[Federal Register Volume 85, Number 160 (Tuesday, August 18, 2020)]
[Notices]
[Pages 50845-50849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17963]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89530; File No. SR-MIAX-2020-26]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Its Fee Schedule

August 12, 2020.
    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 July 31, 2020, Miami International Securities Exchange LLC (``MIAX 
Options'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. The Commission is publishing this notice to solicit comments 
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78a.
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the MIAX Options Fee 
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings, at MIAX's principal 
office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

    1. Purpose
    The Exchange proposes to amend the Fee Schedule to extend the cap 
waiver of 1,000 contracts per leg for complex PRIME (``cPRIME'') \3\ 
Agency Order rebates for all tiers under the Priority Customer Rebate 
Program (``PCRP'') \4\ until August 31, 2020. The Exchange also 
proposes to amend the list of MIAX Select Symbols \5\ contained in the 
PCRP \6\ of the Exchange's Fee Schedule to delete the Select Symbol 
``JCP,'' associated with J. C. Penney Company, Inc. (``J. C. Penney''), 
from the Select Symbols list.
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    \3\ ``cPRIME'' is the process by which a Member may 
electronically submit a ``cPRIME Order'' (as defined in Rule 
518(b)(7)) it represents as agent (a ``cPRIME Agency Order'') 
against principal or solicited interest for execution (a ``cPRIME 
Auction''), subject to the restrictions set forth in Exchange Rule 
515A, Interpretation and Policy .12. See Exchange Rule 515A.
    \4\ Under the PCRP, MIAX credits each Member the per contract 
amount resulting from each Priority Customer order transmitted by 
that Member which is executed electronically on the Exchange in all 
multiply-listed option classes (excluding, in simple or complex as 
applicable, QCC and cQCC Orders, mini-options, Priority Customer-to-
Priority Customer Orders, C2C and cC2C Orders, PRIME and cPRIME AOC 
Responses, PRIME and cPRIME Contra-side Orders, PRIME and cPRIME 
Orders for which both the Agency and Contra-side Order are Priority 
Customers, and executions related to contracts that are routed to 
one or more exchanges in connection with the Options Order 
Protection and Locked/Crossed Market Plan referenced in Exchange 
Rule 1400), provided the Member meets certain percentage thresholds 
in a month as described in the PCRP table. See Fee Schedule, Section 
1)a)iii. ``Priority Customer'' means a person or entity that (i) is 
not a broker or dealer in securities, and (ii) does not place more 
than 390 orders in listed options per day on average during a 
calendar month for its own beneficial accounts(s). A ``Priority 
Customer Order'' means an order for the account of a Priority 
Customer. See Exchange Rule 100.
    \5\ The term ``MIAX Select Symbols'' means options overlying 
AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BB, BIDU, BP, C, CAT, 
CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, GILD, GLD, GM, GOOGL, GPRO, 
HAL, INTC, IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX, NOK, ORCL, 
PBR, PFE, PG, QCOM, QQQ, RIG, SPY, T, TSLA, USO, VALE, WBA, WFC, 
WMB, X, XHB, XLE, XLF, XLP, XOM and XOP.
    \6\ See section 1)a)iii) of the Fee Schedule for a complete 
description of the PCRP.
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Background
    Exchange Rule 518(b)(7) defines a cPRIME Order as a type of complex 
order \7\ that is submitted for

[[Page 50846]]

