Notice2025-22149
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 517A, Aggregate Risk Manager for EEMs (“ARM-E”), and Rule 517B, Aggregate Risk Manager for Market Makers (“ARM-M”)
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
December 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 233 (Monday, December 8, 2025)</title>
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[Federal Register Volume 90, Number 233 (Monday, December 8, 2025)]
[Notices]
[Pages 56809-56813]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22149]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104299; File No. SR-PEARL-2025-47]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 517A, Aggregate Risk Manager for EEMs (``ARM-E''), and Rule 517B,
Aggregate Risk Manager for Market Makers (``ARM-M'')
December 3, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on November 20, 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 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\ 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 Rule 517A, Aggregate Risk Manager
for EEMs \3\ (``ARM-E''), and Rule 517B, Aggregate Risk Manager for
Market Makers \4\ (``ARM-M'') to adopt a new Origin Multiplier to be
used when calculating EEM Trade Percentage \5\ and MM Trade
Percentage.\6\
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\3\ The term ``Electronic Exchange Member'' or ``EEM'' means the
holder of a Trading Permit who is a Member representing as agent
Public Customer Orders or Non-Customer Orders on the Exchange and
those non-Market Maker Members conducting proprietary trading.
Electronic Exchange Members are deemed ``members'' under the
Exchange Act. See Exchange Rule 100.
\4\ The term ``Market Maker'' or ``MM'' means a Member
registered with the Exchange for the purpose of making markets in
options contracts traded on the Exchange and that is vested with the
rights and responsibilities specified in Chapter VI of the MIAX
Pearl Exchange Rules. See Exchange Rule 100.
\5\ See Exchange Rule 517A(c)(1).
\6\ See Exchange Rule 517B(c)(1).
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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>, and at MIAX Pearl's principal office.
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 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 Rule 517A, Aggregate Risk Manager
for EEMs (``ARM-E''), and Rule 517B, Aggregate Risk Manager for Market
Makers (``ARM-M''), to enhance the Aggregate Risk Manager (``ARM'')
protections available to Members \7\ on the Exchange. ARM is post-trade
risk protection functionality designed to assist Members in managing
risk by limiting the number of contracts that a Member executes in an
option class within a specific period of time, as determined by the
Member. The
[[Page 56810]]
Exchange now proposes to enhance ARM functionality by adopting a new
Origin Multiplier which will be used during the calculation of the EEM
Trade Percentage and MM Trade Percentage as described below.
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\7\ The term ``Member'' means an individual or organization that
is registered with the Exchange pursuant to Chapter II of the MIAX
Pearl Rules for purposes of trading on the Exchange as an
``Electronic Exchange Member'' or ``Market Maker.'' Members are
deemed ``members'' under the Exchange Act. See Exchange Rule 100.
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ARM-E
ARM-E protects MIAX Pearl Electronic Exchange Members (``EEMs'')
and assists them in managing risk by maintaining a counting program
(``EEM Counting Program'') \8\ for each participating EEM who has
submitted an order in an EEM Specified Option Class \9\ using a
specified market participant identifier (``MPID'') \10\ of the EEM and
delivered via the MEO Interface \11\ (an ``EEM ARM Eligible
Order'').\12\ The EEM Counting Program counts the number of contracts
executed by an EEM from an EEM ARM Eligible Order (the ``EEM ARM
Contracts'') within a specified time period that has been established
by the EEM (the ``EEM Specified Time Period'').\13\ The EEM Specified
Time Period cannot exceed 15 seconds.\14\
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\8\ See Exchange Rule 517A(a).
\9\ An ``EEM Specified Option Class'' is a class which the EEM
has designated as a class to be protected via ARM-E. See Exchange
Rule 517A(a).
\10\ The term ``MPID'' means unique market participant
identifier. See Exchange Rule 100.
\11\ The term ``MEO Interface'' means a binary order interface
used for submitting certain order types (as set forth in Rule 516)
to the MIAX Pearl System. See Exchange Rule 100.
\12\ See Exchange Rule 517A(a).
\13\ See Exchange Rule 517A(a).
\14\ Id.
