[Federal Register Volume 88, Number 122 (Tuesday, June 27, 2023)]
[Notices]
[Pages 41706-41710]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13457]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97771; File No. SR-MIAX-2023-24]


Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Its Fee Schedule for the Priority 
Customer Rebate Program and the Professional Rebate Program

June 20, 2023.
    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 June 9, 2023, 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

[[Page 41707]]

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 Fee Schedule 
(``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 (i) amend Section 1)a)iii) of the Fee 
Schedule to modify the Priority Customer Rebate Program (``PCRP'') \3\ 
to remove a certain incremental rebate; and (ii) amend Section 1)a)iv) 
of the Fee Schedule to modify the Professional Rebate Program to 
simplify the calculation and application of the rebate. The Exchange 
originally filed this proposal on May 31, 2023, (SR-MIAX-2023-21). On 
June 9, 2023, the Exchange withdrew SR-MIAX-2023-21 and resubmitted 
this proposal.
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    \3\ Under the PCRP, MIAX credits each Member the per contract 
amount resulting from each Priority Customer order transmitted by 
that Member which is executed electronically on the Exchange in all 
multiply-listed option classes (excluding, in simple or complex as 
applicable, QCC and cQCC Orders, mini-options, Priority Customer-to-
Priority Customer Orders, C2C and cC2C Orders, PRIME and cPRIME AOC 
Responses, PRIME and cPRIME Contra-side Orders, PRIME and cPRIME 
Orders for which both the Agency and Contra-side Order are Priority 
Customers, 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 Exchange 
Rule 1400), provided the Member meets certain percentage thresholds 
in a month as described in the Priority Customer Rebate Program 
table. See Fee Schedule, Section 1)a)iii. The term ``Member'' means 
an individual or organization approved to exercise the trading 
rights associated with a Trading Permit. Members are deemed 
``members'' under the Exchange Act. See Exchange Rule 100.
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Background
Priority Customer Rebate Program
    The Exchange's Fee Schedule provides for a Priority Customer Rebate 
Program, under which a Priority Customer \4\ rebate payment is 
calculated from the first executed contract at the applicable threshold 
per contract credit with rebate payments made at the highest achieved 
volume tier for each contract traded in that month. The percentage 
thresholds are calculated based on the percentage of national customer 
volume in multiply-listed option classes listed on MIAX entered and 
executed over the course of the month (excluding QCC \5\ and cQCC 
Orders,\6\ Priority Customer-to-Priority Customer Orders, C2C,\7\ and 
cC2C Orders,\8\ PRIME \9\ and cPRIME AOC Responses, PRIME and cPRIME 
Contra-side Orders, and PRIME and cPRIME Orders \10\ for which both the 
Agency and Contra-side Order are Priority Customers). Volume for 
transactions in both simple and complex orders are aggregated to 
determine the appropriate volume tier threshold applicable to each 
transaction. Volume is recorded for, and credits are delivered to, the 
Member \11\ that submits the order to MIAX. MIAX aggregates the 
contracts resulting from Priority Customer Orders \12\ transmitted and 
executed electronically on MIAX from Members and Affiliates \13\ for 
