Notice2023-25007
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule
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
November 14, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 218 (Tuesday, November 14, 2023)</title>
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[Federal Register Volume 88, Number 218 (Tuesday, November 14, 2023)]
[Notices]
[Pages 78077-78081]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-25007]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98873; File No. SR-PEARL-2023-60]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Equities Fee Schedule
November 7, 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 October 31, 2023, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend the fee schedule (the
``Fee Schedule'') applicable to MIAX Pearl Equities, an equities
trading facility of the Exchange.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings">https://www.miaxglobal.com/markets/us-options/pearl-options/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 Section 1)e) of the Fee Schedule to
amend the Midpoint Peg Order Adding Liquidity at Midpoint Volume Tiers
table to offer a new enhanced rebate for executions of Midpoint Peg
Orders \3\ in securities priced at or above $1.00 per share that
execute at the midpoint of the Protected NBBO \4\ and add liquidity to
the Exchange in all Tapes. In response to the competitive environment,
the Exchange offers tiered pricing, which provides Equity Members \5\
with opportunities to qualify for higher rebates or lower fees when
certain volume criteria and thresholds are met. Tiered pricing provides
an incremental incentive for Equity Members to strive for higher tier
levels, which provides increasingly higher benefits or discounts for
satisfying increasingly more stringent criteria.
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\3\ A Midpoint Peg Order is a non-displayed Limit Order that is
assigned a working price pegged to the midpoint of the PBBO. A
Midpoint Peg Order receives a new timestamp each time its working
price changes in response to changes in the midpoint of the PBBO.
See Exchange Rule 2614(a)(3).
\4\ With respect to the trading of equity securities, the term
``the term ``Protected NBB'' or ``PBB'' shall mean the national best
bid that is a Protected Quotation, the term ``Protected NBO'' or
``PBO'' shall mean the national best offer that is a Protected
Quotation, and the term ``Protected NBBO'' or ``PBBO'' shall mean
the national best bid and offer that is a Protected Quotation. See
Exchange Rule 1901.
\5\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
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[[Page 78078]]
Midpoint Peg Orders
The Exchange currently provides a standard rebate of ($0.00205) \6\
per share for executions of Midpoint Peg Orders in securities priced at
or above $1.00 per share that execute at the midpoint of the Protected
NBBO and add liquidity to the Exchange in all Tapes.\7\
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\6\ Rebates are indicated by parentheses. See the General Notes
section of the Fee Schedule.
\7\ See Fee Schedule, Sections (1)(a) and (1)(b), Liquidity
Indicator Code ``Ap'' (adds liquidity and executes at the midpoint,
non-displayed Midpoint Peg Order (all Tapes)). The Exchange notes
that the standard rebate is not changing under this proposal.
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The Exchange also provides enhanced rebates through a tiered
pricing structure for executions of Midpoint Peg Orders in securities
priced at or above $1.00 per share that execute at the midpoint of the
Protected NBBO and add liquidity to the Exchange in all Tapes based on
an Equity Member achieving certain ``Midpoint ADAV'' thresholds
(defined below) (the ``Midpoint Volume Tiers Program'').\8\ Pursuant to
the Midpoint Volume Tiers Program, Midpoint ADAV means the average
daily added volume (``ADAV'') for the current month consisting of
Midpoint Peg Orders in securities priced at or above $1.00 per share
that execute at the midpoint of the Protected NBBO and add liquidity to
the Exchange.\9\ Pursuant to Tier 1 of the Midpoint Volume Tiers
Program, Equity Members may qualify for an enhanced rebate of ($0.0025)
per share for executions of Midpoint Peg Orders in securities priced at
or above $1.00 per share that execute at the midpoint of the Protected
NBBO and add liquidity to the Exchange by achieving a Midpoint ADAV
equal to or greater than 500,000 shares. Pursuant to Tier 2 of the
Midpoint Volume Tiers Program, Equity Members may qualify for an
enhanced rebate of ($0.0027) per share for executions of Midpoint Peg
Orders in securities priced at or above $1.00 per share that execute at
the midpoint of the Protected NBBO and add liquidity to the Exchange by
achieving a Midpoint ADAV equal to or greater than 1,000,000 shares.
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\8\ See Fee schedule, Section (1)(e).
\9\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day and ``ADV'' means average daily
volume calculated as the number of shares added or removed,
combined, per day. ADAV and ADV are calculated on a monthly basis.
