Notice2023-21620
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2614(f) of the MIAX Pearl Equities Rulebook To Allow Self-Trade Protection Between Users That Access the Exchange Through a Direct Connection and Sponsored Access
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
October 2, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 189 (Monday, October 2, 2023)</title>
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[Federal Register Volume 88, Number 189 (Monday, October 2, 2023)]
[Notices]
[Pages 67841-67845]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21620]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98529; File No. SR-PEARL-2023-48]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 2614(f) of the MIAX Pearl Equities Rulebook To Allow Self-Trade
Protection Between Users That Access the Exchange Through a Direct
Connection and Sponsored Access
September 26, 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 September 22, 2023, MIAX PEARL, LLC (``MIAX Pearl'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is
[[Page 67842]]
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 Rule 2614(f) to permit
individual firms with Users \3\ that access the Exchange through a
direct connection and also access the Exchange through Sponsored Access
to enable Self-Trade Protection (``STP'') modifiers at the firm level
on the Exchange's equity trading platform (referred to herein as ``MIAX
Pearl Equities'').\4\
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\3\ The term ``User'' means any Member or sponsored participant
who is authorized to obtain access to the System pursuant to
Exchange Rule 2602. See Exchange Rule 1901.
\4\ This proposed rule change is based on recent proposed rule
changes by other national securities exchanges that were filed for
immediate effectiveness pursuant to Section 19(b)(3)(A)(iii) of the
Act, 15 U.S.C. 78s(b)(3)(A)(iii), and Rule 19b-4(f)(6), 17 CFR
240.19b-4(f)(6), thereunder. See Securities Exchange Act Release
Nos. 98021 (July 28, 2023), 88 FR 51386 (August 3, 2023) (SR-
CboeEDGX-2023-049); 98020 (July 28, 2023), 88 FR 51361 (August 3,
2023) (SR-CboeEDGA-2023-013); 98019 (July 28, 2023), 88 FR 51379
(August 3, 2023) (SR-CboeBYX-2023-012); and 98022 (July 28, 2023),
88 FR 51383 (August 3, 2023) (SR-CboeBZX-2023-054).
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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-equities/pearl-equities/rule-filings">https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings</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 Exchange proposes to amend Exchange Rule 2614(f) to permit
individual firms with Users that access the Exchange through a direct
connection and also access the Exchange through Sponsored Access \5\ to
enable STP modifiers at the firm level on MIAX Pearl Equities, if they
choose.
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\5\ See Exchange Rule 210.
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The Exchange offers optional anti-internalization functionality to
Users in the form of STP modifiers that enable a User to prevent two of
its orders from executing against each other. The Exchange offers the
following four (4) STP modifiers to Equity Members: Cancel Newest,
Cancel Oldest, Decrement and Cancel, and Cancel Both. An order marked
with the Cancel Newest modifier will not execute against a contra-side
order marked with any STP modifier originating from the same Unique
Identifier (as currently defined) and the order with the most recent
time stamp marked with the Cancel Newest modifier will be cancelled.
The contra-side order with the older timestamp marked with an STP
modifier will remain on the MIAX Pearl Equities Book.\6\ An order
marked with the Cancel Oldest modifier will not execute against a
contra-side order marked with any STP modifier originating from the
same Unique Identifier and the order with the older time stamp marked
with the STP modifier will be cancelled. The contra-side order with the
most recent timestamp marked with the STP modifier will remain on the
MIAX Pearl Equities Book. An order marked with the Decrement and Cancel
modifier will not execute against contra-side interest marked with any
STP modifier originating from the same Unique Identifier. If both
orders are equivalent in size, both orders will be cancelled. If both
orders are not equivalent in size, the equivalent size will be
cancelled and the larger order will be decremented by the size of the
smaller order, with the balance remaining on the MIAX Pearl Equities
Book. Finally, an order marked with the Cancel Both modifier will not
execute against contra-side interest marked with any STP modifier
originating from the same Unique Identifier and the entire size of both
orders will be cancelled.
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\6\ Exchange Rule 1901 defines the term ``MIAX Pearl Equities
Book'' as ``the electronic book of orders in equity securities
maintained by the System.''
