[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4672-4676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01702]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94039; File No. SR-MIAX-2022-05]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend the Professional Rebate Program

January 24, 2022.
    Pursuant to the provisions of Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on January 13, 2022, 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'').
    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 Exchange proposes to amend the Fee Schedule to change the 
Professional Rebate Program so that it applies only to orders that add 
liquidity to the Exchange. The Exchange initially filed this proposal 
on January 3, 2022 (SR-MIAX-2022-02) and withdrew such filing on 
January 13, 2022. The Exchange proposes to implement the fee change 
effective January 13, 2022.
    The Exchange notes that it operates in a highly competitive market 
in which market participants can readily direct order flow to competing 
venues if they deem fee levels at a particular venue to be excessive or 
incentives to be insufficient. More specifically, the Exchange is one 
of 16 registered options exchanges competing for order flow. Based on 
publicly-available information, and excluding index-based options, no 
single exchange has more than approximately 13% of the market share of 
executed volume of multiply-listed equity and exchange-traded fund 
(``ETF'') options trades as of January 11, 2022, for the month of 
January 2022.\3\ Therefore, no exchange possesses significant pricing 
power in the execution of multiply-listed equity and ETF options order 
flow. More specifically, as of January 11, 2022, the Exchange has a 
total market share of 5.41% of all equity options volume, for the month 
of January 2022.\4\
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    \3\ See MIAX's ``The Market at a Glance'', available at https://www.miaxoptions.com/ (last visited January 11, 2022).
    \4\ See id.
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    The Exchange currently offers a Professional Rebate Program (the 
``Program'') as defined in the Fee Schedule. Under the Program, the 
Exchange will credit each Member \5\ the per contract amount resulting 
from any contracts executed from an order submitted by a Member for the 
account(s) of a (i) Public Customer \6\ that is not a Priority 
Customer; \7\ (ii) Non-MIAX Market Maker; (iii) Non-Member Broker-
Dealer; or (iv) Firm (for purposes of the Professional Rebate Program, 
``Professional'') which is executed electronically on the Exchange in 
all multiply-listed option classes (excluding, in simple or complex as 
applicable, mini-options, QCC \8\ and cQCC Orders,\9\ PRIME \10\ and 
cPRIME Orders,\11\ PRIME and cPRIME AOC Responses,\12\ PRIME and cPRIME

[[Page 4673]]

