81122 Federal Register / Vol. 88, No. 223 / Tuesday, November 21, 2023 / Notices 

1 0.5 hours per fund + 1 hour per fund = 1.5 hours 

per fund. 2 1.5 hours per fund × 11,241 funds = 16,862 

hours. 3 $21,400 per fund × 11,241 funds = 

$240,557,400. 

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

2 17 CFR 240.19b–4. 

3The Exchange withdrew SR–ISE–2023–25 on 

November 7, 2023 and replaced it with the instant 

filing. 

4See ISE–2023–24 (not yet noticed). Currently, 

XND Options trade on Phlx. 

5 Id. The Exchange notes that similar features are 

available with other index options contracts listed 

on the Exchange, including P.M. settled options on 

the full value of the Nasdaq-100 Index (‘‘NDXP’’). 

6Nasdaq Phlx LLC (‘‘Phlx’’) lists XND today and 

excludes XND from a variety of its pricing 

programs. See Phlx’s Pricing Schedule at Options 

7. 

Summary Prospectus containing key 

information necessary to evaluate an 

investment in the fund. Unlike many 

other federal information collections, 

which are primarily for the use and 

benefit of the collecting agency, this 

information collection is primarily for 

the use and benefit of investors. The 

information filed with the Commission 

also permits the verification of 

compliance with securities law 

requirements and assures the public 

availability and dissemination of the 

information. 

Based on an analysis of fund filings, 

the Commission estimates that 

approximately 11,241 funds are using a 

Summary Prospectus. The Commission 

estimates that the annual hourly burden 

per fund associated with the 

compilation of the information required 

on the cover page or the beginning of 

the Summary Prospectus is 0.5 hours, 

and estimates that the annual hourly 

burden per fund to comply with the 

website posting requirement is 

approximately 1 hour, requiring a total 

of 1.5 hours per fund per year.1 Thus the 

total annual hour burden associated 

with these requirements of the rule is 

approximately 16,862.2 The 

Commission estimates that the annual 

cost burden is approximately $21,400 

per fund, for a total annual cost burden 

of approximately $240,557,400.3

Estimates of average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Under rule 498, use of the Summary 

Prospectus is voluntary, but the rule’s 

requirements regarding provision of the 

statutory prospectus upon investor 

request are mandatory for funds that 

elect to send or give a Summary 

Prospectus in reliance upon rule 498. 

The information provided under rule 

498 will not be kept confidential. An 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a currently valid OMB control 

number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by January 22, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 16, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25723 Filed 11–20–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98952; File No. SR–ISE– 

2023–27] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Adopt Pricing for 

Index Options on the Nasdaq 100 

Micro Index 

November 15, 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 November 

7, 2023, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s Pricing Schedule at Options 

7 to adopt pricing for index options on 

the Nasdaq 100 Micro Index.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/ise/rules, 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 

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 recently filed an 

immediately effective rule change to list 

index options on the Nasdaq 100 Micro 

Index (‘‘XND’’) on ISE.4 XND will be 

same in all respects as the current 

Nasdaq 100 Index options contract 

(‘‘NDX’’) listed on the Exchange, except 

it will be based on 1/100th of the value 

of Nasdaq 100 Index, and will be P.M.- 

settled with an exercise settlement value 

based on the closing index value of 

Nasdaq 100 Index on the day of 

expiration.5

The Exchange now proposes to amend 

its Pricing Schedule to adopt pricing for 

XND. By way of background, certain 

proprietary products such as NDX, 

NDXP and the Nasdaq 100 Reduced 

Value Index (‘‘NQX’’) are commonly 

excluded from a variety of fee 

programs.6 The Exchange notes that the 

reason for such exclusion is because the 

Exchange has expended considerable 

resources developing and maintaining 

its proprietary products. Similar to 

NDX, NDXP, and NQX, XND is a 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 223 / Tuesday, November 21, 2023 / Notices 81123 

7Crossing Orders are contracts that are submitted 

as part of a Facilitation, Solicitation, PIM, Block or 

QCC order. All eligible volume from affiliated 

Members will be aggregated for purposes of the 

Crossing Fee Cap, provided there is at least 75% 

common ownership between the Members as 

reflected on each Member’s Form BD, Schedule A. 

