Document ID: SEC-2019-0884-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC
Posted Date: 2019-06-20T04:00Z

[Federal Register Volume 84, Number 119 (Thursday, June 20, 2019)]
[Notices]
[Pages 28860-28864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13070]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86109; File No. SR-MIAX-2019-28]

Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Its Fee Schedule

June 14, 2019.
    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 31, 2019, 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.
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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 the MIAX Options Fee 
Schedule (the ``Fee Schedule'') to waive certain non-transaction fees 
applicable to Market Makers \3\ that trade solely in Proprietary 
Products \4\ until September 30, 2019.
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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\ The term ``Proprietary Product'' means a class of options 
that is listed exclusively on the Exchange. See Exchange Rule 100.
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    While changes to the Fee Schedule pursuant to this proposal are 
effective upon filing, the Exchange has designated these changes to be 
operative on June 1, 2019.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings, 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
Background
    On October 12, 2018, the Exchange received approval from the 
Commission to list and trade on the Exchange, options on the 
SPIKES[supreg] Index, a new index that measures expected 30-day 
volatility of the SPDR S&P 500 ETF Trust (commonly known and referred 
to by its ticker symbol, ``SPY'').\5\ The Exchange adopted its initial 
SPIKES transaction fees on February 15, 2019.\6\
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    \5\ See Securities Exchange Act Release No. 84417 (October 12, 
2018), 83 FR 52865 (October 18, 2018) (SR-MIAX-2018-14) (Order 
Granting Approval of a Proposed Rule Change by Miami International 
Securities Exchange, LLC to List and Trade on the Exchange Options 
on the SPIKES\TM\ Index).
    \6\ See Securities Exchange Release No. 85283 (March 11, 2019), 
84 FR 9567 (March 15, 2019) (SR-MIAX-2019-11). (The Exchange 
initially filed the proposal on February 15, 2019 (SR-MIAX-2019-04). 
That filing was withdrawn and replaced with (SR-MIAX-2019-11)).
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Proposal
    The Exchange now proposes to amend its Fee Schedule to waive 
certain non-transaction fees applicable to Market Makers that trade 
solely in Proprietary Products (including options on the SPIKES Index) 
until September 30, 2019. In particular, the Exchange proposes to amend 
Section (1)(a)(xi) of the Fee Schedule to add a definition for 
Proprietary Product. The Exchange also proposes to amend Sections 
(3)(a), (3)(b), (4)(a), and (5)(d)(ii) of the Fee Schedule to adopt 
language that the Exchange will waive Membership Application Fees, 
monthly Market Maker Trading Permit Fees, Member Application 
Programming Interface (``API'') Testing and Certification Fees, and 
monthly MEI Port Fees (as defined below) that are assessed to Market 
Makers that trade solely in Proprietary Products (including options on 
SPIKES) until September 30, 2019.
Definition for Proprietary Product
    Exchange Rule 100 currently provides a definition for Proprietary 
Product.\7\ The Exchange now proposes to amend Section (1)(a)(xi) of 
the Fee Schedule to insert the symbol ``[xutri]'' immediately following 
the SPIKES Simple and Complex Fees table, followed by the definition 
for Proprietary Product. The Exchange also proposes to adopt text for 
the symbol ``[xutri]'' explicitly stating that SPIKES is a Proprietary 
Product. The purpose of this proposal is to clarify that SPIKES is a 
Proprietary Product of MIAX and, together with the other proposed 
changes, that the Exchange will waive certain non-transaction fees 
applicable to Market Makers that trade solely in Proprietary Products 
(including options on SPIKES), until September 30, 2019.
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    \7\ See supra note 4.
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Membership Application Fees
    MIAX currently assesses Membership fees for applications of 
potential Members. MIAX assesses a one-time Membership Application Fee 
on the earlier of (i) the date the applicant is certified in the 
membership system, or (ii) once an application for MIAX membership is 
finally denied. The one-time application fee is based upon the 
applicant's status as either a Market Maker or an Electronic Exchange

[[Page 28861]]

