[Federal Register Volume 83, Number 53 (Monday, March 19, 2018)]
[Notices]
[Pages 12044-12052]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05452]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82867; File No. SR-PEARL-2018-07]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX 
PEARL Fee Schedule

March 13, 2018.
    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 February 28, 2018, 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 is filing a proposal to amend the MIAX PEARL Fee 
Schedule (the ``Fee Schedule'') to establish certain non-transaction 
rebates and fees applicable to participants trading options on and/or 
using services provided by MIAX PEARL.
    MIAX PEARL commenced operations as a national securities exchange 
registered under Section 6 of the Act \3\ on February 6, 2017.\4\ The 
Exchange adopted its transaction fees and certain of its non-
transaction fees in its filing SR-PEARL-2017-10.\5\
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    \3\ 15 U.S.C. 78f.
    \4\ See Securities Exchange Act Release No. 79543 (December 13, 
2016), 81 FR 92901 (December 20, 2016) (File No. 10-227) (order 
approving application of MIAX PEARL, LLC for registration as a 
national securities exchange).
    \5\ See Securities Exchange Act Release No. 80061 (February 17, 
2017), 82 FR 11676 (February 24, 2017) (SR-PEARL-2017-10).
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    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings/pearl 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

[[Page 12045]]

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 purpose of the proposed rule change is to establish certain 
non-transaction rebates and fees applicable to certain market 
participants trading options on and/or using certain services provided 
by the Exchange. The Exchange introduced the structure of certain non-
transaction rebates and fees in its filing SR-PEARL-2017-10 (without 
proposing actual fee amounts), but also explicitly waived the 
assessment of any such fees for the period of time which the Exchange 
defined as the ``Waiver Period.'' \6\ The Exchange now proposes to 
adopt certain non-transaction fees as described below, and thereby 
terminate the Waiver Period applicable to such non-transaction fees. In 
general, the Exchange proposes to amend the Fee Schedule to: Add 
certain definitions; adopt monthly trading permit fees; adopt port 
fees; adopt certain market data fees; as well as to adopt a fee waiver 
for new Members,\7\ as applicable to Members and non-Members using 
certain services provided by MIAX PEARL.
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    \6\ ``Waiver Period'' means, for each applicable fee, the period 
of time from the initial effective date of the MIAX PEARL Fee 
Schedule until such time that the Exchange has an effective fee 
filing establishing the applicable fee. The Exchange will issue a 
Regulatory Circular announcing the establishment of an applicable 
fee that was subject to a Waiver Period at least fifteen (15) days 
prior to the termination of the Waiver Period and effective date of 
any such applicable fee. See the Definitions Section of the Fee 
Schedule.
    \7\ ``Member'' means an individual or organization that is 
registered with the Exchange pursuant to Chapter II of the Exchange 
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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Definitions
    The Exchange proposes to amend the ``Definitions'' section of the 
Fee Schedule to add the following new definitions: ``New Member Non-
Transaction Fee Waiver;'' ``Non-Transaction Fees Volume-Based Tiers;'' 
and ``Monthly Volume Credit'' which are applicable to the assessment of 
certain non-transaction rebates and fees.
    ``New Member Non-Transaction Fee Waiver'' has the meaning described 
below under ``New Member Non-Transaction Fee Waiver.''
    ``Non-Transaction Fees Volume-Based Tiers'' means the tier 
structure that is applicable to determine certain non-transaction fees, 
including Monthly Trading Permit Fees and Full Service MEO Port Fees. 
The monthly volume thresholds associated with each Tier shall be 
calculated as the total volume executed by a Member and its Affiliates 
\8\ on the Exchange across all origin types, not including Excluded 
Contracts,\9\ as compared to the TCV \10\ in all MIAX PEARL-listed 
options as set forth below:
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    \8\ ``Affiliate'' means (i) an affiliate of a Member of at least 
75% common ownership between the firms as reflected on each firm's 
Form BD, Schedule A, or (ii) the Appointed Market Maker of an 
Appointed EEM (or, conversely, the Appointed EEM of an Appointed 
Market Maker). An ``Appointed Market Maker'' is a MIAX PEARL Market 
Maker (who does not otherwise have a corporate affiliation based 
upon common ownership with an EEM) that has been appointed by an EEM 
and an ``Appointed EEM'' is an EEM (who does not otherwise have a 
corporate affiliation based upon common ownership with a MIAX PEARL 
Market Maker) that has been appointed by a MIAX PEARL Market Maker, 
pursuant to the process described in the Fee Schedule. See the 
Definitions Section of the Fee Schedule.
    \9\ ``Excluded Contracts'' means any contracts routed to an away 
market for execution. See the Definitions Section of the Fee 
Schedule.
    \10\ ``TCV'' means total consolidated volume calculated as the 
total national volume in those classes listed on MIAX PEARL for the 
month for which the fees apply, excluding consolidated volume 
executed during the period time in which the Exchange experiences an 
``Exchange System Disruption'' (solely in the option classes of the 
affected Matching Engine (as defined below)). The term Exchange 
System Disruption, which is defined in the Definitions section of 
the Fee Schedule, means an outage of a Matching Engine or collective 
Matching Engines for a period of two consecutive hours or more, 
during trading hours. The term Matching Engine, which is also 
defined in the Definitions section of the Fee Schedule, is a part of 
the MIAX PEARL electronic system that processes options orders and 
trades on a symbol-by-symbol basis. Some Matching Engines will 
process option classes with multiple root symbols, and other 
Matching Engines may be dedicated to one single option root symbol 
(for example, options on SPY may be processed by one single Matching 
Engine that is dedicated only to SPY). A particular root symbol may 
only be assigned to a single designated Matching Engine. A 
particular root symbol may not be assigned to multiple Matching 
Engines. The Exchange notes that the term ``Exchange System 
Disruption'' and its meaning have no applicability outside of the 
Fee Schedule, as it is used solely for purposes of calculating 
volume for the threshold tiers in the Fee Schedule. See the 
Definitions Section of the Fee Schedule.