Fees charged by the Exchange for Responses to 

Crossing Orders are not included in the calculation 

of the monthly fee cap. For purposes of the Crossing 

Fee Cap the Exchange attributes eligible volume to 

the ISE Member on whose behalf the Crossing Order 

was executed. 

8See Phlx Options 7, Section 5A. 

9 ‘‘Non-Priority Customers’’ include Market 

Makers, Non-Nasdaq ISE Market Makers (FarMMs), 

Firm Proprietary/Broker-Dealers, and Professional 

Customers. See Options 7, Section 1(c). 

10A ‘‘Priority Customer’’ is a person or entity that 

is not a broker/dealer in securities, and does not 

place more than 390 orders in listed options per day 

on average during a calendar month for its own 

beneficial account(s), as defined in Nasdaq ISE 

Options 1, Section 1(a)(37). Unless otherwise noted, 

when used in this Pricing Schedule the term 

‘‘Priority Customer’’ includes ‘‘Retail’’ as defined 

below. See Options 7, Section 1(c). 

11The Exchange proposes to re-letter current ‘‘C’’ 

as ‘‘D’’ in Options 7, Section 5. 

12See Phlx Options 7, Section 5A. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(4) and (5). 

15By way of example, in analyzing an obvious 

error, the Exchange would have additional data 

points available in establishing a theoretical price 

for a multiply listed option as compared to a 

proprietary product, which requires additional 

analysis and administrative time to comply with 

Exchange rules to resolve an obvious error. 

16See pricing for the Mini-RUT Index options 

(‘‘MRUT’’) on Cboe Exchange, Inc.’s Fees Schedule. 

17QQQ is an exchange-traded fund based on the 

same Nasdaq 100 Index as NDX, NDXP, and XND. 

18See Phlx Options 7, Section 5A. 

19Specifically, the Exchange is proposing to 

assess Non-Priority Customers a $0.10 per contract 

fee in XND while Priority Customers will receive 

free executions. Today, the Exchange assesses NonPriority Customers a $0.75 per contract fee for both 

NDX and NDXP, and does not assess Priority 

Customers a fee. Additionally, the Exchange is 

proposing to assess Non-Priority Customers a 

surcharge of $0.10 per contract for XND whereas 

today, Non-Priority Customers are assessed a 

surcharge of $0.25 per contract for NDX and NDXP. 

proprietary product. As such, the 

Exchange proposes to establish 

transaction fees for XND that are 

similarly structured to the transaction 

fees for NDX, NDXP, and NQX with 

some differences as noted below. The 

Exchange also proposes to exclude XND 

from several pricing programs in the 

same manner as which NDX, NDXP, and 

NQX are excluded today. 

Fee Programs 

Today, Options 7, Section 3, Regular 

Order Fees and Rebates, reflects the 

regular order fees and rebates applicable 

to ISE. Today, the Exchange specifies in 

note 7 of Options 7, Section 3 that for 

all executions in regular NDX and NQX 

orders, the applicable index options fees 

in Section 5 will apply. The Exchange 

proposes to add pricing for XND options 

in note 7 of Options 7, Section 5 so it 

will also apply to XND. 

Similarly, today, Options 7, Section 4, 

Complex Order Fees and Rebates, 

reflects complex order fees and rebates 

applicable to ISE. Today, the Exchange 

specifies in note 5 of Options 7, Section 

4 that for all executions in complex 

NQX orders, the NQX index options fees 

in Section 5 will apply. The Exchange 

proposes to add XND in note 5 of 

Options 7, Section 4 so it will also apply 

to XND. Additionally, note 4 of Options 

7, Section 4 provides that no Priority 

Customer complex order rebates will be 

paid for orders in NDX, NQX or MNX. 

