Notice2021-18463
Self-Regulatory Organizations: MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Fee Schedule To Adjust the Options Regulatory Fee
Primary source
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Published
August 27, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 164 (Friday, August 27, 2021)</title>
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[Federal Register Volume 86, Number 164 (Friday, August 27, 2021)]
[Notices]
[Pages 48253-48257]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18463]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92728; File No. SR-PEARL-2021-38]
Self-Regulatory Organizations: MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Options Fee Schedule To Adjust the Options Regulatory Fee
August 23, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 12, 2021, MIAX PEARL, LLC (``MIAX Pearl'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend the MIAX Pearl Options
Fee Schedule (the ``Fee Schedule'') to adjust the Options Regulatory
Fee (``ORF'').
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings/pearl">http://www.miaxoptions.com/rule-filings/pearl</a> at MIAX
Pearl'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
Currently, the Exchange assesses ORF in the amount of $0.0028 per
contract side. The Exchange proposes to reduce the amount of ORF from
$0.0028 per contract side to $0.0018 per contract side in order to help
ensure that revenue collected from the ORF, in combination with other
regulatory fees and fines, does not exceed the Exchange's total
regulatory costs. The Exchange's proposed change to the ORF should
balance the Exchange's regulatory revenue against the anticipated
regulatory costs. The Exchange initially filed this proposal on July
30, 2021 (SR-PEARL-2021-37) and withdrew such filing on August 12,
2021. The Exchange proposes to implement the fee change effective
August 12, 2021.
Collection of ORF
Currently, the Exchange assesses the per-contract ORF to each
Member \3\ for all options transactions, including Mini Options,
cleared or ultimately cleared by the Member, which are cleared by the
Options Clearing Corporation (``OCC'') in the ``customer'' range,\4\
regardless of the exchange on which the transaction occurs. The ORF is
collected
[[Page 48254]]
by OCC on behalf of the Exchange from either: (1) A Member that was the
ultimate clearing firm for the transaction; or (2) a non-Member that
was the ultimate clearing firm where a Member was the executing
clearing firm for the transaction. The Exchange uses reports from OCC
to determine the identity of the executing clearing firm and ultimate
clearing firm.
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\3\ The term ``Member'' means an individual or organization that
is registered with the Exchange pursuant to Chapter II of Exchange
Rules for purposes of trading on the Exchange as an ``Electronic
Exchange Member'' or ``Market Maker.'' Members are deemed
``members'' under the Exchange Act. See the Definitions Section of
the Fee Schedule and Exchange Rule 100.
\4\ Exchange participants must record the appropriate account
origin code on all orders at the time of entry in order. The
Exchange represents that it has surveillances in place to verify
that Members mark orders with the correct account origin code.
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To illustrate how the Exchange assesses and collects ORF, the
Exchange provides the following set of examples. For a transaction that
is executed on the Exchange and the ORF is assessed, if there is no
change to the clearing account of the original transaction, then the
ORF is collected from the Member that is the executing clearing firm
for the transaction (the Exchange notes that, for purposes of the Fee
Schedule, when there is no change to the clearing account of the
original transaction, the executing clearing firm is deemed to be the
ultimate clearing firm). If there is a change to the clearing account
of the original transaction (i.e., the executing clearing firm ``gives-
up'' or ``CMTAs'' \5\ the transaction to another clearing firm), then
the ORF is collected from the clearing firm that ultimately clears the
transaction--the ``ultimate clearing firm.'' The ultimate clearing firm
may be either a Member or non-Member of the Exchange. If the
transaction is executed on an away exchange and the ORF is assessed,
then the ORF is collected from the ultimate clearing firm for the
transaction. Again, the ultimate clearing firm may be either a Member
or non-Member of the Exchange. The Exchange notes, however, that when
the transaction is executed on an away exchange, the Exchange does not
assess the ORF when neither the executing clearing firm nor the
ultimate clearing firm is a Member (even if a Member is ``given-up'' or
``CMTAed'' and then such Member subsequently ``gives-up'' or ``CMTAs''
the transaction to another non-Member via a CMTA reversal). Finally,
the Exchange does not assess the ORF on outbound linkage trades,
whether executed at the Exchange or an away exchange. ``Linkage
trades'' are tagged in the Exchange's system, so the Exchange can
readily tell them apart from other trades. A customer order routed to
another exchange results in two customer trades, one from the
originating exchange and one from the recipient exchange. Charging ORF
on both trades could result in double-billing of ORF for a single
customer order; thus, the Exchange does not assess ORF on outbound
linkage trades in a linkage scenario. This assessment practice is
identical to the assessment practice currently utilized by the
Exchange's affiliates, Miami International Securities Exchange, LLC
(``MIAX'') and MIAX Emerald, LLC (``MIAX Emerald'').\6\
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\5\ ``CMTA'' or Clearing Member Trade Assignment is a form of
``give-up'' whereby the position will be assigned to a specific
clearing firm at OCC.
