67452 Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 

the Commission determines that—(D) The rules of 

the clearing agency provide for the equitable 

allocation of reasonable dues, fees, and other 

charges among its participants.’’ 

8 15 U.S.C. 78q–1. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 

11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

Europe therefore believes that the 

proposed rule change is consistent with 

the requirements of Section 17A of the 

Act 8 and regulations thereunder 

applicable to it. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

proposed rule changes would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purpose of the Act. Although the 

changes may result in certain additional 

costs to Clearing Members, ICE Clear 

Europe believes that the revised fees 

have been set at an appropriate level 

given the costs and expenses to ICE 

Clear Europe in offering clearing of the 

IFEU Products. ICE Clear Europe does 

not believe that the amendments would 

adversely affect the ability of such 

Clearing Members or other market 

participants generally to engage in 

cleared transactions or to access 

clearing. Since the revised fees will 

apply to all F&O Clearing Members, ICE 

Clear Europe further believes that the 

fees will not otherwise adversely affect 

competition among Clearing Members, 

adversely affect the market for clearing 

services or limit market participants’ 

choices for obtaining clearing services. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments relating to the 

proposed changes to the rules have not 

been solicited or received. ICE Clear 

Europe will notify the Commission of 

any written comments received by ICE 

Clear Europe. 

III. Date of Effectiveness of the 

Proposed Rule Change 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 9 of the Act and Rule 19b– 

4(f)(2) 10 thereunder because it 

establishes a fee or other charge 

imposed by ICE Clear Europe on its 

Clearing Members. Specifically, the 

proposed rule changes will establish 

fees to be paid by Clearing Members to 

ICE Clear Europe in connection with the 

clearing of certain IFEU Products. 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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change, security-based swap submission 

or advance notice 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 rule-comments@

sec.gov. Please include File Number SR– 

ICEEU–2018–025 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–ICEEU–2018–025. 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 Section, 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 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

regulation#rule-filing. 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–ICEEU–2018–025 and 

should be submitted on or before 

January 18, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28189 Filed 12–27–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84887; File No. SR– 

PEARL–2018–25] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Exchange 

Rule 519, MIAX PEARL Order Monitor 

December 20, 2018. 

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 December 12, 2018, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend Exchange Rule 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/rulefilings/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 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 67453 

3The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

4The term ‘‘Market Maker’’ or ‘‘MM’’ means a 

Member registered with the Exchange for the 

purpose of making markets in options contracts 

traded on the Exchange and that is vested with the 

rights and responsibilities specified in Chapter VI 

of the MIAX PEARL Rules. See Exchange Rule 100. 

5The 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. 

6The 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. 

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’’). Specifically, the 

Exchange proposes to amend subsection 

(a)(3) to adopt new subsection (a)(3) and 

new subsection (a)(4) to reorganize the 

rule text for simplicity and to make 

clarifying changes to add additional 

detail to align the rule to the System’s 3

behavior. 

Current subsection (a)(3), Limit 

Orders to Buy Or Sell, provides that the 

System will reject an incoming limit 

order from a Market Maker 4 or an EEM 5

that crosses the contra-side NBBO 6 by 

at least (i) 50% of the opposite side 

NBBO where the minimum crossing 

price is $0.25, or (ii) $2.50, whichever 

is less. The rule provides the following 

examples to illustrate those situations 

where lower priced limit orders are 

rejected because they cross the NBBO by 

at least 50%: (A) (1) If the NBBO on the 

offer side is $4.00, an order to buy 

options for $6.00 or more will be 

rejected; and (2) if the NBBO on the bid 

side is $4.00, an order to sell options for 

$2.00 or less will be rejected. (B) The 

following are examples of those 

situations where higher priced limit 

orders are rejected because they cross 

the NBBO by $2.50 or more: (1) If the 

NBBO on the offer side is $12.00, an 

order to buy options for $14.50 or more 

will be rejected and (2) if the NBBO on 

the bid side is $12.00, an order to sell 

options for $9.50 or less will be rejected. 

