67838 Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 

7 The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

8 15 U.S.C. 78s(b)(3)(A). 

9 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. 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Members, with the provisions of the 

rules of MIAX Pearl Equities. In 

particular, the Exchange believes that 

the proposed rule changes will provide 

greater clarity to Equity Members and 

the public regarding the Exchange’s 

Rules by providing consistency within 

the Exchange’s Rulebook. The proposed 

changes will ensure the hierarchical 

heading scheme aligns throughout the 

Exchange’s Rulebook. The proposed 

changes will also make it easier for 

Equity Members to interpret the 

Exchange’s Rulebook. 

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. Specifically, 

the Exchange believes the proposed 

changes will not impose any burden on 

intra-market competition as there is no 

functional change to the Exchange’s 

System 7 and because the rules of the 

Exchange apply to all MIAX Pearl 

Equities participants equally. The 

proposed rule change will have no 

impact on competition as it is not 

designed to address any competitive 

issue but rather is designed to remedy 

minor non-substantive issues and 

provide added clarity to the rule text of 

Exchange Rules 2614, 2615, 2616, 2617, 

2622, and 2623. In addition, the 

Exchange does not believe the proposal 

will impose any burden on inter-market 

competition as the proposal does not 

address any competitive issues and is 

intended to protect investors by 

providing further transparency 

regarding the Exchange’s functionality. 

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 8 and Rule 19b–4(f)(6) 9

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

PEARL–2023–47 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–2023–47. 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–2023–47 and should be 

submitted on or before October 23, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21627 Filed 9–29–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98527; File No. SR– 

PEARL–2023–46] 

Self-Regulatory Organizations; MIAX 

PEARL LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Options Fee Schedule 

September 26, 2023. 

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 

September 12, 2023, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

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 MIAX Pearl Options Fee 

Schedule (‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 67839 

3 ‘‘Market Maker’’ 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 Exchange 

Rules. See the Definitions Section of the Fee 

Schedule. 

4 ‘‘Member’’ means an individual or organization 

that is registered with the Exchange pursuant to 

Chapter II of the 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. 

5 ‘‘Excluded Contracts’’ means any contracts 

routed to an away market for execution. See the 

Definitions Section of the Fee Schedule. 

6 ‘‘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 symbolby-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. 

7 ‘‘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 process described in the Fee 

Schedule. See the Definitions Section of the Fee 

Schedule. 

8The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

9 ‘‘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. 

10See Securities Exchange Act Release No. 88992 

(June 2, 2020), 85 FR 35142 (June 8, 2020) (SR– 

PEARL–2020–06). 

us-options/pearl-options/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 originally filed this 

proposal on August 31, 2023 (SR– 

PEARL–2023–41). On September 12, 

2023, the Exchange withdrew SR– 

PEARL–2023–41 and refiled this 

proposal. The Exchange proposes to 

amend Section 1)a) of the Fee Schedule, 

Exchange Rebates/Fees—Add/Remove 

Tiered Rebates/Fees, that applies to the 

MIAX Pearl Market Maker 3 origin, to 

modify the volume criteria thresholds 

applicable to Tier 5 and Tier 6. 

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 4 on MIAX 

Pearl in the relevant, respective origin 

type (not including Excluded 

Contracts) 5 (as the numerator) 

expressed as a percentage of (divided 

by) TCV 6 (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.7 Members that place 

resting liquidity, i.e., orders resting on 

the book of the MIAX Pearl System,8 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 9

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 10 (‘‘Penny 

Classes’’) than for order executions in 

standard option classes which are not in 

the Penny Interval Program (‘‘NonPenny Classes’’), where Members are 

assessed higher transaction fees and 

receive higher rebates. 

Proposal To Amend the Volume Criteria 

Thresholds in Tier 5 and Tier 6 for the 

Market Maker Origin 

The Exchange proposes to amend the 

Add/Remove Tiered Rebates/Fees set 

forth in Section 1)a) of the Fee Schedule 

that apply to the MIAX Pearl Market 

Maker origin, to modify the volume 

criteria thresholds for Tiers 5 and 6. The 

Market Maker origin currently provides 

certain volume criteria thresholds in 

Tier 5 that is based upon the total 

monthly volume executed in all option 

classes by a Market Maker on MIAX 

Pearl as a percent of TCV. Pursuant to 

the Market Maker origin table, Market 

Makers will qualify for the following 

Maker rebates and Taker fees in Tier 5 

if the Market Maker executes above 

1.25% to at least 1.50% of TCV: (i) 

Maker rebates of ($0.48), against origins 

other than Priority Customer in Penny 

Classes; (ii) Maker rebates of ($0.45), 

against the Priority Customer origin in 

Penny Classes; (iii) Taker fees of $0.50, 

against origins other than Priority 

Customer in Penny Classes; (iv) Taker 

fees of $0.50, against the Priority 

Customer origin in Penny Classes; (v) 

Maker rebates of ($0.70), against all 

origins in Non-Penny Classes; and (vi) 

Taker fees of $1.08, against all origins in 

Non-Penny Classes. 

