31748 Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Member’’ means an individual or 

organization that is registered with the Exchange 

pursuant to Chapter II of these Rules for purposes 

of trading on the Exchange as an ‘‘Electronic 

Exchange Member’’ or ‘‘Market Maker.’’ Members 

are deemed ‘‘members’’ under the Exchange Act. 

See Exchange Rule 100. 

4See Securities Exchange Act Release No. 91965 

(May 21, 2021), 86 FR 28667 (May 27, 2021) (SR– 

PEARL–2021–24) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change to Adopt 

a New Historical Market Data Product To Be Known 

as the Open-Close Report). 

5See Exchange Rule 100. 

6See Securities Exchange Act Release Nos. 89497 

(August 6, 2020), 85 FR 48747 (August 12, 2020) 

(SR–CboeBZX–2020–059); 89498 (August 6, 2020), 

85 FR 48735 (August 12, 2020) (SR–Cboe–EDGX– 

2020–36); 85817 (May 9, 2019), 84 FR 21863 (May 

15, 2019) (SR–CBOE–2019–026); 89496 (August 6, 

2020), 85 FR 48743 (August 12, 2020) (SR–C2– 

2020–010); 89596 [sic] (August 17, 2020), 85 FR 

51833 (August 21, 2020) (SR–C2–2020–012); 62887 

(September 10, 2010), 75 FR 57092 (September 17, 

2010) (SR–Phlx–2010–121); 65587 (October 18, 

2011), 76 FR 65765 (October 24, 2011) (SR– 

NASDAQ–2011–144); 61317 (January 8, 2010), 75 

FR 2915 (January 19, 2010) (SR–ISE–2009–103); 

62887 (September 10, 2010), 75 FR 57092 

(September 17, 2010) (SR–Phlx–2010–121); 65587 

(October 18, 2011), 76 FR 65765 (October 24, 2011) 

(SR–NASDAQ–2011–144); and 81632 (September 

15, 2017), 82 FR 44235 (September 21, 2017) (SR– 

GEMX–2017–42). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92137; File No. SR– 

PEARL–2021–26] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Options Fee Schedule To Adopt Fees 

for the Open-Close Report 

June 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 May 28, 

2021, MIAX PEARL, LLC (‘‘MIAX Pearl’’ 

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 Pearl Fee Schedule 

(the ‘‘Fee Schedule’’) to adopt fees for a 

new data product to be known as the 

Open-Close Report. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/pearl at MIAX Pearl’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 recently adopted a new 

data product for options known as the 

Open-Close Report, which will be 

available for purchase to Exchange 

Members 3 and non-Members.4 The 

Exchange now proposes to adopt fees 

for the Open-Close Report. The OpenClose Report is described under 

Exchange Rule 531(b)(1). 

By way of background, the Exchange 

will offer two versions of the OpenClose Report, an end of day summary 

and intra-day report. The end-of-day 

version is a volume summary of trading 

activity on the Exchange at the option 

level by origin (Priority Customer, NonPriority Customer, Firm, Broker-Dealer, 

and Market Maker 5), side of the market 

(buy or sell), contract volume, and 

transaction type (opening or closing). 

The customer and professional customer 

volume is further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The Open-Close 

Data is proprietary Exchange trade data 

and does not include trade data from 

any other exchange. It is also a historical 

data product and not a real-time data 

feed. 

The intraday Open-Close Report will 

provide similar information to that of 

Open-Close Data but will be produced 

and updated every 10 minutes during 

the trading day. Data is captured in 

‘‘snapshots’’ taken every 10 minutes 

throughout the trading day and is 

available to subscribers within five 

minutes of the conclusion of each 10- 

minute period. For example, subscribers 

to the intraday product will receive the 

first calculation of intraday data by no 

later than 9:45 a.m. ET, which 

represents data captured from 9:30 a.m. 

to 9:40 a.m. Subscribers will receive the 

next update by 9:55 a.m., representing 

the data previously provided together 

with data captured from 9:40 a.m. 

through 9:50 a.m., and so forth. Each 

update will represent the aggregate data 

captured from the current ‘‘snapshot’’ 

and all previous ‘‘snapshots.’’ The 

intraday Open-Close Data will provide a 

volume summary of trading activity on 

the Exchange at the option level by 

origin (Priority Customer, Non-Priority 

Customer, Firm, Broker-Dealer, and 

Market Maker), side of the market (buy 

or sell), and transaction type (opening or 

closing). All volume will be further 

broken down into trade size buckets 

(less than 100 contracts, 100–199 

contracts, greater than 199 contracts). 

