[Federal Register Volume 88, Number 88 (Monday, May 8, 2023)]
[Notices]
[Pages 29725-29729]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-09684]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97421; File No. SR-MIAX-2023-19]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend 
Exchange Rule 307, Position Limits

May 2, 2023.
    Pursuant to 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 April 21, 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, 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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[[Page 29726]]

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

    The Exchange is filing a proposal to amend Exchange Rule 307, 
Position Limits.
    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 Exchange Rule 307, Position Limits, 
to adopt new paragraph (g) to codify the process for adjusting position 
limits as a result of a stock split \3\ or reverse stock split \4\ in 
the underlying security.
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    \3\ A stock split is a corporate action in which a company 
issues additional shares to shareholders, increasing the total by 
the specified ratio based on the shares they held previously. A 
stock split happens when a company increase the number of its shares 
to boost the stock's liquidity. Although the number of shares 
outstanding increases by a specific multiple, the total dollar value 
of all shares outstanding remains the same because a split does not 
fundamentally change the company's value. The most common split 
ratios are 2-for-1 or 3-for-1 (sometimes denoted as 2:1 or 3:1). 
This means that for every share held before the split, each 
stockholder will have two or three shares, respectively, after the 
split. Example of a stock split, in August 2020, Apple (AAPL) split 
its shares 4-for-1. Right before the split, each share was trading 
around $540. After the split, the price per share at the market open 
was $135 (approximately $540/4). An investor who owned 1,000 share 
of the stock pre-split would have owned 4,000 shares post-split. 
Apple's outstanding shares increased from 3.4 billion to 
approximately 13.6 billion, while the market capitalization remained 
largely unchanged at $2 trillion. Adam Hayes, What a Stock Split Is 
and How It Works, With an Example, Investopedia (June 7, 2022), 
https://www.investopedia.com/terms/s/stocksplit.asp (last visited 4/
17/2023).
    \4\ A reverse stock split is a type of corporate action that 
consolidates the number of existing shares of stock into fewer 
(higher-priced) shares. A reverse stock split divides the existing 
total quantity of shares by a number such as five or ten, which 
would then be called a 1-for-5 or 1-for-10 reverse split, 
respectively. A reverse stock split is also known as stock 
consolidation, stock merge, or share rollback and is the opposite of 
a stock split, where a share is divided (split) into multiple parts. 
Say a pharmaceutical company has ten million outstanding shares in 
the market, which are trading for $5 per share. As the share price 
is lower, the company management may wish to artificially inflate 
the per-share price. They decide to go for the 1-for-5 reverse stock 
split, which essentially means merging five existing share into one 
new share. Once the corporate action exercise is over, the company 
will have 2 million new shares (10 million/5), with each share now 
costing $25 each ($5 x 5). Akhilesh Ganti, Reverse Stock Split: What 
It Is, How It Works, Examples, Investopedia (July 11, 2022), https://www.investopedia.com/terms/r/reversesplit.asp (last visited 4/17/
2023).
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Background
    Currently, Exchange Rule 307(d) provides that position limits shall 
be determined in the following manner: (1) a 25,000 contract limit 
applies to those to those options having an underlying security that 
does not meet the requirements for a higher option contract limit; (2) 
To be eligible for the 50,000 contract limit, either the most recent 
six (6) month trading volume of the underlying security must have 
totaled at least twenty (20) million shares, or the most recent six (6) 
month trading volume of the underlying security must have totaled at 
least fifteen (15) million shares and the underlying security must have 
