[Federal Register Volume 89, Number 82 (Friday, April 26, 2024)]
[Notices]
[Pages 32480-32485]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08807]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99997; File No. SR-PEARL-2024-21]


Self-Regulatory Organizations; MIAX PEARL LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange 
Rule 404, Series of Option Contracts Open for Trading To Amend the 
Short Term Option Series Program

April 19, 2024.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 18, 2024, MIAX PEARL, LLC (``MIAX Pearl'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II 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 Short Term Option 
Series Program.
    The text of the proposed rule change is available on the Exchange's 
website at https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings, 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 Interpretations and Policies .02 of 
Exchange Rule 404, ``Series of Options Contracts Open for Trading.'' 
The Exchange proposes to expand the Short Term Option Series program to 
permit the listing and trading of options series with Tuesday and 
Thursday expirations for options on iShares Russell 2000 ETF (``IWM''), 
specifically permitting two expiration dates for the proposed Tuesday 
and Thursday expirations in IWM. These proposed rule changes are based 
on a similar proposal submitted by Nasdaq ISE, LLC (``ISE'') and 
approved by the Commission.\3\
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    \3\ See Securities Exchange Act Release No. 99946 (April 11, 
2024), File No. SR-ISE-2024-06 (Order Approving a Proposed Rule 
Change to Amend the Short Term Option Program).
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    Currently, Table 1 in Interpretations and Policies .02 of Exchange 
Rule 404 specifies each symbol that qualifies as a Short Term Option 
Daily Expiration.\4\ Today, Table 1 permits the listing and trading of 
Monday Short Term Option Daily Expirations and Wednesday Short Term 
Option Daily Expirations for IWM. At this time, the Exchange proposes 
to expand the Short Term Option Series Program to permit the listing 
and trading of no more than a total of two IWM Short Term Option Daily 
Expirations beyond the current week for each of Monday, Tuesday, 
Wednesday, and Thursday expirations at one time.\5\

[[Page 32481]]

