Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 531, 26195-26198 [2024-07839]
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Federal Register / Vol. 89, No. 73 / Monday, April 15, 2024 / Notices
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Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
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Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: April 10, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–07874 Filed 4–12–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99924; File No. SR–MIAX–
2024–19]
Self-Regulatory Organizations; Miami
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 531
April 9, 2024.
ddrumheller on DSK120RN23PROD with NOTICES1
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 April 2, 2024, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to: (i) amend
subparagraph (b)(2) of Exchange Rule
531, Reports and Market Data Products,
to adjust the timeframe for the Liquidity
Taker Event Report—Complex Orders;
and (ii) make a non-substantive,
clarifying change to a footnote in prior
rule filings submitted to the U.S.
Securities and Exchange Commission
(‘‘Commission’’) for immediate
effectiveness pursuant to section
19(b)(3)(A) of the Act 3 and Rule 19b–
4(f)(6) 4 to adopt the Liquidity Taker
Event Report—Simple Orders, Liquidity
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
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Taker Event Report—Complex Orders,
and Liquidity Taker Event Report—
Resting Simple Orders.5
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
us-options/miax-options/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 offers three versions of
the Liquidity Taker Event Report: (1)
Liquidity Taker Event Report—Simple
Orders (referred to herein as the
‘‘Simple Order Report’’); (2) Liquidity
Taker Event Report—Complex Orders
(referred to herein as the ‘‘Complex
Order Report’’); and (3) Liquidity Taker
Event Report—Resting Simple Orders
(referred to herein as the ‘‘Resting
Simple Order Report’’).6 Each of the
Reports are available for purchase by
Exchange Members 7 on a voluntary
basis. The Exchange’s prior rule filings
to adopt each Liquidity Taker Event
Report were submitted to the
Commission for immediate effectiveness
5 The Exchange notes that its affiliate, MIAX
Emerald, LLC (‘‘MIAX Emerald’’), submitted the
first filing to adopt the Liquidity Taker Event
Report—Simple Orders, pursuant to section 19(b)(2)
of the Act. 15 U.S.C. 78s(b)(2). See Securities
Exchange Act Release Nos. 91356 (March 18, 2021),
86 FR 15759 (March 24, 2021) (SR–EMERALD–
2021–09) (Notice of Filing of a Proposed Rule
Change To Adopt Exchange Rule 531, Reports, To
Provide for the New ‘‘Liquidity Taker Event
Report’’); and 91787 (May 6, 2021), 86 FR 26111
(May 12, 2021) (SR–EMERALD–2021–09) (Order
Approving Proposed Rule Change To Adopt
Exchange Rule 531(a), Reports, To Provide for a
New ‘‘Liquidity Taker Event Report’’).
6 The Simple Order Report, Complex Order
Report and Resting Simple Order Report are
collectively referred to herein as the ‘‘Reports.’’
7 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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26195
pursuant to Section 19(b)(3)(A) of the
Act 8 and Rule 19b–4(f)(6) thereunder.9
Each Liquidity Taker Event Report is
described under Exchange Rules 531(a)–
(c).10
In general, each Liquidity Taker Event
Report is a daily report that provides a
Member (‘‘Recipient Member’’) with its
liquidity response time details for
executions and contra-side responses of
an order (or Complex Order,11 as the
case may be) resting on the Simple
Order Book (or Strategy Book, as the
case may be),12 where that Recipient
Member attempted to execute against
such resting order 13 within a certain
timeframe.14 The content of each of the
Reports is specific to the Recipient
Member and each Liquidity Taker Event
Report does not include any information
related to any Member other than the
Recipient Member.
The Exchange now proposes to: (i)
amend the subparagraph (b)(2) of
Exchange Rule 531 to adjust the
timeframe from 200 microseconds to
400 microseconds for the Complex
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 See Exchange Rule 531(a)–(c); see also
Securities Exchange Act Release Nos. 92081 (June
1, 2021), 86 FR 30344 (June 7, 2021) (SR–MIAX–
2021–21) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Amend
Rule 531, Reports and Market Data Products, to
Adopt the Liquidity Taker Event Report); 94135
(February 2, 2022), 87 FR 7217 (February 8, 2022)
(SR–MIAX–2022–06) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change
to Amend Rule 531 to Provide for the New
Liquidity Taker Event Report—Complex Orders);
96839 (February 8, 2023), 88 FR 9550 (February 14,
2023) (SR–MIAX–2023–02) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change
to Amend Rule 531 to Provide for the New
Liquidity Taker Event Report—Resting Simple
Orders).