Member (``EEM''). A Market Maker is assessed a one-time Membership 
Application Fee of $3,000.00.
    MIAX proposes that the one-time Membership Application Fee of 
$3,000.00 for Market Makers that trade solely in Proprietary Products 
(including options on SPIKES) will be waived until September 30, 2019, 
which the Exchange proposes to state in the Fee Schedule. The purpose 
of this proposed change is provide an incentive for potential Market 
Makers to submit membership applications, which should result in 
increasing potential liquidity in MIAX Proprietary Products, including 
options on SPIKES. Even though the Exchange is proposing to waive this 
particular fee for Market Makers who will trade solely in Proprietary 
Products until September 30, 2019, the overall structure of the fee is 
outlined in the Fee Schedule so that there is general awareness that 
the Exchange intends to assess such a fee after September 30, 2019.
Trading Permit Fees
    MIAX issues Trading Permits that confer the ability to transact on 
the Exchange. MIAX Trading Permits are issued to Market Makers and 
EEMs. Members receiving Trading Permits during a particular calendar 
month are assessed monthly Trading Permit Fees as set forth in the Fee 
Schedule. As it relates to Market Makers, MIAX currently assesses a 
monthly Trading Permit Fee in any month the Market Maker is certified 
in the membership system, is credentialed to use one or more MEI Ports 
in the production environment and is assigned to quote in one or more 
classes. MIAX assesses its Market Makers the monthly Market Maker 
Trading Permit Fee based on the greatest number of classes listed on 
MIAX that the MIAX Market Maker was assigned to quote in on any given 
day within a calendar month and the applicable fee rate this is the 
lesser of either the per class basis or percentage of total national 
average daily volume measurements. A MIAX Market Maker is assessed a 
monthly Trading Permit Fee according to the following table:

----------------------------------------------------------------------------------------------------------------
                                                          Market maker assignments (the lesser of the applicable
                                           Monthly MIAX                     measurements below)
         Type of trading permit           trading permit -------------------------------------------------------
                                                fee                                      % of national average
                                                                   Per class                 daily volume
----------------------------------------------------------------------------------------------------------------
Market Maker (includes RMM, LMM, PLMM)..       $7,000.00  Up to 10 Classes..........  Up to 20% of Classes by
                                               12,000.00  Up to 40 Classes..........   volume.
                                             * 17,000.00  Up to 100 Classes.........  Up to 35% of Classes by
                                             * 22,000.00  Over 100 Classes..........   volume.
                                                                                      Up to 50% of Classes by
                                                                                       volume.
                                                                                      Over 50% of Classes by
                                                                                       volume up to all Classes
                                                                                       listed on MIAX.
----------------------------------------------------------------------------------------------------------------
* For these Monthly MIAX Trading Permit Fee levels, if the Market Maker's total monthly executed volume during
  the relevant month is less than 0.060% of the total monthly executed volume reported by OCC in the market
  maker account type for MIAX-listed option classes for that month, then the fee will be $15,500 instead of the
  fee otherwise applicable to such level.

