[Federal Register Volume 84, Number 71 (Friday, April 12, 2019)]
[Notices]
[Pages 14983-14988]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07238]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85541; File No. SR-PEARL-2019-12]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
PEARL Fee Schedule
April 8, 2019.
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 27, 2019, 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
fees applicable to participants and new members 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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While changes to the Fee Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated these changes to be
operative on April 1, 2019.
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.
[[Page 14984]]
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 purpose of the proposed rule change is to establish certain
non-transaction fees applicable to certain market participants and new
members trading options on and/or using certain services provided by
the Exchange. The Exchange introduced the structure of certain non-
transaction 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 establish one-time
application for membership fees for MIAX PEARL Members; \7\ Application
Programming Interface (``API'') Testing and Certification fees; and
MIAX PEARL Member Participant Identifier (``MPID'') \8\ fees.
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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.
\8\ An MPID is a code used in the MIAX PEARL system to identify
the participant to MIAX PEARL and to the participant's Clearing
Member respecting trades executed on MIAX PEARL. Participants may
use more than one MPID.
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The Exchange also proposes to amend its Fee Schedule to remove the
text and application of the New Member Non-Transaction Fee Waiver.\9\
The Exchange adopted the three month New Member Non-Transaction Fee
Waiver in its filing SR-PEARL-2018-07.\10\
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\9\ ``New Member Non-Transaction Fee Waiver'' means the waiver
of certain non-transaction fees, as explicitly set forth in specific
sections of the Fee Schedule, for a new Member of the Exchange, for
the waiver period. For purposes of this definition, the waiver
period consists of the calendar month the new Member is credentialed
to use the System in the production environment following approval
as a new Member of the Exchange and the two (2) subsequent calendar
months thereafter. For purposes of this definition, a new Member
shall mean any Member who has not previously been approved as a
Member of the Exchange. See the Definitions Section of the Fee
Schedule.
\10\ See Securities Exchange Act Release No. 82867 (March 13,
2018), 83 FR 12044 (March 19, 2018) (SR-PEARL-2018-07).
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The Exchange now proposes to remove the New Member Non-Transaction
Fee Waiver as described below, and thereby terminate the New Member
Non-Transaction Fee Waiver as it applies to all relevant fees,
including the Monthly Trading Permit fee; Port fees; and MIAX PEARL Top
of Market (``ToM'') and MIAX PEARL Liquidity Feed (``PLF'') market data
fees. The Exchange also proposes to amend the Definitions section of
the Fee Schedule to delete the definitions of ``New Member Non-
Transaction Fee Waiver'' and ``Waiver Period'' because those
definitions are no longer applicable in accordance with this proposal
to remove the Waiver Period for all remaining waived non-transaction
fees, as described below, including the three month fee waiver
applicable to certain non-transaction fees for new Members of the
Exchange.
A. Application for MIAX PEARL Membership
A one-time application fee based upon the applicant's status as
either an Electronic Exchange Member \11\ (``EEM'') or as a Market
Maker \12\ will be assessed by MIAX PEARL. Applicants for MIAX PEARL
Membership as an EEM will be assessed a one-time application fee of
$500. Applicants for MIAX PEARL Membership as a Market Maker will be
assessed a one-time application fee of $1,500. The difference in the
fee charged to EEMs and Market Makers reflects the additional review
and processing effort needed for Market Maker applications. MIAX
PEARL's one-time application fees are similar to and generally lower
than one-time application fees in place at the Cboe Exchange, Inc.
(``Cboe'') ($3,000 for an individual applicant and $5,000 for an
applicant organization) \13\ and at Nasdaq ISE, LLC (``Nasdaq ISE'')
($7,500 per firm for a primary market maker, $5,500 per firm for a
competitive market maker, and $3,500 per firm for an electronic market
maker).\14\ Below is the table for the proposed one-time fee for
membership application for MIAX PEARL:
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\11\ ``Electronic Exchange Member'' or ``EEM'' means the holder
of a Trading Permit who is a Member representing as agent Public
Customer Orders or Non-Customer Orders on the Exchange and those
non-Market Maker Members conducting proprietary trading. Electronic
Exchange Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100. See the Definitions Section of the Fee Schedule.
