Notice2024-08240
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Operation of the Trading Collar under Exchange Rule 2618(b)
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 18, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 76 (Thursday, April 18, 2024)</title>
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[Federal Register Volume 89, Number 76 (Thursday, April 18, 2024)]
[Notices]
[Pages 27824-27828]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-08240]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99954; File No. SR-PEARL-2024-17]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change to Amend the
Operation of the Trading Collar under Exchange Rule 2618(b)
April 12, 2024.
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 April 4, 2024, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') a proposed rule change as described in Items I, II, and
III, below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its existing Trading Collar risk
control for Equity Members \3\ when trading equity securities on the
Exchange's equity trading platform (referred to herein as ``MIAX Pearl
Equities'').
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\3\ 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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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
[[Page 27825]]
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 prevents all incoming orders, including those marked
as Intermarket Sweep Orders (``ISO''), from executing at a price
outside the Trading Collar price range as described in Exchange Rule
2618(b). The Trading Collar prevents buy orders from trading or routing
at prices above the collar and prevents sell orders from trading or
routing at prices below the collar. The Exchange proposes to expand the
ability of Equity Members to adjust the Trading Collar.
The Exchange's default behavior is to calculate the Trading Collar
price range for a security by applying the numerical guidelines for
Clearly Erroneous Executions or a specified dollar value established by
the Exchange.\4\ The result is added to the Trading Collar Reference
Price to determine the Trading Collar Price for buy orders, while the
result is subtracted from the Trading Collar Reference Price to
determine the Trading Collar Price for sell orders. Exchange Rule
2618(b)(1)(B) provides that the Trading Collar Reference Price is equal
to the following: (i) consolidated last sale price disseminated during
the Regular Trading Hours on trade date; or (ii) if (i) is not
available, the prior day's Official Closing Price identified as such by
the primary listing exchange, adjusted to account for events such as
corporate actions and news events. Exchange Rule 2618(b)(1)(F) provides
Equity Members the ability to override the Exchange's default behavior
and provides that for Market Orders \5\ only, Equity Members may
override the above default behavior on an order-by-order basis by
selecting a custom dollar value lower than the Exchange specified
percentages and dollar value.
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\4\ Although the Exchange applies the numerical guidelines for
Clearly Erroneous Executions, no order would be executed outside of
the prescribed Price Bands pursuant to the Plan to Address
Extraordinary Market Volatility, as described below. See infra note
9 and accompanying text.
\5\ See Exchange Rule 2614(a)(2).
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In less liquid securities, the Trading Collar has, in a few
instances, prevented Equity Members from accessing an order resting on
the MIAX Pearl Equities Book \6\ at a price at or near the Exchange's
top of book because that order was resting at a price outside of the
Trading Collar. This impacted not just incoming Market Orders, but also
incoming Limit Orders \7\ and Pegged Orders \8\ looking to remove
liquidity from the MIAX Pearl Equities Book. In the Exchange's
experience and based on Equity Members' feedback, this occurs when the
prior day's Official Closing Price is used as the Trading Collar
Reference Price because no consolidated last sale price was
disseminated during the Regular Trading Hours on trade date. In such
case, the Official Closing Price used to calculate the Trading Collar
may be stale and not accurately reflect the current trading
characteristics of the security. In turn, this has resulted in orders
in a small number of less liquid securities resting at a price outside
the Trading Collar, preventing an incoming order from executing against
that resting order.
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\6\ See Exchange Rule 1901.
\7\ See Exchange Rule 2614(a)(1).
\8\ See Exchange Rule 2614(a)(3).
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In response to Equity Member feedback, the Exchange proposes to
expand the ability to override the Exchange's default behavior to
address the scenario outlined above. Specifically, the Exchange
proposes to expand Exchange Rule 2618(b)(1)(F) to include Limit Orders
and Pegged Orders, in addition to Market Orders (current behavior). The
Exchange proposes to also amend Exchange Rule 2618(b)(1)(F) to allow
Equity Members to select a dollar value lower (current behavior),
higher, or equal to the Exchange-specified percentages and dollar value
on an order-by-order basis. In other words, Equity Members may select a
dollar value equal to, more, or less conservative than the Exchange's
specified percentages and dollar value. This proposed rule change would
allow Equity Members to select their own dollar value to calculate the
Trading Collar, enabling them to access an order that may otherwise be
outside the Trading Collar if the Trading Collar was calculated based
on the Exchange's specified percentages and dollar value. Importantly,
the proposed rule change would not only allow Equity Members to select
a dollar value more aggressive than the Exchange's defaults, but also
more conservative in cases where they seek to apply a tighter Trading
Collar in line with their risk appetite. The ability to override the
Exchange's specified percentages and dollar value would be completely
voluntary and all orders would continue to be subject to other risk
protections provided by the Exchange regardless of the width of the
Trading Collar, as described below.
