Notice2023-07144
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules 2617 and 2626 Regarding Retail Orders Routed Pursuant to the Route to Primary Auction Routing Option
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
April 6, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 66 (Thursday, April 6, 2023)</title>
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[Federal Register Volume 88, Number 66 (Thursday, April 6, 2023)]
[Notices]
[Pages 20597-20601]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-07144]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97236; File No. SR-PEARL-2023-15]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rules 2617 and 2626 Regarding Retail Orders Routed Pursuant to the
Route to Primary Auction Routing Option
March 31, 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 March 28, 2023, MIAX PEARL, LLC (``MIAX Pearl'' or the ``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.
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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 Exchange Rules 2617(b)(5) and
2626(f) related to Retail Orders \3\ routed
[[Page 20598]]
pursuant to the Route to Primary (``PAC'') routing option when trading
equity securities on the Exchange's equity trading platform (referred
to herein as ``MIAX Pearl Equities'').
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\3\ A ``Retail Order'' is an agency or riskless principal order
that meets the criteria of FINRA Rule 5320.03 that originates from a
natural person and is submitted to the Exchange by a Retail Member
Organization, provided that no change is made to the terms of the
order with respect to price or side of market and the order does not
originate from a trading algorithm or any other computerized
methodology. See Exchange Rule 2626(a)(2).
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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
The purpose of the proposed rule change is to amend Exchange Rule
2617(b)(5) related to Retail Orders routed pursuant to the PAC routing
option when trading equity securities on MIAX Pearl Equities. Exchange
Rule 2626 defines Retail Orders and sets forth the requirements \4\
that Equity Members \5\ must complete prior to sending Retail Orders to
the Exchange. Equity Members that seek to become a Retail Member
Organization (``RMO'') \6\ must complete an attestation in a form
required by the Exchange that substantially all orders submitted as
Retail Orders will qualify as such under Exchange Rule 2626. Such
Equity Members must then be approved by the Exchange as a RMO and then
may designate a Retail Order to be identified as Retail on the
Exchange's proprietary data feeds on an order-by-order or port-by-port
basis pursuant to Exchange Rule 2626(f). As proposed, those same Equity
Members that are approved as RMOs would then be able to also identify
Retail Orders as Retail when routed to the primary listing market's
opening, re-opening, or closing process pursuant to the PAC routing
option,\7\ described in more detail below.
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\4\ Members must submit a signed written attestation, in a form
prescribed by the Exchange, that they have implemented policies and
procedures that are reasonably designed to ensure that substantially
all orders designated by the Member as a ``Retail Order'' comply
with the above requirements. See Exchange Rule 2626(b).
\5\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
\6\ A ``Retail Member Organization'' or ``RMO'' is an Equity
Member (or a division thereof) that has been approved by the
Exchange under Exchange Rule 2626 to submit Retail Orders. See
Exchange Rule 2626(a)(1).
\7\ See Exchange Rule 2617(b)(5).
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The Exchange offers its Equity Members optional routing
functionality that allows them to use the Exchange to access liquidity
on other Trading Centers.\8\ The functionality includes routing
algorithms that determine the destination or pattern of routing.
Exchange Rule 2617(b)(5) sets forth that there is a particular pattern
of routing to other Trading Centers, known as the ``System routing
table'', as well as sets forth the Exchange's available routing
options. All routing is designed to be conducted in a manner consistent
with Regulation NMS.
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\8\ 17 CFR 242.600(b)(95) (defining ``Trading Center'' as ``a
national securities exchange or national securities association that
operates an SRO trading facility, an alternative trading system, an
exchange market maker, an OTC market maker, or any other broker or
dealer that executes orders internally by trading as principal or
crossing orders as agent'').
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The Exchange recently launched the PAC routing option,\9\ which
enables an Equity Member to designate that their order be routed to
participate in the primary listing market's opening, re-opening, or
closing process. In sum, Exchange Rule 2617(b)(5)(B) describes PAC as a
routing option for Market Orders \10\ and displayed Limit Orders \11\
with a time-in-force of Regular Hours Only (``RHO'') \12\ that the
entering firm wishes to designate for participation in the opening, re-
opening (following a regulatory halt, suspension, or pause), or closing
process of a primary listing market (Cboe BZX Exchange, Inc. (``BZX''),
the New York Stock Exchange LLC (``NYSE''), The Nasdaq Stock Market LLC
(``Nasdaq''), NYSE American LLC (``NYSE American''), or NYSE Arca, Inc.
