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Federal Register / Vol. 86, No. 158 / Thursday, August 19, 2021 / Notices IV. Conclusion It is therefore ordered, pursuant to Section 19b2 of the Act,54 that the proposed rule change SRNYSE2020
98, as amended by Amendment Nos. 2
and 3, be and hereby is approved.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.55
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202117760 Filed 81821; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492661; File No. SRMIAX
202137

Self-Regulatory Organizations; Miami International Securities Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt a Tiered-Pricing Structure for Additional Limited Service MIAX
Express Interface Ports August 13, 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 August 2, 2021, 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, 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.

lotter on DSK11XQN23PROD with NOTICES1

I. Self-Regulatory Organizations 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 to amend certain port fees.
The text of the proposed rule change is available on the Exchanges website at http www.miaxoptions.com/rulefilings, at MIAXs principal office, and at the Commissions Public Reference Room.
54 15

U.S.C. 78sb2.
CFR 200.303a12.
1 15 U.S.C. 78sb1.
2 17 CFR 240.19b4.
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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.
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Fee Schedule to adopt a tiered-pricing structure for additional Limited Service MIAX Express Interface MEI Ports 3
available to Market Makers.4 The Exchange believes a tiered-pricing structure will encourage Market Makers to be more efficient and economical when determining how to connect to the Exchange. This should also enable the Exchange to better monitor and provide access to the Exchanges network to ensure sufficient capacity and headroom in the System.5
Additional Limited Service MEI Port Tiered-Pricing Structure The Exchange proposes to amend the fees for additional Limited Service MEI
Ports. Currently, the Exchange allocates two 2 Full Service MEI Ports 6 and two 2 Limited Service MEI Ports 7 per 3 MIAX Express Interface is a connection to MIAX
systems that enables Market Makers to submit simple and complex electronic quotes to MIAX. See Fee Schedule, note 26.
4 The term Market Makers refers to Lead Market Makers LMMs, Primary Lead Market Makers PLMMs, and Registered Market Makers RMMs collectively. See Exchange Rule 100.
5 The term System means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100.
6 Full Service MEI Ports provide Market Makers with the ability to send Market Maker quotes, eQuotes, and quote purge messages to the MIAX
System. Full Service MEI Ports are also capable of receiving administrative information. Market Makers are limited to two Full Service MEI Ports per matching engine. See Fee Schedule, Section 5dii, note 27.
7 Limited Service MEI Ports provide Market Makers with the ability to send eQuotes and quote purge messages only, but not Market Maker Quotes, to the MIAX System. Limited Service MEI Ports are also capable of receiving administrative information. Market Makers initially receive two Limited Service MEI Ports per matching engine. See Fee Schedule, Section 5dii, note 28.

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matching engine 8 to which each Market Maker connects. Market Makers may also request additional Limited Service MEI Ports for each matching engine to which they connect. The Full Service MEI Ports, Limited Service MEI Ports and the additional Limited Service MEI
Ports all include access to the Exchanges primary and secondary data centers and its disaster recovery center.
Market Makers may request additional Limited Service MEI Ports for which they are assessed a $100 monthly fee for each additional Limited Service MEI
Port for each matching engine. This fee has been unchanged since 2016.9
The Exchange now proposes to move from a flat monthly fee per additional Limited Service MEI Port for each matching engine to a tiered-pricing structure per additional Limited Service MEI Ports for each matching engine under which the monthly fee would vary depending on the number of additional Limited Service MEI Ports the Market Maker elects to purchase.
Specifically, the Exchange will continue to provide the first and second additional Limited Service MEI Ports for each matching engine free of charge, as described above, per the initial allocation of Limited Service MEI Ports that Market Makers receive.
Specifically, i the third and fourth additional Limited Service MEI Ports for each matching engine will increase from the current flat monthly fee of $100 to $150 per port; ii the fifth and sixth additional Limited Service MEI Ports for engine matching engine will increase from the current flat monthly fee of $100 to $200 per port; and iii the seventh additional Limited Service MEI
Port, and each Limited Service MEI Port for each matching engine purchased thereafter, will increase from the current monthly flat fee of $100 to $250 per port collectively, the Proposed Access Fees.
2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is 8 A matching engine is a part of the MIAX
electronic system that processes options quotes and trades on a symbol-by-symbol basis. Some matching engines will process option classes with multiple root symbols, and other matching engines will be dedicated to one single option root symbol for example, options on SPY will be processed by one single matching engine that is dedicated only to SPY. A particular root symbol may only be assigned to a single designated matching engine. A
particular root symbol may not be assigned to multiple matching engines. See Fee Schedule, Section 5dii, note 29.
9 See Securities Exchange Act Release No. 79666
December 22, 2016, 81 FR 96133 December 29, 2016 SRMIAX201647.

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