As a preliminary matter, the Exchange notes that no order would be
executed outside of the prescribed Price Bands pursuant to the Plan to
Address Extraordinary Market Volatility (the ``LULD Plan'').\9\
Exchange Rule 2622(e) sets forth the Exchange's mechanism for complying
with the LULD Plan. Broadly, the LULD Plan prevents trades from
happening at prices where one party to the trade would be considered
``aggrieved'' under the Exchange's Clearly Erroneous Rule 2621. Any
trade that takes place within the LULD Price Bands would stand and not
be broken.\10\
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\9\ See Securities Exchange Act Release Nos. 67091, 77 FR 33498
(June 6, 2012) (File No. 4-631) (``LULD Plan Approval Order'')
(approving the LULD Plan as amended); and 85623, 84 FR 16086 (Apr.
17, 2019) (approving, among other things, the operation of the LULD
Plan on a permanent basis).
\10\ No trades were deemed clearly erroneous by any exchange
during the second half of 2023. See the third and fourth quarter CEE
Reports available at <a href="https://www.luldplan.com/studies">https://www.luldplan.com/studies</a>.
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In addition, to help Equity Members manage their risk, the Exchange
also offers other risk controls that authorize the Exchange to take
automated action if a designated limit for an Equity Member is
breached. Each of these risk controls are described under Exchange Rule
2618 and provide Equity Members with enhanced abilities to manage their
risk when trading on the Exchange. The Exchange also requires Limit
Order Price Protection for all Limit Orders. Under Exchange Rule
2614(a)(1)(ix), Limit Order Price Protection provides that a Limit
Order to buy (sell) will be rejected if it is priced at or above
(below) the greater of a specified dollar and percentage away from a
certain reference described in the Rule. Equity Members may customize
the specified dollar and percentage values on an MPID and/or per
session basis. If an Equity Member does not provide a specified dollar
and percentage values for their order(s), the Exchange's specified
dollar and percentage values will be applied. Limit Order Price
Protection will be applied when an order is first eligible to trade. In
other words, a Limit Order would be rejected and not placed on the MIAX
Pearl Equities Book where it would be priced outside of the Limit Order
Price Protection range described above. Meanwhile, all order types are
subject to the Trading Collar. Like Limit Order Price Protection, the
Trading Collar is applied upon entry. Unlike Limit Order Price
Protection, under which an order would be rejected, an order subject to
the Trading Collar may be accepted upon entry and routed or executed at
[[Page 27826]]
prices at or within the Trading Collar range. Any remaining portion of
that order that is about to be posted to the MIAX Pearl Equities Book,
executed, or routed at a price outside of the Trading Collar would be
cancelled.
The following examples describe the proposed functionality and how
it would interact with the Limit Order Price Protection. Assume for all
of the below examples that the previous day's official closing price of
$1.00 is being used as the Trading Collar Reference Price because there
is no consolidated last sale. Also assume the Trading Collar dollar
value is $0.15 resulting in a Trading Collar range of $0.85 to $1.15,
and there is no national best bid or offer for the security.
The first example shows how the proposed functionality would allow
an incoming order to access a resting order that would otherwise have
been blocked by the Trading Collar. The Exchange receives a displayed
Limit Order to buy 10 shares at $0.83 (Order 1). Order 1 is posted to
the MIAX Pearl Equities Book and displayed at $0.83. The Exchange then
receives a second displayed Limit Order to buy 10 shares at $0.84
(Order 2). Order 2 is posted to the MIAX Pearl Equities Book and
displayed at $0.84. The Exchange now receives a Limit Order to sell 20
shares at $0.80 (Order 3), with custom Trading Collar dollar value of
$0.17, resulting in a Trading Collar range of $0.83 to $1.17 ($0.02
wider than the Exchange specified Trading Collar dollar value of
$0.15). Assume that Orders 1, 2, and 3 all pass the Limit Order Price
Protection check. Order 3 would execute against Order 2 at $0.84 for 10
shares and then execute against Order 1 at $0.83 for 10 shares. Order 3
is able to execute against Orders 1 and 2 because they are within range
of Order 3's custom Trading Collar dollar value. If the Exchange's
specified Trading Collar value has been used, Order 3 would not have
been able to execute against Orders 1 and 2 because they would have
been outside the Trading Collar range.