The listing and trading of Tuesday and Thursday Short Term Option Daily 
Expirations would be subject to Interpretations and Policies .02 of 
Exchange Rule 404.
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    \4\ The Exchange may open for trading on any Thursday or Friday 
that is a business day series of options on that class that expire 
at the close of business open each of the next five Fridays that are 
business days and are not Fridays in which standard expiration 
options series, Monthly Options Series, or Quarterly Options Series. 
Of these series of options, the Exchange may have no more than a 
total of five Short Term Option Expiration Dates. In addition, the 
Exchange may open for trading series of options on certain symbols 
that expire at the close of business on each of the next two 
Mondays, Tuesdays, Wednesdays, and Thursdays, respectively, that are 
business days beyond the current week and are not business days in 
which standard expiration options series, Monthly Options Series, or 
Quarterly Options Series expire (``Short Term Option Daily 
Expirations''). See Interpretations and Policies .02 of Exchange 
Rule 404.
    \5\ The Exchange would amend the Tuesday and Thursday 
expirations for IWM in Table 1 in Interpetations and Policies .02 of 
Exchange Rule 404 from ``0'' to ``2'' to permit Tuesday and Thursday 
expirations for options on IWM listed pursuant to the Short Term 
Option Series. The Exchange notes that Cboe Exchange, Inc. 
(``Cboe'') began listing Tuesday and Thursday expirations in the 
Russell 2000 Index Weeklys[reg] (``RUTW'') and Mini-Russell 2000 
Index Weeklys[reg] (``MRUT'') on January 8, 2024. See Securities 
Exchange Act Release No. 98621 (September 28, 2023), 88 FR 68896 
(October 4, 2024) (SR-CBOE-2023-054) (a Proposed Rule Change To 
Amend Rule 4.13); Securities Exchange Act Release No. 98957 
(November 15, 2023), 88 FR 81130 (November 21, 2023) (SR-CBOE-2023-
054) (Order Approving a Proposed Rule Change To Amend Rule 4.13 To 
Expand the Nonstandard Expirations Program To Include P.M.-Settled 
Options on Broad-Based Indexes That Expire on Tuesday or Thursday); 
See also Cboe Global Markets, Inc., Cboe To Offer Daily Expiries For 
Russell 2000 Index Options Suite, Beginning January 8, 2024, 
available at https://ir.cboe.com/news/news-details/2023/Cboe-TO-OFFER-DAILY-EXPIRIES-FOR-RUSSELL-2000-INDEX-OPTIONS-SUITE-BEGINNING-JANUARY-8-2024/default.aspx (last visit February 14, 2024).
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    Today, Tuesday Short Term Option Daily Expirations in SPDR S&P 500 
ETF Trust (``SPY'') and Invesco QQQ Trust (``QQQ'') may open for 
trading on any Monday or Tuesday that is a business day series of 
options on the symbols provided in Table 1 that expire at the close of 
business on each of the next two Tuesdays that are business days and 
are not business days in which standard expiration options series, 
Monthly Options Series, or Quarterly Options Series expire (``Tuesday 
Short Term Option Expiration Date'').\6\ Also, today, Thursday Short 
Term Option Daily Expirations in SPY and QQQ may open for trading on 
any Tuesday or Wednesday that is a business day series of options on 
the symbols provided in Table 1 that expire at the close of business on 
each of the next two Wednesdays that are business days and are not 
business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire (``Wednesday Short 
Term Option Expiration Date'').
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    \6\ See Interpretations and Policies .02 of Exchange Rule 404.
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    In the event that options on IWM expire on a Tuesday or Thursday 
and that Tuesday or Thursday is a business day in which standard 
expiration options series, Monthly Options Series, or Quarterly Options 
Series expire, the Exchange would skip that week's listing and instead 
list the following week; the two weeks would therefore not be 
consecutive. With this proposal, the Exchange would be able to open for 
trading series of options on IWM that expire at the close of business 
on each of the next two Mondays, Tuesdays, Wednesdays, and Thursdays, 
respectively, that are business days beyond the current week and are 
not business days in which standard expiration options series, Monthly 
Options Series, or Quarterly Options Series expire.\7\
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    \7\ Today, IWM may trade on Mondays and Wednesdays in addition 
to Fridays, as is the case for all options series.
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    The interval between strike prices for the proposed Tuesday and 
Thursday IWM Short Term Option Daily Expirations will be the same as 
those for Tuesday and Thursday Short Term Option Daily Expirations in 
SPY and QQQ, applicable to the Short Term Option Series Program.\8\ 
Interpretations and Policies .10 of Exchange Rule 404 provides that, 
notwithstanding any other provision regarding the interval of strike 
prices of series of options on Exchange-Traded Fund Shares in Exchange 
