[Federal Register Volume 88, Number 57 (Friday, March 24, 2023)]
[Notices]
[Pages 17882-17886]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06056]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97168; File No. SR-PEARL-2023-13]
Self-Regulatory Organizations: Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend the
MIAX Pearl Options Fee Schedule
March 20, 2023.
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 9, 2023, 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 Options
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
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 amend Section 1)a)
Exchange Rebates/Fees--Add/Remove
[[Page 17883]]
Tiered Rebates/Fees of the Exchange's Fee Schedule to adopt an
additional alternative volume criteria for the Tier 2 rebates/fees for
MIAX Pearl Market Makers. The Exchange originally filed this proposal
on March 1, 2023 (SR-PEARL-2023-12). On March 9, 2023, the Exchange
withdrew SR-PEARL-2023-12 and resubmitted this proposal.
Background
The Exchange currently assesses transaction rebates and fees to all
market participants which are based upon the total monthly volume
executed by the Member \3\ on MIAX Pearl in the relevant, respective
origin type (not including Excluded Contracts) \4\ (as the numerator)
expressed as a percentage of (divided by) TCV \5\ (as the denominator).
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.\6\
Members that place resting liquidity, i.e., orders resting on the book
of the MIAX Pearl System,\7\ 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 \8\ 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
Interval Program \9\ (``Penny Classes'') than for order executions in
standard option classes which are not in the Penny Interval Program
(``Non-Penny Classes''), where Members are assessed higher transaction
fees and receive higher rebates.
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\3\ ``Member'' means an individual or organization that is
registered with the Exchange pursuant to Chapter II of 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\ ``Excluded Contracts'' means any contracts routed to an away
market for execution. See the Definitions Section of the Fee
Schedule.
\5\ ``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.
\6\ ``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 following process. A MIAX PEARL Market Maker
appoints an EEM and an EEM appoints a MIAX PEARL Market Maker, for
the purposes of the Fee Schedule, by each completing and sending an
executed Volume Aggregation Request Form by email to
[email protected] no later than 2 business days prior to
the first business day of the month in which the designation is to
become effective. Transmittal of a validly completed and executed
form to the Exchange along with the Exchange's acknowledgement of
the effective designation to each of the Market Maker and EEM will
be viewed as acceptance of the appointment. The Exchange will only
recognize one designation per Member. A Member may make a
designation not more than once every 12 months (from the date of its
most recent designation), which designation shall remain in effect
unless or until the Exchange receives written notice submitted 2
business days prior to the first business day of the month from
either Member indicating that the appointment has been terminated.
Designations will become operative on the first business day of the
effective month and may not be terminated prior to the end of the
month. Execution data and reports will be provided to both parties.
See the Definitions Section of the Fee Schedule.
\7\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
\8\ ``ABBO'' means the best bid(s) or offer(s) disseminated by
other Eligible Exchanges (defined in Exchange Rule 1400(g)) and
calculated by the Exchange based on market information received by
the Exchange from OPRA. See the Definitions Section of the Fee
Schedule and Exchange Rule 100.
\9\ See Securities Exchange Act Release No. 88992 (June 2,
2020), 85 FR 35142 (June 8, 2020) (SR-PEARL-2020-06).
