Notice2026-07495
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Amend the Fees for All Liquidity Taker Event Reports
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 17, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 74 (Friday, April 17, 2026)</title>
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[Federal Register Volume 91, Number 74 (Friday, April 17, 2026)]
[Notices]
[Pages 20724-20729]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07495]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105237; File No. SR-PEARL-2026-16]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Options Exchange Fee Schedule To Amend the Fees for All Liquidity
Taker Event Reports
April 14, 2026.
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 March 31, 2026, 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 MIAX Pearl Options Exchange Fee
Schedule to: (i) increase the annual fee for all Liquidity Taker Event
Reports (described below); (ii) establish annual and monthly fees for
the Purge Liquidity Taker Report; (iii) establish a discount program
for market participants with multiple annual subscriptions to the
various Liquidity Taker Event Reports; and (iv) establish a sunset
period in which the Exchange will no longer offer monthly subscriptions
to all Liquidity Taker Event Reports.
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> 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, 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: (i) increase
(or, as described below, establish) the annual fee for all Liquidity
Taker Event Reports; \3\ (ii) establish annual and monthly fees for the
Purge Report; (iii) establish a discount program for market
participants with multiple annual subscriptions to two or more of the
Reports; and (iv) establish a sunset period in which the Exchange will
no longer offer monthly subscriptions to the Reports.
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\3\ See Exchange Rules 531(a)-(c), providing the rule text for
the following: (a) Liquidity Taker Event Report--Simple Orders (the
``Simple Order Report''); (b) Liquidity Taker Event Report--Resting
Simple Orders (the ``Resting Simple Order Report''); and (c) Purge
Liquidity Taker Report (the ``Purge Report''). The Simple Order
Report, Resting Simple Order Report and Purge Report are
collectively referred to herein as the ``Reports.'' With this
filing, the Exchange proposes to add parentheses in the first row in
the table in Section 7 of the Fee Schedule to clarify that the
``Liquidity Taker Event Report'' is referred to as the ``Simple
Order Report''. The purpose of this change is to provide consistency
across the Exchange and its affiliated options exchange when
referring to the Simple Order Report.
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Background
Currently, the Exchange offers the Simple Order Report and Resting
Simple Order Report as Member \4\-specific reports, which are available
for purchase by Exchange Members on a voluntary basis. In general, the
Simple Order Report and Resting Simple Order Report are each daily
reports that provide a Member (``Recipient Member'') with its liquidity
response
[[Page 20725]]
time details for executions against an order resting on the Book \5\
where that Recipient Member attempted to execute against such resting
order within certain timeframes.\6\
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\4\ See Exchange Rule 100.
\5\ The term ``Book'' means the electronic book of buy and sell
orders and quotes maintained by the System. See Exchange Rule 100.
The term ``System'' means the automated trading system used by the
Exchange for the trading of securities. Id.
\6\ See Exchange Rules 531(a)-(b) (providing details regarding
the information contained in each of the Simple Order Report and
Resting Simple Order Report).
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For the Simple Order Report, the Exchange assesses a fee of $4,000
per month for monthly subscribers or the discounted fee of $24,000 per
year for annual subscribers. For the Resting Simple Order Report, the
Exchange assesses a fee of $2,000 per month for monthly subscribers or
the discounted fee of $12,000 per year for annual subscribers. The
Exchange also provides that new subscribers will be charged for the
full calendar month for which they subscribe and will be provided
Liquidity Taker Event Report (Simple and/or Resting Simple Order
Report) data for each trading day of the calendar month prior to the
day on which they subscribed.
On February 5, 2026, the Exchange filed a proposed rule change with
the Securities and Exchange Commission (``Commission'') to establish
the Purge Report.\7\ In that filing, the Exchange stated that it would
issue an alert to market participants regarding the date that the Purge
Report would be available to subscribers. On March 26, 2026, the
Exchange issued an alert announcing that the Purge Report would become
available for subscription beginning April 1, 2026, with fees to be
announced in a future alert and rule filing with the Commission.\8\
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\7\ See Securities Exchange Act Release No. 104860 (February 18,
2026), 91 FR 8563 (February 23, 2026) (SR-PEARL-2026-09).