The Exchange anticipates a wide 

variety of market participants to 

purchase the Open-Close Report, 

including, but not limited to, individual 

customers, buy-side investors, and 

investment banks. The Exchange 

believes the Open-Close Report product 

may also provide helpful trading 

information regarding investor 

sentiment that may allow market 

participants to make better trading 

decisions throughout the day and may 

be used to create and test trading 

models and analytical strategies and 

provides comprehensive insight into 

trading on the Exchange. For example, 

intraday open data may allow a market 

participant to identify new interest or 

possible risks throughout the trading 

day, while intraday closing data may 

allow a market participant to identify 

fading interests in a security. The 

product is a completely voluntary 

product, in that the Exchange is not 

required by any rule or regulation to 

make this data available and that 

potential subscribers may purchase it 

only if they voluntarily choose to do so. 

The Exchange notes that other 

exchanges offer a similar data product.6

The Exchange proposes to provide in 

its Fee Schedule that Members and nonMembers may purchase the Open-Close 

Report on a monthly basis. The 

Exchange proposes to assess a monthly 

fee of $600 per month for subscribing to 

the end-of-day summary Open-Close 

Report and $2,000 per month for 

subscribing to the intra-day Open-Close 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices 31749 

7See Price List—U.S. Derivatives Data for Nasdaq 

PHLX, LLC (‘‘PHLX’’), The Nasdaq Stock Market, 

LLC (‘‘Nasdaq’’), Nasdaq ISE, LLC (‘‘ISE’’), and 

Nasdaq GEMX, LLC (‘‘GEMX’’), available at http:// 

www.nasdaqtrader.com/ 

Trader.aspx?id=DPPriceListOptions#web. 

Particularly, PHLX offers ‘‘Nasdaq PHLX Options 

Trade Outline (PHOTO)’’ and assesses $1,500 per 

month for an intra-day subscription and $500 per 

month for end of day subscription; Nasdaq offers 

the ‘‘Nasdaq Options Trade Outline (NOTO)’’ and 

assesses $750 per month for an intra-day 

subscription and $500 per month for end of day 

subscription; ISE offers the ‘‘Nasdaq ISE Open/ 

Close Trade Profile’’ and assesses $2,000 per month 

for an intra-day subscription and $750 per month 

for end of day subscription; and GEMX offers the 

‘‘Nasdaq GEMX Open/Close Trade Profile’’ and 

assesses $1,000 per month for an intra-day 

subscription and $500 per month for end of day 

subscription. Cboe EDGX Exchange, Inc. (‘‘EDGX’’) 

assesses $1,000 per month for an intra-day 

subscription and $500 per month for end of day 

subscription and Cboe BZX Exchange, Inc. (‘‘BZX’’) 

assess $1,500 per month for an intra-day 

subscription and $500 per month for end of day 

subscription. See the EDGX fee schedule available 

at http://markets.cboe.com/us/options/ 

membership/fee_schedule/edgx/ and the BZX fee 

schedule available at http://markets.cboe.com/us/ 

options/membership/fee_schedule/bzx/. See also 

Securities Exchange Act Release nos. 89879 [sic] 

(August 17, 2020), 85 FR 51796 (August 21, 2020) 

(SR–CboeEDGX–2020–040); and 89583 (August 17, 

2020), 85 FR 51825 (August 21, 2020) (SR– 

CboeBZX–2020–063). 

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

9 15 U.S.C. 78f(b)(5). 

10 15 U.S.C. 78f(b). 11 15 U.S.C. 78f(b)(4). 12See supra note 6. 13See Cboe Global Markets U.S. Options Market 

Month-to-Date Volume Summary (May 26, 2021), 

available at https://markets.cboe.com/us/options/ 

market_statistics/. 

14See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

15See supra note 7. 

16The exchange notes that its Open-Close Report 

data product does not include data on any 

exclusive, singly-listed option series. 

Report. The Exchange also proposes to 

specify that for mid-month 

subscriptions, new subscribers will be 

charged for the full calendar month for 

which they subscribe and will be 

provided Open-Close Report data for 

each trading day of the calendar month 

from the day on which they subscribed. 

