential 

re-submission at a price within the 

minimum and maximum trading price 

limits as determined by the Exchange. 

The Exchange also proposes to make 

a minor non-substantive edit to the rule 

text of Rule 532(b)(5)(v). Currently, the 

rule text states that, ‘‘[i]f the MSPP is 

priced less aggressively than the limit 

price of the complex order (i.e., the 

MSPP is less than the complex order’s 

bid price for a buy order, or the MSPP 

is greater than the complex order’s offer 

price for a sell order) the order, or if the 

order is a complex market order, will be 

(i) executed up to, and including, its 

MSPP for buy orders; or (ii) executed 

down to, and including, its MSPP for 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 134 / Thursday, July 14, 2022 / Notices 42231 

24See Securities Exchange Act Release No. 94353 

(March 3, 2022), 87 FR 13339 (March 9, 2022) (SR– 

MIAX–2021–58). 

25See Securities Exchange Act Release No. 93676 

(November 29, 2021), 86 FR 68695 (December 3, 

2021) (SR–MIAX–2021–58). 

26 15 U.S.C. 78f(b). 

27 15 U.S.C. 78f(b)(5). 

28See e.g., Cboe Exchange Rule 5.34(b)(3)(A); see 

also Nasdaq Phlx Exchange Rule, Options 3, 

Section 16(c)(i). 

sell orders. Any unexecuted portion of 

such a complex order will be canceled.’’ 

The Exchange proposes to remove the 

phrase ‘‘the order’’ after the 

parenthetical and to relocate it after the 

phrase, ‘‘or if the order is a complex 

market order,’’ to improve the clarity of 

the rule text. As proposed the rule 

would state, ‘‘[i]f the MSPP is priced 

less aggressively than the limit price of 

the complex order (i.e., the MSPP is less 

than the complex order’s bid price for 

a buy order, or the MSPP is greater than 

the complex order’s offer price for a sell 

order), or if the order is a complex 

market order, the order will be (i) 

executed up to, and including, its MSPP 

for buy orders; or (ii) executed down to, 

and including, its MSPP for sell orders. 

Any unexecuted portion of such a 

complex order will be canceled.’’ This 

proposed change will not affect the 

operation of the rule in any fashion. 

Additionally, the Exchange proposes 

to make non-substantive changes to 

correct paragraph and subparagraph 

numbering that was erroneously 

introduced in the Exchange’s 

Amendment 2 24 of the Exchange’s 

original filing, SR–MIAX–2021–58.25

The Exchange now proposes to correct 

the numbering scheme throughout Rule 

532. This proposed change will provide 

clarity and precision and will not affect 

the operation of the rule in any fashion. 

Implementation 

The Exchange proposes to implement 

the proposed rule changes in the third 

quarter of 2022. The Exchange will 

announce the implementation date to its 

Members via Regulatory Circular. 

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

Section 6(b) of the Act 26 in general, and 

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

of the Act 27 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanisms of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

In particular, the Exchange believes 

the proposed price protections will 

protect investors and the public interest 

and maintain fair and orderly markets 

by mitigating potential risks associated 

with market participants entering sell 

limit orders and Offer eQuotes at clearly 

unintended prices and trading at prices 

that are extreme and potentially 

erroneous. The proposed price 

protections will assist in the 

maintenance of a fair and orderly 

market and protect investors by 

rejecting limit orders and eQuotes that 

are priced to sell below the minimum 

trading limit established by the 

Exchange for certain complex strategies. 

The Exchange believes this will promote 

just and equitable principles of trade 

and ultimately protect investors. 

Further, the Exchange notes that its 

proposal is designed to mitigate the 

potential risks of executions at prices 

that are not within acceptable price 

ranges, as a means to help mitigate 

potential risks associated with complex 

strategies trading at prices that are 

potentially erroneous or unintended. As 

such, the proposed rule change is 

designed to protect investors and the 

public interest. 

The Exchange believes extending 

current price protections to sell limit 

orders and Offer eQuotes will protect 

investors and the public interest and 

assist the Exchange in maintaining fair 

and orderly markets by mitigating 

potential risks associated with market 

participants entering orders at clearly 

unintended prices and orders trading at 

prices that are extreme and potentially 

erroneous. The Exchange believes 

rejecting these orders is appropriate as 

it gives the Member the opportunity to 

reevaluate their order or eQuote and 

possibly resubmit the order or eQuote at 

a price within the minimum and 

maximum trading price limits for the 

strategy as established by the Exchange. 

The Exchange believes this will promote 

just and equitable principles of trade 

and ultimately protect investors. 