------------------------------------------------------------------------
                                           Total volume by member as a
                 Tier                    percentage of MIAX PEARL-listed
                                                       TCV
------------------------------------------------------------------------
1.....................................  0.00%-0.30%.
2.....................................  Above 0.30%-0.60%.
3.....................................  Above 0.60%.
------------------------------------------------------------------------

    ``Monthly Volume Credit'' means a credit assessable to a Member 
whose executed Priority Customer \11\ volume along with that of its 
Affiliates, not including Excluded Contracts, is at least 0.30% of MIAX 
PEARL-listed TCV, as set forth below:
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    \11\ ``Priority Customer'' means a person or entity that (i) is 
not a broker or dealer in securities, and (ii) does not place more 
than 390 orders in listed options per day on average during a 
calendar month for its own beneficial accounts(s). See Exchange Rule 
100, including Interpretations and Policies .01.

------------------------------------------------------------------------
                                                              Monthly
                Type of member connection                 Volume  Credit
------------------------------------------------------------------------
Member that connects via the FIX Interface..............            $250
Member that connects via the MEO Interface *............           1,000
------------------------------------------------------------------------
* If a Member connects via both the MEO Interface and FIX Interface, and
  qualifies for the Monthly Volume Credit based upon its Priority
  Customer Volume, the greater Monthly Volume Credit shall apply to such
  Member. The Monthly Volume Credit is a single, once-per-month credit
  towards the aggregate monthly total of non-transaction fees assessable
  to a Member.

    The Exchange proposes the Monthly Volume Credit to be a single, 
once-per-month credit towards the aggregate monthly total of non-
transaction fees assessable to a Member. If a Member connects via both 
the MEO Interface and FIX Interface, and qualifies for the Monthly 
Volume Credit based upon its Priority Customer Volume, the greater 
Monthly Volume Credit shall apply to such Member.
Monthly Trading Permit Fees
    The Exchange previously introduced the structure of Trading Permit 
fees (but without proposing the actual fee amounts), but also 
explicitly waived the assessment of any such fees for the Waiver 
Period. Trading Permits are issued to Members who are either Electronic 
Exchange Members (``EEMs'') or Market Makers.\12\ MIAX PEARL now 
proposes to assess fees for such Trading Permits. Members issued 
Trading Permits during a calendar month will be assessed monthly 
Trading Permit Fees. The Exchange notes that the Exchange's affiliate, 
Miami International Securities Exchange, LLC (``MIAX Options''), 
charges trading permit fees as well to its members which are based upon 
the

[[Page 12046]]

number of assignments of option classes or the percentage of volume in 
option classes.\13\ However, the Exchange's proposed structure for its 
Trading Permit fees is not identical [sic] the structure of MIAX 
Options since the market model of the Exchange is not identical to the 
market model of MIAX Options. The Exchange operates a price time, 
order-driven marketplace. MIAX Options operates a traditional, pro-
rata, quote-driven marketplace, with market makers having affirmative 
quoting obligations in their assigned classes. However, while the 
market models are not identical, the Exchange's proposed fee structure 
shares a similar characteristic with the structure of MIAX Options, 
wherein both generally provide that, the more active user the Member 
(i.e., the greater number/greater national ADV of classes assigned to 
quote), the higher the Trading Permit fee.
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    \12\ ``Market Maker'' means a Member registered with the 
Exchange for the purpose of making markets in options contracts 
traded on the Exchange. See Exchange Rule 100.
    \13\ See the MIAX Options Fee Schedule, Section 3)b).
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    The Exchange proposes to charge its Members Trading Permit fees 
which are based upon the monthly total volume executed by the Member 
and its Affiliates on the Exchange across all origin types, not 
including Excluded Contracts, as compared to the TCV in all MIAX PEARL-
listed options. Specifically, the Exchange proposes to adopt a tier-
based fee structure based upon the volume-based tiers detailed in the 
proposed definition of ``Non-Transaction Fees Volume-Based Tiers'' 
described above.
    The Exchange proposes to charge such Trading Permit fees based upon 
the type of interface used by the Member to connect to the Exchange--
the FIX Interface \14\ and/or the MEO Interface.\15\ Any Member 
(whether EEM or Market Maker) can select either type of interface 
(either FIX Interface or MEO Interface). Each Member who uses the FIX 
Interface to connect to the System \16\ will be assessed Trading Permit 
fees according to the volume-based tier that it achieves along with 
that of its Affiliates. Specifically, Members who use the FIX Interface 
will be assessed the following Trading Permit fees each month: (i) If 
its volume falls within the parameters of Tier 1 of the Non-Transaction 
Fees Volume-Based Tiers, or volume up to 0.30%, $250, (ii) if its 
volume falls within the parameters of Tier 2 of the Non-Transaction 
Fees Volume-Based Tiers, or volume above 0.30% up to 0.60%, $350, and 
(iii) if its volume falls with the parameters of Tier 3 of the Non-
Transaction Fees Volume-Based Tiers, or volume above 0.60%, $450.
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    \14\ ``FIX Interface'' means the Financial Information Exchange 
interface for certain order types as set forth in Exchange Rule 516. 
See Exchange Rule 100. See the Definitions Section of the Fee 
Schedule.
    \15\ ``MEO Interface'' means a binary order interface for 
certain order types as set forth in Rule 516 into the MIAX PEARL 
System. See Exchange Rule 100. See the Definitions Section of the 
Fee Schedule.
    \16\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
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    Each Member who uses the MEO Interface to connect to the System 
will be assessed Trading Permit fees according to the volume-based tier 
thresholds that it achieves along with that of its Affiliates. 
Specifically, Members who use the MEO Interface will be assessed the 
following Trading Permit fees each month: (i) If its volume falls 
within the parameters of Tier 1 of the Non-Transaction Fees Volume-
Based Tiers, or volume up to 0.30%, $300, (ii) if its volume falls 
within the parameters of Tier 2 of the Non-Transaction Fees Volume-
Based Tiers, or volume above 0.30% up to 0.60%, $400, and (iii) if its 
volume falls with the parameters of Tier 3 of the Non-Transaction Fees 
Volume-Based Tiers, or volume above 0.60%, $500. Members who use the 
MEO Interface may also connect to the System through the FIX Interface 
as well, and vice versa. The Exchange notes that the Trading Permit 
fees for Members who connect through the MEO Interface are higher than 
the Trading Permit fees for Members who connect through the FIX 
Interface, since the FIX Interface utilizes less capacity and resources 
of the Exchange. The MEO Interface offers lower latency and higher 
throughput, which utilizes greater capacity and resources of the 
Exchange, and is typically a requirement for market makers. The Fix 
Interface offers lower bandwidth requirements and an industry-wide 
uniform message format, which is typically favored by EEMs. Both EEMs 
and Market Makers may connect to the Exchange using either interface.
    The Exchange notes that other exchanges assess their membership 
fees at different rates based upon a member's participation on that 
exchange.\17\
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    \17\ Cboe BZX Options Exchange (``BZX Options'') assesses the 
Participant Fee, which is a membership fee, according to a member's 
ADV. See Cboe BZX Options Exchange Fee Schedule under ``Membership 
Fees''. The Participant Fee is $500 if the member ADV is under 5000 
and $1,000 if the member ADV is equal to or over 5000. Id.
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    The Exchange proposes that Members who use the MEO Interface and 
who also use the FIX Interface will be assessed the rates for both 
types of Trading Permits set forth above but will receive a $100 
monthly credit towards the Trading Permit fees applicable to such 
Member for MEO Interface use. For example, a Member who reaches Tier 3 
in the Non-Transaction fees Volume-Based Tiers, and who connects via a 
FIX interface and a MEO Interface, would be assessed Trading Permit 
fees of $450 for FIX Interface and $500 for MEO Interface. Since they 
connect via both interfaces, they will also receive a $100 monthly 
credit for total cost of $850 ($450 + $500 - $100). The monthly credit 
will not exceed the Trading Permit fees.
    Below is the proposed fee table for Trading Permit fees:

------------------------------------------------------------------------
                                            Monthly MIAX PEARL  Trading
         Type of Trading Permit                     Permit fee
------------------------------------------------------------------------
Member that connects via the FIX          Tier 1 $250.
 Interface.                               Tier 2 $350.
                                          Tier 3 $450.
Member that connects via the MEO          Tier 1 $300.
 Interface *.                             Tier 2 $400.
                                          Tier 3 $500.
------------------------------------------------------------------------
* Members who connect via the MEO Interface and that also connect via
  the FIX Interface will be assessed the rates for both types of Trading
  Permits set forth above, but will receive a $100 credit towards the
  Trading Permit Fees set forth above for MEO Interface use.

Port Fees
    MIAX PEARL proposes to assess fees for access and services used by 
Members via connections known as ``Ports''. MIAX PEARL provides five 
(5) Port types, including (i) the Financial Information Exchange 
(``FIX'') Port, which allows Members to electronically send orders in 
all products traded on the Exchange; (ii) the MIAX Express Network 
(``MEO'') Port, which allows EEMs and Market Makers to submit 
electronic orders in all products to the Exchange; (iii) the Clearing 
Trade Drop (``CTD'') Port, which provides real-time per-trade clearing 
information to the participants on MIAX PEARL and to the participants' 
respective clearing firms; (iv) FIX Drop Copy (``FXD'') Port, which 
provides a copy of real-time trade execution, correction, and 
cancellation information through a FIX Port to any number of FIX Ports 
designated by a Member to receive such messages; and (v) the MEO Purge 
Port, which is used as a dedicated port for sending purge messages to 
the Exchange.
    MIAX PEARL has Primary and Secondary Facilities and a Disaster 
Recovery Facility. Each type of Port provides access to all three 
facilities for a single fee. The Exchange notes that, unless otherwise 
specifically set forth in the Fee Schedule, the Port fees include the 
information communicated through the Port. That is, unless otherwise

[[Page 12047]]

