Notice2025-17451
Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Remove a Select Symbol From the Priority Customer Rebate Program
Primary source
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Published
September 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 174 (Thursday, September 11, 2025)</title>
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[Federal Register Volume 90, Number 174 (Thursday, September 11, 2025)]
[Notices]
[Pages 44116-44117]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17451]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103911; File No. SR-MIAX-2025-42]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule To Remove a Select
Symbol From the Priority Customer Rebate Program
September 8, 2025.
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 August 29, 2025, Miami International Securities
Exchange, LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the MIAX Options Exchange Fee
Schedule (the ``Fee Schedule'') to amend the list of Select Symbols \3\
contained in the Priority Customer Rebate Program (``PCRP'') \4\ under
Section 1)a)iii) of the Fee Schedule to remove the Select Symbol
``WBA,'' the ticker symbol for Walgreens Boots Alliance, Inc. (referred
to herein as ``Walgreens'').
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\3\ The term ``Select Symbols'' means options listed on MIAX
overlying AAL, AAPL, AMAT, AMD, AMZN, BA, BABA, BB, BIDU, BP, C,
CAT, CLF, CVX, DAL, EBAY, EEM, FCX, GE, GILD, GLD, GM, GOOGL, GPRO,
HAL, INTC, IWM, JNJ, JPM, KMI, KO, META, MO, MRK, NFLX, NOK, ORCL,
PBR, PFE, PG, QCOM, QQQ, RIG, SPY, T, TSLA, USO, VALE, WBA, WFC,
WMB, XHB, XLE, XLF, XLP, XOM and XOP.
\4\ See Fee Schedule, Section 1)a)iii) for a complete
description of the PCRP.
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</a> and at MIAX's principal office.
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 footnote 14 in Section 1)a)iii) of
the Fee Schedule to amend the list of Select Symbols contained in the
PCRP to remove the Select Symbol ``WBA'' from the Select Symbols list.
The Exchange initially created the list of 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
PCRP tiers and segments than non-Select Symbols.
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\5\ See Securities Exchange Act Release No. 71700 (March 12,
2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014-13).
\6\ See e.g., Securities Exchange Act Release Nos. 94878 (May 9,
2022) 87 FR 29421 (May 13, 2022) (SR-MIAX-2022-18); 89530 (August
12, 2020), 85 FR 50845 (August 18, 2020) (SR-MIAX-2020-26); 88850
(May 11, 2020), 85 FR 29497 (May 15, 2020) (SR-MIAX-2020-09); 87964
(January 14, 2020), 85 FR 3435 (January 21, 2020) (SR-MIAX-2020-01);
87790 (December 18, 2019), 84 FR 71037 (December 26, 2019) (SR-MIAX-
2019-49); 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).
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On August 28, 2025, Walgreens announced that it would now be
operating as a private standalone company following its acquisition by
Sycamore Partners, a private equity firm.\7\ Also on August 28, 2025,
the Exchange issued an alert to announce that it would delist options
in Walgreens from trading on the Exchange, effective August 29,
2025.\8\ Options on Walgreens were authorized to be listed for trading
on the Exchange pursuant to Exchange Rule 402, but will no longer be
listed as Walgreens is no longer a publicly traded company.\9\
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\7\ See Walgreens Press Release, available at <a href="https://investor.walgreensbootsalliance.com/news-releases/news-release-details/walgreen-co-operate-private-standalone-company-following">https://investor.walgreensbootsalliance.com/news-releases/news-release-details/walgreen-co-operate-private-standalone-company-following</a>
(last visited August 28, 2025).
\8\ See MIAX Listing Alert (August 28, 2025), available at
<a href="https://www.miaxglobal.com/alert/2025/08/28/miax-exchange-group-options-markets-delisting-walgreens-boots-alliance-inc-1">https://www.miaxglobal.com/alert/2025/08/28/miax-exchange-group-options-markets-delisting-walgreens-boots-alliance-inc-1</a> (last
visited August 28, 2025).
\9\ See id.
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The proposed fee change is immediately effective.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \10\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \11\ in
[[Page 44117]]
particular, in that it is an equitable allocation of reasonable fees
and other charges among its members and issuers and other persons using
its facilities. The Exchange also believes the proposal furthers the
objectives of Section 6(b)(5) of the Act \12\ 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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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
\12\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that its proposal to remove the symbol
``WBA'' from the list of Select Symbols contained in the PCRP is
consistent with Section 6(b)(4) of the Act because the proposed change
will allow for the continued benefit to investors by providing them an
updated list of Select Symbols contained in the PCRP on the Exchange's
Fee Schedule.
The Exchange believes that the proposal to amend an option class
that qualifies for the credit for transactions in Select Symbols is
fair, equitable and not unreasonably discriminatory. The Exchange
believes that the PCRP itself is reasonably designed because it
incentivizes providers of Priority Customer \13\ 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 PCRP, 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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\13\ 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 to remove the symbol
``WBA'' from the list of Select Symbols contained in the PCRP is
consistent with Section 6(b)(5) of the Act because it will apply
equally to all Priority Customer orders in Select Symbols in the PCRP.
All similarly situated Priority Customer orders in 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 its proposal to remove the
symbol ``WBA'' from the list of Select Symbols contained in the PCRP
will result in any burden on intra-market or inter-market competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. This proposed change is a not a competitive proposal but
rather is designed to update the list of Select Symbols contained in
the PCRP in order to avoid potential confusion on the part of market
participants and other competing options exchanges by removing a symbol
that is being delisted and no longer traded on the Exchange.
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,\14\ and Rule 19b-4(f)(2) \15\ 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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\14\ 15 U.S.C. 78s(b)(3)(A)(ii).
\15\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<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#047671686129676b6969616a7077447761672a636b72"><span class="__cf_email__" data-cfemail="5220273e377f313d3f3f373c2621122137317c353d24">[email protected]</span></a>. Please include
file number SR-MIAX-2025-42 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-2025-42. 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 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-2025-42 and should be submitted on
or before October 2, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17451 Filed 9-10-25; 8:45 am]
BILLING CODE 8011-01-P
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