The Exchange believes its proposal to 

make non-substantive changes to Rule 

532(b)(5)(v) to improve the clarity of the 

rule protects investors and the public 

interest as having clear and concise 

rules avoids the potential for confusion 

and benefits investors. Finally, the 

Exchange believes its proposal to make 

non-substantive changes to correct the 

numbering scheme throughout the rule 

benefits investors and the public 

interest by logically and accurately 

organizing its rule text for clarity and 

ease of reference. The Exchange believes 

that the proposed rule change will 

provide greater clarity to Members and 

the public regarding the Exchange’s 

Rules, and it is in the public interest for 

rules to be accurate and concise 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 rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

The Exchange does not believe that 

the proposed rule change to extend 

existing price protections to sell Orders 

and Offer eQuotes for certain complex 

spread strategies will impose any 

burden on intra-market competition. 

The proposed rule benefits Members as 

it will extend price protections that will 

prevent the execution of certain 

strategies at prices that are potentially 

erroneous or unintended. The Exchange 

believes its proposal may enhance 

competition as Members that submit 

complex orders will be assured that the 

Exchange has risk protections in place 

to prevent the inadvertent execution of 

certain complex spread strategies at 

potentially erroneous or unintended 

prices. Further, the Exchange does not 

believe the proposed change will 

impose a burden on intra-market 

competition as the protection is 

available to all Members on the 

Exchange. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on inter-market competition 

as the proposal is not competitive in 

nature, but rather seeks to extend 

existing price protections for certain 

complex order strategies. Alternatively, 

the Exchange’s proposal could enhance 

competition among the various markets 

for complex order execution, potentially 

resulting in more active complex order 

trading on all exchanges. The Exchange 

notes that other exchanges have 

comparable price protections in place 

for certain complex strategies.28

The Exchange does not believe that 

the proposal to make non-substantive 

changes to rule 532(b)(5)(v) imposes any 

burden on intra-market or inter-market 

competition as the proposed changes 

add clarity and precision to the rule text 

and does [sic] not change the operation 

of the rule in any way. Additionally, the 

Exchange does not believe that the 

proposal to make non-substantive 

changes to Rule 532 to correct paragraph 

and subparagraph numbering imposes 

any burden on intra-market or interVerDate Sep<11>2014 19:18 Jul 13, 2022 Jkt 256001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\14JYN1.SGM 14JYN1

jspears on DSK121TN23PROD with NOTICES1
42232 Federal Register / Vol. 87, No. 134 / Thursday, July 14, 2022 / Notices 

29 15 U.S.C. 78s(b)(3)(A)(iii). 

30 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 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. 

31 17 CFR 240.19b–4(f)(6). 

32 17 CFR 240.19b–4(f)(6)(iii). 

33For 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). 34 17 CFR 200.30–3(a)(12). 

market competition as the proposed 

changes do not change the operation of 

the rule in any way and simply provides 

accuracy in the numbering convention 

used within the Exchange’s Rules. 

For the reasons stated, the Exchange 

does not believe that the proposed rule 

changes will impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act, and the Exchange 

believes that the proposed rule changes 

may enhance competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 29 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.30

A proposed rule change filed under 

Rule 19b–4(f)(6) 31 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),32 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. The Exchange states 

that waiver of the operative delay will 

allow the Exchange to immediately 

extend the Butterfly Spread Variance 

Price Protection, the Calendar Spread 

Variance Price Protection, and the 

Vertical Spread Variance Price 

Protection to sell limit orders and Offer 

eQuotes, as described above, which 

could help to protect market 

participants from executing orders in 

these strategies at potentially erroneous 

or unwanted prices. In addition, waiver 

of the operative delay will allow the 

Exchange to immediately implement the 

proposed non-substantive changes to 

clarify the text of Exchange Rule 

532(b)(5)(v) and to correct rule 

numbering errors in Exchange Rule 532. 

The Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. The Commission 

believes that extending the Butterfly 

Spread Variance Price Protection, the 

Calendar Spread Variance Price 

Protection, and the Vertical Spread 

Variance Price Protection to sell limit 

orders and Offer eQuotes could help to 

protect market participants from 

executing orders in these strategies at 

potentially erroneous prices. In 

addition, the non-substantive changes to 

clarify the text of Exchange Rule 

532(b)(5)(v) and to correct rule 

numbering errors in Exchange Rule 532 

will help to ensure the clarity and 

accuracy of these rules. Accordingly, the 

Commission waives the operative delay 

and designates the proposed rule change 

operative upon filing.33

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–2022–25 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–2022–25. 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–2022–25, and 

should be submitted on or before 

August 4, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–14998 Filed 7–13–22; 8:45 am] 

BILLING CODE 8011–01–P 


jspears on DSK121TN23PROD with NOTICES1