(C) The following examples illustrate 

the effect of the qualifier that the 

minimum crossing price of a limit order 

that crosses the NBBO by at least 50% 

must be at least $0.25: (1) If the NBBO 

on the offer side is $0.10, an order to 

buy options for $0.15 will not be 

rejected because the minimum crossing 

price is not $0.25 even though the order 

crosses the contra-side NBBO by 50%; 

and (2) if the NBBO on the offer side is 

$0.50, an order to buy options for $0.75 

or more will be rejected because it 

crosses by 50% of the opposite side 

NBBO and it meets the minimum price 

of $0.25. 

The Exchange now proposes to amend 

current subsection (3) to create a 

separate subsection for limit orders to 

buy (proposed subsection (3)), and for 

limit orders to sell (proposed subsection 

(4)). The Exchange believes that creating 

separate subsections dedicated to buys 

and sells will provide clarity and 

additional detail to the Exchange’s rule. 

Proposed subsection (3), Limit Orders 

to Buy, will provide that for options 

with a National Best Offer (‘‘NBO’’) 

greater than $0.50 the System will reject 

an incoming limit order from a Market 

Maker or an EEM that has a limit price 

equal to or greater than the NBO by the 

lesser of (i) $2.50, or (ii) 50% of the 

NBO price. This provision is identical 

in operation as the current rule 

provision. The proposed rule will also 

provide that for options with an NBO 

less than or equal to $0.50 the System 

will reject an incoming limit order from 

a Market Maker or an EEM that has a 

limit price that is equal to or greater 

than the NBO price by $0.25. This 

provision clarifies the current provision 

and more accurately defines the concept 

of crossing price which is used in the 

current rule. 

Similar to the current rule, examples 

are included in the proposed rule to 

demonstrate the operation of the rule in 

different circumstances. The proposed 

examples provide that (A) if the NBO is 

$12.00 an incoming limit order to buy 

options for $14.50 or more will be 

rejected; and (B) if the NBO is $0.10 an 

incoming limit order to buy options for 

$0.15 will not be rejected; whereas if the 

NBO is $0.10 an incoming limit order to 

buy options for $0.35 will be rejected as 

the limit price of the order is $0.25 

greater than the NBO. Proposed example 

A provides an example of an order being 

rejected when the order’s limit price 

($14.50) is greater than the NBO 

($12.00) by the lesser of $2.50 or 50% 

of the NBO price ($6.00). Proposed 

example B demonstrates how the MOM 

protection works when the NBO of the 

option is $0.50 or less. If the NBO is 

$0.10 an incoming limit order to buy 

options for $0.15 will not be rejected as 

the order’s limit price is not $0.25 

greater ($.35) than the NBO price. 

Example B also demonstrates the 

scenario where an order with a limit 

price $0.25 greater than the NBO will be 

rejected. 

Proposed subsection (4) Limit Orders 

to Sell, will provide that for options 

with a National Best Bid (‘‘NBB’’) equal 

to or greater than $0.25 the System will 

reject an incoming limit order from a 

Market Maker or an EEM that has a limit 

price equal to or less than the NBB by 

the lesser of (i) $2.50, or (ii) 50% of the 

NBB price. The current rule similarly 

provides that the System will reject an 

incoming limit order from a Market 

Maker or an EEM that crosses the 

contra-side NBBO by at least 50% of the 

opposite side NBBO, but that also has a 

minimum crossing price of $0.25. When 

the NBB is $0.25 or less it is not feasible 

for an incoming limit order to be priced 

50% through the NBB and also have a 

crossing price of $0.25. Therefore, the 

Exchange is proposing to add rule text 

to clarify that for options with an NBB 

of $0.25 or less the System will accept 

any incoming limit order to sell from a 

Market Maker or an EEM. When the 

NBB is greater than $0.50 any incoming 

limit order to sell priced 50% through 

the NBB will be for an amount greater 

than $0.25 and will be rejected. The 

Exchange now proposes to align the rule 

text to the current System behavior in 

certain instances where the NBB is 

greater than $0.25 but less than $0.50. 

Within this NBB range, the Exchange 

may receive an order that is priced 

greater than 50% through the NBB but 

that does not reach the $0.25 threshold. 