at least forty (40) million shares currently outstanding; (3) To be 
eligible for the 75,000 contract limit, either the most recent six (6) 
month trading volume of the underlying security must have totaled at 
least forty (40) million shares or the most recent six (6) month 
trading volume of the underlying security must have totaled at least 
thirty (30) million shares and the underlying security must have at 
least 120 million shares currently outstanding; (4) To be eligible for 
the 200,000 contract limit, either the most recent six (6) month 
trading volume of the underlying security must have totaled at least 
eighty (80) million shares or the most recent six (6) month trading 
volume of the underlying security must have totaled at least sixty (60) 
million shares and the underlying security must have at least 240 
million shares currently outstanding; (5) To be eligible for the 
250,000 contract limit, either the most recent six (6) month trading 
volume of the underlying security must have totaled at least 100 
million shares or the most recent six (6) month trading volume of the 
underlying security must have totaled at least seventy-five (75) 
million shares and the underlying security must have at least 300 
million shares currently outstanding.
    The Rule also provides that, every six (6) months, the Exchange 
will review the status of underlying securities to determine which 
limit should apply. A higher limit will be effective on the date set by 
the Exchange, while any change to a lower limit will take effect after 
the last expiration then trading, unless the requirement for the same 
or a higher limit is met at the time of the intervening six (6) month 
review. If, however, subsequent to a six (6) month review, an increase 
in volume and/or outstanding shares would make a stock eligible for a 
higher position limit prior to the next review, the Exchange in its 
discretion may immediately increase such position limit.\5\ 
Additionally, Interpretations and Policies .01 of the Rule establishes 
position limits that exceed the highest limit (250,000 contracts) 
available by Rule for certain underlying securities.
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    \5\ See Exchange Rule 307(e).
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    The Securities and Exchange Commission (the ``Commission'') has 
recognized that position limits (and exercise limits) serve as a 
regulatory tool designed to address potential manipulative schemes and 
adverse market impact surround [sic] the use of options. In the past, 
the Commission has stated that: \6\
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    \6\ See Securities Exchange Act Release No. 47346 (February 11, 
2003), 68 FR 8316 (February 20, 2003) (SR-CBOE-2002-26) (Order 
Granting Approval to Proposed Rule Change and Notice of Filing and 
Order Granting Accelerated Approval to Amendment No. 1 to the 
Proposed Rule Change Increasing Position and Exercise Limits for 
Options on the DIAMONDS Trust).
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    Since the inception of standardized options trading, the options 
exchanges have had rules limiting the aggregate number of options 
contracts that a member or customer may hold or exercise. These 
position and exercise limits are intended to prevent the establishment 
of options positions that can be used or might create incentives to 
manipulate the underlying market so as to benefit the option position, 
or that might contribute to disruptions in the underlying market. In 
addition, such limits serve to reduce the possibility of disruption in 
the options market itself, especially in illiquid options classes.\7\
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    \7\ See Securities Exchange Act Release No. 93525 (November 4, 
2021), 86 FR 62584 (November 10, 2021) (SR-CBOE-2021-029) (Notice of 
Filing of Amendment Nos. 2 and 3 and Order Granting Accelerated 
Approval of a Proposed Rule Change, as Modified by Amendments Nos. 
1, 2, and 3, To Increase Position Limits for Options on Two 
Exchange-Traded Funds).
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Proposal
    The Exchange now proposes to amend its position limit rule, 
Exchange Rule 307, to codify and make permanent the position limit 
changes that currently