    MIAX proposes that the monthly Trading Permit Fee for Market Makers 
that trade solely in Proprietary Products (including options on SPIKES) 
will be waived until September 30, 2019, which the Exchange proposes to 
state in the Fee Schedule. The purpose of this proposed change is to 
provide an incentive for Market Makers to provide liquidity in 
Proprietary Products on the Exchange, which should result in increasing 
potential order flow and volume in MIAX Proprietary Products, including 
options on SPIKES. Even though the Exchange is proposing to waive this 
particular fee for Market Makers trading solely in Proprietary Products 
until September 30, 2019, the overall structure of the fee is outlined 
in the Fee Schedule so that there is general awareness by potential 
Members seeking a Trading Permit on the Exchange that the Exchange 
intends to assess such a fee after September 30, 2019.
    The Exchange also proposes that Market Makers who trade MIAX 
Proprietary Products (including options on SPIKES) along with multi-
listed classes will not have Proprietary Products (including SPIKES) 
counted toward those Market Makers' class assignment count or 
percentage of total national average daily volume. The Exchange 
proposes to note this exclusion by inserting the new symbol ``[Omega]'' 
following the table that shows the monthly Trading Permit Fees 
currently assessed for Market Makers in Section (3)(b) of the Fee 
Schedule.
API Testing and Certification Fee
    MIAX assesses an Application Programming Interface (``API'') 
Testing and Certification Fee on all Members depending upon the type of 
Member. An API makes it possible for Members' software to communicate 
with MIAX software applications, and is subject to Members testing 
with, and certification by, MIAX. The Exchange offers four types of 
interfaces: (i) The Financial Information Exchange (``FIX'') Port, 
which enables the FIX Port user (typically an EEM or a Market Maker) to 
submit simple and complex orders electronically to MIAX; (ii) the MIAX 
Express Interface (``MEI'') Port, which enables Market Makers to submit 
simple and complex electronic quotes to MIAX; (iii) the Clearing Trade 
Drop (``CTD'') Port, which provides real-time trade clearing 
information to the participants to a trade on MIAX and to the 
participants' respective clearing firms; and (iv) the FIX Drop Copy 
(``FXD'') Port, which provides a copy of real-time trade execution, 
correction and cancellation information through a FIX Port to any 
number of FIX Ports designated by an EEM to receive such messages.
    API Testing and Certification Fees for Market Makers are assessed 
(i) initially per API for CTD and MEI in the month the Market Maker has 
been credentialed to use one or more ports in the production 
environment for the tested API and the Market Maker has been assigned 
to quote in one or more classes, and (ii) each time a Market Maker 
initiates a change to its system that requires testing and 
certification. API Testing and Certification Fees will not be assessed 
in situations where the Exchange initiates a mandatory change to the 
Exchange's system that requires testing and certification. A Market 
Maker is assessed an API Testing and Certification Fee of $2,500.00. 
The fees represent costs incurred by the Exchange as it works with each 
Member for testing and certifying that the Member's software systems 
communicate properly with MIAX's interfaces.
    MIAX proposes that the API Testing and Certification Fee for Market 
Makers that trade solely in Proprietary Products (including options on 
SPIKES) will be waived until September 30, 2019, which the Exchange 
proposes to state in the Fee Schedule. The purpose of this proposed 
change is provide an incentive for potential Market Makers to develop

[[Page 28862]]

software applications to trade in MIAX Proprietary Products, including 
options on SPIKES. Even though the Exchange is proposing to waive this 
particular fee for Market Makers who will trade solely in Proprietary 
Products until September 30, 2019, the overall structure of the fee is 
outlined in the Fee Schedule so that there is general awareness that 
the Exchange intends to assess such a fee after September 30, 2019.
MEI Port Fees
    MIAX provides four (4) Port types, including (i) the FIX Port, 
which enables the FIX Port user (typically an EEM or a Market Maker) to 
submit simple and complex orders electronically to MIAX; (ii) the MEI 
Port, which enables Market Makers to submit simple and complex 
electronic quotes to MIAX;; [sic] (iii) the CTD Port, which provides 
real-time trade clearing information to the participants to a trade on 
MIAX and to the participants' respective clearing firms; and (iv) the 
FXD Port, which provides a copy of real-time trade execution, 
correction and cancellation information through a FIX Port to any 
number of FIX Ports designated by an EEM to receive such messages.
    MIAX assesses monthly MEI Port Fees on Market Makers in each month 
the Member has been credentialed to use the MEI Port in the production 
environment and has been assigned to quote in at least one class. The 
amount of the monthly MEI Port Fee is based upon the number of classes 
in which the Market Maker was assigned to quote on any given day within 
the calendar month, and upon the class volume percentages set forth in 
the above table. The class volume percentage is based on the total 
national average daily volume in classes listed on MIAX in the prior 
calendar quarter. Newly listed option classes are excluded from the 
calculation of the monthly MEI Port Fee until the calendar quarter 
following their listing, at which time the newly listed option classes 
will be included in both the per class count and the percentage of 
total national average daily volume. The Exchange assesses MIAX Market 
Makers the monthly MEI Port Fee based on the greatest number of classes 
listed on MIAX that the MIAX Market Maker was assigned to quote in on 
any given day within a calendar month and the applicable fee rate that 
is the lesser of either the per class basis or percentage of total 
national average daily volume measurement. MIAX assesses MEI Port Fees 
on Market Makers according to the following table:

------------------------------------------------------------------------
                                 Market maker assignments (the lesser of
                                   the applicable measurements below)
     Monthly MIAX MEI fees     -----------------------------------------
                                                   % of national average
                                    Per class           daily volume
------------------------------------------------------------------------
$5,000.00.....................  Up to 5 Classes..  Up to 10% of Classes
                                                    by volume.
$10,000.00....................  Up to 10 Classes.  Up to 20% of Classes
                                                    by volume.
$14,000.00....................  Up to 40 Classes.  Up to 35% of Classes
                                                    by volume.
$17,500.00 *..................  Up to 100 Classes  Up to 50% of Classes
                                                    by volume.
$20,500.00 *..................  Over 100 Classes.  Over 50% of Classes
                                                    by volume up to all
                                                    Classes listed on
                                                    MIAX.
------------------------------------------------------------------------
* For these Monthly MIAX MEI Fees levels, if the Market Maker's total
  monthly executed volume during the relevant month is less than 0.060%
  of the total monthly executed volume reported by OCC in the market
  maker account type for MIAX-listed option classes for that month, then
  the fee will be $14,500 instead of the fee otherwise applicable to
  such level.

    MIAX proposes that the monthly MEI Port Fee for Market Makers that 
trade solely in Proprietary Products (including options on SPIKES) will 
be waived until September 30, 2019, which the Exchange proposes to 
state in the Fee Schedule. The purpose of this proposal is to provide 
an incentive to Market Makers to connect to MIAX through the MEI Port 
such that they will be able to trade in MIAX Proprietary Products. Even 
though the Exchange is proposing to waive this particular fee for 
Market Makers trading solely in Proprietary Products until September 
30, 2019, the overall structure of the fee is outlined in the Fee 
Schedule so that there is general awareness that the Exchange intends 
to assess such a fee after September 30, 2019.
    The Exchange notes that for the purposes of this proposed change, 
other Market Makers who trade MIAX Proprietary Products (including 
options on SPIKES) along with multi-listed classes will not have 
Proprietary Products (including SPIKES) counted toward those Market 
Makers' class assignment count or percentage of total national average 
daily volume. The Exchange proposes to note this exclusion by inserting 
the new symbol ``[Omega]'' following the table that shows the monthly 
MEI Port Fees currently assessed for Market Makers in Section 
(5)(d)(ii) of the Fee Schedule.
    The proposed fee waivers are targeted at market participants, 
particularly market makers, who are not currently members of MIAX, who 
may be interested in being a Market Maker in Proprietary Products on 
the Exchange. The Exchange estimates that there are fewer than ten (10) 
such market participants that could benefit from these fee waivers. The 
proposed fee waivers do not apply differently to different sizes of 
market participants, however they do only apply to Market Makers (and 
not EEMs). The Exchange believes it is reasonable to only offer fee 
waivers to market makers because the Exchange is seeking additional 
liquidity providers for Proprietary Products, in order to enhance 
liquidity and spreads in Proprietary Products, which is traditionally 
provided by Market Makers, as opposed to EEMs.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \8\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act \9\ in particular, in that 
it is an equitable allocation of reasonable fees and other charges 
among its members and issuers and other persons using its facilities. 
The Exchange also believes the proposal furthers the objectives of 
Section 6(b)(5) of the Act in that it is designed to promote just and 
equitable principles of trade, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general to protect investors and the public interest and is not 
designed to permit unfair discrimination between customers, issuers, 
brokers and dealers.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes the proposed fee waivers are reasonable and 
equitable because they waive non-transaction fees for a limited period 
of time in order to enable the Exchange to improve its overall 
competitiveness and strengthen its market quality for all market 
participants in MIAX's Proprietary Products, including options on 
SPIKES.

[[Page 28863]]