\12\ ``Market Maker'' means a Member registered with the
Exchange for the purpose of making markets in options contracts
traded on the Exchange and that is vested with the rights and
responsibilities specified in Chapter VI of Exchange Rules. See
Exchange Rule 100. See the Definitions Section of the Fee Schedule.
\13\ See Cboe Fees Schedule, p. 12, Cboe Trading Permit Holder
Application Fees.
\14\ See Nasdaq ISE Pricing Schedule, IX(A).
------------------------------------------------------------------------
Application
Type of membership fee
------------------------------------------------------------------------
Electronic Exchange Member.............................. $500.00
Market Maker............................................ 1,500.00
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MIAX PEARL will assess a one-time Membership Application Fee on the
earlier of (i) the date the applicant is certified in the membership
system, or (ii) once an application for MIAX PEARL membership is
finally denied.
B. Member API Testing and Certification Fee
MIAX PEARL will assess an API Testing and Certification fee on
Members. An API makes it possible for Member software to communicate
with MIAX PEARL software applications, and is subject to Member testing
with, and certification by, MIAX PEARL. API testing and certification
includes, for EEMs, testing all available order types, new order entry,
order management, order throughput and mass order cancellation. For
Market Makers, API testing and certification also includes testing of
all available quote types, quote throughput, quote management and
cancellation, Aggregate Risk Manager settings and triggers, and
confirmation of quotes within the trading engines.
The API Testing and Certification fees for Members are based upon
the type of interface that the Member has been credentialed to use.
MIAX PEARL will assess an API testing and certification fee for Members
(i) initially per API for
[[Page 14985]]
FIX,\15\ MEO,\16\ FXD \17\ and CTD \18\ in the month the Member has
been credentialed to use one or more ports in the production
environment for the tested API, and (ii) each time a Member initiates a
change to its system that requires testing and certification. API
Testing and Certification fees will not be assessed in situations where
the Exchange initiates a mandatory change to the Exchange's system that
requires testing and certification.
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\15\ ``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.
\16\ ``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.
\17\ ``FXD Interface'' or ``FIX Drop Copy Port'' means a
messaging interface that provides a copy of real-time trade
execution, trade correction and trade cancellation information to
FIX Drop Copy Port users who subscribe to the service. FXD Port
users are those users who are designated by an EEM to receive the
information and the information is restricted for use by the EEM
only. See the Definitions Section of the Fee Schedule.
\18\ ``CTD Port'' or ``Clearing Trade Drop Port'' provides an
Exchange Member with a real-time clearing trade updates. The updates
include the Member's clearing trade messages on a low latency, real-
time basis. The trade messages are routed to a Member's connection
containing certain information. The information includes, among
other things, the following: (i) Trade date and time; (ii) symbol
information; (iii) trade price/size information; (iv) Member type
(for example, and without limitation, Market Maker, Electronic
Exchange Member, Broker-Dealer); and (v) Exchange MPID for each side
of the transaction, including Clearing Member MPID.
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Any Member can select any type of interface (FIX Interface, MEO
Interface, FXD Interface, and/or the CTD Port) to test and certify.
Each Member who uses the FIX Interface to connect to the System \19\
will be assessed an API Testing and Certification fee of $1,000. Each
Member who uses the MEO Interface to connect to the System will be
assessed an API Testing and Certification fee of $1,500. Each Member
who uses the FXD Interface to connect to the system will be assessed an
API Testing and Certification fee of $500. Each Member who uses the CTD
Port to connect to the system will be assessed an API Testing and
Certification fee of $500.
