U.S. Equities

MIAX Pearl® Equities Exchange Rules Incorporated by Reference

MIAX Pearl has rules that incorporate by reference existing rules of the following other self-regulatory organizations as identified in the MIAX Pearl Rulebook: Miami International Securities Exchange, LLC (MIAX Equities); Chicago Board Equities Exchange, Inc. (CBOE); New York Stock Exchange (NYSE); and Financial Industry Regulatory Authority (FINRA).

Certain proposed rules of MIAX Pearl incorporate by reference existing rules of MIAX Equities, and certain MIAX Equities rules incorporate by reference existing rules of CBOE, NYSE and FINRA. Accordingly, MIAX Pearl is indirectly incorporating by reference certain CBOE, NYSE and FINRA rules.

Specifically, MIAX Pearl incorporates by reference changes made to each MIAX Equities, CBOE, NYSE and FINRA rule that is cross-referenced in the following MIAX Pearl Rules: Chapter III (Business Conduct); Chapter VII (Exercises and Deliveries); Chapter VIII (Records, Reports and Audits); Chapter IX (Summary Suspension); Chapter XI (Hearings, Review and Arbitration); Chapter XIII (Doing Business with the Public); Chapter XIV (Order Protection, Locked and Crossed Markets); Chapter XV (Margins); Chapter XVI (Net Capital Requirements); Chapter XVII (Consolidated Audit Trail Compliance Rule); and Chapter XVIII (Index Equities).

The following rules are cross-referenced in the MIAX Equities Rules to rules of FINRA, CBOE and NYSE:

• Rules relating to the arbitration of disputes (see, MIAX Equities Rule 1107, which cross references the Rule 12000 Series and Rule 13000 Series of the FINRA Manual – Code of Arbitration Procedures for Customer Disputes and Code of Arbitration Procedures for Industry Disputes)
• Rules relating to the transfer of customer accounts (see, MIAX Equities Rule 1321, which cross references FINRA Rule 11870, the transfer of customer accounts rule)
• Rules relating to initial and maintenance margin requirements (see, MIAX Equities Rule 1502, which cross references initial and maintenance margin the rules of both CBOE and NYSE)

Thus, whenever FINRA amends its arbitration and whenever CBOE and NYSE amend their margin rules, MIAX Pearl is required to provide written notice to its members of those proposed changes and provide a link to the CBOE and NYSE websites where the proposed rule change filings are located. In addition, whenever MIAX Equities amends its rules which MIAX Pearl has incorporated by reference, MIAX Pearl is required to provide written notice to its members of those proposed changes and provide a link to the section of the website where the proposed rule change filings of MIAX Equities are located.