[Federal Register Volume 84, Number 74 (Wednesday, April 17, 2019)]
[Notices]
[Pages 16073-16077]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07628]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85608; File No. SR-PEARL-2019-13]


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 11, 2019.
    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 March 29, 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'').
    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

[[Page 16074]]

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Add/Remove Tiered Rebates/Fees 
set forth in Section (1)(a) of the Fee Schedule to (i) establish that 
Members \3\ may qualify for an alternative lower Taker fee for Penny 
classes for their Firm Origin orders when trading contra to Origins 
other than Priority Customer \4\ if certain thresholds are satisfied by 
the Member; and (ii) change the volume criteria for Members to qualify 
for alternative Maker rebates for certain options transactions in all 
classes for Non-Priority Customers, Firms, Broker-Dealers and Non-MIAX 
PEARL Market Makers (collectively herein ``Professional Members'').
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    \3\ ``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 the Definitions Section of 
the Fee Schedule and Exchange Rule 100.
    \4\ ``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 account(s). See Exchange Rule 
100, including Interpretations and Policies .01.
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    The Exchange currently assesses transaction rebates and fees to all 
market participants which are based upon the total monthly volume 
executed by the Member on MIAX PEARL in the relevant, respective origin 
type (not including Excluded Contracts) \5\ expressed as a percentage 
of TCV.\6\ In addition, the per contract transaction rebates and fees 
are applied retroactively to all eligible volume for that origin type 
once the respective threshold tier (``Tier'') has been reached by the 
Member. The Exchange aggregates the volume of Members and their 
Affiliates.\7\ Members that place resting liquidity, i.e., orders 
resting on the book of the MIAX PEARL System,\8\ are paid the specified 
``maker'' rebate (each a ``Maker''), and Members that execute against 
resting liquidity are assessed the specified ``taker'' fee (each a 
``Taker''). For opening transactions and ABBO uncrossing transactions, 
per contract transaction rebates and fees are waived for all market 
participants. Finally, Members are assessed lower transaction fees and 
receive lower rebates for order executions in standard option classes 
in the Penny Pilot Program \9\ (``Penny classes'') than for order 
executions in standard option classes which are not in the Penny Pilot 
Program (``Non-Penny classes''), where Members are assessed higher 
transaction fees and receive higher rebates. Currently, transaction 
rebates and fees in Section (1)(a) of the Fee Schedule for Professional 
Members are assessed according to the following table:
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    \5\ ``Excluded Contracts'' means any contracts routed to an away 
market for execution. See the Definitions Section of the Fee 
Schedule.
    \6\ ``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 believes that it is reasonable and appropriate 
to select two consecutive hours as the amount of time necessary to 
constitute an Exchange System Disruption, as two hours equates to 
approximately 1.4% of available trading time per month. 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.
    \7\ ``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.
    \8\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
    \9\ See Securities Exchange Act Release No. 79778 (January 12, 
2017), 82 FR 6662 (January 19, 2017) (SR-PEARL-2016-01).