(``NYSE Arca'')) if received before the opening, re-opening, or closing
process of such market.
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\9\ See Securities Exchange Act Release No. 94301 (February 23,
2022), 87 FR 11739 (March 2, 2022) (SR-PEARL-2022-06). See also MIAX
Pearl Equities--Expansion of Functionality Through New Route to
Primary Auction (PAC) Strategy--Rollout Postponed until June 27,
2022, dated June 8, 2022, available at <a href="https://www.miaxoptions.com/alerts/2022/06/08/miax-pearl-equities-expansion-functionality-through-new-route-primary-auction-pac">https://www.miaxoptions.com/alerts/2022/06/08/miax-pearl-equities-expansion-functionality-through-new-route-primary-auction-pac</a> (last visited June 28, 2022).
\10\ See Exchange Rule 2614(a)(2).
\11\ See Exchange Rule 2614(a)(1).
\12\ Exchange Rule 2614(b)(2) defines ``Regular Hours Only'' or
``RHO'' as ``[a]n order that is designated for execution only during
Regular Trading Hours, which includes the Opening Process for equity
securities. An order with a time-in-force of RHO entered into the
System before the opening of business on the Exchange as determined
pursuant to Exchange Rule 2600 will be accepted but not eligible for
execution until the start of Regular Trading Hours.'' To ensure that
orders coupled with the PAC routing option are eligible to
participate in the primary listing market's opening, re-opening, or
closing process, the Exchange routes Market Orders and displayed
Limit Orders designated as RHO upon entry with a time-in-force
accepted or required by the primary listing market. See Exchange
Rule 26174(b)(5)(B). As such, the Exchange converts an order's time-
in-force to a time-in-force accepted or required by the primary
listing market when necessary only for purposes of routing that
order to an away market.
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Exchange Rule 2617(b)(5)(B)(1)(i) describes how orders are routed
to participate in the primary listing market's opening or re-opening
process pursuant to the PAC routing option and provides, in sum, that
displayed Limit Orders and Market Orders with a time-in-force of RHO
received before the security has opened on the primary listing market
will be routed to participate in the primary listing market's opening
process prior to the primary listing market's order entry cut-off time.
Exchange Rule 2617(b)(5)(B)(1)(i) further provides that if a displayed
Limit Order or Market Order designated as RHO is received at or after
the time the Exchange begins to route existing orders to participate in
the primary listing exchange's opening process, but before market open,
the Exchange will route such orders to participate in the primary
listing market's opening process upon receipt.
Exchange Rule 2617(b)(5)(B)(1)(ii) describes how orders are routed
to participate in the primary listing market's closing process pursuant
to the PAC routing option. Exchange Rule 2617(b)(5)(B)(1)(ii)(a) covers
Limit Orders and provides, in sum, that a Limit Order designated as RHO
will be routed to participate in the primary listing market's closing
process prior to the primary listing market's order entry cut-off time.
If a Limit Order designated as RHO is received at or after the time the
Exchange begins to route existing orders to participate in the primary
listing market's closing process, but before market close, the Exchange
will check the System for available shares and then route the remaining
shares to participate in the primary listing market's closing process.
Exchange Rule 2617(b)(5)(B)(1)(ii)(b) covers Market Orders and
provides, in sum, that a Market Order designated as RHO is not eligible
to be routed to participate in the primary listing market's closing
process,
[[Page 20599]]
unless such Market Order is: (i) entered at or after 3:50 p.m. Eastern
Time, but before market close, (ii) the primary listing market has
declared a regulatory halt; and (iii) the primary listing market is to
conduct its closing process according to their applicable rules.\13\
All other Market Orders designated as RHO received at or after the time
the Exchange begins to route existing orders to participate in the
primary listing market's closing process, but before market close, will
be cancelled.\14\
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\13\ The Exchange notes that this functionality was implemented
on March 28, 2023. See MIAX Pearl Equities--Enhancement for Market
Orders with a Primary Auction (PAC) Routing Strategy will be
Activated on Tuesday, March 28, 2023, available at <a href="https://www.miaxoptions.com/alerts/2023/03/22/miax-pearl-equities-enhancement-market-orders-primary-auction-pac-routing">https://www.miaxoptions.com/alerts/2023/03/22/miax-pearl-equities-enhancement-market-orders-primary-auction-pac-routing</a>. See also
Securities Exchange Act Release No. 95298 (July 15, 2022), 87 FR
43579 (July 21, 2022) (SR-PEARL-2022-29).