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Currently, Users can set the STP modifier to apply at the market
participant identifier (``MPID''), Exchange Member \7\ identifier,
trading group identifier, or Equity Member Affiliate identifier level
(any such existing identifier, a ``Unique Identifier'').\8\ The STP
modifier on the order with the most recent time stamp controls the
interaction between two orders marked with STP modifiers. STP
functionality assists market participants in reducing trading costs
from unwanted executions potentially resulting from the interaction of
executable buy and sell trading interest from the same firm.
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\7\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
\8\ See Exchange Rule 2614(f).
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The Exchange now proposes to amend Rule 2614(f) and enhance its
existing STP functionality by introducing a fifth Unique Identifier,
Multiple Access identifier, which will allow a User to prevent orders
entered via its direct connection from interacting with the User's
orders entered via Sponsored Access. Currently, STP is only available
to individual and affiliated \9\ Users. However, there are certain
situations (discussed infra) in which an individual firm may access the
Exchange through different methods (i.e., through a direct connection
and through Sponsored Access) and therefore desires to enable STP in
order to prevent orders submitted through its direct connection from
interacting with those orders submitted through Sponsored Access.
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\9\ The term ``affiliate'' of or person ``affiliated with''
another person means a person who, directly, or indirectly,
controls, is controlled by, or is under common control with, such
other person. See Exchange Rule 100. The term ``person'' refers to a
natural person, corporation, partnership (general or limited),
limited liability company, association, joint stock company, trust,
trustee of a trust fund, or any organized group of persons whether
incorporated or not and a government or agency or political
subdivision thereof. Id. See also 17 CFR 230.405. An affiliate of,
or person affiliated with, a specified person, is a person that
directly, or indirectly through one or more intermediaries, controls
or is controlled by, or is under common control with, the person
specified.
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The Multiple Access identifier is similar to the affiliate
identifier that is already in place, as it will enable firms that
currently enter orders on the Exchange under two different Unique
Identifiers to assign the same Unique Identifier to orders entered via
its direct connection and to orders entered via Sponsored Access. This
will permit the firm to enable STP and prevent contra side orders from
executing. While the affiliate identifier requires Users to prove that
an affiliate relationship exists between the two Users, the proposed
Multiple Access identifier will only require a User to demonstrate: (i)
it maintains a Membership as an Equity Member on the Exchange through
which it directly submits orders to the System; \10\ and (ii) it also
operates as a pponsored [sic] participant and submits
[[Page 67843]]
orders to the System through Sponsored Access. The proposed addition of
the Multiple Access identifier does not present any new or novel STP
functionality, but rather would extend existing STP functionality to
firms that already access the Exchange through multiple formats and
therefore have different Unique Identifiers appended to their
orders.\11\
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\10\ The term ``System'' is the automated trading system used by
the Exchange for the trading of securities. See Exchange Rule 100.
\11\ See also supra note 4.
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There are situations where an individual firm would choose to
submit orders to the Exchange through different mechanisms. For
instance, a firm may employ different trading strategies across
different trading desks and choose to send orders for one strategy to
the Exchange through a direct connection while the other strategy is
sent through Sponsored Access. The proposed functionality would serve
as an additional tool that Users may enable in order to assist with
compliance with the various securities laws relating to potentially
manipulative trading activity such as wash sales \12\ and self-
trades.\13\ Additionally, the proposed functionality would provide
firms an additional solution to manage order flow by preventing
undesirable executions where the firm submits orders in multiple
formats (i.e., direct connection or Sponsored Access). As is the case
with the existing risk tools, Users, and not the Exchange, have full
responsibility for ensuring that their orders comply with applicable
securities rules, laws, and regulations. Furthermore, as is the case
with the existing risk settings, the Exchange does not believe that the
use of the proposed STP functionality can replace User-managed risk
management solutions.
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\12\ A ``wash sale'' is generally defined as a trade involving
no change in beneficial ownership that is intended to produce the
false appearance of trading and is strictly prohibited under both
the federal securities laws and FINRA rules. See, e.g., 15 U.S.C
78i(a)(1); FINRA Rule 6140(b) (``Other Trading Practices'').
