[Federal Register Volume 87, Number 107 (Friday, June 3, 2022)]
[Notices]
[Pages 33862-33866]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11875]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95000; File No. SR-PEARL-2022-22]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange 
Rule 519, MIAX Pearl Order Monitor (``MOM'')

May 27, 2022.
    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 May 13, 2022, MIAX PEARL, LLC (``MIAX Pearl'' 
or the ``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Exchange 519, MIAX Pearl Order 
Monitor (``MOM'').
    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 
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 Exchange Rule 519, MIAX Pearl Order 
Monitor (``MOM'') to (i) establish an Exchange default Threshold 
Setting for market orders \3\ to sell an option when the national best 
bid is zero; (ii) provide that an Electronic Exchange Member (``EEM'') 
\4\ may supply their own pre-set value to be used as the Threshold 
Setting; (iii) reorganize the rule text for ease of reference; and (iv) 
adopt new rule text to add additional detail regarding the Exchange's 
process for evaluating and reevaluating market orders to sell.
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    \3\ A market order is an order to buy or sell a stated number of 
option contracts at the best price available at the time of 
execution. See Exchange Rule 516(a).
    \4\ The term ``Electronic Exchange Member'' or ``EEM'' means the 
holder of a Trading Permit who is a Member representing as agent 
Public Customer Orders or Non-Customer Orders on the Exchange and 
those non-Market Maker Members conducting proprietary trading. 
Electronic Exchange Members are deemed ``members'' under the 
Exchange Act. See Exchange Rule 100.

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[[Page 33863]]