11 In sum, 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
conforming or non-conforming ratio. . . .’’ See
Exchange Rule 518(a).
12 The ‘‘Simple Order Book’’ is the Exchange’s
regular electronic book of orders and quotes. See
Exchange Rule 518(a)(15). The ‘‘Strategy Book’’ is
the Exchange’s electronic book of complex orders
and complex quotes. See Exchange Rule 518(a)(17).
The Strategy Book is organized by Complex Strategy
in that individual orders for a defined Complex
Strategy are organized together in a book that is
separate from the orders for a different Complex
Strategy. The term ‘‘Complex Strategy’’ means ‘‘a
particular combination of components and their
ratios to one another. New complex strategies can
be created as the result of the receipt of a complex
order or by the Exchange for a complex strategy that
is not currently in the System.’’ See Exchange Rule
518(a)(6).
13 Only displayed orders are included in the
Reports. The Exchange notes that it does not
currently offer any non-displayed orders types on
its options trading platform.
14 A complete description of each of the Reports
can be found in the prior rule filings to adopt the
Reports. See supra note 10.
9 17
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Order Report; and (ii) make a clarifying
change to one of the footnotes in the
prior filings that adopted the Simple
Order Report, Complex Order Report,
and Resting Simple Order Report.
Proposal To Amend Subparagraph (b)(2)
of Exchange Rule 531 for the Complex
Order Report To Adjust the Timeframe
The Exchange proposes to amend the
subparagraph (b)(2) of Exchange Rule
531 to adjust the timeframe for the
Complex Order Report. Currently,
subparagraph (b)(2) provides that the
Complex Order Report will include data
set forth under Exchange Rule
531(b)(1) 15 for executions and contraside responses that occurred within 200
microseconds of the time the resting
order was received by the Exchange.
The Exchange now proposes to amend
subparagraph (b)(2) to adjust the
timeframe from 200 microseconds to
400 microseconds. Accordingly, with
the proposed change, subparagraph
(b)(2) of Exchange Rule 531 will provide
as follows:
(2) Timeframe. The Liquidity Taker Event
Report-Complex Orders will include data
listed in paragraph (b)(1) of this Rule 531(b)
for executions and contra-side responses that
occurred within 400 microseconds of the
time the resting order was received by the
Exchange.
ddrumheller on DSK120RN23PROD with NOTICES1
At the time the Exchange adopted the
Complex Order Report, the Exchange
believed that 200 microseconds was the
appropriate timeframe as it was in line
with the previously adopted timeframe
for the Simple Order Report. In the
Exchange’s experience, 200
microseconds has not provided a
sufficient amount of time for the
System 16 to develop new Complex
Strategies, which has resulted in the
Complex Order Report missing some of
a Recipient Member’s Complex Order
executions and contra-side responses.
Accordingly, expanding the timeframe
to 400 microseconds should allow for
the intended information to be captured
by the Complex Order Report.
Proposal To Amend a Footnote in Each
of the Filings To Adopt the Reports (SR–
MIAX–2021–21, SR–MIAX–2022–06,
and SR–MIAX–2023–02)
The Exchange proposes to make a
clarifying change to one of the footnotes
in each of the filings to adopt each
Liquidity Taker Event Report. Each of
15 In general, subparagraph (b)(1) of Exchange
Rule 531 includes information regarding (i) the
resting order; (ii) execution of the resting order; and
(iii) response(s) sent by the Recipient Member. See
Exchange Rule 531(b)(1)(i)–(iii).
16 The term ‘‘System’’ means the automated
trading system used by the Exchange for the trading
of securities. See Exchange Rule 100.
