Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 71037-71039 [2019-27729]
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Federal Register / Vol. 84, No. 247 / Thursday, December 26, 2019 / Notices
that, if its pricing across the platform is
unattractive to customers, customers
will have its pick of an increasing
number of alternative platforms to use
instead of the Exchange. Given this
intense competition between platforms,
no one exchange’s market data fees can
impose an unnecessary burden on
competition, and the Exchange’s
proposed fees do not do so here.
In addition, the Exchange believes
that the proposed fees do not impose a
burden on competition or on other
exchanges that is not necessary or
appropriate because of the availability
of numerous substitute market data
products. Many other exchanges offer
proprietary data feeds like the NYSE
National Integrated Feed, supplying
depth of book order data, last sale data,
security status updates, stock summary
messages, and the exchange’s best bid
and offer at any given time, on a realtime basis. Because market data users
can find suitable substitute feeds, an
exchange that overprices its market data
products stands a high risk that users
may substitute another platform, in
which case the platform would stand to
lose both market data and trading fees.
These competitive pressures ensure that
no one exchange’s market data fees can
impose an unnecessary burden on
competition, and the Exchange’s
proposed fees do not do so here.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
khammond on DSKJM1Z7X2PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 73 of the Act and
subparagraph (f)(2) of Rule 19b–4 74
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
U.S.C. 78s(b)(3)(A).
74 17 CFR 240.19b–4(f)(2).
under Section 19(b)(2)(B) 75 of the Act to
determine whether the proposed rule
change 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 rule-comments@
sec.gov. Please include File Number SR–
NYSENAT–2019–31 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–NYSENAT–2019–31. 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. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSENAT–2019–31, and
73 15
VerDate Sep<11>2014
16:53 Dec 23, 2019
should be submitted on or before
January 16, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.76
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–27730 Filed 12–23–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87790; File No. SR–MIAX–
2019–49]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Its Fee Schedule
December 18, 2019.
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 December
5, 2019, Miami International Securities
Exchange LLC (‘‘MIAX Options’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the 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.
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 ‘‘Fee Schedule’’).
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings, 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
76 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
75 15
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PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00110
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71037
E:\FR\FM\26DEN1.SGM
26DEN1
71038
Federal Register / Vol. 84, No. 247 / Thursday, December 26, 2019 / Notices
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
khammond on DSKJM1Z7X2PROD with NOTICES
1. Purpose
The Exchange proposes to amend the
list of MIAX Select Symbols 3 contained
in the Priority Customer Rebate Program
(the ‘‘Program’’) 4 of the Exchange’s Fee
Schedule to delete the symbol ‘‘CBS’’
associated with CBS Corporation
(‘‘CBS’’).
The Exchange initially created the list
of MIAX 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 Program tiers
than non-Select Symbols. The Exchange
notes that on December 4, 2019, CBS
and Viacom Inc. announced the
completion of a merger of the two
companies, with CBS continuing as the
surviving company. Further, effective
December 5, 2019, CBS announced that
it will change its name to ViacomCBS
Inc. (‘‘ViacomCBS’’) and change its
trading symbol to ‘‘VIAC.’’ 7 Options on
CBS were authorized to be listed for
trading on the Exchange pursuant to
Rule 402, but are no longer listed for
trading since CBS is no longer the
registered stock symbol for the merged
company, ViacomCBS, and as such, CBS
3 The term ‘‘MIAX Select Symbols’’ means
options overlying AAL, AAPL, AIG, AMAT, AMD,
AMZN, BA, BABA, BB, 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, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S,
SPY, T, TSLA, USO, VALE, WBA, WFC, WMB, WY,
X, XHB, XLE, XLF, XLP, XOM and XOP.
4 See section (1)(a)(iii) of the Fee Schedule for a
complete description of the Program.
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. 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).
7 See press release ViacomCBS Announces
Completion of the Merger of CBS and Viacom
(December 4, 2019), https://www.viacbs.com/press/
viacomcbs-announces-completion-of-the-merger-ofcbs-and-viacom.
VerDate Sep<11>2014
16:53 Dec 23, 2019
Jkt 250001
shares are no longer listed for trading on
equity trading venues under the symbol
‘‘CBS.’’ The Exchange has also
determined not to add the merged
company, ViacomCBS, to the MIAX
Select Symbols list for business and
competitive reasons.
Accordingly, the Exchange is
amending its Fee Schedule to delete the
symbol CBS from the list of MIAX
Select Symbols contained in the
Program. This amendment is intended
to eliminate any potential confusion and
to make it clear to market participants
that CBS will not be a MIAX Select
Symbol contained in the Program.
