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Federal Register / Vol. 86, No. 107 / Monday, June 7, 2021 / Notices
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
CBOE2021035 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.

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All submissions should refer to File Number SRCBOE2021035. 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 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 SRCBOE2021035 and should be submitted on or before June 28, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202111796 Filed 6421; 8:45 am
SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492081; File No. SRMIAX
202121

Self-Regulatory Organizations; Miami International Securities Exchange, LLC; 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 June 1, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on May 19, 2021, 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 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 Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend Exchange Rule 531a to provide for the new Liquidity Taker Event Report.
The text of the proposed rule change is available on the Exchanges website at http www.miaxoptions.com/rulefilings/ at MIAX Options principal office, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations 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.

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A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Exchange Rule 531a to provide for the new Liquidity Taker Event Report the Report. The proposed Report is identical to that previously adopted by the Exchanges affiliate, MIAX Emerald, LLC MIAX Emerald, and approved by the Securities and Exchange Commission Commission.3
The Report is an optional product 4
available to Members.5 Currently, the Exchange provides real-time prices and analytics in the marketplace. The Exchange believes the additional data points from the matching engine outlined below may help Members gain a better understanding about their interactions with the Exchange. The Exchange believes the Report will provide Members with an opportunity to learn more about better opportunities to access liquidity and receive better execution rates. The proposed Report will increase transparency and democratize information so that all firms that subscribe to the Report have access to the same information on an equal basis, even for firms that do not have the appropriate resources to generate a similar report regarding interactions with the Exchange. None of the components of the proposed Report include real-time market data.
Members generally would use a liquidity accessing order if there is a high probability that it will execute against an order resting on the Exchanges Book.6 The proposed Report would identify by how much time an order that may have been marketable missed an execution. The proposed Report will provide greater visibility into the missed trading execution, which will allow Members to optimize 3 See Securities Exchange Act Release No. 91787
May 6, 2021, 85 FR 26111 May 12, 2021 SR
EMERALD202109 Order Approving Proposed Rule Change to Adopt Exchange Rule 531a, Reports, to Provide for a New Liquidity Taker Event Report.
4 The Exchange intends to submit a separate filing with the Commission pursuant to Section 19b1
to propose fees for the Liquidity Taker Event Report.
5 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.
6 The term Book means the electronic book of buy and sell orders and quotes maintained by the System. See Exchange Rule 100. The term System means the automated trading system used by the Exchange for the trading of securities. See id.

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