Background
    Currently, in order to avoid the occurrence of potential obvious or 
catastrophic errors on the Exchange the MIAX Pearl Order Monitor will 
prevent certain orders from executing or being placed on the Book \5\ 
at prices outside pre-set standard limits. Beginning after the Opening 
Process \6\ is complete, the MIAX Pearl Order Monitor will be 
operational each trading day until the close of trading.\7\ Exchange 
Rule 519(a)(1)(i) provides that if the Exchange upon initial receipt or 
reevaluation evaluates a market order from an EEM to sell an option 
when the national best bid is zero and the Exchange's disseminated 
offer is equal to or less than $0.10, the System \8\ will convert the 
market order to sell to a limit order to sell with a limit price of one 
Minimum Trading Increment.\9\ In this case, such sell orders will 
automatically be placed on the Book in time priority and will be 
displayed at the appropriate Minimum Price Variation.\10\ Exchange Rule 
519(a)(1)(ii) provides that if the Exchange upon initial receipt or 
reevaluation evaluates a market order from an EEM to sell an option 
when the national best bid is zero and the national best offer is 
greater than $0.10, the System will cancel the market order to sell.
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    \5\ The term ``Book'' means the electronic book of buy and sell 
orders and quotes maintained by the System. See Exchange Rule 100.
    \6\ See Exchange Rule 503.
    \7\ See Exchange Rule 519(a).
    \8\ The term ``System'' means the automated trading system used 
by the Exchange for the trading of securities. See Exchange Rule 
100.
    \9\ See Exchange Rule 510(b).
    \10\ See Exchange Rule 510(a).
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Proposal
    The Exchange now proposes to allow an Electronic Exchange Member to 
determine their own pre-set value to be used as the threshold setting 
(``Threshold Setting'') that the Exchange will use when evaluating 
market orders to sell when the national best bid is zero and the 
national best offer is less than, equal to, or greater than, the 
Threshold Setting. EEM Members are not constrained by the Exchange in 
determining their Threshold Setting and may set the threshold at any 
value in accordance to their business and risk tolerances. EEM Members 
will communicate their desired threshold value to the Exchange's Help 
Desk \11\ in a form and manner to be determined by the Exchange and 
communicated to Members via Regulatory Circular. The Exchange will 
establish a default Threshold Setting of $0.10 (the current setting) 
and communicate its value to Members via Regulatory Circular.\12\
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    \11\ The term ``Help Desk'' means the Exchange's control room 
consisting of Exchange staff authorized to make certain 
determinations on behalf of the Exchange. The Help Desk shall report 
to and be supervised by a senior executive of the Exchange. See 
Exchange Rule 100.
    \12\ The Exchange proposes to convert its current $0.10 
threshold setting to the Exchange default Threshold Setting.
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    The Exchange proposes to adopt new subparagraph (i) to paragraph 
(a)(1) of Rule 519 to provide that, for the purposes of this Rule an 
EEM may establish a pre-set value to be used as the Threshold Setting 
by communicating its value to the Exchange's Help Desk in a form and 
manner to be determined by the Exchange and communicated via Regulatory 
Circular. The Exchange will establish a default Threshold Setting of 
$0.10 and communicate its value to Members via Regulatory Circular. If 
an EEM does not establish a Threshold Setting the Exchange default 
value will be used. Currently, the Exchange uses a value of $0.10 as 
its threshold value for purposes of evaluating or reevaluating market 
orders to sell when the national best bid is zero.\13\
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    \13\ See Exchange Rule 519(a)(i) and (ii).
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    The Exchange proposes to adopt new subparagraph (ii) to paragraph 
(a)(1) of Rule 519 to provide that, if the Exchange receives a market 
order from an EEM to sell an option when the national best bid is zero 
and the national best offer is less than or equal to the Threshold 
Setting, the System will convert the market order to sell, to a limit 
order to sell, with a limit price of one Minimum Trading Increment.\14\ 
The Exchange proposes to use the national best offer as the reference 
price in determining how to handle a market order to sell when the 
national best bid is zero as the national best offer better represents 
the current market conditions. This provision is consistent with the 
operation of the current rule, however the Threshold Setting used for 
evaluation purposes under the Exchange's proposal may now be either the 
Exchange's default setting of $0.10 or the Member's Threshold Setting.
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    \14\ See Exchange Rule 510, Minimum Price Variations and Minimum 
Trading Increments.
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    The Exchange proposes to adopt new subparagraph (iii) to paragraph 
(a)(1) of Rule 519 to provide that, if the Exchange reevaluates \15\ a 
market order from an EEM to sell an option when the resulting national 
best bid is zero and either the trade price, route price, or national 
best offer is less than or equal to the Threshold Setting, the System 
will convert the market order to sell, to a limit order to sell, with a 
limit price of one Minimum Trading Increment. In the event the Exchange 
receives a market order to sell and the Exchange is zero bid but an 
away market is not, the Exchange will route the order to that away 
exchange at the away market price, the ``route price.'' For the 
purposes of this rule, the execution price of a trade in the subject 
series is considered the ``trade price.'' The Exchange uses the route 
price, trade price, or national best offer to determine the proper 
disposition of a market order to sell when the national best bid 
becomes zero.
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    \15\ A reevaluation of an order occurs when the order has been 
routed to an away exchange and is returned to the Exchange 
partially, or completely, unfilled.
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    Current paragraph (i) describes the initial evaluation and 
reevaluation process of a market order to sell whereas each process is 
given separate treatment under this proposal. Specifically, new 
proposed paragraph (ii) describes the initial evaluation process of a 
market order to sell when the national best bid is zero and new 
proposed paragraph (iii) describes the reevaluation process of a market 
order to sell when the national best bid becomes zero. The Exchange 
believes this format provides additional clarity to the Exchange's 
rules regarding its order handling process when the Exchange 
reevaluates a market order to sell when the national best bid becomes 
zero.
    The Exchange proposes to adopt new subparagraph (iv) to paragraph 
(a)(1) of Rule 519 to provide that, in either case of (ii) or (iii) 
above, such sell orders will automatically be placed on the Book in 
time priority and will be displayed at the appropriate Minimum Price 
Variation.\16\ The Exchange notes that this language is identical to 
the current rule text.\17\
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    \16\ Id.
    \17\ See Exchange Rule 519(a)(1)(i).
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    The Exchange proposes to adopt new subparagraph (v) to paragraph 
(a)(1) of Rule 519 to provide that, if the Exchange receives a market 
order from an EEM to sell an option when the national best bid is zero 
and the national best offer is greater than the Threshold Setting, the 
System will reject the order. This provision is consistent with the 
operation of the current rule, however under the Exchange's proposal 
the Threshold Setting used for evaluation purposes may now be either 
the Exchange default setting of $0.10 or the Member's Threshold 
Setting.
    The Exchange proposes to adopt new subparagraph (vi) to paragraph 
(a)(1) of Rule 519 to provide that, if the Exchange reevaluates a 
market order

[[Page 33864]]

from an EEM to sell an option when the resulting national best bid is 
zero and both (A) the trade price or route price, and (B) the national 
best offer are greater than the Threshold Setting, the System will 
reject the order or cancel any unexecuted balance of the order. The 
Exchange uses the route price or trade price, in conjunction with the 
national best offer to determine the proper disposition of a market 
order to sell when the national best bid becomes zero. The Exchange 
believes considering both the route price or trade price, and the 
national best offer, provides a clear indication of the current market 
conditions when either the route price or trade price and the national 
best offer is greater than the Threshold Setting and allows the 
Exchange to make the proper determination regarding the disposition of 
the order.
    The proposed rule text provides additional detail regarding the 
System's behavior when the Exchange reevaluates a market order from an 
EEM to sell and the national best bid is zero. Example 1 below 
describes the System processing when the national best bid is below the 
Threshold Setting, and Example 2 describes the System processing when 
the national best bid is above the Threshold Setting.
Example 1
MPV: $0.05
Exchange default Threshold Setting: $0.10
EEM selected Threshold Setting: $0.25
PBBO \18\ (0) 0.00 x 5.00 (10)
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    \18\ The term ``PBBO'' means the best bid or offer on MIAX 
Pearl. See Exchange Rule 100.
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ABBO \19\ (10) 0.10 x 0.15 (10)
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    \19\ The term ``ABBO'' or ``Away Best Bid or Offer'' means the 
best bid(s) or offer(s) disseminated by other Eligible Exchanges 
(defined in Rule 1400(g)) and calculated by the Exchange based on 
market information received by the Exchange from OPRA. See Exchange 
Rule 100.
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NBBO \20\ (10) 0.10 x 0.15 (10)
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    \20\ The term ``NBBO'' means the national best bid or offer as 
calculated by the Exchange based on market information received by 
the Exchange from OPRA. See Exchange Rule 100.

