Document ID: SEC-2018-1768-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC
Posted Date: 2018-11-20T05:00Z

[Federal Register Volume 83, Number 224 (Tuesday, November 20, 2018)]
[Notices]
[Pages 58633-58637]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-25245]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84589; File No. SR-MIAX-2018-35]

Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC; Notice of Filing of a Proposed Rule Change To Amend 
Exchange Rule 100, Definitions; Rule 515, Execution of Orders and 
Quotes; and Rule 503, Openings on the Exchange

November 14, 2018.
    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 November 9, 2018, Miami International 
Securities Exchange, LLC (``MIAX Options'' or ``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 100, 
Definitions; Rule 515, Execution of Orders and Quotes; and Rule 503, 
Openings on the Exchange.
    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.

[[Page 58634]]

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 certain rules in connection with the 
listing and trading of non-multi-listed option products on the Exchange 
that are proprietary to the Exchange. Specifically, the Exchange 
proposes to amend (i) Rule 100, Definitions, to adopt two new 
definitions; (ii) Rule 515, Execution of Orders and Quotes, to adopt a 
new price protection provision; and (iii) Rule 503, Openings on the 
Exchange, to adopt new rule text for processing certain orders during 
the Opening Process.
    Specifically, the Exchange proposes to amend Exchange Rule 100, 
Definitions, to adopt new definitions for the terms ``Proprietary 
Product'' and ``Non-Proprietary Product.'' The proposed definition of a 
Proprietary Product is, ``a class of options that is listed exclusively 
on the Exchange and any of its affiliates,'' while the proposed 
definition of a Non-Proprietary Product is, ``a class of options that 
is not a Proprietary Product.'' The Exchange believes that these 
proposed new definitions will add clarity, precision, and ease of 
reference to the Exchange's rules when such rules discuss different 
system functionality for a particular class of options that is a 
Proprietary Product versus a Non-Proprietary Product.
    The Exchange also proposes to amend Exchange Rule 515, Execution of 
Orders and Quotes, so that it applies only to Non-Proprietary Products. 
(The Exchange is proposing to adopt a new price protection rule 
(discussed below) that will apply only to Proprietary Products.) 
Currently, subsection (c)(1), Price Protection on Non-Market Maker 
Orders, describes a price protection process for all non-Market Maker 
\3\ orders received during a trading session. The price protection 
process prevents an order from being executed beyond the price 
designated in the order's price protection instructions (the ``price 
protection limit''). When triggered, the price protection process will 
cancel an order or the remaining contracts of an order.\4\ However, not 
all order types currently available on the Exchange are eligible for 
price protection, due to the nature of the order type and its intended 
use. Specifically, the rule currently provides that the price 
protection process set forth in Rule 515(c)(1) does not apply to 
Intermarket Sweep Orders (``ISO''),\5\ Immediate or Cancel (``IOC'') 
orders,\6\ or Fill-or-Kill (``FOK'') orders.\7\
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    \3\ The term ``Market Makers'' refers to ``Lead Market Makers'', 
``Primary Lead Market Makers'' and ``Registered Market Makers'' 
collectively. See Exchange Rule 100.
    \4\ See Exchange Rule 515(c)(1).
    \5\ See Exchange Rule 516(f).
    \6\ See Exchange Rule 516(c).
    \7\ See Exchange Rule 516(b)(2).
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    The Exchange now proposes to amend the heading of subsection (c)(1) 
to read, ``Price Protection on Non-Market Maker Orders in Non-
Proprietary Products'' so that it only applies to Non-Proprietary 
Products. The Exchange believes that this change will help distinguish 
the price protection process provided for non-Market Maker orders in 
Non-Proprietary Products from the proposed price protection process for 
non-Market Maker orders in Proprietary Products as discussed below.
    The Exchange proposes to adopt new subsection (c)(2), entitled, 
``Price Protection on Non-Market Maker Orders in Proprietary 
Products.'' Under this proposal the System will apply the following 
price protection process to all non-Market Maker orders in Proprietary 
Products received during a regular trading session that are larger 
