Document ID: SEC-2020-0719-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC
Posted Date: 2020-05-05T04:00Z

[Federal Register Volume 85, Number 87 (Tuesday, May 5, 2020)]
[Notices]
[Pages 26743-26747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09519]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88767; File No. SR-MIAX-2020-08]

Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To List and Trade Options That Overlie Five 
Advanced Fundamentals LLC Commercial Real Estate Indexes

April 29, 2020.
    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 April 17, 2020, Miami International Securities Exchange, LLC 
(``MIAX'' or the ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the 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 list and trade options that 
overlie five Advanced Fundamentals LLC (``Advanced Fundamentals'') 
Commercial Real Estate Indexes (the ``AF CRE Indexes'').
    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
    The purpose of this proposed rule change is to amend certain of the 
Exchange's rules in connection with the Exchange's plan to list and 
trade options on five AF CRE Indexes \3\--the AF CRE Residential Index, 
AF CRE Retail Index, AF CRE Office Index, AF CRE Hospitality Index \4\ 
and AF CRE Composite Index. The AF CRE Indexes measure real-time real 
estate returns representing the performance of real estate investment 
trusts (``REITs'') and/or publicly listed equity companies across 
various sectors. The AF CRE Sector Indexes measure real-time real 
estate returns representing the performance of REITs and/or publicly 
listed equity companies within one of the following sectors:
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    \3\ On April 16, 2020, the Exchange filed a Form 19b-4(e) with 
the Commission pursuant to Rule 19b-4(e) of the Act for the AF CRE 
Indexes.
    \4\ The AF CRE Residential Index, AF CRE Retail Index, AF CRE 
Office Index and AF CRE Hospitality Index are collectively referred 
to herein as the ``AF CRE Sector Indexes.''

------------------------------------------------------------------------
                                                             Number of
             Sector                     Symbol \5\        components \6\
------------------------------------------------------------------------
Residential.....................  MXAFR                               15
Retail..........................  MXAFT                               15
Office..........................  MXAFO                               14
Hospitality.....................  MXAFH                               14
------------------------------------------------------------------------

    Each constituent of an AF CRE Index is a REIT or equity company 
listed on a U.S. securities exchange. The individual components of each 
AF CRE Sector Index are determined from the REITs/equity companies that 
have the largest enterprise value (``Enterprise Value'') \7\ within 
each individual sector and that also meet certain minimum eligibility 
requirements.\8\ The components of the AF CRE Sector Indexes are each 
an NMS stock as defined in Rule 600 of Regulation NMS (``Reg NMS'') 
under the Act. The AF CRE Composite Index measures the weighted average 
returns of the four AF CRE Sector Indexes and consists of up to 60 
publicly traded REITs and/or equity companies, which comprise the four 
underlying sector returns that are listed on a U.S. securities 
exchange.\9\ Refinitiv monitors and maintains each AF CRE Index and 
rebalances each AF CRE Index quarterly.
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    \5\ These symbols represent each AF CRE Index.
    \6\ If less than 15 components are eligible, the AF CRE Sector 
Indexes are calculated using less than 15 components, but no fewer 
than 10 components.
    \7\ The term ``Enterprise Value'' refers to the measure of a 
company's total value, calculated by adding the company's market 
capitalization, total liabilities and preferred equity, then 
subtracting all cash and cash equivalents. See https://www.investopedia.com/terms/e/enterprisevalue.asp.
    \8\ Refinitiv is the reporting authority for each of the AF CRE 
Indexes. See proposed Exchange Rule 1801, Interpretation and Policy 
.01. Thomson Reuters' Financial & Risk (``F&R'') business unit was 
rebranded under the name ``Refinitiv'' in 2018 when Thomson Reuters 
sold a majority stake in its F&R business unit to private equity 
firm Blackstone Group LP. Refinitiv provides financial markets data 
and infrastructure in over 150 countries. Part of Refinitiv's 
services include, but are not limited to, the calculation of various 
indexes. See Thomson Reuters Financial & Risk Business Announces New 
Company Name: Refinitiv (July 27, 2018), available at https://www.thomsonreuters.com/en/press-releases/2018/july/thomson-reuters-financial-and-risk-business-announces-new-company-name-refinitiv.html.
    \9\ The symbol for the AF CRE Composite Index is ``MXAFC.''
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Initial and Maintenance Listing Criteria
    The AF CRE Composite Index meets the definition of a broad-based 
index as set forth in Exchange Rule 1802(d) (an index designed to be 
representative of a stock market as a whole or of a range of companies 
in unrelated industries). Additionally, the AF CRE Composite Index 
option satisfies the initial listing criteria of a broad-based index, 
as set forth in Exchange Rule 1802(d):
    (1) Options will be A.M.-settled index options;
    (2) the index is capitalization-weighted, price-weighted, equal 
dollar-weighted, or modified capitalization-weighted, and consists of 
50 or more component securities (the AF CRE Composite Index is modified 
capitalization-weighted);
    (3) the component securities that account for at least ninety-five 
percent