\13\ Self-trades are ``transactions in a security resulting from
the unintentional interaction of orders originating from the same
firm that involve no change in beneficial ownership of the
security.'' FINRA requires members to have policies and procedures
in place that are reasonably designed to review trading activity
for, and prevent, a pattern or practice of self-trades resulting
from orders originating from a single algorithm or trading desk, or
related algorithms or trading desks. See FINRA Rule 5210,
Supplementary Material .02.
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The Exchange is proposing to allow firms that submit orders to the
Exchange through both a direct connection and through Sponsored Access
to utilize STP by utilizing the Multiple Access identifier.\14\
Specifically, the Exchange is proposing to allow individual firms who
choose to access the System through both a direct connection and
through Sponsored Access to use STP functionality in order to prevent
executions from occurring between those separate Users that are
associated with the direct connection and Sponsored Access. When a firm
requests STP using the Multiple Access identifier and the Exchange
confirms that the individual firm is both a Member that accesses the
Exchange through a direct connection and maintains a sponsored
participant relationship on the Exchange, the Exchange will assign an
identical Multiple Access identifier to each User. This Multiple Access
identifier will be used to prevent executions between contra side
orders entered by the Users assigned the same Multiple Access
identifier. The purpose of this proposed change is to extend STP
functionality to separate Users originating from the same individual
firm in order to prevent transactions between the firm's orders
submitted directly to the System and through Sponsored Access.
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\14\ The Exchange will require firms requesting to use the
Multiple Access identifier to complete an affidavit stating: (i) it
is currently an Equity Member of the Exchange that submits orders
directly to the System, and (ii) it also submits orders to the
System through a Sponsored Access arrangement.
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The Exchange includes the below examples to demonstrate how STP
will operate with the proposed Multiple Access identifier. For all
examples below, User A represents Firm 1 accessing the System through a
direct connection. User B also represents Firm 1 but where Firm 1 is
accessing the System as a sponsored participant through a Sponsoring
Member.\15\ User A and User B will use a Multiple Access identifier of
``A'' when requesting STP at the Multiple Access level, as both Users
submit Firm 1's orders to the System. User C is not related to Users A
and B and uses a Multiple Access identifier of ``C''.
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\15\ See Exchange Rules 210 and 2602.
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Multiple Access Level STP
Scenario 1: User A submits a buy order. User B submits a sell
order. User C also submits a sell order. User A has enabled STP at the
Multiple Access level using a Multiple Access identifier of A. User B
has enabled STP at the Multiple Access level using a Multiple Access
identifier of A. User C has not enabled STP. User A's buy order is
prevented from executing with User B's sell order as each User has
enabled STP at the Multiple Access level using a Multiple Access
identifier of A. User A's buy order will be permitted to execute with
User C's sell order because User C has not enabled STP, depending on
which STP modifier has been chosen by User A.
Scenario 2: User A submits a buy order. User B submits a sell
order. User C also submits a sell order. User A has enabled STP at the
Multiple Access level using a Multiple Access identifier of A. User B
has not enabled STP. User C has enabled STP at the Multiple Access
level using a Multiple Access identifier of C. User A's order will be
eligible to trade with both User B and User C. User A's order is
eligible to trade with User B because User B did not enable STP. In
order for STP to prevent the matching of contra side orders, both the
buy and sell order must contain an STP modifier. User A's order is also
eligible to trade with User C because even though User A and User C
have both enabled STP at the Multiple Access level, User A and User C
have different Multiple Access identifiers.
Scenario 3: User A submits a buy order and a sell order. User B
submits a buy order. User A has enabled STP at the Multiple Access
level using a Multiple Access identifier of A. User B has enabled STP
at the Multiple Access level using a Multiple Access identifier of A.
User A's buy order is not eligible to execute with User A's sell order
because User A has enabled STP at the Multiple Access level using a
Multiple Access identifier of A. User A's sell order is not eligible to
execute with User B's buy order because both User A and User B have
enabled STP at the Multiple Access level using a Multiple Access
identifier of A.