participation in a cPRIME Auction and trading of cPRIME Orders is 
governed by Rule 515A, Interpretations and Policies .12.\8\ cPRIME 
Orders are processed and executed in the Exchange's PRIME mechanism, 
the same mechanism that the Exchange uses to process and execute simple 
PRIME orders, pursuant to Exchange Rule 515A.\9\ PRIME is a process by 
which a Member may electronically submit for execution an order it 
represents as agent (an ``Agency Order'') against principal interest 
and/or solicited interest. The Member that submits the Agency Order 
(``Initiating Member'') agrees to guarantee the execution of the Agency 
Order by submitting a contra-side order representing principal interest 
or solicited interest (``Contra-Side Order''). When the Exchange 
receives a properly designated Agency Order for Auction processing, a 
request for response (``RFR'') detailing the option, side, size and 
initiating price is broadcasted to MIAX Options participants up to an 
optional designated limit price. Members may submit responses to the 
RFR, which can be either an Auction or Cancel (``AOC'') order or an AOC 
eQuote. A cPRIME Auction is the price-improvement mechanism of the 
Exchange's System pursuant to which an Initiating Member electronically 
submits a complex Agency Order into a cPRIME Auction. The Initiating 
Member, in submitting an Agency Order, must be willing to either (i) 
cross the Agency Order at a single price against principal or solicited 
interest, or (ii) automatically match against principal or solicited 
interest, the price and size of a RFR that is broadcast to MIAX Options 
participants up to an optional designated limit price. Such responses 
are defined as cPRIME AOC Responses or cPRIME eQuotes. The PRIME 
mechanism is used for orders on the Exchange's Simple Order Book.\10\ 
The cPRIME mechanism is used for Complex Orders \11\ on the Exchange's 
Strategy Book,\12\ with the cPRIME mechanism operates in the same 
manner for processing and execution of cPRIME Orders that is used for 
PRIME Orders on the Simple Order Book.
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    \7\ A ``complex order'' is any order involving the concurrent 
purchase and/or sale of two or more different options in the same 
underlying security (the ``legs'' or ``components'' of the complex 
order), for the same account, in a ratio that is equal to or greater 
than one-to-three (.333) and less than or equal to three-to-one 
(3.00) and for the purposes of executing a particular investment 
strategy. A complex order can also be a ``stock-option'' order, 
which is an order to buy or sell a stated number of units of an 
underlying security coupled with the purchase or sale of options 
contract(s) on the opposite side of the market, subject to certain 
contingencies set forth in the proposed rules governing complex 
orders. For a complete definition of a ``complex order,'' see 
Exchange Rule 518(a)(5). See also Securities Exchange Act Release 
No. 78620 (August 18, 2016), 81 FR 58770 (August 25, 2016) (SR-MIAX-
2016-26).
    \8\ See Securities Exchange Act Release No. 81131 (July 12, 
2017), 82 FR 32900 (July 18, 2017)(SR-MIAX-2017-19). (Order Granting 
Approval of a Proposed Rule Change to Amend MIAX Options Rules 515, 
Execution of Orders and Quotes; 515A, MIAX Price Improvement 
Mechanism (``PRIME'') and PRIME Solicitation Mechanism; and 518, 
Complex Orders).
    \9\ Id.
    \10\ The ``Simple Order Book'' is the Exchange's regular 
electronic book of orders and quotes. See Exchange Rule 518(a)(15).
    \11\ A ``complex order'' is any order involving the concurrent 
purchase and/or sale of two or more different options in the same 
underlying security (the ``legs'' or ``components'' of the complex 
order), for the same account, in a ratio that is equal to or greater 
than one-to-three (.333) and less than or equal to three-to-one 
(3.00) and for the purposes of executing a particular investment 
strategy. Mini-options may only be part of a complex order that 
includes other mini-options. Only those complex orders in the 
classes designated by the Exchange and communicated to Members via 
Regulatory Circular with no more than the applicable number of legs, 
as determined by the Exchange on a class-by-class basis and 
communicated to Members via Regulatory Circular, are eligible for 
processing. See Exchange Rule 518(a)(5).
    \12\ The ``Strategy Book'' is the Exchange's electronic book of 
complex orders and complex quotes. See Exchange Rule 518(a)(17).
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Extension of Waiver of the Contracts Cap for cPRIME Agency Order 
Rebates
    First, the Exchange proposes to amend footnote ``*'' in Section 
1)a)iii) of the Fee Schedule to extend the waiver of the contracts cap 
per leg for cPRIME Agency Order rebates for all tiers under the PCRP 