The Market Maker origin currently 

provides certain volume criteria 

thresholds in Tier 6 that is based upon 

the total monthly volume executed in 

all option classes by a Market Maker on 

MIAX Pearl as a percent of TCV. 

Pursuant to the Market Maker origin 

table, Market Makers will qualify for the 

following Maker rebates and Taker fees 

in Tier 6 if the Market Maker executes 

above 1.50% of TCV: (i) Maker rebates 

of ($0.48), against origins other than 

Priority Customer in Penny Classes; (ii) 

Maker rebates of ($0.46), against the 

Priority Customer origin in Penny 

Classes; (iii) Taker fees of $0.50, against 

origins other than Priority Customer in 

Penny Classes; (iv) Taker fees of $0.50, 

against the Priority Customer origin in 

Penny Classes; (v) Maker rebates of 

($0.85), against all origins in Non-Penny 


lotter on DSK11XQN23PROD with NOTICES1
67840 Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(4). 

13See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 

14See the ‘‘Market Share’’ section of the 

Exchange’s website, available at https://

www.miaxglobal.com/ (last visited August 23, 

2023). 

15See id. 

16See Securities Exchange Act Release No. 85304 

(March 13, 2019), 84 FR 10144 (March 19, 2019) 

(SR–PEARL–2019–07). 

Classes; and (vi) Taker fees of $1.07, 

against all origins in Non-Penny Classes. 

The Exchange proposes to reduce the 

upper threshold for the volume criteria 

in Tier 5 of the Market Maker origin 

from 1.50% to 1.40%. Accordingly, with 

the proposed change, Market Makers 

will qualify for the following Maker 

rebates and Taker fees in Tier 5 if the 

Market Maker executes above 1.25% to 

at least 1.40% of TCV: (i) Maker rebates 

of ($0.48), against origins other than 

Priority Customer in Penny Classes; (ii) 

Maker rebates of ($0.45), against the 

Priority Customer origin in Penny 

Classes; (iii) Taker fees of $0.50,against 

origins other than Priority Customer in 

Penny Classes; (iv) Taker fees of $0.50, 

against the Priority Customer origin in 

Penny Classes; (v) Maker rebates of 

($0.70), against all origins in Non-Penny 

Classes; and (vi) Taker fees of $1.08, 

against all origins in Non-Penny Classes. 

The Exchange also proposes to modify 

the volume criteria threshold for Tier 6 

of the Market Maker origin from above 

1.50% to now be above 1.40% in light 

of the proposed change to the volume 

criteria in Tier 5, above. Accordingly, 

with the proposed change to the volume 

criteria in Tier 6, Market Makers will 

qualify for the following Maker rebates 

and Taker fees in Tier 6 if the Market 

Maker executes above 1.40% of TCV: (i) 

Maker rebates of ($0.48),against origins 

other than Priority Customer in Penny 

Classes; (ii) Maker rebates of ($0.46), 

against the Priority Customer origin in 

Penny Classes; (iii) Taker fees of $0.50, 

against origins other than Priority 

Customer in Penny Classes; (iv) Taker 

fees of $0.50, against the Priority 

Customer origin in Penny Classes; (v) 

Maker rebates of ($0.85), against all 

origins in Non-Penny Classes; and (vi) 

Taker fees of $1.07, against all origins in 

Non-Penny Classes. 

The purpose of this proposed change 

is for business and competitive reasons. 

With the proposed change, Market 

Makers should more easily qualify for 

the higher rebates and lower fees 

associated with obtaining the volume 

criteria in Tier 6. The Exchange believes 

the proposed change would incentivize 

Market Makers to improve their posted 

liquidity to the benefit of the entire 

market, which should increase order 

flow sent to the Exchange, benefitting 

all market participants through 

increased liquidity, tighter markets and 

order interaction. Additionally, as the 

amount and type of volume that is 

executed on the Exchange has shifted 

since it first established the volume 

criteria thresholds for Tiers 5 and 6, the 

Exchange has determined to level-set 

this threshold amount so that it is more 

reflective of the current type and 

amount of volume executed on the 

Exchange. 

The Exchange has designated these 

changes to be 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 11

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 12 in that it is 

an equitable allocation of reasonable 

dues, fees, and other charges among its 

Exchange members and issuers and 

other persons using its facilities. 

