Notice2023-09684
Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 307, Position Limits
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
May 8, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 88 (Monday, May 8, 2023)</title>
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[Federal Register Volume 88, Number 88 (Monday, May 8, 2023)]
[Notices]
[Pages 29725-29729]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-09684]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97421; File No. SR-MIAX-2023-19]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend
Exchange Rule 307, Position Limits
May 2, 2023.
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 April 21, 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, 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 29726]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rule 307,
Position Limits.
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings">http://www.miaxoptions.com/rule-filings</a>, 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 Exchange Rule 307, Position Limits,
to adopt new paragraph (g) to codify the process for adjusting position
limits as a result of a stock split \3\ or reverse stock split \4\ in
the underlying security.
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\3\ A stock split is a corporate action in which a company
issues additional shares to shareholders, increasing the total by
the specified ratio based on the shares they held previously. A
stock split happens when a company increase the number of its shares
to boost the stock's liquidity. Although the number of shares
outstanding increases by a specific multiple, the total dollar value
of all shares outstanding remains the same because a split does not
fundamentally change the company's value. The most common split
ratios are 2-for-1 or 3-for-1 (sometimes denoted as 2:1 or 3:1).
This means that for every share held before the split, each
stockholder will have two or three shares, respectively, after the
split. Example of a stock split, in August 2020, Apple (AAPL) split
its shares 4-for-1. Right before the split, each share was trading
around $540. After the split, the price per share at the market open
was $135 (approximately $540/4). An investor who owned 1,000 share
of the stock pre-split would have owned 4,000 shares post-split.
Apple's outstanding shares increased from 3.4 billion to
approximately 13.6 billion, while the market capitalization remained
largely unchanged at $2 trillion. Adam Hayes, What a Stock Split Is
and How It Works, With an Example, Investopedia (June 7, 2022),
<a href="https://www.investopedia.com/terms/s/stocksplit.asp">https://www.investopedia.com/terms/s/stocksplit.asp</a> (last visited 4/
17/2023).
\4\ A reverse stock split is a type of corporate action that
consolidates the number of existing shares of stock into fewer
(higher-priced) shares. A reverse stock split divides the existing
total quantity of shares by a number such as five or ten, which
would then be called a 1-for-5 or 1-for-10 reverse split,
respectively. A reverse stock split is also known as stock
consolidation, stock merge, or share rollback and is the opposite of
a stock split, where a share is divided (split) into multiple parts.
Say a pharmaceutical company has ten million outstanding shares in
the market, which are trading for $5 per share. As the share price
is lower, the company management may wish to artificially inflate
the per-share price. They decide to go for the 1-for-5 reverse stock
split, which essentially means merging five existing share into one
new share. Once the corporate action exercise is over, the company
will have 2 million new shares (10 million/5), with each share now
costing $25 each ($5 x 5). Akhilesh Ganti, Reverse Stock Split: What
It Is, How It Works, Examples, Investopedia (July 11, 2022), <a href="https://www.investopedia.com/terms/r/reversesplit.asp">https://www.investopedia.com/terms/r/reversesplit.asp</a> (last visited 4/17/
2023).
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Background
Currently, Exchange Rule 307(d) provides that position limits shall
be determined in the following manner: (1) a 25,000 contract limit
applies to those to those options having an underlying security that
does not meet the requirements for a higher option contract limit; (2)
To be eligible for the 50,000 contract limit, either the most recent
six (6) month trading volume of the underlying security must have
totaled at least twenty (20) million shares, or the most recent six (6)
month trading volume of the underlying security must have totaled at
least fifteen (15) million shares and the underlying security must have
at least forty (40) million shares currently outstanding; (3) To be
eligible for the 75,000 contract limit, either the most recent six (6)
month trading volume of the underlying security must have totaled at
least forty (40) million shares or the most recent six (6) month
trading volume of the underlying security must have totaled at least
thirty (30) million shares and the underlying security must have at
least 120 million shares currently outstanding; (4) To be eligible for
the 200,000 contract limit, either the most recent six (6) month
trading volume of the underlying security must have totaled at least
eighty (80) million shares or the most recent six (6) month trading
volume of the underlying security must have totaled at least sixty (60)
million shares and the underlying security must have at least 240
million shares currently outstanding; (5) To be eligible for the
250,000 contract limit, either the most recent six (6) month trading
volume of the underlying security must have totaled at least 100
million shares or the most recent six (6) month trading volume of the
underlying security must have totaled at least seventy-five (75)
million shares and the underlying security must have at least 300
million shares currently outstanding.