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                                                                                Per contract rebates/fees for penny classes       Per contract rebates/
                                                                           ----------------------------------------------------    fees for non-penny
                                                                               Maker        Maker                                        classes
                                                                              [caret]      [caret]       Taker        Taker    -------------------------
                Origin                    Tier         Volume criteria        (contra      (contra      (contra      (contra
                                                                             origins ex    priority    origins ex    priority      Maker
                                                                              priority     customer     priority     customer    **[caret]     Taker **
                                                                             customer)     origin)     customer)     origin)
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Non-Priority Customer, Firm, BD, and           1  0.00%-0.15%.............      ($0.25)      ($0.23)        $0.50        $0.50      ($0.30)        $1.10
 Non-MIAX PEARL Market Makers.                 2  Above 0.15%-0.40%.......      ($0.40)      ($0.38)         0.50         0.50      ($0.30)         1.10
                                               3  Above 0.40%-0.65%.......      ($0.40)      ($0.38)         0.49         0.50      ($0.60)         1.10
                                               4  Above 0.65%-1.00%.......      ($0.47)      ($0.45)         0.49         0.50      ($0.65)         1.09
                                               5  Above 1.00%-1.40%.......      ($0.48)      ($0.46)         0.48         0.50      ($0.70)         1.08
                                               6  Above 1.40%.............      ($0.48)      ($0.46)         0.48         0.50      ($0.85)         1.07
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** Members may qualify for the Maker Rebate and the Taker Fee associated with the highest Tier for transactions in Non-Penny classes if the Member
  executes more than 0.30% volume in Non-Penny classes, not including Excluded Contracts, as compared to the TCV in all MIAX PEARL listed option
  classes. For purposes of qualifying for such rates, the Exchange will aggregate the volume transacted by Members and their Affiliates in the following
  Origin types in Non-Penny classes: MIAX PEARL Market Makers, and Non-Priority Customer, Firm, BD, and Non-MIAX PEARL Market Makers.
[caret] Members may qualify for Maker Rebates equal to the greater of: (A) ($0.40) for Penny Classes and ($0.65) for Non-Penny Classes, or (B) the
  amount set forth in the applicable Tier reached by the Member in the relevant Origin, if the Member and their Affiliates execute at least 1.50% volume
  in the relevant month, in Priority Customer Origin type, in all options classes, not including Excluded Contracts, as compared to the TCV in all MIAX
  PEARL listed option classes.


[[Page 16075]]

    The Exchange proposes to establish an alternative lower Taker fee 
that Members may qualify for in Penny classes for their Firm Origin 
orders when trading against Origins other than Priority Customer if 
certain thresholds are satisfied by the Member. Specifically, Members 
may qualify for Taker fees of $0.48 for Penny classes for their Firm 
Origin when trading against Origins other than Priority Customer if the 
Member and their Affiliates: (1) Execute at least 2.00% of TCV in the 
relevant month in the Priority Customer Origin type, in all options 
classes, not including Excluded Contracts, as compared to TCV in all 
MIAX PEARL listed option classes; and (2) reach at least Tier 3 in the 
relevant month in the Professional Members Origin types. The proposed 
alternative lower Taker fee is specific to the Firm Origin and volume 
aggregation would still be based on Professional Members for tier 
purposes. Other Origins within Professional Members would still get the 
tier rate assigned in the Professional Members table as set forth in 
Section (1)(a) of the Fee Schedule. The proposed change would not apply 
to Taker fees for Firm Origin orders in Penny classes that do not reach 
at least Tier 3 (Tier 1 and Tier 2) in the relevant month in the 
Professional Members Origin types. The proposed change would apply to 
Taker fees for Firm Origin orders in Penny classes that reach Tier 3 or 
Tier 4 in the relevant month in the Professional Members Origin types, 
in which Professional Members, including Firm, in those tiers are 
currently assessed a Taker fee of $0.49 when trading against Origins 
other than Priority Customer. The proposed change would have no effect 
to Taker fees for Firm Origin orders in Penny classes in Tiers 5 and 6 
in the relevant month in the Professional Members Origin types as the 
Taker fee in those tiers is already set at $0.48 when trading against 
Origins other than Priority Customer.
    The Exchange believes that by encouraging Members to execute at 
least 2.00% of TCV in the relevant month in the Priority Customer 
Origin type, in all options classes, not including Excluded Contracts, 
as compared to TCV in all MIAX PEARL listed option classes, and to 
reach at least Tier 3 in the relevant month in the Professional Members 
Origins types in order to qualify for a lower Taker fee of $0.48 per 
contract for Firm orders trading against Origins other than Priority 
Customer, instead of the fee otherwise applicable to such orders in 
Tier 3 and Tier 4 for Professional Members in Penny classes, may 
increase volume of Firm and Priority Customer order flow. The Exchange 
believes that the increased order flow will result in increased 
liquidity, which benefits all Exchange participants by providing more 
trading opportunities and tighter spreads.
    The Exchange also proposes to amend footnote ``[caret]'' below the 
tables in the Add/Remove Tiered Rebates/Fees set forth in Section 
(1)(a) of the Fee Schedule to increase the Priority Customer threshold 
in which Members may qualify for alternative Maker rebates for options 
transactions in all classes for Professional Members, provided that the 
Member meets certain volume criteria. Currently, Members may qualify 
for Maker rebates equal to the greater of: (A) ($0.40) for Penny 
Classes and ($0.65) for Non-Penny Classes, or (B) the amount set forth 
in the applicable Tier reached by the Member in the relevant Origin, if 
the Member and their Affiliates execute at least 1.50% volume in the 
relevant month, in Priority Customer Origin type, in all options 
classes, not including Excluded Contracts, as compared to the TCV in 
all MIAX PEARL listed option classes.
    The Exchange proposes to increase the Priority Customer threshold 
percentage amount in footnote ``[caret]'' from at least 1.50% to at 
least 2.00% of volume in the relevant month, in Priority Customer 
Origin type, in all options classes, not including Excluded Contracts, 
as compared to the TCV in all MIAX PEARL listed option classes, in 
order to qualify for the alternative Maker rebates. For example, if a 
Member met the monthly volume criteria and reached Tier 1 for 
Professional Members' options transactions but reached the proposed 
increased Priority Customer monthly threshold of over 2.00% of TCV, the 
Member would receive a rebate of ($0.40) per contract trading against 
any contra in Penny classes (instead of ($0.25) or ($0.23) per 
contract) and ($0.65) per contract in Non-Penny classes (instead of 
($0.30) per contract). The member would receive the Taker rates 
associated with the Tier, $0.50 for Penny, trading against any contra, 
and $1.10 for Non-Penny. For purposes of qualifying for such rates, the 
Exchange will continue to aggregate the Priority Customer volume 
transacted by Members and their Affiliates. As the amount and type of 
volume that is executed on the Exchange has shifted since it first 
established the alternative Maker rebates for options transactions in 
all classes for Professional Members, provided that the Member meets 
certain volume criteria,\10\ the Exchange has determined to level-set 
this threshold amount so that it is more reflective of the current 
operating conditions and the current type and amount of volume executed 
on the Exchange.
    With all proposed changes, the transaction rebates and fees in 
Section (1)(a) of the Fee Schedule for Professional Members shall be 
the following:
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    \10\ See Securities Exchange Act Release No. 83419 (June 12, 
2018), 83 FR 28285 (June 18, 2018) (SR-PEARL-2018-13).

