FR 2024-28546

Summary of the Document

The document is a notice from the Miami International Securities Exchange, LLC (MIAX), filed with the U.S. Securities and Exchange Commission (SEC). It proposes updates to MIAX's fee schedule, focusing on two main changes: updating the email domain to @miaxglobal.com and removing all references to mini-options. Mini-options, which are smaller contract options, were once part of MIAX's offerings but failed to gain popularity and have since been delisted. The SEC invites public comments on these proposed amendments.

Significant Issues and Concerns

One of the primary concerns with the document is its complexity and use of legalese, which may be difficult for people without a legal or financial background to understand. The document references specific statutes and rules extensively, potentially alienating lay readers who are not familiar with securities regulation. Additionally, it contains numerous footnotes that can break up the flow of reading, making it cumbersome to follow.

Another issue is the lack of an abstract, which would help readers quickly understand the main points of the proposal. The lengthy explanation for the email domain update could have been more concise, streamlining the information provided. Moreover, while the proposal discusses removing references to mini-options, it doesn't fully explain the direct impact of this change on members or operations beyond improving clarity.

Impact on the Public and Stakeholders

Broadly, this document impacts members of the MIAX and possibly other stakeholders in the securities exchange industry. By making the fee schedule clearer and up-to-date, the proposal aims to reduce confusion for all users interacting with MIAX's offerings. However, the complexity of the document might limit public engagement, as understanding the proposed changes fully could require specialized knowledge.

For the specific stakeholders, such as MIAX members and entities using MIAX's services, the proposal promises increased clarity and a more streamlined fee schedule. This clarity could potentially simplify compliance and operational processes for regular users of the platform. However, the lack of a cost analysis or potential savings assessment from removing mini-options references leaves a gap in understanding the financial or operational benefits that might accrue to stakeholders.

Overall, the document aims to refine the regulatory framework surrounding MIAX's fee schedule, but it may have benefited from clearer communication to ensure broader understanding and engagement from the public and specific stakeholders alike.

The document from the Federal Register discusses a proposed rule change by the Miami International Securities Exchange, LLC (MIAX) concerning amendments to its fee schedule. The focus here is on the financial implications of these changes, particularly the references to fees associated with mini-options.

Summary of Financial References

The primary financial aspect mentioned in the document is the removal of a specific fee associated with mini-options. Previously, MIAX Market Makers were assessed a $0.02 per executed contract fee for transactions in mini-options. The document proposes to delete this fee, as well as all references to mini-options, from the Exchange's Fee Schedule.

Relation to Identified Issues

This financial change is part of a broader initiative to remove obsolete language and references to mini-options from the documents. The document notes that mini-options did not gain sufficient market acceptance and were delisted, meaning the transactions in these options are no longer relevant. By removing references to the $0.02 per executed contract fee, the Exchange aims to provide clearer and more accurate information to its members and the public.

However, the document does not elaborate on any potential financial impact this might have on current or future operations for MIAX Market Makers. While the removal might seem like a matter of simplifying the Fee Schedule, it leaves questions about how these changes affect overall cost savings or operational efficiencies.

The document also does not provide a detailed analysis or contextual explanation about whether eliminating the fee could result in financial benefits or drawbacks for the Exchange and its members. Such details could have helped in assessing the broader financial impact of these proposed changes.

In conclusion, while the document highlights the removal of a specific fee from the Fee Schedule, it lacks a comprehensive discussion of the financial consequences of these changes for MIAX, its members, or its overall operations. This absence could be perceived as an oversight, especially for stakeholders looking for clarity on how the fee adjustments might influence their financial dealings with the Exchange.