For example, an incoming limit order to 

sell with a limit price of $0.10, when the 

NBB is $.30, is priced more than 50% 

through the NBB, but is only $0.20 away 

from the NBB. The Exchange’s System 

currently rejects this order and the 

Exchange is proposing to amend its rule 

to remove the $0.25 crossing price 

condition as the Exchange believes that 

orders that cross the NBB by at least 

50% when the NBB is greater than $0.25 

should be rejected. This provision 

provides clarity and additional detail 

regarding the handling of incoming 

limit orders to sell that are received 

when the NBB is greater than or less 

than $0.25. 

Additionally, the proposed rule will 

include examples to demonstrate the 

operation of the rule in different 

circumstances. The proposed examples 

provide that (A) if the NBB is $12.00 an 

incoming limit order to sell options for 

$9.50 or less will be rejected; and (B) if 

the NBB is $0.30 an incoming limit 

order to sell options for $0.15 will be 

rejected; whereas if the NBB is $0.30 an 


amozie on DSK3GDR082PROD with NOTICES1
67454 Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9The term ‘‘Member’’ means an individual or 

organization that is registered with the Exchange 

pursuant to Chapter II of MIAX PEARL Rules for 

purposes of trading on the Exchange as an 

‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’ 

Members are deemed ‘‘members’’ under the 

Exchange Act. See Exchange Rule 100. 10See Exchange Rule 518(a)(3). 

11 15 U.S.C. 78s(b)(3)(A). 

12 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. 

incoming limit order to sell options for 

$0.20 will not be rejected as the limit 

price of the order is not less than 50% 

of the NBB price. Proposed example A 

provides an example of an order being 

rejected when the order’s limit price 

($9.50) is less than the NBB ($12.00) by 

the lesser of $2.50 or 50% of the NBB 

price ($6.00). Proposed example B 

demonstrates how the MOM protection 

works when the NBB of the option is 

greater than $0.25. 

The Exchange believes its proposed 

changes provide additional detail and 

clarity to the Exchange’s rules 

concerning order protections for 

incoming limit orders to buy and sell. 

2. Statutory Basis 

MIAX PEARL believes that its 

proposed rule change is consistent with 

Section 6(b) of the Act 7 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act 8 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. 

The Exchange believes that the 

proposed changes to its rulebook add 

additional detail and provide further 

clarification to Members,9 investors, and 

the public, regarding the Exchange’s 

order monitoring functionality. The 

Exchange believes it is in the 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 helps 

perfect 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 the behavior of the 

Exchange’s System. 

Currently the Exchange’s rule 

discusses the operation of the MIAX 

PEARL Order Monitor on incoming 

limit orders to buy or incoming limit 

orders to sell in a single paragraph.10

The Exchange now proposes to provide 

separate rule text specifically discussing 

the MIAX PEARL Order Monitor 

process for incoming limit orders to buy 

(proposed paragraph (a)(3)) and for 

incoming limit orders to sell (proposed 

paragraph (a)(4)). The Exchange believes 

that the proposed changes promote just 

and equitable principles of trade and 

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 providing 

additional detail and clarity in the 

Exchange’s rules. Further, the Exchange 

believes that providing a clear line of 

delineation for the treatment of orders 

received when the NBB is less than or 

greater than $0.25 benefits investors and 

the public by establishing clear and 

unambiguous thresholds regarding the 

acceptance or rejection of orders. 

Further, the Exchange’s proposal 

provides transparency and clarity in the 

rules and is consistent with the Act 

because it removes impediments to and 

helps perfect 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 the behavior of the 

Exchange’s System. In particular, the 

Exchange believes that the proposed 

rule changes will provide greater clarity 

to Members and the public regarding the 

Exchange’s Rules, and it is in the public 

interest for rules to be accurate and 

concise so as to eliminate the potential 

for confusion. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change does not alter any 

functionality of the Exchange’s System 

and is designed to add additional clarity 

and detail to the Exchange’s rules. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on inter-market competition 

as the Rules apply equally to all 

Exchange Members. The proposed rule 

change is not a competitive filing and is 

intended to enhance the protection of 

investors by ensuring that the rule 

clearly and accurately describes the 

scenarios when a limit order to buy or 

a limit order to sell will be rejected by 

the Exchange’s System. Additionally, 

the proposed rule change provides 

examples of hypothetical scenarios to 

provide additional detail and clarity to 

the Exchange’s rulebook. 