specifically set forth in the Fee Schedule, there is no additional 
charge for the information that is communicated through the Port apart 
from what the user is assessed for each Port.\18\
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    \18\ One such example of an additional charge is a charge for 
certain fee-liable market data feed products to which the Member 
subscribes.
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    The Exchange currently offers different options of MEO Ports 
depending on the services required by the Member, including a Full 
Service MEO Port-Bulk,\19\ a Full Service MEO Port-Single,\20\ and a 
Limited Service MEO Port.\21\ A Member may be allocated two (2) Full-
Service MEO Ports of either type, Bulk and/or Single, per Matching 
Engine, and up to eight (8) Limited Service MEO Ports, per Matching 
Engine. The two (2) Full-Service MEO Ports that may be allocated per 
Matching Engine to a Member currently may consist of: (a) Two (2) Full 
Service MEO Ports--Bulk; or (b) two (2) Full Service MEO Ports--Single. 
The Exchange proposes to add a third option, option (c), which permits 
a Member to have one (1) Full Service MEO Port--Bulk, and one (1) Full 
Service MEO Port--Single. If a Member selects option (c), the Exchange 
will assess the rates applicable to Full Service MEO Port--Bulk in the 
Fee Schedule, described below. The Exchange proposes to add option (c) 
in order to provide Members greater flexibility and granularity in 
their available Port connection alternatives.
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    \19\ ``Full Service MEO Port--Bulk'' means an MEO port that 
supports all MEO input message types and binary bulk order entry. 
See the Definitions Section of the Fee Schedule.
    \20\ ``Full Service MEO Port--Single'' means an MEO port that 
supports all MEO input message types and binary order entry on a 
single order-by-order basis, but not bulk orders. See the 
Definitions Section of the Fee Schedule.
    \21\ ``Limited Service MEO Port'' means an MEO port that 
supports all MEO input message types, but does not support bulk 
order entry and only supports limited order types, as specified by 
the Exchange via Regulatory Circular. See the Definitions Section of 
the Fee Schedule.
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    MIAX PEARL proposes to assess Members Full Service MEO Port Fees, 
either for a Full Service MEO Port--Bulk and/or for a Full Service MEO 
Port--Single, based upon the monthly total volume executed by a Member 
and its Affiliates on the Exchange across all origin types, not 
including Excluded Contracts, as compared to the TCV in all MIAX PEARL-
listed options. Specifically, the Exchange proposes to adopt a tier-
based fee structure based upon the volume-based tiers detailed in the 
proposed definition of ``Non-Transaction Fees Volume-Based Tiers'' 
described above. MIAX PEARL proposes to assess these and other monthly 
Port fees on Members in each month the market participant is 
credentialed to use a Port in the production environment. MIAX PEARL 
proposes the following Monthly Port Fees table:

------------------------------------------------------------------------
                                            Monthly Port Fees includes
                                           connectivity to the primary,
              Type of Port               secondary and disaster recovery
                                                   data centers
------------------------------------------------------------------------
FIX Port [supcaret]....................  Per Port: 1st $275, 2nd to 5th
                                          $175, 6th or more $75.
Full Service MEO Port--Bulk *..........  Tier 1 $3,000.
                                         Tier 2 $4,500.
                                         Tier 3 $5,000.
Full Service MEO Port--Single *........  Tier 1 $2,000.
                                         Tier 2 $3,375.
                                         Tier 3 $3,750.
Limited Service MEO Port **............  1st to 2nd $0, 3rd to 4th $200,
                                          5th to 6th $300, 7th to 8th
                                          $400.
MEO Purge Port ***.....................  $750.
CTD Port [supcaret]....................  Per Port: $450.
FXD Port [supcaret]....................  Per Port: $250.
------------------------------------------------------------------------
* The rates set forth above for Full Service MEO Ports, both Bulk and/or
  Single, entitle a Member to two (2) such Ports for each Matching
  Engine for a single port fee. If a Member selects at least one Full
  Service MEO Port--Bulk as part of their two (2) Ports, i.e. option (c)
  described below, the rates applicable to Full Service MEO Port--Bulk
  set forth above apply.
** Each Limited Service MEO Port fee entitles a Member to one (1) such
  port for each Matching Engine. For example, the purchase of 4 Limited
  Service MEO Ports will allow the Member to access 4 ports per Matching
  Engine.
*** The MEO Purge Port fee entitles a Member to two (2) such ports for
  each Matching Engine for a single port fee.
[supcaret] Each port will have access to all Matching Engines.

    Other exchanges, including MIAX Options, charge a fee for similar 
services to Members.\22\ The Exchange's proposed structure for some of 
its Port fees is similar to the structure of MIAX Options, subject to a 
few differences as discussed below. First, the Exchange proposes to 
have two primary types of Full Service MEO Port Fees (Bulk and Single), 
whereas MIAX Options only has one type of full service port fee (MEI 
Port Fee). Second, MIAX Options charges for its MEI port fees based on 
the options class assignments, or as measured by the national volume. 
Since the market model of the Exchange is not identical to the market 
model of MIAX Options, the Exchange therefore proposes to assess its 
MEO Port fees in a different manner than is assessed by MIAX Options 
for its MEI Port fees. The Exchange operates a price time, order-driven 
marketplace. MIAX Options operates a traditional, pro-rata, quote-
driven marketplace, with market makers having affirmative quoting 
obligations in their assigned classes. However, while the market modes 
[sic] are not identical, the Exchange's proposed structure shares a 
similar characteristic with the structure of MIAX Options wherein both 
generally provide that, the more active user the Member (i.e., the 
greater number/greater national ADV of classes assigned to quote), the 
higher the Port fee. Third, the amount of the CTD Port fee assessed by 
MIAX Options is based on the per executed contract side volume of the 
MIAX Options member. The Exchange proposes to assess its CTD Port fee 
as a monthly per Port fee, not tied to per executed contract side 
volume of the Member. The CTD fee structure is the same structure in 
place at Nasdaq PHLX with respect to its Clearing Trade Interface 
(``CTI'') port fees.\23\ Finally, the amount of the Fix Drop Copy Port 
fee assessed by MIAX Options, which is a similar fee to the FXD Port 
fee, is a flat monthly fee whereas the Exchange proposes that the FXD 
Port fee is per Port like it is proposing to charge for the MEO Purge 
Ports and CTD Ports and not a flat fee.
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    \22\ See Nasdaq Phlx LLC (``Phlx'') Fee Schedule, Section VII 
``Other Member Fees'', B ``Port Fees''.
    \23\ Id.
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    Finally, the Exchange proposes to no longer offer Ports to non-
Members. There are no current non-Members that connect to the Exchange 
via Ports, and, based on the Exchange's market model, it does not 
envision that non-Members