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Alternative Volume Criteria Threshold Change in Tier 2
The Exchange proposes to amend the Add/Remove Tiered Rebates/Fees
table set forth in Section 1)a) of the Fee Schedule for MIAX Pearl
Market Maker origins, to adopt a new alternative Volume Criteria in
Tier 2. Currently, the volume criteria for Pearl Market Makers to
qualify for Tier 2 fees/rebates is above 0.20% to 0.50%. The Exchange
currently provides an alternative volume criteria in Tier 2 which is
based upon the total monthly volume executed by a MIAX Pearl Market
Maker collectively in SPY/QQQ/IWM options on the Exchange, expressed as
a percentage of total consolidated national volume in SPY/QQQ/IWM
options.\10\ Pursuant to this alternative volume criteria, a Market
Maker is able to reach the Tier 2 threshold if the Market Maker's total
executed monthly volume, not including Excluded Contracts, in SPY/QQQ/
IWM options on MIAX Pearl is above 0.55% of total consolidated national
monthly volume in SPY/QQQ/IWM options. For this calculation, volume
that is from resting liquidity (Maker) and taking liquidity (Taker) in
SPY/QQQ/IWM options is counted towards the alternative volume criteria,
and the 0.55% threshold does not have to be reached individually in
each of the three symbols. A Market Maker is able to qualify for Tier 2
rebates and fees, which will then be applicable to all volume executed
by the MIAX Pearl Market Maker on MIAX Pearl. Therefore, the two
different volume criteria available for Tier 2 are based upon either:
(a) the total monthly volume executed by the Market Maker in all
options classes on MIAX Pearl, not including Excluded Contracts, (as
the numerator), expressed as a percentage of (divided by) TCV (as the
denominator); or (b) the total monthly volume executed by the MIAX
Pearl Market Maker collectively in SPY/QQQ/IWM options on MIAX Pearl,
not including Excluded Contracts, (as the numerator), expressed as a
percentage of (divided by) SPY/QQQ/IWM TCV \11\ (as
[[Page 17884]]
the denominator). Once either volume criteria threshold in Tier 2 is
reached by the Market Maker, the Tier 2 per contract rebates and fees
apply to all volume in all options classes executed by that MIAX Pearl
Market Maker on MIAX Pearl.
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\10\ See Fee Schedule, Section 1)a), explanatory paragraph below
the tables and footnotes. See also Securities Exchange Act Release
Nos. 84592 (November 14, 2018), 83 FR 58646 (November 20, 2018) (SR-
PEARL-2018-23); 90906 (January 21, 2021), 86 FR 5296 (January 19,
2021) (SR-PEARL-2020-38).
\11\ ``SPY/QQQ/IWM TCV'' means total consolidated volume in SPY,
QQQ, and IWM calculated as the total national volume in SPY, QQQ,
and IWM for the month for which the fees apply, excluding
consolidated volume executed during the period of time in which the
Exchange experiences an Exchange System Disruption (solely in SPY,
QQQ, or IWM options). See the Definitions Section of the Fee
Schedule.
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The Exchange now proposes to adopt an additional alternative volume
criteria in Tier 2 to introduce cross-asset volume based requirements
that require MIAX Pearl Market Makers to satisfy the requirements of
Tier 2 of the ``Add Volume Tiers'' table in the MIAX Pearl Equities fee
schedule,\12\ and also the requirements of Tier 2 of the ``Midpoint Peg
Order Adding Liquidity at the Midpoint Volume Tiers'' table in the MIAX
Pearl Equities fee schedule.\13\ A Midpoint Peg Order \14\ on the MIAX
Pearl Equities Exchange is a non-displayed limit order that is assigned
a working price pegged to the midpoint of the PBBO.\15\
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\12\ See MIAX Pearl Equities Fee Schedule, Section 1)c) Add
Volume Tiers table, on its public website (available online at
https://www.miaxoptions.com/fees/pearl-equities).
\13\ See MIAX Pearl Equities Fee Schedule, Section 1)e) Midpoint
Peg Order Adding Liquidity at Midpoint Volume Tiers table, on its
public website (available online at https://www.miaxoptions.com/fees/pearl-equities).
\14\ See Exchange Rule 2614(a)(3).
\15\ With respect to the trading of equity securities, the term
``Protected NBB'' or ``PBB'' shall mean the national best bid that
is a Protected Quotation, the term ``Protected NBO'' or ``PBO''
shall mean the national best offer that is a Protected Quotation,
and the term ``Protected NBBO'' or ``PBBO'' shall mean the national
best bid and offer that is a Protected Quotation. See Exchange Rule
1901.
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With the proposed change, the three different volume criteria
available for Tier 2 are based upon either: (i) the total monthly
volume executed by the Market Maker in all options classes on MIAX
Pearl, not including Excluded Contracts, (as the numerator), expressed
as a percentage of (divided by) TCV (as the denominator); or (ii) the
total monthly volume executed by the MIAX Pearl Market Maker
collectively in SPY/QQQ/IWM options on MIAX Pearl, not including
Excluded Contracts, (as the numerator), expressed as a percentage of
(divided by) SPY/QQQ/IWM TCV (as the denominator); or (iii) if the
Market Maker is in Tier 2 of the Add Volume Tiers table by having an
ADAV \16\ greater than or equal to 0.10% of Total Consolidated Volume
on the MIAX Pearl Equities Exchange; and is also in Tier 2 of the
Midpoint Peg Order \17\ Adding Liquidity at Midpoint Volume Tier table
by having a Midpoint ADAV greater than or equal to 1,000,000 shares on
the MIAX Pearl Equities Exchange. Once any one of the aforementioned
three volume criteria threshold in Tier 2 is reached by the Market
Maker, the Tier 2 per contract rebates and fees apply to all volume in
all options classes executed by that MIAX Pearl Market Maker.