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                                                                                Per contract rebates/fees for penny classes       Per contract rebates/
                                                                           ----------------------------------------------------    fees for non-penny
                                                                               Maker        Maker                                        classes
                                                                              [caret]      [caret]    Taker [loz]     Taker    -------------------------
                Origin                    Tier         Volume criteria        (contra      (contra      (contra      (contra
                                                                             origins ex    priority    origins ex    priority      Maker
                                                                              priority     customer     priority     customer    **[caret]     Taker **
                                                                             customer)     origin)     customer)     origin)
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Non-Priority Customer, Firm, BD, and           1  0.00%-0.15%.............      ($0.25)      ($0.23)        $0.50        $0.50      ($0.30)        $1.10
 Non-MIAX PEARL Market Makers.                 2  Above 0.15%-0.40%.......      ($0.40)      ($0.38)         0.50         0.50      ($0.30)         1.10
                                               3  Above 0.40%-0.65%.......      ($0.40)      ($0.38)         0.49         0.50      ($0.60)         1.10
                                               4  Above 0.65%-1.00%.......      ($0.47)      ($0.45)         0.49         0.50      ($0.65)         1.09
                                               5  Above 1.00%-1.40%.......      ($0.48)      ($0.46)         0.48         0.50      ($0.70)         1.08
                                               6  Above 1.40%.............      ($0.48)      ($0.46)         0.48         0.50      ($0.85)         1.07
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** Members may qualify for the Maker Rebate and the Taker Fee associated with the highest Tier for transactions in Non-Penny classes if the Member
  executes more than 0.30% volume in Non-Penny classes, not including Excluded Contracts, as compared to the TCV in all MIAX PEARL listed option
  classes. For purposes of qualifying for such rates, the Exchange will aggregate the volume transacted by Members and their Affiliates in the following
  Origin types in Non-Penny classes: MIAX PEARL Market Makers, and Non-Priority Customer, Firm, BD, and Non-MIAX PEARL Market Makers.