[[Page 26744]]

(95%) of the weight of the index have a market capitalization of at 
least $75 million, except that component securities that account for at 
least sixty-five percent (65%) of the weight of the index have a market 
capitalization of at least $100 million;
    (4) component securities that account for at least eighty percent 
(80%) of the weight of the index satisfy the requirements of Rule 402 
applicable to individual underlying securities;
    (5) each component security that accounts for at least one percent 
(1%) of the weight of the index has an average daily trading volume of 
at least 90,000 shares during the last six month period;
    (6) no single component security accounts for more than ten percent 
(10%) of the weight of the index, and the five highest weighted 
component securities in the index do not, in the aggregate, account for 
more than thirty-three percent (33%) of the weight of the index;
    (7) each component security is an ``NMS stock'' as defined in Rule 
600 of Regulation NMS under the Exchange Act;
    (8) non-U.S. component securities (stocks or ADRs) that are not 
subject to comprehensive surveillance agreements do not, in the 
aggregate, represent more than twenty percent (20%) of the weight of 
the index;
    (9) the current index value is widely disseminated at least once 
every fifteen (15) seconds by OPRA, CTA/CQ, NIDS or one or more major 
market data vendors during the time options on the index are traded on 
the Exchange;
    (10) the Exchange reasonably believes it has adequate system 
capacity to support the trading of options on the index, based on a 
calculation of the Exchange's current ISCA allocation and the number of 
new messages per second expected to be generated by options on such 
index;
    (11) an equal dollar-weighted index will be rebalanced at least 
once every calendar quarter;
    (12) if an index is maintained by a broker-dealer, the index is 
calculated by a third-party who is not a broker-dealer, and the broker-
dealer has erected an informational barrier around its personnel who 
have access to information concerning changes in, and adjustments to, 
the index; and
    (12) the Exchange has written surveillance procedures in place with 
respect to surveillance of trading options on the index.
    Options on the AF CRE Composite Index will be subject to the 
maintenance and listing standards set forth in Exchange Rule 1802(e):
    (1) The requirements set forth in subparagraphs (d)(1)-(d)(3) and 
(d)(9)-(d)(15) of Exchange Rule 1802 must continue to be satisfied. The 
requirements set forth in subparagraphs (d)(5)-(d)(8) of Exchange Rule 
1802 must be satisfied only as of the first day of January and July in 
each year; and
    (2) the total number of component securities in the index may not 
increase or decrease by more than ten percent (10%) from the number of 
component securities in the index at the time of its initial 
listing.\10\
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    \10\ In the event a class of index options listed on the 
Exchange fails to satisfy the maintenance listing standards set 
forth herein, the Exchange shall not open for trading any additional 
series of options of that class unless the continued listing of that 
class of index options has been approved by the Commission under 
Section 19(b)(2) of the Exchange Act. See Exchange Rule 1802(e)(2).
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    Each of the AF CRE Sector Indexes meet the definition of a narrow-
based index as set forth in Exchange Rule 1802(b) (an index designed to 
be representative of a particular industry or a group of related 
industries and include indices having component securities that are all 
headquartered within a single country). Additionally, the proposed 