This second example shows an incoming order failing the Limit Order
Price Protection check and being rejected, although its custom Trading
Collar dollar value would have allowed it to trade with contra-side
interest on the MIAX Pearl Equities Book. Assume the same facts as the
above example with the only difference being Order 3 also includes a
specified Limit Order Price Protection dollar and percentage values of
$0.05 and 10%, respectively, as provided by Exchange Rule
2614(a)(1)(ix)(B). Order 3's Limit Order Price Protection range is
calculated as follows: Official Closing Price minus the greater of the
dollar-based value ($0.05) or the Official Closing Price multiplied by
the percentage value ($1.00 +/- $0.10 = $0.90 to $1.10). Although Order
3's custom Trading Collar dollar value would have allowed it to trade
with Orders 1 and O2, Order 3 would fail the Limit Order Price
Protection check and be rejected.
* * * * *
The Exchange proposes, however, to not allow Equity Members to
select their own dollar value to calculate the Trading Collar for
orders eligible to participate in the Exchange's Opening Process. The
Exchange recently proposed to apply the Trading Collar to the Opening
Process under Exchange Rule 2615,\11\ and will begin to apply the
Trading Collar to the Opening Process in February 2024.\12\ Once
implemented, Equity Members would not be permitted to override the
Exchange's default behavior during the Opening Process and the Trading
Collar price range for a security would be calculated by applying the
specified percentages and dollar value described in Exchange Rule
2618(b)(1)(E). As a result, the Exchange proposes to amend Exchange
Rule 2618(b)(1)(F) to provide that Exchange Rule 2618(b)(1)(F) would
not apply to orders that are eligible for the Opening Process under
Exchange Rule 2615. In such case, the specified percentages and dollar
value described under Exchange Rule 2618(b)(1)(E) would be applied. The
Exchange believes this is reasonable because no orders rest on the MIAX
Pearl Equities Book until the completion of the Opening Process and
continuous trading has begun. Until that time, there would be no orders
resting on the MIAX Pearl Equities Book at a price that would otherwise
be outside of the Trading Collar that an Equity Member may seek to
access.
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\11\ See Securities Exchange Act Release No. 98825 (Oct. 30,
2023), 88 FR 75338 (Nov. 2, 2023) (SR-PEARL-2023-58).
\12\ See MIAX Pearl Equities Exchange Regulatory Circular 2024-
02, Updated Implementation Dates for Changes to Certain Risk
Controls on MIAX Pearl Equities, dated Jan. 17, 2024.
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Non-Substantive Corrections
The Exchange also proposes to make non-substantive corrections to
Exchange Rule 2618. First, the Exchange proposes to capitalize a
reference to ``Numerical Guidelines'' in Exchange Rule 2618(b)(1).
Second, the Exchange proposes to correct a cross-reference in Exchange
Rule 2618(b)(1)(D). Third, the Exchange proposes to make references to
the term ``dollar values'' singular in Exchange Rule 2618(b)(1)(F).
This is because the Exchange only uses a single dollar value when
calculating the Trading Collar. None of these changes impact or alter
the operation of Exchange Rule 2618(b). Each is designed solely to
correct non-substantive errors, making the rule easier to understand
and avoid potential investor confusion.
* * * * *
The Exchange does not guarantee that the risk settings in this
proposal are sufficiently comprehensive to meet all of an Equity
Member's risk management needs. Pursuant to Rule 15c3-5 under the
Act,\13\ a broker-dealer with market access must perform appropriate
due diligence to assure that controls are reasonably designed to be
effective, and otherwise consistent with the rule.\14\ Use of the
Exchange's risk settings included in Exchange Rule 2618 will not
automatically constitute compliance with Exchange or federal rules and
responsibility for compliance with all Exchange and SEC rules remains
with the Equity Member.
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\13\ 17 CFR 240.15c3-5.
