Notice2025-08696
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 To Adopt Fees for the U.S. Equity Short Volume & Trade Report
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
May 16, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 94 (Friday, May 16, 2025)</title>
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[Federal Register Volume 90, Number 94 (Friday, May 16, 2025)]
[Notices]
[Pages 21088-21092]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-08696]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103025; File No. SR-PEARL-2025-20]
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 To Adopt Fees for the U.S. Equity Short
Volume & Trade Report
May 12, 2025.
Pursuant to the provisions of 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 30, 2025, 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 proposes to amend the fee schedule (the ``Fee
Schedule'') applicable to the Exchange's equities trading platform
(``MIAX Pearl Equities'' \3\) to adopt monthly fees assessed to users
that elect to subscribe to the U.S. Equity Short Volume & Trades
Report.
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\3\ All references to the ``Exchange'' in this filing refer to
MIAX Pearl Options. Any references to the equities trading facility
of MIAX PEARL, LLC will specifically be referred to as ``MIAX Pearl
Equities.''
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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-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 the Fee Schedule to adopt monthly
fees assessed to users that elect to subscribe to the U.S. Equity Short
Volume & Trades Report.
The Exchange recently adopted a new data product known as the U.S.
Equity Short Volume & Trades Report (the
[[Page 21089]]
``Report'').\4\ The Report, which will be available for subscription
beginning May 1, 2025, includes (i) an end-of-day report that provides
certain equity trading activity on the Exchange, including trade date,
total trade volume, sell short trade volume, and sell short exempt
trade volume, by symbol; and (ii) an end-of-month report that provides
a record of all short sale transactions for the month, including trade
date and time (in nanoseconds), trade size, trade price, and type of
short sale execution, by symbol and exchange.\5\ In addition to a
monthly or annual subscription, Equity Members \6\ and non-Members may
purchase the Report on a historical monthly basis, which provides the
end-of-day reports for each day and the corresponding end-of-month
report for a given calendar month.
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\4\ See Exchange Rule 2625(b)(1)(i); see also Securities and
Exchange Act No. 102918 (April 23, 2025), 90 FR 17860 (April 29,
2025) (SR-PEARL-2025-17) (Self-Regulatory Organizations; MIAX PEARL,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 2625 To Introduce a New Data Product
Known as the U.S. Equity Short Volume & Trades Report).
\5\ See Exchange Rule 2625(b)(1)(i).
\6\ 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 Exchange proposes to amend the heading of Section 4) of the Fee
Schedule to now be ``Reports''. The Exchange proposes to adopt
subsection 4)a) to establish fees for the Report. Specifically, the
Exchange proposes to adopt fees applicable to users that subscribe to
the Report. As proposed, the Exchange would assess a monthly fee of
$650 per month to an Internal Distributor \7\ of the Report, and a fee
of $900 per month to an External Distributor \8\ of the Report.
External Distributors, unlike Internal Distributors, are typically
compensated for the distribution of short sale data through
subscription fees or other mechanisms. Some External Distributors
incorporate short sale data into their own proprietary products, which
they sell to downstream users. These distributors may not charge
separately for data included in the Report, but nevertheless gain value
from the data by incorporating it into their product. The higher price
for External Distributors reflects the additional value these
distributors gain from the product. The Exchange also proposes to add a
footnote ``a'' to provide that the Report is available for purchase on
a monthly basis or on an annual basis and a subscriber to the Report
will receive access to the end-of-day report beginning on the date of
subscription and will receive the end-of-month report for the
subscription month on the last business day of the month during which
the user subscribed. In addition, the Exchange proposes to add a
footnote ``b'' to specify that new monthly and annual subscribers will
be charged for the full calendar month for which they subscribe and
will be provided end-of-day report data for each trading day of the
calendar month prior to the day on which they subscribed. The purpose
of the proposed changes is to establish fees for the Report and provide
clarity to Equity Members and non-Members as to when subscribers will
receive the end-of-day report and end-of-month report respectively and
what reports the subscribers will receive when they subscribe the
Reports in the middle of a calendar month.
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\7\ The term ``Distributor'' is any entity that receives the
Exchange data product directly from the Exchange or indirectly
through another entity and then distributes it internally or
externally to a third party. The term ``Internal Distributor'' is a
Distributor that receives the Exchange data product and then
distributes that data to one or more Users within the Distributor's
own entity. See Fee Schedule, Section 3) Market Data Fees, Market
Data Definitions.
