Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Implementation Date of the Change To Provide Origin Code in the Liquidity Seeking Event Notification Messages on the Administrative Information Subscriber (“AIS”) Feed

[Federal Register Volume 91, Number 108 (Friday, June 5, 2026)]

[Notices]

[Pages 34261-34262]

From the Federal Register Online via the Government Publishing Office [ www.gpo.gov ]

[FR Doc No: 2026-11281]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-105598; File No. SR-MIAX-2026-23]

Self-Regulatory Organizations; Miami International Securities

Exchange, LLC; Notice of Filing and Immediate Effectiveness of a

Proposed Rule Change To Amend the Implementation Date of the Change To

Provide Origin Code in the Liquidity Seeking Event Notification

Messages on the Administrative Information Subscriber (``AIS'') Feed

June 2, 2026.

Pursuant to the provisions of Section 19(b)(1) of the Securities

Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4

thereunder,\2\ notice is hereby given that on May 27, 2026, 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 and II 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.

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\1\ 15 U.S.C. 78s(b)(1).

\2\ 17 CFR 240.19b-4.

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I. Self-Regulatory Organization's Statement of the Terms of Substance

of the Proposed Rule Change

The Exchange proposes to change the implementation date of the

proposed change to provide origin code in the liquidity seeking event

notification messages on the Administrative Information Subscriber

(``AIS'') feed.

II. Self-Regulatory Organization's 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 Organization's Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule Change

1. Purpose

On September 11, 2025, the Exchange filed a proposal to amend the

Administrative Information Subscriber market data feed (``AIS Feed'')

to include origin code in the liquidity seeking event notification

message.\3\ In its filing the Exchange proposed to announce the

implementation date via Regulatory Circular. On February 20, 2026, the

Exchange filed SR-MIAX-2026-10 \4\ to extend the implementation date to

Q4 of 2026 to allow Members \5\ ample time to complete the necessary

technical changes prior to the implementation of the change. The

Exchange now proposes to change the implementation date to Q3 of 2026

as its Members have completed the necessary technical changes and are

in a position to receive the new data element on the AIS feed.

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\3\ See Securities Exchange Act Release No. 1104011 (September

11, 2025), 90 FR 46295 (September 22, 2025) (SR-MIAX-2025-43).

\4\ See Securities Exchange Act Release No. 104905 (February 27,

2026), 91 FR 10656 (March 4, 2026) (SR-MIAX-2026-10).

\5\ 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.

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The Exchange proposes to issue a Regulatory Circular notifying

market participants of the actual date at least 30 days prior to

implementation of this functionality.

2. Statutory Basis

The Exchange believes that its proposed rule change is consistent

with Section 6(b) of the Act \6\ in general, and furthers the

objectives of Section 6(b)(5) of the Act \7\ in particular, in that it

is designed to prevent fraudulent and manipulative acts and practices,

to promote just and equitable principles of trade, to foster

cooperation and coordination with persons engaged in regulating,

clearing, settling, processing information with respect to, and

facilitating transactions in, securities, to remove impediments to and

perfect the mechanisms of a free and open market and a national market

system and, in general, to protect investors and the public interest by

allowing the Exchange and its Members to implement the proposed change.

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\6\ 15 U.S.C. 78f(b).

\7\ 15 U.S.C. 78f(b)(5).

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[[Page 34262]]

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will

result in any burden on competition that is not necessary or

appropriate in furtherance of the purposes of the Act. The Exchange's

proposal to implement the proposed functionality does not impose an

undue burden on competition.

The Exchange does not believe that the proposed rule change will

impose any burden on intramarket competition as subscribers to the AIS

feed will receive the same information.

The Exchange does not believe that the proposed rule change will

impose any burden on intermarket competition as the proposed change is

a change in the implementation date of approved functionality. The

Exchange does not believe that the proposed rule change will result in

any burden on inter-market competition, but could serve to promote

inter-market competition by possibly improving the number and quality

of executions on the Exchange during liquidity seeking events which may

improve competition for orders across all exchanges.

C. Self-Regulatory Organization's Statement on Comments on the Proposed

Rule Change Received From Members, Participants, or Others

Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for

Commission Action

Because the foregoing proposed rule change does not: (i)

significantly affect the protection of investors or the public

interest; (ii) impose any significant burden on competition; and (iii)

become operative for 30 days after the date of the filing, or such

shorter time as the Commission may designate, it has become effective

pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\

thereunder.

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\8\ 15 U.S.C. 78s(b)(3)(A).

\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)

requires a self-regulatory organization to give the Commission

written notice of its intent to file the proposed rule change at

least five business days prior to the date of filing of the proposed

rule change, or such shorter time as designated by the Commission.

The Exchange has satisfied this requirement.

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At any time within 60 days of the filing of the proposed rule

change, the Commission summarily may temporarily suspend such rule

change if it appears to the Commission that such action is necessary or

appropriate in the public interest, for the protection of investors, or

otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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:

Electronic Comments

Use the Commission's internet comment form ( https://www.sec.gov/rules/sro.shtml ); or

Send an email to [email protected] . Please include

file number SR-MIAX-2026-23 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities

and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-MIAX-2026-23. 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 Commission's internet website ( https://www.sec.gov/rules/sro.shtml ). Copies of the filing also will be available for inspection

and copying at the principal office of the Exchange. Do not include

personal identifiable information in submissions; you should submit

only information that you wish to make available publicly. We may

redact in part or withhold entirely from publication submitted material

that is obscene or subject to copyright protection.

All submissions should refer to file number SR-MIAX-2026-23 and

should be submitted on or before June 26, 2026.

For the Commission, by the Division of Trading and Markets,

pursuant to delegated authority.\10\

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\10\ 17 CFR 200.30-3(a)(12).

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Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026-11281 Filed 6-4-26; 8:45 am]

BILLING CODE 8011-01-P