\14\ See Division of Trading and Markets, Responses to
Frequently Asked Questions Concerning Risk Management Controls for
Brokers or Dealers with Market Access, available at <a href="https://www.sec.gov/divisions/marketreg/faq-15c-5-risk-management-controls-bd.htm">https://www.sec.gov/divisions/marketreg/faq-15c-5-risk-management-controls-bd.htm</a>.
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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 enhancements to its risk controls
set forth herein. The Exchange anticipates that the implementation date
will be in the second or third quarter of 2024.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\15\ in general, and furthers the objectives of Section
6(b)(5),\16\ 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. Specifically, the Exchange
believes the proposed amendments will remove impediments to and perfect
the mechanism of a free and open market and a national market system
because
[[Page 27827]]
the augmented functionality is being proposed in response to Equity
Member feedback as part of their efforts to appropriately manage their
risk.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
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Exchange Rule 2618(b)(1)(F) currently provides the ability to
override the Exchange's default behavior for Market Orders only, where
Equity Members may select on an order-by-order basis a dollar value
lower than the Exchange specified percentages and dollar value. This
proposal seeks to expand that ability under Exchange Rule 2618(b)(1)(F)
to include Limit Orders and Pegged Orders and allow Equity Members to
select a dollar value lower (current behavior), higher, or equal to the
Exchange specified percentages and dollar value on an order-by-order
basis. Importantly, the proposed rule change would not only allow
Equity Members to select a dollar value more aggressive than the
Exchange's defaults, but also more conservative in cases where they
seek to apply a tighter Trading Collar in line with their risk
appetite.
Allowing Equity Members to select a dollar value more or less
conservative than the Exchange's specified percentages and dollar value
is being proposed in response to an Equity Member request to be able to
access an order in less liquid securities that may be resting on the
MIAX Pearl Equities Book at prices outside the Trading Collar, as
described above. The proposal would, therefore, promote just and
equitable principles of trade because it would provide Equity Members
with additional flexibility in constructing a Trading Collar (tighter
or wider) that better suits their risk appetite when they seek to
access such resting liquidity. The proposal would allow Equity Members
to modify the Trading Collar on an order-by-order basis so that they
may access an order resting on the MIAX Pearl Equities Book that would
otherwise be priced outside of the Trading Collar due to the Exchange's
default behavior.
An Equity Member's decision to select a dollar value other than the
Exchange's specified values would be completely voluntary. Equity
Members would be free to take no action and rely on the Exchange's
specified percentages or dollar value as they may do today for Market
Orders.
Market participants' ability to adjust risk settings to a more
restrictive range, like Trading Collars, is not unique. As discussed
above, Exchange Rule 2618(b)(1)(F) currently provides Equity Members
the ability to constrict the Trading Collar for Market Orders. Market
participants' ability to adjust risk settings to a more permissive
range is also not unique. Today, for Limit Order Price Protection,
Exchange Rule 2614(a)(1)(ix)(B) permits Equity Members to customize the
specified dollar and percentage values used under Limit Order Price
Protection.\17\ Such customization may be more or less permissive than
the Exchange's specified dollar and percentage values. In the case
where an Equity Member customizes their specified dollar and percentage
values used under Limit Order Price Protection to be more permissive,
an execution may nevertheless be prevented by the Trading Collar.
Importantly, the proposal would allow Equity Members to override the
Exchange's default behavior to construct a Trading Collar based on
their own trading behavior and risk appetite, like they may do today
for Limit Order Price Protection.
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\17\ Exchange Rule 2614(a)(1)(ix)(A) provides that, under Limit
Order Price Protection, a Limit Order to buy (sell) will be rejected
if it is priced at or above (below) the greater of a specified
dollar and percentage away from the following: (1) PBO for Limit
Orders to buy, the PBB for Limit Orders to sell; (2) if 1, is
unavailable, consolidated last sale price disseminated during the
Regular Trading Hours on trade date; or (3) if neither (1), or (2)
are available, the prior day's Official Closing Price identified as
such by the primary listing exchange, adjusted to account for events
such as corporate actions and news events.
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This proposal is in response to a limited and specific scenario
when the prior day's Official Closing Price is used as the Trading
Collar Reference Price because no consolidated last sale price was
disseminated during Regular Trading Hours on trade date. In such case,
the Official Closing Price may be stale and result in an order in a
less liquid security to be resting at a price outside the Trading
Collar. The Exchange believes this in an infrequent occurrence.