2. Statutory Basis
The Exchange believes that its
proposal to amend the Fee Schedule is
consistent with Section 6(b) of the Act 8
in general, and furthers the objectives of
Section 6(b)(4) of the Act,9 in that it is
an equitable allocation of reasonable
dues, fees and other charges among
Exchange members and issuers and
other persons using its facilities, and
6(b)(5) of the Act,10 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.
In particular, the proposal to delete
the symbol CBS from the list of MIAX
Select Symbols contained in the
Program is consistent with Section
6(b)(4) of the Act because the proposed
changes will allow for continued benefit
to investors by providing them an
updated list of MIAX Select Symbols
contained in the Program on the Fee
Schedule.
The Exchange believes that the
proposal to amend an option class that
qualifies for the credit for transactions
in MIAX Select Symbols is fair,
equitable and not unreasonably
discriminatory. The Exchange believes
that the Program itself is reasonably
designed because it incentivizes
providers of Priority Customer 11 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
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
10 15 U.S.C. 78f(b)(1) and (b)(5).
11 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.
9 15
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
competitiveness and strengthen its
market quality for all market
participants. The Program, 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.
The Exchange also believes that its
proposal is consistent with Section
6(b)(5) of the Act because it will apply
equally to all Priority Customer orders
in MIAX Select Symbols in the Program.
All similarly situated Priority Customer
orders in MIAX 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
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not a
competitive filing but rather is designed
to update the list of MIAX Select
Symbols contained in the Program 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,12 and Rule
19b–4(f)(2) 13 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.
12 15
13 17
E:\FR\FM\26DEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
26DEN1
Federal Register / Vol. 84, No. 247 / Thursday, December 26, 2019 / Notices
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:
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MIAX–2019–49 on the subject line.
Paper Comments
khammond on DSKJM1Z7X2PROD with NOTICES
• 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–2019–49. 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
offices of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MIAX–2019–49, and
should be submitted on or before
January 16, 2020.
16:53 Dec 23, 2019
[FR Doc. 2019–27729 Filed 12–23–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
VerDate Sep<11>2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
Jkt 250001
[Release No. 34–87789; File No. SR–
NYSEArca–2019–90]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE Arca
Options Fee Schedule Relating to the
MM FAANG Credit
December 18, 2019.
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 December
9, 2019, NYSE Arca, Inc. (‘‘NYSE Arca’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’) relating to the MM FAANG
Credit. The Exchange proposes to
implement the fee change effective
December 9, 2019. The proposed rule
change is available on the Exchange’s
website at www.nyse.com, at the
principal office of the Exchange, 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
self-regulatory organization 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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
71039
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to modify
an incentive program (described below),
which is designed to encourage Market
Makers to provide more competitive
prices and deeper liquidity in options
on the NYSE FANG+ Index (‘‘NYSE
FANG+’’), which trades under the
symbol FAANG. FAANG is an acronym
for the market’s five most popular and
best-performing tech stocks, namely
Facebook, Apple, Amazon, Netflix and
Alphabet’s Google.
Currently, the Exchange offers a
$5,000 credit to Market Maker
organizations—specifically, NYSE Arca
Options Market Makers or Lead Market
Makers—that execute at least 500 total
monthly contract sides that open a
position in FAANG on the Exchange
(the ‘‘MM FAANG Credit’’ or ‘‘Credit’’).
The Credit, which is applied against all
Exchange fees charged to a Market
Maker, is currently capped at $50,000,
so if more than ten Market Maker
organizations qualify for a MM FAANG
Credit in a calendar month, the MM
FAANG Credit for each qualifying firm
will be a pro rata share of $50,000.3
The Exchange proposes to continue to
provide $50,000 in Credits to encourage
Market Maker organizations to provide
liquidity in FAANG, but provide for two
different qualifying levels with different
monthly credits. As proposed, the
Exchange proposes to add an
alternative, higher monthly credit of
$10,000 for Market Maker Organizations
that execute at least 2,000 total monthly
contract sides that open a position in
FAANG on the Exchange. This credit
would be capped at $25,000.
