[Federal Register Volume 80, Number 36 (Tuesday, February 24, 2015)]
[Notices]
[Pages 9841-9843]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-03665]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74291; File No. SR-MIAX-2015-09]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule
February 18, 2015.
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 February 5, 2015, 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 Fee
Schedule.
The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, 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
[[Page 9842]]
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 MIAX Select Symbols \3\ section
of the Priority Customer Rebate Program (the ``Program'') \4\ to
replace the option class ``WAG'' with ``WBA''.
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\3\ The term ``MIAX Select Symbols'' currently means options
overlying AA, AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BBRY, BIDU,
BP, C, CAT, CBS, CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, GILD,
GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC, IWM, JCP, JNJ, JPM, KMI, KO,
MO, MRK, NFLX, NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S, SPY,
SUNE, T, TSLA, USO, VALE, VXX, WAG, WFC, WMB, WY, X, XHB, XLE, XLF,
XLP, XOM, XOP, and YHOO.
\4\ See Securities Exchange Act Release Nos. 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); 71698
(March 12, 2014), 79 FR 15185 (March 18, 2014) (SR-MIAX-2014-12);
71700 (March 12, 2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014-
13); 71283 (January 10, 2014), 79 FR 2914 (January 16, 2014) (SR-
MIAX-2013-63); 71009 (December 6, 2013), 78 FR 75629 (December 12,
2013) (SR-MIAX-2013-56).
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Walgreens recently completed a corporate transaction that resulted
in Walgreens becoming a wholly owned subsidiary of Walgreens Boots
Alliance, Inc., and shares of Walgreens common stock being converted
into shares of Walgreens Boots Alliance common stock on a one-for-one
basis. In addition, the new shares of Walgreens Boots Alliance were
given a new symbol ``WBA''. The Exchange now proposes to amend the Fee
Schedule to change the symbol in the MIAX Select Symbols from ``WAG''
to ``WBA'' to correspond with this change. The change is designed to
ensure that there is no confusion amongst market participants that
Walgreens will continue to remain in the MIAX Select Symbols. Walgreens
completed its corporate transaction on December 30, 2014, with the new
symbol commencing trading on December 31, 2014.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \5\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \6\ in particular, in that it
is an equitable allocation of reasonable fees and other charges among
Exchange members.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
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In particular, the proposal to change the Walgreens symbol to its
new designation is consistent with the Act because the proposed change
is merely updating the corresponding symbol to allow for Walgreens to
continue to remain in the MIAX Select Symbols. The proposed change will
allow for continued benefit to investors by providing them an updated
reference to a symbol in the Fee Schedule.
The Exchange believes that the proposal to modify the Program to
amend an option class that qualifies for the credit for transactions in
MIAX Select Symbols is fair, equitable and not unreasonably
discriminatory. The credit for transactions in the select symbols is
reasonably designed because it will incent providers of Priority
Customer 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 Program which provides
increased incentives 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. The proposed change to the rebate Program is fair and
equitable and not unreasonably discriminatory because it will apply
equally to all Priority Customer orders in the select symbols. All
similarly situated Priority Customer orders in the select symbols are
subject to the same rebate schedule, and access to the Exchange is
offered on terms that are not unfairly discriminatory. In addition, the
Program is equitable and not unfairly discriminatory because, while
only Priority Customer order flow qualifies for the Program, an
increase in Priority Customer order flow will bring greater volume and
liquidity, which benefit all market participants by providing more
trading opportunities and tighter spreads.
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 not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change is a
not a competitive filing but rather is designed to update the new
underlying symbol for Walgreens in order to avoid potential confusion
on the part of market participants.
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.\7\ 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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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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 Number SR-MIAX-2015-09 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549.
All submissions should refer to File Number SR-MIAX-2015-09. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule
[[Page 9843]]
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 Web site 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; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-MIAX-2015-09 and should be submitted on or before March
17, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-03665 Filed 2-23-15; 8:45 am]
BILLING CODE 8011-01-P