Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 80859 

15 17 CFR 200.30–3(a)(12). 

major market data vendors website or 

online information services. 

Complete real-time data for the 

Benchmark Component Futures 

Contracts will be available by 

subscription from on-line information 

services. ICE Futures U.S. and CME also 

provide delayed futures information on 

current and past trading sessions and 

market news free of charge on the 

Fund’s website. The specific contract 

specifications for Benchmark 

Component Futures Contracts will also 

be available on such websites, as well as 

other financial informational sources. 

Information regarding options will be 

available from the applicable exchanges 

or major market data vendors. Quotation 

and last-sale information regarding the 

Shares will be disseminated through the 

facilities of the CTA. The IFV will be 

disseminated on a per Share basis every 

15 seconds during the Exchange’s Core 

Trading Session and be widely 

disseminated by one or more major 

market data vendors during the NYSE 

Arca Core Trading Session. The Fund’s 

website will also include a form of the 

prospectus for the Fund that may be 

downloaded. The website will include 

the Share’s ticker and CUSIP 

information along with additional 

quantitative information updated on a 

daily basis, including, for the Fund: (1) 

The prior business day’s reported NAV 

and closing price and a calculation of 

the premium and discount of the closing 

price or mid-point of the Bid/Ask Price 

against the NAV; and (2) data in chart 

format displaying the frequency 

distribution of discounts and premiums 

of the daily closing price or Bid/Ask 

Price against the NAV, within 

appropriate ranges, for at least each of 

the four previous calendar quarters. The 

website disclosure of portfolio holdings 

will be made daily and will include, as 

applicable, (i) the name, quantity, price, 

and market value of Benchmark 

Component Futures Contracts, (ii) the 

counterparty to and value of swap 

agreements and forward contracts, and 

(iii) other financial instruments, if any, 

and the characteristics of such 

instruments and cash equivalents, and 

amount of cash held in the Fund’s 

portfolio, if applicable. 

Trading in Shares of the Fund will be 

halted if the circuit breaker parameters 

in NYSE Arca Rule 7.12–E have been 

reached or because of market conditions 

or for reasons that, in the view of the 

Exchange, make trading in the Shares 

inadvisable. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

it will facilitate the listing and trading 

of Trust Issued Receipts based on water 

that will enhance competition among 

market participants, to the benefit of 

investors and the marketplace. As noted 

above, the Exchange has in place 

surveillance procedures that are 

adequate to properly monitor trading in 

the Shares in all trading sessions and to 

deter and detect violations of Exchange 

rules and applicable federal securities 

laws. 

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 purpose of the Act. The Exchange 

notes that the proposed rule change will 

facilitate the listing and trading of Trust 

Issued Receipts based on water and that 

will enhance competition among market 

participants, to the benefit of investors 

and the marketplace. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or up to 90 days (i) as the 

Commission may designate if it finds 

such longer period to be appropriate 

and publishes its reasons for so finding 

or (ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NYSEArca–2020–105 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–NYSEArca2020–105. 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–NYSEArca–2020–105, and 

should be submitted on or before 

January 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27398 Filed 12–11–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Wednesday, 

December 16, 2020. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 


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80860 Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1901. 

4See Cboe Global Markets, U.S Equities Market 

Volume Summary, available at https://

markets.cboe.com/us/equities/market_share/. 

5See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/ 

AtsIssueData. A list of alternative trading systems 

registered with the Commission is available at 

https://www.sec.gov/foia/docs/atslist.htm. 

6See supra note 4. 

7See Securities Exchange Act Release No. 90555 

(December 3, 2020) (SR–MEMX–2020–14) (filed 

November 30, 2020). 

8See SR–PEARL–2020–32 (filed December 2, 

2020), available at https://www.miaxoptions.com/ 

sites/default/files/filing-files/SR_PEARL_2020_32. 

9See Members Exchange, LLC (‘‘MEMX’’) Trader 

Alert 20–13: Fee Schedule Updates Effective 

December 4, 2020 available at https://

info.memxtrading.com/trader-alert-20-13-feeschedule-updates-effective-december-4-2020/. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topic: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to enforcement 

proceedings; and 

Disclosure of non-public information. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: December 9, 2020. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2020–27499 Filed 12–10–20; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90591; File No. SR– 

PEARL–2020–34] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Equities 

Fee Schedule 

December 8, 2020. 

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 4, 2020, 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 the fee schedule applicable for 

MIAX PEARL Equities, an equities 

trading facility of the Exchange (the 

‘‘Fee Schedule’’).3 The proposed 

changes are scheduled to become 

operative on December 4, 2020. 

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 

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 the Fee Schedule 

applicable to MIAX PEARL Equities to 

amend pricing for securities priced 

below $1.00 that are executed on MIAX 

PEARL Equities. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily direct order 

flow to competing venues if they deem 

fee levels at a particular venue to be 

excessive or rebates/incentives to be 

insufficient. More specifically, the 

Exchange is only one of several equities 

venues (including both registered 

exchanges and various alternative 

trading systems) to which market 

participants may direct their order flow 

and execute their trades. Indeed, equity 

trading is currently dispersed across 16 

exchanges,4 31 alternative trading 

systems,5 and numerous broker-dealer 

internalizers and wholesalers, all 

competing for order flow. Based on 

publicly available information, no single 

registered equities exchange currently 

has more than approximately 20% of 

total market share.6 Thus, in such a lowconcentrated and highly competitive 

market, no single equities trading venue 

possesses significant pricing power in 

the execution of trades, and, the 

Exchange currently represents a very 

small percentage of the overall market. 

The purpose of this proposed fee 

change is for business and competitive 

reasons. As a new entrant into the 

equities market, the Exchange initially 

adopted a fee structure that provided 

that orders in securities priced below 

$1.00 would be free that executed at 

MIAX PEARL Equities, regardless of 

whether they add or remove liquidity to 

encourage market participants to submit 

orders to the Exchange. In response to 

competitive forces,7 the Exchange 

recently adopted fees and rebates for 

securities priced below $1.00 where it 

charges a standard fee of 0.30% of the 

total dollar value of any transaction in 

securities priced below $1.00 that 

removes liquidity from MIAX PEARL 

Equities and provides a standard rebate 

of 0.30% of the total dollar value of any 

transaction in securities priced below 

$1.00 that adds displayed or nondisplayed liquidity to MIAX PEARL 

Equities.8

Again in response to competitive 

forces,9 the Exchange proposes herein to 

lower both the fee and rebate for 

securities priced below $1.00. 

Specifically, the Exchange now 


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