Document ID: SEC-2023-1349-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC
Posted Date: 2023-11-22T05:00Z

[Federal Register Volume 88, Number 224 (Wednesday, November 22, 2023)]
[Notices]
[Pages 81495-81499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25779]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98973; File No. SR-MIAX-2023-44]

Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing of a Proposed Rule Change To Accommodate 
the Listings of Monthly Options Series

November 16, 2023.
    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 November 14, 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.
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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 its Rules to adopt 
Monthly Options Series.
    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 its Rules to accommodate the listing 
of options series that would expire at the close of business on the 
last business day of a calendar month (``Monthly Options Series'').
    Pursuant to proposed Interpretation and Policy .13 to Exchange Rule 
404 and Interpretation and Policy .03 to Exchange Rule 1809, the 
Exchange may list Monthly Options Series for up to five currently 
listed option classes that are either index options or options on 
exchange-traded funds (``ETFs'').\3\ In addition, the Exchange may also 
list Monthly Options Series on any options classes that are selected by 
other securities exchanges that employ a similar program under their 
respective rules.\4\ The Exchange may list 12 expirations for Monthly 
Options Series. Monthly Options Series need not be for consecutive 
months; however, the expiration date of a nonconsecutive expiration may 
not be beyond what would be considered the last expiration date if the 
maximum number of expirations were listed consecutively.\5\

[[Page 81496]]

