[Federal Register Volume 87, Number 183 (Thursday, September 22, 2022)]
[Notices]
[Pages 57930-57931]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20505]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95814; File No. SR-MIAX-2022-29]


Self-Regulatory Organizations: Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change by Miami International 
Securities Exchange LLC To Amend Its Fee Schedule

September 16, 2022.
    Pursuant to the provisions of Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on September 8, 2022, 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.
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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 is filing a proposal to amend the MIAX Options 
Exchange Fee Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings, at MIAX's principal 
office, and at the Commission's Public Reference Room.

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
    The Exchange proposes to amend footnote 14 referenced in Section 
(1)(a)(iii) of the Fee Schedule to amend the list of MIAX Select 
Symbols \3\ contained in the Priority Customer Rebate Program 
(``PCRP'') \4\ to replace the reference to the symbol ``FB'' with 
``META.''
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    \3\ The term ``MIAX Select Symbols'' means options overlying 
AAL, AAPL, AMAT, AMD, AMZN, BA, BABA, BB, BIDU, BP, C, CAT, CLF, 
CVX, DAL, EBAY, EEM, [FB, ]FCX, GE, GILD, GLD, GM, GOOGL, GPRO, HAL, 
INTC, IWM, JNJ, JPM, KMI, KO, MO, META, MRK, NFLX, NOK, ORCL, PBR, 
PFE, PG, QCOM, QQQ, RIG, SPY, T, TSLA, USO, VALE, WBA, WFC, WMB, X, 
XHB, XLE, XLF, XLP, XOM and XOP.
    \4\ See section (1)(a)(iii) of the Fee Schedule for a complete 
description of the PCRP.
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    The Exchange initially created the list of MIAX Select Symbols on 
March 1, 2014,\5\ and has added, removed and amended symbol names of 
option classes from that list since that time.\6\ Select Symbols are 
rebated slightly higher in certain PCRP tiers and segment than non-
Select Symbols. The Exchange notes that historically, Select Symbols 
generally include a subset of classes of options that are included in 
the Penny Interval Program, an industry-wide program that provides for 
the quoting and trading of certain option classes in penny increments 
(the ``Penny Program'').\7\
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    \5\ See Securities Exchange Act Release No. 71700 (March 12, 
2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014-13).
    \6\ See, e.g., Securities Exchange Act Release Nos. 89530 
(August 12, 2020), 85 FR 50845 (August 18, 2020) (SR-MIAX-2020-26); 
88850 (May 11, 2020), 85 FR 29497 (May 15, 2020) (SR-MIAX-2020-09); 
87964 (January 14, 2020), 85 FR 3435 (January 21, 2020) (SR-MIAX-
2020-01); 87790 (December 18, 2019), 84 FR 71037 (December 26, 2019) 
(SR-MIAX-2019-49); 85314 (March 14, 2019), 84 FR 10359 (March 20, 
2019) (SR-MIAX-2019-07; 81998 (November 2, 2017), 82 FR 51897 
(November 8, 2017) (SR-MIAX-2017-45); 81019 (June 26, 2017), 82 FR 
29962 (June 30, 2017) (SR-MIAX-2017-29); 79301 (November 14, 2016), 
81 FR 81854 (November 18, 2016) (SR-MIAX-2016-42); 74291 (February 
18, 2015), 80 FR 9841 (February 24, 2015) (SR-MIAX-2015-09); 74288 
(February 18, 2015), 80 FR 9837 (February 24, 2015) (SR-MIAX-2015-
08); 73328 (October 9, 2014), 79 FR 62230 (October 16, 2014) (SR-
MIAX-2014-50); 72567 (July 8, 2014), 79 FR 40818 (July 14, 2014) 
(SR-MIAX-2014-34); 72356 (June 10, 2014), 79 FR 34384 (June 16, 
2014) (SR-MIAX-2014-26); 71700 (March 12, 2014), 79 FR 15188 (March 
18, 2014) (SR-MIAX-2014-13).
    \7\ See Securities Exchange Act Release No. 88988 (June 2, 
2020), 85 FR 35153 (June 8, 2020) (SR-MIAX-2020-13). See also 
Exchange Rule 510(c).
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    On June 8, 2022, the Exchange issued an alert that Meta Platforms, 
Inc. would begin trading under its new stock symbol, ``META'', 
replacing its previous ticker symbol, ``FB,'' beginning June 9, 
2022.\8\ The Exchange now proposes to replace references to the symbol 
``FB'' with ``META'' in Footnote 14 of Section (1)(a)(iii) of the Fee 
Schedule. The Exchanges notes that this is the same change that Nasdaq 
ISE, LLC made recently.\9\ The Exchange notes that it is continuing to 
apply the higher MIAX Select Symbol rebate rate, notwithstanding the 
symbol change from ``FB'' to ``META'' in June. The proposed change is 
immediately effective.
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    \8\ See MIAX Listing Alert (June 8, 2022), available at https://www.miaxoptions.com/sites/default/files/alert-files/FB_Symbol_Change_50536.pdf.
    \9\ See Securities Exchange Act Release No. 95238 (July 11, 
2022), 87 FR 42515 (July 15, 2022) (SR-ISE-2022-14).
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2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \10\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \11\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among its members and issuers and other persons using 
its facilities. The Exchange also believes the proposal furthers the 
objectives of Section 6(b)(5) of the Act in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest and is not designed to permit unfair discrimination between 
customers, issuers, brokers and dealers.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes the proposal to amend the symbol name from 
``FB'' to ``META'' in the list of MIAX Select Symbols contained in the 
PCRP is consistent with Section 6(b)(4) of the Act because the proposed 
change will allow for continued benefit to investors by providing them 
an updated list of MIAX Select Symbols contained in the PCRP on the Fee 
Schedule. The proposed change will provide clarity in the Fee Schedule 
that the symbol ``META'' continues to be subject to the MIAX Select 
Symbols pricing.
    The Exchange also believes that its proposal is consistent with 
Section 6(b)(5) of the Act because it will apply equally to all 
similarly situated Priority Customer orders in MIAX Select Symbols in 
the PCRP. All similarly situated Priority Customer orders in MIAX 
Select Symbols are subject to the same rebate schedule.

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 update references to the symbol ``FB'' to ``META'' within 
the Fee Schedule does

[[Page 57931]]

not impose an undue burden on competition as the proposal does not 
amend the current pricing. This proposed change is a not a competitive 
proposal but rather is designed to update the list of MIAX Select 
Symbols contained in the PCRP in order to avoid potential confusion on 
the part of market participants and other competing options 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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\12\ and Rule 19b-4(f)(2) \13\ thereunder. 
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. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \13\ 17 CFR 240.19b-4(f)(2).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File SR-MIAX-2022-29 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-2022-29. 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 (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's 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 such 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 Number SR-MIAX-2022-29 and should be submitted on 
or before October 13, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20505 Filed 9-21-22; 8:45 am]
BILLING CODE 8011-01-P