Contra-side Orders, and executions related to contracts that are routed 
to one or more exchanges in connection with the Options Order 
Protection and Locked/Crossed Market Plan referenced in MIAX Rule 1400 
(collectively, for purposes of the Professional Rebate Program, 
``Excluded Contracts'')), provided the Member achieves certain 
Professional volume increase percentage thresholds in the month 
relative to the fourth quarter of 2015, as described in the table 
above.
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    \5\ 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.
    \6\ The term ``Public Customer'' means a person that is not a 
broker or dealer in securities. See Exchange Rule 100.
    \7\ The term ``Priority Customer'' means a person or entity that 
(i) is not a broker or dealer in securities, and (ii) does not place 
more than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s). See Exchange Rule 
100.
    \8\ Qualified Contingent Cross Order. A Qualified Contingent 
Cross Order is comprised of an originating order to buy or sell at 
least 1,000 contracts, or 10,000 mini-option contracts, that is 
identified as being part of a qualified contingent trade, as that 
term is defined in Interpretations and Policies .01 of Rule 516, 
coupled with a contra-side order or orders totaling an equal number 
of contracts. A Qualified Contingent Cross Order is not valid during 
the opening rotation process described in Rule 503. See Exchange 
Rule 516(j).
    \9\ A Complex Qualified Contingent Cross or ``cQCC'' Order is 
comprised of an originating complex order to buy or sell where each 
component is at least 1,000 contracts that is identified as being 
part of a qualified contingent trade, as defined in Rule 516, 
Interpretations and Policies .01, coupled with a contra-side complex 
order or orders totaling an equal number of contracts. Trading of 
cQCC Orders is governed by Rule 515(h)(4). See Exchange Rule 
518(b)(6).
    \10\ PRIME is a process by which a Member may electronically 
submit for execution (``Auction'') an order it represents as agent 
(``Agency Order'') against principal interest, and/or an Agency 
Order against solicited interest. See Exchange Rule 515A(a).
    \11\ A Complex PRIME or ``cPRIME'' Order is a complex order (as 
defined in Rule 518(a)(5)) that is submitted for participation in a 
cPRIME Auction. Trading of cPRIME Orders is governed by Rule 515A, 
Interpretations and Policies .12. See Exchange Rule 518(b)(7).
    \12\ An Auction-or-Cancel or ``AOC'' 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 and 
therefore are not eligible for trading outside of the event, may not 
be routed, and may not trade at a price inferior to the away 
markets. See Exchange Rule 516(b)(4).
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    The percentage thresholds in each tier are based upon the increase 
in the total volume submitted by a Member and executed for the 
account(s) of a Professional on MIAX (not including Excluded Contracts) 
during a particular month as a percentage of the total volume reported 
by the Options Clearing Corporation (OCC) in MIAX classes during the 
same month (the ``Current Percentage''), less the greater of (x) total 
volume submitted by that Member and executed for the account(s) of a 
Professional on MIAX (not including Excluded Contracts) during the 
fourth quarter of 2015 as a percentage of the total volume reported by 
OCC in MIAX classes during the fourth quarter of 2015, and (y) 0.065% 
(the ``Baseline Percentage''). Volume for transactions in both simple 
and complex orders will be aggregated to determine the appropriate 
volume tier threshold applicable to each transaction. For purposes of 
determining the Baseline Percentage for any Member that did not execute 
any contracts for the account(s) of a Professional on MIAX in the 
fourth quarter of 2015, the Baseline Percentage shall be 0.065%.
    The Member's percentage increase will be calculated as the Current 
Percentage less the Baseline Percentage. Members will receive rebates 
for contracts submitted by such Member on behalf of a Professional(s) 
that are executed within a particular percentage tier based upon that 
percentage tier only, and will not receive a rebate for such contracts 
that applies to any other tier. The increase in volume percentage will 
be recorded for, and credits will be delivered to, the Member that 
submits the order to MIAX on behalf of the Professional. Volume for 
both simple and complex orders will be aggregated to determine the 
appropriate volume tier threshold applicable to each transaction. MIAX 
will aggregate the contracts resulting from Professional orders 
transmitted and executed electronically on MIAX from Members and their 