than, and priced through, the opposite side NBBO.\8\ The price 
protection process provides exposure and time for market responses at 
defined price levels during the price protection process. To establish 
the price level, the System \9\ will calculate a protection price limit 
for each order eligible for price protection by adding (subtracting) a 
set number of MPVs \10\ if the order is a buy (sell) to (i) the 
opposite side NBBO, (ii) the previous protection limit price, or (iii) 
in certain circumstances the limit price of same side joining interest 
after the expiration of the liquidity exposure process timer as 
described more fully below. The number of MPVs will be determined by 
the Exchange and announced to Members \11\ through a Regulatory 
Circular, provided that the minimum shall be no less than two (2) MPVs 
and the maximum shall be no more than twenty (20) MPVs.
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    \8\ The term ``NBBO'' means the national best bid or offer as 
calculated by the Exchange based on market information received by 
the Exchange from OPRA. See Exchange Rule 100.
    \9\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
    \10\ The term MPV means Minimum Price Variation. See Exchange 
Rule 510.
    \11\ 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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    The price protection process described above will not apply to 
Intermarket Sweep Orders (ISOs) \12\ or Auction or Cancel (AOC) 
orders.\13\ Intermarket Sweep Orders are a special order type designed 
to prevent ``trade-throughs.'' \14\ ISOs are immediately executable in 
the System and are not eligible for routing to another exchange. An 
Auction or Cancel order is a limit order used to provide liquidity 
during a specific Exchange process (such as the Opening Imbalance 
process described in Rule 503) with a time in force that corresponds 
with that event. AOC orders are not displayed to any market 
participant, are not included in the MBBO \15\ and therefore not 
eligible for trading outside of the event, may not be routed, and may 
not trade at a price inferior to the away markets.\16\
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    \12\ Intermarket Sweep Order (``ISO'') means a limit order for 
an option series that, simultaneously with the routing of the ISO, 
one or more additional ISOs, as necessary, are routed to execute 
against the full displayed size of any Protected Bid, in the case of 
a limit order to sell, or any Protected Offer, in the case of a 
limit order to buy, for the option series with a price that is 
superior to the limit price of the ISO. A Member may submit an 
Intermarket Sweep Order to the Exchange only if it has 
simultaneously routed one or more additional Intermarket Sweep 
Orders to execute against the full displayed size of any Protected 
Bid, in the case of a limit order to sell, or Protected Offer, in 
the case of a limit order to buy, for an options series with a price 
that is superior to the limit price of the Intermarket Sweep Order. 
See Exchange Rule 1400(h).
    \13\ See Exchange Rule 516(b)(4).
    \14\ Trade-through means the purchase or sale of an NMS stock 
during regular trading hours, either as principal or agent, at a 
price that is lower than a protected bid or higher than a protected 
offer. 17 CFR 242.600(b)(77).
    \15\ The term ``MBBO'' means the best bid or offer on the 
Exchange. See Exchange Rule 100.
    \16\ See Exchange Rule 516(b)(4).
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    Price protection is provided to orders on the Exchange to prevent 
executions at erroneous prices. The use of Intermarket Sweep Orders is 
a key component of the trade-through exemption provided by Rule 611 of 
Reg NMS \17\ and applying a price protection limit to these types of 
orders may prevent them from achieving their intended purpose. 
Similarly, Auction or Cancel orders are submitted for a specific 
purpose and applying a price protection limit is unnecessary. AOC 
orders are used to provide liquidity during a specific Exchange process 
with a time in force that corresponds with the event and are not 
eligible for trading outside of the event.
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    \17\ 17 CFR 242.611(b)(5).
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    The Exchange now proposes to adopt new subsection (c)(2)(i) to 
provide a Liquidity Exposure Process (``LEP'') for over-sized orders in 
Proprietary Products. Interest that would be posted, managed, or that 
would trade at a price more aggressive than the order's protected price 
will be subject to the

[[Page 58635]]