The Rule also provides that, every six (6) months, the Exchange
will review the status of underlying securities to determine which
limit should apply. A higher limit will be effective on the date set by
the Exchange, while any change to a lower limit will take effect after
the last expiration then trading, unless the requirement for the same
or a higher limit is met at the time of the intervening six (6) month
review. If, however, subsequent to a six (6) month review, an increase
in volume and/or outstanding shares would make a stock eligible for a
higher position limit prior to the next review, the Exchange in its
discretion may immediately increase such position limit.\5\
Additionally, Interpretations and Policies .01 of the Rule establishes
position limits that exceed the highest limit (250,000 contracts)
available by Rule for certain underlying securities.
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\5\ See Exchange Rule 307(e).
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The Securities and Exchange Commission (the ``Commission'') has
recognized that position limits (and exercise limits) serve as a
regulatory tool designed to address potential manipulative schemes and
adverse market impact surround [sic] the use of options. In the past,
the Commission has stated that: \6\
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\6\ See Securities Exchange Act Release No. 47346 (February 11,
2003), 68 FR 8316 (February 20, 2003) (SR-CBOE-2002-26) (Order
Granting Approval to Proposed Rule Change and Notice of Filing and
Order Granting Accelerated Approval to Amendment No. 1 to the
Proposed Rule Change Increasing Position and Exercise Limits for
Options on the DIAMONDS Trust).
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Since the inception of standardized options trading, the options
exchanges have had rules limiting the aggregate number of options
contracts that a member or customer may hold or exercise. These
position and exercise limits are intended to prevent the establishment
of options positions that can be used or might create incentives to
manipulate the underlying market so as to benefit the option position,
or that might contribute to disruptions in the underlying market. In
addition, such limits serve to reduce the possibility of disruption in
the options market itself, especially in illiquid options classes.\7\
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\7\ See Securities Exchange Act Release No. 93525 (November 4,
2021), 86 FR 62584 (November 10, 2021) (SR-CBOE-2021-029) (Notice of
Filing of Amendment Nos. 2 and 3 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendments Nos.
1, 2, and 3, To Increase Position Limits for Options on Two
Exchange-Traded Funds).
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Proposal
The Exchange now proposes to amend its position limit rule,
Exchange Rule 307, to codify and make permanent the position limit
changes that currently
[[Page 29727]]
occur when an underlying security undergoes a corporate stock split.
Currently, when an underlying undergoes a stock split, its position
limit is adjusted by the Options Clearing Corporation by the factor of
the split.\8\ For example, an underlying that has a position limit of
250,000 contracts that undergoes a four-for-one stock split will have a
new position limit of 1,000,000 contracts. However, while the stock
split is a permanent corporate action in the underlying, the position
limit adjustment is temporary and lasts only until the time that the
last option listed at the time the stock split occurred expires.\9\
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\8\ The Exchange does not believe that the OCC immediately
adjusts position limits for reverse stock splits.
\9\ It is the Exchange's understanding and belief that this is
the OCC's process.
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To address this issue, the Exchange proposes to similarly apply the
adjustment factor to the current position limit, by adopting paragraph
(g), Corporate Actions, to Exchange Rule 307, and new subparagraph
(g)(1) to describe the Exchange's process for handling stock splits.
Additionally, the Exchange proposes to adopt new subparagraph (g)(2) to
describe the Exchange's process for handling reverse stock splits.
Specifically, new subparagraph (g)(1) will provide that the
position limit that was in effect at the time of the stock split shall
be adjusted by multiplying the current position limit value in effect
for the underlying by the stock split ratio.\10\ The Exchange also
proposes to include an example in its rule text to illustrate the
operation of the rule by stating, if the current position limit is
250,000 contracts and there is a four-for-one (4:1) stock split in the
underlying, the new position limit would be 1,000,000 contracts (4 x
250,000).