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the filings to adopt each Liquidity Taker
Event Report contains a section that
describes information in each report
that corresponds to the Recipient
Member. Each of the prior filings states
that the ‘‘following information would
be included in the [Simple Order
Report, Complex Order Report, or
Resting Simple Order Report] regarding
response(s) [Complex Orders] 17 sent by
the Recipient Member: (A) Recipient
Member identifier; (B) the time
difference between the time the first
response that executes against the
resting order was received by the
Exchange and the time of each response
[Complex Order] 18 sent by the
Recipient Member, regardless of
whether it executed or not; (C) size and
type of each response [Complex
Order] 19 submitted by Recipient
Member; and (D) response reference
number, which is a unique reference
number attached to the response by the
Recipient Member.20 Further, each of
the filings includes a footnote at the end
of romanette ‘‘(B)’’ in the paragraph
described above, which states as
follows:
For purposes of calculating this duration of
time, the Exchange will use the time the
resting order and the Recipient Member’s
response(s) is received by the Exchange’s
network, both of which would be before the
order and response(s) would be received by
the System. This time difference would be
provided in nanoseconds.21
The Exchange proposes to clarify the
above footnote. Specifically, the
Exchange proposes to replace ‘‘the
resting order’’ with ‘‘the first response
that executes against the resting order.’’
Accordingly, with the proposed change,
the referenced footnotes in each of the
filings to adopt the Reports would read
as follows:
For purposes of calculating this duration of
time, the Exchange will use the time the first
response that executes against the resting
order and the Recipient Member’s
response(s) is received by the Exchange’s
network, both of which would be before the
order and response(s) would be received by
17 For
the Complex Order Report.
the Complex Order Report.
19 For the Complex Order Report.
20 See supra note 10. For the Simple Order
Report, see Exchange Rule 531(a)(1)(iii); for the
Complex Order Report, see Exchange Rule
531(b)(1)(iii); for the Resting Simple Order Report,
see Exchange Rule 531(c)(1)(iii).
21 See supra note 10, 86 FR 30344, at 30345,
footnote 20; 87 FR 7217, at 7220, footnote 30; and
88 FR 9550, at 9552, footnote 21. The Exchange
notes that footnote 30 in the Complex Order Report
filing contains an additional sentence that states
that the same information is included in the Simple
Order Report filing. The remainder of that footnote
is the same as the Simple Order Report and Resting
Simple Order Report filings.
18 For
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the System. This time difference would be
provided in nanoseconds.
The purpose of the proposed change
is to correct a non-substantive error in
a footnote of each rule filing to adopt
the Reports. The Exchange notes that
the rule text in Exchange Rule 531 that
describes each of the Reports was
correctly adopted and does not require
any change; only the footnote described
above needs to be clarified. This change
does not impact or alter the information
provided to any Recipient Member.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,22 in general, and
furthers the objectives of Section
6(b)(5),23 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices,
promote just and equitable principles of
trade, foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities,
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, protect investors and the public
interest.
The Exchange believes that the
proposal to expand the timeframe for
the Complex Order Report would
remove impediments to and perfect the
mechanism of a free and open market
and a national market system because it
should provide enough time to the
ensure that the Complex Order Report
captures all intended activity due to the
time it takes for the System to create
new Complex Strategies. The Exchange
believes that this proposal facilitates
transactions in securities because it
would ensure the Complex Order Report
includes the information the Complex
Order Report was meant to capture. The
Exchange designed the Complex Order
Report for Members that are interested
in gaining insight into latency in
connection with Complex Orders that
failed to execute against an order resting
on the Exchange’s Strategy Book by
providing those Members data to
analyze by how much time their
Complex Order may have missed an
execution against a contra-side order
resting on the Strategy Book.24 By
providing this optional latency data to
interested Members, it provides greater
visibility into the latency of Members’
22 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
24 See Securities Exchange Act Release No. 94135
(February 2, 2022), 87 FR 7217 (February 8, 2022)
(SR–MIAX–2022–06).