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\19\ 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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Below is the proposed fee table for API Testing and Certification
fees for Members:
------------------------------------------------------------------------
API testing
and
Type of interface certification
fee
------------------------------------------------------------------------
FIX..................................................... $1,000.00
MEO..................................................... 1,500.00
FXD..................................................... 500.00
CTD..................................................... 500.00
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API Testing and Certification Fees will be assessed (i) initially
per API for FIX, MEO, FXD and CTD in the month the Member has been
credentialed to use one or more ports in the production environment for
the tested API, and (ii) each time a Member initiates a change to its
system that requires testing and certification. API Testing and
Certification Fees will not be assessed in situations where the
Exchange initiates a mandatory change to the Exchange's system that
requires testing and certification.
C. Non-Member API Testing and Certification Fee
MIAX PEARL will assess an API Testing and Certification fee for
Third Party Vendors \20\, Service Bureaus \21\ and other non-Members
(i) initially per API for FIX, MEO, FXD, and CTD in the month the non-
Member has been credentialed to use one or more ports in the production
environment for the tested API, and (ii) each time a Third Party
Vendor, Service Bureau, or other non-Member initiates a change to its
system that requires testing and certification. API Testing and
Certification fees will not be assessed in situations where the
Exchange initiates a mandatory change to the Exchange's system that
requires testing and certification.
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\20\ Third party vendors are subscribers of MIAX's market and
other data feeds, which they in turn use for redistribution
purposes. Third party vendors do not provide connectivity and
therefore are not subject to Network testing and certification. See
the Definitions Section of the Fee Schedule.
\21\ ``Service Bureau'' means a technology provider that offers
and supplies technology and technology services to a trading firm
that does not have its own proprietary system. See the Definitions
Section of the Fee Schedule.
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The MIAX PEARL API Testing and Certification fees for non-Members
are based upon the type of interface used by the non-Member to connect
to the Exchange--the FIX Interface, the MEO Interface, the FXD
Interface, and/or the CTD Port. Any non-Member can select any type of
interface (FIX Interface, MEO Interface, FXD Interface, and/or the CTD
Port) to test and certify. As with Members, an API makes it possible
for third party vendors' and Service Bureaus' software to communicate
with MIAX PEARL software applications, and is subject to testing with,
and certification by, MIAX PEARL. The higher fee charged to non-Members
reflects the greater amount of time spent by MIAX PEARL employees
testing and certifying non-Members. It has been MIAX PEARL's experience
that Member testing takes less time than non-Member testing because
Members have more experience testing these systems with exchanges;
generally fewer questions and issues arise during the testing and
certification process. Also, because Third Party Vendors and Service
Bureaus are redistributing data and reselling services to other Members
and market participants, the number and types of scenarios that need to
be tested are more numerous and complex than those tested and certified
for a single Member.
Each non-Member who uses the FIX Interface to connect to the System
will be assessed an API Testing and Certification fee of $1,200. Each
non-Member who uses the MEO Interface to connect to the System will be
assessed an API Testing and Certification fee of $2,000. Each non-
Member who uses the FXD Interface to connect to the system will be
assessed an API Testing and Certification fee of $600. Each non-Member
who uses the CTD Port to connect to the system will be assessed an API
Testing and Certification fee of $600.
Below is the proposed fee table for API Testing and Certification
fees for non-Members:
------------------------------------------------------------------------
API testing
and
Type of interface certification
fee
------------------------------------------------------------------------
FIX..................................................... $1,200.00
MEO..................................................... 2,000.00
FXD..................................................... 600.00
CTD..................................................... 600.00
------------------------------------------------------------------------
API Testing and Certification Fees for Third Party Vendors, Service
Bureaus and other non-Members will be assessed (i) initially per API
for FIX, MEO, FXD, and CTD in the month the non-Member has been
credentialed to use one or more ports in the production environment for
the tested API, and (ii) each time a Third Party Vendor, Service
Bureau, or other non-Member initiates a change to its system that
requires testing and certification. API Testing and Certification Fees
will not be assessed in situations where the Exchange initiates a
mandatory change to the Exchange's system that requires testing and
certification.
