[Federal Register Volume 90, Number 174 (Thursday, September 11, 2025)]
[Notices]
[Pages 44123-44126]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-17450]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103908; File No. SR-MIAX-2025-39]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Introduce a New Version of the Open-Close
Report To Be Known as the One-Minute Interval Intra-Day Open-Close
Report
September 8, 2025.
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 August 27, 2025, Miami International Securities Exchange, LLC
(``MIAX'' or ``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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to introduce a new version of the Open-Close
Report to be known as the One-Minute Interval Intra-Day Open-Close
Report. This proposal is based on recent proposals from other options
exchanges that offer substantively similar data products.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 103322 (June 25,
2025), 90 FR 27887 (June 30, 2025) (SR-CboeBZX-2025-079); 103323
(June 25, 2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042); and
103321 (June 25, 2025), 90 FR 27894 (June 30, 2025) (SR-CboeEDGX-
2025-047).
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings and at the Exchange's principal office.
[[Page 44124]]
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 introduce a new version of the Open-Close
Report to be known as the One-Minute Interval Intra-Day Open-Close
Report, which will be available for purchase by Exchange Members \4\
and non-Members.\5\
---------------------------------------------------------------------------
\4\ See Exchange Rule 100.
\5\ The Exchange intends to submit a separate rule filing to
establish fees for the One-Minute Interval Intra-Day Open-Close
Report.
---------------------------------------------------------------------------
By way of background, the Exchange currently offers End-of-Day
(``EOD'') and Intra-Day Open-Close Report data products. The EOD Open-
Close Report is an end-of-day volume summary of trading activity on the
Exchange at the option level by origin (Priority Customer,\6\ Non-
Priority Customer, Firm, Broker-Dealer, and Market Maker \7\), side of
the market (buy or sell), contract volume, and transaction type
(opening or closing). The Priority Customer, Non-Priority Customer,
Firm, Broker-Dealer, and Market Maker volume is further broken down
into trade size buckets (less than 100 contracts, 100-199 contracts,
greater than 199 contracts). The EOD Open-Close Report provides
proprietary Exchange trade data and does not include trade data from
any other exchange. It is also a historical data product and not a
real-time data feed.
---------------------------------------------------------------------------
\6\ See Exchange Rule 100.
\7\ Id.
---------------------------------------------------------------------------
The Exchange also offers the Intra-Day Open-Close Report, which
provides similar information to that of EOD Open-Close Report, but is
produced and updated every 10 minutes during the trading day. Data is
captured in ``snapshots'' taken every 10 minutes throughout the trading
day and is available to subscribers within five minutes of the
conclusion of each 10-minute period.\8\ The Intraday Open-Close Report
provides a volume summary of trading activity on the Exchange at the
option level by origin (Priority Customer, Non-Priority Customer, Firm,
Broker-Dealer, and Market Maker), side of the market (buy or sell), and
transaction type (opening or closing). All volume is further broken
down into trade size buckets (less than 100 contracts, 100-199
contracts, greater than 199 contracts). The Intra-Day Open-Close Report
provides proprietary Exchange trade data and does not include trade
data from any other exchange. All Open-Close Report data products are
completely voluntary products, in that the Exchange is not required by
any rule or regulation to make this data available and that potential
customers may purchase it on an ad-hoc basis only if they voluntarily
choose to do so.
---------------------------------------------------------------------------
\8\ For example, subscribers to the intra-day product would
receive the first calculation of intra-day data no later than 9:45
a.m. ET, which represents data captured from 9:30 a.m. to 9:40 a.m.
Subscribers will receive the next update by 9:55 a.m., representing
the data previously provided aggregated with data captured up to
9:50 a.m., and so forth. Each update represents the aggregate data
captured from the current ``snapshot'' and all previous
``snapshots.''