\8\ See Trading Alert, MIAX Exchange Group--Options Markets--
Purge Liquidity Taker Report Launching April 1, 2026, available at
<a href="https://www.miaxglobal.com/alert/2026/03/26/miax-exchange-group-options-markets-purge-liquidity-taker-report-launching-2?nav=all">https://www.miaxglobal.com/alert/2026/03/26/miax-exchange-group-options-markets-purge-liquidity-taker-report-launching-2?nav=all</a>.
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Proposal To Increase the Annual Fee for the Simple Order Report and
Resting Simple Order Report
The Exchange proposes to amend Section 7 of the Fee Schedule to
increase the annual fee for the Simple Order Report from $24,000 to
$30,000.\9\ The Exchange notes that the annual fee for the Simple Order
Report, as proposed to be amended by herein (including the multiple
report discount described below), remains similar to the annualized fee
charged by other exchanges for their similar reports.\10\ The proposed
annual fee of $30,000 for the Simple Order Report is also discounted
when compared to the monthly fee for each report of $4,000 (i.e.,
$4,000 per month multiplied by twelve months means that a subscriber
that took the monthly subscription for an entire year would be charged
$48,000 rather than the $30,000 proposed annual fee). The Exchange also
proposes to increase the annual fee for the Resting Simple Order Report
from $12,000 to $15,000. The Exchange does not propose to amend the
monthly fee amounts.
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\9\ The Exchange also proposes to make non-substantive changes
to amend all references in Section 7 of the Fee Schedule from ``12
month subscription'' to now be to ``annual subscription.'' The
purpose of these changes is to provide consistency in the Fee
Schedule regarding fees for the Reports, including changes proposed
in this filing.
\10\ See, e.g., Cboe BZX Exchange, Inc. (``BZX'') Options Fee
Schedule, Cboe Timestamping Service (assessing members a fee of
$3,500 per month for a subscription to the Missed Liquidity Report)
and Cboe EDGX Exchange, Inc. (``EDGX'') Options Fee Schedule, Cboe
Timestamping Service (assessing members a fee of $3,500 per month
for a subscription to the Missed Liquidity Report). On an annualized
basis, a BZX or EDGX member would pay a total of $42,000 per year
for the Missed Liquidity Report ($3,500 per month multiplied by 12
months). See also BZX Rule 21.15(b)(7)(1) (``The Missed Liquidity
Report . . . provides time details for executions of orders and
quotes that rest on the book where the Member receiving the report
attempted to execute against a resting order or quote within an
Exchange-determined period of time . . .'') and EDGX Rule
21.15(b)(7)(1) (``The Missed Liquidity Report . . . provides time
details for executions of orders and quotes that rest on the book
where the Member receiving the report attempted to execute against a
resting order or quote within an Exchange-determined period of time.
. .'').
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Proposal To Establish Annual and Monthly Fees for the Purge Report
The Exchange proposes to amend Section 7 of the Fee Schedule to
establish a new row in the table to provide for a monthly and annual
fee for the Purge Report, which will be offered as a subscription for
the first time beginning April 1, 2026. In general, the Purge Report,
is a daily report that provides a Member (``Recipient Member'') with
the liquidity response/taker time details for executions against quotes
entered by the Recipient Member that are resting on the Simple Order
Book that occur before and after the receipt of a purge \11\ message
sent by the Recipient Member, where that Recipient Member attempted to
cancel such resting quote within the timeframes specified under
Exchange Rule 531(c)(2).\12\
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\11\ Purge messages are sent over purge ports, which support
only MEO mass cancel messages. See MIAX Pearl Options Exchange User
Manual, Version 1.1.3, Section 5.01 (dated December 30, 2025),
available at <a href="https://www.miaxglobal.com/miax_pearl_user_manual.pdf">https://www.miaxglobal.com/miax_pearl_user_manual.pdf</a>.
\12\ See Exchange Rule 531(c) (providing details regarding the
information contained in the Purge Report). See also Securities
Exchange Act Release No. 104860 (February 18, 2026), 91 FR 8563
(February 23, 2026) (SR-PEARL-2026-09).