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The EEM may also establish for each EEM Specified Option Class an
EEM Allowable Engagement Percentage (the ``EEM Allowable Engagement
Percentage'').\15\ When an execution occurs, the number of contracts
traded is divided by the size of the original order to determine the
contract execution percentage.\16\ The System \17\ will look back over
the Specified Time Period to determine the sum of contract execution
percentages from such EEM ARM Eligible Order.\18\
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\15\ See Exchange Rule 517A(c).
\16\ See Exchange Rule 517A(c)(1).
\17\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
\18\ See Exchange Rule 517A(c).
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The System will engage the ARM-E in a particular EEM Specified
Option Class when the EEM Counting Program has determined that an EEM
has executed during the EEM Specified Time Period a sum of EEM ARM
Percentages from an EEM ARM Eligible Order equal to or above their EEM
Allowable Engagement Percentage.
To determine whether the EEM's executed contracts from an EEM Arm
Eligible Order is equal to or above their EEM Allowable Engagement
Percentage the following will occur: (1) for each execution of a
contract from an EEM ARM Eligible Order in an EEM Specified Option
Class, the EEM Counting Program will determine the percentage that the
number of contracts executed in that trade represents relative to the
original size of the EEM ARM Eligible Order which was traded (the ``EEM
Trade Percentage''); and (2) the EEM Counting Program will add the
individual EEM Trade Percentages in the EEM Specified Option Class to
determine the realized engagement percentage by the EEM (the ``EEM
Realized Engagement Percentage''). When the EEM Realized Engagement
Percentage equals or exceeds the EEM Allowable Engagement Percentage
ARM-E will be triggered.
ARM-E will then (i) automatically cancel the EEM ARM Eligible
Orders in all series of that particular EEM Specified Option Class and
(ii) reject new orders by the EEM in all series of that particular EEM
Specified Option Class submitted using the MEO Interface until the EEM
sends a notification to the System of the intent to reengage and
submits a new order in the EEM Specified Option Class.\19\
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\19\ See Exchange Rule 517A(b).
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The Exchange now proposes to allow EEMs to establish an Origin
Multiplier which will be used during the calculation of the EEM Trade
Percentage. EEMs will be able to select an Origin Multiplier to be
applied during the calculation of the trade percentage of each option
execution. An Origin Multiplier may be established for the following
origins: (i) Priority Customer; (ii) Firm; (iii) Broker-Dealer; (iv)
Market Maker; (v) Non-Member Market Maker; and (vi) Non-Priority
Customer. The Origin Multiplier to be applied will be determined by the
origin of the contra party to the trade.
The minimum Origin Multiplier value that may be used is 0 and the
maximum value is 10. The Origin Multiplier value may be adjusted in 0.1
increments. An Origin Multiplier may be established at the MPID level
by supplying a value for each origin type listed above. Origin
Multipliers may also be set at the combined MPID and class level for
individual classes. Additionally, if an EEM is using ARM and does not
set an Origin Multiplier, the Exchange will use a default value of 1
for all origins.
The Exchange now proposes to amend paragraph (c)(1) of Rule 517A to
provide that, ``for each execution of a contract from an EEM ARM
Eligible Order in an EEM Specified Option Class, the EEM Counting
Program will determine the percentage that the number of contracts
executed in that trade, multiplied by the Origin Multiplier, represents
relative to the original size of the EEM ARM Eligible Order which was
traded (the `EEM Trade Percentage').''
Additionally, the Exchange proposes to adopt new paragraph (c)(3)
to Exchange Rule 517A to provide that, an EEM may establish an Origin
Multiplier to be applied during the calculation of the EEM Trade
Percentage of each option execution. An Origin Multiplier may be
established for the following origins: (i) Priority Customer; (ii)
Firm; (iii) Broker-Dealer; (iv) Market Maker; (v) Non-Member Market
Maker; and (vi) Non-Priority Customer. The Origin Multiplier may be
established by MPID for all classes and for any combination of MPID and
class. The Origin Multiplier to be applied will be determined by the
origin of the contra party to the trade. The minimum Origin Multiplier
value is 0 and the maximum value is 10. If an EEM is using ARM and does
not set an Origin Multiplier the Exchange will use a default value of 1
for all origins.