\14\ Id.
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Going forward, the Exchange proposes that Retail Orders that a RMO
has designated as Retail pursuant to Exchange Rule 2626(f) would also
be identified as Retail when routed to the primary listing market's
opening, re-opening, or closing process pursuant to the PAC routing
option,\15\ so that such order may receive preferred pricing available
to Retail Orders offered by the primary listing market.\16\ The
Exchange notes that the proposal will primarily benefit displayed Limit
Orders identified as Retail that are routed to participate in the
primary listing market's closing process because, unlike before the
opening or re-opening process, continuous trading is in effect prior to
the closing process during which such routed Retail Orders may be
executed and eligible to receive preferred pricing.\17\
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\15\ The Exchange currently designates all routable orders,
other than those routed pursuant to the PAC routing option, as IOC
when routing such order to an away market, regardless of the time-
in-force included with the order upon entry. Exchange Rule
2617(b)(4) describes this functionality and currently provides that
the System will designate Market Orders and marketable Limit Orders
that are fully or partially routed to an away Trading Center as IOC.
The Exchange does not propose to identify as Retail a Retail Order
that is being routed as IOC and not pursuant to the PAC routing
option because such orders would remove liquidity on entry or be
cancelled and, therefore, not be eligible to receive preferred
pricing available to liquidity adding orders by primary listing
markets, which primarily employ maker/taker fee structures. See
infra note 16. Orders routed pursuant to the PAC routing option
include a time-in-force of RHO when entered on the Exchange and,
therefore, may provide liquidity (and receive a preferred rebate) on
the primary listing market prior to participating in the primary
listing market's closing process if the time-in-force employed by
the primary listing market allows the order to provide liquidity.
The Exchange notes that it would convert an order's time-in-force to
a time-in-force accepted or required by the primary listing market
when necessary only for purposes of routing that order to an away
market.
\16\ See, e.g., Cboe BZX fee schedule available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/</a> (providing an
enhanced rebate of $0.0032 to Retail Orders that add liquidity); and
NYSE fee schedule available at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf</a> (providing an enhanced rebate of
$0.0032 to Retail Orders that add liquidity).
\17\ While the proposal may benefit Market Orders, the Exchange
notes that it would be an edge case because of the limited scenario
where the Exchange would route Market Orders to the primary listing
market's closing process, namely, when the security is halted and
continuous trading is not in effect. See Exchange Rule
2617(b)(5)(B)(1)(ii)(b).
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The Exchange routes orders in equity securities via one or more
routing brokers that are not affiliated with the Exchange.\18\ Those
routing broker-dealers are required to complete the required
attestation to qualify as RMOs on the Exchange pursuant to Exchange
Rule 2626, described above. Those routing broker dealers would likewise
be required to complete any requirements by the primary listing market
to enter Retail Orders on that market and to qualify for any enhanced
pricing. To the extent the Exchange routes a Retail Order identified as
Retail via a routing broker-dealer to a primary listing market, it will
ensure that it does so in compliance with that market's rules governing
its retail orders, including that the order satisfies that market's
definition of ``Retail Order.'' \19\
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\18\ This routing process is described under Exchange Rule
2617(b)(1).
\19\ Any portion of a routed Retail Order that is not executed
on the primary listing market that is returned the Exchange will
continue to be treated as a Retail Order.
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As discussed above, RMOs may designate a Retail Order to be
identified as Retail on the Exchange's proprietary data feeds on an
order-by-order or port-by-port basis pursuant to Exchange Rule 2626(f).