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\10\ See proposed Exchange Rule 307(g)(1).
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Similarly, new subparagraph (g)(2) will provide that the position
limit that was in effect at the time of the reverse stock split shall
be adjusted by dividing the current position limit value in effect for
the underlying by the reverse stock split ratio.\11\ The Exchange also
proposes to include an example in its rule text to illustrate the
operation of the rule by stating, if the current position limit is
250,000 contracts and there is one-for-two (1:2) reverse stock split in
the underlying, the new position limit would be 125,000 contracts
(250,000/2). The Exchange also proposes to adopt rule text to provide
that the new position limit will be the greater of the adjusted
position limit or the lowest position limit defined in paragraph (d).
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\11\ See proposed Exchange Rule 307(g)(2).
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The Exchange believes that its proposal presents a logical approach
to addressing stock splits in underlying securities as it maintains the
integrity of the position limit to shares outstanding ratio, both pre
and post-split, and promotes consistency and stability in the
marketplace. For example, a position limit of 250,000 contracts on an
underlying security that has 4,000,000,000 shares outstanding
represents control of 25,000,000 shares or 0.625% of the total shares
outstanding. If the underlying security has a four-for-one stock split,
the number of shares outstanding would increase to 16,000,000,000.
Therefore, to maintain the same position limit to shares outstanding
ratio the position limit should accordingly increase fourfold to
1,000,000 contracts, where control of 100,000,000 shares would
represent control of 0.625% of the total shares outstanding.
Currently, the scenario described above occurs when there is a
stock split, however, when the last option listed at the time of the
stock split expires, the position limit is re-evaluated in accordance
to the criteria described in Exchange Rule 307(d)(1)-(5), (where the
maximum contract limit is 250,000),\12\ and the position limit is
permanently re-adjusted in accordance to the Rule. However, the
reversion of the position limit, even to the maximum limit of 250,000
contracts, unnecessarily restricts trading by imposing a stricter
position limit relative to the number of shares outstanding post-stock
split than existed pre-stock split. The Exchange's proposal will
maintain the position limit ratio to shares outstanding so that the
pre-split ratio and post-split ratio are identical, and will eliminate
any market disruptions that may occur as a result of the current
process for handling stock splits.
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\12\ See Exchange Rule 307(d)(5).
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Additionally, the Exchange proposes to amend 307(e) to facilitate
the six month reevaluation process on underlyings that have undergone a
split. Specifically, the Exchange proposes that the split factor be
used for analysis purposes under paragraph (d) of Rule 307. The
Exchange proposes to adopt rule text that will provide that, for
underlying securities whose position limit has been adjusted pursuant
to proposed paragraph (g), the split factor shall be used for analysis
under paragraph (d). For example, under Exchange Rule 307(d)(5) to be
eligible for the 250,000 contract limit, either the most recent six (6)
month trading volume of the underlying security must have totaled at
least 100 million shares or the most recent six (6) month trading
volume of the underlying security must have totaled at least seventy-
five (75) million shares and the underlying security must have at least
300 million shares currently outstanding. Under the Exchange's proposal
to use the split factor for analysis under paragraph (d), in the event
of a four-for-one split in the underlying each threshold would be
increased by the split factor and increased fourfold. Therefore the
first test would require a six month trading volume of 400 million
shares (100,000,000 x 4), and the second test would require a six month
trading volume of 300 million shares (75,000,000 x 4) and the
underlying security would be required to have at least 1,200,000,000
shares currently outstanding (300,000,000 x 4). The Exchange proposes
to take a similar approach with reverse stock splits, and proposes to
adopt rule text to provide that, for reverse stock splits, the split
factor would be similarly applied and used as a divisor in the
calculations rather than as a multiplier.
Additionally, the Exchange proposes to adopt new subparagraph (3)
to paragraph (g) to state that, for the purposes of paragraph (g), the
term ``stock'' shall pertain solely to equity securities and not be
inclusive of Exchange Traded Funds. Rule 307 provides position limits
for both equity securities and Exchange Traded Funds,\13\ and the
Exchange's believes that adopting this rule text provides specificity
regarding the scope of the Exchange's proposal.