---------------------------------------------------------------------------
The Exchange now proposes to offer an Intra-Day Open-Close Report
that provides the same data as the existing Intra-Day Open-Close
Report, except that it will be produced and updated every one minute
during the trading day (the ``One-Minute Interval Intra-Day Open-Close
Report''). The One-Minute Interval Intra-Day Open-Close Report will be
captured in ``snapshots'' taken every one minute throughout the trading
day and would be available to subscribers within five minutes of the
conclusion of each one-minute period.\9\ Similar to the existing Intra-
Day Open-Close Report, the One-Minute Interval Intra-Day Open-Close
Report provides a volume summary of trading activity on the Exchange at
the option level by origin (Priority Customer, Non-Priority Customer,
Firm, Broker-Dealer, and Market Maker), side of the market (buy or
sell), and transaction type (opening or closing). The Priority
Customer, Non-Priority Customer, Firm, Broker-Dealer, and Market Maker
volume are further broken down into trade size buckets (less than 100
contracts, 100-199 contracts, greater than 199 contracts). The One-
Minute Interval Intra-Day Open-Close Report provides proprietary
Exchange trade data and does not include trade data from any other
exchange.
---------------------------------------------------------------------------
\9\ For example, subscribers to the one-minute intra-day product
would receive the first calculation of intra-day data by
approximately 9:34 a.m. ET, which represents data captured from 9:30
a.m. to 9:31 a.m. Subscribers will receive the next update at 9:35
a.m., representing the data previously provided together with data
captured from 9:31 a.m. through 9:32 a.m., and so forth. Each update
will represent the aggregate data captured from the current
``snapshot'' and all previous ``snapshots.'' There may be
variability in the time delivered during the day based on market
activity; the Exchange expects to deliver this in intervals ranging
from 2-5 minutes after the one-minute interval.
---------------------------------------------------------------------------
The Exchange anticipates a wide variety of market participants
would utilize and purchase the One-Minute Interval Intra-Day Open-Close
Report, including, but not limited to, individual customers, buy-side
investors, and investment banks. The Exchange believes the proposed
One-Minute Interval Intra-Day Open-Close Report may also provide
helpful trading information regarding investor sentiment that may allow
market participants to make better trading decisions throughout the day
and may be used to create and test trading models and analytical
strategies and provides comprehensive insight into trading on the
Exchange. For example, more frequent intra-day open data may allow a
market participant to identify new interest or possible risk throughout
the trading day, while intra-day closing data may allow a market
participant to identify fading interests in a security. The proposed
product is a completely voluntary product, in that the Exchange is not
required by any rule or regulation to make this data available and that
potential subscribers may purchase it only if they voluntarily choose
to do so. The Exchange notes that other exchanges recently filed
proposals with the Commission to offer substantively similar data
products as proposed herein with regard to proprietary data of those
exchanges.\10\
---------------------------------------------------------------------------
\10\ See supra note 3.
---------------------------------------------------------------------------
The Exchange further notes that the data fields themselves that are
provided in the existing Intra-Day Open-Close Report are the same as
the proposed One-Minute Interval Intra-Day Open-Close Report. The only
distinction is that there will be more data reporting intervals
provided within the One-Minute Interval Intra-Day Open-Close Report as
the data is delivered based on one-minute intervals as opposed to ten-
minute intervals.
Implementation
The Exchange will announce via an Exchange Alert the implementation
date of the proposed rule change following the operative date of this
rule filing.