Other expirations in the same class are not counted as part of the 
maximum numbers of Monthly Options Series expirations for a class.\6\ 
Monthly Options Series will be P.M.-settled.\7\
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    \3\ The Exchange proposes to amend Exchange Rule 404(a) to 
provide that proposed Interpretation and Policy .13 to Exchange Rule 
404 will describe how the Exchange will fix a specific expiration 
date and exercise price for Monthly Options Series and that proposed 
Interpretation and Policy .13 to Exchange Rule 404 will govern the 
procedures for opening Monthly Options Series, respectively. This is 
consistent with language in current Exchange Rules 404(a) for other 
Short Term Options Series and Quarterly Options Series.
    \4\ Currently, Cboe Exchange, Inc. has a similar program. See 
Securities Exchange Act Release No. 98915 (Nov. 13, 2023) (SR-CBOE-
2023-049) (Order Approving a Proposed Rule Change To Adopt Monthly 
Options Series).
    \5\ The Exchange notes this provision considers consecutive 
monthly listings. In other words, as other expirations (such as 
Quarterly Options Series) are not counted as part of the maximum, 
those expirations would not be considered when considering when the 
last expiration date would be if the maximum number were listed 
consecutively. For example, if it is January 2024 and the Exchange 
lists Quarterly Options Series in class ABC with expirations in 
March, June, September, December, and the following March, the 
Exchange could also list Monthly Options Series in class ABC with 
expirations in January, February, April, May, July, August, October, 
and November 2024 and January and February of 2025. This is because, 
if Quarterly Options Series, for example, were counted, the Exchange 
would otherwise never be able to list the maximum number of Monthly 
Options Series. This is consistent with the listing provisions for 
Quarterly Options Series, which permit calendar quarter expirations. 
The need to list series with the same expiration in the current 
calendar year and the following calendar year (whether Monthly or 
Quarterly expiration) is to allow market participants to execute 
one-year strategies pursuant to which they may not roll their 
exposures in the longer-dated options (e.g., January 2025) prior to 
the expiration of the nearer-dated option (e.g., January 2024).
    \6\ See proposed Interpretation and Policy .13(b) to Exchange 
Rule 404.
    \7\ See proposed Interpretation and Policy .13(c) to Exchange 
Rule 404.
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    The strike price of each Monthly Options Series will be fixed at a 
price per share, with at least two, but no more than five, strike 
prices above and at least two, but no more than five, strike prices 
below the value of the underlying index or price of the underlying 
security at about the time that a Monthly Options Series is opened for 
trading on the Exchange. The Exchange will list strike prices for 
Monthly Options Series that are reasonably related to the current price 
of the underlying security or current index value of the underlying 
index to which such series relates at about the time such series of 
options is first opened for trading on the Exchange. The term 
``reasonably related to the current price of the underlying security or 
index value of the underlying index'' means that the exercise price is 
within 30% of the current underlying security price or index value.\8\ 
Additional Monthly Options Series of the same class may be open for 
trading on the Exchange when the Exchange deems it necessary to 
maintain an orderly market, to meet Member \9\ demand, or when the 
market price of the underlying security moves substantially from the 
initial exercise price or prices. To the extent that any additional 
strike prices are listed by the Exchange, such additional strike prices 
will be within 30% above or below the closing price of the underlying 
index or security on the preceding day. The Exchange may also open 
additional strike prices of Monthly Options Series that are more than 
30% above or below the current price of the underlying security, 
provided that demonstrated Member interest exists for such series, as 
expressed by institutional, corporate, Members or their brokers. Market 
Makers trading for their own account will not be considered when 
determining Member interest under this provision. The opening of the 
new Monthly Options Series will not affect the series of options of the 
same class previously opened.\10\ The interval between strike prices on 
Monthly Options Series will be the same as the interval for strike 
prices for series in that same options class that expire in accordance 
with the normal monthly expiration cycle.\11\
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    \8\ See proposed Interpretation and Policy .13(d). The Exchange 
notes these proposed provisions are consistent with the initial 
series provision for the Quarterly Options Series program in 
Interpretation and Policy .03 to Exchange Rule 404. While different 
than the initial strike listing provision for the Quarterly Options 
Series program in current Interpretation and Policy .03 to Exchange 
Rule 404, the Exchange believes the proposed provision is 
appropriate, as it contemplates classes that may have strike 
intervals of $5 or greater.
    \9\ The term ``Member'' means an individual or organization 
approved to exercise the trading rights associated with a Trading 
Permit. Members are deemed ``members'' under the Exchange Act. See 
Exchange Rule 100.
    \10\ See proposed Interpretation and Policy .13(e) to Exchange 
Rule 404.
    \11\ See proposed Interpretation and Policy .13(f) to Exchange 
Rule 404; see also Interpretations and Policies .01 and .04, .06, 
.08, .09, .10 to Exchange Rule 404 (permissible strike prices for 
ETF classes) and Interpretations and Policies .05, .07, .11 to 
Exchange Rule 404 (permissible strike prices for index options).
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    By definition, Monthly Options Series can never expire in the same 
week that a standard options series that expires on the third Friday of 
a month in the same class expires. The same, however, is not the case 
with respect to Short Term Options Series or Quarterly Options Series. 
Therefore, to avoid any confusion in the marketplace, the Exchange 
proposes to amend Interpretation and Policy .02 to Exchange Rule 404 to 
provide that the Exchange will not list a Short Term Options Series in 
a class on a date on which a Monthly Options Series or Quarterly 
Options Series expires.\12\ Similarly, proposed Interpretation and 
Policy .13(b) to Exchange Rule 404 provide that no Monthly Options 
Series may expire on a date that coincides with an expiration date of a 
Quarterly Options Series in the same index or ETF class. In other 
words, the Exchange will not list a Short Terms Options Series on an 
index or ETF if a Monthly Options Series on that index or ETF were to 
expire on the same date, nor will the Exchange list a Monthly Options 
Series on an index or ETF if a Quarterly Options Series on that ETF 
were to expire on the same date to prevent the listing of series with 
concurrent expirations.\13\
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    \12\ The Exchange also proposes to make a non-substantive change 
to Interpretation and Policy .02 to Exchange Rule 404 to change 
current references to ``monthly options series'' to ``standard 
expiration options series'' (i.e., series that expire on the third 
Friday of a month), to eliminate potential confusion. The current 
references to ``monthly options series'' are intended to refer to 
those series that expire on the third Friday of a month, which are 
generally referred to in the industry as standard expirations.
    \13\ The Exchange notes this would not prevent the Exchange from 
listing a P.M.-settled Monthly Options Series on an index with the 
same expiration date as an A.M.-settled Short Term Options Series on 
the same index, both of which may expire on a Friday. The Exchange 
believes this concurrent listing would provide investors with yet 
another hedging mechanism and is reasonable given these series would 
not be identical (unlike if they were both P.M.-settled). This could 
not occur with respect to ETFs, as all Short Term Options Series on 
ETFs are P.M.-settled.
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    With respect to Monthly Options Series added pursuant to proposed 
Interpretation and Policy .13(a)-(f) to Exchange Rule 404, the Exchange 
will, on a monthly basis, review series that are outside a range of 
five strikes above and five strikes below the current price of the 
underlying index or security, and delist series with no open interest 
in both the put and the call series having a strike: (i) higher than 
the highest strike price with open interest in the put and/or call 
series for a given expiration month; and (ii) lower than the lowest 
strike price with open interest in the put and/or call series for a 
given expiration month. Notwithstanding this delisting policy, Member 
requests to add strikes and/or maintain strikes in Monthly Options 
Series in series eligible for delisting will be granted. In connection 
with this delisting policy, if the Exchange identifies series for 
delisting, the Exchange will notify other options exchanges with 
similar delisting policies regarding eligible series for delisting and 
will work with such other exchanges to develop a uniform list of series 
to be delisted, so as to ensure uniform series delisting of multiply 
listed Monthly Options Series.\14\
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    \14\ See proposed Interpretation and Policy .13(g) to Exchange 
Rule. Pursuant to Exchange Rule 1807, exercise limits for impacted 
index and ETF classes would be equal to the applicable position 
limits.
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    The Exchange believes that Monthly Options Series will provide 
investors with another flexible and valuable tool to manage risk 
exposure, minimize capital outlays, and be more responsive to the 
timing of events affecting the securities that underlie options 
contracts. The Exchange believes limiting Monthly Options Series to 
five classes will ensure the addition of these new series will have a 
negligible impact