The Exchange believes its proposal to 

modify the volume criteria thresholds 

for Tiers 5 and 6 of the Market Maker 

origin provides for the equitable 

allocation of reasonable dues and fees 

and is not unfairly discriminatory for 

the following reasons. The Exchange 

operates in a highly competitive market. 

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.’’ 13

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 13–14% of the 

market share of executed volume of 

multiply listed equity and exchangetraded fund (‘‘ETF’’) options trades as of 

August 23, 2023, for the month of 

August 2023.14 Therefore, no exchange 

possesses significant pricing power in 

the execution of multiply-listed equity 

and ETF options order flow. More 

specifically, as of August 23, 2023, the 

Exchange had a market share of 

approximately 6.21% of executed 

volume of multiply-listed equity and 

ETF options for the month of August 

2023.15

The Exchange believes that the evershifting market shares among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, in response to transaction 

and/or non-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 be effective March 1, 

2019).16 The Exchange experienced a 

decrease in total market share between 

the months of February and March of 

2019, after the fees were in effect. 

Accordingly, the Exchange believes that 

the March 1, 2019 fee change may have 

contributed to the decrease in the 

Exchange’s market share and, as such, 

the Exchange believes competitive 

forces constrain options exchange 

transaction fees and market participants 

can shift order flow based on fee 

changes instituted by the exchanges. 

The Exchange believes its proposal to 

modify the volume criteria thresholds 

for Tiers 5 and 6 of the Market Maker 

origin is reasonable, equitable, and not 

unfairly discriminatory because Market 

Makers should more easily qualify for 

the higher Maker rebates and lower 

Taker fees associated with those tiers. 

The Exchange believes the proposed 

change is reasonable because it should 

incentivize Market Makers to increase 

order flow sent to the Exchange, 

benefiting all market participants 

through increased liquidity, tighter 

markets and order interaction. 

Additionally, as the amount and type of 

volume that is executed on the 

Exchange has shifted since it first 

established the volume criteria 

thresholds for Tiers 5 and 6 of the 

Market Maker origin, the Exchange has 

determined to level-set this threshold 

amount so that it is more reflective of 

the current type and amount of volume 

executed on the Exchange. The 

Exchange also believes the proposed 

change is not unfairly discriminatory 

because it is designed to encourage 

Market Makers to increase their order 

flow to the Exchange in order to qualify 

for the higher Maker rebates and lower 

Taker fees in Tier 6, which should 

benefit all Members by providing greater 

execution opportunities on the 

Exchange and contribute to a deeper, 

more liquid market, to the benefit of all 

investors and market participants. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 189 / Monday, October 2, 2023 / Notices 67841 

17 15 U.S.C. 78s(b)(3)(A)(ii). 

18 17 CFR 240.19b–4(f)(2). 

19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b-4. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes its proposal to 

modify the volume criteria thresholds 

for Tiers 5 and 6 of the Market Maker 

origin will not impose any burden on 

intra-market competition because the 

Exchange believes that it will not place 

any category of Exchange market 

participant at a competitive 

disadvantage because it will apply to all 

Market Makers equally. The proposal to 

modify the volume criteria thresholds 

for Tiers 5 and 6 of the Market Maker 

origin is intended to improve market 

quality. The Exchange believes that its 

proposal will encourage Market Makers 

to improve market quality by making it 

easier for Market Makers to achieve 

higher tiers, resulting in higher rebates 

and lower fees, which should result in 

narrower bid-ask spreads and increased 

depth of liquidity. This in turn will 

attract additional order flow to the 

Exchange, increasing trading 

opportunities to the benefit of all market 

participants. Accordingly, the Exchange 

believes that the proposed changes will 

continue to attract order flow to the 

Exchange, thereby encouraging 

additional volume and liquidity to the 

benefit of all market participants. 

Inter-Market Competition 

The Exchange believes its proposal 

will not impose any burden on intermarket competition because, as 

described above, 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. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

options exchanges. Because competitors 

are free to modify their own fees 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 in a manner 

that encourages market participants to 

continue to provide liquidity and to 

send order flow to the Exchange. 

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,17 and Rule 

19b–4(f)(2) 18 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–2023–46 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–2023–46. 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 

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–2023–46 and should be 

submitted on or before October 23, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21618 Filed 9–29–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98529; File No. SR– 

PEARL–2023–48] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Exchange 

Rule 2614(f) of the MIAX Pearl Equities 

Rulebook To Allow Self-Trade 

Protection Between Users That Access 

the Exchange Through a Direct 

Connection and Sponsored Access 

September 26, 2023. 

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 

September 22, 2023, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or the ‘‘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 self-regulatory 

organization. The Commission is 


lotter on DSK11XQN23PROD with NOTICES1