23 15
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incoming orders that they may use to
optimize their models and trading
patterns in an effort to yield better
execution results by calculating by how
much time their order may have missed
an execution.25 In turn, this should
benefit other market participants who
may experience better executions on the
Exchange because those that use the
Complex Order Report may re-calibrate
their trading models and then increase
their trading on the Exchange and
volume of liquidity removing orders.26
The Exchange believes that this may
lead to an increase in incoming liquidity
removing orders resulting in higher
execution rates for Members who
primarily place resting orders on the
Strategy Book. The Exchange believes
that the proposed change to adjust the
timeframe from 200 microseconds to
400 microseconds for the Complex
Order Report will help facilitate
transactions in securities by ensuring
the Complex Order Report includes all
latency data about Recipient Members’
missed executions, as the Exchange
originally intended when it adopted the
Complex Order Report.
The Exchange believes that the
proposed change to each of the
footnotes described above for each
Liquidity Taker Event Report protects
investors and the public interest, as well
as removes impediments to and perfects
the mechanism of a free and open
market and a national market system
because the change is designed solely to
correct non-substantive errors in prior
filings, and none which have any
impact on the Exchange’s actual rule
text for each of the Reports. This
proposed change does not impact or
alter the operation of Exchange Rule 531
regarding the Reports.
ddrumheller on DSK120RN23PROD with NOTICES1
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule changes will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
Intra-Market Competition
The Exchange believes that the
proposed change to the timeframe for
the Complex Order Report in the
subparagraph (b)(2) of Exchange Rule
531 will not impose any burden on
intra-market competition because it will
ensure that the Complex Order Report
captures all intended activity due to the
time it takes for the System to create
new Complex Strategies. The Exchange
believes that this does not impose any
25 Id.
26 Id.
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burden on intra-market competition as it
simply ensures that Recipient Members
gain insight into latency in connection
with Complex Orders that failed to
execute against an order resting on the
Exchange’s Strategy Book by providing
those Members the full scope of data
that was intended to be captured by the
Complex Order Report to analyze by
how much time their Complex Order
may have missed an execution against a
contra-side order resting on the Strategy
Book. The Exchange believes this does
not impose any burden on intra-market
competition as the adjusted timeframe
should ensure all related activity that is
intended to be included for each
Recipient Member of the Complex Order
Report is actually included. The
Exchange notes that the proposed
change would not result in any impact
on the Exchange’s System.
Inter-Market Competition
The Exchange believes the proposed
rule change to adjust the timeframe for
the Complex Order Report will not
impose any burden on inter-market
competition as the proposed change is
not designed to address any competitive
issue but rather is designed to ensure
that the Complex Order Report captures
all intended activity due to the time it
takes for the System to create new
Complex Strategies.
Non-Substantive Corrections
The non-substantive corrections to the
footnotes in prior filings to adopt each
Liquidity Taker Event Report would not
impact competition because such
changes would not enhance or alter the
Exchange’s ability to compete, but
rather, clarify a prior error which would
reduce the potential for inadvertent
investor confusion.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
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19(b)(3)(A) of the Act 27 and Rule 19b–
4(f)(6) thereunder.28
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 29 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 30
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay so that the
proposal may become operative
immediately upon filing. The Exchange
stated that the adjusting the timeframe
for the Complex Order Report will
ensure that the Complex Order Report
contains all intended data for Members
that are interested in gaining insight
into latency in connection with
Complex Orders that failed to execute
against an order resting on the
Exchange’s Strategy Book due to the
time it takes for the System to create
new Complex Strategies. The Exchange
also stated that the proposed changes to
the footnotes in the filings to adopt each
of the Reports would correct nonsubstantive errors in prior filings. For
these reasons, the Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change
operative upon filing.31
At any time within 60 days of the
filing of such 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.
27 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
29 15 U.S.C. 78s(b)(3)(A).
30 17 CFR 240.19b–4(f)(6)(iii).
31 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
28 17
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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:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
MIAX–2024–19 on the subject line.
Paper Comments
ddrumheller on DSK120RN23PROD with NOTICES1
• 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–2024–19. 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–2024–19 and should be
submitted on or before May 6, 2024.
CFR 200.30–3(a)(12), (59).
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[FR Doc. 2024–07839 Filed 4–12–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
32 17
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.32
Sherry R. Haywood,
Assistant Secretary.
Jkt 262001
[SEC File No. 270–125, OMB Control No.