purposes of the thresholds described in the PCRP table.
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    \4\ 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.
    \5\ 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 below, coupled with a contra-side 
order or orders totaling an equal number of contracts. See Exchange 
Rule 516(j).
    \6\ 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).
    \7\ A Customer Cross Order is comprised of a Priority Customer 
Order to buy and a Priority Customer Order to sell at the same price 
and for the same quantity. See Exchange Rule 516(i).
    \8\ A Complex Customer Cross or ``cC2C'' Order is comprised of 
one Priority Customer complex order to buy and one Priority Customer 
complex order to sell at the same price and for the same quantity. 
Trading of cC2C Orders is governed by Rule 515(h)(3). See Exchange 
Rule 518(b)(5).
    \9\ 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).
    \10\ 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. See Exchange Rule 518(b)(7).
    \11\ The term ``Member'' means an individual or organization 
approved to exercise the trading rights associated with a Trading 
Permit. Members are deemed ``members'' under the Exchange Act. See 
Exchange Rule 100.
    \12\ The term ``Priority Customer Order'' means an order for the 
account of a Priority Customer. See Exchange Rule 100.
    \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). An ``Appointed Market Maker'' is a MIAX 
Market Maker (who does not otherwise have a corporate affiliation 
based upon common ownership with an EEM) that has been appointed by 
an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise 
have a corporate affiliation based upon common ownership with a MIAX 
Market Maker) that has been appointed by a MIAX Market Maker, 
pursuant to the following process. A MIAX Market Maker appoints an 
EEM and an EEM appoints a MIAX Market Maker, for the purposes of the 
Fee Schedule, by each completing and sending an executed Volume 
Aggregation Request Form by email to [email protected] no 
later than 2 business days prior to the first business day of the 
month in which the designation is to become effective. Transmittal 
of a validly completed and executed form to the Exchange along with 
the Exchange's acknowledgement of the effective designation to each 
of the Market Maker and EEM will be viewed as acceptance of the 
appointment. The Exchange will only recognize one designation per 
Member. A Member may make a designation not more than once every 12 
months (from the date of its most recent designation), which 
designation shall remain in effect unless or until the Exchange 
receives written notice submitted 2 business days prior to the first 
business day of the month from either Member indicating that the 
appointment has been terminated. Designations will become operative 
on the first business day of the effective month and may not be 
terminated prior to the end of the month. Execution data and reports 
will be provided to both parties. See Fee Schedule, note 1.
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    Currently, MIAX will credit each ``Qualifying Member'' $0.03 per 
contract (excluding QCC and cQCC Orders, mini-options, Priority 
Customer-to-Priority Customer Orders, C2C and cC2C Orders, PRIME and 
cPRIME Agency Orders, PRIME and cPRIME AOC Responses, PRIME and cPRIME 
Contra-side Orders, PRIME and cPRIME Orders for which both the Agency 
and Contra-side Order are Priority Customers, 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