\6\ See Securities Exchange Act Release Nos. 85162 (February 15,
2019), 84 FR 5783 (February 22, 2019) (SR-MIAX-2019-01); 85251
(March 6, 2019), 84 FR 8931 (March 12, 2019) (SR-EMERALD-2019-01).
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As a practical matter, when a transaction that is subject to the
ORF is not executed on the Exchange, the Exchange lacks the information
necessary to identify the order-entering member for that transaction.
There are a multitude of order-entering market participants throughout
the industry, and such participants can make changes to the market
centers to which they connect, including dropping their connection to
one market center and establishing themselves as participants on
another. For these reasons, it is not possible for the Exchange to
identify, and thus assess fees such as ORF, on order-entering
participants on away markets on a given trading day. Clearing members,
however, are distinguished from order-entering participants because
they remain identified to the Exchange on information the Exchange
receives from OCC regardless of the identity of the order-entering
participant, their location, and the market center on which they
execute transactions. Therefore, the Exchange believes it is more
efficient for the operation of the Exchange and for the marketplace as
a whole to collect the ORF from clearing members.
ORF Revenue and Monitoring of ORF
The Exchange monitors the amount of revenue collected from the ORF
to ensure that it, in combination with other regulatory fees and fines,
does not exceed regulatory costs. In determining whether an expense is
considered a regulatory cost, the Exchange reviews all costs and makes
determinations if there is a nexus between the expense and a regulatory
function. The Exchange notes that fines collected by the Exchange in
connection with a disciplinary matter offset ORF.
As discussed below, the Exchange believes it is appropriate to
charge the ORF only to transactions that clear as customer at the OCC.
The Exchange believes that its broad regulatory responsibilities with
respect to a Member's activities supports applying the ORF to
transactions cleared but not executed by a Member. The Exchange's
regulatory responsibilities are the same regardless of whether a Member
enters a transaction or clears a transaction executed on its behalf.
The Exchange regularly reviews all such activities, including
performing surveillance for position limit violations, manipulation,
front-running, contrary exercise advice violations and insider trading.
These activities span across multiple exchanges.
Revenue generated from ORF, when combined with all of the
Exchange's other regulatory fees and fines, is designed to recover a
material portion of the regulatory costs to the Exchange of the
supervision and regulation of Members' customer options business
including performing routine surveillances, investigations,
examinations, financial monitoring, and policy, rulemaking,
interpretive, and enforcement activities. Regulatory costs include
direct regulatory expenses and certain indirect expenses in support of
the regulatory function. The direct expenses include in-house and third
party service provider costs to support the day-to-day regulatory work
such as surveillances, investigations and examinations. The indirect
expenses include support from such areas as the Office of the General
Counsel, technology, and internal audit. Indirect expenses are
estimated to be approximately 50% of the total regulatory costs for
2021. Thus, direct expenses are estimated to be approximately 50% of
total regulatory costs for 2021. The Exchange notes that its estimated
direct and indirect expense percentages are in the range and similar to
those at other options exchanges.\7\
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\7\ See Securities Exchange Act Release Nos. 91418 (March 26,
2021), 86 FR 17254 (April 1, 2021) (SR-Phlx-2021-16) (reducing the
Nasdaq PHLX LLC ORF and estimating direct expenses at 58% and
indirect expenses at 42%); 91420 (March 26, 2021), 86 FR 17223
(April 1, 2021) (SR-ISE-2021-04) (reducing the Nasdaq ISE, LLC ORF
and estimating direct expenses at 58% and indirect expenses at 42%).