3235–0104]
Proposed Collection; Comment
Request; Extension: Form 3—Initial
Statement of Beneficial Ownership of
Securities
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant,
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Exchange Act Forms 3 is filed by
insiders of public companies that have
a class of securities registered under
Section 12 of the Exchange Act. Form 3
is an initial statement beneficial
ownership of securities. Approximately
16,520 insiders file Form 3 annually and
it takes approximately 0.50 hours to
prepare for a total of 8,260 annual
burden hours (0.50 hours per response
× 16,520 responses).
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication by June 14, 2024.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
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unless it displays a currently valid
control number.
Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: April 9, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–07841 Filed 4–12–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–170, OMB Control No.
3235–0167]
Proposed Collection; Comment
Request; Extension: Form 15
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form 15 (17 CFR 249.323) is a
certification of termination of a class of
security under Section 12(g) or notice of
suspension of duty to file reports
pursuant to Sections 13 and 15(d) of the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.). We estimate that
approximately 684 issuers file Form 15
annually and it takes approximately 1.5
hours per response to prepare for a total
of 1,026 annual burden hours (1.5 hours
per response × 684 responses).
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
E:\FR\FM\15APN1.SGM
15APN1
]]>Agencies
[Federal Register Volume 89, Number 73 (Monday, April 15, 2024)]
[Notices]
[Pages 26195-26198]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-07839]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99924; File No. SR-MIAX-2024-19]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 531
April 9, 2024.
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 April 2, 2024, 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: (i) amend subparagraph (b)(2) of Exchange
Rule 531, Reports and Market Data Products, to adjust the timeframe for
the Liquidity Taker Event Report--Complex Orders; and (ii) make a non-
substantive, clarifying change to a footnote in prior rule filings
submitted to the U.S. Securities and Exchange Commission
(``Commission'') for immediate effectiveness pursuant to section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) \4\ to adopt the
Liquidity Taker Event Report--Simple Orders, Liquidity Taker Event
Report--Complex Orders, and Liquidity Taker Event Report--Resting
Simple Orders.\5\
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\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The Exchange notes that its affiliate, MIAX Emerald, LLC
(``MIAX Emerald''), submitted the first filing to adopt the
Liquidity Taker Event Report--Simple Orders, pursuant to section
19(b)(2) of the Act. 15 U.S.C. 78s(b)(2). See Securities Exchange
Act Release Nos. 91356 (March 18, 2021), 86 FR 15759 (March 24,
2021) (SR-EMERALD-2021-09) (Notice of Filing of a Proposed Rule
Change To Adopt Exchange Rule 531, Reports, To Provide for the New
``Liquidity Taker Event Report''); and 91787 (May 6, 2021), 86 FR
26111 (May 12, 2021) (SR-EMERALD-2021-09) (Order Approving Proposed
Rule Change To Adopt Exchange Rule 531(a), Reports, To Provide for a
New ``Liquidity Taker Event Report'').
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The text of the proposed rule change is available on the Exchange's
website at https://www.miaxglobal.com/markets/us-options/miax-options/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 offers three versions of the Liquidity Taker Event
Report: (1) Liquidity Taker Event Report--Simple Orders (referred to
herein as the ``Simple Order Report''); (2) Liquidity Taker Event
Report--Complex Orders (referred to herein as the ``Complex Order
Report''); and (3) Liquidity Taker Event Report--Resting Simple Orders
(referred to herein as the ``Resting Simple Order Report'').\6\ Each of
the Reports are available for purchase by Exchange Members \7\ on a
voluntary basis. The Exchange's prior rule filings to adopt each
Liquidity Taker Event Report were submitted to the Commission for
immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act \8\
and Rule 19b-4(f)(6) thereunder.\9\ Each Liquidity Taker Event Report
is described under Exchange Rules 531(a)-(c).\10\
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\6\ The Simple Order Report, Complex Order Report and Resting
Simple Order Report are collectively referred to herein as the
``Reports.''
\7\ 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.