[[Page 12048]]

would require connectivity to the Exchange via Ports in the future. 
Accordingly, the Exchange proposes to remove all references to non-
Members from Section 5)d) (Port Fees) of the Fee Schedule.
Market Data Fees
    The Exchange proposes to assess fees for its market data products, 
MIAX PEARL Top of Market (``ToM'') and MIAX PEARL Liquidity Feed 
(``PLF''). A more detailed description of the ToM and PLF products can 
be found in the Market Data Product Filing.\24\ To summarize, ToM 
provides market participants with a direct data feed that includes the 
Exchange's best bid and offer, with aggregate size, and last sale 
information, based on displayable order and quoting interest on the 
Exchange. The ToM data feed includes data that is identical to the data 
sent to the processor for the Options Price Reporting Authority 
(``OPRA''). ToM also contains a feature that provides the number of 
Priority Customer contracts that are included in the size associated 
with the Exchange's best bid and offer.
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    \24\ See Securities Exchange Act Release No. 79913 (February 1, 
2017), 82 FR 9617 (February 7, 2017) (SR-PEARL-2017-01).
---------------------------------------------------------------------------

    PLF is a real-time full order book data feed that provides 
information for orders on the MIAX PEARL order book. PLF provides real-
time information to enable users to keep track of the simple order book 
for all symbols listed on MIAX PEARL. PLF provides the following real-
time data to its users with respect to each order for the entire order 
book: Origin, limit price, side, size, and time-in-force (e.g., day, 
GTC). It is a compilation of data for orders residing on the Exchange's 
order book for options traded on the Exchange that the Exchange 
provides through a real-time multi-cast data feed. The Exchange 
believes the PLF is a valuable tool that subscribers can use to gain 
comprehensive insight into the limit order book in a particular option.
    The Exchange proposes to charge monthly fees to Distributors of the 
ToM and/or PLF market data products. MIAX PEARL will assess market data 
fees applicable to the market data products to Internal and External 
Distributors in each month the Distributor is credentialed to use the 
applicable market data product in the production environment. A 
``Distributor'' of MIAX PEARL data is any entity that receives a feed 
or file of data either directly from MIAX PEARL or indirectly through 
another entity and then distributes it either internally (within that 
entity) or externally (outside that entity). All Distributors are 
required to execute a MIAX PEARL Distributor Agreement. Market data 
fees for ToM and PLF will be reduced for new Distributors for the first 
month during which they subscribe to the applicable market data 
product, based on the number of trading days that have been held during 
the month prior to the date on which they have been credentialed to use 
the applicable market data product in the production environment. Such 
new Distributors will be assessed a pro-rata percentage of the fees 
described above, which is the percentage of the number of trading days 
remaining in the affected calendar month as of the date on which they 
have been credentialed to use the applicable market data product in the 
production environment, divided by the total number of trading days in 
the affected calendar month.
    Specifically, the Exchange proposes to assess Internal Distributors 
$500 per month and External Distributors $750 per month for the ToM 
market data feed. The Exchange additionally proposes to assess Internal 
Distributors $1,250 per month and External Distributors $1,500 per 
month for the PLF market data feed. The Exchange notes that its data 
feed prices are generally lower than most other options exchanges' data 
feed prices for their comparable data feed products.\25\
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    \25\ See NASDAQ Phlx Pricing Schedule, Section IX, Proprietary 
Data Feed Fees.
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New Member Fee Waiver
    The Exchange proposes to waive the assessment of the foregoing non-
transaction fees to a new Member of the Exchange for the first calendar 
month during which they are approved as a Member and are credentialed 
to use the System in the production environment, and for the two (2) 
subsequent calendar months thereafter. The Exchange proposes to define 
this waiver as the ``New Member Non-Transaction Fee Waiver'' and to add 
it to the Definitions section of the Fee Schedule accordingly. In the 
first month, certain of such Members' non-transaction fees specified by 
the Exchange will not be assessed and thereby waived for the trading 
days remaining in such month after the date that the Member was 
accepted by the Exchange. Then the specified non-transaction fees for 
the following two (2) calendar months will also be waived by the 
Exchange for the new Member. For example, if Member A is approved as a 
Member and credentialed to use the Exchange's System in the production 
environment on April 2, 2018, Member A will not be assessed any Trading 
Permit, Port, or Market Data fees for the remaining days in April, and 
will not be assessed any such fees for the calendar months of May and 
June of 2018. For the avoidance of doubt, a ``new Member'' shall mean 
any Member who has not previously been approved by the Exchange and 
credentialed to use the Exchange's System in the production 
environment. The Exchange believes that this fee waiver will provide 
incentive for prospective applicants to apply for membership, and may 
consequently result in increasing potential order flow and liquidity 
for the Exchange. The Exchange will submit a rule filing with the 
Commission prior to terminating the Exchange's waiver of such fees 
assessable to new Members.
    The proposed rule changes will become operative March 1, 2018. 
Except as set forth above, all other fees of the Exchange remain as set 
forth in the Fee Schedule.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \26\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \27\ in 
particular, in that it is an equitable allocation of reasonable dues, 
fees and other charges among its members and issuers and other persons 
using its facilities. The Exchange also believes the proposal furthers 
the objectives of Section 6(b)(5) of the Act in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest and is not designed to permit unfair discrimination between 
customers, issuers, brokers and dealers.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f(b).
    \27\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

Definitions
    The Exchange believes that the proposed new definition ``New Member 
Non-Transaction Fee Waiver'' is consistent with Section 6(b)(4) of the 
Act in that it is fair, equitable and not unreasonably discriminatory 
and should improve market quality for the Exchange's market 
participants. The definition applies equally to all potential Members 
and is intended to add transparency to the Exchange's marketplace by 
clarifying how the waiver of certain specified non-transaction fees 
will apply to new Members.
    The Exchange believes that the proposed new definition ``New Member 
Non-Transaction Fee Waiver'' is