options on the AF CRE Sector Indexes satisfy the initial listing 
criteria of a narrow-based index, as set forth in Exchange Rule 
1802(b):
    (1) Options will be A.M.-settled index options;
    (2) the index is capitalization-weighted, price-weighted, equal 
dollar-weighted, or modified capitalization-weighted, and consists of 
ten or more component securities (the AF CRE Indexes are modified 
capitalization-weighted);
    (3) each component security has a market capitalization of at least 
$75 million, except that for each of the lowest weighted component 
securities in the index that in the aggregate account for no more than 
10% of the weight of the index, the market capitalization is at least 
$50 million;
    (4) trading volume of each component security has been at least one 
million shares for each of the last six months, except that for each of 
the lowest weighted component securities in the index that in the 
aggregate account for no more than 10% of the weight of the index, 
trading volume has been at least 500,000 shares for each of the last 
six months;
    (5) in a capitalization-weighted index or a modified 
capitalization-weighted index, the lesser of the five highest weighted 
component securities in the index or the highest weighted component 
securities in the index that in the aggregate represent at least 30% of 
the total number of component securities in the index each have had an 
average monthly trading volume of at least 2,000,000 shares over the 
past six months;
    (6) no single component security represents more than 30% of the 
weight of the index, and the five highest weighted component securities 
in the index do not in the aggregate account for more than 50% (65% for 
an index consisting of fewer than 25 component securities) of the 
weight of the index;
    (7) component securities that account for at least 90% of the 
weight of the index and at least 80% of the total number of component 
securities in the index satisfy the requirements of Rule 402 applicable 
to individual underlying securities;
    (8) each component security is an ``NMS stock'' as defined in Rule 
600 of Reg NMS under the Act;
    (9) non-U.S. component securities (stocks or ADRs) that are not 
subject to comprehensive surveillance agreements do not in the 
aggregate represent more than 20% of the weight of the index;
    (10) the current index value is widely disseminated at least once 
every 15 seconds by OPRA, CTA/CQ, NIDS or one or more major market data 
vendors during the time the index options are traded on the Exchange;
    (11) an equal dollar-weighted index will be rebalanced at least 
once every calendar quarter; and
    (12) if an underlying index is maintained by a broker-dealer, the 
index is calculated by a third party who is not a broker-dealer, and 
the broker-dealer has erected an information barrier around its 
personnel who have access to information concerning changes in and 
adjustments to the index.
    Options on each of the AF CRE Sector Indexes will be subject to the 
maintenance and listing standards set forth in Exchange Rule 1802(c):
    (1) The requirements stated in subparagraphs (b)(1), (3), (6), (7), 
(8), (9), (10), (11) and (12) of Exchange Rule 1802 must continue to be 
satisfied, provided that the conditions stated in subparagraph (b)(6) 
must be satisfied only as of the first day of January and July in each 
year;
    (2) the total number of component securities in the index may not 
increase or decrease by more than 33\1/3\% from the number of component 
securities in the index at the time of its initial listing, and in no 
event may be less than nine component securities;
    (3) trading volume of each component security in the index must be 
at least 500,000 shares for each of the last six months, except that 
for each of the lowest weighted component securities