Nonetheless, the proposed functionality would be available generally
and not for only this limited scenario. However, the Exchange believes
that Equity Members would continue to rely on the Exchange's default
behavior and Trading Collars in most, if not all, other trading
scenarios.
The proposal furthers the objectives of Section 6(b)(5) \18\ by
facilitating transactions in securities that would otherwise be
prevented due to an unnecessarily restrictive Trading Collar. The
proposal seeks to permit an Equity Member to adjust the Trading Collar
so that they may access an order resting on MIAX Pearl Equities Book
that may be unnecessarily resting at a price outside of the Exchange-
established Trading Collar. In this case, the Exchange has a willing
buyer and willing seller, and allowing the Equity Member submitting the
incoming order to adjust their Trading Collar to a more permissive
range would allow them to access that resting order, thereby
facilitating transactions in securities. The order resting on the
Exchange at a price outside of the Trading Collar may be at a more
aggressive price than other orders resting at away markets. In such
case, the proposal would further facilitate transactions in securities
by allowing an Equity Member to access a more aggressively priced order
on the Exchange, and then seek to access less aggressively priced
interest resting at other markets.
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\18\ 15 U.S.C. 78f(b)(5).
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Further, the proposal protects investors and the public interest
because such an order would continue to be subject to other risk
controls and protections offered by the Exchange. For example, Limit
Order Price Protection process will continue to apply, even in cases
where an Equity Member selects a custom dollar value to calculate the
Trading Collar price range. To further help Equity Members manage their
risk, all other risk controls offered by the Exchange that authorize
the Exchange to take automated action if a designated limit for an
Equity Member is breached will also continue to apply. Each of these
risk controls provide Equity Members with enhanced abilities to manage
their risk when trading on the Exchange. The proposal also protects
investors and the public interest because no order would be executed
outside of the prescribed Price Bands pursuant to the LULD Plan.
Lastly, the Exchange believes its proposal to not allow Equity
Members to select their own dollar value to calculate the Trading
Collar for orders eligible to participate in the Exchange's Opening
Process is reasonable. This portion of the proposal promotes just and
equitable principles of trade because no orders rest on the MIAX Pearl
Equities Book until the completion of the Opening Process and
continuous trading has begun. Until that time, there would be no orders
resting on the MIAX Pearl Equities Book at a price that would otherwise
be outside of the Trading Collar that an Equity Member may seek to
access.
Non-Substantive Corrections
The non-substantive corrections to Exchange Rule 2618 protect
investors and the public interest, as well as remove impediments to and
perfects the mechanism of a free and open market and a national market
system because each is designed solely to correct non-substantive
grammatical errors, making the rule easier to understand and avoid
potential investor confusion. None of
[[Page 27828]]
these changes impact or alter the operation of Exchange Rule 2618(b).
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 its proposal will not impose any burden on
inter-market competition because it would provide Equity Members with
additional flexibility in constructing a Trading Collar that better
suits their risk appetite when they seek to access resting liquidity
that may be resting outside of the Trading Collar because it was
calculated based on the prior day's Official Closing Price, which may
not reflect the current trading characteristics of the security. The
proposal would serve to improve access to less liquid securities priced
outside the Trading Collar, improving the liquidity on the Exchange and
potentially the Exchange's market quality. The proposal would impose no
burden on intra-market competition because each risk setting would be
applied to all Equity Members' orders equally.
Non-Substantive Corrections
The non-substantive corrections to Exchange Rule 2618 would not
impact competition because such changes would not enhance or alter the
Exchange's ability to compete, but rather, make the rule easier to
comprehend, reducing the potential for inadvertent investor confusion.
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 \19\ and Rule 19b-4(f)(6) \20\
thereunder.
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 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
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#89fbfce5eca4eae6e4e4ece7fdfac9faeceaa7eee6ff"><span class="__cf_email__" data-cfemail="84f6f1e8e1a9e7ebe9e9e1eaf0f7c4f7e1e7aae3ebf2">[email protected]</span></a>. Please include
file number SR-PEARL-2024-17 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-2024-17. 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-2024-17 and should be
submitted on or before May 9, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-08240 Filed 4-17-24; 8:45 am]
BILLING CODE 8011-01-P
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