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\13\ See Interpretations and Policies .01 of Rule 307.
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The Exchange believes its proposal provides a uniform and
consistent approach for reevaluating position limits for underlyings
that were subject to a stock split, as the split factor is properly
applied (multiplied for share splits and divided for reverse share
splits) to each threshold value under paragraph (d) to establish the
proper position limit.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \14\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \15\ in particular, in that it
is 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
[[Page 29728]]
regulating, clearing, settling, processing information with respect to,
and facilitating transactions in securities, to remove impediments to
and perfect the mechanisms of a free and open market and a national
market system and, in general, to protect investors and the public
interest.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that its proposal would remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general protect investors and the public
interest because it provides a method for addressing position limit
changes as a result of stock splits occurring in the underlying
instrument. Currently, position limits are adjusted at the time of the
stock split but revert back to the original position limit when the
last listed option at the time of the split expires, which does not
benefit investors or the public interest, as the original position
limit is no longer meaningfully related to the current shares
outstanding. The Exchange also believes that clarifying that its
proposal applies only to equity stocks and not to Exchange Traded Funds
will avoid investor confusion.
The Exchange believes that its proposal is designed to prevent
fraudulent and manipulative acts and practices as the proposal
maintains the established position limit relative to shares outstanding
pre and post stock split. The Exchange believes its proposal promotes
just and equitable principles of trade, fosters cooperation and
coordination with persons engaged in regulating, clearing, settling,
and processing information with respect to transactions in securities,
as the proposal provides a defined calculation in the Exchange's rule
to account for stock splits in underlying securities. Additionally, the
Exchange proposes a corollary method for handling reverse stock split
that employs similar logic.
The Exchange notes that the industry recently experienced an issue
with a stock split in Apple Inc. (``AAPL'') that this proposal is
tangentially designed to address. In August of 2020, AAPL underwent a
four-for-one stock split. Prior to the stock split there were
approximately 4,000,000,000 shares of AAPL outstanding \16\ and the
position limit for AAPL was 250,000 contracts (25,000,000 shares). On
August 28, 2020, the Options Clearing Corporation (the ``OCC'')
published a Memo indicating that effective August 31, 2020, a contract
multiplier of 4 and a strike divisor of 4 would be applied to AAPL
contracts and strikes.\17\ The OCC also adjusted the position limit for
AAPL by the same factor, setting the equity position limit to
100,000,000 shares (1,000,000 contracts). Position limits are published
daily by the OCC on its website.\18\ However, when the last AAPL option
listed at the time of the stock split in 2020 expired in 2022, the OCC
reverted back to the original equity position limit for AAPL of
25,000,000 shares (250,000 contracts). Although this position limit
technically adheres to Exchange rules,\19\ it is more restrictive than
the original position limit. Prior to the stock split AAPL had
approximately 4,000,000,000 shares outstanding and the position limit
of 250,000 contracts represented control of 25,000,000 shares or 0.625%
of the shares outstanding. After the stock split AAPL had approximately
16,000,000,000 shares outstanding.\20\ The immediate adjustment of the
position limit from 250,000 contracts to 1,000,000 contracts reflects
control of 100,000,000 shares or 0.625% of the shares outstanding which
retains the pre-stock split ratio. Re-adjusting the position limit back
to 25,000,000 shares (250,000 contracts) when there are 16,000,000,000
shares outstanding reduces the position limit to 0.156% of the shares
outstanding, making the post-stock split position limit more
restrictive than the pre-stock split position limit.
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\16\ Apple Inc. Form 10-Q for the Quarterly Period Ended June
27, 2020 states that 4,275,634,000 shares of common stock were
issued and outstanding as of July 17, 2020.
\17\ See OCC Memo #47509, Apple Inc.--4 for 1 Stock Split
(August 28, 2020) available on its public website at <a href="https://infomemo.theocc.com/infomemos?number=47509">https://infomemo.theocc.com/infomemos?number=47509</a>.
\18\ See <a href="https://www.theocc.com/market-data/market-data-reports/series-and-trading-data/position-limits">https://www.theocc.com/market-data/market-data-reports/series-and-trading-data/position-limits</a>.
\19\ See Exchange Rule 307(e).
