Document ID: SEC-2015-0317-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange LLC
Posted Date: 2015-02-24T05:00Z

[Federal Register Volume 80, Number 36 (Tuesday, February 24, 2015)]
[Notices]
[Pages 9841-9843]
From the Federal Register Online via the Government Printing 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 rule-comments@sec.gov. 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