The Exchange proposes to add XND in 

note 4 of Options 7, Section 4 so it will 

also apply to XND. 

As set forth in Options 7, Section 6.H, 

the Exchange currently caps Crossing 

Order 7 fees at $200,000 per month, per 

Member on all Firm Proprietary 

transactions that are part of the 

originating or contra side of a Crossing 

Order. Once a Member exceeds the fee 

cap level the Member will be subject to 

a reduced transaction fee of $0.02 per 

capped contract, unless the Member 

also qualifies for free executions. Today, 

fees charged by the Exchange for 

Responses to Crossing Orders, surcharge 

fees charged by the Exchange for 

licensed products, and fees for index 

options as set forth in Options 7, 

Section 5 are not included in the 

calculation of the monthly Crossing Fee 

Cap. At this time, the Exchange 

proposes to similarly exclude fees 

charged for Responses to Crossing 

Orders, surcharge fees for licensed 

products, and fees for index options as 

set forth in Options 7, Section 5 from 

the calculation of the monthly Crossing 

Fee Cap. 

Today, Options 7, Section 5, Index 

Options Fees and Rebates, reflects the 

pricing for various proprietary products 

including NDXP, NDX and NQX. At this 

time, the Exchange proposes to establish 

a similar pricing structure for XND that 

was adopted for XND on Phlx,8 where 

all Non-Priority Customers 9 will be 

assessed a uniform fee of $0.10 per 

contract, and Priority Customers 10 will 

not be assessed a fee. The Exchange also 

proposes to assess Non-Priority 

Customers a surcharge of $0.10 per 

contract in XND in Options 7, Section 

5D, similar to Phlx Options 7, Section 

5A.11 The Exchange is proposing to 

assess lower Non-Priority Customer fees 

and a lower surcharge for XND as 

compared to NDX and NDXP because 

XND is based on 1/100 of the value of 

the Nasdaq 100 Index whereas both 

NDX and NDXP are based on the full 

value of the Nasdaq 100 Index. The 

Exchange’s proposal seeks to assess 

identical fees for XND as are currently 

assessed on Phlx for XND options.12

Today, NDX, NDXP, NQX and the 

Mini-Nasdaq-100 Index (‘‘MNX’’) are 

excluded from the Marketing Fee in 

Options 7, Section 6E. The Exchange 

proposes to update Options 7, Section 

6E to similarly exclude XND from the 

Marketing Fee. The Exchange notes that 

the Marketing Fee is currently set to 

$0.00 per contract. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,13 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,14 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes it is reasonable 

to assess the proposed Non-Priority 

Customer $0.10 per contract fee and the 

$0.10 per contract surcharge as 

discussed above for XND because the 

proposed pricing reflects the exclusive 

and proprietary nature of this product. 

Similar to NDX, NDXP, and NQX, the 

Exchange seeks to recoup the 

operational costs for listing proprietary 

products.15 Also, pricing by symbol is a 

common practice on many U.S. options 

exchanges as a means to incentivize 

order flow to be sent to an exchange for 

execution in particular products. Other 

options exchanges price by symbol.16

Further, the Exchange notes that with its 

products, market participants are 

offered an opportunity to transact in 

NDX, NDXP, NQX, or XND, or 

separately execute options overlying 

PowerShares QQQ Trust (‘‘QQQ’’).17

Offering such proprietary products 

provides market participants with a 

variety of choices in selecting the 

product they desire to utilize in order to 

transact in the Nasdaq 100 Index. When 

exchanges are able to recoup costs 

associated with offering proprietary 

products, it incentivizes growth and 

competition for the innovation of 

additional products. 