\8\ The term ``External Distributor'' is a Distributor that
receives the Exchange data product and then distributes that data to
a third party or one or more Users outside the Distributor's own
entity. See Fee Schedule, Section 3) Market Data Fees, Market Data
Definitions.
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In addition, the Exchange proposes to adopt fees for the Report
provided on a historical basis. The Report will be available for each
calendar month dating back to September 2020, and users of such data
will be assessed a fee of $450 per historical monthly Report for which
they subscribe. The Exchange proposes to add a footnote ``c'' to
provide that the Report provided on a historical basis is only for
display use redistribution; users who subscribe on an annual basis will
receive 12 months of historical data included at no extra charge; in
addition, users who subscribe on a monthly basis would have the option
of purchasing historical data on a per month basis. Data provided via
the historical Report is only for display use redistribution (e.g., the
data may be provided on the User's platform). Therefore, users of the
historical data may not charge separately for data included in the
Report or incorporate such data into their product. Nonetheless, the
Exchange believes it is reasonable, equitable and not unfairly
discriminatory to charge a fee for display use redistribution that
reflects the value these distributors gain from the historical product.
The Exchange anticipates that a wide variety of market participants
will purchase the Report, including, but not limited to, active equity
trading firms and academic institutions. For example, the Exchange
notes that academic institutions may utilize the Report data and as a
result promote research and studies of the equities industry to the
benefit of all market participants. The Exchange further believes the
Report may provide helpful trading information regarding investor
sentiment that may allow market participants to make more informed
trading decisions and may be used to create and test trading models and
analytical strategies and provide comprehensive insight into trading on
the Exchange.
The Exchange further notes that the Report is a completely
voluntary product, in that the Exchange is not required by any rule or
regulation to make the reports or services available and that potential
subscribers may purchase it only if they voluntarily choose to do so.
Further, the Exchange notes that other exchanges offer similar products
for a higher or comparable fee, including for monthly, annual and
historical subscribers.\9\
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\9\ See Cboe BZX Exchange, Inc. (``BZX Equities'') U.S. Equity
Short Volume & Trades Report, available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/bzx/?_gl=1*1pl6apd*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDA3NC4wLjAuMA">https://www.cboe.com/us/equities/membership/fee_schedule/bzx/?_gl=1*1pl6apd*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDA3NC4wLjAuMA</a> (last visited April
23, 2025); see also Cboe BYX Exchange, Inc. (``BYX Equities'') U.S.
Equity Short Volume & Trades Report, available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/byx/?_gl=1*l056iz*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDEwMS4wLjAuMA">https://www.cboe.com/us/equities/membership/fee_schedule/byx/?_gl=1*l056iz*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDEwMS4wLjAuMA</a> (last visited April 23,
2025); see also Cboe EDGA Exchange, Inc. (``EDGA Equities'') U.S.
Equity Short Volume & Trades Report, available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/edga/?_gl=1*g9lsei*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDI4OC4wLjAuMA">https://www.cboe.com/us/equities/membership/fee_schedule/edga/?_gl=1*g9lsei*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDI4OC4wLjAuMA</a> (last visited April 23,
2025); see also Cboe EDGX Exchange, Inc. (``EDGX Equities'') U.S.
Equity Short Volume & Trades Report, available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/edgx/?_gl=1*8aj13d*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDQyMi4wLjAuMA">https://www.cboe.com/us/equities/membership/fee_schedule/edgx/?_gl=1*8aj13d*_up*MQ..*_ga*MTY1NTIwODQyLjE3NDQ2NTAwNjk.*_ga_5Q99WB9X71*MTc0NDY1MDA2Ny4xLjEuMTc0NDY1MDQyMi4wLjAuMA</a> (last visited April 23,
2025).
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Additionally, the Exchange proposes to make conforming changes to
the hierarchical headings in the Fee Schedule. Specifically, current
Sections 4)-6) will be renumbered as Sections 5)-7). The purpose of the
proposed changes is to provide consistency and clarity in the Fee
Schedule regarding available market data products and reports.
Implementation
The proposed fee changes will be effective beginning May 1, 2025.
