Document ID: SEC-2022-0926-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC
Posted Date: 2022-07-14T04:00Z

[Federal Register Volume 87, Number 134 (Thursday, July 14, 2022)]
[Notices]
[Pages 42229-42232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-14998]

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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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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/rule-filings/ 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 non-substantive 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\
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    \3\ See Exchange Rule 532(b)(1)(i).
    \4\ See Exchange Rule 532(b)(1)(ii).
    \5\ See Exchange Rule 532(b)(1)(iii).
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    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 pre-set 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\
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    \6\ See Exchange Rule 532(b)(2).
    \7\ The 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/circular-files/MIAX_Options_RC_2022_16.pdf.
    \8\ See Exchange Rule 532(b)(2)(i).
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    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\
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    \9\ See Exchange Rule 532(b)(3).
    \10\ See Exchange Rule 532(b)(3)(i).
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    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 pre-set value. The minimum 
possible trading price limit of a Vertical Spread is always zero minus 
a pre-set value.\12\
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    \11\ See Exchange Rule 532(b)(4).
    \12\ See Exchange Rule 532(b)(4)(i).
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Proposal
    The Exchange now proposes to extend the price protections for each 
of the aforementioned complex order spread

[[Page 42230]]

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.
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    \13\ See Exchange Rule 532(b)(2).
    \14\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
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    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.
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    \15\ See 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).
    \16\ See Exchange Rule 532(b)(2)(i).
    \17\ See supra note 7.
    \18\ The 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.
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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).
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    \19\ See supra note 16.
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    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\
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    \20\ See Exchange Rule 532(b)(2)(ii).
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Example 1B (Proposed Behavior) \21\
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    \21\ The 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.
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    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.
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    \22\ See Exchange Rule 532(b)(3).
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    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.
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    \23\ See Exchange Rule 532(b)(4).
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    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

[[Page 42231]]

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.
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    \24\ See Securities Exchange Act Release No. 94353 (March 3, 
2022), 87 FR 13339 (March 9, 2022) (SR-MIAX-2021-58).
    \25\ See Securities Exchange Act Release No. 93676 (November 29, 
2021), 86 FR 68695 (December 3, 2021) (SR-MIAX-2021-58).
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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.
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    \26\ 15 U.S.C. 78f(b).
    \27\ 15 U.S.C. 78f(b)(5).
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    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\
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    \28\ See e.g., Cboe Exchange Rule 5.34(b)(3)(A); see also Nasdaq 
Phlx Exchange Rule, Options 3, Section 16(c)(i).
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    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 inter-

[[Page 42232]]

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\
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    \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.
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    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\
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    \31\ 17 CFR 240.19b-4(f)(6).
    \32\ 17 CFR 240.19b-4(f)(6)(iii).
    \33\ For 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).
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    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 [email protected]. 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\
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    \34\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-14998 Filed 7-13-22; 8:45 am]
BILLING CODE 8011-01-P