[[Page 81497]]

on the Options Price Reporting Authority (``OPRA'') and the Exchange's 
quoting capacity. The Exchange represents it has the necessary systems 
capacity to support new options series that will result from the 
introduction of Monthly Options Series.
    The Exchange also proposes to amend Exchange Rules 1804(d) and 
1805(d) to provide that positions in Monthly Options Series will be 
aggregated with positions in options contracts on the same underlying 
security or index.\15\ This is consistent with how position (and 
exercise) limits are currently imposed on series with other expirations 
(Short Term Options Series and Quarterly Options Series). Therefore, 
positions in options within class of index or ETF options, regardless 
of their expirations, would continue to be subject to existing position 
(and exercise) limits. The Exchange believes this will address 
potential manipulative schemes and adverse market impacts surrounding 
the use of options.
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    \15\ See proposed Exchange Rules 1804(d) (regarding position 
limits for broad-based index options) and 1805(d) (regarding 
position limits for industry index options).
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    The Exchange also represents its current surveillance programs will 
apply to Monthly Options Series and will properly monitor trading in 
the proposed Monthly Options Series. The Exchange currently lists 
Quarterly Options Series in certain ETF classes \16\, which expire at 
the close of business at the end of four calendar months (i.e., the end 
of each calendar quarter), and has not experienced any market 
disruptions nor issues with capacity. The Exchange's surveillance 
programs currently in place to support and properly monitor trading in 
these Quarterly Options Series, as well as Short Term Options Series 
and standard expiration series, will apply to the proposed Monthly 
Options Series. The Exchange believes its surveillances continue to be 
designed to deter and detect violations of its Rules, including 
position and exercise limits and possible manipulative behavior, and 
these surveillances will apply to Monthly Options Series that the 
Exchange determines to list for trading. Ultimately, the Exchange does 
not believe the proposed rule change raises any unique regulatory 
concerns because existing safeguards--such as position and exercise 
limits (and the aggregation of options overlying the same index or ETF) 
and reporting requirements--would continue to apply.
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    \16\ The Exchange notes it currently lists quarterly expirations 
on certain ETF options pursuant to Interpretation and Policy .03 to 
Exchange Rule 404.
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    The Exchange notes that the proposed rule change is substantively 
identical to the proposed rule changes recently filed by the Cboe 
Exchange, Inc. (``Cboe'').\17\ The Exchange notes that MIAX Chapters IV 
and XVIII are incorporated by reference into the rulebook of the 
Exchange's affiliate, MIAX Emerald, LLC (``Emerald''). As such, the 
amendments to MIAX Chapters IV and XVIII proposed herein will also 
apply to MIAX Emerald Chapters IV and XVIII.
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    \17\ See supra note 4.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\18\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \19\ requirements that the rules 
of an exchange be 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 regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in securities, 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. 
Additionally, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \20\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
Members, issuers, brokers, or dealers.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
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    In particular, the Exchange believes the introduction of Monthly 
Options Series will remove impediments to and perfect the mechanism of 
a free and open market and a national market system by expanding 
hedging tools available to market participants. The Exchange believes 
the proposed monthly expirations will allow market participants to 
transact in the index and ETF options listed pursuant to the proposed 
rule change based on their timings as needed and allow them to tailor 
their investment and hedging needs more effectively. Further, the 
Exchange believes the availability of Monthly Options Series would 
protect investors and the public interest by providing investors with 
more flexibility to closely tailor their investment and hedging 
decisions in these options, thus allowing them to better manage their 
risk exposure.
    The Exchange believes the Quarterly Options Series Program has been 
successful to date and the proposed Monthly Options Series program 
simply expands the ability of investors to hedge risk against market 
movements stemming from economic releases or market events that occur 
at month's end in the same way the Quarterly Options Series Program has 
expanded the landscape of hedging for quarter-end news. Monthly Options 
Series will also complement Short Term Options Series, which will allow 
investors to hedge risk against events that occur throughout a month. 
The Exchange believes the availability of additional expirations should 
create greater trading and hedging opportunities for investors, as well 
as provide investors with the ability to tailor their investment 
objectives more effectively.
    The Exchange notes the proposed terms of Monthly Options Series, 
including the limitation to five index and ETF option classes, are 
substantively the same as the current terms of Quarterly Options 
Series.\21\ Quarterly Options Series expire on the last business day of 
a calendar quarter, which is the last business day of every third 
month. The proposed Monthly Options Series would fills the gaps between 
Quarterly Options Series expirations by permitting series to expire on 
the last business day of every month, rather than every third month. 
The proposed Monthly Options Series may be listed in accordance with 
the same terms as Quarterly Options Series, including permissible 
strikes. As is the case with Quarterly Options Series, no Short Term 
Options Series may expire on the same day as a Monthly Options Series. 
Similarly, as proposed, no Monthly Options Series may expire on the 
same day as a Quarterly Options Series. The Exchange believes 
preventing listing series with concurrent expirations in a class will 
eliminate potential investors confusion and thus protect investors and 
the public interest. Given that Quarterly Options Series the Exchange 
currently lists are essentially Monthly Options Series that can expire 
at the end of only certain calendar months, the Exchange believes it is 
reasonable to list Monthly Options Series in accordance with the same 
terms, as it will promote just and equitable principles of trade. The 
Exchange believes limiting Monthly Options Series to five classes will