Affiliates \13\ for purposes of the thresholds described in the table 
above. A Member may request to receive its credit under the Program as 
a separate direct payment.
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    \13\ For purposes of the MIAX Options Fee Schedule, the term 
``Affiliate'' means (i) an affiliate of a Member of at least 75% 
common ownership between the firms as reflected on each firm's Form 
BD, Schedule A, (``Affiliate''), or (ii) the Appointed Market Maker 
of an Appointed EEM (or, conversely, the Appointed EEM of an 
Appointed Market Maker). See MIAX Options Exchange Fee Schedule.
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    For Simple Orders \14\ the per contract credit of $0.10 for Tier 1 
will apply to percentage thresholds from above 0.00% up to 0.005%. 
Next, the per contract credit of $0.15 for Tier 2 will apply only to 
percentage thresholds from above 0.005% up to 0.020%, beginning with 
the first contract executed in Tier 2, but will not apply to contracts 
executed in Tier 1, to which the $0.10 per contract credit applied. 
Thereafter, the per contract credit of $0.20 for Tier 3 will apply to 
percentage thresholds from above 0.020%, beginning with the first 
contract executed in Tier 3, but will not apply to contracts executed 
in Tier 1, to which the $0.10 per contract credit applied, and will not 
apply to contracts executed in Tier 2, to which the $0.15 per contract 
credit applied.
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    \14\ A Simple Order is an order on the Exchange's regular 
electronic book of orders and quotes. See Exchange Rule 518(a)(15).
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    For Complex Orders \15\ the per contract credit of $0.03 for Tier 1 
will apply to percentage thresholds from above 0.00% up to 0.005%. 
Next, the per contract credit of $0.05 for Tier 2 will apply only to 
percentage thresholds from above 0.005% up to 0.020%, beginning with 
the first contract executed in Tier 2, but will not apply to contracts 
executed in Tier 1, to which the $0.03 per contract credit applied. 
Thereafter, the per contract credit of $0.07 for Tier 3 will apply to 
percentage thresholds from above 0.020%, beginning with the first 
contract executed in Tier 3, but will not apply to contracts executed 
in Tier 1, to which the $0.03 per contract credit applied, and will not 
apply to contracts executed in Tier 2, to which the $0.05 per contract 
credit applied.
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    \15\ A ``complex order'' is any order involving the concurrent 
purchase and/or sale of two or more different options in the same 
underlying security (the ``legs'' or ``components'' of the complex 
order), for the same account, in a ratio that is equal to or greater 
than one-to-three (.333) and less than or equal to three-to-one 
(3.00) and for the purposes of executing a particular investment 
strategy. Mini-options may only be part of a complex order that 
includes other mini-options. Only those complex orders in the 
classes designated by the Exchange and communicated to Members via 
Regulatory Circular with no more than the applicable number of legs, 
as determined by the Exchange on a class-by-class basis and 
communicated to Members via Regulatory Circular, are eligible for 
processing. A complex order can also be a ``stock-option order'' as 
described further, and subject to the limitations set forth, in 
Interpretations and Policies .01 of this Rule. A stock-option order 
is an order to buy or sell a stated number of units of an underlying 
security (stock or Exchange Traded Fund Share (``ETF'')) or a 
security convertible into the underlying stock (``convertible 
security'') coupled with the purchase or sale of options contract(s) 
on the opposite side of the market representing either (i) the same 
number of units of the underlying security or convertible security, 
or (ii) the number of units of the underlying stock necessary to 
create a delta neutral position, but in no case in a ratio greater 
than eight-to-one (8.00), where the ratio represents the total 
number of units of the underlying security or convertible security 
in the option leg to the total number of units of the underlying 
security or convertible security in the stock leg. Only those stock-
option orders in the classes designated by the Exchange and 
communicated to Members via Regulatory Circular with no more than 
the applicable number of legs as determined by the Exchange on a 
class-by-class basis and communicated to Members via Regulatory 
Circular, are eligible for processing. See Exchange Rule 518(a)(5).
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    The below table reflects the current Professional Rebate Program in 
the Fee Schedule.