[[Page 41708]]

in MIAX Rule 1400) resulting from each Priority Customer order in 
simple or complex order executions which falls within the Priority 
Customer Rebate Program volume tier 1. ``Qualifying Member'' shall mean 
a Member or its Affiliate that qualifies for the Professional Rebate 
Program as described below and achieves a volume increase in excess of 
0.065% for Professional orders transmitted by that Member which are 
executed electronically on the Exchange in all multiply-listed option 
classes for the account(s) of a Professional and which qualify for the 
Professional Rebate Program during a particular month relative to the 
applicable Baseline Percentage (as defined under the Professional 
Rebate Program).
    The Exchange initially adopted this rebate in 2016 in order to 
provide an incentive for order flow providers to increase the volume of 
Professional orders and Priority Customer Orders submitted to the 
Exchange.\14\ The Exchange has observed that not a single Member has 
qualified for the incremental credit in the last six months. Since the 
incremental credit has not been utilized in recent months, the Exchange 
has determined to eliminate the incremental credit and now proposes to 
remove this incentive from the Exchange's Fee Schedule.
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    \14\ See Securities Exchange Act Release No. 77777 (May 6, 
2016), 81 FR 29603 (May 12, 2016) (SR-MIAX-2016-09).
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Professional Rebate Program
    Under the Professional Rebate Program, which is set forth in 
Section 1)a)iv) of the Fee Schedule, the Exchange credits each Member a 
per contract amount resulting from any contracts executed from an order 
submitted by that Member for the account of a: (i) Public Customer \15\ 
that is not a Priority Customer; \16\ (ii) non-MIAX Options Market 
Maker; \17\ (iii) non-Member Broker-Dealer; or (iv) Firm \18\ (each, a 
``Professional''), which is executed electronically on the Exchange in 
all multiply-listed option classes (excluding, in simple or complex as 
applicable, mini-options, non-Priority Customer-to-non-Priority 
Customer orders, QCC orders, PRIME orders, PRIME AOC responses, PRIME 
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 Options 
Rule 1400 (collectively, ``Excluded Contracts'')), provided the Member 
achieves certain Professional volume increase percentage thresholds in 
the month relative to a baseline period.
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    \15\ The term ``Public Customer'' means a person that is not a 
broker or dealer in securities. See Exchange Rule 100.
    \16\ ``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 accounts(s). See Exchange Rule 
100, including Interpretations and Policies .01.
    \17\ The term ``Market Makers'' refers to Lead Market Makers 
(``LMMs''), Primary Lead Market Makers (``PLMMs''), and Registered 
Market Makers (``RMMs'') collectively. See Exchange Rule 100. A 
Directed Order Lead Market Maker (``DLMM'') and Directed Primary 
Lead Market Maker (``DPLMM'') is a party to a transaction being 
allocated to the LMM or PLMM and is the result of an order that has 
been directed to the LMM or PLMM. See Fee Schedule note 2.
    \18\ A ``Firm'' fee is assessed on a MIAX Electronic Exchange 
Member ``EEM'' that enters an order that is executed for an account 
identified by the EEM for clearing in the Options Clearing 
Corporation (``OCC'') ``Firm'' range. See Fee Schedule, Section 
1)a)ii.
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    Currently, 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 Exchange now proposes to adjust the method of calculating the 
Baseline Percentage for the rebate by removing the provision relating 
to the fourth quarter of 2015 from the calculation. As proposed, the 
percentage thresholds in each tier will be based upon the increase in 
the total volume submitted by a Member and executed for the account(s) 
of a Professional on MIAX Options (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 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.
    Given that the Baseline Percentage is standardized under the 
Exchange's proposal, the Exchange also proposes to remove the last 
sentence from the paragraph that describes the calculation, which 
states, ``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%,'' as this sentence is unnecessary given the 
proposed change to the calculation methodology.
    The Exchange also proposes to amend the column heading on the 
Professional Rebate Program table to reflect the proposed change. 
Currently the column heading is titled, ``Percentage Thresholds of 
Volume Increase in Multiply-Listed Options (except Excluded Contracts) 
for the Current Month Compared to Fourth Quarter 2015.'' The Exchange 
now proposes to re-title this column heading as, ``Percentage 
Thresholds of Volume Increase in Multiply-Listed Options (except 
Excluded Contracts) for the Current Month Compared to the Baseline 
Percentage,'' to accurately reflect the methodology being used to 
determine the applicable tier.
    The purpose for making these adjustments is to standardize and 
simplify the application of the Exchange's incentive program.
Implementation
    The proposed changes are immediately effective.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \19\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \20\ 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 \21\ in that it is 
designed to promote just and equitable principles of trade, to remove 
impediments to and perfect the

[[Page 41709]]