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ See Exchange Rule 531(a)-(c); see also Securities Exchange
Act Release Nos. 92081 (June 1, 2021), 86 FR 30344 (June 7, 2021)
(SR-MIAX-2021-21) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change to Amend Rule 531, Reports and Market Data
Products, to Adopt the Liquidity Taker Event Report); 94135
(February 2, 2022), 87 FR 7217 (February 8, 2022) (SR-MIAX-2022-06)
(Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change to Amend Rule 531 to Provide for the New Liquidity Taker
Event Report--Complex Orders); 96839 (February 8, 2023), 88 FR 9550
(February 14, 2023) (SR-MIAX-2023-02) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change to Amend Rule 531
to Provide for the New Liquidity Taker Event Report--Resting Simple
Orders).
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In general, each Liquidity Taker Event Report is a daily report
that provides a Member (``Recipient Member'') with its liquidity
response time details for executions and contra-side responses of an
order (or Complex Order,\11\ as the case may be) resting on the Simple
Order Book (or Strategy Book, as the case may be),\12\ where that
Recipient Member attempted to execute against such resting order \13\
within a certain timeframe.\14\ The content of each of the Reports is
specific to the Recipient Member and each Liquidity Taker Event Report
does not include any information related to any Member other than the
Recipient Member.
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\11\ In sum, 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 conforming or non-
conforming ratio. . . .'' See Exchange Rule 518(a).
\12\ The ``Simple Order Book'' is the Exchange's regular
electronic book of orders and quotes. See Exchange Rule 518(a)(15).
The ``Strategy Book'' is the Exchange's electronic book of complex
orders and complex quotes. See Exchange Rule 518(a)(17). The
Strategy Book is organized by Complex Strategy in that individual
orders for a defined Complex Strategy are organized together in a
book that is separate from the orders for a different Complex
Strategy. The term ``Complex Strategy'' means ``a particular
combination of components and their ratios to one another. New
complex strategies can be created as the result of the receipt of a
complex order or by the Exchange for a complex strategy that is not
currently in the System.'' See Exchange Rule 518(a)(6).
\13\ Only displayed orders are included in the Reports. The
Exchange notes that it does not currently offer any non-displayed
orders types on its options trading platform.
\14\ A complete description of each of the Reports can be found
in the prior rule filings to adopt the Reports. See supra note 10.
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The Exchange now proposes to: (i) amend the subparagraph (b)(2) of
Exchange Rule 531 to adjust the timeframe from 200 microseconds to 400
microseconds for the Complex
[[Page 26196]]
Order Report; and (ii) make a clarifying change to one of the footnotes
in the prior filings that adopted the Simple Order Report, Complex
Order Report, and Resting Simple Order Report.
Proposal To Amend Subparagraph (b)(2) of Exchange Rule 531 for the
Complex Order Report To Adjust the Timeframe
The Exchange proposes to amend the subparagraph (b)(2) of Exchange
Rule 531 to adjust the timeframe for the Complex Order Report.
Currently, subparagraph (b)(2) provides that the Complex Order Report
will include data set forth under Exchange Rule 531(b)(1) \15\ for
executions and contra-side responses that occurred within 200
microseconds of the time the resting order was received by the
Exchange. The Exchange now proposes to amend subparagraph (b)(2) to
adjust the timeframe from 200 microseconds to 400 microseconds.
Accordingly, with the proposed change, subparagraph (b)(2) of Exchange
Rule 531 will provide as follows:
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\15\ In general, subparagraph (b)(1) of Exchange Rule 531
includes information regarding (i) the resting order; (ii) execution
of the resting order; and (iii) response(s) sent by the Recipient
Member. See Exchange Rule 531(b)(1)(i)-(iii).
(2) Timeframe. The Liquidity Taker Event Report-Complex Orders
will include data listed in paragraph (b)(1) of this Rule 531(b) for
executions and contra-side responses that occurred within 400
microseconds of the time the resting order was received by the
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Exchange.
At the time the Exchange adopted the Complex Order Report, the
Exchange believed that 200 microseconds was the appropriate timeframe
as it was in line with the previously adopted timeframe for the Simple
Order Report. In the Exchange's experience, 200 microseconds has not
provided a sufficient amount of time for the System \16\ to develop new
Complex Strategies, which has resulted in the Complex Order Report
missing some of a Recipient Member's Complex Order executions and
contra-side responses. Accordingly, expanding the timeframe to 400
microseconds should allow for the intended information to be captured
by the Complex Order Report.