                                           Professional Rebate Program
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                                                Percentage thresholds of volume    Per contract    Per contract
                                                  increase in multiply-listed     credit (except  credit (except
  Type of market participants        Tier          options (except Excluded          Excluded        Excluded
      eligible for rebate                      Contracts) for the Current Month   Contracts) for  Contracts) for
                                                Compared to Fourth Quarter 2015    Simple Orders  Complex Orders
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Public Customer that is Not a              1  Above 0.00%-0.005%................           $0.10           $0.03
 Priority Customer.
Non-MIAX Market Maker..........            2  Above 0.005%-0.020%...............            0.15            0.05

[[Page 4674]]

 
Non-Member Broker-Dealer Firm..            3  Above 0.020%......................            0.20            0.07
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    The Exchange now proposes to revise the Program to make the credit 
available only to those orders (both simple and complex) that add 
liquidity to the Exchange. The purpose of this change is to encourage 
Members to direct greater Professional trade volume to the Exchange 
that adds liquidity. Increased Professional volume will provide for 
greater liquidity, which benefits all market participants. The practice 
of incentivizing increased order flow in order to attract liquidity is, 
and has been, commonly practiced in the options markets. The Program 
similarly intends to attract Professional order flow, which will 
increase liquidity, thereby providing greater trading opportunities and 
tighter spreads for other market participants and causing a 
corresponding increase in order flow from such other market 
participants.
    The specific volume increase thresholds of the Program's tiers are 
not changing under this proposal and were set based upon business 
determinations and an analysis of volume levels. The volume increase 
thresholds are intended to encourage firms that route some Professional 
orders to the Exchange to increase the number of such orders that are 
sent to the Exchange to achieve the next threshold and to provide 
incentive for new participants to send Professional orders as well. 
Increasing the number of such orders sent to the Exchange will in turn 
provide tighter and more liquid markets, and therefore attract more 
business overall. Similarly, the different credit rates at the 
different tier levels were based on an analysis of revenue and volume 
levels and are intended to provide increasing rewards for increasing 
the volume of trades sent to and executed on the Exchange. The specific 
amounts of the tiers and rates were set in order to encourage suppliers 
of Professional order flow to reach for higher tiers.
    The purpose of calculating the Baseline Percentage as the total 
volume submitted by that Member and executed for the account(s) of a 
Professional on MIAX (not including Excluded Contracts) during the 
fourth quarter of 2015 as a percentage of the total volume reported by 
OCC in MIAX classes during the fourth quarter of 2015 is to maintain a 
constant measuring methodology based upon a sample of the most current 
market conditions available over a meaningful period of time (e.g., 
three months), which should help Members submitting orders designated 
as Professional (as defined above) better understand the volume 
thresholds that will result in higher rebate amounts.
    The Exchange will continue to leave certain Excluded Contracts 
(specifically, Non-Priority Customer to Non-Priority Customer orders, 
QCC Orders, PRIME Orders, PRIME AOC Responses, and PRIME Contra-side 
Orders) out of the calculation of the Current and Baseline percentages 
measuring contracts executed on MIAX and accordingly from the 
calculation of the percentage thresholds of volume increase. The 
Exchange believes that it is unnecessary and redundant to offer an 
incentive where both sides of the trade are submitted and executed by 
the same Member that submits such orders on behalf of Professionals.
    Executions related to contracts that are routed to one or more 
exchanges in connection with the Options Order Protection and Locked/
Crossed Market Plan referenced in MIAX Rule 1400 are excluded from the 
calculation because the execution of such orders occurs on away 
markets. Providing rebates to Professional executions that occur on 
other trading venues would be inconsistent with the proposal. 
Therefore, such volume is excluded from the Program in order to promote 
the underlying goal, which is to increase liquidity and execution 
volume on the Exchange.
    The Exchange also excludes mini-options from the calculation of the 
percentage thresholds of volume increase. Mini-options contracts are 
excluded from the Program because the cost to the Exchange to process 
quotes, orders and trades in mini-options is the same as for standard 
options. This, coupled with the lower per-contract transaction fees 
charged to other market participants, makes it impractical to offer 
Members a credit for Professional mini-option volume that they 
transact.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \16\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \17\ in 
particular, in that it is an equitable allocation of reasonable dues, 
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 \18\ 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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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(4).
    \18\ 15 U.S.C. 78f(b)(5).
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    As discussed above the Exchange operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels to be excessive or incentives 
to be insufficient, and the Exchange represents only a small percentage 
of the overall market. The Commission has repeatedly expressed its 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, the Commission highlighted the importance of market forces in 
determining prices and self-regulatory organization (``SRO'') revenues 
and, also, recognized that current regulation of the market system 
``has been remarkably successful in promoting market competition in its 
broader forms that are most important to investors and listed 
companies.'' \19\
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    \19\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005).
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    The Exchange believes that the ever-shifting market shares among 
the exchanges from month to month

[[Page 4675]]