[[Page 26745]]

in the index that in the aggregate account for no more than 10% of the 
weight of the index, trading volume must be at least 400,000 shares for 
each of the last six months; and
    (4) in a capitalization-weighted index or a modified 
capitalization-weighted index, the lesser of the five highest weighted 
component securities in the index or the highest weighted component 
securities in the index that in the aggregate represent at least 30% of 
the total number of stocks in the index each have had an average 
monthly trading volume of at least 1,000,000 shares over the past six 
months.\11\
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    \11\ As is the case with other index options authorized for 
listing and trading on MIAX, in the event an AF CRE Index fails to 
satisfy the maintenance listing standards, the Exchange will not 
open for trading any additional series of options of that class 
unless such failure is determined by the Exchange not to be 
significant and the Commission concurs in that determination, or 
unless the continued listing of that class of index options has been 
approved by the Commission under Section 19(b)(2) of the Act. See 
Exchange Rule 1802(c)(4).
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Expiration Months, Settlement, and Exercise Style
    Consistent with existing rules for certain index options,\12\ the 
Exchange will allow up to twelve near-term expiration months for 
options on the AF CRE Indexes.\13\ The Exchange will likely not 
initially list twelve near-term expiration months for options on the AF 
CRE Indexes; however, the Exchange elects to have the ability to list 
up to twelve near-term expiration months in the future.
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    \12\ 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 to List and Trade 
Options on the SPIKESTM Index).
    \13\ See proposed Exchange Rule 1809(a)(3).
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    The options on each of the AF CRE Indexes will be A.M., cash-
settled contracts with European-style exercise.\14\ A.M.-settlement is 
consistent with the generic listing criteria for industry-based indexes 
\15\ (as well as broad-based indexes \16\), and thus it is common for 
index options to be A.M.-settled. The Exchange proposes to amend 
Exchange Rule 1809(a)(5) to add the options on the AF CRE Indexes to 
the list of other A.M.-settled options. The Exchange proposes to amend 
Exchange Rule 1809(a)(4) to add options on the AF CRE Indexes to the 
list of other European-style index options.
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    \14\ See proposed Exchange Rule 1809(a)(4)(ii)-(vi).
    \15\ See Exchange Rule 1802(b)(1).
    \16\ See Exchange Rule 1802(d)(2).
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Capacity
    The Exchange has analyzed its capacity and represents that it 
believes the Exchange and OPRA have the necessary systems capacity to 
handle the additional traffic associated with the listing of new series 
that would result from the introduction of options on each of the AF 
CRE Indexes up to the proposed number of possible expirations. Because 
the proposal is limited to five classes, the Exchange believes any 
additional traffic that would be generated from the introduction of 
options on the AF CRE Indexes would be manageable.
Component Selection for the AF CRE Sector Indexes
    The composition of each AF CRE Index is determined in a 
reconstitution on a quarterly basis from audited REIT/equity company 
filings and supplemental filings with the Commission, updated each 
quarter and intra-quarter based on 8-K, 10-Q, and 10-K filings. The 
components in each of the AF CRE Sector Indexes are determined from the 
REITs/equity companies that have the largest Enterprise Value within 
each individual sector and that meet the following minimum eligibility 
requirements. To be eligible for inclusion in each of the AF CRE Sector 
Indexes, a REIT/equity company must: (i) Be classified as an equity 
REIT; (ii) be listed on a U.S. securities exchange; (iii) have a 
minimum Enterprise Value of $1 billion; (iv) have at least 85% of its 
revenue derived from the associated asset class; and (v) have issued a 
quarterly filing or annual report after its initial listing. 
Adjustments are made to the values of the AF CRE Sector Indexes during 
the quarterly reconstitution taking into account changes in each AF CRE 
Sector Indexes' component's per unit value, where the unit for each AF 
CRE Sector Index is represented as follows:
     AF CRE Residential Index = amount of residential units 
owned by the component security.
     AF CRE Retail Index = amount of square footage owned by 
the component security.
     AF CRE Office Index = amount of square footage owned by 
the component security.
     AF CRE Hospitality Index = amount of hotel rooms owned by 
the component security.
Index Calculation and Modified Market-Capitalization Weighting 
Methodology
    Each of the AF CRE Sector Indexes are calculated using a modified 
market capitalization-weighting (``MCW'') methodology. The MCW is 
determined by starting with the standard market capitalization of each 
component REIT/equity security in each AF CRE Sector Index and dividing 
such component's market capitalization by its enterprise value. 
Enterprise value identifies the amount of leverage (debt) and level of 
cash for each component security listed in that particular AF CRE 
Sector Index. With this modification, the debt portion of each 
component REIT/equity security is identified and effectively removed 
from the component's weighting, with the removed amount being 
represented as a static cash position in each AF CRE Sector Index. This 
modification process produces the benefit of being able to measure the 
performance of each of the components on a non-levered basis, creating 
a truer comparison between components and thus getting a more accurate 
representation of the value of the real estate holdings in the 
component's portfolio. Every component REIT/equity security in each of 
the AF CRE Sector Indexes goes through the same modification process in 
order to generate a modified market-capitalization weighting for each 
component. Component weights for the AF CRE Sector Indexes are adjusted 
and reset on a monthly basis. The most recent public company filings 
(10-K, 10-Q, 8-K) and share data are used as inputs at each 
reweighting. For the AF CRE Composite Index, each AF CRE Sector Index 
is weighted in a ratio of the sum of its components' enterprise values 
to the total sum of the enterprise values for all of the AF CRE Sector 
Indexes.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\17\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \18\ requirements that the rules 
of an exchange be 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 mechanism of a free and open market and a national market 
system, and, in general, to protect investors and the public interest. 
Additionally, the Exchange believes the proposed rule change is 
consistent with

