[Federal Register Volume 90, Number 184 (Thursday, September 25, 2025)]
[Notices]
[Pages 46295-46297]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-18557]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104011; File No. SR-MIAX-2025-43]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Administrative Information Subscriber
Market Data Feed
September 22, 2025.
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 September 11, 2025, 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 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 proposes to amend the Administrative Information
Subscriber market data feed to include the origin code on liquidity
seeking event notifications.
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.
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 Administrative Information
Subscriber market data feed (``AIS Feed''). The AIS Feed is a data feed
that allows subscribers to receive real-time updates of the following
information from the MIAX Options market (i) products traded on MIAX;
(ii) trading status for MIAX and products trading on MIAX; and (iii)
liquidity seeking event notifications. The Exchange now proposes to
include the origin code in liquidity seeking event notifications.
Currently the AIS Feed provides a Simple Liquidity Seeking Event
Notification and a Complex Liquidity Seeking Event Notification. Both
the Simple Liquidity Seeking Event Notification and the Complex
Liquidity Seeking Event Notification message provide the type of
liquidity seeking event in the Event Type field of each respective
message. Specifically, for Simple Liquidity Seeking Event Notification
messages, the following types of liquidity seeking events are
identified in the following manner, a Liquidity Refresh Mechanism is
denoted by an ``L;'' an Opening/Reopening Imbalance Mechanism is
denoted by an ``O;'' a Route Mechanism is denoted by an ``R;'' a MIAX
PRIME Paired order is denoted by a ``P;'' a Settlement Opening
Imbalance Mechanism is denoted by an ``S;'' and a Liquidity Exposure
Process is denoted by an ``E.'' Similarly, the Complex Liquidity
Seeking Event Notification message provides the type of liquidity
seeking event in the Event Type field. Specifically, a Complex Order
Auction is denoted by a ``C;'' a cPRIME Auction is denoted by a ``P;''
and a Complex Liquidity Exposure Process Auction is denoted by an
``E.'' \3\
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\3\ See Administrative Information Subscriber Feed, AIS
Interface Specification, version 2.5, (8/1/2022) available online at
https://www.miaxglobal.com/markets/us-options/miax-options/interface-specifications.
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The Exchange now proposes to amend the Liquidity Seeking Event
Notification and the Complex Liquidity Seeking Event Notification
messages to adopt a new field name entitled ``Origin.'' The values for
this new field will be mapped from the origin code provided in the FIX
\4\ New Order message and the FIX New Order Cross message for Simple
Liquidity Seeking Event Notifications and Complex Liquidity Seeking
Event Notifications respectively. Valid values
[[Page 46296]]
for the Origin field will be: ``0'' for Priority Customer; ``1'' for
Firm; ``2'' for Broker/Dealer; ``4'' for Market Maker; ``5'' for Non-
Member Market Maker; ``8'' for Non-Priority Customer; and a blank space
will signify ``Not Applicable.'' The Exchange also offers the MIAX
Options Order Feed (MOR) which is a data feed that allows subscribers
to receive real-time updates from the MIAX Options Market, with the
origin code being provided in the Simple Order Message and Complex
Order Message notifications.\5\
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\4\ FIX is an acronym for Financial Information Exchange
protocol. See www.fixtrading.org.
\5\ See MIAX Order Feed (MOR) Interface Specification, version
2.5b, (5/17/2022) available online at https://www.miaxglobal.com/markets/us-options/miax-options/interface-specifications.
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Implementation
There will be technology changes associated with this rule
proposal, therefore the Exchange proposes to announce the
implementation date of the proposal in a Regulatory Circular to be
published no later than 90 days after the publication of the approval
order in the Federal Register. The implementation date will be no later
than 90 days following publication of the Regulatory Circular
announcing publication of the approval order in the Federal Register.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act,\6\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \7\ in particular, in that it
is 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 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. The Exchange
believes this proposal is consistent with Section 6(b)(5) of the Act
because it protects investors and the public interest and promotes just
and equitable principles of trade by providing investors with
additional information by which to make trading decisions.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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The proposed changes to the market data product are designed to
increase the efficient use of the AIS Feed and to promote just and
equitable principles of trade, foster cooperation and coordination with
persons engaged in facilitating transactions in securities, removes
impediments to and perfect the mechanisms of a free and open market and
a national market system. The Exchange believes that the proposed
changes will enhance the quality and usefulness of the AIS Feed to the
benefit of all market participants by providing additional information
related to liquidity seeking events which will help participants make
better informed decisions regarding these events.
The AIS Feed is designed to promote just and equitable principles
of trade by providing all subscribers with real-time updates of
products trading on MIAX, the trading status of such products, and
liquidity seeking event notifications. The proposed change to the AIS
Feed will further perfect the mechanisms of a free and open market and
a national market system by making the MIAX market more transparent and
accessible to market participants.
The Exchange also believes that its proposal is consistent with
Section 6(b) of the Act \8\ in general, and further the objectives of
Section 6(b)(4) of the Act \9\ 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.
Subscribers to the Administrative Information Subscriber data feed are
changed a monthly fee.\10\ The Exchange believes that it is reasonable
to leave the fee charged for the AIS Feed unchanged as the AIS Feed
currently contains liquidity seeking event notifications and the
Exchange's proposal seeks only to enhance the data provided in
liquidity seeking event messages. Therefore, the Exchange does not
believe that the proposed change requires a change to its Fee Schedule.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
\10\ See Section 6)b) of the Exchange's Fee Schedule available
online at https://www.miaxglobal.com/markets/us-options/miax-options/fees.
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Further, the Exchange believes that its proposal is fair and not
unreasonably discriminatory because it applies equally to all
subscribers of the AIS Feed and all subscribers of the AIS Feed receive
the same data. The Exchange believes that its proposal 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, as all subscribers to the AIS Feed are charged the same fee.
Should the Exchange determine that a change to the Fee Schedule is
warranted a separate rule filing will be submitted.
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. On the contrary,
the Exchange believes that the changes to the AIS Feed will enhance
competition in the U.S. options markets by enhancing the quality and
usefulness of a market data product.
The Exchange does not believe that the proposed rule change will
result in any burden on intra-market competition, as all subscribers to
the AIS Feed will receive the same information under this proposal.
The Exchange does not believe that the proposed rule change will
result in any burden on inter-market competition, but could serve to
promote inter-market competition by possibly improving the number and
quality of executions on the Exchange during liquidity seeking events
which may improve competition for orders across all exchanges.
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 \11\ and Rule 19b-4(f)(6) \12\ 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 the filing, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, it has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) \14\ thereunder.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 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.
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At any time within 60 days of the filing of this proposed rule
change, the
[[Page 46297]]
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.
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-2025-43 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-2025-43. 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-2025-43 and should be submitted on
or before October 16, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18557 Filed 9-24-25; 8:45 am]
BILLING CODE 8011-01-P