The proposed monthly fees will apply 

both to Members or non-Members. The 

Exchange notes that other exchanges 

provide similar data products that may 

be purchased on a monthly basis and 

are similarly priced.7

The Exchange intends to begin to offer 

the Open-Close Report and charge the 

proposed fees on June 1, 2021. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,8 in general, and 

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

of the Act,9 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, 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 to protect investors and the 

public interest, and that it is not 

designed to permit unfair 

discrimination among customers, 

brokers, or dealers. The Exchange also 

believes that its proposal to adopt fees 

for the Open-Close Report is consistent 

with Section 6(b) of the Act 10 in 

general, and furthers the objectives of 

Section 6(b)(4) of the Act 11 in 

particular, in that it is an equitable 

allocation of dues, fees and other 

charges among its members and other 

recipients of Exchange data. 

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, the OpenClose Report 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 the OpenClose Report. Particularly, information 

regarding opening and closing activity 

across different option series during the 

trading day may indicate investor 

sentiment, which may allow market 

participants to make better informed 

trading decisions throughout the day. 

Subscribers to the data may also be able 

to enhance their ability to analyze 

option trade and volume data and create 

and test trading models and analytical 

strategies. The Exchange believes the 

Open-Close Report provides a valuable 

tool that subscribers can use to gain 

comprehensive insight into the trading 

activity in a particular series, but also 

emphasizes such data is not necessary 

for trading. Moreover, other exchanges 

offer a similar data product.12

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 

6.73% of the market share.13 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.’’ 14

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 they 

can and do 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 the recently introduced 

Open-Close Data product. 

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 

products.15 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 Open-Close Report, other 

exchanges offer similar data products 

that each provide insight into trading on 

those markets and may likewise aid in 

assessing investor sentiment. Although 

each of these similar Open-Close data 

products provide only proprietary trade 

data and not trade data from other 

exchanges, it is possible investors are 

still able to gauge overall investor 

sentiment across different option series 

based on open and closing interest on 

any one exchange.16 Similarly, market 

participants may be able to analyze 

option trade and volume data, and 

create and test trading models and 

analytical strategies using only OpenClose data relating to trading activity on 

one or more of the other markets that 

provide similar data products. As such, 

if a market participant views another 

exchange’s Open-Close data as more 

attractive than its proposed Open-Close 

Report, then such market participant 

can merely choose not to purchase the 

Exchange’s Open-Close Report and 

instead purchase another exchange’s 

Open-Close data product, which offer 

similar data points, albeit based on that 

other market’s trading activity. 

The Exchange also believes the 

proposed fees are reasonable as they 

would support the introduction of a 


khammond on DSKJM1Z7X2PROD with NOTICES
31750 Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices 

17See supra note 6. 

18 Id. 

19See, e.g., Cboe Options Fees Schedule, Livevol 

Fees, Open-Close Data. See also Nasdaq ISE Options 

7 Pricing Schedule, Section 10.A and Nasdaq PHLX 

Options 7 Pricing Schedule, Section 10, PHLX 

Options Trade Outline (‘‘PHOTO’’). 

20 15 U.S.C. 78s(b)(3)(A)(ii). 21 17 CFR 240.19 b–4(f)(2). 

new market data product that is 

designed to aid investors by providing 

insight into trading on the Exchange. 

The recently adopted Open-Close 

Report would provide options market 

participants with valuable information 

about opening and closing transactions 

executed on the Exchange throughout 

the trading day, similar to other trade 

data products offered by competing 

options exchanges. In turn, this data 

would assist market participants in 

gauging investor sentiment and trading 

activity, resulting in potentially better 

informed trading decisions. As noted 

above, users may also use such data to 

create and test trading models and 

analytical strategies. 

Selling market data, such as the OpenClose Report, is also a means by which 

exchanges compete to attract business. 

To the extent that the Exchange is 

successful in attracting subscribers for 

the Open-Close Report, it may earn 

trading revenues and further enhance 

the value of its data products. 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.17

The Exchange therefore believes that the 

proposed fees for the Open-Close Report 

reflect the competitive environment and 

would be properly assessed on Member 

or non-Member 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 the 

Open-Close Report 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. 

As noted above, the Exchange 

anticipates a wide variety of market 

participants to purchase the Open-Close 

Report, including but not limited to 

individual customers, buy-side 

investors and investment banks. The 

Exchange reiterates that the decision as 

to whether or not to purchase the OpenClose Report is entirely optional for all 

potential subscribers. Indeed, no market 

participant is required to purchase the 

Open-Close Report, and the Exchange is 

not required to make the Open-Close 

Report available to all investors. Rather, 

the Exchange is voluntarily making the 

Open-Close Report available, as 

requested by customers, and market 

participants may choose to receive (and 

pay for) this data based on their own 

business needs. Potential purchasers 

may request the data at any time if they 

believe it to be valuable or may decline 

to purchase such data. 