D. MPID Fees
MIAX PEARL will assess monthly MPID fees on Members based upon type
of MPID. MIAX PEARL assesses MPID
[[Page 14986]]
fees to cover the administrative costs it incurs in assigning and
managing these identifiers for each Member. Members will be assessed a
monthly MPID fee of $125 for each FIX MPID. Members will be assessed a
monthly MPID fee of $125 for each MEO MPID. MPIDs allow the Exchange to
provide additional services to its Members, including reporting,
monitoring and risk protection services, down at the MPID level. MPIDs
provide the Members the ability to segment their business operations in
a manner that can be tailored to their business needs, as well as
receive certain additional administrative and operational services
provided by the Exchange.
The Exchange also proposes to introduce a cap on the amount of MPID
fees that are assessed by the Exchange to a Member of $500 per month,
regardless of the actual number of EEM or MEO MPIDs assigned to such
Member. The Exchange believes that establishing a monthly cap on MPID
fees will give Members greater flexibility to accommodate their varying
business models and customer configurations, as many Members often
request multiple MPIDs from the Exchange, and the Exchange does not
want MPID costs to serve as a barrier for requesting multiple MPIDs.
The Exchange notes that this fee cap is similar to the MPID fee cap
assessed by the Exchange's affiliate, MIAX Options.\22\
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\22\ See Securities Exchange Act Release No. 82823 (March 7,
2018), 83 FR 10935 (March 13, 2018) (SR-MIAX-2018-09).
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Below is the proposed MPID fee table:
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Monthly MPID
Type of MPID fees
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FIX MPID................................................ $125.00
MEO MPID................................................ 125.00
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MPID fees are capped at $500.00 per month per Member.
E. New Member Non-Transaction Fee Waiver
The Exchange proposes to remove the New Member Non-Transaction Fee
Waiver from the Fee Schedule. The New Member Non-Transaction Fee Waiver
waived the assessment of a fee for a Trading Permit, Port, ToM or PLF
market data feed for a new Member of the Exchange for the first
calendar month during which the new Member was approved as a Member and
was credentialed to use the System in the production environment, and
for the two (2) subsequent calendar months thereafter.\23\
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\23\ See the Definitions Section of the Fee Schedule.
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The Exchange initially waived certain non-transaction fees for new
Members in order to attract new business and encourage Members to use
the Exchange. The Exchange now believes that the New Member Non-
Transaction Fee Waiver is no longer necessary since the MIAX PEARL
market is established and MIAX PEARL no longer needs to rely on such
waivers to attract market participants.
The Exchange notes that any Member who began receiving the New
Member Non-Transaction Fee Waiver prior to the filing of this proposal,
will continue to receive that benefit for the first calendar month
during which they were approved as a Member and were credentialed to
use the System in the production environment, and for the two (2)
subsequent calendar months thereafter.
The Exchange has issued a Regulatory Circular announcing the
establishment of the aforementioned fees that were subject to the
Waiver Period at least 15 days prior to the termination of the Waiver
Period and effective date of the applicable fee.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \24\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \25\ 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.
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\24\ 15 U.S.C. 78f(b).
\25\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange believes that the proposed change to eliminate the
waiver of the non-transaction fees described above is reasonable
because the Exchange no longer believes it is necessary to waive these
fees to attract market participants to the MIAX PEARL market since this
market is now established and MIAX PEARL no longer needs to rely on
such waivers to attract market participants. The Exchange believes that
the proposed changes are equitable and not unfairly discriminatory
because the elimination of the non-transaction fees will uniformly
apply to all Exchange participants based on market participant type.
The Exchange believes its one-time membership application fees are
reasonable, equitable and not unfairly discriminatory. As described
above, the one-time application fees are similar and generally lower
than application fees in place at other options exchanges,\26\ and are
designed to recover costs associated with the processing of such
applications. The Exchange believes that it is reasonable, equitable,
and not unfairly discriminatory that Market Maker applicants are
charged slightly more than EEM applicants because of the additional
work involved in processing a Market Maker's application.
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\26\ See supra notes 13 and 14.
