Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of the Change To Amend the Administrative Information Subscriber Market Data Feed

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104380; File No. SR-MIAX-2025-48]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of the Change To Amend the Administrative Information Subscriber Market Data Feed</SUBJECT> <DATE>December 12, 2025.</DATE> Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”), <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on December 2, 2025, Miami International Securities Exchange, LLC (“MIAX” or the “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the 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. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to delay implementation of the change to amend the Administrative Information Subscriber market data feed to include the origin code on liquidity seeking event notifications. The text of the proposed rule change is available on the Exchange's website at <E T="03">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings,</E> and at the Exchange's principal office. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> 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. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> On September 11, 2025, the Exchange filed a proposal to amend the Administrative Information Subscriber market data feed (“AIS Feed”) to include the origin code in liquidity seeking event notifications. <SU>3</SU> <FTREF/> The proposed rule change indicated that the Exchange would announce the implementation date of the proposed rule change by Regulatory Circular to be published no later than 90 days following the operative date of the proposed rule. Additionally, the proposed rule change provided that the implementation date would be no later than 90 days following the issuance of the Regulatory Circular. The Exchange has not issued a Regulatory Circular and now proposes to delay the implementation of this functionality until the second quarter of 2026. <FTNT> <SU>3</SU>   <E T="03">See</E> Securities Exchange Act Release No. 104011 (September 22, 2025), 90 FR 46295 (September 25, 2025) (SR-MIAX-2025-43). </FTNT> The Exchange proposes this delay in order to allow the Exchange and its Members ample time to complete the necessary technical changes prior to the implementation of the change to the AIS Feed. The Exchange proposes to issue a Regulatory Circular notifying market participants at least 45 days prior to implementing this functionality. <HD SOURCE="HD3">2. Statutory Basis</HD> The Exchange believes that its proposed rule change is consistent with Section 6(b) of the Act  <SU>4</SU> <FTREF/> in general, and furthers the objectives of Section 6(b)(5) of the Act  <SU>5</SU> <FTREF/> 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 additional time to implement the proposed change. <FTNT> <SU>4</SU>  15 U.S.C. 78f(b). </FTNT> <FTNT> <SU>5</SU>  15 U.S.C. 78f(b)(5). </FTNT> <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD> The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange's proposal to delay the implementation of the proposed functionality does not impose an undue burden on competition. Delaying the implementation will simply allow the Exchange and its Members additional time to properly prepare for, and implement, the proposed functionality. The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition as the delay will apply equally to all Members of the Exchange. The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition as the proposal is to delay the implementation of approved functionality which affects MIAX Members only and does not impact intermarket competition. <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD> Written comments were neither solicited nor received. <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD> The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act  <SU>6</SU> <FTREF/> and Rule 19b-4(f)(6) thereunder. <SU>7</SU> <FTREF/> Because the 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act  <SU>8</SU> <FTREF/> and Rule 19b-4(f)(6)  <SU>9</SU> <FTREF/> thereunder. <FTNT> <SU>6</SU>  15 U.S.C. 78s(b)(3)(A)(iii). </FTNT> <FTNT> <SU>7</SU>  17 CFR 240.19b-4(f)(6). </FTNT> <FTNT> <SU>8</SU>  15 U.S.C. 78s(b)(3)(A) </FTNT> <FTNT> <SU>9</SU>  Rule 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, along with a brief description and text of 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. </FTNT> At any time within 60 days of the filing of such 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. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B)  <SU>10</SU> <FTREF/> of the Act to determine whether the proposed rule change should be approved or disapproved. <FTNT> <SU>10</SU>  15 U.S.C. 78s(b)(2)(B). </FTNT> <HD SOURCE="HD1">IV. Solicitation of Comments</HD> 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: <HD SOURCE="HD2">Electronic Comments</HD> • Use the Commission's internet comment form ( <E T="03">https://www.sec.gov/rules/sro.shtml</E> ); or • Send an email to <E T="03">rule-comments@sec.gov.</E> Please include file number SR-MIAX-2025-48 on the subject line. <HD SOURCE="HD2">Paper Comments</HD> • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. <FP> All submissions should refer to file number SR-MIAX-2025-48. 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 ( <E T="03">https://www.sec.gov/rules/sro.shtml</E> ). Copies of the filing 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-2025-48 and should be submitted on or before January 7, 2026. </FP> <SIG> For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. <SU>11</SU> <FTREF/> <FTNT> <SU>11</SU>  17 CFR 200.30-3(a)(12). </FTNT> <NAME>Sherry R. Haywood,</NAME> Assistant Secretary. </SIG> <FRDOC>[FR Doc. 2025-23070 Filed 12-16-25; 8:45 am]</FRDOC> </NOTICE>