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The ORF is designed to recover a material portion of the costs to
the Exchange of the supervision and regulation of its members,
including performing routine surveillances, investigations,
examinations, financial monitoring, and policy, rulemaking,
interpretive, and enforcement activities.
Proposal
Based on the Exchange's most recent review, the Exchange proposes
to reduce the amount of ORF that will be collected by the Exchange from
$0.0028 per contract side to $0.0018 per contract side. The Exchange
issued an Options Regulatory Fee Announcement on July
[[Page 48255]]
2, 2021, indicating the proposed rate change for August 1, 2021.\8\
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\8\ See <a href="https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Pearl_Options_RC_2021_29.pdf">https://www.miaxoptions.com/sites/default/files/circular-files/MIAX_Pearl_Options_RC_2021_29.pdf</a>.
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The proposed decrease is based on recent options volumes, which
included an increase in retail investors. With respect to options
volume, the Exchange, and the options industry as a whole, experienced
a significant increase between 2020 and 2021. For example, total
options contract volumes in April, May and June 2021 were 29.7%, 32.7%
and 25.6% higher than the total options contract volumes in April, May
and June 2020, respectively.\9\
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\9\ See data from OCC at: <a href="https://www.businesswire.com/news/home/20210504005178/en/OCC-April-2021-Total-Volume-Up-29.7-Percent-from-a-Year-Ago">https://www.businesswire.com/news/home/20210504005178/en/OCC-April-2021-Total-Volume-Up-29.7-Percent-from-a-Year-Ago</a>, <a href="https://www.businesswire.com/news/home/20210602005174/en/OCC-May-2021-Total-Volume-Up-32.7-Percent-from-a-Year-Ago">https://www.businesswire.com/news/home/20210602005174/en/OCC-May-2021-Total-Volume-Up-32.7-Percent-from-a-Year-Ago</a>, and <a href="https://apnews.com/press-release/business-wire/778385e696f4407590cc6ff9cb64db03">https://apnews.com/press-release/business-wire/778385e696f4407590cc6ff9cb64db03</a>.
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There can be no assurance that the Exchange's final costs for 2021
will not differ materially from these expectations, nor can the
Exchange predict with certainty whether options volume will remain at
the current level going forward. The Exchange notes however, that when
combined with regulatory fees and fines, the revenue being generated
utilizing the current ORF rate may result in revenue that will run in
excess of the Exchange's estimated regulatory costs for the year.\10\
Particularly, as noted above, the options market has seen a substantial
increase in volume throughout 2020 and 2021, due in large part to the
extreme volatility in the marketplace as a result of the COVID-19
pandemic. This unprecedented spike in volatility resulted in
significantly higher volume than was originally projected by the
Exchange (thereby resulting in substantially higher ORF revenue than
projected). The Exchange therefore proposes to decrease the ORF in
order to ensure it does not exceed its regulatory costs for the year.
Particularly, the Exchange believes that decreasing the ORF when
combined with all of the Exchange's other regulatory fees and fines,
would allow the Exchange to continue covering a material portion of its
regulatory costs, while lessening the potential for generating excess
revenue that may otherwise occur using the current rate.\11\
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\10\ The Exchange notes that notwithstanding the potential
excess ORF revenue the Exchange anticipates it would collect
utilizing the current rate, it would not use such revenue for non-
regulatory purposes.
\11\ The Exchange notes that its regulatory responsibilities
with respect to Member compliance with options sales practice rules
have been allocated to the Financial Industry Regulatory Authority
(``FINRA'') under a 17d-2 Agreement. The ORF is not designed to
cover the cost of options sales practice regulation.
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The Exchange will continue to monitor the amount of revenue
collected from the ORF to ensure that it, in combination with its other
regulatory fees and fines, does not exceed the Exchange's total
regulatory costs. The Exchange will continue to monitor MIAX Pearl
regulatory costs and revenues at a minimum on a semi-annual basis. If
the Exchange determines regulatory revenues exceed or are insufficient
to cover a material portion of its regulatory costs, the Exchange will
adjust the ORF by submitting a fee change filing to the Commission. The
Exchange will notify Members of adjustments to the ORF via regulatory
circular at least 30 days prior to the effective date of the change.
