[Federal Register Volume 88, Number 54 (Tuesday, March 21, 2023)]
[Notices]
[Pages 17077-17079]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-05688]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97149; File No. SR-MIAX-2023-11]


Self-Regulatory Organizations: Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Non-Substantively Amend the MIAX Fee Schedule

March 15, 2023.
    Pursuant to the provisions of Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4thereunder,\2\ notice 
is hereby given that on March 3, 2023, 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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 Fee Schedule 
(``Fee Schedule'') to make minor, non-substantive clarifying changes.
    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 the Fee Schedule to make minor, non-
substantive clarifying changes. Specifically, the Exchange proposes to 
amend instances of the phrases ``MIAX Select Symbols'' and ``non-MIAX 
Select Symbols'' in Section 1)a)iii) of the Fee Schedule to clarify 
that the terms ``Select Symbols'' and ``non-MIAX Select Symbols'' refer 
to options listed on MIAX.
Background
    The Exchange initially created the list of Select Symbols on March 
1, 2014,\3\ and has added, removed and amended symbol names of option 
classes from that list since that time.\4\ Select Symbols are rebated 
slightly higher in certain Priority Customer Rebate Program (``PCRP'') 
\5\ tiers and segments than non-Select Symbols. Currently, 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, FCX, 
GE, GILD, GLD, GM, GOOGL, GPRO, HAL, INTC, IWM, JNJ, JPM, KMI, KO, 
META, MO, 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.\6\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 71700 (March 12, 
2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014-13).
    \4\ 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).
    \5\ See section 1)a)iii) of the Fee Schedule for a complete 
description of the PCRP.
    \6\ See Fee Schedule, note 14.
---------------------------------------------------------------------------

Proposal
    First, the Exchange proposes to amend two column headers of the 
PCRP Table in Section 1)a)iii) of the Fee

[[Page 17078]]

Schedule to remove the word ``MIAX'' from the table columns, ``Per 
Contract Credit for Simple Orders in non-MIAX Select Symbols'' and 
``Per Contract Credit for Simple Orders in MIAX Select Symbols.'' 
Second, the Exchange proposes to add the phrase ``Listed on MIAX'' to 
those same two table columns so that with the proposed changes, those 
columns in the PCRP Table will read as follows: ``Per Contract Credit 
for Simple Orders in non-Select Symbols Listed on MIAX'' and ``Per 
Contract Credit for Simple Orders in Select Symbols Listed on MIAX.''
    Additionally, the Exchange proposes to remove the word ``MIAX'' and 
add the phrase ``listed on MIAX'' in footnote 14, so that with the 
proposed changes, footnote 14 will read as follows: ``The term `Select 
Symbols' means options listed on MIAX overlying AAL, AAPL, AMAT, AMD, 
AMZN, BA, BABA, BB, BIDU, BP, C, CAT, CLF, CVX, DAL, EBAY, EEM, FCX, 
GE, GILD, GLD, GM, GOOGL, GPRO, HAL, INTC, IWM, JNJ, JPM, KMI, KO, 
META, MO, 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.''
    Finally, the Exchange proposes to amend one of the explanatory 
paragraphs below the PCRP Table that references ``MIAX Select Symbols'' 
to be in line with the changes proposed above. Accordingly, with the 
proposed change, the explanatory sentence will read as follows: ``For 
each Priority Customer order transmitted by that Member which is 
executed electronically on the Exchange in Select Symbols in simple 
order executions, MIAX shall credit each member at the separate per 
contract rate for Select Symbols listed on MIAX.''
    The Exchange notes that it is not changing the application of fees 
or rebates to Select Symbols or any of the rates in the PCRP Table. The 
purpose of these proposed changes is to promote clarity within the 
Exchange's Fee Schedule. The proposed change is immediately effective.
2. Statutory Basis
    The Exchange believes that the proposed rule changes are consistent 
with Section 6(b) of the Act \7\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \8\ in particular, in that 
they are designed to prevent fraudulent and manipulative acts and 
practices, promote just and equitable principles of trade, foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in securities, remove impediments to and 
perfect the mechanisms of a free and open market and a national market 
system and, in general, protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes the proposed changes promote just and 
equitable principles of trade and remove impediments to and perfect the 
mechanism of a free and open market and a national market system 
because the proposed changes make clarifying, non-substantive edits to 
the Fee Schedule. The Exchange believes that these proposed changes 
will provide greater clarity to Members and the public regarding the 
Exchange's Fee Schedule and that it is in the public interest for the 
Fee Schedule to be accurate and concise so as to eliminate the 
potential for confusion.
    Additionally, the Exchange believes that the proposed rule change 
is consistent with Section 6(b)(5) \9\ because it will not permit 
unfair discrimination among customers, brokers, or dealers because the 
clarification applies equally to all Members with similarly situated 
Priority Customer orders in Select Symbols listed on MIAX in the PCRP. 
All similarly situated Priority Customer orders in Select Symbols are 
subject to the same rebate schedule.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 proposed 
rule change is not a competitive filing but rather is designed to 
remedy minor non-substantive issues and provide added clarity to the 
Fee Schedule in order to avoid potential confusion on the part of 
market participants. Consequently, the Exchange does not believe that 
the proposed change will have any impact on competition.

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 from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and 
subparagraph (f)(6) of Rule 19b-4thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 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 Commission has waived this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally 
does not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. MIAX has asked the Commission to 
waive the 30-day operative delay so that the proposal may become 
operative immediately upon filing. As MIAX represents above, the 
proposed rule change would make minor, non-substantive changes to 
clarify certain references in MIAX's fee schedule to options listed on 
MIAX. MIAX states that waiver of the operative delay would allow MIAX 
to immediately clarify its fee schedule and avoid any potential 
investor confusion. The Commission believes that waiver of the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because the proposed rule change makes non-substantive 
clarifying changes and thus does not raise any new or novel issues. 
Accordingly, the Commission hereby waives the 30-day operative delay 
and designates the proposal operative upon filing.\14\
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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: (i) 
necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) 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,

[[Page 17079]]

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 Number SR-MIAX-2023-11 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-2023-11. 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 the 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-2023-11, and should be submitted on 
or before April 11, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-05688 Filed 3-20-23; 8:45 am]
BILLING CODE 8011-01-P