until August 31, 2020. Prior to a rule filing by the Exchange 
(described below), the Exchange limited the cPRIME Agency Order Credit 
to be payable only to the first 1,000 contracts per leg for each cPRIME 
Agency Order in all tiers under the PCRP. On February 28, 2020, the 
Exchange filed, and the Commission approved, the Exchange's proposal to 
waive the 1,000 contracts cap per leg for cPRIME Agency Order rebates 
for all tiers under the PCRP from March 1, 2020 until May 31, 2020.\13\
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    \13\ See Securities Exchange Act Release No. 88349 (March 10, 
2020), 85 FR 14995 (March 15, 2020) (SR-MIAX-2020-05).
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    On May 29, 2020, the Exchange filed, and the Commission approved, 
the Exchange's proposal to extend the waiver of the 1,000 contracts cap 
per leg for cPRIME Agency Order rebates for all tiers under the PCRP 
from June 1, 2020 until July 31, 2020.\14\
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    \14\ See Securities Exchange Act Release No. 89035 (June 9, 
2020), 85 FR 36249 (June 15, 2020) (SR-MIAX-2020-12).
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    The Exchange now proposes to extend the cap waiver of 1,000 
contracts per leg for cPRIME Agency Order rebates for all tiers under 
the PCRP until August 31, 2020. The purpose of this proposed change is 
for business and competitive reasons and to continue to entice market 
participants to submit larger-sized cPRIME Agency Orders.
Select Symbols List Update
    Next, the Exchange proposes to amend Section 1)a)iii) of the Fee 
Schedule to update the list of MIAX Select Symbols contained in the 
PCRP to delete the Select Symbol ``JCP,'' associated with J.C. Penney, 
from the Select Symbols list.
    The Exchange initially created the list of MIAX Select Symbols on 
March 1, 2014,\15\ and has added and removed option classes from that 
list since that time.\16\ Select Symbols are rebated slightly higher in 
certain PCRP tiers than non-Select Symbols. The Exchange notes that on 
April 30, 2020, the Exchange issued an alert that it would delist J.C. 
Penney options from trading on the Exchange, effective May 1, 2020.\17\ 
Options on J.C. Penney were authorized to be listed for trading on the 
Exchange pursuant to Rule 402, but are no longer listed for trading for 
business reasons.
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    \15\ See Securities Exchange Act Release No. 71700 (March 12, 
2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014-13).
    \16\ See Securities Exchange Act Release Nos. 88850 (May 11, 
2020), 85 FR 29497 (May 15, 2020) (SR-MIAX-2020-09); 87964 (January 
14, 2020), 85 FR 3435 (January 21, 2020) (SR-MIAX-2020-01); 87790 
(December 18, 2019), 84 FR 71037 (December 26, 2019) (SR-MIAX-2019-
49); 85314 (March 14, 2019), 84 FR 10359 (March 20, 2019) (SR-MIAX-
2019-07; 81998 (November 2, 2017), 82 FR 51897 (November 8, 2017) 
(SR-MIAX-2017-45); 81019 (June 26, 2017), 82 FR 29962 (June 30, 
2017) (SR-MIAX-2017-29); 79301 (November 14, 2016), 81 FR 81854 
(November 18, 2016) (SR-MIAX-2016-42); 74291 (February 18, 2015), 80 
FR 9841 (February 24, 2015) (SR-MIAX-2015-09); 74288 (February 18, 
2015), 80 FR 9837 (February 24, 2015) (SR-MIAX-2015-08); 73328 
(October 9, 2014), 79 FR 62230 (October 16, 2014) (SR-MIAX-2014-50); 
72567 (July 8, 2014), 79 FR 40818 (July 14, 2014) (SR-MIAX-2014-34); 
72356 (June 10, 2014), 79 FR 34384 (June 16, 2014) (SR-MIAX-2014-
26); 71700 (March 12, 2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-
2014-13).
    \17\ See Listing Alert (April 30, 2020), available at https://www.miaxoptions.com/alerts/2020/04/30/miax-options-exchange-delisting-j-c-penney-company-inc-jcp.
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    Accordingly, the Exchange proposes to amend the Fee Schedule to 
delete the symbol ``JCP'' from the list of MIAX Select Symbols 
contained in the PCRP. This amendment is intended to eliminate any 
potential confusion and to make it clear to market participants that 
``JCP'' will not be a MIAX Select Symbol contained in the PCRP as 
``JCP'' options are no longer listed on the Exchange.
    The Commission has repeatedly expressed its preference for 
competition over regulatory intervention in determining prices, 
products, and services in the securities markets. In Regulation NMS, 
the Commission highlighted the importance of market forces in 
determining prices and self-regulatory organization (``SRO'') revenues 
and, also, recognized that current regulation of the market system 
``has been remarkably successful in promoting market competition in its 
broader forms that are most important to investors and listed 
companies.'' \18\ There are currently 16 registered options exchanges 
competing for order flow. Based on publicly-available