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The Exchange proposes to assess a fee of $4,000 per month for
monthly subscriptions to the Purge Report or $30,000 per year for
annual subscriptions to the Purge Report. Similar to the Simple Order
Report and Resting Simple Order Report, new subscribers to the Purge
Report will be charged for the full calendar month for which they
subscribe and will be provided Purge Report data for each trading day
of the calendar month prior to the day on which they subscribed.
Proposal To Establish a Sunset Period for Monthly Subscriptions
Next, the Exchange proposes to amend Section 7 of the Fee Schedule
to establish a sunset period for all monthly subscriptions to the
Reports. As described above, market participants may currently purchase
monthly subscriptions to the Simple Order Report ($4,000 per month) and
the Resting Simple Order Report ($2,000 per month). Also as described
and proposed above, beginning April 1, 2026, market participants may
purchase monthly subscriptions to the Purge Report for the
corresponding fee of $4,000 per month.
The Exchange now proposes to amend the Fee Schedule to provide that
effective December 31, 2026, the Exchange will no longer offer monthly
subscriptions to the Simple Order Report, Resting Simple Order Report,
and Purge Report. Current monthly subscribers to each of the Reports
may terminate their subscriptions or transition to an annual
subscription at the prevailing rates for each of the Reports at any
time. Further, the Exchange proposes to amend the Fee Schedule to
provide that beginning January 1, 2027, the Exchange will only offer
annual subscriptions to the Simple Order Report, Resting Simple Order
Report and Purge Report, with new/renewal subscriptions taking effect
on a semi-annual basis (i.e., January 1st or July 1st of each year).
For new subscribers between the semi-annual subscription dates of
January 1st or July 1st, beginning April 1, 2026, the Exchange will
pro-rate the annual fee based on the number of months remaining to the
next semi-annual renewal date. The pro-rated fee will take into account
the discount for subscribers with multiple reports, as described below.
All current (prior to April 1, 2026) annual subscriptions will
[[Page 20726]]
run through the expiration date of the current annual term at the
current annual rates (i.e., $24,000 per year for the Simple Order
Report; and $12,000 per year for the Resting Simple Order Report). At
the expiration of the current annual term, subscribers may renew their
annual subscriptions at the prevailing rates, including the discount
for multiple subscriptions as described below, or terminate their
subscriptions.
The purpose of these changes is to reduce billing complexity and
streamline the fee structure for the Reports. The Exchange notes that
the majority of subscribers purchase annual subscriptions to the
Reports and each monthly subscriber will have nine months (i.e., April
through December 2026) to determine whether they would like to
transition to an annual subscription or terminate their subscriptions
altogether.
Proposal To Establish a Discount Program for Multiple Annual
Subscriptions
Finally, the Exchange proposes to amend Section 7 of the Fee
Schedule to establish a discount for market participants that purchase
multiple annual subscriptions. In particular, the Exchange proposes to
provide in the Fee Schedule that effective beginning April 1, 2026, new
annual subscribers to multiple Reports will be charged based on the
number and type of Reports pursuant to the following schedule of fees:
<bullet> An annual subscription to one of the following will be
$30,000 annually (per the rates in the table in Section 7 of the Fee
Schedule): the Simple Order Report or Purge Report.
<bullet> Annual subscriptions to both of the following will be
$50,000 annually: the Simple Order Report and Purge Report.
<bullet> For subscribers to one or more of the Simple Order Report
or Purge Report, the cost to add an annual subscription to the Resting
Simple Order Report will be $10,000 instead of the fee described for
the Resting Simple Order Report in the table in Section 7 of the Fee
Schedule (i.e., $15,000, as proposed to be increased herein).
The following examples are intended to clarify how the Exchange
intends to assess fees for the Reports during the transition to only
annual subscriptions, including how the Exchange will assess fees
pursuant to the proposed discount program (all subscriptions are
assumed to be on an annual basis at the proposed higher rates as the
discount will only apply to annual subscriptions):
Example 1
``Member A'' subscribes annually to all three Reports beginning
July 1, 2026. ``Member A'' would be assessed a total fee of $60,000
pursuant to the proposed discount for multiple annual subscriptions
($50,000 for the Simple Order Report and Purge Report + $10,000 to add
on the Resting Simple Order Report). ``Member A's'' subscription to all
three Reports would run through June 30, 2027, at which time ``Member
A'' would be subject to the next semi-annual renewal period and could
terminate any or all subscriptions.