[[Page 29727]]

occur when an underlying security undergoes a corporate stock split. 
Currently, when an underlying undergoes a stock split, its position 
limit is adjusted by the Options Clearing Corporation by the factor of 
the split.\8\ For example, an underlying that has a position limit of 
250,000 contracts that undergoes a four-for-one stock split will have a 
new position limit of 1,000,000 contracts. However, while the stock 
split is a permanent corporate action in the underlying, the position 
limit adjustment is temporary and lasts only until the time that the 
last option listed at the time the stock split occurred expires.\9\
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    \8\ The Exchange does not believe that the OCC immediately 
adjusts position limits for reverse stock splits.
    \9\ It is the Exchange's understanding and belief that this is 
the OCC's process.
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    To address this issue, the Exchange proposes to similarly apply the 
adjustment factor to the current position limit, by adopting paragraph 
(g), Corporate Actions, to Exchange Rule 307, and new subparagraph 
(g)(1) to describe the Exchange's process for handling stock splits. 
Additionally, the Exchange proposes to adopt new subparagraph (g)(2) to 
describe the Exchange's process for handling reverse stock splits.
    Specifically, new subparagraph (g)(1) will provide that the 
position limit that was in effect at the time of the stock split shall 
be adjusted by multiplying the current position limit value in effect 
for the underlying by the stock split ratio.\10\ The Exchange also 
proposes to include an example in its rule text to illustrate the 
operation of the rule by stating, if the current position limit is 
250,000 contracts and there is a four-for-one (4:1) stock split in the 
underlying, the new position limit would be 1,000,000 contracts (4 x 
250,000).
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    \10\ See proposed Exchange Rule 307(g)(1).
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    Similarly, new subparagraph (g)(2) will provide that the position 
limit that was in effect at the time of the reverse stock split shall 
be adjusted by dividing the current position limit value in effect for 
the underlying by the reverse stock split ratio.\11\ The Exchange also 
proposes to include an example in its rule text to illustrate the 
operation of the rule by stating, if the current position limit is 
250,000 contracts and there is one-for-two (1:2) reverse stock split in 
the underlying, the new position limit would be 125,000 contracts 
(250,000/2). The Exchange also proposes to adopt rule text to provide 
that the new position limit will be the greater of the adjusted 
position limit or the lowest position limit defined in paragraph (d).
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    \11\ See proposed Exchange Rule 307(g)(2).
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    The Exchange believes that its proposal presents a logical approach 
to addressing stock splits in underlying securities as it maintains the 
integrity of the position limit to shares outstanding ratio, both pre 
and post-split, and promotes consistency and stability in the 
marketplace. For example, a position limit of 250,000 contracts on an 
underlying security that has 4,000,000,000 shares outstanding 
represents control of 25,000,000 shares or 0.625% of the total shares 
outstanding. If the underlying security has a four-for-one stock split, 
the number of shares outstanding would increase to 16,000,000,000. 
Therefore, to maintain the same position limit to shares outstanding 
ratio the position limit should accordingly increase fourfold to 
1,000,000 contracts, where control of 100,000,000 shares would 
represent control of 0.625% of the total shares outstanding.
    Currently, the scenario described above occurs when there is a 
stock split, however, when the last option listed at the time of the 
stock split expires, the position limit is re-evaluated in accordance 
to the criteria described in Exchange Rule 307(d)(1)-(5), (where the 
maximum contract limit is 250,000),\12\ and the position limit is 
permanently re-adjusted in accordance to the Rule. However, the 
reversion of the position limit, even to the maximum limit of 250,000 
contracts, unnecessarily restricts trading by imposing a stricter 
position limit relative to the number of shares outstanding post-stock 
split than existed pre-stock split. The Exchange's proposal will 
maintain the position limit ratio to shares outstanding so that the 
pre-split ratio and post-split ratio are identical, and will eliminate 
any market disruptions that may occur as a result of the current 
process for handling stock splits.
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    \12\ See Exchange Rule 307(d)(5).
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    Additionally, the Exchange proposes to amend 307(e) to facilitate 
the six month reevaluation process on underlyings that have undergone a 
split. Specifically, the Exchange proposes that the split factor be 
used for analysis purposes under paragraph (d) of Rule 307. The 
Exchange proposes to adopt rule text that will provide that, for 
underlying securities whose position limit has been adjusted pursuant 
to proposed paragraph (g), the split factor shall be used for analysis 
under paragraph (d). For example, under Exchange Rule 307(d)(5) to be 
eligible for the 250,000 contract limit, either the most recent six (6) 
month trading volume of the underlying security must have totaled at 
least 100 million shares or the most recent six (6) month trading 
volume of the underlying security must have totaled at least seventy-
five (75) million shares and the underlying security must have at least 
300 million shares currently outstanding. Under the Exchange's proposal 
to use the split factor for analysis under paragraph (d), in the event 
of a four-for-one split in the underlying each threshold would be 
increased by the split factor and increased fourfold. Therefore the 
first test would require a six month trading volume of 400 million 
shares (100,000,000 x 4), and the second test would require a six month 
trading volume of 300 million shares (75,000,000 x 4) and the 
underlying security would be required to have at least 1,200,000,000 
shares currently outstanding (300,000,000 x 4). The Exchange proposes 
to take a similar approach with reverse stock splits, and proposes to 
adopt rule text to provide that, for reverse stock splits, the split 
factor would be similarly applied and used as a divisor in the 
calculations rather than as a multiplier.
    Additionally, the Exchange proposes to adopt new subparagraph (3) 
to paragraph (g) to state that, for the purposes of paragraph (g), the 
term ``stock'' shall pertain solely to equity securities and not be 
inclusive of Exchange Traded Funds. Rule 307 provides position limits 
for both equity securities and Exchange Traded Funds,\13\ and the 
Exchange's believes that adopting this rule text provides specificity 
regarding the scope of the Exchange's proposal.
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    \13\ See Interpretations and Policies .01 of Rule 307.
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    The Exchange believes its proposal provides a uniform and 
consistent approach for reevaluating position limits for underlyings 
that were subject to a stock split, as the split factor is properly 
applied (multiplied for share splits and divided for reverse share 
splits) to each threshold value under paragraph (d) to establish the 
proper position limit.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \14\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \15\ 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