ARM-M
ARM-M protects MIAX Pearl Market Makers and assists them in
managing risk by maintaining a counting program (``MM Counting
Program'') for each Market Maker who has submitted an order in an
option class (an ``MM Option Class'') delivered via the MEO Interface
(an ``MM ARM Eligible Order'').\20\ The MM Counting Program counts the
number of contracts executed by a Market Maker from an MM ARM Eligible
Order (the ``MM ARM Contracts'') within a specified time period that
has been established by the Market Maker or as a default setting, as
defined below (the ``MM Specified Time Period'').\21\ The MM Specified
Time Period cannot exceed 15 seconds whether established by the Market
Maker or as a default setting.\22\
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\20\ See Exchange Rule 517B(a).
\21\ Id.
\22\ Id.
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The Market Maker may also establish for each MM Option Class an MM
Allowable Engagement Percentage.\23\ When an execution occurs, the
number of contracts traded is divided by the size of the original order
to determine the trade percentage.\24\ The System will look back over
the Specified Time Period to determine the sum of contract
[[Page 56811]]
execution percentages from such MM ARM Eligible Order.\25\
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\23\ See Exchange Rule 517B(c).
\24\ See Exchange Rule 517B(c)(1).
\25\ See Exchange Rule 517B(c).
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The System will engage the ARM-M in a particular MM Option Class
when the MM Counting Program has determined that a Market Maker has
executed during the MM Specified Time Period a sum of MM ARM
Percentages from an MM ARM Eligible Order equal to or above their MM
Allowable Engagement Percentage.
To determine whether the Market Maker's executed contracts from an
MM ARM Eligible Order is equal to or above their MM Allowable
Engagement Percentage the following will occur: (1) for each execution
of a contract from an MM ARM Eligible Order in an MM Option Class, the
MM Counting Program will determine the percentage that the number of
contracts executed in that trade represents relative to the original
size of the MM ARM Eligible Order which was traded (the ``MM Trade
Percentage''); and (2) the MM Counting Program will add the individual
MM Trade Percentages in the MM Option Class to determine the realized
engagement percentage by the Market Maker (the ``MM Realized Engagement
Percentage''). When the MM Realized Engagement Percentage equals or
exceeds the MM Allowable Engagement Percentage ARM-M will be triggered.
ARM-M will then (i) automatically cancel the MM ARM Eligible Orders
in all series of that particular MM Option Class and (ii) reject new
orders by the Market Maker in all series of that particular MM Option
Class submitted using the MEO Interface, until the EEM sends a
notification to the System of the intent to reengage and submits a new
order in the EEM Specified Option Class.\26\
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\26\ See Exchange Rule 517B(b).
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The Exchange now proposes to allow Market Makers to establish an
Origin Multiplier which will be used during the calculation of the MM
Trade Percentage. Market Makers will be able to select an Origin
Multiplier to be applied during the calculation of the trade percentage
of each option execution. An Origin Multiplier may be established for
the following origins: (i) Priority Customer; (ii) Firm; (iii) Broker-
Dealer; (iv) Market Maker; (v) Non-Member Market Maker; and (vi) Non-
Priority Customer. The Origin Multiplier to be applied will be
determined by the origin of the contra party to the trade.
The minimum Origin Multiplier value that may be used is 0 and the
maximum value is 10. The Origin Multiplier value may be adjusted in 0.1
increments. An Origin Multiplier may be established at the MPID level
by supplying a value for each origin type listed above. Origin
Multipliers may also be set at the combined MPID and class level for
individual classes. Additionally, the Exchange will establish a default
value of 1 for all origins.
The Exchange now proposes to amend paragraph (c)(1) of Rule 517B to
provide that, ``for each execution of a contract from an MM ARM
Eligible Order in an MM Option Class, the MM Counting Program will
determine the percentage that the number of contracts executed in that
trade, multiplied by the Origin Multiplier, represents relative to the
original size of the MM ARM Eligible Order which was traded (the `MM
Trade Percentage').''