Example 2
``Member B'' subscribes annually to the Simple Order Report
beginning April 20, 2026. ``Member B'' would be assessed $2,500 each
month for the months of April (and receive the full data set for the
entire month of April), May and June 2026, for a total of $7,500. This
is calculated by dividing the proposed annual fee of $30,000 for the
Simple Order Report by twelve months ($30,000/12 = $2,500) and then
multiplying by the number of months remaining until the July 1st semi-
annual renewal date, including any partial month when the subscription
began (i.e., remainder of April, a and full months for May and June,
which equals three total months). Beginning July 1, 2026, the semi-
annual renewal date, ``Member B'' would be assessed the annual fee of
$30,000 for the Simple Order Report subscription, which would run
through June 30, 2027.
Example 3
``Member C'' has a monthly subscription to the Simple Order Report.
``Member C'' will continue to pay the $4,000 monthly subscriber fee
each month until the end of December 2026. At that time, ``Member C''
may terminate their subscription entirely (or at anytime before
December) or transition to an annual subscription for the Simple Order
Report, which would be $30,000, effective for January 1, 2027. In this
case, there would be no pro-rated fees because January 1st is the semi-
annual renewal date.
Example 4
``Member D'' begins annual subscriptions to both the Simple Order
Report and Purge Report beginning April 1, 2026. ``Member D'' is
assessed the $50,000 discounted fee pursuant to the proposed discount
for multiple annual subscriptions. Assume that in September 2026,
``Member C'' wants to add an annual subscription to the Resting Simple
Order Report. In this case, the Exchange will assess ``Member D'' the
pro-rated discounted fee for multiple annual subscriptions until the
next semi-annual renewal date (i.e., January 1, 2027), at which time
the newly proposed rates for subscribing to two or more annual reports
will apply in full, as described above. For clarity, to add an annual
subscription to the Resting Simple Order Report in September 2026,
``Member D'' will be assessed an additional $833.33 each month (in
addition to the $50,000 already paid) for September, October, November,
and December 2026.
This is calculated by dividing the proposed annual fee to add an
annual subscription to the Resting Simple Order Report after Member D
already has annual subscriptions to the Simple Order Report and Purge
Report ($10,000) by twelve months, which equals 833.33 per month until
the next semi-annual renewal date. Beginning January 1, 2027, assuming
``Member D'' wants to continue annual subscriptions to the Simple Order
Report, Resting Simple Order Report and Purge Report, the Exchange will
assess ``Member D'' the full discounted amount for subscribing to all
three Reports, which would be $60,000, covering all of 2027.
The purpose of establishing the discount program for market
participants that purchase annual subscriptions to two or more of the
Reports is to provide an incentive via reduced fees for market
participants to continue receiving the data provided in the Reports.
* * * * *
The Reports are being offered to Members on a completely voluntary
basis in that the Exchange is not required by any rule or regulation to
make this data available and potential subscribers may purchase any
report only if they voluntarily choose to do so. It is a business
decision of each Member whether to subscribe to each Report or not. Not
all Members purchase the Reports. Members may cancel their subscription
to any of the Reports at any time.
The proposed changes are effective beginning April 1, 2026.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\13\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\14\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of
[[Page 20727]]
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. The Exchange also believes that
its proposal to adopt fees for the reports is consistent with Section
6(b) of the Act \15\ in general, and furthers the objectives of Section
6(b)(4) of the Act \16\ in particular, in that it is an equitable
allocation of dues, fees and other charges among its Members and other
recipients of Exchange data.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(4).
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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 Reports
further broaden the availability of U.S. option market data to
investors consistent with the principles of Regulation NMS. The Reports
also promote increased transparency through the dissemination of the
data contained in each of the Reports. Particularly, the Reports will
benefit investors by facilitating their prompt access to the value-
added information that is included in each of the Reports. The Reports
will allow Members to access information regarding their trading or
purge activity that they may utilize to evaluate their own trading or
purge behavior and order interactions.