In connection with this filing, the Exchange notes that its
affiliates, MIAX and MIAX Emerald, will also be adjusting the ORF fees
that each of those exchanges charge.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \12\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \13\ in
particular, in that it is an equitable allocation of reasonable dues,
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 \14\ 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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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(4).
\14\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed fee change is reasonable because
customer transactions will be subject to a lower ORF fee than the
current rate. Moreover, the proposed reduction is necessary in order
for the Exchange to not collect revenue in excess of its anticipated
regulatory costs, in combination with other regulatory fees and fines,
which is consistent with the Exchange's practices.
The ORF is designed to recover a material portion of the costs of
supervising and regulating Members' customer options business including
performing routine surveillances and investigations, as well as policy,
rulemaking, interpretive and enforcement activities. The Exchange will
monitor the amount of revenue collected from the ORF to ensure that it,
in combination with its other regulatory fees and fines, does not
exceed the Exchange's total regulatory costs. The Exchange has designed
the ORF to generate revenues that, when combined with all of the
Exchange's other regulatory fees, will be less than or equal to the
Exchange's regulatory costs, which is consistent with the Commission's
view that regulatory fees be used for regulatory purposes and not to
support the Exchange's business side. In this regard, the Exchange
believes that the proposed decrease to the fee is reasonable.
The Exchange believes that continuing to limit changes to the ORF
to twice a year on specific dates with advance notice is reasonable
because it gives participants certainty on the timing of changes, if
any, and better enables them to properly account for ORF charges among
their customers. The Exchange believes that continuing to limit changes
to the ORF to twice a year on specific dates is equitable and not
unfairly discriminatory because it will apply in the same manner to all
Members that are subject to the ORF and provide them with additional
advance notice of changes to that fee.
The Exchange believes that collecting the ORF from non-Members when
such non-Members ultimately clear the transaction (that is, when the
non-Member is the ``ultimate clearing firm'' for a transaction in which
a Member was assessed the ORF) is an equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities. The Exchange notes that there is a
material distinction between ``assessing'' the ORF and ``collecting''
the ORF. The ORF is only assessed to a Member with respect to a
particular transaction in which it is either the executing clearing
firm or ultimate clearing firm. The Exchange does not assess the ORF to
non-Members. Once, however, the ORF is assessed to a Member for a
particular transaction, the ORF may be collected from the Member or a
non-Member, depending on how the transaction is cleared at OCC. If
there was no change to the clearing account of the original
transaction, the ORF would be collected from the Member. If there was a
change to the clearing account of the original transaction and a non-
Member becomes the ultimate clearing firm for that transaction, then
the ORF will be
[[Page 48256]]
collected from that non-Member. The Exchange believes that this
collection practice continues to be reasonable and appropriate, and was
originally instituted for the benefit of clearing firms that desired to
have the ORF be collected from the clearing firm that ultimately clears
the transaction.
The Exchange designed the ORF so that revenue generated from the
ORF, in combination with its other regulatory fees and fines, does not
exceed regulatory costs, which is consistent with the view of the
Commission that regulatory fees be used for regulatory purposes and not
to support the Exchange's business operations. As discussed above,
however, after review of its regulatory costs and regulatory revenues,
which includes revenues from ORF and other regulatory fees and fines,
the Exchange determined that absent a reduction in ORF, it may be
collecting revenue in excess of its regulatory costs. Indeed, the
Exchange notes that when taking into account the recent options volume,
which included an increase in customer options transactions, it
estimates the ORF will generate revenues that may cover more than the
approximated Exchange's projected regulatory costs. Moreover, when
coupled with the Exchange's other regulatory fees and revenues, the
Exchange estimates ORF to generate over 100% of the Exchange's
projected regulatory costs. As such, the Exchange believes it is
reasonable and appropriate to decrease the ORF amount from $0.0028 to
$0.0018 per contract side.