[[Page 44125]]
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Exchange Act and the rules and regulations thereunder applicable to
the Exchange and, in particular, the requirements of Section 6(b) of
the Act.\11\ Specifically, the Exchange believes the proposed rule
change is consistent with the Section 6(b)(5) \12\ 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the proposed One-
Minute Interval Intra-Day Open-Close Report would further broaden the
availability of U.S. option market data to investors consistent with
the principles of Regulation NMS. The proposal also promotes increased
transparency through the dissemination of Intra-Day Open-Close Report
at one-minute intervals. The proposed rule change would benefit
investors by providing access to the One-Minute Interval Intra-Day
Open-Close Report, which as noted above, may promote better informed
trading. Particularly, information regarding opening and closing
activity across different option series may indicate investor
sentiment, which can be helpful trading information. Subscribers to the
proposed data product may be able to enhance their ability to analyze
option trade and volume data on an intraday basis, and create and test
trading models and analytical strategies. The Exchange believes the
One-Minute Interval Intra-Day Open-Close Report provides a valuable
tool that subscribers can use to gain comprehensive insight into the
trading activity in a particular series, but also emphasizes such data
is not necessary for trading. The Exchange believes that market
participants may find it beneficial to receive additional data based on
these shorter intervals as opposed to the existing 10-minute intervals
provided in the current Intra-Day Open-Close Report. While use cases
are the same as the existing 10-minute intervals currently provided,
the increased frequency provides more current information and, more
data reporting intervals throughout the day to gain knowledge of the
trading activity by origin. Of further note, the Exchange has created
this proposed new report in response to customer feedback. Moreover, as
mentioned above, other exchanges recently filed proposals to establish
substantively similar data products.\13\
---------------------------------------------------------------------------
\13\ See supra note 3.
---------------------------------------------------------------------------
Further, as mentioned above, the Exchange currently provides an
Intra-Day Open-Close Report that contains the same values, the only
distinction is that the proposed product will be provided on a more
frequent basis, allowing for subscribing market participants to have
more data reporting intervals. The Exchange believes this proposed
product is the innovation and competition that Regulation NMS sought to
create.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Rather, the
Exchange believes that the proposal will promote competition by
permitting the Exchange to offer a data product that is substantively
similar to those offered by other options exchanges.\14\
---------------------------------------------------------------------------
\14\ See supra note 3.
---------------------------------------------------------------------------
The Exchange proposes to introduce the One-Minute Interval Intra-
Day Open-Close Report in order to keep pace with changes in the
industry and evolving customer needs, and believes this proposed rule
change would contribute to robust competition among national securities
exchanges, by meeting the needs of such customers. The Exchange has
received feedback from customers that additional data intervals would
be helpful to review. While use cases are the same as the existing 10-
minute intervals currently provided, the increased frequency provides
more current information and more data reporting intervals throughout
the day to gain knowledge of the trading activity by origin.
Moreover, the proposal would enable the Exchange to offer similar
products as other exchanges who recently filed proposals to establish
substantively similar data products.\15\ As a result, the Exchange
believes this proposed rule change permits fair competition among
national securities exchanges. Therefore, the Exchange does not believe
the proposed rule change will result in any burden on competition that
is not necessary or appropriate in furtherance of the purposes of the
Act. Furthermore, this product offering is entirely optional and is
available to anyone who believes this data will be helpful for their
purposes. As such, the Exchange does not believe this proposed rule
change places a burden on intra-market competition.
---------------------------------------------------------------------------
\15\ Id.
---------------------------------------------------------------------------
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) \17\ thereunder.
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; or (iii) become operative for 30
days after the date of filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act \18\ and Rule 19b-4(f)(6) \19\ thereunder.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ 15 U.S.C. 78s(b)(3)(A).
\19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may
[[Page 44126]]
become operative immediately upon filing and the Exchange can offer its
One-Minute Interval Intra-Day Open-Close Report, which the Exchange
created in response to customer feedback, sooner. The Exchange states
that the proposal will offer an additional, improved product that is
similar to one already offered by the Exchange and that is offered by
other exchanges.\22\ For these reasons, and because this proposal does
not raise any novel regulatory issues, the Commission finds that waiver
of the 30-day operative delay is consistent with the protection of
investors and the public interest. Therefore, the Commission hereby
waives the 30-day operative delay and designates the proposal operative
upon filing.\23\
---------------------------------------------------------------------------
\20\ 17 CFR 240.19b-4(f)(6).
\21\ 17 CFR 240.19b-4(f)(6)(iii).
\22\ See supra note 3.
\23\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 will institute proceedings under
Section 19(b)(2)(B) \24\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\24\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-2025-39 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-2025-39. 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 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-2025-39 and should be submitted on
or before October 2, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------
\25\ 17 CFR 200.30-3(a)(12) and (59).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17450 Filed 9-10-25; 8:45 am]
BILLING CODE 8011-01-P