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\16\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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Proposal To Amend a Footnote in Each of the Filings To Adopt the
Reports (SR-MIAX-2021-21, SR-MIAX-2022-06, and SR-MIAX-2023-02)
The Exchange proposes to make a clarifying change to one of the
footnotes in each of the filings to adopt each Liquidity Taker Event
Report. Each of the filings to adopt each Liquidity Taker Event Report
contains a section that describes information in each report that
corresponds to the Recipient Member. Each of the prior filings states
that the ``following information would be included in the [Simple Order
Report, Complex Order Report, or Resting Simple Order Report] regarding
response(s) [Complex Orders] \17\ sent by the Recipient Member: (A)
Recipient Member identifier; (B) the time difference between the time
the first response that executes against the resting order was received
by the Exchange and the time of each response [Complex Order] \18\ sent
by the Recipient Member, regardless of whether it executed or not; (C)
size and type of each response [Complex Order] \19\ submitted by
Recipient Member; and (D) response reference number, which is a unique
reference number attached to the response by the Recipient Member.\20\
Further, each of the filings includes a footnote at the end of
romanette ``(B)'' in the paragraph described above, which states as
follows:
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\17\ For the Complex Order Report.
\18\ For the Complex Order Report.
\19\ For the Complex Order Report.
\20\ See supra note 10. For the Simple Order Report, see
Exchange Rule 531(a)(1)(iii); for the Complex Order Report, see
Exchange Rule 531(b)(1)(iii); for the Resting Simple Order Report,
see Exchange Rule 531(c)(1)(iii).
For purposes of calculating this duration of time, the Exchange
will use the time the resting order and the Recipient Member's
response(s) is received by the Exchange's network, both of which
would be before the order and response(s) would be received by the
System. This time difference would be provided in nanoseconds.\21\
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\21\ See supra note 10, 86 FR 30344, at 30345, footnote 20; 87
FR 7217, at 7220, footnote 30; and 88 FR 9550, at 9552, footnote 21.
The Exchange notes that footnote 30 in the Complex Order Report
filing contains an additional sentence that states that the same
information is included in the Simple Order Report filing. The
remainder of that footnote is the same as the Simple Order Report
and Resting Simple Order Report filings.
The Exchange proposes to clarify the above footnote. Specifically,
the Exchange proposes to replace ``the resting order'' with ``the first
response that executes against the resting order.'' Accordingly, with
the proposed change, the referenced footnotes in each of the filings to
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adopt the Reports would read as follows:
For purposes of calculating this duration of time, the Exchange
will use the time the first response that executes against the
resting order and the Recipient Member's response(s) is received by
the Exchange's network, both of which would be before the order and
response(s) would be received by the System. This time difference
would be provided in nanoseconds.
The purpose of the proposed change is to correct a non-substantive
error in a footnote of each rule filing to adopt the Reports. The
Exchange notes that the rule text in Exchange Rule 531 that describes
each of the Reports was correctly adopted and does not require any
change; only the footnote described above needs to be clarified. This
change does not impact or alter the information provided to any
Recipient Member.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\22\ in general, and furthers the
objectives of Section 6(b)(5),\23\ in particular, because it is
designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general,
protect investors and the public interest.
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\22\ 15 U.S.C. 78f(b).