[[Page 12049]]

consistent with Section 6(5) of the Act in that it promotes equitable 
access to the Exchange for all market participants. To the extent that 
new Members are encouraged to apply to the Exchange as a result of the 
waiver of certain specified non-transaction fees for a limited period 
of time, the resulting increased volume and liquidity from such new 
Members will benefit all Exchange participants by providing more 
trading opportunities and tighter spreads.
    The Exchange believes that the proposed new definition ``Non-
Transaction Fees Volume-Based Tiers'' and the associated volume-based 
tier structure applicable to certain specified non-transaction fees is 
consistent with Section 6(b)(4) of the Act in that it is fair, 
equitable and not unreasonably discriminatory and should improve market 
quality for the Exchange's market participants. The proposed tier 
structure is fair and equitable and not unreasonably discriminatory 
because the volume calculations and thresholds are applied equally to 
all MIAX PEARL Members. All similarly situated MIAX PEARL Members are 
subject to the volume thresholds, and access to the Exchange is offered 
on terms that are not unfairly discriminatory.
    The Exchange believes that the proposed new definition ``Non-
Transaction Fees Volume-Based Tiers'' and the associated volume-based 
tier structure applicable to certain non-transaction fees is consistent 
with Section 6(b)(5) of the Act in that it promotes equitable access to 
the Exchange for all market participants. To the extent that Member 
volume is increased by the proposal, the resulting increased volume and 
liquidity will benefit all Exchange participants by providing more 
trading opportunities and tighter spreads.
    The Exchange believes that by determining certain fees upon volume 
will permit Member firms to have the same access to the Exchange but 
pay fees which are proportionate to their usage of the Exchange. The 
fees based upon the same volume threshold will also be assessed to 
Members on an equal basis since they are assessed based upon the same 
volume and access type provided. The specific volume thresholds of the 
``Non-Transaction Fees Volume-Based Tiers'' were set based upon 
business determinations and an analysis of current volume levels. The 
Exchange believes that the proposed new definition of ``Non-Transaction 
Fees Volume-Based Tiers'' and the associated volume-based tier 
structure applicable to certain non-transaction fees should provide 
incentives for market participants to join and trade on the Exchange.
    The Exchange believes that the proposed new definition ``Monthly 
Volume Credit'' and the associated monthly credit for Priority Customer 
volume applicable to certain non-transaction fees is fair, equitable 
and not unreasonably discriminatory, because it applies equally to all 
Members. The proposed volume credit for Priority Customer orders is 
reasonably designed because it will encourage Members to send increased 
Priority Customer order flow to the Exchange in order to receive the 
applicable monthly credit. The Exchange thus believes that the proposed 
new credit should improve market quality for all market participants by 
providing more execution opportunities. All Members who qualify will 
receive the same credit, or the greater of credits for Members who use 
both FIX and MEO, for Priority Customer volume according to the 
interface that they select to use to connect to the Exchange.
    The Exchange believes that the proposed new definition ``Monthly 
Volume Credit'' and the associated monthly credit for Priority Customer 
volume is consistent with Section 6(b)(5) of the Act and it is not 
discriminatory since it is available to all Members who transact 
Priority Customer volume at the specified levels. To the extent that 
MIAX PEARL Priority Customer volume is increased by the proposal, 
market participants may increasingly compete for the opportunity to 
trade on the Exchange including sending more orders that are narrower 
and larger-sized. The resulting increased volume and liquidity will 
benefit all Exchange participants by providing more trading 
opportunities and tighter spreads.
Monthly Trading Permit Fees
    The Exchange believes that the assessment of Trading Permit fees is 
reasonable, equitable, and not unfairly discriminatory. The assessment 
of Trading Permit fees is done by the Exchange's affiliate, MIAX 
Options, and is commonly done by other exchanges as described in the 
Purpose section above. The Exchange also believes that the proposed 
tier structure is fair and equitable and not unreasonably 
discriminatory because the volume calculations and thresholds are 
applied equally to all MIAX PEARL Members. All similarly situated MIAX 
PEARL Members are subject to the volume thresholds, and access to the 
Exchange is offered on terms that are not unfairly discriminatory.
    The Exchange believes that the proposed Trading Permit Fees are 
consistent with Section 6(b)(5) of the Act in that they promote 
equitable access to the Exchange for all market participants. To the 
extent that Member volume is increased by the proposal, the resulting 
increased volume and liquidity will benefit all Exchange participants 
by providing more trading opportunities and tighter spreads.
    The specific volume thresholds of the Trading Permit Fees were set 
based upon business determinations and an analysis of current volume 
levels. The Exchange believes that by basing certain fees upon volume, 
this will permit Member firms to have the same access to the Exchange 
but pay fees which are proportionate to their usage of the Exchange. 
The same fees based upon the same volume will also be assessed to 
Members on an equal basis since they are assessed based upon the same 
volume of order flow provided.
Port Fees
    MIAX PEARL believes it is reasonable, equitable and not unfairly 
discriminatory to assess Port fees on Members who use such services. In 
particular, the Exchange believes that it is reasonable, equitable, and 
not unfairly discriminatory to assess Port fees on Members since the 
Ports enable Members to submit orders and to receive information 
regarding transactions. Specifically, the FIX Port and the various MEO 
Ports enable Members to submit orders electronically to the Exchange 
for processing. The Exchange believes that its proposed fees are 
reasonable in that other exchanges offer similar ports with similar 
services and charge fees for the use of such ports, including MIAX 
Options.
    The Exchange believes that its fees for Ports are reasonable, 
equitable, and not unfairly discriminatory in that they apply to all 
Members using the following ports: FIX, MEO, MEO Purge, CTD or FXD 
equally and allow the Exchange to recover operational and 
administrative costs in developing and maintaining such services. The 
Exchange believes that assessing a per Port fee for some Ports while 
assessing a flat fee, which in the case of Full Service MEO Ports is 
tiered according to the Member's volume, for other Ports is reasonable 
and not discriminatory since different Ports provide different 
information and utility to Members. For example, the MEO Interface 
offers greater connectivity, lower latency and higher throughput which 
is beneficial to Market Maker activities and while both EEMs and Market 
Makers may connect through either the FIX or MEO