Rule 404, the interval of strike prices on options on IWM will be $1 or 
greater.\9\ Further, Interpretations and Policies .02(e) of Exchange 
Rule 404 provides that the strike price interval for Short Term Option 
Series may be $0.50 or greater for option classes that trade in $1 
strike price intervals and are in the Short Term Option Series Program. 
Therefore, the Tuesday and Thursday IWM Short Term Option Daily 
Expirations will have a $0.50 strike interval minimum. As is the case 
with other equity options series listed pursuant to the Short Term 
Option Series Program, the Tuesday and Thursday IWM Short Term Option 
Daily Expiration series will be P.M.-settled.
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    \8\ See Interpretations and Policies .10 of Exchange Rule 404.
    \9\ Options on SPY, iShares Core S&P 500 ETF (``IVV''), QQQ, 
IWM, and the SPDR Dow Jones Industrial Average ETF (``DIA'') are 
also subject to Interpretations and Policies .10 of Exchange Rule 
404.
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    Pursuant to Exchange Rule 100,\10\ with respect to the Short Term 
Option Series Program, a Tuesday or Thursday expiration series shall 
expire on the first business day immediately prior to that Tuesday or 
Thursday, e.g., Monday or Wednesday of that week, respectively, if the 
Tuesday or Thursday is not a business day.
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    \10\ The term ``Short Term Option Series'' means a series in an 
option class that is approved for listing and trading on the 
Exchange in which the series is opened for trading on any Monday, 
Tuesday, Wednesday, Thursday or Friday that is a business day and 
that expires on the Monday, Tuesday, Wednesday, Thursday, or Friday 
of the next business week, or, in the case of a series that is 
listed on a Friday and expires on a Monday, is listed one business 
week and one business day prior to that expiration. If a Tuesday, 
Wednesday, Thursday or Friday is not a business day, the series may 
be opened (or shall expire) on the first business day immediately 
prior to that Tuesday, Wednesday, Thursday or Friday, respectively. 
For a series listed pursuant to this section for Monday, expiration, 
if a Monday is not a business day, the series shall expire on that 
first business day immediately following that Monday. See Exchange 
Rule 100.
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    Currently, for each option class eligible for participation in the 
Short Term Option Series Program, the Exchange is limited to opening 
thirty (30) series for each expiration date for the specific class.\11\ 
The thirty (30) series restriction does not include series that are 
open by other securities exchanges under their respective weekly rules; 
the Exchange may list these additional series that are listed by other 
options exchanges.\12\ This thirty (30) series restriction would apply 
to Tuesday and Thursday IWM Short Term Option Daily Expiration series 
as well.
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    \11\ See Interpretations and Policies .02(c) and (d) of Exchange 
Rule 404.
    \12\ See Interpretations and Policies .02 of Exchange Rule 404.
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    With this proposal, Tuesday and Thursday IWM Expirations would be 
treated the same as Tuesday and Thursday Expirations in SPY and QQQ. 
With respect to standard expiration option series, Short Term Option 
Daily Expirations may expire in the same week in which standard 
expiration option series on the same class expire. In the case of 
Monthly Options Series and Quarterly Options Series, no Short Term 
Option Series may expire on the same day as an expiration of a Monthly 
Options Series or Quarterly Options Series, respectively, in the same 
class.\13\ Therefore, all Short Term Option Daily Expirations would 
expire at the close of business on each of the next two Mondays, 
Tuesdays, Wednesdays, and Thursdays, respectively, that are business 
days beyond the current week and are not business days in which 
standard expiration options series, Monthly Options Series, or 
Quarterly Options Series expire.
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    \13\ See Interpretations and Policies .02(b) of Exchange Rule 
404.
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    The Exchange does not believe that any market disruptions will be 
encountered with the introduction of P.M.-settled Tuesday and Thursday 
IWM Short Term Option Daily Expirations. The Exchange has the necessary 
capacity and surveillance programs in place to support and properly 
monitor trading in the proposed Tuesday and Thursday Short Term Option 
Daily Expirations. The Exchange currently trades P.M.-settled Short 
Term Option Series that expire Tuesday and Thursday for SPY and QQQ and 
has not experienced any market disruptions nor issues with capacity. 
Today, the Exchange has surveillance programs in place to support and 
properly monitor trading in Short Term Option Series that expire