    Market order to sell 20 contracts is received by the Exchange.
    The Exchange routes the order to the 0.10 bid on the away exchange 
by sending a limit order to sell 10 at $0.10 (the route price).
    The order is executed on the away exchange, sell 10 at $0.10, and 
the away market becomes zero bid.

PBBO: (0) 0.00 x 5.00 (10)
ABBO: (0) 0.00 x 0.15 (10)
NBBO: (0) 0.00 x 0.15 (10)

    Using the EEM selected Threshold Setting of $0.25 to reevaluate the 
order, the remainder of the order (10 contracts) would be converted to 
a limit order to sell and placed on the Exchange as the national best 
offer (0.15) (and the route price of $0.10) is less than or equal to 
the EEM selected Threshold Setting of $0.25. The 10 contracts would 
then be displayed on the Exchange at an offer price of one minimum 
trading increment or $0.05.

PBBO: (0) 0.00 x 0.05 (10)
ABBO: (0) 0.00 x 0.15 (10)
NBBO: (0) 0.00 x 0.05 (10)

    If the Exchange default Threshold Setting was used for the 
evaluation, the remainder of the order would be cancelled as the 
national best offer (0.15) is greater than the Exchange default 
Threshold Setting of $0.10.
Example 2
MPV: $0.05
Exchange default Threshold Setting: $0.10
Member selected Threshold Setting: $0.25
PBBO (0) 0.00 x 5.00 (10)
ABBO (10) 0.40 x 0.50 (10)
NBBO (10) 0.40 x 0.50 (10)

    Market order to sell 20 contracts is received by the Exchange. The 
Exchange is zero bid for that series and routes the order to the away 
exchange by sending a limit order to sell 10 at $0.40 (the route 
price).
    The order is executed on the away exchange, sell 10 at $0.40, and 
the away market becomes zero bid.

PBBO: (0) 0.00 x 5.00 (10)
ABBO: (0) 0.00 x 0.50 (10)
NBBO: (0) 0.00 x 0.50 (10)

    Using the Member selected Threshold Setting of $0.25 to reevaluate 
the order, the remainder of the order (10 contracts) would be cancelled 
as both (i) the route price ($0.40) and (ii) the national best offer 
($0.50) are greater than the Threshold Setting ($0.25).
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \21\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \22\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in, securities, to remove impediments to and 
perfect the mechanisms of a free and open market and a national market 
system and, in general, to protect investors and the public interest.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes its proposal promotes just and equitable 
principles of trade, removes impediments to and perfects the mechanisms 
of a free and open market and a national market system, and in general, 
protects investors and the public interest by allowing EEMs to 
establish the threshold setting for the evaluation of market orders to 
sell when the national best bid is zero. The Exchange believes that 
allowing EEMs to determine the threshold setting provides greater 
flexibility and allows the EEM to tailor the threshold setting to the 
business and risk tolerances of the Member.
    The Exchange believes its proposal to allow EEMs the flexibility to 
establish their own pre-set value to be used for evaluation purposes of 
market orders to sell when the national best bid is zero allows EEMs to 
align their risk protections with their risk tolerance. EEMs have the 
discretion to set their pre-set value to whatever value best aligns to 
their risk profile, which may be as low as $0.00.\23\ The Exchange 
provides EEMs the ability to tailor risk protection functionality to 
the risk profile of the EEM, and has allowed EEMs to customize their 
risk protection setting for other risk protections offered on the 
Exchange. Specifically, the Exchange allows EEMs to set the maximum 
size of an order for the purposes of the MIAX Pearl Order Monitor Size 
Protection, and if the EMM does not designate the maximum size, the 
Exchange provides a default value.\24\ Additionally, the Exchange 
provides Members the option to set a price protection limit on a per 
order basis, and orders received without a price protection limit 
receive the Exchange defined default value.\25\ The current proposal to 
allow EEMs to determine a pre-set value to be used as the Threshold 
Setting continues the Exchange's approach of allowing a Member to 
customize its risk