[[Page 12050]]

Interfaces, Market Makers generally elect to connect through the MEO 
Interface for the greater benefits of its connectivity which requires a 
MEO Port. The Exchange expends considerable resources to provide Port 
access to its Members and certain Ports are more costly to provide such 
as the Full Service MEO Port--Bulk. The Exchange must assess fees in 
order to recoup the costs involved with providing the appropriate 
access required by the Member. The Exchange believes that its proposed 
fees are reasonable in that other exchanges charge fees for similar 
services, including MIAX Options, subject to the differences discussed 
above, which the Exchange believes are reasonable given the different 
market structure between the Exchange and MIAX Options.
    The Exchange also believes the proposed Port Fees are consistent 
with Section 6(b)(5) of the Act are non-discriminatory because they 
will apply uniformly to all Members. The use and choice of Ports are 
completely voluntary and no user is required, nor are the Members under 
any regulatory obligation, to utilize them. All Members have the option 
to select any connectivity option, and fees, when charged, are charged 
uniformly for the services offered by the Exchange.
    The Exchange believes that by basing certain fees upon volume, this 
will permit Member firms to have the same access to the Exchange but 
pay fees which are proportionate to their usage of the Exchange. The 
same fees based upon the same volume will also be assessed to Members 
on an equal basis since they are assessed based upon the same volume 
and access type provided.
Market Data Fees
    The Exchange believes that its proposal to assess Market Data Fees 
is consistent with the provisions of Section 6(b)(4) of the Act in that 
it provides an equitable allocation of reasonable fees among 
distributors of ToM and PLF, because all Distributors in each of the 
respective category of Distributor (i.e., Internal and External) will 
be assessed the same fees as other Distributors in their category for 
the applicable market data product.
    In adopting Regulation NMS, the Commission granted self-regulatory 
organizations 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:

    [E]fficiency is promoted when broker-dealers who do not need the 
data beyond the prices, sizes, market center identifications of the 
NBBO and consolidated last sale information are not required to 
receive (and pay for) such data when broker-dealers may choose to 
receive (and pay for) additional market data based on their own 
internal analysis of the need for such data.\28\
---------------------------------------------------------------------------

    \28\ Securities Exchange Act Release No. 51808 (June 9, 2005), 
70 FR 37496 (June 29, 2005).

    By removing ``unnecessary regulatory restrictions'' on the ability 
of exchanges to sell their own data, Regulation NMS advanced the goals 
of the Act and the principles reflected in its legislative history. If 
the free market should determine whether proprietary data is sold to 
broker-dealers at all, it follows that the price at which such data is 
sold should be set by the market as well.
    In July, 2010, Congress adopted H.R. 4173, the Dodd-Frank Wall 
Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), 
which amended Section 19 of the Act. Among other things, Section 916 of 
the Dodd-Frank Act amended paragraph (A) of Section 19(b)(3) of the Act 
by inserting the phrase ``on any person, whether or not the person is a 
member of the self-regulatory organization'' after ``due, fee or other 
charge imposed by the self-regulatory organization.'' As a result, all 
SRO rule proposals establishing or changing dues, fees or other charges 
are immediately effective upon filing regardless of whether such dues, 
fees or other charges are imposed on members of the SRO, non-members, 
or both. Section 916 further amended paragraph (C) of Section 19(b)(3) 
of the Act to read, in pertinent part, ``At any time within the 60-day 
period beginning on the date of filing of such a proposed rule change 
in accordance with the provisions of paragraph (1) [of Section 19(b)], 
the Commission summarily may temporarily suspend the change in the 
rules of the self-regulatory organization made thereby, 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 this title. If the Commission takes such 
action, the Commission shall institute proceedings under paragraph 
(2)(B) [of Section 19(b)] to determine whether the proposed rule should 
be approved or disapproved.''
    The Exchange believes that these amendments to Section 19 of the 
Act reflect Congress's intent to allow the Commission to rely upon the 
forces of competition to ensure that fees for market data are 
reasonable and equitably allocated. Although Section 19(b) had formerly 
authorized immediate effectiveness for a ``due, fee or other charge 
imposed by the self-regulatory organization,'' the Commission adopted a 
policy and subsequently a rule stating that fees for data and other 
products available to persons that are not members of the self-
regulatory organization must be approved by the Commission after first 
being published for comment. At the time, the Commission supported the 
adoption of the policy and the rule by pointing out that unlike 
members, whose representation in self-regulatory organization 
governance was mandated by the Act, non-members should be given the 
opportunity to comment on fees before being required to pay them, and 
that the Commission should specifically approve all such fees. MIAX 
PEARL believes that the amendment to Section 19 reflects Congress's 
conclusion that the evolution of self-regulatory organization 
governance and competitive market structure have rendered the 
Commission's prior policy on non-member fees obsolete. Specifically, 
many exchanges have evolved from member-owned, not-for-profit 
corporations into for-profit, investor-owned corporations (or 
subsidiaries of investor-owned corporations). Accordingly, exchanges no 
longer have narrow incentives to manage their affairs for the exclusive 
benefit of their members, but rather have incentives to maximize the 
appeal of their products to all customers, whether members or non-
members, so as to broaden distribution and grow revenues. Moreover, the 
Exchange believes that the change also reflects an endorsement of the 
Commission's determinations that reliance on competitive markets is an 
appropriate means to ensure equitable and reasonable prices. Simply 
put, the change reflects a presumption that all fee changes should be 
permitted to take effect immediately, since the level of all fees are 
constrained by competitive forces. The Exchange therefore believes that 
the assessment of fees for the use of ToM and PLF is proper for non-
member Distributors.
    The decision of the United States Court of Appeals for the District 
of Columbia Circuit in NetCoalition v. SEC, No. 09-1042 (DC Cir. 2010), 
although reviewing a Commission decision made prior to the effective 
date of the Dodd-Frank Act, upheld the Commission's reliance upon 
competitive markets to set reasonable and equitably allocated fees for 
market data:


[[Page 12051]]


    In fact, the legislative history indicates that the Congress 
intended that the market system `evolve through the interplay of 
competitive forces as unnecessary regulatory restrictions are 
removed' and that the SEC wield its regulatory power `in those 
situations where competition may not be sufficient,' such as in the 
creation of a `consolidated transactional reporting system.' \29\
---------------------------------------------------------------------------

    \29\ NetCoalition, at 15 (quoting H.R. Rep. No. 94-229, at 92 
(1975), as reprinted in 1975 U.S.C.C.A.N. 321, 323).

    The court's conclusions about Congressional intent are therefore 
reinforced by the Dodd-Frank Act amendments, which create a presumption 
that exchange fees, including Market Data Fees, may take effect 
immediately, without prior Commission approval, and that the Commission 
should take action to suspend a fee change and institute a proceeding 
to determine whether the fee change should be approved or disapproved 
only where the Commission has concerns that the change may not be 
consistent with the Act.
    MIAX PEARL believes that the assessment of the proposed Market Data 
Fees for ToM and PLF is fair and equitable in accordance with Section 
6(b)(4) of the Act, and not unreasonably discriminatory in accordance 
with Section 6(b)(5) of the Act. As described above, Market Data Fees 
are assessed by other exchanges, including MIAX Options.\30\ The 
Exchange notes that proposed Market Data Fees for ToM are considerably 
lower than those assessed for a similar MIAX Options market data 
product but believes that a lower ToM Market Data Fee is fair and 
reasonable given the recent entrance of MIAX PEARL.
---------------------------------------------------------------------------

    \30\ See supra note 25.
---------------------------------------------------------------------------

    Moreover, the decision as to whether or not to subscribe to ToM or 
PLF is entirely optional to all parties. Potential subscribers are not 
required to purchase the ToM or PLF market data feed, and MIAX PEARL is 
not required to make the ToM or PLF market data feed available without 
a fee. Subscribers can discontinue their use at any time and for any 
reason, including due to their assessment of the reasonableness of fees 
charged. The allocation of fees among subscribers is fair and 
reasonable because, if the market deems the proposed fees to be unfair 
or inequitable, firms can diminish or discontinue their use of this 
data.
New Member Non-Transaction Fee Waiver
    MIAX PEARL believes that the New Member Non-Transaction Fee Waiver 
is consistent with Section 6(4) of the Act in that it is fair, 
reasonable and equitable and it is consistent with Section 6(5) of the 
Act in that it is not unreasonably discriminatory to waive the non-
transaction fees assessable to new Members who are approved by the 
Exchange and credentialed to use the System in the production 
environment for a limited period since the waiver of such fees provides 
incentives to interested applicants to apply for MIAX PEARL membership. 
This in turn provides MIAX PEARL with potential new order flow and 
liquidity providers as it continues to grow its marketplace. The waiver 
will apply equally to new Members for the specified limited period.
    Finally, the Exchange notes that it operates in a highly 
competitive market in which market participants can readily favor 
competing venues. In such an environment, the Exchange must establish 
fees that are competitive with other exchanges. For the reasons 
described above, the Exchange believes that the proposed fees in the 
MIAX PEARL Fee Schedule appropriately reflect this competitive 
environment.

B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX PEARL 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. Unilateral action by MIAX PEARL 
in the assessment of certain non-transaction fees for services provided 
to its Members and others using its facilities will not have an impact 
on competition. As a more recent entrant in the already highly 
competitive environment for equity options trading, MIAX PEARL does not 
have the market power necessary to set prices for services that are 
unreasonable or unfairly discriminatory in violation of the Act. The 
Exchange believes that the proposed definitions would increase both 
intermarket and intramarket competition by encouraging Members to 
direct their order flow to the Exchange, which should enhance the 
quality of quoting and increase the volume of contracts traded on MIAX 
PEARL. MIAX PEARL's proposed non-transaction fee levels, as described 
herein, are comparable to fee levels charged by other options exchanges 
for the same or similar services, including those fees assessed by its 
affiliate, MIAX Options. Further, the Exchange believes that its waiver 
of the assessment of such non-transaction fees for new Members for the 
limited period specified above will not impose any burden on 
competition and in fact will encourage competition. The Exchange 
believes that by offering competitive fee rates based upon objective 
criteria like volume and quoting activity on the Exchange it will 
increase competition and attract firms of different sizes and business 
models to become Members and participate on the Exchange.

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,\31\ and Rule 19b-4(f)(2) \32\ 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.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \32\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-PEARL-2018-07 on the subject line.

Paper Comments

     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-2018-07. 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

[[Page 12052]]

post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent 
amendments, all written statements with respect to the proposed rule 
change that are filed with the Commission, and all written 
communications relating to the proposed rule change between the 
Commission and any person, other than those that may be withheld from 
the public in accordance with the provisions of 5 U.S.C. 552, will be 
available for website viewing and printing in the Commission's Public 
Reference Room, 100 F Street NE, Washington, DC 20549, on official 
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 
the filing also will be available for inspection and copying at the 
principal office of the Exchange. All comments received will be posted 
without change. Persons submitting comments are cautioned that we do 
not redact or edit personal identifying information from comment 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
PEARL-2018-07 and should be submitted on or before April 9, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\33\
Eduardo A. Aleman,
Assistant Secretary.
---------------------------------------------------------------------------

    \33\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2018-05452 Filed 3-16-18; 8:45 am]
 BILLING CODE 8011-01-P