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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    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(4).
    \21\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes its proposal provides for the equitable 
allocation of reasonable dues and fees and is not unfairly 
discriminatory for the following reasons. 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 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 12-13% of the market share of executed volume of 
multiply-listed equity and exchange-traded fund (``ETF'') options 
trades as of May 25, 2023, for the month of May 2023.\22\ Therefore, no 
exchange possesses significant pricing power in the execution of 
multiply-listed equity and ETF options order flow. More specifically, 
as of May 25, 2023, the Exchange has a total market share of 6.58% of 
all equity options volume, for the month of May 2023.\23\
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    \22\ See ``The market at a glance/MTD AVERAGE'', available at 
https://www.miaxglobal.com/ (data as of 5/1/2023-5/25/2023).
    \23\ See id.
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    The Exchange believes that the ever-shifting market share among the 
exchanges from month to month demonstrates that market participants can 
shift order flow, or discontinue use of certain categories of products, 
in response to fee changes. For example, on March 1, 2019, the Exchange 
filed with the Commission an immediately effective filing to decrease 
certain credits assessable to Members pursuant to the PCRP.\24\ The 
Exchange experienced a decrease in total market share between the 
months of February and March of 2019. Accordingly, the Exchange 
believes that the March 1, 2019, fee change may have contributed to the 
decrease in the Exchange's market share and, as such, the Exchange 
believes competitive forces constrain options exchange transaction and 
non-transaction fees.
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    \24\ See Securities Exchange Act Release No. 85301 (March 13, 
2019), 84 FR 10166 (March 19, 2019) (SR-MIAX-2019-09).
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    Accordingly, competitive forces constrain the Exchange's 
transaction fees, and market participants can readily trade on 
competing venues if they deem pricing levels at those other venues to 
be more favorable. In response to the competitive environment, the 
Exchange offers specific rates and credits in its fees schedule, like 
those of other options exchanges' fees schedules, which the Exchange 
believes provides incentives to Members to increase order flow of 
certain qualifying orders.
    The Exchange believes that its proposal to eliminate an incremental 
credit in the Priority Customer Rebate Program is reasonable because 
the pricing incentive has been underutilized and has not incentivized 
Members to increase the volume of Professional orders and Priority 
Customer Orders submitted to the Exchange as anticipated. The Exchange 
notes that no Member has availed itself of the incremental credit in 
the last six months. The Exchange also does not anticipate that any 
Member will qualify for the pricing incentive that is the subject of 
this proposal in the near future. The Exchange believes that it is 
reasonable to eliminate incentives when such incentives are 
underutilized. The Exchange believes that eliminating incentive 
programs from the Fee Schedule when such incentives become ineffective 
is equitable and not unfairly discriminatory because the incentive 
would be eliminated in its entirety and would no longer be available to 
any Member.
    Similarly, the Exchange believes that its proposal to simplify the 
application of a rebate under the Professional Rebate Program is 
reasonable because it standardizes the application of the rebate for 
all eligible Members. The Exchange believes it is reasonable to amend 
the requirements of a rebate when the amendment simplifies and 
standardizes the application of the rebate.
    The Exchange notes that all Members would continue to be subject to 
the same fee structure, and access to the Exchange's market would 
continue to be offered on fair and non-discriminatory terms. The 
Exchange also believes that the proposed changes would protect 
investors and the public interest because the removal of an 
underutilized pricing incentive in the PCRP and the simplification of 
the calculation of a rebate in the Professional Rebate Program would 
simplify the Fee Schedule and facilitate market participants' 
understanding of the fees charged and rebates offered by the Exchange.
    As noted above, the Exchange operates in a highly competitive 
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.'' \25\
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    \25\ 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 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.
    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 \26\ 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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    \26\ 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 believes that the proposed change will not impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.
Intra-Market Competition
    The Exchange does not believe that the proposal will impose any 
burden on intra-market competition not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange believes the 
elimination of an underutilized rebate from the PCRP will not place any 
undue burden on intra-market competition that is not necessary or 
appropriate in furtherance of the purposes of the Act given that not a 
single Member has qualified for the credit proposed for removal in the 
last six months. Additionally, the Exchange believes that the 
simplification of a rebate calculation in the Professional Rebate 
Program will not impose any burden on intra-market competition as

[[Page 41710]]

the simplification and standardization of a rebate calculation applies 
uniformly to all Members and all Members are still eligible to earn the 
rebate.
    Therefore the Exchange does not believe that its proposal will 
impose any burden on intra-market competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.
Inter-Market Competition
    The Exchange operates in a highly competitive market in which 
market participants can readily choose to send their orders to other 
exchanges if they deem fee levels and incentives at those other 
exchanges to be more favorable. As noted above, the Exchange's market 
share is currently 6.58%.\27\ In such an environment, the Exchange must 
continually adjust its fees and rebates to remain competitive with 
other exchanges. Because competitors are free to modify their own fees 
and credits in response, and because market participants may readily 
adjust their own order routing practices, the Exchange does not believe 
its proposed fee change can impose any burden on inter-market 
competition.
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    \27\ See supra note 22.
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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,\28\ and Rule 19b-4(f)(2) \29\ 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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    \28\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \29\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-MIAX-2023-24 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-2023-24. 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 (https://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 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to file number SR-MIAX-2023-24 and should be 
submitted on or before July 18, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-13457 Filed 6-26-23; 8:45 am]
BILLING CODE 8011-01-P