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 11 and Rule 19b–4(f)(6) 12

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. 

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 rule-comments@

sec.gov. Please include File Number SR– 

PEARL–2018–25 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices 67455 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C.78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange initially filed rule changes 

relating to its co-location services with the 

Commission in 2010. See Securities Exchange Act 

Release No. 62960 (September 21, 2010), 75 FR 

59310 (September 27, 2010) (SR–NYSE–2010–56). 

The Exchange operates a data center in Mahwah, 

New Jersey (the ‘‘data center’’) from which it 

provides co-location services to Users. 

5See Securities Exchange Act Release No. 77072 

(February 5, 2016), 81 FR 7394 (February. 11, 2016) 

(SR–NYSE–2015–53). 

6For purposes of the Exchange’s co-location 

services, a ‘‘User’’ means any market participant 

that requests to receive co-location services directly 

from the Exchange. See Securities Exchange Act 

Release No. 76008 (September 29, 2015), 80 FR 

60190 (October 5, 2015) (SR–NYSE–2015–40). As 

specified in the Price List, a User that incurs colocation fees for a particular co-location service 

pursuant thereto would not be subject to co-location 

fees for the same co-location service charged by the 

Exchange’s affiliates NYSE American LLC (‘‘NYSE 

American’’), NYSE National, Inc. (‘‘National’’), and 

NYSE Arca, Inc. (‘‘NYSE Arca’’ and, together with 

NYSE American and NYSE National, the ‘‘Affiliate 

SROs’’). See Securities Exchange Act Release No. 

70206 (August 15, 2013), 78 FR 51765 (August 21, 

2013) (SR–NYSE–2013–59). 

7See Securities Exchange Act Release No. 79715 

(December 30, 2016), 82 FR 1777 (January. 6, 2017) 

(SR–NYSE–2016–91). 

8The Exchange previously extended the MRC 

reduction for one year. See Securities Exchange Act 

Release No. 82223 (December 6, 2017), 82 FR 58459 

(December 12, 2017) (SR–NYSE–2017–62). See also 

Securities Exchange Act Release Nos. 82224 

(December 6, 2017), 82 FR 58465 (December 12, 

2017) (SR–NYSEAmer–2017–35), and 82226 

(December 6, 2017), 82 FR 58462 (December 12, 

2017) (SR–NYSEArca–2017–134). 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–PEARL–2018–25. 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–2018–25 and 

should be submitted on or before 

January 18, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28184 Filed 12–27–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84893; File No. SR–NYSE– 

2018–63] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List To Extend for One Year a 

Fee Discount for the Partial Cabinet 

Solution Bundles Offered in 

Connection With the Exchange’s CoLocation Services 

December 20, 2018. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

12, 2018, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Price List to extend for one year a fee 

discount for the Partial Cabinet Solution 

bundles offered in connection with the 

Exchange’s co-location services. The 

proposed rule change is available on the 

Exchange’s website at www.nyse.com, at 

the principal office of the Exchange, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Exchange’s Fee Schedules to extend a 

fee discount for the Partial Cabinet 

Solution bundles offered in connection 

with the Exchange’s co-location 

services.4 The Exchange offers the four 

Partial Cabinet Solution bundles to 

attract smaller Users, such as those with 

minimal power or cabinet space 

demands, or those for which the 

attendant costs of having a dedicated 

cabinet and related connectivity are too 

burdensome.5

The Exchange offers Users 6 that 

purchase a Partial Cabinet Solution 

bundle on or before December 31, 2018 

a 50% reduction in the monthly 

recurring charges (‘‘MRC’’) for the first 

24 months.7 The Exchange proposes to 

extend the 50% fee reduction to those 

Users that purchase a Partial Cabinet 

Solution bundle on or before December 

31, 2019.8 The Exchange does not 

propose to amend the length of the 

discount period. 

The amended portions of the Fee 

Schedules would read as follows: 


amozie on DSK3GDR082PROD with NOTICES1