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\16\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day and ``ADV'' means average daily
volume calculated as the number of shares added or removed,
combined, per day. ADAV and ADV are calculated on a monthly basis.
See Definitions, in the MIAX Pearl Equities Fee Schedule, on its
public website (available online at https://www.miaxoptions.com/fees/pearl-equities).
\17\ A Midpoint Peg Order is a non-displayed Limit Order that is
assigned a working price pegged to the midpoint of the PBBO. A
Midpoint Peg Order receives a new timestamp each time its working
price changes in response to changes in the midpoint of the PBBO.
See Exchange Rule 2614(a)(3).
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The purpose of this proposed change is for business and competitive
reasons. At least one other exchange with both options and equities
trading platforms offers a similar cross-asset volume criteria in a
similar tier based structure.\18\ The Exchange's proposal adds a third
volume criteria that Market Makers may satisfy in order to achieve Tier
2 fees/rebates, i.e., satisfying each of the cross-asset volume
criteria requirements for that month. The Exchange believes that with
the proposed change, the Exchange will attract additional equities
order flow from Market Makers, which should benefit all Exchange
participants by providing more trading opportunities and tighter
spreads. The Exchange cannot predict with certainty how many Market
Makers will satisfy the alternative volume criteria in Tier 2.
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\18\ See NYSE Arca Options Fee schedule, Market Maker Penny and
SPY Posting Credit Tiers, Super Tier II, which provides a credit of
$0.42 when a Firm has at least 0.10% of TCADV from Market Maker
posted interest in all issues, plus ETP Holder and Market Maker
posted volume in Tape B Securities (``Tape B Adding ADV'') that is
equal to at least 1.50% of US Tape B consolidated average daily
volume (``CADV'') for the billing month executed on NYSE Arca Equity
Market, available at https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf.
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Implementation
The proposed changes are immediately effective.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \19\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\20\ 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,\21\ 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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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(4).
\21\ 15 U.S.C. 78f(b)(1) and (b)(5).
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The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \22\
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\22\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
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There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, as of February 23, 2023, no single exchange has
more than approximately 12-13% equity options market share for the
month of February 2023.\23\ Therefore, no exchange possesses
significant pricing power. More specifically, as of February 23, 2023,
the Exchange had a market share of approximately 6.83% of executed
volume of multiply-listed equity options for the month of February
2023.\24\
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\23\ See MIAX's ``The market at a glance/MTD AVERAGE,''
available at https://www.miaxoptions.com/ (Data as of 2/1/2023-2/23/
2023).
\24\ See id.
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
discontinue or reduce use of certain categories of products and
services, terminate an existing membership or determine to not become a
new member, and/or shift order flow, in response to transaction fee
changes. For example, on February 28, 2019, the Exchange filed with the
Commission a proposal to increase Taker fees in certain Tiers for
options transactions in certain Penny classes for Priority Customers
and decrease Maker rebates in certain Tiers for options transactions in
Penny classes for Priority Customers (which fee was to
[[Page 17885]]
be effective March 1, 2019).\25\ The Exchange experienced a decrease in
total market share for the month of March 2019, after the proposal went
into effect. Accordingly, the Exchange believes that its March 1, 2019,
fee change, to increase certain transaction fees and decrease certain
transaction rebates, may have contributed to the decrease in MIAX
Pearl's market share and, as such, the Exchange believes competitive
forces constrain the Exchange's, and other options exchanges, ability
to set transaction fees and market participants can shift order flow
based on fee changes instituted by the exchanges.
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\25\ See Securities Exchange Act Release No. 85304 (March 13,
2019), 84 FR 10144 (March 19, 2019) (SR-PEARL-2019-07).