Further, the Exchange believes that 

the proposed rates for XND are 

reasonable because they mirror the fees 

assessed by Phlx for XND 18 and the fees 

are well within the range of fees 

assessed for the Exchange’s other 

proprietary products, namely NDX and 

NDXP.19 The Exchange believes it is 

reasonable to charge lower rates for 

XND compared to NDX and NDXP 

because XND is based on 1/100 of the 


lotter on DSK11XQN23PROD with NOTICES1
81124 Federal Register / Vol. 88, No. 223 / Tuesday, November 21, 2023 / Notices 

20See Phlx Options 7, Section 5A. 

21 15 U.S.C. 78s(b)(3)(A)(ii). 

22 17 CFR 240.19b–4(f)(2). 

value of the Nasdaq 100 Index while 

both NDX and NDXP are based on the 

full value of the Nasdaq 100 Index. The 

Exchange’s proposal seeks to assess 

identical fees for XND as are currently 

assessed on Phlx for XND options.20

The Exchange’s proposal to assess the 

proposed Non-Priority Customer $0.10 

per contract fee and the $0.10 per 

contract surcharge is equitable and not 

unfairly discriminatory because the 

Exchange will assess these fees 

uniformly to all Non-Priority Customers. 

The Exchange similarly believes that the 

proposed $0.10 per contract XND 

surcharge is equitable and not unfairly 

discriminatory because it will apply 

uniformly to all Non-Priority Customers. 

The Exchange believes it is equitable 

and not unfairly discriminatory to 

assess no XND fees to Priority 

Customers because Priority Customer 

orders bring valuable liquidity to the 

market, which liquidity benefits other 

market participants. Priority Customer 

liquidity benefits all market participants 

by providing more trading 

opportunities, which attracts Primary 

Market Makers and Market Makers. An 

increase in the activity of these market 

participants in turn facilitates tighter 

spreads, which may cause an additional 

corresponding increase in order flow 

from other market participants. 

Fee Programs 

The proposed amendments to note 7 

in Options 7, Section 3 and notes 4 and 

5 in Options 7, Section 4, in connection 

with the application of the adopted 

pricing in Options 7, Section 5, are 

reasonable as the Exchange will apply 

the proposed Options 7, Section 5 

pricing for options transacted in XND as 

opposed to the pricing in Options 7, 

Sections 3 and 4. The Exchange believes 

that the proposed amendments to note 

7 in Options 7, Section 3 and notes 4 

and 5 in Options 7, Section 4, in 

connection with the application of the 

adopted pricing in Options 7, Section 5, 

are equitable and not unfairly 

discriminatory because the Exchange 

will uniformly apply the pricing in 

Options 7, Section 5 for options 

transacted in XND. 

The Exchange believes that its 

proposal to eliminate the Priority 

Customer complex order rebates for 

XND is reasonable because even after 

the elimination of the rebate, Priority 

Customer complex orders in XND will 

not be assessed any complex order 

transaction fees. As noted above, the 

Priority Customer complex order rebates 

are likewise currently eliminated for 

NDX, NDXP and NQX. The Exchange’s 

proposal to eliminate the Priority 

Customer complex order rebates for 

XND is equitable and not unfairly 

discriminatory because all transactions 

in XND will uniformly not be eligible 

for the rebates. 

The Exchange believes that its 

proposal to exclude fees charged for 

Responses to Crossing Orders, surcharge 

fees for licensed products, and fees for 

index options as set forth in Options 7, 

Section 5 from the calculation of the 

monthly Crossing Fee Cap is reasonable 

because XND will be an exclusively 

listed product. Similar to NDX, NDXP 

and NQX, which are also excluded from 

the Crossing Fee Cap, the Exchange 

seeks to recoup the operational costs for 

listing proprietary products. The 

Exchange further believes that its 

proposal to exclude fees charged for 

Responses to Crossing Orders, surcharge 

fees for licensed products, and fees for 

index options as set forth in Options 7, 

Section 5 from the calculation of the 

monthly Crossing Fee Cap is equitable 

and not unfairly discriminatory because 

all fees charged for Responses to 

Crossing Orders, surcharge fees for 

licensed products, and fees for index 

options will uniformly be excluded 

from the Crossing Fee Cap. 