The Exchange excludes from its calculation of ADAV and ADV shares
added or removed on any day that the Exchange's system experiences a
disruption that lasts for more than 60 minutes during regular
trading hours (``Exchange System Disruption''), on any day with a
scheduled early market close, and on the ``Russell Reconstitution
Day'' (typically the last Friday in June). Routed shares are not
included in the ADAV or ADV calculation. With prior notice to the
Exchange, an Equity Member may aggregate ADAV or ADV with other
Equity Members that control, are controlled by, or are under common
control with such Equity Member (as evidenced on such Equity
Member's Form BD). See the Definitions section of the Fee Schedule.
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Proposal
The Exchange now proposes to amend the Midpoint Volume Tiers
Program to add a new Tier 3 and associated increased rebate. In
particular, the Exchange proposes that pursuant to Tier 3 of the
Midpoint Volume Tiers Program, Equity Members may now qualify for an
enhanced rebate of ($0.0029) per share for executions of Midpoint Peg
Orders in securities priced at or above $1.00 per share that execute at
the midpoint of the Protected NBBO and add liquidity to the Exchange by
achieving a Midpoint ADAV equal to or greater than 1,500,000 shares.
The purpose of the proposed enhanced Tier 3 rebate for executions
of Midpoint Peg Orders in securities priced at or above $1.00 per share
that execute at the midpoint of the Protected NBBO and add liquidity to
the Exchange is to encourage Equity Members that provide liquidity
through non-displayed orders to strive for a higher Midpoint ADAV on
the Exchange in order to qualify for the higher rebate, which should
encourage increased order flow (particularly in the form of liquidity
adding non-displayed Midpoint Peg Orders that execute at the midpoint
of the Protected NBBO) to the Exchange, thereby contributing to a
deeper and more liquid market to the benefit of all market
participants.
The Exchange believes that providing a higher enhanced rebate for
executions of Midpoint Peg Orders in securities priced at or above
$1.00 per share that execute at the midpoint of the Protected NBBO and
add liquidity to the Exchange is a reasonable means to incentivize
additional liquidity at the midpoint of the Protected NBBO, which in
turn should increase the attractiveness of the Exchange as a
destination venue as Equity Members seeking price improvement would be
more motivated to direct their orders to the Exchange because they
would have a heightened expectation of the availability of liquidity at
the midpoint of the Protected NBBO.
The Exchange notes that competing exchanges provide similar pricing
structures and the proposed enhanced rebate is comparable to and higher
than the rebate provided by at least two competing exchanges for
executions of non-displayed orders in securities priced at or above
$1.00 per share that are pegged to the midpoint of national best bid
and offer.\10\
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\10\ See MEMX Equities Fee Schedule, available at <a href="https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/</a> (providing enhanced rebates ranging from ($0.0018) up to
($0.0028) per share for members that achieve non-displayed ADAV
ranging from 1,000,000 shares to 8,000,000 shares, which includes
midpoint peg order executions); see also Nasdaq PSX Pricing
Schedule, available at <a href="https://www.nasdaqtrader.com/Trader.aspx?id=PSX_Pricing">https://www.nasdaqtrader.com/Trader.aspx?id=PSX_Pricing</a> (providing a standard rebate of $0.0018
per share for all firms that add non-displayed liquidity via an
order with midpoint pegging and a rebate of $0.0025 per share for
firms that add non-displayed liquidity via an order with midpoint
pegging of at least 1 million shares ADV).
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Implementation
The Exchange proposes to implement the changes to the Fee Schedule
pursuant to this proposal on November 1, 2023.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \11\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \12\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among its Equity Members and issuers and other
persons using its facilities. The Exchange also believes that the
proposed rule change is consistent with the objectives of Section
6(b)(5) \13\ requirements that the rules of an exchange be designed to
prevent fraudulent and manipulative acts and practices, and 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, and, particularly, is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4).
\13\ 15 U.S.C. 78f(b)(5).
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The Exchange operates in a highly fragmented and competitive market
in which market participants can readily direct their order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 16 registered equities exchanges, and there are
a number of alternative trading systems and other off-exchange venues,
to which market participants may direct their order flow. Based on
publicly
[[Page 78079]]
available information, as of October 26, 2023, no single registered
equities exchange currently has more than approximately 15-16% of the
total market share of executed volume of equities trading for the month
of October 2023.\14\ Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow, and the Exchange
currently represents approximately 2.36% of the overall market
share.\15\ The Commission and the courts have repeatedly expressed
their preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
In Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and also recognized that
current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \16\
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\14\ See the ``Market Share'' section of the Exchange's website,
available at <a href="https://www.miaxglobal.com/">https://www.miaxglobal.com/</a> (last visited October 26,
2023).