Scenario 4: User A submits a buy order and a sell order. User B
submits a sell order. User C submits a sell order. User A has enabled
STP at the Multiple Access level using a Multiple Access identifier of
A. User B has enabled STP at the Multiple Access level using a Multiple
Access identifier of A. User C has enabled STP at the Multiple Access
level using a Multiple Access identifier of C. User A's buy order is
not eligible to execute with User A's sell order because User A has
enabled STP at the Multiple Access level using a Multiple Access
identifier of A. User A's buy order is not eligible to execute with
User B's sell order because both User A and User B have enabled STP at
the Multiple Access level using a Multiple Access identifier of A. User
A's buy order is eligible to execute with User C's sell order because
while User A and User C have enabled STP at the Multiple Access level,
User A and User C have been assigned different Multiple Access
identifiers.
This proposed rule change is designed to provide additional
flexibility to Equity Members in how they implement
[[Page 67844]]
self-trade prevention, and thereby better manage their order flow and
prevent undesirable executions or the potential for ``wash sales'' that
may occur as a result of the speed of trading in today's marketplace.
Based on informal discussions with Equity Members, the Exchange
believes that the proposed amendments will be useful to Equity Members
in implementing their own compliance controls. Furthermore, the
additional STP functionality may assist Members in complying with
certain rules and regulations of the Employee Retirement Income
Security Act (``ERISA'') that preclude and/or limit managing broker-
dealers of such accounts from trading as principal with orders
generated for those accounts.
The Exchange notes that, as with the current anti-internalization
functionality offered by the Exchange, use of the proposed new Multiple
Access identifier STP grouping will not alleviate, or otherwise exempt,
Equity Members from their best execution obligations. As such, Equity
Members and their Affiliates using STP will continue to be obligated to
take appropriate steps to ensure customer orders which were prevented
from execution due to anti-internalization ultimately receive the same
price, or a better price, than they would have received had execution
of the orders not been inhibited by anti-internalization. Further, as
with current rule provisions, Market Makers and other Users may not use
STP functionality to evade the firm quote obligation, as specified in
Exchange Rule 2606(b), and the STP functionality must be used in a
manner consistent with just and equitable principles of trade.\16\ For
these reasons, the Exchange believes the proposed new Equity Member
Affiliate level of STP grouping offers Equity Members enhanced order
processing functionality that may prevent potentially undesirable
executions without negatively impacting broker-dealer best execution
obligations.
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\16\ See Exchange Rule 2100.
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Implementation
The Exchange will issue a trading alert publicly announcing the
implementation date of this proposed rule change to provide Equity
Members with adequate time to prepare for the associated technological
changes. The Exchange anticipates that the implementation date will be
in the fourth quarter of 2023.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\17\ in general, and furthers the objectives of Section
6(b)(5),\18\ in particular, because 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 regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, 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. Additionally, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \19\ requirement that the rules of an exchange not be designed
to permit unfair discrimination between customers, issuers, brokers, or
dealers.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
\19\ Id.
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Specifically, the Exchange believes that the proposed rule change
is consistent with the protection of investors and the public interest
because allowing Users that access the Exchange through a direct
connection and also access the Exchange through Sponsored Access to be
part of the same STP group will provide Equity Members with additional
flexibility with respect to how they implement self-trade protections
provided by the Exchange that may better support their trading
strategies and compliance controls. Equity Members that prefer the
current anti-internalization groupings offered by the Exchange can
continue to use them without any modification.
In particular, the Exchange believes that the proposed Multiple
Access level STP functionality promotes just and equitable principles
of trade by allowing individual firms to better manage order flow and
prevent undesirable trading activity such as wash sales or self- trades
that may occur as a result of the velocity of trading in today's high-
speed marketplace. The proposed Multiple Access identifier and
description of eligibility to utilize the proposed Multiple Access
identifier does not introduce any new or novel functionality, as the
proposed amendment does not seek to change the underlying STP
functionality, but merely extends the current STP functionality to
another trading relationship. For instance, a User may operate trading
desk 1 that accesses the Exchange via the User's direct connection, as
well as trading desk 2 that accesses the Exchange as a sponsored
participant. While these desks may operate different trading
strategies, a User may desire to prevent these desks from trading
versus each other in the marketplace because the orders are originating
from the same entity. Here, Users may desire STP functionality on a
Multiple Access level that will help them avoid unintended executions
to achieve compliance \20\ with regulatory rules regarding wash sales
and self-trades in a very similar manner to the way that the current
STP functionality applies on the existing Unique Identifier level. In
this regard, the proposed Multiple Access level STP functionality will
permit individual firms associated with different Users for purposes of
submitting orders to the Exchange in a different manner to prevent the
execution of transactions by and between the Users. The Exchange also
believes that the proposed rule change is fair and equitable and is not
designed to permit unfair discrimination as use of the proposed STP
functionality is available to all Users that meet the criteria and is
optional, and its use is not a prerequisite for trading on the
Exchange.
