[Federal Register Volume 90, Number 133 (Tuesday, July 15, 2025)]
[Notices]
[Pages 31736-31738]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-13194]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103433; File No. SR-MIAX-2025-28]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Fee Schedule To Remove the Select
Symbol ``X''
July 10, 2025.
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 June 30, 2025, 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 31737]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the MIAX Options Exchange Fee
Schedule (the ``Fee Schedule'') to amend the list of Select Symbols \3\
contained in the Priority Customer Rebate Program (``PCRP'') \4\ under
Section 1)a)iii) of the Fee Schedule to remove the Select Symbol ``X,''
the ticker symbol for United States Steel Corporation.
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\3\ 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.
\4\ See Section 1)a)iii) of the Fee Schedule for a complete
description of the PCRP.
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The text of the proposed rule change is available on the Exchange's
website at https://www.miaxglobal.com/markets/us-options/all-options-exchanges/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 Select Symbols
contained in the PCRP to remove the Select Symbol ``X,'' (United States
Steel Corporation) from the Select Symbols list.
The Exchange initially created the list of Select Symbols on March
1, 2014,\5\ and has added and removed option classes from that list
since that time.\6\ Select Symbols are rebated slightly higher in
certain PCRP tiers and segments than non-Select Symbols.
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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 Securities Exchange Act Release Nos. 94878 (May 9, 2022)
87 FR 29421 (May 13, 2022) (SR-MIAX-2022-18); 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).
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On June 18, 2025, the Exchange issued an alert that it would delist
United States Steel Corporation options from trading on the Exchange,
effective June 20, 2025.\7\ Options on United States Steel Corporation
were authorized to be listed for trading on the Exchange pursuant to
Exchange Rule 402, but are no longer listed for trading for business
reasons.\8\
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\7\ See MIAX Listing Alert (June 18, 2025), available at https://www.miaxglobal.com/alert/2025/06/18/miax-exchange-group-options-markets-delisting-united-states-steel-0?nav=all (last visited June
24, 2025).
\8\ See Nippon Steel Corporation and U. S. Steel Finalize
Historic Partnership, available at https://www.nipponsteel.com/common/secure/en/news/20250618_100.pdf (last visited June 24, 2025);
see also Notification of Removal From Listing and/or Registration
Under Section 12(B) of the Securities Exchange Act of 1934,
available at https://www.sec.gov/Archives/edgar/data/1163302/000087666125000453/xslF25X02/primary_doc.xml (last visited June 24,
2025); see also U.S. Steel ceases trading on the NYSE as Japan's
Nippon finalizes takeover, available at https://www.cnbc.com/2025/06/18/us-steel-ceases-trading-on-the-nyse-as-japans-nippon-finalizes-takeover.html (last visited June 24, 2025).
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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 \9\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \10\ 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 \11\ 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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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that its proposal to remove the symbol ``X''
from the list of Select Symbols contained in the PCRP is consistent
with Section 6(b)(4) of the Act because the proposed change will allow
for the continued benefit to investors by providing them an updated
list of Select Symbols contained in the PCRP on the Exchange's Fee
Schedule.
The Exchange believes that the proposal to amend an option class
that qualifies for the credit for transactions in Select Symbols is
fair, equitable and not unreasonably discriminatory. The Exchange
believes that the PCRP itself is reasonably designed because it
incentivizes providers of Priority Customer \12\ order flow to send
that Priority Customer order flow to the Exchange in order to receive a
credit in a manner that enables the Exchange to improve its overall
competitiveness and strengthen its market quality for all market
participants. The PCRP, which provides increased incentives in certain
tiers in high volume select symbols, is also reasonably designed to
increase the competitiveness of the Exchange with other options
exchanges that also offer increased incentives to higher volume
symbols.
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\12\ The term ``Priority Customer'' means a person or entity
that (i) is not a broker or dealer in securities, and (ii) does not
place more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s). See
Exchange Rule 100.
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The Exchange also believes that its proposal to remove the symbol
``X'' from the list of Select Symbols contained in the PCRP is
consistent with Section 6(b)(5) of the Act because it will apply
equally to all Priority Customer orders in Select Symbols in the
Program. All similarly situated Priority Customer orders in Select
Symbols are subject to the same rebate schedule, and access to the
Exchange is offered on terms that are not unfairly discriminatory.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that its proposal to remove the
symbol ``X'' from the list of Select Symbols contained in the PCRP will
result in any burden on intra-market or inter-market competition that
is not necessary or appropriate in furtherance of the purposes of the
Act. This proposed change is a not a competitive proposal but rather is
designed to update the list
[[Page 31738]]
of 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,\13\ and Rule 19b-4(f)(2) \14\ 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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\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
\14\ 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-MIAX-2025-28 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-2025-28. 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
a.m. and 3 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-2025-28 and should be
submitted on or before August 5, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13194 Filed 7-14-25; 8:45 am]
BILLING CODE 8011-01-P