LEP for oversized orders in Proprietary Products. To begin the LEP, the 
System will broadcast a liquidity exposure message to all subscribers 
of the Exchange's data feeds which will include the symbol, side of the 
market, quantity of matched contracts, the imbalance quantity, ``must 
fill'' quantity, and price. Additionally, the System will start a 
Liquidity Exposure Process timer, not to exceed three (3) seconds, as 
determined by the Exchange and announced via Regulatory Circular.
    All market participants can respond to the liquidity exposure 
broadcast message. The System will evaluate interest received during 
the Liquidity Exposure Process based on price and the side of the 
market relative to the side of the market of the initiating order. 
During the Liquidity Exposure Process if the Exchange receives interest 
on the opposite side of the market from the initiating order that locks 
or crosses the Book price of the interest subject to the LEP, the 
interest will trade, with resting liquidity executed prior to joining 
liquidity.
Example 1
MPV: 0.01
LEP Increment: 5

    The Exchange has two orders resting on its Book: \18\
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    \18\ The term ``Book'' means the electronic book of buy and sell 
orders and quotes maintained by the System. See Exchange Rule 100.
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    Order 1 is to sell 10 contracts at $1.10.
    Order 2 is to sell 20 contracts at $1.20.

MBBO: 1.00(10) x 1.10(10)
NBBO: 1.00(10) x 1.10(10)

    The Exchange receives a new order (Order 3) to buy 20 contracts at 
$1.20.
    When the order is received it is assigned a price protection limit 
that is calculated by adding 5 MPVs to the opposite side NBBO, 
therefore the price protection limit for Order 3 is $1.15.
    Order 3 buys 10 contracts from Order 1 at $1.10.
    Since Order 3 would now trade at a price ($1.20) more aggressive 
than its protected price ($1.15). The System will initiate the 
Liquidity Exposure Process at the protected price of $1.15.
    The System will broadcast a liquidity exposure message to all 
subscribers of the Exchange's data feed, and begin a timer, not to 
exceed three (3) seconds, as determined by the Exchange.
    During the Liquidity Exposure Process the Exchange receives a new 
order (Order 4) to sell 10 contracts at $1.15. This order locks the 
current same side Book Price of $1.15 and Order 4 sells 10 contracts to 
Order 3 at $1.15, filling Order 3 and ending the Liquidity Exposure 
Process.
    Order 2, sell 20 contracts at $1.20, remains on the Book.
    During the Liquidity Exposure Process if the Exchange receives 
interest on the same side of the market as the initiating order that is 
priced more aggressively than the Book price of the interest subject to 
the LEP that also locks or crosses the opposite side NBBO, the System 
will immediately terminate the timer.
Example 2
MPV: 0.01
LEP Increment: 5

    The Exchange has one order resting on its Book:
    Order 1 is to sell 10 contracts at $1.10.

MBBO: 1.00(10) x 1.10(10)
NBBO: 1.00(10) x 1.10(10)