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.18 The Exchange 

made Open-Close Data available in 

order to keep pace with changes in the 

industry and evolving customer needs, 

and believes the data product will 

contribute to robust competition among 

national securities exchanges. At least 

eight other U.S. options exchanges offer 

a market data product that is 

substantially similar to the Open-Close 

Report. 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 the Open-Close 

Report is constrained by competition 

among exchanges that offer similar data 

products to their customers. As 

discussed, there are currently a number 

of similar products available to market 

participants and investors. At least eight 

other U.S. options exchanges offer a 

market data product that is substantially 

similar to the Open-Close Report, which 

the Exchange must consider in its 

pricing discipline in order to compete 

for the market data.19 For example, 

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 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 in appropriate 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 the Open-Close Report. 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,20 and Rule 19 

b–4(f)(2) 21 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– 

PEARL–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. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices 31751 

22 17 CFR 200.30–3(a)(12). 

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. 

4See Securities Exchange Act Release No. 91965 

(May 21, 2021), 86 FR 28665 (May 27, 2021) (SR– 

MIAX–2021–18) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change to Adopt 

a New Historical Market Data Product To Be Known 

as the Open-Close Report). 5See Exchange Rule 100. 

All submissions should refer to File 

Number SR–PEARL–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–PEARL–2021–26 and 

should be submitted on or before July 6, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12478 Filed 6–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92135; File No. SR–MIAX– 

2021–23] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule To 

Adopt Fees for the Open-Close Report 

June 9, 2021. 

Pursuant 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 May 28, 

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 adopt fees for a 

new data product to be known as the 

Open-Close Report. 

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 recently adopted a new 

data product known as the Open-Close 

Report, which will be available for 

purchase to Exchange Members 3 and 

non-Members.4 The Exchange now 

proposes to adopt fees for the OpenClose Report. The Open-Close Report is 

described under Exchange Rule 

531(b)(1). 

By way of background, the Exchange 

will offer two versions of the OpenClose Report, an end of day summary 

and intra-day report. The end-of-day 

version is a volume summary of trading 

activity on the Exchange at the option 

level by origin (Priority Customer, NonPriority Customer, Firm, Broker-Dealer, 

and Market Maker 5), side of the market 

(buy or sell), contract volume, and 

transaction type (opening or closing). 

The customer and professional customer 

volume is further broken down into 

trade size buckets (less than 100 

contracts, 100–199 contracts, greater 

than 199 contracts). The Open-Close 

Data is proprietary Exchange trade data 

and does not include trade data from 

any other exchange. It is also a historical 

data product and not a real-time data 

feed. 

The intraday Open-Close Report will 

provide similar information to that of 

Open-Close Data but will be produced 

and updated every 10 minutes during 

the trading day. Data is captured in 

‘‘snapshots’’ taken every 10 minutes 

throughout the trading day and is 

available to subscribers within five 

minutes of the conclusion of each 10- 

minute period. For example, subscribers 

to the intraday product will receive the 

first calculation of intraday data by no 

later than 9:45 a.m. ET, which 

represents data captured from 9:30 a.m. 

to 9:40 a.m. Subscribers will receive the 

next update by 9:55 a.m., representing 

the data previously provided together 

with data captured from 9:40 a.m. 

through 9:50 a.m., and so forth. Each 

update will represent the aggregate data 

captured from the current ‘‘snapshot’’ 

and all previous ‘‘snapshots.’’ The 

intraday Open-Close Data will provide a 

volume summary of trading activity on 

the Exchange at the option level by 

origin (Priority Customer, Non-Priority 

Customer, Firm, Broker-Dealer, and 

Market Maker), side of the market (buy 

or sell), and transaction type (opening or 

closing). All volume will be further 

broken down into trade size buckets 

(less than 100 contracts, 100–199 

contracts, greater than 199 contracts). 

The Exchange anticipates a wide 

variety of market participants to 

purchase the Open-Close Report, 

including, but not limited to, individual 

customers, buy-side investors, and 

investment banks. The Exchange 

believes the Open-Close Report product 

may also provide helpful trading 

information regarding investor 

sentiment that may allow market 


khammond on DSKJM1Z7X2PROD with NOTICES