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Federal Register / Vol. 86, No. 208 / Monday, November 1, 2021 / Notices
This meeting will be closed to the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present.
In the event that the time, date, or location of this meeting changes, an announcement of the change, along with the new time, date, and/or place of the meeting will be posted on the Commissions website at https
www.sec.gov.
The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5
U.S.C. 552bc3, 5, 6, 7, 8, 9B
and 10 and 17 CFR 200.402a3, a5, a6, a7, a8, a9ii and a10, permit consideration of the scheduled matters at the closed meeting.
The subject matter of the closed meeting will consist of the following topics:

Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on October 14, 2021, MIAX Emerald, LLC MIAX
Emerald 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.

Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Resolution of litigation claims; and Other matters relating to examinations and enforcement proceedings.

II. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
STATUS:

At times, changes in Commission priorities require alterations in the scheduling of meeting agenda items that may consist of adjudicatory, examination, litigation, or regulatory matters.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact Vanessa A. Countryman from the Office of the Secretary at 202 5515400.
Authority: 5 U.S.C. 552b.

The Exchange is filing a proposal to amend the Exchanges Fee Schedule Fee Schedule to establish fees for the market data product known as MIAX Emerald Complex Top of Market cToM.
The text of the proposed rule change is available on the Exchanges website at http www.miaxoptions.com/rulefilings/emerald, at MIAXs principal office, and at the Commissions Public Reference Room.

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.

Dated: October 28, 2021.
Vanessa A. Countryman, Secretary.

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
FR Doc. 202123857 Filed 102821; 11:15 am
1. Purpose
BILLING CODE 801101P

The Exchange proposes to amend Section 6a of the Fee Schedule to establish fees for the cToM data product.

SECURITIES AND EXCHANGE
COMMISSION

Background
Release No. 3493427; File No. SR
EMERALD202134

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I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change
Self-Regulatory Organizations; MIAX
Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for the cToM Market Data Product October 26, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934

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The Exchange previously adopted rules governing the trading of Complex Orders 3 on the Emerald System 4 in 15 U.S.C. 78sb1.
17 CFR 240.19b4.
3 See Exchange Rule 518a5 for the definition of Complex Orders.
4 The term System means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100.
1 2

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2018,5 ahead of the Exchanges planned launch, which took place on March 1, 2019. Shortly thereafter, the Exchange also adopted the market data product cToM and expressly waived fees for cToM to provide an incentive to prospective market participants to subscribe to that market data feed.6 The Exchange has not charged fees to cToM
subscribers in the over two and a half years since it was first available for subscription.
In summary, cToM provides subscribers with the same information as the MIAX Emerald Top of Market ToM data product as it relates to the Strategy Book,7 i.e., the Exchanges best bid and offer for a complex strategy, with aggregate size, based on displayable order and quoting interest in the complex strategy on the Exchange. However, cToM provides subscribers with the following additional information that is not included in ToM: i The identification of the complex strategies currently trading on the Exchange; ii complex strategy last sale information; and iii the status of securities underlying the complex strategy e.g., halted, open, or resumed. cToM is a distinct market data product from ToM. ToM
subscribers are not required to subscribe to cToM, and cToM subscribers are not required to subscribe to ToM.8
Proposal The Exchange now proposes to amend Section 6a of the Fee Schedule to charge monthly fees to Distributors 9 of cToM. Specifically, the Exchange proposes to assess Internal Distributors $1,250 per month and External Distributors $1,750 per month for the cToM data feed.10 The Exchange notes 5 See Securities Exchange Act Release Nos. 84891
December 20, 2018, 83 FR 67421 December 28, 2018 In the Matter of the Application of MIAX
EMERALD, LLC for Registration as a National Securities Exchange; Findings, Opinion, and Order of the Commission; and 85345March 18, 2019, 84
FR 10848 March 22, 2019 SREMERALD2019
13 Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 518, Complex Orders.
6 See Securities Exchange Act Release No. 85207
February 27, 2019, 84 FR 7963 March 5, 2019
SREMERALD201909 providing a complete description of the cToM data feed.
7 The Strategy Book is the Exchanges electronic book of complex orders and complex quotes. See Exchange Rule 518a17.
8 See supra note 6.
9 A Distributor of MIAX Emerald data is any entity that receives a feed or file of data either directly from MIAX Emerald or indirectly through another entity and then distributes it either internally within that entity or externally outside that entity. All Distributors are required to execute a MIAX Emerald Distributor Agreement. See Section 6a of the Fee Schedule.
10 The Exchange also proposes to make a minor related change to remove the phrase as
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