Additionally, the Exchange proposes to adopt new paragraph (c)(3)
to Exchange Rule 517B to provide that, a Market Maker may establish an
Origin Multiplier to be applied during the calculation of the MM Trade
Percentage of each option execution. An Origin Multiplier may be
established for the following origins: (i) Priority Customer; (ii)
Firm; (iii) Broker-Dealer; (iv) Market Maker; (v) Non-Member Market
Maker; and (vi) Non-Priority Customer. The Origin Multiplier may be
established by MPID for all classes and for any combination of MPID and
class. The Origin Multiplier to be applied will be determined by the
origin of the contra party to the trade. The minimum Origin Multiplier
value is 0 and the maximum value is 10. The Exchange will establish a
default Origin Multiplier of 1 for all origins.
ARM-E and ARM-M are designed to mitigate the exposure risk of
resting orders on the Exchange. The Exchange believes this proposal
will allow Members to continue to be protected from the risks that the
Aggregate Risk Manager is designed to mitigate, and allow Members to
more precisely tailor their risk protection settings by using the
Origin Multiplier.
Currently, the origin code is provided by the Exchange on the Pearl
Liquidity Feed (PLF), which is a data feed that allows subscribers to
receive real-time updates from the MIAX Pearl Options Market, with the
origin code being provided in the Order Message notification.\27\
Additionally, the Clearing Trade Drop (CTD) Port provides the origin
code in clearing trade messages.\28\ The Clearing Trade Drop is a
messaging interface that provides real-time clearing trade information
to the parties of a trade (and/or entitled designated recipients) on
the MIAX Pearl Options Market.
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\27\ See Pearl Liquidity Feed (PLF) Interface Specification,
version 1.2 (10/5/2020) available online at <a href="https://www.miaxglobal.com/sites/default/files/2022-05/PEARL_Liquidity_Feed_PLF_v1.2.pdf">https://www.miaxglobal.com/sites/default/files/2022-05/PEARL_Liquidity_Feed_PLF_v1.2.pdf</a>.
\28\ See Clearing Trade Drop for Options CTD Interface
Specification, version 1.2d (7/25/2023) available online at <a href="https://www.miaxglobal.com/sites/default/files/page-files/Pearl_Clearing_Trade_Drop_CTD_v1.2d.pdf">https://www.miaxglobal.com/sites/default/files/page-files/Pearl_Clearing_Trade_Drop_CTD_v1.2d.pdf</a>.
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2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section6(b) of the Act \29\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \30\ in particular, in that 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 mechanisms 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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\29\ 15 U.S.C. 78f(b).
\30\ 15 U.S.C. 78f(b)(5).
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Currently, to determine whether a Members' executed contracts is
equal to or above the Allowable Engagement Percentage the Exchange
calculates the trade percentage by calculating the percentage that the
number of contracts executed in a trade represents relative to the
original size of the ARM Eligible Order to determine the Realized
Engagement Percentage. When the Realized Engagement Percentage equals
or exceeds the Allowable Engagement Percentage ARM is engaged. The
Exchange now proposes to adjust the trade percentage by applying the
Origin Multiplier during that calculation as illustrated below.
Example 1
Allowable Engagement Percentage: 150%.
Origin Multiplier
Priority Customer: 0.1.
Firm: 2.
Broker-Dealer: 2.
Market Maker: 2.
Non-Member Market Maker: 3.
Non-Priority Customer: 1.
[[Page 56812]]
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Realized
Order size Contra party origin Origin Trade size Trade engagement ARM
multiplier percentage percentage
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100........................... Priority Customer........ 0.1 80 8 8 OK.
100........................... MM....................... 2 15 30 38 OK.
50............................ Firm..................... 2 15 60 98 OK.
50............................ Non-Member Market Maker.. 3 15 90 188 Trigger Protection.
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In the above example ARM would be triggered when the Realized
Engagement Percentage (188%) equals or exceeds the Allowable Engagement
Percentage (150%).
The Exchange believes the proposed changes remove impediments to
and perfects the mechanism of a free and open market and a national
market system and, in general, protects investors and the public
interest by providing Members with an additional risk management tool.
Members who are Market Makers have a heightened obligation on the
Exchange and are obligated to submit continuous two-sided quotations in
a certain number of series in their appointed classes for a certain
percentage of time in each trading session.\31\ Additionally, EEMs may
also submit a large volume of orders that rest on the book and will
also benefit from being able to more precisely tailor their risk
protection settings. Without adequate risk management tools Members
could reduce the size of their available liquidity which could
undermine the quality of the markets available to customers and other
market participants. The ability of a Member to more precisely
configure their ARM settings is a valuable risk management tool.
