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Federal Register / Vol. 86, No. 208 / Monday, November 1, 2021 / Notices
whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
lotter on DSK11XQN23PROD with NOTICES1

Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act.
Comments may be submitted by any of the following methods:

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.35
J. Matthew DeLesDernier, Assistant Secretary.

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.

FR Doc. 202123672 Filed 102921; 8:45 am
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION

Electronic Comments
Release No. 3493426; File No. SRMIAX
202150

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
EMERALD202134 on the subject line.

Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for the cToM Market Data Product
Paper Comments
October 26, 2021.

Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on October 14, 2021, Miami International Securities Exchange, LLC MIAX 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.

All submissions should refer to File Number SREMERALD202134. 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 SREMERALD202134, and should be submitted on or before November 22, 2021.

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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 establish fees for the market data product known as MIAX Complex Top of Market cToM.
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.
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 35 17

CFR 200.303a12.
15 U.S.C. 78sb1.
2 17 CFR 240.19b4.
1

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1. Purpose The Exchange proposes to amend Section 6a of the Fee Schedule to establish fees for the cToM data product.
Background The Exchange previously adopted rules governing the trading of Complex Orders 3 on the MIAX System 4 in 2016.5
At that time, 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 nearly five years since it was first available for subscription.
In summary, cToM provides subscribers with the same information as the MIAX 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
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.
5 See Securities Exchange Act Release No. 79072
October 7, 2016, 81 FR 71131 October 14, 2016
SRMIAX201626 Order Approving a Proposed Rule Change to Adopt New Rules to Govern the Trading of Complex Orders.
6 See Securities Exchange Act Release No. 79146
October 24, 2016, 81 FR 75171 October 28, 2016
SRMIAX201636 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.

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