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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices
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 Commissions 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 Commissions 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 submit only information that you wish to make available publicly. All submissions should refer to File Number SRPEARL202133 and should be submitted on or before September 23, 2021. Rebuttal comments should be submitted by October 7, 2021.
VI. Conclusion It is therefore ordered, pursuant to Section 19b3C of the Act,53 that File Number SRPEARL202133 be and hereby is, temporarily suspended. In addition, the Commission is instituting proceedings to determine whether the proposed rule change should be approved or disapproved.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.54
Vanessa A. Countryman, Secretary.
FR Doc. 202118949 Filed 9121; 8:45 am
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U.S.C. 78sb3C.
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SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492789; File Nos. SRMIAX
202128, SREMERALD202121

Self-Regulatory Organizations; Miami International Securities Exchange, LLC
and MIAX Emerald, LLC; Suspension of and Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Establish Fees for the Exchanges cToM Market Data Products August 27, 2021.

I. Introduction On June 30, 2021, Miami International Securities Exchange, LLC MIAX and MIAX Emerald, LLC MIAX Emerald each, an Exchange, and collectively, the Exchanges each filed with the Securities and Exchange Commission Commission, pursuant to Section 19b1 of the Securities Exchange Act of 1934 Act 1 and Rule 19b4
thereunder,2 a proposed rule change to establish fees for, respectively, the MIAX Complex Top of Market cToM
and the MIAX Emerald cToM market data products. The proposed rule changes were immediately effective upon filing with the Commission pursuant to Section 19b3A of the Act.3 The proposed rule changes were published for comment in the Federal Register on July 15, 2021.4 Pursuant to Section 19b3C of the Act,5 the Commission is hereby: 1 Temporarily suspending the proposed rule changes;
and 2 instituting proceedings to determine whether to approve or disapprove the proposed rule changes.
II. Description of the Proposed Rule Changes The Exchanges propose to establish fees for their cToM market data products.6 According to the Exchanges, the cToM feed provides subscribers with the same information as the Exchanges respective simple order market Top of Market ToM feeds, 1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 15 U.S.C. 78sb3A. A proposed rule change may take effect upon filing with the Commission if it is designated by the exchange as establishing or changing a due, fee, or other charge imposed by the self-regulatory organization on any person, whether or not the person is a member of the self-regulatory organization. 15 U.S.C. 78sb3Aii.
4 See Securities Exchange Act Release Nos. 92359
July 9, 2021, 86 FR 37393 SRMIAX202128;
and 92358 July 9, 2021, 86 FR 37361 SR
EMERALD202121 each, a Notice. For ease of reference, page citations are to the Notice for SR
MIAX202128, unless otherwise indicated.
5 15 U.S.C. 78sb3C.
6 The proposed fee changes became effective on July 1, 2021. See Notice, supra note 4, at 37394.
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but for each Exchanges Strategy Book 7
i.e., best bid and offer for a complex strategy, with aggregate size, based on displayable order and quoting interest in the complex strategy on each Exchange, plus additional information specific to complex orders i.e., identification of the complex strategies currently trading on each Exchange, complex strategy last sale information, and the status of securities underlying the complex strategy.8
The Exchanges each propose to assess Internal Distributors 9 $1,250 per month and External Distributors 10 $1,750 per month for the cToM data feed.11 The Exchanges each will assess cToM fees on Internal and External Distributors in each month the Distributor is credentialed to use cToM, and will reduce such fees for new Distributors for the first month during which they subscribe to cToM based on the number of trading days that have been held during the month prior to the date on which that subscriber has been credentialed to use cToM.12
7 The Strategy Book is each Exchanges electronic book of complex orders and complex quotes. See MIAX and MIAX Emerald Rule 518a17.
8 The Exchanges state that cToM is a distinct market data product from ToM. They also state that ToM subscribers are not required to subscribe to cToM, and that cToM subscribers are not required to subscribe to ToM. See Notice, supra note 4, at 37394.
9 A Distributor of the Exchanges data is any entity that receives a feed or file of data either directly from the Exchanges or indirectly through another entity and then distributes it either internally within that entity or externally outside that entity. See MIAX and MIAX Emerald Fee Schedule, Section 6a. All members or nonmembers that determine to receive any market data feed from the Exchanges must first execute, among other things, the MIAX Exchange Group Exchange Data Agreement Exchange Data Agreement. See Notice, supra note 4, at 37395. Pursuant to the Exchange Data Agreement, Internal Distributors are restricted to the internal use of any market data they receive, meaning they may only distribute the Exchanges market data to their officers and employees and their affiliates. See id.
10 External Distributors may distribute the Exchanges market data to persons who are not their officers, employees, or affiliates, and may charge their own fees for the distribution of such market data. See Notice, supra note 4, at 37395.
11 See id. at 37394. The Exchanges also propose to make a related change to remove as applicable from the explanatory paragraph in Section 6a of each Exchanges fee schedule, as the Exchanges will now charge fees for both the ToM
and cToM data feeds. See id. at 37394 n.10.
12 New Distributors will be assessed a pro-rata percentage of the fees described above, which is the percentage of the number of trading days remaining in the affected calendar month as of the date on which they have been credentialed to use cToM, divided by the total number of trading days in the affected calendar month. See id. at 37394.

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