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Federal Register / Vol. 86, No. 208 / Monday, November 1, 2021 / Notices
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 No.
SRNASDAQ2021040 and should be submitted by November 22, 2021.
Rebuttal comments should be submitted by December 6, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.63
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202123670 Filed 102921; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3493424; File No. SRMIAX
202149

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 an Incentive Program for Market Makers in SPIKES Options
lotter on DSK11XQN23PROD with NOTICES1

October 26, 2021.

Pursuant to the provisions of Section 19b1 of the Securities Exchange Act of 1934 Act 1 and Rule 19b4
thereunder,2 notice is hereby given that on October 12, 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.
63 17 CFR 200.303a12; 17 CFR 200.30
3a57.
1 15 U.S.C. 78sb1.
2 17 CFR 240.19b4.

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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 adopt an incentive program for Market Makers 3
in SPIKES options.
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 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 implement a SPIKES
Options Market Maker Incentive Program the Incentive Program for the period beginning October 1, 2021, and ending December 31, 2021.4 The Incentive Program is designed to improve liquidity, volume, and quote width spreads in SPIKES options.
Technical details regarding the Incentive Program were published in a Regulatory Circular on September 30, 2021.5 The Exchange originally filed this proposal on September 30, 2021, SRMIAX202145. On October 12, 2021, the Exchange withdrew SR
MIAX202145 and refiled this proposal.
3 The term Market Makers refers to Lead Market Makers, Primary Lead Market Makers and Registered Market Makers collectively. See Exchange Rule 100.
4 The Exchange notes that at the end of the period, the Program will expire unless the Exchange files another 19b4 Filing to amend its fees.
5 See MIAX Options Regulatory Circular 202156, SPIKES Options Market Maker Incentive Program September 30, 2021 available at https
www.miaxoptions.com/sites/default/files/circularfiles/MIAX_Options_RC_2021_56.pdf.

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Background On October 12, 2018, the Exchange received approval from the Commission to list and trade options on the SPIKES
Index, which measures expected 30-day volatility of the SPDR S&P 500 ETF
Trust commonly known and referred to by its ticker symbol, SPY.6 The Exchange adopted its initial SPIKES
transaction fees on February 15, 2019.7
Options on the SPIKES Index began trading on the Exchange on February 19, 2019.
SPIKES Options Market Maker Incentive Program The Exchange proposes to implement a SPIKES Options Market Maker Incentive Program for SPIKES options to incentivize Market Makers to improve liquidity, available volume, and the quote spread width of SPIKES options.
To be eligible to participate in the Incentive Program, a Market Maker must meet certain minimum requirements related to quote spread width in certain in-the-money ITM and out-of-themoney OTM options as determined by the Exchange and communicated to Members via Regulatory Circular.8
Market Makers must also satisfy a minimum time in the market in the front 2 expiry months of 70%, and have an average quote size of 25 contracts.
The Exchange proposes to establish two separate incentive compensation pools that will be used to compensate Market Makers that satisfy the criteria pursuant to the proposed Incentive Program.
Incentive 1 Pool The first pool Incentive 1 will be a total amount of $40,000 per month, which will be allocated to Market Makers that meet the minimum requirements of the Incentive Program.
Market Makers will be required to meet minimum spread width requirements in a select number of ITM and OTM
SPIKES option contracts as determined by the Exchange and communicated to 6 See Securities Exchange Act Release No. 84417
October 12, 2018, 83 FR 52865 October 18, 2018
SRMIAX201814 Order Granting Approval of a Proposed Rule Change by Miami International Securities Exchange, LLC to List and Trade on the Exchange Options on the SPIKES Index.
7 See Securities Exchange Release No. 85283
March 11, 2019, 84 FR 9567 March 15, 2019 SR
MIAX201911. On September 30, 2020, the Exchange filed its proposal to, among other things, reorganize the Fee Schedule to adopt new Section 1b, Proprietary Products Exchange Fees, and moved the fees and rebates for SPIKES options into new Section 1bi. See Securities Exchange Act Release No. 90146 October 9, 2020, 85 FR 65443
October 15, 2020 SRMIAX202032.
8 Supra note 5.

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