\23\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposal to expand the timeframe for
the Complex Order Report would remove impediments to and perfect the
mechanism of a free and open market and a national market system
because it should provide enough time to the ensure that the Complex
Order Report captures all intended activity due to the time it takes
for the System to create new Complex Strategies. The Exchange believes
that this proposal facilitates transactions in securities because it
would ensure the Complex Order Report includes the information the
Complex Order Report was meant to capture. The Exchange designed the
Complex Order Report for Members that are interested in gaining insight
into latency in connection with Complex Orders that failed to execute
against an order resting on the Exchange's Strategy Book by providing
those Members data to analyze by how much time their Complex Order may
have missed an execution against a contra-side order resting on the
Strategy Book.\24\ By providing this optional latency data to
interested Members, it provides greater visibility into the latency of
Members'
[[Page 26197]]
incoming orders that they may use to optimize their models and trading
patterns in an effort to yield better execution results by calculating
by how much time their order may have missed an execution.\25\ In turn,
this should benefit other market participants who may experience better
executions on the Exchange because those that use the Complex Order
Report may re-calibrate their trading models and then increase their
trading on the Exchange and volume of liquidity removing orders.\26\
The Exchange believes that this may lead to an increase in incoming
liquidity removing orders resulting in higher execution rates for
Members who primarily place resting orders on the Strategy Book. The
Exchange believes that the proposed change to adjust the timeframe from
200 microseconds to 400 microseconds for the Complex Order Report will
help facilitate transactions in securities by ensuring the Complex
Order Report includes all latency data about Recipient Members' missed
executions, as the Exchange originally intended when it adopted the
Complex Order Report.
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\24\ See Securities Exchange Act Release No. 94135 (February 2,
2022), 87 FR 7217 (February 8, 2022) (SR-MIAX-2022-06).
\25\ Id.
\26\ Id.
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The Exchange believes that the proposed change to each of the
footnotes described above for each Liquidity Taker Event Report
protects investors and the public interest, as well as removes
impediments to and perfects the mechanism of a free and open market and
a national market system because the change is designed solely to
correct non-substantive errors in prior filings, and none which have
any impact on the Exchange's actual rule text for each of the Reports.
This proposed change does not impact or alter the operation of Exchange
Rule 531 regarding the Reports.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
Intra-Market Competition
The Exchange believes that the proposed change to the timeframe for
the Complex Order Report in the subparagraph (b)(2) of Exchange Rule
531 will not impose any burden on intra-market competition because it
will ensure that the Complex Order Report captures all intended
activity due to the time it takes for the System to create new Complex
Strategies. The Exchange believes that this does not impose any burden
on intra-market competition as it simply ensures that Recipient Members
gain insight into latency in connection with Complex Orders that failed
to execute against an order resting on the Exchange's Strategy Book by
providing those Members the full scope of data that was intended to be
captured by the Complex Order Report to analyze by how much time their
Complex Order may have missed an execution against a contra-side order
resting on the Strategy Book. The Exchange believes this does not
impose any burden on intra-market competition as the adjusted timeframe
should ensure all related activity that is intended to be included for
each Recipient Member of the Complex Order Report is actually included.
The Exchange notes that the proposed change would not result in any
impact on the Exchange's System.
Inter-Market Competition
The Exchange believes the proposed rule change to adjust the
timeframe for the Complex Order Report will not impose any burden on
inter-market competition as the proposed change is not designed to
address any competitive issue but rather is designed to ensure that the
Complex Order Report captures all intended activity due to the time it
takes for the System to create new Complex Strategies.
Non-Substantive Corrections
The non-substantive corrections to the footnotes in prior filings
to adopt each Liquidity Taker Event Report would not impact competition
because such changes would not enhance or alter the Exchange's ability
to compete, but rather, clarify a prior error which would reduce the
potential for inadvertent investor confusion.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \27\ and Rule 19b-
4(f)(6) thereunder.\28\
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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \29\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \30\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposal may become operative immediately upon filing. The
Exchange stated that the adjusting the timeframe for the Complex Order
Report will ensure that the Complex Order Report contains all intended
data for Members that are interested in gaining insight into latency in
connection with Complex Orders that failed to execute against an order
resting on the Exchange's Strategy Book due to the time it takes for
the System to create new Complex Strategies. The Exchange also stated
that the proposed changes to the footnotes in the filings to adopt each
of the Reports would correct non-substantive errors in prior filings.
For these reasons, the Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\31\
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\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 17 CFR 240.19b-4(f)(6)(iii).
\31\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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.
[[Page 26198]]
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-2024-19 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-2024-19. 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-2024-19 and should be
submitted on or before May 6, 2024.
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\32\ 17 CFR 200.30-3(a)(12), (59).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-07839 Filed 4-12-24; 8:45 am]
BILLING CODE 8011-01-P