[[Page 81498]]

ensure the addition of these new series will have a negligible impact 
on the Exchange and OPRA's quoting capacity. The Exchange represents it 
has the necessary systems capacity to support new options series that 
will result from the introduction of Monthly Options Series.
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    \21\ Compare proposed Interpretation and Policy .13 Exchange 
Rule 404 to Interpretation and Policy .03 to Exchange Rule 404.
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    The Exchange further believes the proposed rule change regarding 
the treatment of Monthly Options Series with respect to determining 
compliance with position and exercise limits is designed to prevent 
fraudulent and manipulative acts and practices and promote just and 
equitable principles of trade. Monthly Options Series will be 
aggregated with options overlying the same ETF or index for purposes of 
compliance with position (and exercise) limits, which is consistent 
with how position (and exercise) limits are currently imposed on series 
with other expirations (Short Term Options Series and Quarterly Options 
Series). Therefore, options positions within ETF or index option 
classes for which Monthly Options Series are listed, regardless of 
their expirations, would continue to be subject to existing position 
(and exercise) limits. The Exchange believes this will address 
potential manipulative schemes and adverse market impacts surrounding 
the use of options. The Exchange also represents its current 
surveillance programs will apply to Monthly Options Series and will 
properly monitor trading in the proposed Monthly Options Series. As 
mentioned above, the Exchange currently trades Quarterly Options Series 
in certain ETF classes, which expire at the close of business at the 
end of three calendar months (i.e., the end of each calendar quarter), 
and has not experienced any market disruptions nor issues with 
capacity. The Exchange's surveillance programs currently in place to 
support and properly monitor trading in these Quarterly Options Series, 
as well as Short Term Options Series, and standard expiration series, 
will apply to the proposed Monthly Options Series. The Exchange 
believes its surveillances continue to be designed to deter and detect 
violations of its Rules, including position and exercise limits and 
possible manipulative behavior, and these surveillances will apply to 
Monthly Options Series that the Exchange determines to list for 
trading. Ultimately, the Exchange does not believe the proposed rule 
change raises any unique regulatory concerns because existing 
safeguards--such as position and exercise limits (and the aggregation 
of options overlying the same ETF or index) and reporting 
requirements--would continue to apply.

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 Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\ 
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 \24\ and subparagraph (f)(6) of 
Rule 19b-4 thereunder.\25\
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 17 CFR 240.19b-4(f)(6).
    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of 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 Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \26\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \27\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has requested that the Commission waive the 30-day operative delay so 
that the Exchange may immediately list Monthly Options Series, thereby 
providing an additional market to investors, which the Exchange 
believes will benefit investors by promoting competition in Monthly 
Options Series. The Commission notes that it recently approved Cboe's 
substantially similar proposal.\28\ The Commission believes that the 
proposed rule change presents no novel issues and that waiver of the 
30-day operative delay is consistent with the protection of investors 
and the public interest. Accordingly, the Commission hereby waives the 
operative delay and designates the proposed rule change operative upon 
filing.\29\
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    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
    \28\ See supra note 4.
    \29\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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.

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-2023-44 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-2023-44. 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,

[[Page 81499]]

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-2023-44 and should be 
submitted on or before December 13, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25779 Filed 11-21-23; 8:45 am]
BILLING CODE 8011-01-P