\15\ Id.
\16\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37499 (June 29, 2005).
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct their order flow
to the Exchange, which the Exchange believes would enhance liquidity
and market quality to the benefit of all Members and market
participants.
The Exchange believes that the proposed change to add a new
enhanced rebate to the Midpoint Volume Tiers Program is reasonable
because it will provide Equity Members with an additional incentive to
achieve higher volume thresholds on the Exchange. The Exchange notes
that volume-based incentives for midpoint peg order executions have
been adopted by competing exchanges,\17\ and the Exchange believes its
proposal is reasonable, equitable, and not unfairly discriminatory
because it is open to all Equity Members on an equal basis and provides
an additional benefit that is reasonably related to the value to of the
Exchange's market quality associated with higher levels of market
activity, such as higher levels of liquidity provision and the
introduction of higher volumes of orders into the price and volume
discovery processes. The Exchange believes that the proposal is
reasonable because it is designed to incentivize market participants to
direct additional order flow to the Exchange, which should enhance the
Exchange's market quality and provide price improvement through the use
of orders that are designed to execute at the midpoint of the Protected
NBBO through the provision of enhanced rebates for executions of
Midpoint Peg Orders in securities priced at or above $1.00 per share
that execute at the midpoint of the Protected NBBO and add liquidity to
the Exchange in all Tapes.\18\ The Exchange believes its proposal will
promote price improvement and increased liquidity on the Exchange which
will benefit all market participants.
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\17\ See supra note 10.
\18\ The Exchange notes that Equity Members that do not qualify
for one of the Midpoint Volume Tiers will continue to receive the
standard rebate of ($0.00205) per share for executions of Midpoint
Peg Orders in securities priced at or above $1.00 per share that
execute at the midpoint of the Protected NBBO and add liquidity to
the Exchange in all Tapes.
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The Exchange believes the proposed enhanced Tier 3 rebate is
equitable and not unfairly discriminatory because all Equity Members
will continue to be eligible to qualify for the enhanced rebates
provided in the Midpoint Volume Tiers Program, including the new
enhanced Tier 3 rebate, and have the opportunity to receive the
corresponding enhanced rebate if such criteria is achieved (as
described above, based on Midpoint ADAV).
The Exchange further believes that the proposed criteria for the
Tier 3 rebate in the Midpoint Volume Tiers Program (Midpoint ADAV equal
to or greater than 1,500,000 shares) is reasonable because the proposed
criteria is incrementally more difficult to achieve than that of the
Tier 2 rebate; thus, proposed Tier 3 offers an appropriately higher
rebate commensurate with the corresponding higher Midpoint ADAV
requirement. Therefore, the Exchange believes the proposed changes to
the Midpoint Volume Tiers Program is consistent with an equitable
allocation of fees and rebates, as the more stringent criteria
correlates with the corresponding tier's higher rebate. Additionally,
the Exchange believes that the proposed rebate is reasonable as such
rebate is comparable to, and higher than, the rebates for executions of
liquidity-adding non-displayed orders provided by at least two other
exchanges under similar volume-based tiers.\19\
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\19\ See supra note 10.
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For the reasons discussed above, the Exchange submits that the
proposal satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of
the Act in that it provides for the equitable allocation of reasonable
dues, fees and other charges among its Equity Members and other persons
using its facilities and is not designed to unfairly discriminate
between customers, issuers, brokers, or dealers. As described more
fully below in the Exchange's statement regarding the burden on
competition, the Exchange believes that its transaction pricing is
subject to significant competitive forces, and that the proposed fees
and rebates described herein are appropriate to address such forces.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed changes will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act. The Exchange believes the proposed change
will encourage Equity Members to maintain or increase their order flow
to the Exchange, thereby contributing to a deeper and more liquid
market to the benefit of all market participants and enhancing the
attractiveness of the Exchange as a trading venue. As a result, the
Exchange believes the proposal would enhance its competitiveness as a
market that attracts actionable orders, thereby making it a more
desirable destination venue for its customers. For these reasons, the
Exchange believes that the proposal furthers the Commission's goal in
adopting Regulation NMS of fostering competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \20\
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\20\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 47396 (June 29, 2005).