[[Page 16076]]

 
[caret] Members may qualify for Maker Rebates equal to the greater of: (A) ($0.40) for Penny Classes and ($0.65) for Non-Penny Classes, or (B) the
  amount set forth in the applicable Tier reached by the Member in the relevant Origin, if the Member and their Affiliates execute at least 2.00% volume
  in the relevant month, in Priority Customer Origin type, in all options classes, not including Excluded Contracts, as compared to the TCV in all MIAX
  PEARL listed option classes.
[loz] Members may qualify for Taker Fees of $0.48 for Penny classes for their Firm Origin when trading against Origins not Priority Customer if the
  Member and their Affiliates: (1) Execute at least 2.00% of TCV in the relevant month in the Priority Customer Origin type, in all options classes, not
  including Excluded Contracts, as compared to TCV in all MIAX PEARL listed option classes, and (2) reach at least Tier 3 in the relevant month in the
  specified Origin types (Non-Priority Customer, Firm, BD, and Non-MIAX PEARL Market Makers).

    The proposed rule change is to become operative April 1, 2019.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \11\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act,\12\ in that it 
is an equitable allocation of reasonable dues, fees and other charges 
among Exchange members and issuers and other persons using its 
facilities, and 6(b)(5) of the Act,\13\ in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, to remove impediments to and perfect the mechanisms of a 
free and open market and a national market system and, in general, to 
protect investors and the public interest.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4).
    \13\ 15 U.S.C. 78f(b)(1) and (b)(5).
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    The Exchange's proposal to establish an alternative Taker fee for 
Firm Origin when trading against Origins other than Priority Customer 
that will apply instead of the Taker fee otherwise applicable to such 
orders, if a certain threshold in the Priority Customer Origin and a 
certain tier level by Professional Members are satisfied by the member, 
is consistent with Section 6(b)(4) of the Act \14\ because it applies 
equally to all Members for their Firm Origin with similar order flow. 
The Exchange believes that the proposed alternative threshold by which 
any Member may qualify for the lower Taker fee of $0.48 for Penny 
classes for their Firm Origin when trading against Origins other than 
Priority Customer instead of the Taker fee otherwise applicable to such 
orders is fair, equitable, and not unreasonably discriminatory because 
it will encourage Members to submit both Firm and Priority Customer 
orders, which will increase liquidity, which benefit all market 
participants by providing more trading opportunities and tighter 
spreads. The alternative Taker fee is reasonable because it will 
incentivize providers of Priority Customer order flow to send that 
Priority Customer order flow to the Exchange in order to obtain the 
highest volume threshold and receive a Taker fee in a manner that 
enables the Exchange to improve its overall competitiveness and 
strengthen its market quality for all market participants.
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    \14\ 15 U.S.C. 78f(b)(4).
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    The proposal to increase the Priority Customer threshold for 
alternative Maker rebates for options transactions in all classes for 
Professional Members, provided that the Member meets certain volume 
criteria (the Member and their Affiliates execute at least 2.00% 
(instead of 1.50%) of volume in the relevant month, in Priority 
Customer Origin type, in all options classes, not including Excluded 
Contracts, as compared to the TCV in all MIAX PEARL listed option 
classes), is reasonable, equitable and not unfairly discriminatory 
because all similarly situated market participants are subject to the 
same tiered rebates and fees and access to the Exchange is offered on 
terms that are not unfairly discriminatory. The Exchange believes that 
providing alternative Maker rebates for options transactions in all 
classes for Professional Members (if the Member meets certain volume 
criteria relating to Priority Customer volume), and adjusting the 
threshold requirements so that they are reflective of current operating 
conditions and the current type and amount of volume executed on the 
Exchange, will encourage Members to execute additional Priority 
Customer and Professional Member volume on the Exchange. The Exchange 
believes that additional Priority Customer and Professional Member 
volume executed on the Exchange will attract further liquidity to the 
Exchange, which in turn will benefit all market participants.