[[Page 50847]]

information, and excluding index-based options, no single exchange had 
more than approximately 14% of the market share of executed volume of 
multiply-listed equity and exchange-traded fund (``ETF'') options 
trades for the month of June 2020.\19\ Therefore, no exchange possesses 
significant pricing power in the execution of multiply-listed equity 
and ETF options order flow. More specifically, for the month of June 
2020, the Exchange had a total market share of 5.05% of all equity 
options volume.\20\
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    \18\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005).
    \19\ The OCC publishes options and futures volume in a variety 
of formats, including daily and monthly volume by exchange, 
available at: https://www.theocc.com/market-data/volume/default.jsp.
    \20\ See id.
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    The Exchange believes that the ever-shifting market shares among 
the exchanges from month to month demonstrates that market participants 
can shift order flow (as further described below), or discontinue or 
reduce use of certain categories of products, in response to 
transaction and non-transaction fee changes. For example, on March 1, 
2019, the Exchange filed with the Commission an immediately effective 
filing to decrease certain credits assessable to Members pursuant to 
the PCRP.\21\ The Exchange experienced a decrease in total market share 
between the months of February and March of 2019. Accordingly, the 
Exchange believes that the March 1, 2019 fee change may have 
contributed to the decrease in the Exchange's market share and, as 
such, the Exchange believes competitive forces constrain options 
exchange transaction and non-transaction fees.
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    \21\ See Securities Exchange Act Release No. 85301 (March 13, 
2019), 84 FR 10166 (March 19, 2019) (SR-MIAX-2019-09).
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2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \22\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \23\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among its members and issuers and other persons using 
its facilities. The Exchange also believes the proposal furthers the 
objectives of Section 6(b)(5) of the Act in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest and is not designed to permit unfair discrimination between 
customers, issuers, brokers and dealers.
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    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes its proposal to extend the waiver of the cap 
of 1,000 contracts per leg for cPRIME Agency Order rebates for all 
tiers under the PCRP until August 31, 2020 provides for the equitable 
allocation of reasonable dues and fees and is not unfairly 
discriminatory for the following reasons. The Exchange operates in a 
highly competitive market. The Commission has repeatedly expressed its 
preference for competition over regulatory intervention in determining 
prices, products, and services in the securities markets. In Regulation 
NMS, the Commission highlighted the importance of market forces in 
determining prices and SRO revenues and, also, recognized that current 
regulation of the market system ``has been remarkably successful in 
promoting market competition in its broader forms that are most 
important to investors and listed companies.'' \24\ There are currently 
16 registered options exchanges competing for order flow. Based on 
publicly-available information, and excluding index-based options, no 
single exchange had more than approximately 14% of the market share of 
executed volume of multiply-listed equity and ETF options trades for 
the month of June 2020.\25\ Therefore, no exchange possesses 
significant pricing power in the execution of multiply-listed equity 
and ETF options order flow. More specifically, for the month of June 
2020, the Exchange had a total market share of 5.05% of all equity 
options volume.\26\
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    \24\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005).
    \25\ See supra note 19.
    \26\ See id.
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    The Exchange believes that the ever-shifting market shares among 
the exchanges from month to month demonstrates that market participants 
can shift order flow, or discontinue or reduce use of certain 
categories of products, in response to transaction and/or non-
transaction fee changes. For example, on March 1, 2019, the Exchange 
filed with the Commission an immediately effective filing to decrease 
certain credits assessable to Members pursuant to the PCRP.\27\ The 
Exchange experienced a decrease in total market share between the 
months of February and March of 2019. Accordingly, the Exchange 
believes that the March 1, 2019 fee change may have contributed to the 
decrease in the Exchange's market share and, as such, the Exchange 
believes competitive forces constrain options exchange transaction and 
non-transaction fees and market participants can shift order flow based 
on fee changes instituted by the exchanges.
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    \27\ See supra note 21.
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    The Exchange believes that its proposal to continue to waive the 
1,000 contracts cap per leg for cPRIME Agency Order rebates for all 
tiers in the PCRP until August 31, 2020 is reasonable, equitably 
allocated and not unfairly discriminatory because this change is for 
business and competitive reasons and available equally to all market 
participants. The Exchange cannot predict with certainty whether any 
market participant would submit additional cPRIME Agency Orders in 
excess of 1,000 contracts per leg in light of the proposal to continue 
to waive the cap of 1,000 contracts per leg for cPRIME Agency Order 
rebates for all tiers under the PCRP, but believes that market 
participants would continue to be encouraged to submit larger orders to 
obtain the additional credits. The Exchange believes that this proposed 
change would encourage increased cPRIME Agency Order flow, which will 
bring greater volume and liquidity to the Exchange, which benefits all 
market participants by providing more trading opportunities and tighter 
spreads.
    The Exchange believes that its proposal to delete the symbol 
``JCP'' from the list of MIAX Select Symbols contained in the PCRP is 
consistent with Section 6(b)(4) of the Act because the proposed change 
will allow for the continued benefit to investors by providing them an 
updated list of MIAX Select Symbols contained in the PCRP on the 
Exchange's Fee Schedule.
    The Exchange believes that the proposal to amend an option class 
that qualifies for the credit for transactions in MIAX Select Symbols 
is fair, equitable and not unreasonably discriminatory. The Exchange 
believes that the PCRP itself is reasonably designed because it 
incentivizes providers of Priority Customer \28\ order flow to send 
that Priority Customer order flow to the Exchange in order to receive a 
credit in a manner that enables the Exchange to improve its overall 
competitiveness and strengthen its market quality for all market 
participants. The PCRP, which provides increased incentives in certain 
tiers in high volume select symbols, is also reasonably designed to 
increase the competitiveness of the Exchange with other options 
exchanges that also offer

