Notice2025-07405
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2613 Usage of Data Feeds To Reflect a Name Change
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 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 82 (Wednesday, April 30, 2025)</title>
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[Federal Register Volume 90, Number 82 (Wednesday, April 30, 2025)]
[Notices]
[Pages 17985-17987]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-07405]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102927; File No. SR-PEARL-2025-18]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 2613 Usage of Data Feeds To Reflect a Name Change
April 24, 2025.
Notice is hereby given that on April 21, 2025, MIAX PEARL, LLC
(``MIAX Pearl'' or the ``Exchange''),\1\ pursuant to the provisions of
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \2\
and Rule 19b-4 thereunder,\3\ filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I and II below, which Items have been prepared by MIAX Pearl. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ All references to ``MIAX Pearl'' in this filing are to MIAX
Pearl Equities, the equities trading facility of MIAX PEARL, LLC.
See Exchange Rule 1901.
\2\ 15 U.S.C. 78s(b)(1).
\3\ 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 2613(a), Usage of Data
Feeds, to reflect the name change of ``NYSE Chicago, Inc.,'' to ``NYSE
Texas, Inc.''
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, MIAX Pearl 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
[[Page 17986]]
places specified in Item IV below. MIAX Pearl 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 2613(a) to reflect the
name change of ``NYSE Chicago, Inc.,'' to ``NYSE Texas, Inc.''
NYSE Chicago, Inc. (``NYSE Chicago'') recently converted from a
corporation organized under the laws of the state of Delaware to one
organized under the laws of the state of Texas and changed its name to
``NYSE Texas, Inc.'' (``NYSE Texas'').\4\ The Exchange accordingly
proposes a conforming change to its rule to reflect the name change of
NYSE Chicago to NYSE Texas. Specifically, the Exchange proposes to
replace one reference to ``Chicago'' in Exchange Rule 2613(a) with
``Texas.''
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\4\ See Securities Exchange Act Release No. 102507 (February 28,
2025), 90 FR 11445 (March 6, 2025) (SR-NYSECHX-2025-01) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Repeal
the Exchange's Certificate of Incorporation; Adopt the Certificate
of Formation of NYSE Texas, Inc.; Amend the Exchange's By-Laws,
Rules, and Certain Fee Schedules; and Amend the Certificate of
Incorporation and By-Laws of the Exchange's Holding Company To
Reflect the Conversion of the Exchange to a Texas Corporation and
the Renaming of NYSE Chicago Holdings, Inc.).
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The proposed change is conforming and non-substantive in nature.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\5\ in general, and furthers the objectives of Section 6(b)(1) \6\
in particular, in that it enables the Exchange to be so organized as to
have the capacity to be able to carry out the purposes of the Act and
to comply, and to enforce compliance by its exchange members and
persons associated with its exchange members, with the provisions of
the Act, the rules and regulations thereunder, and the rules of the
Exchange. The Exchange also believes that the proposed rule change is
consistent with Section 6(b)(5) \7\ of the Act in that it is designed
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in 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.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(1).
\7\ 15 U.S.C. 78f(b)(5).
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The proposed non-substantive change would enable the Exchange to
continue to be so organized as to have the capacity to carry out the
purposes of the Act and comply and enforce compliance with the
provisions of the Act by its members and persons associated with its
members, because it would ensure that the Exchange's rule accurately
reflects the correct name of the market center from which the Exchange
utilize direct data feeds when performing order handling, order
execution, routing, and related compliance for equity securities and
therefore contribute to the orderly operation of the Exchange by adding
clarity and transparency. In addition, the proposed rule change would
reduce potential investor and market participant confusion and
therefore remove impediments to and perfect the mechanism of a free and
open market and a national market system by ensuring that investors and
market participants can more easily navigate, understand and comply
with the Exchange's rules. The Exchange also believes that the proposed
rule change would remove impediments to and perfects the mechanism of a
free and open market by ensuring that persons subject to the Exchange's
jurisdiction, regulators, and the investing public can more easily
navigate and understand the Exchange's rules. The proposed rule change
would not be inconsistent with the public interest and the protection
of investors because investors will not be harmed and in fact would
benefit from the increased transparency and clarity, thereby reducing
potential confusion.
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.
Intramarket Competition
The Exchange believes the proposed rule change does not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but rather is concerned
solely with updating the Exchange's rule to reflect the name change of
NYSE Chicago to NYSE Texas.
Intermarket Competition
The Exchange believes the proposed rule change does not impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but rather is concerned
solely with updating the Exchange's rule to reflect the name change of
NYSE Chicago to NYSE Texas.
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 \8\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization 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 pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ 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 be operative immediately. The Commission believes that
the proposed rule change raises no novel issues because it merely
proposes a non-substantive conforming change to reflect the name change
of NYSE Chicago to NYSE Texas and that waiver of the operative delay is
consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the operative delay and
designates the proposal operative upon filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 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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[[Page 17987]]
At any time within 60 days of the filing of this 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.
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#2b595e474e06484446464e455f586b584e48054c445d"><span class="__cf_email__" data-cfemail="fd8f889198d09e9290909893898ebd8e989ed39a928b">[email protected]</span></a>. Please include
File Number SR-PEARL-2025-18 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to file number SR-PEARL-2025-18. 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-2025-18 and should be
submitted on or before May 21, 2025.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-07405 Filed 4-29-25; 8:45 am]
BILLING CODE 8011-01-P
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