The Exchange believes it is reasonable 

to not apply the Marketing Fee to XND 

as other proprietary products, namely 

NDX, NQX, and MNX, are currently 

excluded from the Marketing Fee and 

are all based on the Nasdaq 100 Index. 

Also, the Exchange believes it is 

reasonable to exclude XND from the 

Marketing Fee because the purpose of 

the Marketing Fee is to generate more 

Priority Customer order flow to the 

Exchange. Because XND will be an 

exclusively listed product on Phlx, the 

Exchange does not believe that applying 

a Marketing Fee is necessary for this 

product. Also, of note the Marketing Fee 

is currently set to $0.00 per contract. 

The Exchange believes it is equitable 

and not unfairly discriminatory to not 

apply the Marketing Fee to XND 

because all transactions in XND will 

uniformly not be subject to the 

Marketing Fee. 

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. In terms of 

inter-market competition, 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. The 

Exchange notes that with its products, 

market participants are offered an 

opportunity to transact in NDX, NDXP, 

NQX, or XND, or separately execute 

options overlying QQQ. Offering these 

products provides market participants 

with a variety of choices in selecting the 

product they desire to utilize to transact 

in the Nasdaq 100 Index. 

Further, the Exchange does not 

believe that the proposed rule change 

will impose any burden on intra-market 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because the 

proposed XND pricing will apply 

uniformly to all similarly situated 

market participants. Specifically, all 

Non-Priority Customers will be assessed 

a uniform fee of $0.10 per contract and 

an options surcharge of $0.10 per 

contract while Priority Customers 

receive free executions. As discussed 

above, Priority Customer liquidity 

benefits all market participants by 

providing more trading opportunities, 

which attracts other market participants, 

thus facilitating tighter spreads and 

increased order flow. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received from 

Members, Participants, or Others 

No written comments were either 

solicited or 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 21 and Rule 

19b–4(f)(2) 22 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: (i) 

necessary or appropriate in the public 

interest; (ii) for the protection of 

investors; or (iii) 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. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 223 / Tuesday, November 21, 2023 / Notices 81125 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘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 and Exchange Rule 100. 

4The term ‘‘Member’’ means an individual or 

organization that is registered with the Exchange 

pursuant to Chapter II of Exchange Rules for 

purposes of trading on the Exchange as an 

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

Members are deemed ‘‘members’’ under the 

Exchange Act. See the Definitions section of the Fee 

Schedule and Exchange Rule 100. 

5The term ‘‘Excluded Contracts’’ means any 

contracts routed to an away market for execution. 

See the Definitions section of the Fee Schedule. 

6The term ‘‘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 

Continued 

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– 

ISE–2023–27 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–ISE–2023–27. 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–ISE–2023–27 and should be 

submitted on or before December 12, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25665 Filed 11–20–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98956; File No. SR– 

PEARL–2023–63] 

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 

November 15, 2023. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on 

November 8, 2023, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or ‘‘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 is filing a proposal to 

amend the MIAX Pearl Options 

Exchange Fee Schedule (the ‘‘Fee 

Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

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 purpose of the proposed rule 

change is to amend Section 1)a) of the 

Fee Schedule, Exchange Rebates/Fees— 

Add/Remove Tiered Rebates/Fees, for 

the MIAX Pearl Market Maker 3 origin 

to: (1) amend and clarify the cross-asset 

volume based requirement contained in 

Tier 2 and related footnote ‘‘#’’ 

following the Marker Maker origin table; 

and (2) adopt an alternative volume 

criteria for the Tier 2 rebates and fees for 

Market Makers with an additional 

explanatory note. The Exchange 

originally filed this proposal on October 

31, 2023 (SR–PEARL–2023–61). On 

November 8, 2023, the Exchange 

withdrew SR–PEARL–2023–61 and 

refiled this proposal. 

Background 

The Exchange currently assesses 

transaction rebates and fees to all 

market participants which are based 

upon the total monthly volume 

executed by the Member 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 


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