    The Exchange receives a new order (Order 2) to buy 20 contracts at 
$1.20.
    When the order is received it is assigned a price protection limit 
that is calculated by adding 5 MPVs to the opposite side NBBO, 
therefore the price protection limit for Order 2 is $1.15.
    Order 2 buys 10 contracts from Order 1 at $1.10.
    Since Order 2 would now trade at a price ($1.20) more aggressive 
than its protected price ($1.15). The System will initiate the 
Liquidity Exposure Process at the protected price of $1.15.
    During the Liquidity Exposure Process the Exchange receives a new 
order (Order 3) to buy 10 contracts at $1.17. This order is more 
aggressive than the Book price and crosses the opposite NBBO, therefore 
the Liquidity Exposure Timer immediately ends.
Trade Allocation Following the End of the Liquidity Exposure Process
    Proposed rule 515(c)(2)(i)(B) provides that at the end of the 
timer, the initiating order, resting liquidity, and any same side 
joining interest will (i) be handled in accordance to Exchange Rule 
515, Execution of Orders and Quotes, or (ii) trade against opposite 
side interest in the following sequence: Resting interest will be 
filled first, followed by joining interest in the order it was 
received. Opposite side interest will be allocated in accordance to the 
Exchange's standard allocation, as described in Exchange Rule 514, 
Priority of Quotes and Orders.
    The Exchange also proposes to amend subsection (f)(2)(vii)(B)(5) of 
Rule 503, Openings on the Exchange. Currently the rule provides that if 
there is an opening transaction, any unexecuted contracts from the 
imbalance not traded or routed will be cancelled back to the entering 
Member if the price for those contracts crosses the opening price, 
unless the Member that submitted the original order has instructed the 
Exchange in writing to re-enter the remaining size, in which case the 
remaining size will be automatically submitted as a new order. The 
Exchange now proposes to amend the rule to adopt a new provision to 
state that unexecuted contracts that are from a non-Market Maker order 
in a Proprietary Product, in which case the remaining size will be 
placed on the Book with a protected price equal to the opening price 
and the Liquidity Exposure Process, as defined in Exchange Rule 
515(c)(2)(i), will begin immediately after the Opening Process is 
complete.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \19\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \20\ 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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    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that adopting definitions for Proprietary 
Products and Non-Proprietary Products on the Exchange adds additional 
detail to the Exchange's Rulebook and promotes transparency and clarity 
in the Exchange's rules. The new proposed definitions allow the 
Exchange to distinguish between two separate and distinct classes of 
options listed on the Exchange and to describe rules that may be 
applicable to one class and not the other. The Exchange believes its 
proposal will promote just and equitable principles of trade and 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, 
by creating a clear distinction between Proprietary and Non-Proprietary 
Products on the Exchange and the rules applicable to each separately 
and collectively.

[[Page 58636]]