Those same Retail Orders that are to be identified as Retail pursuant
to Exchange Rule 2626(f) would also be identified as Retail when routed
pursuant to the PAC routing option. The identification of a Retail
Order as Retail on the Exchange's proprietary data feed and when being
routed pursuant to the PAC routing option would implicate orders
entered during continuous trading that are to be routed to participate
in the primary listing market's closing process pursuant to the PAC
routing option. Such Retail Orders that are to be identified as Retail
when routed pursuant to the PAC routing option entered before market
open that are to be routed to participate in the primary listing
market's opening process or entered when a security is halted that are
to be routed to participate in the primary listing market's re-opening
process are entered during times when continuous trading is not in
effect on the Exchange \20\ and would, therefore, only be identified as
Retail when being routed pursuant to the PAC routing option. The
Exchange will not identify a Retail Order as Retail when routed
pursuant to the PAC routing option unless instructed by the RMO to do
so pursuant to Exchange Rule 2626, either on an order-by-order or port-
by-port basis. This behavior would be codified under new subparagraph
(iii) under Exchange Rule 2617(b)(5)(B), which would state that, a RMO
(as defined in Rule 2626(a)(1)) may designate a Retail Order (as
defined in Rule 2626(a)(2)) to be identified as Retail on an order-by-
order basis or instruct the Exchange to identify all of its Retail
Orders as Retail on a port-by-port basis. Proposed Exchange Rule
2617(b)(5)(B)(iii) would also provide that if so designated, a Retail
Order will be identified as Retail when routed pursuant to Exchange
Rule 2617(b)(5)(B)(1)(i) and (ii), as well as on the Exchange's
proprietary data feeds pursuant to Rule 2626(f). Proposed Exchange Rule
2617(b)(5)(B)(iii) would further provide that a RMO that instructs the
Exchange to identify all its Retail Orders as Retail on a particular
port will be able to override such setting and designate any individual
Retail Order from that port to not be identified as Retail when routed
to the primary listing market pursuant to Exchange Rule
2617(b)(5)(B)(1)(i) and (ii).\21\ As stated above, RMOs may designate
their orders as Retail in accordance with Exchange Rule 2626(f) for
purposes of order attribution on the MIAX Pearl Equities proprietary
data feeds. A RMO may designate a Retail Order to be identified as
Retail when routed pursuant to the PAC routing option on an order-by-
order basis or port-by-port basis,\22\ which is the same manner as
[[Page 20600]]
when as order is to be identified as Retail on the Exchange's
proprietary data feeds pursuant to Exchange Rule 2626(f).\23\ Proposed
Exchange Rule 2617(b)(5)(B)(iii) is based on current Exchange Rule
2626(f).
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\20\ The Exchange does not disseminate quote and trade data on
its proprietary data feeds when it is not engaged in continuous
trading.
\21\ In such case, the Retail Order would also not be identified
as retail on the Exchange's proprietary data feeds pursuant to
Exchange Rule 2626(f).
\22\ A RMO may designate a Retail Order to be identified as
Retail when routed pursuant to the PAC routing option on an order-
by-order basis via standard order entry protocols. A RMO may
designate that all Retail Orders be identified as Retail when routed
pursuant to the PAC routing option on a particular port by
instructing the Exchange's Trading Operations personnel to designate
that port as Retail or the RMO may designate a port as on their own
via the Exchange's online portal. The Exchange provides an internet-
facing portal via its website that Equity Members, including RMOs,
access using unique login credentials. The online portal provides
self-service functions to Equity Members. See Member Firm Portal
User Manual, available at <a href="https://www.miaxoptions.com/sites/default/files/knowledge-center/2022-06/MIAX_Exchanges_Member_Firm_Portal_User_Manual_05262022.pdf">https://www.miaxoptions.com/sites/default/files/knowledge-center/2022-06/MIAX_Exchanges_Member_Firm_Portal_User_Manual_05262022.pdf</a>. A RMO
that instructs the Exchange to identify all its Retail Orders as
Retail on a particular port will be able to override such setting
and designate any individual Retail Order from that port to not be
identified as Retail via standard order entry protocols when
submitting that particular order to the Exchange.
\23\ The Exchange proposes to make a related change to Exchange
Rule 2626(f) to, likewise, specify that a Retail Order to be
identified as Retail pursuant to Exchange Rule 2626(f) will also be
identified as Retail when being routed pursuant to the PAC routing
option under Rule 2617(b)(5)(B)(1)(iii).
