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Federal Register / Vol. 86, No. 164 / Friday, August 27, 2021 / Notices
SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492725; File No. SRMIAX
202138

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 Adjust the Options Regulatory Fee August 23, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934 the Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on August 12, 2021, Miami International Securities Exchange LLC MIAX or Exchange filed with the Securities and Exchange Commission the 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.
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 adjust the Options Regulatory Fee ORF.
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.

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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.

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A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, the Exchange assesses ORF
in the amount of $0.0029 per contract side. The Exchange proposes to reduce the amount of ORF from $0.0029 per contract side to $0.0019 per contract side in order to help ensure that revenue collected from the ORF, in combination with other regulatory fees and fines, does not exceed the Exchanges total regulatory costs. The Exchanges proposed change to the ORF should balance the Exchanges regulatory revenue against the anticipated regulatory costs. The Exchange initially filed this proposal on July 30, 2021 SR
MIAX202136 and withdrew such filing on August 12, 2021. The Exchange proposes to implement the fee change effective August 12, 2021.
Collection of ORF
Currently, the Exchange assesses the per-contract ORF to each Member 3 for all options transactions, including Mini Options, cleared or ultimately cleared by the Member, which are cleared by the Options Clearing Corporation OCC in the customer range,4
regardless of the exchange on which the transaction occurs. The ORF is collected by OCC on behalf of the Exchange from either: 1 A Member that was the ultimate clearing firm for the transaction; or 2 a non-Member that was the ultimate clearing firm where a Member was the executing clearing firm for the transaction. The Exchange uses reports from OCC to determine the identity of the executing clearing firm and ultimate clearing firm.
To illustrate how the Exchange assesses and collects ORF, the Exchange provides the following set of examples.
For a transaction that is executed on the Exchange and the ORF is assessed, if there is no change to the clearing account of the original transaction, then the ORF is collected from the Member that is the executing clearing firm for the transaction the Exchange notes that, for purposes of the Fee Schedule, when there is no change to the clearing account of the original transaction, the executing clearing firm is deemed to be 3 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.
4 Exchange participants must record the appropriate account origin code on all orders at the time of entry in order. The Exchange represents that it has surveillances in place to verify that Members mark orders with the correct account origin code.

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the ultimate clearing firm. If there is a change to the clearing account of the original transaction i.e., the executing clearing firm gives-up or CMTAs 5
the transaction to another clearing firm, then the ORF is collected from the clearing firm that ultimately clears the transactionthe ultimate clearing firm. The ultimate clearing firm may be either a Member or non-Member of the Exchange. If the transaction is executed on an away exchange and the ORF is assessed, then the ORF is collected from the ultimate clearing firm for the transaction. Again, the ultimate clearing firm may be either a Member or nonMember of the Exchange. The Exchange notes, however, that when the transaction is executed on an away exchange, the Exchange does not assess the ORF when neither the executing clearing firm nor the ultimate clearing firm is a Member even if a Member is given-up or CMTAed and then such Member subsequently gives-up or CMTAs the transaction to another non-Member via a CMTA reversal.
Finally, the Exchange does not assess the ORF on outbound linkage trades, whether executed at the Exchange or an away exchange. Linkage trades are tagged in the Exchanges system, so the Exchange can readily tell them apart from other trades. A customer order routed to another exchange results in two customer trades, one from the originating exchange and one from the recipient exchange. Charging ORF on both trades could result in doublebilling of ORF for a single customer order; thus, the Exchange does not assess ORF on outbound linkage trades in a linkage scenario. This assessment practice is identical to the assessment practice currently utilized by the Exchanges affiliates, MIAX PEARL, LLC
MIAX Pearl and MIAX Emerald, LLC MIAX Emerald.6
As a practical matter, when a transaction that is subject to the ORF is not executed on the Exchange, the Exchange lacks the information necessary to identify the order-entering member for that transaction. There are a multitude of order-entering market participants throughout the industry, and such participants can make changes to the market centers to which they connect, including dropping their connection to one market center and establishing themselves as participants 5 CMTA or Clearing Member Trade Assignment is a form of give-up whereby the position will be assigned to a specific clearing firm at OCC.
6 See Securities Exchange Act Release Nos. 85163
February 15, 2019, 84 FR 5798 February 22, 2019
SRPEARL201901; 85251 March 6, 2019, 84
FR 8931 March 12, 2019 SREMERALD2019
01.

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