[[Page 32482]]

Tuesday and Thursday for SPY and QQQ.
Impact of Proposal
    The Exchange notes that listings in the Short Term Option Series 
Program comprise a significant part of the standard listing in options 
markets. The below diagram taken from the Nasdaq ISE proposal 
demonstrates the percentage of weekly listings as compared to monthly, 
quarterly, and Long-Term Option Series in 2023 in the options 
industry.\14\ The Exchange notes that during this time period all 
options exchanges mitigated weekly strike intervals.
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    \14\ See Securities Exchange Act Release No. 99604 (February 26, 
2024), 89 FR 15235 (March 1, 2024) (SRISE-2024-06) (Notice of 
Proposed Rule Change to Amend the Short Term Option Series Program). 
(ISE sourced this information from The Options Clearing Corporation 
(``OCC''). The information includes time averaged data (the number 
of strikes by maturity date divided from the number of trading days) 
for all 17 options markets through December 8, 2023.)
[GRAPHIC] [TIFF OMITTED] TN26AP24.087

    Similar to SPY and QQQ, the Exchange would limit the number of 
Short Term Option Daily Expirations for IWM to two expirations for 
Tuesday and Thursday expirations while expanding the Short Term Option 
Series Program to permit Tuesday and Thursday expirations for IWM. 
Expanding the Short Term Option Series Program to permit the listing of 
Tuesday and Thursday expirations in IWM will account for the addition 
of 6.77% of strikes for IWM.\15\ With respect to the impact to the 
Short Term Option Series Program on IWM overall, the impact would be a 
20% increase in strikes.\16\ With respect to the impact to the Short 
Term Options Series Program overall, the impact would be a 0.1% 
increase in strikes.\17\
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    \15\ See supra note 14. (ISE sourced this information, which are 
estimates, from LiveVol[supreg]. The information includes data for 
all 17 options markets as of January 3, 2024.)
    \16\ See supra note 14. (ISE sourced this information, which are 
estimates, from LiveVol[supreg]. The information includes data for 
all 17 options markets as of January 3, 2024.)
    \17\ See supra note 14. (ISE sourced this information, which are 
estimates, from LiveVol[supreg]. The information includes data for 
all 17 options markets as of January 3, 2024.)
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    Members will continue to be able to expand hedging tools because 
all days of the week would be available to permit Members to tailor 
their investment and hedging needs more effectively in IWM.

[[Page 32483]]

[GRAPHIC] [TIFF OMITTED] TN26AP24.088

    Weeklies comprise 48.30% of the total volume of options 
contracts.\18\ The Exchange believes that inner weeklies (first two 
weeks) represent high volume as compared to outer weeklies (the last 
three weeks) and would be more attractive to market participants.
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    \18\ See supra note 14. (The chart represents industry volume in 
terms of overall contracts. Weeklies comprise 48.30% of volume while 
only comprising 17.22% of the strikes. ISE sourced this information 
from OCC. The information includes data for all 17 options markets 
through December 8, 2023.)
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    The introduction of IWM Tuesday and Thursday expirations will, 
among other things, expand hedging tools available to market 
participants and continue the reduction of the premium cost of buying 
protection. The Exchange believes that IWM Tuesday and Thursday 
expirations will allow market participants to purchase IWM options 
based on their timing as needed and allow them to tailor their 
investment and hedging needs more effectively.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\19\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\20\ in particular, in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest.
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    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that IWM Tuesday and Thursday Short Term 
Daily Expirations will allow market participants to purchase IWM 
options based on their timing as needed and allow them to tailor their 
investment and hedging needs more effectively. Further, the proposal to 
permit Tuesday and Thursday Short Term Daily Expirations for options on 
IWM listed pursuant to the Short Term Option Series Program, subject to 
the proposed limitation of two nearest expirations, would protect 
investors and the public interest by providing the investing public and 
other market participants more flexibility to closely tailor their 
investment and hedging decisions in IWM options, thus allowing them to 
better manage their risk exposure.
    In particular, the Exchange believes the Short Term Option Series 
Program has been successful to date and that Tuesday and Thursday IWM 
Short Term Daily Expirations should simply expand the ability of 
investors to hedge risk against market movements stemming from economic 
releases or market events that occur throughout the month in the same 
way that the Short Term Option Series Program has expanded the 
landscape of hedging. Similarly, the Exchange believes Tuesday and 
Thursday IWM Short Term Daily Expirations should create greater trading 
and hedging opportunities and provide customers the flexibility to 
tailor their investment objectives more effectively. The Exchange 
currently lists SPY and QQQ Tuesday and Thursday Short Term Daily 
Expirations.\21\
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    \21\ See Interpretations and Policies .02 of Exchange Rule 404.
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    With this proposal, Tuesday and Thursday IWM Expirations would be 
treated similar to existing Tuesday and Thursday SPY and QQQ 
Expirations and would expire in the same week that standard monthly 
options expire on Fridays.\22\ Further, today, Tuesday and Thursday 
Short Term Option Daily Expirations do not expire on a business day in 
which monthly options series or Quarterly Options Series expire.\23\ 
Today, all Short Term Option Daily Expirations expire at the close of 
business on each of the next two Mondays, Tuesdays, Wednesdays, and 
Thursdays, respectively, that are business days and are not business 
days in which monthly options series or Quarterly Options Series 
expire. There are no material differences in the treatment of Tuesday 
and Thursday SPY and QQQ Short Term Daily Expirations as compared to 
the proposed Tuesday and Thursday IWM Short Term Daily Expirations.
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    \22\ See Interpretations and Policies .02(b) of Exchange Rule 
404.
    \23\ See Interpretations and Policies .02 of Exchange Rule 404.
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    Finally, the Exchange represents that it has an adequate 
surveillance program in place to detect manipulative trading in the 
proposed Tuesday and Thursday IWM Short Term Daily Expirations, in the 
same way that it monitors trading in the current Short Term Option 
Series and trading in Tuesday and Thursday SPY and QQQ Expirations. The 
Exchange also represents that it has the necessary systems capacity to 
support the new options series. Finally, the Exchange does not believe 
that any market disruptions will be encountered with the introduction 
of Tuesday and