    The price protection process for non-Market Maker orders in 
Proprietary Products described herein removes impediments to and 
perfects the mechanisms of a free and open market and a national market 
system and, in general, protects investors and the public interest by 
providing price protection and order handling to over-sized orders in 
Proprietary Products. The Exchange believes that Proprietary Product 
and Non-Proprietary Product orders should have separate price 
protection processes due to the inherent differences between these 
classes of options. The price protection process for non-Market Maker 
orders in Non-Proprietary Products cancels the order or the remaining 
contracts of an order when triggered.\21\ Non-Proprietary Products, by 
definition, may be listed on multiple venues, therefore the Exchange 
believes returning these orders to the Member for analysis and 
evaluation to be in the best interest of the Member as the Member may 
choose to re-price and re-submit the order to the Exchange or to route 
the order to another market center entirely. Conversely, Proprietary 
Products, by definition, may be exclusively traded on the Exchange, 
therefore a new price protection process is warranted as canceling non-
Market Maker orders in Proprietary Products whose price protection 
limit has been triggered may not provide a benefit to the Member, as 
there is no other market center from which to seek an execution.\22\
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    \21\ See supra note 4.
    \22\ The Exchange notes that a Member who believes that an 
execution has occurred at an erroneous price may avail themselves of 
the protections provided in Exchange Rule 521, Nullification and 
Adjustment of Options Transactions Including Obvious Errors.
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    The Exchange believes that its proposal promotes just and equitable 
principles of trade and removes impediments to and perfects the 
mechanisms of a free and open market and a national market system and, 
in general, protects investors and the public interest, as the proposed 
price protection process and order handling for over-sized orders in 
Proprietary Products is similar to drill-through price protection 
offered on other exchanges. The Exchange's proposed Liquidity Exposure 
Process operates in a similar fashion to the drill through protection 
provided by the Cboe Exchange.\23\ The Cboe Exchange will establish a 
price threshold for an order for a buy as a predetermined amount of 
minimum price intervals above the NBO,\24\ or if the order is a sell, 
as a predetermined amount of minimum price intervals below the NBB.\25\ 
(which may be no less than two minimum increment ticks in either 
case).\26\ If the unexecuted portion of an order would execute at a 
subsequent price through the threshold price (higher for a buy and 
lower for a sell), also known as the drill through price, the System 
will not automatically execute that part of the order and will instead 
expose that portion at the better of the NBBO and the drill through 
price. The exposure period (which the Exchange determines and announces 
via Regulatory Circular and will not be in excess of three seconds) 
\27\ provides an additional opportunity for execution of these orders 
(or unexecuted portion). One difference is that the Cboe will cancel 
the order (or any unexecuted portion) that does not execute during that 
time period,\28\ whereas under the Exchange's proposal the order will 
not be canceled, as the Exchange does not believe it is the best 
interest of the Member to return an order in a Proprietary Product that 
ultimately may only be executed on the Exchange.
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    \23\ See Cboe Exchange Rule 6.13(b)(v)(B).
    \24\ National Best Offer.
    \25\ National Best Bid.
    \26\ See Cboe Exchange Rule 6.13(b)(v)(B)(I).
    \27\ See Cboe Exchange Rule 6.13(b)(v)(B)(III).
    \28\ See Securities Exchange Act Release No. 79244 (November 4, 
2016), 81 FR 79063 (November 10, 2016) (SR-CBOE-2016-053).
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    The Exchange believes that its proposed change to the Opening 
Process for when there is an opening transaction in a Proprietary 
Product to assign such unexecuted contracts with a protected price 
equal to the opening price and to subject the order to the Liquidity 
Exposure Process promotes just and equitable principles of trade, 
removes impediments to and perfects the mechanisms of a free and open 
market and a national market system and, in general, protects investors 
and the public interest. Specifically, under the Exchange's current 
rule, during the Exchange's Opening Process as described in Rule 
503(f)(2)(vii)(B)(5), if there is an opening transaction, any 
unexecuted contracts from the imbalance not traded or routed are 
cancelled back to the entering Member if the price for those contracts 
crosses the opening price. The Exchange believes that in this situation 
canceling the unexecuted contracts back to the Member allows the Member 
the opportunity to reevaluate its order and possibly resubmit the order 
to the Exchange with a different price or to submit the order to 
another market center completely. If, however, the order was for a 
Proprietary Product, canceling the unexecuted contracts back to the 
Member would not be in the Member's best interest as there may be no 
other market center for the Member to re-send the order. Therefore, 
under the proposed rule if the unexecuted contracts are from a non-
Market Maker order in a Proprietary Product, the remaining contracts 
will be placed on the Book with a protected price equal to the opening 
price and the Liquidity Exposure Process will begin immediately after 
the Opening Process is complete. By definition Proprietary Products may 
be exclusively listed on the Exchange and the Exchange believes it is 
in the best interest of the investor to provide a mechanism by which an 
investors' order in a Proprietary Product may ultimately be filled.

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 the proposed rule change will impose 
any burden on inter-market competition as the proposed rule changes are 
designed to facilitate the handling of orders in Proprietary Products 
on the Exchange. By definition Proprietary Products may be listed 
exclusively on the Exchange, and therefore have no impact on inter-
market competition.
    The Exchange's proposed adoption of definitions for Proprietary 
Products and Non-Proprietary Products adds clarity and precision to the 
Exchange's rules. The Exchange's proposed adoption of a price 
protection process and management process for over-sized orders in 
Proprietary Products is designed to benefit market participants that 
transact in Proprietary Products on the Exchange. The Exchange believes 
that the proposed rule changes will benefit investors and the 
marketplace as a whole.
    Additionally, the Exchange does not believe the proposed rule 
change will impose any burden on intra-market competition as the Rules 
apply equally to all Exchange Members.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period

[[Page 58637]]

up to 90 days (i) as the Commission may designate if it finds such 
longer period to be appropriate and publishes its reasons for so 
finding or (ii) as to which the self-regulatory organization consents, 
the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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-2018-35 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-MIAX-2018-35. 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-2018-35, and should be submitted on 
or before December 11, 2018.
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    \29\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25245 Filed 11-19-18; 8:45 am]
 BILLING CODE 8011-01-P