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Implementation
Due to the technological changes associated with this proposed
change, the Exchange will issue a trading alert publicly announcing the
implementation date of the proposed rule change. The Exchange
anticipates that the implementation date will be in the second or third
quarter of 2023.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\24\ in general, and furthers the objectives of Section
6(b)(5),\25\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
The proposal promotes just and equitable principles of trade because it
enables RMOs to instruct the Exchange to identify a Retail Order as
Retail when routed pursuant to the PAC routing option and potentially
receive preferred pricing available to Retail Orders offered by the
primary listing market, which primarily employ maker/taker fee
structures. In addition, the proposal promotes just and equitable
principles of trade because Retail Orders that a RMO has designated as
Retail on an order-by-order or port-by-port-basis pursuant to Exchange
Rule 2626(f) would also be identified as Retail when routed pursuant to
the PAC routing option and this order-by-order or port-by-port
optionality provides RMOs flexibility to identify their Retail Orders
as Retail based upon how they manage their order flow. The proposal
removes impediments to and perfects the mechanism of a free and open
market and a national market system because it would enable the
Exchange to better compete for Retail Order flow with another exchange
that offers similar functionality.\26\ The proposal would also promote
just and equitable principles of trade because the potential to receive
preferred pricing on the primary listing market should incentivize RMOs
to enter additional Retail Order flow on the Exchange. This additional
order flow would come in the form of displayed Limit Orders designated
as RHO entered during continuous trading that may first check the
System for available shares and then be posted to the MIAX Pearl
Equities Book prior to being routed pursuant to the PAC routing
option.\27\ This may, in turn, deepen the available liquidity on the
Exchange and attract additional order flow, benefiting all Exchange
participants.
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\24\ 15 U.S.C. 78f(b).
\25\ 15 U.S.C. 78f(b)(5).
\26\ See Cboe EDGX Exchange, Inc. (``Cboe EDGX'') Rule 11.21(e).
See also Securities Exchange Act Release No. 75824 (September 3,
2015), 80 FR 54638 (September 10, 2015) (SR-EDGX-2015-40).
\27\ See Exchange Rules 2617(b)(5)(B)(1)(ii)(a) and
(b)(5)(B)(2)(i).
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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 believes the
proposal would enhance competition for retail order flow among
exchanges by allowing the Exchange to provide Retail Orders with
increased opportunities to receive preferred pricing provided to Retail
Orders by the primary listing market when being routed pursuant to the
PAC routing option. The proposal would not impede the national market
system because it would not disrupt the ability of the primary listing
market to conduct their opening, re-opening, and closing processes. The
Exchange would continue to route orders in a form and manner currently
accepted by the primary listing markets, which the Exchange understands
currently includes accepting orders with a Retail identifier. The
proposal would also enhance intermarket competition because it would
enable the Exchange to better compete with other exchanges that offer
similar functionality.\28\ The proposal may further enhance intermarket
competition by attracting additional Retail Order flow to the Exchange
since a displayed Limit Order designated as RHO that is entered during
continuous trading may first check the System for available shares and
may be posted to the MIAX Pearl Equities Book prior to being routed
pursuant to the PAC routing option.\29\ This may, in turn, deepen the
available liquidity on the Exchange and attract additional order flow,
benefiting all Exchange participants, and improving competition between
exchange markets. The proposal would also enhance intramarket
competition because the proposed functionality would be available to
all Equity Members that may qualify as a RMO and elect to have their
Retail Orders identified as Retail when routed pursuant to the PAC
routing option.
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\28\ See Cboe EDGX Rule 11.21(e). See also Securities Exchange
Act Release No. 75824 (September 3, 2015), 80 FR 54638 (September
10, 2015) (SR-EDGX-2015-40).
\29\ See Exchange Rules 2617(b)(5)(B)(1)(ii)(a) and
(b)(5)(B)(2)(i).
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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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \30\ and Rule 19b-4(f)(6) \31\
thereunder.
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\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
[[Page 20601]]
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#750700191058161a1818101b0106350610165b121a03"><span class="__cf_email__" data-cfemail="1361667f763e707c7e7e767d6760536076703d747c65">[email protected]</span></a>. Please include
File Number SR-PEARL-2023-15 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-PEARL-2023-15. 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 such 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-PEARL-2023-15 and should be
submitted on or before April 27, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-07144 Filed 4-5-23; 8:45 am]
BILLING CODE 8011-01-P
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