[[Page 50848]]

increased incentives to higher volume symbols.
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    \28\ The term ``Priority Customer'' means a person or entity 
that (i) is not a broker or dealer in securities, and (ii) does not 
place more than 390 orders in listed options per day on average 
during a calendar month for its own beneficial account(s). See 
Exchange Rule 100.
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    The Exchange also believes that its proposal to delete the symbol 
``JCP'' from the list of MIAX Select Symbols contained in the PCRP is 
consistent with Section 6(b)(5) of the Act because it will apply 
equally to all Priority Customer orders in MIAX Select Symbols in the 
Program. All similarly situated Priority Customer orders in MIAX Select 
Symbols are subject to the same rebate schedule, and access to the 
Exchange is offered on terms that are not unfairly discriminatory.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\29\ the Exchange 
believes that the proposed rule changes would not impose any burden on 
competition that are not necessary or appropriate in furtherance of the 
purposes of the Act. Instead, as discussed above, the Exchange believes 
that the proposed change would continue to encourage the submission of 
additional liquidity to a public exchange, thereby promoting market 
depth, price discovery and transparency and enhancing order execution 
opportunities for all market participants. As a result, the Exchange 
believes that the proposed change furthers the Commission's goal in 
adopting Regulation NMS of fostering integrated competition among 
orders.
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    \29\ 15 U.S.C. 78f(b)(8).
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    The Exchange does not believe that other market participants at the 
Exchange would be placed at a relative disadvantage by the proposed 
change to continue to waive the cap of 1,000 contracts per leg for 
cPRIME Agency Order rebates for all tiers under the PCRP until August 
31, 2020. The proposed change is designed to attract additional order 
flow to the Exchange. The Exchange believes that this proposal will 
continue to encourage Members to submit Priority Customer cPRIME Agency 
Orders, which will increase liquidity and benefit all market 
participants by providing more trading opportunities and tighter 
spreads. Accordingly, the Exchange believes that the proposed change 
will not impose any burden on competition not necessary or appropriate 
in furtherance of the purposes of the Act because it will continue to 
encourage order flow, which provides greater volume and liquidity, 
benefiting all market participants by providing more trading 
opportunities and tighter spreads.
    The Exchange operates in a highly competitive market in which 
market participants can readily favor competing venues if they deem fee 
levels at a particular venue to be excessive. There are currently 16 
registered options exchanges competing for order flow. Based on 
publicly-available information, and excluding index-based options, no 
single exchange has more than approximately 14% of the market share of 
executed volume of multiply-listed equity and ETF options trades for 
the month of June 2020.\30\ Therefore, no exchange possesses 
significant pricing power in the execution of multiply-listed equity 
and ETF options order flow. More specifically, for the month of June 
2020, the Exchange had a total market share of 5.05% of all equity 
options volume.\31\ In such an environment, the Exchange must 
continually adjust its transaction and non-transaction fees to remain 
competitive with other exchanges and to attract order flow. The 
Exchange believes that the proposed rule change reflects this 
competitive environment because it continues to encourage market 
participants to provide and send order flow to the Exchange. To the 
extent this is achieved, all the Exchange's market participants should 
benefit from the improved market quality.
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    \30\ See supra note 19.
    \31\ See id.
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    Further, the Exchange does not believe that its proposal to delete 
the symbol ``JCP'' from the list of MIAX Select Symbols contained in 
the PCRP will result in any burden on intra-market or inter-market 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. This proposed change is a not a competitive 
proposal but rather is designed to update the list of MIAX Select 
Symbols contained in the PCRP in order to avoid potential confusion on 
the part of market participants and other competing options 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 foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\32\ and Rule 19b-4(f)(2) \33\ thereunder. 
At any time within 60 days of the filing of the proposed rule change, 
the Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \32\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \33\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-MIAX-2020-26 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-2020-26. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should

[[Page 50849]]

submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-MIAX-2020-26 and should be 
submitted on or before September 8, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\34\
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    \34\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-17963 Filed 8-17-20; 8:45 am]
BILLING CODE 8011-01-P