Proposals To Increase the Annual Fee for the Simple Order Report and
Resting Simple Order Report and Establish Fees for the Purge Report
The Exchange believes the proposed increased annual fee for the
Simple Order Report is reasonable as the proposed increase is modest
and is still comparable to the annualized fee charged by other
exchanges for similar reports. In particular, BZX and EDGX each assess
a monthly fee of $3,500 for subscriptions to their Missed Liquidity
Reports. On an annualized basis, a BZX or EDGX member would pay a total
of $42,000 per year for the Missed Liquidity Report ($3,500 per month
multiplied by 12 months). When compared to the Exchange's proposed
annual fee of $30,000 for the Simple Order Report, the Exchange
believes its proposed fee increase is reasonable. Further, when looking
at the Exchange's proposed fee for the Simple Order Report on a per
month basis, the Exchange believes the proposed fee is reasonable as it
is effectively less than the monthly fee assessed by BZX and EDGX for
their similar reports (i.e., $30,000 divided by twelve months = $2,500
per month).\17\
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\17\ See supra note 10.
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The Exchange believes the proposed increased fee for an annual
subscription to the Resting Simple Order Report is reasonable as the
proposed fee is still both modest and lower than fees (as proposed to
be increased herein) charged by the Exchange for similar data products,
i.e., the Simple Order Report. The proposed increased fee for the
Resting Simple Order Report continues to be less expensive than the
Exchange's Simple Order Report because the Exchange believes that the
information provided in the Resting Simple Order Report may not be as
valuable to market participants as the other information contained in
the Simple Order Report, which measures the data in the first 200
microseconds of the time the resting order was received by the
Exchange. While the Exchange believes that the Resting Simple Order
Report continues to be useful to market participants, it may not be as
helpful as the other reports offered by the Exchange and, therefore,
the Exchange proposes a lower annual fee for the Resting Simple Order
Report.
The Exchange believes the proposed fees for the Purge Report are
reasonable because they are identical to the fees (as proposed) that
the Exchange assesses for its Simple Order Report. The Exchange also
believes the proposed fees for the Purge Report are reasonable as they
would support the introduction of a new market data product to Market
Makers that are interested in gaining insight into latency in
connection with purge messages that failed to cancel their quotes
resting on the Simple Order Book. The Purge Report accomplishes this by
providing those Market Makers data to analyze by how much time their
purge message may have missed cancelling a quote before (or after)
execution of that quote against a contra-side order. The Purge Report
will provide greater visibility by showing how much time a purge
message missed canceling a quote, particularly as market conditions
change throughout the day and Market Makers attempt to cancel and
replace quotes in certain symbols.
Indeed, if the Exchange proposed fees that market participants
viewed as excessively high, then the proposed fees would simply serve
to reduce demand for the Reports, which as noted, are entirely
optional. Other options exchanges are also free to introduce their own
comparable data products with lower prices to better compete with the
Exchange's offerings. As such, the Exchange believes that the proposed
fees for the Reports are reasonable and set at a level to compete with
other options exchanges that may choose to offer similar reports or do
offer similar reports today. Moreover, 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
Reports and instead purchase another exchange's similar data product,
which may offer similar data points, albeit based on that other
market's trading activity.
Selling market data, such as one of the Reports, is also a means by
which exchanges compete to attract business. To the extent that the
Exchange is successful in continuing to attract subscribers for the
Reports, it may earn trading revenues and further enhance the value of
its data products. If the market deems the proposed fees to be unfair
or inequitable, firms can decrease or discontinue their use of the data
and/or avail themselves of similar products that may be offered by
other exchanges.\18\ The Exchange, therefore, believes that the
proposed fees for the Reports reflect the competitive environment and
would be properly assessed to subscribers to each of the Reports. The
Exchange also believes the proposed fees are equitable and not unfairly
discriminatory as the fees would apply equally to all subscribers who
choose to purchase such data. It is a business decision of each Member
that chooses to purchase any of the Reports. The Exchange's proposed
fees would not differentiate between subscribers that purchase the
Reports and are set at modest levels that would allow any interested
Member to purchase such data based on their business needs.