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\20\ The Exchange reminds Users that while they may utilize STP
to help prevent potential transactions such as wash sales or self-
trades, Users, not the Exchange, are ultimately responsible for
ensuring that their orders comply with applicable rules, laws, and
regulations.
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Finally, the Exchange notes other equity exchanges recently amended
their rules to allow similar groupings for their own anti-
internalization functionality.\21\ Consequently, the Exchange does not
believe that the proposed rule change raises any new or novel issues
not already considered by the Commission.
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\21\ See supra note 4.
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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. STP is an optional
functionality offered by the Exchange and Users are free to decide
whether to use STP in their decision-making process when submitting
orders to the Exchange.
The Exchange believes that the proposed Multiple Access identifier
does not impose any burden on intramarket competition as it seeks to
enhance an existing functionality available to all Users. The Exchange
is not proposing to introduce any new or novel functionality, but
rather is proposing to provide an extension of its existing STP
functionality to individual firms who choose to access the System
[[Page 67845]]
through both a direct connection and through Sponsored Access.
Additionally, the proposed rule specifies which Users are eligible to
use the Multiple Access identifier and will be available to any User
who satisfies such criteria. STP will continue to be an optional
functionality offered by the Exchange and the addition of Multiple
Access level STP will not change how the current Unique Identifiers and
STP functionality operate.
The Exchange believes that the proposed Multiple Access identifier
does not impose any undue burden on intermarket competition. STP is an
optional functionality offered by the Exchange and Users are not
required to use STP functionality when submitting orders to the
Exchange. Further, the Exchange is not required to offer STP and is
choosing to do so as a benefit for Users who wish to enable STP
functionality. Moreover, the proposed change is not being submitted for
competitive reasons, but rather to provide Users enhanced order
processing functionality that may prevent undesirable executions by
affiliated Users such as wash sales or self-trades. Nonetheless, the
proposed rule change would also improve the Exchange's ability to
compete with other exchanges that recently amended their rules to allow
Multiple Access identifier grouping for their own anti-internalization
functionality.\22\
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\22\ See id.
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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 from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \23\ and Rule
19b-4(f)(6) thereunder.\24\
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\23\ 15 U.S.C. 78s(b)(3)(A)(iii).
\24\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of 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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A proposed rule change filed under Rule 19b-4(f)(6) \25\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \26\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. Waiver of the 30-day
operative delay will allow the Exchange to immediately offer individual
firms with Users that access the Exchange through a direct connection
and through Sponsored Access functionality to better manage order flow
and prevent undesirable executions, to help ensure compliance with
securities laws relating to potentially manipulative trading activity
such as wash sales and self-trades. Further, the Commission notes that
this proposed rule change would permit functionality on the Exchange
currently available on other exchanges \27\ and as such, does not raise
any novel legal or regulatory issues. For these reasons, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\28\
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\25\ Id.
\26\ 17 CFR 240.19b-4(f)(6)(iii).
\27\ See supra note 4.
\28\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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
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#651710090048060a0808000b1116251600064b020a13"><span class="__cf_email__" data-cfemail="1f6d6a737a327c7072727a716b6c5f6c7a7c31787069">[email protected]</span></a>. Please include
file number SR-PEARL-2023-48 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-2023-48. 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
a.m. and 3 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-PEARL-2023-48 and should be
submitted on or before October 23, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21620 Filed 9-29-23; 8:45 am]
BILLING CODE 8011-01-P
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