The proposed fee waivers are fair and equitable and not unreasonably 
discriminatory because they will apply equally to the market 
participants not currently registered as Market Makers at the Exchange. 
Any market participant may choose to satisfy the additional 
requirements and obligations of being a Market Maker and trade solely 
in Proprietary Products in order to qualify for the fee waivers.
    The Exchange believes that it is equitable and not unfairly 
discriminatory to waive certain non-transaction fees for Market Makers 
as compared to EEMs because Market Makers, unlike other market 
participants, take on a number of obligations, including quoting 
obligations that other market participants do not have. Further, Market 
Makers have added market making and regulatory requirements, which 
normally do not apply to other market participants. For example, Market 
Makers have obligations to maintain continuous markets, engage in a 
course of dealings reasonably calculated to contribute to the 
maintenance of a fair and orderly market, and to not make bids or 
offers or enter into transactions that are inconsistent with a course 
of dealing.
    The Exchange believes it is reasonable and equitable to waive the 
one-time Membership Application Fee, monthly Trading Permit Fee, API 
Testing and Certification Fee, and monthly MEI Port Fee for Market 
Makers that trade solely in Proprietary Products (including options on 
SPIKES) until September 30, 2019, since the waiver of such fees 
provides incentives to interested market participants to trade in 
Proprietary Products. This should result in increasing potential order 
flow and liquidity in MIAX Proprietary Products, including options on 
SPIKES.
    MIAX believes it is reasonable and equitable to waive the API 
Testing and Certification fee assessable to Market Makers that trade 
solely in Proprietary Products (including options on SPIKES) since the 
waiver of such fees provides incentives to interested Members to 
develop and test their APIs sooner. Determining system operability with 
the Exchange's system will in turn provide MIAX with potential order 
flow and liquidity providers in Proprietary Products.
    The Exchange believes it is reasonable, equitable and not unfairly 
discriminatory that Market Makers who trade in Proprietary Products 
along with multi-listed classes will not have Proprietary Products 
counted toward those Market Makers' class assignment count or 
percentage of total national average daily volume for monthly Trading 
Permit Fees and monthly MEI Port Fees in order to incentivize existing 
Market Makers who currently trade in multi-listed classes to also trade 
in Proprietary Products, without incurring certain additional fees.
    The Exchange believes that the proposed fee waivers constitute an 
equitable allocation of reasonable fees and other charges among its 
members and issuers and other persons using its facilities. The 
proposed fee waivers are available to all prospective market makers 
that wish to become Market Maker Members of the Exchange and quote 
solely in Proprietary Products. The proposed fee waivers do not apply 
to potential EEMs, because the Exchange is seeking to enhance the 
quality of its markets in Proprietary Products through introducing more 
competition among market makers in Proprietary Products. In order to 
increase the competition, the Exchange believes that it must waive 
entry type fees for such market makers. EEMs do not provide the benefit 
of enhanced liquidity which is provided by market makers, therefore the 
Exchange believes it is reasonable and not unfairly discriminatory to 
only offer the proposed fee waivers to market makers (and not EEMs). 
Further, the Exchange believes it is reasonable and not unfairly 
discriminatory to exclude Proprietary Products from an existing Market 
Maker's permit fees and port fees, in order to incentive such Market 
Makers to quote in Proprietary Products. The amount of a Market Maker's 
permit and port fee is determined by the number of classes quoted and 
volume of the Market Maker. By excluding Proprietary Products from such 
fees, the Exchange is able to incentivize Market Makers to quote in 
Proprietary Products. EEMs do not pay permit and port fees based on the 
classes traded or volume, so the Exchange believes it is reasonable, 
equitable, and not unfairly discriminatory to only offer the exclusion 
to market makers (and not EEMs).

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 not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange believes that the 
proposed changes would increase intramarket competition by 
incentivizing new potential market makers to quote in Proprietary 
Products, which will enhance the quality of quoting and increase the 
volume of contracts in Proprietary Products traded on MIAX. To the 
extent that this purpose is achieved, all the Exchange's market 
participants should benefit from the improved market liquidity for the 
Exchange's Proprietary Products. Enhanced market quality and increased 
transaction volume in Proprietary Products that results from the 
anticipated increase in Market Maker activity on the Exchange will 
benefit all market participants and improve competition on the 
Exchange.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intramarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act because the 
proposed changes for each separate type of market participant (new 
market makers and existing market makers) will be assessed equally to 
all such market participants. While different fees are assessed to 
different market participants in some circumstances, these different 
market participants have different obligations and different 
circumstances as discussed above. For example, Market Makers have 
quoting obligations that other market participants (such as EEMs) do 
not have.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act because the 
propose fee waivers relate solely to Proprietary Products, which are 
traded exclusively on the Exchange.

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,\10\ and Rule 19b-4(f)(2) \11\ 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

[[Page 28864]]

whether the proposed rule should be approved or disapproved.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 17 CFR 240.19b-4(f)(2).
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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-2019-28 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-2019-28. 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-2019-28 and should be submitted on 
or before July 11, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13070 Filed 6-19-19; 8:45 am]
 BILLING CODE 8011-01-P