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\18\ See supra note 10.
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The Exchange reiterates that the decision as to whether or not to
purchase the Reports is entirely optional for all potential
subscribers. Indeed, no market participant is required to purchase the
Reports, and the Exchange is not required to make the Reports available
to all investors. It is entirely a business decision of each Member to
subscribe to the Reports. The Exchange offers the Reports as a
convenience to Members to provide them with additional information
regarding trading or purging activity on the Exchange on a delayed
basis after the close of regular
[[Page 20728]]
trading hours. A Member that chooses to subscribe to the Reports may
discontinue receiving the Reports at any time if that Member determines
that the information contained in the Reports is no longer useful.
Proposal To Establish a Sunset Period for Monthly Subscriptions
The Exchange believes its proposal to sunset monthly subscriptions
at the end of 2026 is reasonable because it is intended to reduce
billing complexity and streamline the fee structure for the Reports.
The Exchange notes that the majority of subscribers purchase annual
subscriptions to the Reports and each monthly subscriber will have nine
months to determine whether they would like to transition to an annual
subscription or terminate their subscriptions altogether. The Exchange
believes this proposed change is equitable and not unfairly
discriminatory because all subscribers will be subject to the same
annual fees once the sunset period ends for monthly subscriptions, with
the annual fee for each Report assessed at a discounted rate compared
to the current monthly rates. The Exchange also believes that
transitioning to only annual subscriptions will improve the efficiency
by which the Exchange may deliver the Reports by doing so on a regular
basis over a prolonged and set period of time.
Proposal To Establish a Discount Program for Multiple Annual
Subscriptions
The Exchange also believes it is reasonable to provide discounts
for market participants that subscribe to multiple Reports. The
Exchange believes the discounted fees for subscribers to multiple
Reports may incentivize more Members to subscribe and determine whether
they realize value from the Reports. The Exchange believes the
discounted fees for the Reports is equitable and not unfairly
discriminatory because the discounted rates will apply equally to all
market participants that subscribe to two or more of the Reports.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
Inter-Market Competition
The Exchange developed the Reports in order to keep pace with
changes in the industry and evolving customer needs and demands, and
believes the Reports will continue to contribute to robust competition
among national securities exchanges, including with the proposed fee
changes described herein. The Exchange believes the proposed fee
changes in this filing permit fair competition among national
securities exchanges, all of which may create similar data products for
their markets, including at least two exchanges that already offer
similar products.\19\
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\19\ See supra note 10.
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The Exchange does not believe the proposed fee changes would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable reports with
lower prices to better compete with the Exchange's offerings. The
Exchange operates in a highly competitive environment, and its ability
to price the Reports is constrained by competition among exchanges who
choose to adopt similar products. The Exchange must consider this in
its pricing discipline in order to compete for subscribers of the
Exchange's market data via the Reports. For example, proposing fees
that are excessively higher than fees for potentially similar data
products would simply serve to reduce demand for the Exchange's
Reports, which as discussed, market participants are under no
obligation to utilize. In this competitive environment, potential
purchasers are free to choose which, if any, similar product to
purchase to satisfy their need for market information. As a result, the
Exchange believes this proposed rule change permits fair competition
among national securities exchanges.
Intra-Market Competition
The Exchange does not believe the proposed rule change would cause
any unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed fees apply uniformly to any purchaser in
that the Exchange does not differentiate between subscribers that
purchase the reports. The proposed fees are set at a modest level that
would allow any interested Member to purchase such data based on their
business needs.
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,\20\ and Rule 19b-4(f)(2) \21\ 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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\20\ 15 U.S.C. 78s(b)(3)(A)(ii).
\21\ 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#e89a9d848dc58b8785858d869c9ba89b8d8bc68f879e"><span class="__cf_email__" data-cfemail="087a7d646d256b6765656d667c7b487b6d6b266f677e">[email protected]</span></a>. Please include
file number SR-PEARL-2026-16 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-2026-16. 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-2026-16 and should be submitted on
or before May 8, 2026.
[[Page 20729]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07495 Filed 4-16-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 17, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.