[[Page 21090]]
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\10\ Specifically, the Exchange believes that its proposal furthers
the objectives of Section 6(b)(4) of the Act \11\ in particular, in
that it provides for the equitable allocation of reasonable dues, fees
and other charges among members and issuers and other persons using any
facility. Additionally, the Exchange believes the proposed rule change
furthers the objectives of Section 6(b)(5) of the Act,\12\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, promote just and equitable principles
of trade, remove impediments to and perfect the mechanism of a free and
open market and a national market system, and protect investors and the
public interest, and is not designed to permit unfair discrimination
among customers, brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
\12\ 15 U.S.C. 78f(b)(5).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the Report further
broadens the availability of U.S. equity market data to investors
consistent with the principles of Regulation NMS. The Report also
promotes increased transparency through the dissemination of short
volume data. The Report benefits investors by providing access to the
Report, which may promote better informed trading, as well as research
and studies of the equities industry.
The Exchange operates in a highly competitive environment. Indeed,
there are currently 16 registered equities exchanges that trade
equities. Based on publicly available information, no single equities
exchange has more than approximately 15% of the equity market
share.\13\ The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Particularly, 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.'' \14\ Making
similar data products available to market participants fosters
competition in the marketplace, and constrains the ability of exchanges
to charge supercompetitive fees. In the event that a market participant
views one exchange's data product as more attractive than the
competition, that market participant can, and often does, switch
between similar products. The proposed fees are a result of the
competitive environment of the U.S. equities industry as the Exchange
seeks to adopt fees to attract purchasers of the recently introduced
Report.
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\13\ See the ``Market Share'' section of the Exchange's website,
available at <a href="https://www.miaxglobal.com/company/data/market-share">https://www.miaxglobal.com/company/data/market-share</a>
(last visited April 23, 2025).
\14\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes that the proposed fees for the Report are
consistent with the Act in that they are reasonable, equitable, and not
unfairly discriminatory. In particular, the Exchange believes that the
proposed fees are reasonable because they are reasonably aligned with
the value and benefits provided to users that choose to subscribe to
the Report on the Exchange. As discussed above, the Report may be
beneficial to Equity Members and non-Members as it may provide helpful
trading information regarding investor sentiment that may allow market
participants to make more informed trading decisions and may be used to
create and test trading models and analytical strategies and provide
comprehensive insight into trading on the Exchange. Therefore, the
Exchange believes that it is reasonable to assess modest fees to users
that subscribe to the Report.
The Exchange further believes the proposed fees are reasonable
because the proposed amounts are lower than or comparable to the
analogous fees charged by other exchanges for similar data products.
For example, BZX Equities and its affiliated equity markets (the ``Cboe
Group'') charge $750 per month to Internal Distributors and $1,250 per
month to External Distributors of the U.S. Equity Short Volume & Trades
Report, and a back history fee of $500 per data content month.\15\ The
Nasdaq Stock Market LLC (``Nasdaq'') charges $783 per month to Internal
Distributors and $1,300 per month to External Distributors of the
Nasdaq Short Sale Volume Reports provided on both a daily and
historical monthly basis.\16\ Additionally, the New York Stock Exchange
LLC (``NYSE'') and its affiliated equity markets (the ``NYSE Group'')
also charge for the TAQ NYSE Group Short Sales (Monthly File) and TAQ
NYSE Group Short Volume (Daily File). Specifically, NYSE Group charges
an access fee of $1,000 per month for an ongoing subscription that
includes 12 months of back history, then additional back history
charged at $500 per data content month. NYSE Group also charges a back
history fee, of $1,000 per data content month for the first 12 months
of history, then additional back history charged at $500 per data
content month.\17\ The Exchange therefore believes that the proposed
fees are reasonable and set at a level to compete with other equity
exchanges that offer similar reports. Indeed, proposing fees that are
excessively higher than established fees for similar data products
would simply serve to reduce demand for the Exchange's data product,
which as noted, is entirely optional. Although each of these similar
data products provide only proprietary trade data and not trade data
from other exchanges, it is possible investors are still able to gauge
overall investor sentiment across different equities based on the
included data points on any one exchange. As such, if a market
participant views another exchange's potential report as more
attractive, then such market participant can merely choose not to
purchase the Exchange's Report and instead purchase another exchange's
similar data product, which offers similar data points, albeit based on
that other market's trading activity.
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\15\ See supra note 9.