[[Page 32484]]

Thursday IWM Short Term Daily Expirations.

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.
    Similar to SPY and QQQ Tuesday and Thursday Expirations, the 
introduction of IWM Tuesday and Thursday Short Term Daily Expirations 
does not impose an undue burden on competition. The Exchange believes 
that it will, among other things, expand hedging tools available to 
market participants and continue the reduction of the premium cost of 
buying protection. The Exchange believes that IWM Tuesday and Thursday 
Short Term Daily Expirations will allow market participants to purchase 
IWM options based on their timing as needed and allow them to tailor 
their investment and hedging needs more effectively. The Exchange notes 
that Cboe began listing Tuesday and Thursday expirations in RUTW and 
MRUT on January 8, 2024.\24\
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    \24\ See supra note 5.
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    The Exchange does not believe the proposal will impose any burden 
on inter-market competition, as nothing prevents other options 
exchanges from proposing similar rules to list and trade Short-Term 
Option Series with Tuesday and Thursday Short Term Daily Expirations. 
The Exchange notes that having Tuesday and Thursday IWM expirations is 
not a novel proposal, as SPY and QQQ Tuesday and Thursday Expirations 
are currently listed on the Exchange.\25\
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    \25\ See Interpretations and Policies .02 of Exchange Rule 404.
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    Further, the Exchange does not believe the proposal will impose any 
burden on intramarket competition, as all market participants will be 
treated in the same manner under this proposal.

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 Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \26\ and Rule 19b-4(f)(6) thereunder.\27\ 
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 from the date on which it was filed, or such shorter time as 
the Commission may designate, it has become effective pursuant to 
Section 19(b)(3)(A)(iii) of the Act \28\ and subparagraph (f)(6) of 
Rule 19b-4 thereunder.\29\
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    \26\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \27\ 17 CFR 240.19b-4(f)(6).
    \28\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \29\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of 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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    A proposed rule change filed under Rule 19b-4(f)(6) \30\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\31\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. According to 
the Exchange, the proposed rule change is a competitive response to a 
filing submitted by Nasdaq ISE that was recently approved by the 
Commission.\32\ The Exchange has stated that waiver of the 30-day 
operative delay would permit the Exchange to implement the proposal at 
the same time as at least one other exchange, thus enhancing 
competition among exchanges by allowing Tuesday and Thursday IWM 
expirations to be traded on multiple exchanges. The Commission believes 
that the proposed rule change presents no novel issues and that waiver 
of the 30-day operative delay is consistent with the protection of 
investors and the public interest. Accordingly, the Commission hereby 
waives the 30-day operative delay and designates the proposed rule 
change as operative upon filing.\33\
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    \30\ 17 CFR 240.19b-4(f)(6).
    \31\ 17 CFR 240.19b-4(f)(6)(iii).
    \32\ See supra note 3.
    \33\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-PEARL-2024-21 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-2024-21. 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 (https://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 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to file number SR-PEARL-2024-21 and should be 
submitted on or before May 17, 2024.


[[Page 32485]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\34\
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    \34\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-08807 Filed 4-25-24; 8:45 am]
BILLING CODE 8011-01-P