[[Page 29728]]

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.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that its proposal would remove impediments to 
and perfect the mechanism of a free and open market and a national 
market system, and, in general protect investors and the public 
interest because it provides a method for addressing position limit 
changes as a result of stock splits occurring in the underlying 
instrument. Currently, position limits are adjusted at the time of the 
stock split but revert back to the original position limit when the 
last listed option at the time of the split expires, which does not 
benefit investors or the public interest, as the original position 
limit is no longer meaningfully related to the current shares 
outstanding. The Exchange also believes that clarifying that its 
proposal applies only to equity stocks and not to Exchange Traded Funds 
will avoid investor confusion.
    The Exchange believes that its proposal is designed to prevent 
fraudulent and manipulative acts and practices as the proposal 
maintains the established position limit relative to shares outstanding 
pre and post stock split. The Exchange believes its proposal promotes 
just and equitable principles of trade, fosters cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
and processing information with respect to transactions in securities, 
as the proposal provides a defined calculation in the Exchange's rule 
to account for stock splits in underlying securities. Additionally, the 
Exchange proposes a corollary method for handling reverse stock split 
that employs similar logic.
    The Exchange notes that the industry recently experienced an issue 
with a stock split in Apple Inc. (``AAPL'') that this proposal is 
tangentially designed to address. In August of 2020, AAPL underwent a 
four-for-one stock split. Prior to the stock split there were 
approximately 4,000,000,000 shares of AAPL outstanding \16\ and the 
position limit for AAPL was 250,000 contracts (25,000,000 shares). On 
August 28, 2020, the Options Clearing Corporation (the ``OCC'') 
published a Memo indicating that effective August 31, 2020, a contract 
multiplier of 4 and a strike divisor of 4 would be applied to AAPL 
contracts and strikes.\17\ The OCC also adjusted the position limit for 
AAPL by the same factor, setting the equity position limit to 
100,000,000 shares (1,000,000 contracts). Position limits are published 
daily by the OCC on its website.\18\ However, when the last AAPL option 
listed at the time of the stock split in 2020 expired in 2022, the OCC 
reverted back to the original equity position limit for AAPL of 
25,000,000 shares (250,000 contracts). Although this position limit 
technically adheres to Exchange rules,\19\ it is more restrictive than 
the original position limit. Prior to the stock split AAPL had 
approximately 4,000,000,000 shares outstanding and the position limit 
of 250,000 contracts represented control of 25,000,000 shares or 0.625% 
of the shares outstanding. After the stock split AAPL had approximately 
16,000,000,000 shares outstanding.\20\ The immediate adjustment of the 
position limit from 250,000 contracts to 1,000,000 contracts reflects 
control of 100,000,000 shares or 0.625% of the shares outstanding which 
retains the pre-stock split ratio. Re-adjusting the position limit back 
to 25,000,000 shares (250,000 contracts) when there are 16,000,000,000 
shares outstanding reduces the position limit to 0.156% of the shares 
outstanding, making the post-stock split position limit more 
restrictive than the pre-stock split position limit.
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    \16\ Apple Inc. Form 10-Q for the Quarterly Period Ended June 
27, 2020 states that 4,275,634,000 shares of common stock were 
issued and outstanding as of July 17, 2020.
    \17\ See OCC Memo #47509, Apple Inc.--4 for 1 Stock Split 
(August 28, 2020) available on its public website at https://infomemo.theocc.com/infomemos?number=47509.
    \18\ See https://www.theocc.com/market-data/market-data-reports/series-and-trading-data/position-limits.
    \19\ See Exchange Rule 307(e).
    \20\ Apple Inc. Form 10-Q for the Quarterly Period Ended June 
25, 2022, states that 16,070,752,000 shares of common stock were 
issued and outstanding as of July 15, 2022.
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    This reversion to the pre-stock split position disrupts the market 
in a number of ways. First, it prevents market participants from 
effectively pursuing their trading and investment strategies in the 
same fashion as they had pre-stock split as the position limit relative 
to shares outstanding becomes more restrictive. Secondly, the reversion 
to the pre-stock split position limit introduces an element of risk as 
market participants must unwind their post-stock split positions prior 
to the occurrence of the reversion back to the pre-stock split position 
limit level to remain compliant with position limit rules. Finally, the 
reversion of the position limit may negatively impact trading volumes, 
as market participants that use option contracts to hedge their risks 
will not be able to maintain the same levels of market exposure.
    Using AAPL as an example, pre-split, a market participant could 
have had an options position of 250,000 contracts that represented 
0.0625% of the total shares outstanding. Post-split, the market 
participant could have an options position of 1,000,000 contracts, 
which would still represent 0.0625% of the total shares outstanding. 
When the reversion back to the pre-split position limit occurs (250,000 
contracts) the market participant is forced to reduce its trading 
activity as the maximum position limit now represents 0.1563% of the 
total shares outstanding. This reduction in trading volume also 
represents a reduction in available liquidity. Robust liquidity 
facilitates price discovery and benefits competition by improving bid/
ask spreads, tighter bid/ask spreads lead to better execution prices. 
Therefore, the reversion to the pre-split position limit negatively 
impacts liquidity, trading volume, and possibly execution prices.
    The Exchange believes that its proposed formula for reevaluating 
position limits for underlyings that have undergone a stock split or 
reverse stock split would remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general protect investors and the public interest because it 
provides a uniform and consistent approach for re-evaluating position 
limits.
    Each option exchange has a similar position limit rule,\21\ and the 
minimum position limit value is used by the OCC. The Exchange believes 
its proposal will allow each exchange to adopt a similar provision to 
their position limit rule to harmonize position limit adjustments as a 
result of stock splits in underlying securities. The Exchange believes 
this will foster cooperation and coordination with persons engaged in 
regulating and processing information with respect to transactions in 
securities by standardizing the calculation of position limits for 
underlying securities that undergo a stock split. All market 
participants are able to determine position limits on a daily basis as 
each day the Options Clearing Corporation publishes a Position Limit 
file. Additionally, the OCC publishes a Position Limit Change file 
which reflects position limit adjustments and provides the Start Date 
and Starting Position Limit coupled with the End