Accordingly, if more than two firms
qualify, they must share $25,000 pro
rata. The Exchange also proposes to
reduce the total credits available for
firms that qualify for the current Credit
from $50,000 to $25,000, and similarly
reduce the fewest number of qualifying
firms that would be entitled to the full
Credit from eleven to six. The Exchange
believes that the proposed change
would incent firms that have
historically qualified for the Credit to
3 See Fee Schedule, NYSE Arca OPTIONS:
TRADE-RELATED CHARGES FOR STANDARD
OPTIONS, MM FAANG Credit, available here:
https://www.nyse.com/publicdocs/nyse/markets/
arca-options/NYSE_Arca_Options_Fee_
Schedule.pdf.
E:\FR\FM\26DEN1.SGM
26DEN1
]]>Agencies
[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Notices]
[Pages 71037-71039]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27729]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87790; File No. SR-MIAX-2019-49]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule
December 18, 2019.
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 December 5, 2019, Miami International Securities Exchange LLC
(``MIAX Options'' or ``Exchange'') filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') the 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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 ``Fee Schedule'').
The text of the proposed rule change is available on the Exchange's
website at https://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
[[Page 71038]]
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 list of MIAX Select Symbols \3\
contained in the Priority Customer Rebate Program (the ``Program'') \4\
of the Exchange's Fee Schedule to delete the symbol ``CBS'' associated
with CBS Corporation (``CBS'').
---------------------------------------------------------------------------
\3\ The term ``MIAX Select Symbols'' means options overlying
AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BB, 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, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S, SPY, T, TSLA, USO,
VALE, WBA, WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM and XOP.
\4\ See section (1)(a)(iii) of the Fee Schedule for a complete
description of the Program.
---------------------------------------------------------------------------
The Exchange initially created the list of MIAX 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 Program tiers than non-Select Symbols. The Exchange notes that
on December 4, 2019, CBS and Viacom Inc. announced the completion of a
merger of the two companies, with CBS continuing as the surviving
company. Further, effective December 5, 2019, CBS announced that it
will change its name to ViacomCBS Inc. (``ViacomCBS'') and change its
trading symbol to ``VIAC.'' \7\ Options on CBS were authorized to be
listed for trading on the Exchange pursuant to Rule 402, but are no
longer listed for trading since CBS is no longer the registered stock
symbol for the merged company, ViacomCBS, and as such, CBS shares are
no longer listed for trading on equity trading venues under the symbol
``CBS.'' The Exchange has also determined not to add the merged
company, ViacomCBS, to the MIAX Select Symbols list for business and
competitive reasons.
---------------------------------------------------------------------------
\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. 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).
\7\ See press release ViacomCBS Announces Completion of the
Merger of CBS and Viacom (December 4, 2019), https://www.viacbs.com/press/viacomcbs-announces-completion-of-the-merger-of-cbs-and-viacom.
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Accordingly, the Exchange is amending its Fee Schedule to delete
the symbol CBS from the list of MIAX Select Symbols contained in the
Program. This amendment is intended to eliminate any potential
confusion and to make it clear to market participants that CBS will not
be a MIAX Select Symbol contained in the Program.
2. Statutory Basis
The Exchange believes that its proposal to amend the Fee Schedule
is consistent with Section 6(b) of the Act \8\ in general, and furthers
the objectives of Section 6(b)(4) of the Act,\9\ in that it is an
equitable allocation of reasonable dues, fees and other charges among
Exchange members and issuers and other persons using its facilities,
and 6(b)(5) of the Act,\10\ 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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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
\10\ 15 U.S.C. 78f(b)(1) and (b)(5).
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In particular, the proposal to delete the symbol CBS from the list
of MIAX Select Symbols contained in the Program is consistent with
Section 6(b)(4) of the Act because the proposed changes will allow for
continued benefit to investors by providing them an updated list of
MIAX Select Symbols contained in the Program on the Fee Schedule.
The Exchange believes that the proposal to amend an option class
that qualifies for the credit for transactions in MIAX Select Symbols
is fair, equitable and not unreasonably discriminatory. The Exchange
believes that the Program itself is reasonably designed because it
incentivizes providers of Priority Customer \11\ 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
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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\11\ 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 is consistent with
Section 6(b)(5) of the Act because it will apply equally to all
Priority Customer orders in MIAX Select Symbols in the Program. All
similarly situated Priority Customer orders in MIAX 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 the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not a competitive filing but rather is designed to
update the list of MIAX Select Symbols contained in the Program 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,\12\ and Rule 19b-4(f)(2) \13\ 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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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4(f)(2).
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[[Page 71039]]
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-2019-49 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-2019-49. 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 offices of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-MIAX-2019-49, and should be submitted on
or before January 16, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27729 Filed 12-23-19; 8:45 am]
BILLING CODE 8011-01-P