The Exchange also believes the proposed fee change is equitable and
not unfairly discriminatory in that it is charged to all Members on all
their transactions that clear in the customer range at the OCC,\15\
with an exception.\16\ The Exchange believes the ORF ensures fairness
by assessing higher fees to those members that require more Exchange
regulatory services based on the amount of customer options business
they conduct. Regulating customer trading activity is much more labor
intensive and requires greater expenditure of human and technical
resources than regulating non-customer trading activity, which tends to
be more automated and less labor-intensive. For example, there are
costs associated with main office and branch office examinations (e.g.,
staff expenses), as well as investigations into customer complaints and
the terminations of registered persons. As a result, the costs
associated with administering the customer component of the Exchange's
overall regulatory program are materially higher than the costs
associated with administering the non-customer component (e.g., member
proprietary transactions) of its regulatory program. Moreover, the
Exchange notes that it has broad regulatory responsibilities with
respect to activities of its Members, irrespective of where their
transactions take place. Many of the Exchange's surveillance programs
for customer trading activity may require the Exchange to look at
activity across all markets, such as reviews related to position limit
violations and manipulation. Indeed, the Exchange cannot effectively
review for such conduct without looking at and evaluating activity
regardless of where it transpires. In addition to its own surveillance
programs, the Exchange also works with other SROs and exchanges on
intermarket surveillance related issues. Through its participation in
the Intermarket Surveillance Group (``ISG'') \17\ the Exchange shares
information and coordinates inquiries and investigations with other
exchanges designed to address potential intermarket manipulation and
trading abuses. Accordingly, there is a strong nexus between the ORF
and the Exchange's regulatory activities with respect to customer
trading activity of its Members.
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\15\ If the OCC clearing member is an Exchange Member, ORF is
assessed and collected on all cleared customer contracts (after
adjustment for CMTA); and if the OCC clearing member is not an
Exchange Member, ORF is collected only on the cleared customer
contracts executed at the Exchange, taking into account any CMTA
instructions which may result in collecting the ORF from a non-
Member.
\16\ When a transaction is executed on an away exchange, the
Exchange does not assess the ORF when neither the executing clearing
firm nor the ultimate clearing firm is a Member (even if a Member is
``given-up'' or ``CMTAed'' and then such Member subsequently
``gives-up'' or ``CMTAs'' the transaction to another non-Member via
a CMTA reversal).
\17\ ISG is an industry organization formed in 1983 to
coordinate intermarket surveillance among the SROs by cooperatively
sharing regulatory information pursuant to a written agreement
between the parties. The goal of the ISG's information sharing is to
coordinate regulatory efforts to address potential intermarket
trading abuses and manipulations.
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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 not necessary or appropriate in
furtherance of the purposes of the Act. This proposal does not create
an unnecessary or inappropriate intra-market burden on competition
because the ORF applies to all customer activity, thereby raising
regulatory revenue to offset regulatory expenses. It also supplements
the regulatory revenue derived from non-customer activity. The Exchange
notes, however, the proposed change is not designed to address any
competitive issues. Indeed, this proposal does not create an
unnecessary or inappropriate inter-market burden on competition because
it is a regulatory fee that supports regulation in furtherance of the
purposes of the Act. The Exchange is obligated to ensure that the
amount of regulatory revenue collected from the ORF, in combination
with its other regulatory fees and fines, does not exceed regulatory
costs.
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,\18\ and Rule 19b-4(f)(2) \19\ 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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\18\ 15 U.S.C. 78s(b)(3)(A)(ii).
\19\ 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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2153544d440c424e4c4c444f5552615244420f464e57"><span class="__cf_email__" data-cfemail="f684839a93db95999b9b93988285b6859395d8919980">[email protected]</span></a>. Please include
File No. SR-PEARL-2021-38 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.
[[Page 48257]]
All submissions should refer to File No. SR-PEARL-2021-38. 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="http://www.sec.gov/rules/sro.shtml">http://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. 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 No. SR-PEARL-2021-38, and should be submitted on
or before September 17, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-18463 Filed 8-26-21; 8:45 am]
BILLING CODE 8011-01-P
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