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The Exchange believes that its proposal represents an equitable
allocation of fees and is not unfairly discriminatory because it
applies uniformly to all Market Makers, in that all Market Makers have
the opportunity to compete for and achieve the proposed alternative
volume criteria of Tier 2, and the Tier 2 fees/rebates will apply
uniformly to all Market Makers that achieve Tier 2. While the Exchange
has no way of knowing whether this proposed rule change would
definitively result in any particular Market Maker achieving the
alternative volume criteria, the proposed alternative volume criteria
is available for any Market Maker. To the extent a Member participates
on the Exchange but not on MIAX Pearl Equities, the Exchange believes
that the proposal is still reasonable, equitably allocated and non-
discriminatory with respect to such Member based on the overall benefit
to the Exchange resulting from the success of its equities platform.
Particularly, the Exchange believes that additional such success allows
the Exchange to continue to provide and potentially expand its existing
incentive programs to the benefit of all participants on the Exchange,
whether they participate on MIAX Pearl Equities or not. Additionally, a
Market Maker that is not a Member of MIAX Pearl Equities may still
satisfy the current primary volume criteria or the current alternative
volume criteria, which aren't changing under this proposal, to be
eligible for Tier 2 fees/rebates.
Additionally, the Exchange believes its proposal represents a
reasonable attempt to incentivize market participants to increase the
number and variety of orders sent to the Exchange for execution.
Specifically, the Exchange proposes to introduce two new volume-based
requirements that require MIAX Pearl Market Makers to satisfy Tier 2
criteria on the MIAX Pearl Equities Exchange for Add Volume and
Midpoint Peg Order Adding Liquidity at Midpoint Volume. The Exchange
believes that the new alternative volume criteria will continue to
incentivize participation in greater volume from cross-asset activity,
which would improve the overall quality of the Exchange's marketplace
to the benefit of all market participants, both on the MIAX Pearl
Options Exchange and the MIAX Pearl Equities Exchange.
The Exchange also believes that its new proposed qualifications for
the Tier 2 alternative volume criteria for MIAX Pearl Market Makers is
equitable and not unfairly discriminatory because the Exchange will
uniformly assess the rebates and fees for any Market Makers qualifying
for Tier 2. Finally, encouraging Market Makers to add greater liquidity
benefits all market participants, both on the MIAX Pearl Options
Exchange, and the MIAX Pearl Equities Exchange, in the quality of order
interaction.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition 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 the Exchange believes that its
proposal will not place any market participant at a competitive
disadvantage as Market Makers may satisfy any of the volume criteria
requirements to be eligible for the Tier 2 fees/rebates. The Exchange
believes that the proposed change should continue to encourage the
provision of liquidity in options that enhances the quality of the
Exchange's market and increases the number of trading opportunities on
the Exchange for all participants who will be able to compete for such
opportunities. Additionally, as discussed, the proposed changes are
ultimately aimed at attracting greater order flow to the Exchange,
which benefits all market participants by providing more trading
opportunities.
The Exchange does not believe that its proposal will impose any
burden on inter-market competition and 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, or rebate opportunities available at
other venues to be more favorable.
There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange has more than approximately 12-
13% of the market share of executed volume of multiply-listed equity
and ETF options trades as of February 23, 2023, for the month of
February 2023.\26\ Therefore, no exchange possesses significant pricing
power in the execution of multiply-listed equity and ETF options order
flow. More specifically, as of February 23, 2023, the Exchange had a
market share of approximately 6.83% of executed volume of multiply-
listed equity and ETF options for the month of February 2023.\27\ In
such an environment, the Exchange must continually adjust its fees and
tiers to remain competitive with other options exchanges. Because
competitors are free to modify their own fees and Tiers in response,
and because market participants may readily adjust their order routing
practices, the Exchange believes that the degree to which fee changes
in this market may impose any burden on competition is extremely
limited. The Exchange believes that the proposed rule changes reflect
this competitive environment because they modify the Exchange's fees
and Tiers in a manner that encourages market participants to continue
to provide liquidity and to send order flow to the Exchange.
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\26\ See supra note 23.
\27\ See id.
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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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\28\ and Rule 19b-4(f)(2) \29\ 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
[[Page 17886]]
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
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\28\ 15 U.S.C. 78s(b)(3)(A)(ii).
\29\ 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-2023-13 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-2023-13. 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 such 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-2023-13 and should be submitted on
or before April 14, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-06056 Filed 3-23-23; 8:45 am]
BILLING CODE 8011-01-P