demonstrates that market participants can shift order flow or 
discontinue or reduce use of certain categories of products, in 
response to transaction and non-transaction fee changes. Accordingly, 
competitive forces constrain the Exchange's transaction fees and 
rebates, and market participants can readily trade on competing venues 
if they deem pricing levels at those other venues to be more favorable. 
The Exchange believes the proposal reflects a reasonable and 
competitive pricing structure which will continue to incentivize market 
participants to direct liquidity adding orders to the Exchange, which 
the Exchange believes would enhance liquidity and market quality on the 
exchange to the benefit of all Members.
    The Exchange believes that amending the Program to provide a per 
contract rebate only to liquidity adding orders and to no longer 
provide a per contract rebate to those orders that remove liquidity 
from the Exchange is reasonable, equitable and not unfairly 
discriminatory as the Program is available to all Members and all 
similarly situated market participants are subject to the same rebate 
structure under the Program, and access to the Exchange is offered on 
terms that are not unfairly discriminatory. The Exchange's proposal is 
intended to encourage participants to submit more orders that add 
liquidity to the Exchange, thus enhancing liquidity on the Exchange. 
Increased liquidity benefits all market participants by providing more 
trading opportunities and tighter spreads. The Exchange believes the 
Program, as amended, will continue to encourage liquidity and support 
the quality of price discovery, thereby promoting market transparency 
and improving investor protection.
    The Exchange believes that the proposed change to its Program is 
reasonably designed to incentivize Members to submit orders which add 
liquidity to the Exchange, which facilitates increased trading 
opportunities, tighter spreads, and overall enhanced market quality to 
the benefit of all market participants. The Exchange further believes 
the proposed change is reasonable as incentive programs have been 
widely adopted by exchanges, including the Exchange, and are 
reasonable, equitable, and not unfairly discriminatory because they are 
open to all members on an equal basis and provide additional benefits 
or discounts that are reasonably related to an exchange's market 
quality. In particular, the Exchange believes its proposal to provide a 
per contract credit only to liquidity adding orders and to not provide 
a per contract credit to liquidity removing orders is reasonable, 
equitable, and not unfairly discriminatory for these same reasons, as 
it provides Members with an additional incentive to submit liquidity 
adding orders to the Exchange in order to qualify for a rebate under 
the Program.
    The Exchange believes its proposal to offer certain per contract 
credits to simple and complex orders that add liquidity under the 
Program is consistent with Section 6(b)(4) of the Act \20\ because it 
applies equally to all participants. The Exchange's proposal is 
intended to encourage participants to submit more orders to the 
Exchange that add liquidity, thus enhancing liquidity and removing 
impediments to and perfecting the mechanisms of a free and open market 
and a national market system. Additionally, if a Member does not 
satisfy the requirements of the Program then they will simply not 
receive the rebate offered by the Program for that month.
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    \20\ 15 U.S.C. 78f(b)(4).
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    For the reasons discussed above, the Exchange submits that the 
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of 
the Act \21\ in that it provides for the equitable allocation of 
reasonable dues, fees and other charges among its Members and other 
persons using its facilities and is not designed to unfairly 
discriminate between customers, issuers, brokers, or dealers.
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    \21\ 15 U.S.C. 78f(b)(4) and (5).
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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 rule change would increase both intermarket and intramarket 
competition by incentivizing Members to direct orders for the 
account(s) of Professionals to the Exchange, which should enhance the 
quality of the Exchange's markets and increase the volume of contracts 
traded here. To the extent that this purpose is achieved, all the 
Exchange's market participants should benefit from the improved market 
liquidity. Enhanced market quality and increased transaction volume 
that results from the anticipated increase in order flow directed to 
the Exchange will benefit all market participants and improve 
competition on the Exchange. The Exchange notes that it operates in a 
highly competitive market in which market participants can readily 
favor competing venues if they deem fee levels at a particular venue to 
be excessive. In such an environment, the Exchange must continually 
adjust its fees to remain competitive with other exchanges and to 
attract order flow to the Exchange. The Exchange believes that the 
proposed rule change reflects this competitive environment because it 
encourages market participants to direct their customer order flow, to 
provide liquidity, and to attract additional transaction volume, to the 
Exchange. Given the robust competition for volume among options 
markets, many of which offer the same products, implementing a volume 
based rebate program for orders that add liquidity to attract order 
flow like the one being proposed in this filing is consistent with the 
above-mentioned goals of the Act.

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,\22\ and Rule 19b-4(f)(2) \23\ thereunder. 
At any time within 60 days of the filing of the proposed rule change, 
the Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \22\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \23\ 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

[[Page 4676]]

     Send an email to [email protected]. Please include 
File Number SR-MIAX-2022-05 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-MIAX-2022-05. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-MIAX-2022-05 and should be submitted on 
or before February 18, 2022.

    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. 2022-01702 Filed 1-27-22; 8:45 am]
BILLING CODE 8011-01-P