[[Page 29729]]

Date and Ending Position Limit, to alert the industry participants to 
position limit changes. Therefore, the Exchange believes that its 
proposal is designed to promote just and equitable principles of trade 
and to foster cooperation and coordination with persons engaged in 
regulating, clearing, settling, and processing information with respect 
to transactions in securities.
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    \21\ See e.g., Cboe Exchange Rule 8.30; Box Exchange Rule 3120, 
Nasdaq Phlx, Options 9, Section 13; Nasdaq ISE, Options 9, Section 
13; NYSE Arca 6.8-O; and NYSE American Rule 904.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    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 does not believe that the proposed rule change will 
impose any burden on intra-market competition as the rules of the 
Exchange apply equally to all Members of the Exchange and all Members 
of the Exchange are required to adhere to the position limits 
established by the Exchange's rules.
    The Exchange does not believe that the proposed rule change will 
impose any burden on inter-market competition as the proposal is not 
competitive in nature. The Exchange believes that all option exchanges 
will adopt substantively similar proposals for establishing position 
limits for underlying securities that undergo a stock split or reverse 
stock split, such that the Exchange's proposal would benefit 
competition.
    For these reasons, the Exchange does not believe that the proposed 
rule change will impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission shall: (a) by order approve 
or disapprove such proposed rule change, or (b) institute proceedings 
to determine whether the proposed rule change should be disapproved.

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-2023-19 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-2023-19. 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 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. 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-2023-19 and should 
be submitted on or before May 30, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-09684 Filed 5-5-23; 8:45 am]
BILLING CODE 8011-01-P