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Intramarket Competition
The Exchange believes that the proposal would incentivize Equity
Members to maintain or increase their order flow, thereby contributing
to a
[[Page 78080]]
deeper and more liquid market to the benefit of all market participants
and enhance the attractiveness of the Exchange as a trading venue, and
to provide price improvement through the use of orders that are
designed to execute at the midpoint of the Protected NBBO, which the
Exchange believes, in turn, would continue to encourage participants to
direct order flow to the Exchange. Greater liquidity benefits all
Equity Members by providing more trading opportunities and encourages
Equity Members to send orders to the Exchange, thereby contributing to
robust levels of liquidity, which benefits all market participants. The
opportunity to qualify for enhanced, incremental rebates under the
Midpoint Volume Tiers Program is available to all Equity Members that
meet the associated Midpoint ADAV requirements in any month. The
Exchange believes the requirements in the Midpoint Volume Tiers Program
are reasonably related to the enhanced market quality that the Midpoint
Volume Tiers Program is designed to promote. Similarly, the proposed
enhanced Tier 3 rebate for executions of Midpoint Peg Orders in
securities priced at or above $1.00 per share that execute at the
midpoint of the Protected NBBO and add liquidity to the Exchange would
apply equally to all Equity Members. As such, the Exchange believes the
proposed changes would not impose any burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
Intermarket Competition
The Exchange believes its proposal will benefit competition, and
the Exchange notes that it operates in a highly competitive market.
Equity Members have numerous alternative venues they may participate on
and direct their order flow to, including fifteen other equities
exchanges and numerous alternative trading systems and other off-
exchange venues. As noted above, for the month of October 2023, no
single registered equities exchange currently has more than 15-16% of
the total market share of executed volume of equities trading.\21\
Thus, in such a low-concentrated and highly competitive market, no
single equities exchange possesses significant pricing power in the
execution of order flow. Moreover, the Exchange believes that the ever-
shifting market share among the exchanges from month to month
demonstrates that market participants can shift order flow in response
to new or different pricing structures being introduced to the market.
Accordingly, competitive forces constrain the Exchange's transaction
fees and rebates generally, and market participants can readily choose
to send their orders to other exchanges and off-exchange venues if they
deem fee levels at those other venues to be more favorable.
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\21\ See supra note 14.
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As described above, the proposal is designed to enhance market
quality on the Exchange and to encourage more Equity Members to
maintain or increase their order flow, thereby contributing to a deeper
and more liquid market to the benefit of all market participants and
enhancing the attractiveness of the Exchange as a trading venue, and to
encourage Equity Members to provide price improvement through the use
of orders that are designed to execute at the midpoint of the Protected
NBBO. In turn, the Exchange believes that the proposed enhanced Tier 3
rebate for executions of Midpoint Peg Orders in securities priced at or
above $1.00 per share that execute at the midpoint of the Protected
NBBO and add liquidity to the Exchange would encourage the submission
of additional order flow to the Exchange, particularly in the form of
Midpoint Peg Orders executed at the midpoint of Protected NBBO, thereby
promoting market depth, enhanced execution opportunities, price
improvement, and price discovery to the benefit of all Equity Members
and market participants.
As described above the Exchange's proposal is a competitive
proposal designed to encourage additional order flow to the Exchange
through a combination of volume based incentives, which have been
widely adopted by exchanges, and standard pricing that is comparable
to, and/or competitive with, pricing for similar executions in place at
other exchanges.\22\
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\22\ See supra note 10.
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Accordingly, the Exchange believes its proposal would not burden,
but rather promote, intermarket competition by enabling it to better
compete with other exchanges that offer similar standard pricing for
Added Midpoint Volume to market participants that achieves certain
volume criteria and thresholds.
Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \23\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
circuit stated: ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their routing agents, have a wide range of choices of where to
route orders for execution'; [and] `no exchange can afford to take its
market share percentages for granted' because `no exchange possess a
monopoly, regulatory or otherwise, in the execution of order flow from
broker dealers' . . .''.\24\ Accordingly, the Exchange does not believe
its proposed pricing changes impose any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
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\23\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\24\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\25\ and Rule 19b-4(f)(2) \26\ 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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\25\ 15 U.S.C. 78s(b)(3)(A)(ii).
\26\ 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
[[Page 78081]]
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#7200071e175f111d1f1f171c0601320117115c151d04"><span class="__cf_email__" data-cfemail="eb999e878ec6888486868e859f98ab988e88c58c849d">[email protected]</span></a>. Please include
file number SR-PEARL-2023-60 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-2023-60. 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-2023-60 and should be
submitted on or before December 5, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023-25007 Filed 11-13-23; 8:45 am]
BILLING CODE 8011-01-P
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