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. The Exchange believes that the 
proposed changes to establish a lower Taker fee assessed to Firm Origin 
when trading contra to Origins other than Priority Customer and the 
change to the volume criteria for Members to qualify for alternative 
Maker rebates should continue to encourage the provision of liquidity 
that enhances the quality of the Exchange's markets and increases the 
number of trading opportunities on MIAX PEARL for all participants who 
will be able to compete for such opportunities. The proposed rule 
change should enable the Exchange to continue to attract and compete 
for order flow with other exchanges. However, this competition does not 
create an undue burden on competition but rather offers all market 
participants the opportunity to receive the benefit of competitive 
pricing.
    The Exchange further believes that its proposal to establish a 
lower Taker fee that Members may qualify for in Penny classes for their 
Firm Origin when trading against Origins other than Priority Customer, 
provided that the Member meets certain volume criteria, that will apply 
instead of the Taker fee otherwise applicable to such orders, will not 
have an impact on intra-market competition. Specifically, the Exchange 
believes that the proposal to establish additional thresholds by which 
any Member may qualify for a Taker fee of $0.48 per contract for their 
Firm Orders when trading against Origins other than Priority Customer, 
when Members and their Affiliates execute at least 2.00% of TCV in the 
relevant month in the Priority Customer Origin type, in all options 
classes, not including Excluded Contracts, as compared to TCV in all 
MIAX PEARL listed option classes, and to reach at least Tier 3 in the 
relevant month in the specified Origin types, instead of the fee 
otherwise applicable to such orders in Tier 3 or Tier 4, will increase 
volume of Firm and Priority Customer order flow. The Exchange believes 
that the increased order flow will result in increased liquidity which 
benefits all Exchange participants by providing more trading 
opportunities and tighter spreads. Because the proposal offers 
additional thresholds by which a Member can receive a lower Taker fee 
for their Firm Origin instead of the Taker fee otherwise applicable to 
such orders in Tier 3 or Tier 4, the Exchange believes that the 
proposed rule change will not impose any burden on competition not 
necessary or appropriate in furtherance of the purposes of the Act.
    The Exchange further believes that its proposal to increase the 
Priority Customer Threshold in which Members may qualify for 
alternative Maker rebates for options transactions in all

[[Page 16077]]

classes for Professional Members, provided that the Member meets 
certain volume criteria, will not have an impact on intra-market 
competition. Specifically, the Exchange believes the proposal to 
increase the Priority Customer threshold that Members may qualify for 
Maker rebates equal to the greater of: (A) ($0.40) for Penny Classes 
and ($0.65) for Non-Penny Classes, or (B) the amount set forth in the 
applicable Tier reached by the Member in the relevant Origin, if the 
Member and their Affiliates execute at least 2.00% volume in the 
relevant month, in Priority Customer Origin type, in all options 
classes, not including Excluded Contracts, as compared to the TCV in 
all MIAX PEARL listed option classes, will not impose any burden on 
competition because the proposed increase is a level-setting change to 
keep up with the changes in the Exchange's market share and Members 
volume on the Exchange.
    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 rebates and fees 
to remain competitive with other exchanges and to attract order flow. 
The Exchange believes that the proposed rule changes reflect this 
competitive environment because they modify the Exchange's fees and 
rebates in a manner that encourages market participants to continue to 
provide liquidity and to send 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,\15\ and Rule 19b-4(f)(2) \16\ 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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    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \16\ 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-2019-13 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-2019-13. 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 submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-PEARL-2019-13, and should be submitted 
on or before May 8, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-07628 Filed 4-16-19; 8:45 am]
 BILLING CODE 8011-01-P