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\31\ See Exchange Rule 605.
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The proposed rule change removes impediments to and perfects the
mechanism of a free and open market by giving Members the ability to
further refine their ARM risk protections. ARM is post-trade risk
protection functionality designed to assist Members in managing risk by
limiting the number of contracts that a Member executes in an option
class within a specified period of time. When the Realized Engagement
Percentage equals or exceeds the Member's Allowable Engagement
Percentage setting, the ARM protection is triggered. Technically,
Members have the ability to perform the actions described in this
proposal independently of the Exchange by utilizing the Clearing Trade
Drop to ascertain the origin of the contra party to their trades and
then by submitting a Mass Cancel Request to the Exchange.\32\ The
Exchange's proposal simplifies this sequence by providing Members
greater control over their configuration settings and refining the risk
mitigation process,
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\32\ See Section 4.1.3, Liquidity Mass Cancel Request, of the
MEO Interface Specification, version 2.1a (4/8/2024) available
online at <a href="https://www.miaxglobal.com/miax_express_orders_meo_v2.1a.pdf">https://www.miaxglobal.com/miax_express_orders_meo_v2.1a.pdf</a>.
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Accordingly, the proposal is designed to provide Members with
greater control over their liquidity in the market thereby removing
impediments to and helping perfect the mechanisms of a free and open
market and a national market system and, in general, protecting
investors and the public interest. In addition, the Exchange believes
that this proposal should encourage Members to provide greater
liquidity with tighter spreads, knowing that the proposed ARM
protection settings allow them to anticipate real-time changes to
supply and demand based on origin type. As a result, the proposal has
the potential to promote just and equitable principles of trade.
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 that
the proposed rule change will foster competition by providing Members
with the ability to specifically customize their use of the Exchange's
risk management tools in order to compete for executions and order
flow.
Additionally, the Exchange believes that the proposed rule change
should promote competition as it is designed to allow Members greater
flexibility and control of their risk exposure. The Exchange does not
believe the proposed rule change will impose a burden on intra-market
competition as this risk protection feature is equally available to all
Members of the Exchange.
For all the reasons stated, the Exchange does not believe that the
proposed rule change will impose any burden on competition not
necessary or appropriate in furtherance of the purposes of the Act, and
believes the proposed change will enhance competition.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \33\ and Rule 19b-4(f)(6) \34\ thereunder.
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 Section
19(b)(3)(A)(iii) of the Act \35\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\36\
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\33\ 15 U.S.C. 78s(b)(3)(A).
\34\ 17 CFR 240.19b-4(f)(6).
\35\ 15 U.S.C. 78s(b)(3)(A)(iii).
\36\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \37\ under the
Act normally does not become operative prior to 30 days after the date
of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\38\ the
Commission may designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative immediately upon
filing. The Exchange states that Members may benefit from the proposed
risk management tool by providing Members with an additional risk
management tool which should encourage Members to provide greater
[[Page 56813]]
liquidity with tighter spreads. The Exchange states that the waiver of
the operative delay will promote a fair and orderly market and is
consistent with the protection of investors and the public interest.
For these reasons, and because the proposed rule change does not raise
any novel regulatory issues, the Commission believes that waiving the
30-day operative delay is consistent with the protection of investors
and the public interest. Accordingly, the Commission hereby waives the
30-day operative delay and designates the proposed rule change to be
operative upon filing.\39\
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\37\ 17 CFR 240.19b-4(f)(6).
\38\ 17 CFR 240.19b-4(f)(6)(iii).
\39\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of 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. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change 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#7200071e175f111d1f1f171c0601320117115c151d04"><span class="__cf_email__" data-cfemail="96e4e3faf3bbf5f9fbfbf3f8e2e5d6e5f3f5b8f1f9e0">[email protected]</span></a>. Please include
file number SR-PEARL-2025-47 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-2025-47. 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 filing 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-2025-47 and should be submitted on
or before December 29, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\40\
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\40\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-22149 Filed 12-5-25; 8:45 am]
BILLING CODE 8011-01-P
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