[[Page 26746]]

the Section 6(b)(5) \19\ requirement that the rules of an exchange not 
be designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ Id.
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    The Exchange believes that the proposal to list and trade options 
on the AF CRE Indexes will remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, protect investors and the public interest, because the 
Exchange believes that the proposed rule change will further the 
Exchange's goal of introducing new and innovative products to the 
marketplace. Currently, the Exchange believes that there is unmet 
market demand for exchange-listed security options listed on commercial 
real estate indexes representing residential, retail, office and 
hospitality sectors. Each AF CRE Sector Index consists of no more than 
15 REITs/equity companies (but no less than 10 REITs/equity companies) 
listed on a U.S. securities exchange.\20\ Each REIT/equity company must 
be listed on a U.S. securities exchange, have a minimum Enterprise 
Value of $1 billion, have at least 85% of its revenue derived from the 
associated asset class, and have issued a quarterly filing or annual 
report after initial listing. For the AF CRE Composite Index, each of 
the AF CRE Sector Indexes are weighted in a ratio of the sum of each 
indexes' components enterprise values to the total sum of the 
enterprise values for all the AF CRE Sector Indexes. As a result, the 
Exchange believes that options on each of the AF CRE Indexes are 
designed to provide different and additional opportunities for 
investors to hedge or speculate on the market risk associated with the 
various sectors of the commercial real estate market by listing options 
directly on the AF CRE Indexes representing those sectors.
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    \20\ See supra note 6.
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    The options that the Exchange proposes to list on each of the AF 
CRE Indexes satisfies the initial listing standards for broad-based 
(for the AF CRE Composite Index) and narrow-based indexes (for the AF 
CRE Sector Indexes) pursuant to the Exchange's current rules. The 
proposed rule change adds the AF CRE Indexes to the table regarding 
reporting authorities for the Exchange's proprietary index options, to 
the Exchange's rule regarding the number of permissible 
expirations,\21\ to the list of European-style exercise index options, 
and to the list of A.M.-settled index options. These changes are 
consistent with existing rules and index options currently authorized 
and listed for trading on the Exchange and other exchanges. The 
Exchange also represents that it has the necessary systems capacity to 
support the new option series for each of the AF CRE Indexes given 
these proposed specifications. The Exchange believes that options on 
the AF CRE Indexes, as proposed to be traded under Exchange Rules, 
would not be readily susceptible to manipulation. The Exchange believes 
the proposed rule change will further the Exchange's goal of 
introducing new and innovative products to the marketplace. The 
Exchange believes that listing options on the AF CRE Indexes will 
provide an opportunity for investors to hedge, or speculate on, the 
market risk associated with the commercial real estate industry.
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    \21\ See supra note 12.
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    The Exchange believes that its existing surveillance and reporting 
safeguards are designed to deter and detect possible manipulative 
behavior which might arise from listing and trading options on the AF 
CRE Indexes. The Exchange further notes that current Exchange Rules 
that apply to the trading of other index options traded on the 
Exchange, such as options on the SPIKES Index, would also apply to the 
trading of options on the AF CRE Indexes, such as, for example, 
Exchange Rules governing customer accounts, margin requirements and 
trading halt procedures. The Exchange also represents that it has the 
necessary systems capacity to support the new options series for each 
of the AF CRE Indexes.

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 AF CRE Indexes satisfy 
initial listing standards set forth in the Exchange's rules, and the 
proposed number of expirations, settlement, and exercise style are 
consistent with current rules applicable to index options. Options on 
each of the AF CRE Indexes will provide investors with different and 
additional opportunities to hedge or speculate on the market associated 
with the AF CRE Indexes. Further, options on the AF CRE Indexes would 
be available for trading to all market participants.
    The proposed rule change will facilitate the listing and trading of 
novel options products that will enhance competition among market 
participants, to the benefit of investors and the marketplace. The 
listing of options on the AF CRE Indexes will enhance competition by 
providing investors with an additional investment vehicle, in a fully-
electronic trading environment, through which investors can gain and 
hedge exposure to various sectors of the commercial real estate market. 
Further, these products could offer a competitive alternative to other 
existing investment products that seek to allow investors to gain broad 
market exposure via REITs in the same individual sectors as the AF CRE 
Indexes.

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) of the Act \22\ and Rule 19b-
4(f)(6) thereunder.\23\
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    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of 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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    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 change 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:

[[Page 26747]]

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-2020-08 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-2020-08. 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-2020-08, and should be submitted on 
or before May 26, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-09519 Filed 5-4-20; 8:45 am]
 BILLING CODE 8011-01-P