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The Exchange believes it is reasonable, equitable, and not unfairly
discriminatory to begin to assess API Testing and Certification fees
for both Members and non-Members. The Exchange believes the proposed
API Testing and Certification fees are a reasonable allocation of its
costs and expenses among its Members and non-Members using its
facilities since it is recovering the costs associated with providing
such infrastructure testing and certification services.
MIAX PEARL believes it is reasonable, equitable and not unfairly
discriminatory to assess different API Testing and Certification fees
to Members and non-Members. The higher fee charged to non-Members
reflects the greater amount of time spent by MIAX PEARL employees
testing and certifying non-Members. It has been MIAX PEARL's experience
that Member testing takes less time than non-Member testing because
Members have more experience testing these systems with exchanges;
generally fewer questions and issues arise during the testing and
certification process. Also, with respect to API testing and
certification, because Third Party Vendors and Service Bureaus are
redistributing data and reselling services to other Members and market
participants the number and types of scenarios that need to be tested
are more numerous and complex than those tested and certified for
Members.
The Exchange believes its fees for MPIDs are reasonable, equitable
and not unfairly discriminatory in that they apply to all Members
assigned MPIDs equally and allow the Exchange to recover administrative
and operational costs in assigning and maintaining such services. In
particular, MPIDs provide Members the ability to segment their
[[Page 14987]]
business operations in a manner that can be tailored to their business
needs, as well as receive certain additional administrative and
operational services provided by the Exchange. The Exchange also
believes that the proposed amendment to establish a fee cap for Members
on MPID fees is reasonable, equitable, and not unfairly discriminatory.
The proposal to cap the total amount of MPID fees that can be assessed
upon a Member to a maximum of $500 per month is designed to promote
just and equitable principles of trade by encouraging Members to
configure their MPID assignments with greater granularity and for MPID
costs to not serve as a barrier for requesting multiple MPIDs. Because
any Member is eligible to take advantage of the fee cap, the Exchange
believes the fee cap is fair and equitable and not unreasonably
discriminatory because it applies equally to all Members, and access to
such fee cap is offered on terms that are not unfairly discriminatory.
The Exchange believes that the proposed amendment to remove the New
Member Non-Transaction Fee Waiver is reasonable, equitable, and not
unfairly discriminatory because the removal of the New Member Non-
Transaction Fee Waiver applies equally to all new Members of the
Exchange. The Exchange initially waived certain non-transaction fees
for new Members in order to attract new business and encourage Members
to join the Exchange. The Exchange believes that the New Member Non-
Transaction Fee Waiver is no longer necessary since the MIAX PEARL
market is established and MIAX PEARL no longer relies on such waivers
to attract market participants. Further, the proposed rule change will
not apply to any new Member who began receiving the New Member Non-
Transaction Fee Waiver prior to the filing of this proposal and will
continue to receive that benefit for the first calendar month during
which they were approved as a Member and were credentialed to use the
System in the production environment, and for the two (2) subsequent
calendar months thereafter.
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges. The Exchange
believes that the proposed changes 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. 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 the proposed rule change will
promote transparency by making it clear to Members and non-Members the
applicable fees that MIAX PEARL will assess for application for
membership to MIAX PEARL, API testing and certification, and MPID fees,
as well as the cap on MPID fees for EEMs. This will permit Members and
non-Members to more accurately anticipate and account for non-
transactional costs, which promotes consistency.
The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues if they
deem fee levels at a particular venue to be excessive. In such an
environment, the Exchange must continually adjust its fees and fee
waivers to remain competitive with other exchanges and to attract order
flow to 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,\27\ and Rule 19b-4(f)(2) \28\ 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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\27\ 15 U.S.C. 78s(b)(3)(A)(ii).
\28\ 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
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-2019-12 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-2019-12. 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 (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
[[Page 14988]]
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-PEARL-2019-12 and should be
submitted on or before May 3, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-07238 Filed 4-11-19; 8:45 am]
BILLING CODE 8011-01-P