[[Page 33865]]

protections to better align to the risk tolerance of the Member.
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    \23\ The Exchange notes that the Nasdaq Phlx does not have a 
threshold evaluation and, in the case where the bid price for any 
options series is $0.00, a Market Order accepted into the System to 
sell that series shall be considered a Limit Order to sell at a 
price equal to the minimum trading increment as defined in Nasdaq 
Phlx Options 3, Section 3. Orders will be placed on the Limit Order 
book in the order in which they were received by the System. With 
respect to Market Orders to sell which are submitted prior to the 
Opening Process and persist after the Opening Process, those orders 
are posted at a price equal to the minimum trading increment as 
defined in Options 3, Section 3. See Nasdaq Phlx Options 3, Section 
10(b).
    \24\ See Exchange Rule 519(b).
    \25\ See Exchange Rule 515(c).
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    The Exchange believes its proposal to reorganize the current rule 
text to describe each scenario separately (i.e., evaluation of a market 
order to sell when the national best bid is zero and the national best 
offer is less than or equal to the Threshold Setting (proposed 
paragraph (ii)); reevaluation of a market order to sell when the 
national best bid becomes zero and the national best offer is less than 
or equal to the Threshold Setting (proposed paragraph (iii)); initial 
evaluation of a market order to sell when the national best bid is zero 
and the national best offer is greater than the Threshold Setting 
(proposed paragraph (v)); and reevaluation of a market order to sell 
when the national best bid becomes zero and the national best offer is 
greater than the Threshold Setting (proposed paragraph vi))) better 
organizes the rule text. The Exchange believes discussing each scenario 
separately and describing the evaluations that are performed by the 
System to determine the proper disposition of the order provides 
transparency and clarity in the Exchange's rules.
    The Exchange believes its proposal promotes just and equitable 
principles of trade, removes impediments to and perfects the mechanisms 
of a free and open market and a national market system, and in general, 
protects investors and the public interest by providing additional 
detail regarding the Exchange's process for reevaluating market orders 
from an EEM to sell when the national best bid becomes zero. The 
Exchange believes it is in the best interest of investors and the 
public to accurately describe the behavior of the Exchange's System in 
its rules as this information may be used by investors to make 
decisions concerning the submission of their orders. Transparency and 
clarity are consistent with the Act because it removes impediments to 
and perfects the mechanism of a free and open market and a national 
market system, and, in general, protects investors and the public 
interest by accurately describing how market orders to sell in zero bid 
series are handled on the Exchange. It is in the public interest for 
rules to be accurate and concise so as to eliminate the potential for 
confusion.
    Additionally, the Exchange believes its proposal promotes just and 
equitable principles of trade, removes impediments to and perfects the 
mechanisms of a free and open market and a national market system, and 
in general, protects investors and the public interest by re-organizing 
the rule text for ease of reference. The Exchange believes that 
Exchange rules should be clear and transparent so as to avoid the 
potential for confusion.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.
    The Exchange does not believe that its proposal will impose any 
burden on intra-market competition as all EEMs that submit market 
orders to the Exchange will be treated equally and the Rules of the 
Exchange apply equally to all Exchange Members. Additionally, the 
proposal allows each EEM to determine the pre-set value to be used as 
the Threshold Setting and allows each EEM to align their Threshold 
Setting to their risk tolerance.
    The Exchange does not believe that its proposal will impose any 
burden on inter-market competition as the Exchange's proposal is not a 
competitive filing but one that provides additional detail regarding 
the Exchange's process for reevaluating market orders from an EEM to 
sell when the national bid becomes zero. Additionally, the Exchange's 
proposal is similar to the rules of at least one other options 
exchange.\26\
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    \26\ See Cboe Rule 5.34(a)(1)(A) which provides that if the 
System receives a sell market order in a series after it is open for 
trading with an NBB of zero: (i) If the NBO in the series is less 
than or equal to $0.50, then the System converts the market order to 
a limit order with a limit price equal to the minimum trading 
increment applicable to the series and enters the order into the 
Book with a timestamp based on the time it enters the Book. If the 
order has a Time-in-Force of GTC or GTD that expires on a subsequent 
day, the order remains on the Book as a limit order until it 
executes, expires, or the User cancels it. (ii) if the NBO in the 
series is greater than $0.50, then the System cancels or rejects the 
market order, or routes the market order to PAR for manual handling, 
subject to a User's instructions.
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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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \27\ and Rule 19b-4(f)(6) \28\ 
thereunder.
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    \27\ 15 U.S.C. 78s(b)(3)(A).
    \28\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    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.

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-2022-22 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-2022-22. 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

[[Page 33866]]

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-2022-22, and should be submitted on or before June 24, 2022.
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    \29\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11875 Filed 6-2-22; 8:45 am]
BILLING CODE 8011-01-P