\20\ Apple Inc. Form 10-Q for the Quarterly Period Ended June
25, 2022, states that 16,070,752,000 shares of common stock were
issued and outstanding as of July 15, 2022.
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This reversion to the pre-stock split position disrupts the market
in a number of ways. First, it prevents market participants from
effectively pursuing their trading and investment strategies in the
same fashion as they had pre-stock split as the position limit relative
to shares outstanding becomes more restrictive. Secondly, the reversion
to the pre-stock split position limit introduces an element of risk as
market participants must unwind their post-stock split positions prior
to the occurrence of the reversion back to the pre-stock split position
limit level to remain compliant with position limit rules. Finally, the
reversion of the position limit may negatively impact trading volumes,
as market participants that use option contracts to hedge their risks
will not be able to maintain the same levels of market exposure.
Using AAPL as an example, pre-split, a market participant could
have had an options position of 250,000 contracts that represented
0.0625% of the total shares outstanding. Post-split, the market
participant could have an options position of 1,000,000 contracts,
which would still represent 0.0625% of the total shares outstanding.
When the reversion back to the pre-split position limit occurs (250,000
contracts) the market participant is forced to reduce its trading
activity as the maximum position limit now represents 0.1563% of the
total shares outstanding. This reduction in trading volume also
represents a reduction in available liquidity. Robust liquidity
facilitates price discovery and benefits competition by improving bid/
ask spreads, tighter bid/ask spreads lead to better execution prices.
Therefore, the reversion to the pre-split position limit negatively
impacts liquidity, trading volume, and possibly execution prices.
The Exchange believes that its proposed formula for reevaluating
position limits for underlyings that have undergone a stock split or
reverse stock split would remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general protect investors and the public interest because it
provides a uniform and consistent approach for re-evaluating position
limits.
Each option exchange has a similar position limit rule,\21\ and the
minimum position limit value is used by the OCC. The Exchange believes
its proposal will allow each exchange to adopt a similar provision to
their position limit rule to harmonize position limit adjustments as a
result of stock splits in underlying securities. The Exchange believes
this will foster cooperation and coordination with persons engaged in
regulating and processing information with respect to transactions in
securities by standardizing the calculation of position limits for
underlying securities that undergo a stock split. All market
participants are able to determine position limits on a daily basis as
each day the Options Clearing Corporation publishes a Position Limit
file. Additionally, the OCC publishes a Position Limit Change file
which reflects position limit adjustments and provides the Start Date
and Starting Position Limit coupled with the End
[[Page 29729]]
Date and Ending Position Limit, to alert the industry participants to
position limit changes. Therefore, the Exchange believes that its
proposal is designed to promote just and equitable principles of trade
and to foster cooperation and coordination with persons engaged in
regulating, clearing, settling, and processing information with respect
to transactions in securities.
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\21\ See e.g., Cboe Exchange Rule 8.30; Box Exchange Rule 3120,
Nasdaq Phlx, Options 9, Section 13; Nasdaq ISE, Options 9, Section
13; NYSE Arca 6.8-O; and NYSE American Rule 904.
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange does not believe that the proposed rule change will
impose any burden on intra-market competition as the rules of the
Exchange apply equally to all Members of the Exchange and all Members
of the Exchange are required to adhere to the position limits
established by the Exchange's rules.
The Exchange does not believe that the proposed rule change will
impose any burden on inter-market competition as the proposal is not
competitive in nature. The Exchange believes that all option exchanges
will adopt substantively similar proposals for establishing position
limits for underlying securities that undergo a stock split or reverse
stock split, such that the Exchange's proposal would benefit
competition.
For these reasons, 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.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#ed9f988188c08e8280808883999ead9e888ec38a829b"><span class="__cf_email__" data-cfemail="a3d1d6cfc68ec0cccecec6cdd7d0e3d0c6c08dc4ccd5">[email protected]</span></a>. Please include
File Number SR-MIAX-2023-19 on the subject line.
Paper Comments
<bullet> 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-2023-19. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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. 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-2023-19 and should
be submitted on or before May 30, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-09684 Filed 5-5-23; 8:45 am]
BILLING CODE 8011-01-P
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