\16\ See Nasdaq Short Sale Volume Reports, available at <a href="https://data.nasdaq.com/price-list?category=U.S.+Equities&subcategory=Nasdaq+Short+Sale+Volume+Reports">https://data.nasdaq.com/price-list?category=U.S.+Equities&subcategory=Nasdaq+Short+Sale+Volume+Reports</a> (last visited April 23, 2025).
\17\ See ``NYSE Group Summary Data Products'' portion of the
NYSE Historical Proprietary Market Data Pricing, available at
<a href="https://www.nyse.com/publicdocs/nyse/data/NYSE_Historical_Market_Data_Pricing.pdf">https://www.nyse.com/publicdocs/nyse/data/NYSE_Historical_Market_Data_Pricing.pdf</a> (last visited April 23,
2025).
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In addition, the Exchange believes that the proposed fees are
equitable and not unfairly discriminatory because they will apply
equally to all Equity Members and non-Members that choose to subscribe
to the Report. As stated, the Report is completely optional and not
necessary for trading. Rather, the Exchange voluntarily makes the
Report available, and users may choose to subscribe to (and pay for)
the report based on their own individual business needs. Potential
subscribers may subscribe to the Report at any time if
[[Page 21091]]
they believe it to be valuable or may decline to purchase it.
The Exchange also believes it is reasonable, equitable and not
unfairly discriminatory to charge an External Distributor of the Report
a higher fee than an Internal Distributor as an External Distributor
will ordinarily charge a fee to its downstream customers for this
service, and, even if the vendor is not charging a specific fee for
this particular service, the Exchange expects products from the Report
to be part of a suite of offerings from distributors that generally
promote sales. External distribution is also fundamentally different
than internal use, in that the former generates revenue from external
sales while the latter does not. Therefore, the Exchange believes it is
reasonable, equitable and not unfairly discriminatory to charge a
higher fee for a product that generates downstream revenue. Further,
the proposed fee will apply equally to Internal and External
Distributors, respectively, that choose to distribute data from the
Report. Moreover, as described above, other exchanges similarly charge
External Distributors higher fees as compared to Internal Distributors
for similar data products.\18\
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\18\ See supra notes 9 and 16.
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The Exchange believes that the proposed changes to the headings in
the Fee Schedule will promote just and equitable principles of trade
and remove impediments to and perfect the mechanism of a free and open
market and a national market system because the proposed rule changes
will provide greater clarity to Equity Members and the public regarding
available market data products and reports offered by the Exchange.
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.
Intramarket Competition
The Exchange believes its proposal will not impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because the Report will be
available equally to all Equity Members and non-Members that choose to
subscribe to the report. As stated, the Report is optional and Equity
Members and non-Members may choose to subscribe to such report, or not,
based on their view of the additional benefits and added value provided
by utilizing the Report.
Intermarket Competition
The Exchange believes its proposal will not impose any burden on
intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act. As previously discussed,
similar products offered by Nasdaq, the Cboe Group, and the NYSE Group
are priced higher than or comparable to the Report. Moreover, 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.'' 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 as follows: ``[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 order-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
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .''. Accordingly, the Exchange
does not believe its proposal imposes any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
The Exchange does not believe that the proposed changes to the
headings in the Fee Schedule will impose any burden on competition not
necessary or appropriate in furtherance of the purposes of the Act.
Specifically, the Exchange believes the proposed changes will not
impose any burden on intra-market because the rules of the Exchange
apply to all Equity Members equally. The proposed rule changes to the
headings in the Fee Schedule will have no impact on inter-market
competition as they are not designed to address any competitive issue
but rather are designed to provide added clarity to the Fee Schedule.
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,\19\ and Rule 19b-4(f)(2) \20\ 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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\19\ 15 U.S.C. 78s(b)(3)(A)(ii).
\20\ 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
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#8bf9fee7eea6e8e4e6e6eee5fff8cbf8eee8a5ece4fd"><span class="__cf_email__" data-cfemail="2f5d5a434a024c4042424a415b5c6f5c4a4c01484059">[email protected]</span></a>. Please include
file number SR-PEARL-2025-20 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-2025-20. 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
[[Page 21092]]
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-2025-20 and should be
submitted on or before June 6, 2025.
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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-08696 Filed 5-15-25; 8:45 am]
BILLING CODE 8011-01-P
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