88148 Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 

29 15 U.S.C. 78s(b)(3)(A). 

30 17 CFR 240.19b–4(f)(6). 

31 In addition, Rule 19b–4(f)(6) requires a selfregulatory 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. 

32 17 CFR 240.19b–4(f)(6)(iii). 

33See supra note 5. 

34For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

35 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

Exchange’s proposal will result in 

additional opportunities for investors to 

achieve their investment and trading 

objectives, to the benefit of investors, 

market participants, and the 

marketplace in general. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A) of the 

Act 29 and Rule 19b–4(f)(6) 30

thereunder, the Exchange has 

designated this proposal as one that 

effects a change that: (i) does not 

significantly affect the protection of 

investors or the public interest; (ii) does 

not impose any significant burden on 

competition; and (iii) by its terms, does 

not become operative for 30 days after 

the date of the filing, or such shorter 

time as the Commission may designate 

if consistent with the protection of 

investors and the public interest.31

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 32 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requested that 

the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes it has 

approved a proposed rule change 

substantially identical to the one 

proposed by the Exchange.33 The 

proposed change raises no novel legal or 

regulatory issues. Therefore, the 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.34

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– 

CboeEDGX–2023–076 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–CboeEDGX–2023–076. 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–CboeEDGX–2023–076 and should be 

submitted on or before January 10, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27916 Filed 12–19–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99180; File No. SR– 

PEARL–2023–70] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Exchange 

Rule 404, Series of Option Contracts 

Open for Trading 

December 14, 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 December 

13, 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 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 is filing a proposal to 

amend Exchange Rule 404, Series of 

Option Contracts Open for Trading. 

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. 


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Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 88149 

3The Exchange notes that its affiliate exchange, 

MIAX Options, has submitted a substantively 

identical proposal. 

4See Securities Exchange Act Release No. 98905 

(November 13, 2023) (SR–ISE–2023–11) (Order 

Approving a Proposed Rule Change to Amend the 

Short Term Option Series Program to Permit the 

Listing of Two Wednesday Expirations for Options 

on Certain Exchange Traded Products) (‘‘Nasdaq 

ISE Approval’’). 

5See Securities Exchange Act Release No. 99035 

(November 29, 2023), 88 FR 84367 (December 5, 

2023) (SR–Cboe–2023–062). 

6Consistent with the current operation of the 

rule, the Exchange notes that if it adds a Wednesday 

expiration on a Tuesday, it could technically list 

three outstanding Wednesday expirations at one 

time. The Exchange will therefore clarify the rule 

text in Policy .02 of Rule 404 to specify that it can 

list two Short Term Option Expiration Dates beyond 

the current week for each Monday, Tuesday, 

Wednesday, and Thursday expiration. 

7While the relevant rule text in Policy .02 of Rule 

404 also indicates that the Exchange will not list 

such expirations on a Wednesday that is a business 

day in which monthly options series expire, 

practically speaking this would not occur. 

8See Policy .02(e) of Rule 404. 

9 Id. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Rule 404, Series of Option Contracts 

Open for Trading.3 Specifically, the 

Exchange proposes to amend 

Interpretations and Policies .02 to 

expand the Short Term Option Series 

Program to permit the listing of two 

Wednesday expirations for options on 

United States Oil Fund, LP (‘‘USO’’), 

United States Natural Gas Fund, LP 

(‘‘UNG’’), SPDR Gold Shares (‘‘GLD’’), 

iShares Silver Trust (‘‘SLV’’), and 

iShares 20+ Year Treasury Bond ETF 

(‘‘TLT’’) (collectively ‘‘Exchange Traded 

Products’’ or ‘‘ETPs’’). This is a 

competitive filing based on proposals 

submitted by Nasdaq ISE, LLC (‘‘Nasdaq 

ISE’’),4 and the Cboe Options Exchange 

(‘‘Cboe Exchange’’).5

Currently, as set forth in Policy .02 of 

Rule 404, after an option class has been 

approved for listing and trading on the 

Exchange, the Exchange may open for 

trading on any Thursday or Friday that 

is a business day (‘‘Short Term Option 

Opening Date’’) series of options on that 

class that expire at the close of business 

on each of the next five Fridays that are 

business days and are not Fridays in 

which monthly options series or 

Quarterly Options Series expire 

(‘‘Friday Short Term Option Expiration 

Dates’’). The Exchange may have no 

more than a total of five Short Term 

Option Friday Expiration Dates (‘‘Short 

Term Option Weekly Expirations’’). If 

the Exchange is not open for business 

on the respective Thursday or Friday, 

the Short Term Option Opening Date for 

Short Term Option Weekly Expirations 

will be the first business day 

immediately prior to that respective 

Thursday or Friday. Similarly, if the 

Exchange is not open for business on a 

Friday, the Short Term Option 

Expiration Date for Short Term Option 

Weekly Expirations will be the first 

business day immediately prior to that 

Friday. 

Additionally, the Exchange may open 

for trading series of options on the 

symbols provided in Table 1 of Policy 

.02 of Rule 404 that expire at the close 

of business on each of the next two 

Mondays, Tuesdays, Wednesdays, and 

Thursdays, respectively, that are 

business days and are not business days 

in which monthly options series or 

Quarterly Options Series expire (‘‘Short 

Term Option Daily Expirations’’). For 

those symbols listed in Table 1, the 

Exchange may have no more than a total 

of two Short Term Option Daily 

Expirations for each of Monday, 

Tuesday, Wednesday, and Thursday 

expirations at one time. 

At this time, the Exchange proposes to 

expand the Short Term Option Daily 

Expirations to permit the listing and 

trading of options on USO, UNG, GLD, 

SLV, and TLT expiring on Wednesdays. 

The Exchange proposes to permit two 

Short Term Option Expiration Dates 

beyond the current week for each 

Wednesday expiration at one time.6 In 

order to effectuate the proposed 

changes, the Exchange would add USO, 

UNG, GLD, SLV, and TLT to Table 1 of 

Policy .02 of Rule 404, which specifies 

each symbol that qualifies as a Short 

Term Option Daily Expiration. 

The proposed Wednesday USO, UNG, 

GLD, SLV, and TLT expirations will be 

similar to the current Wednesday SPY, 

QQQ, and IWM Short Term Option 

Daily Expirations set forth in Policy .02 

of Rule 404, such that the Exchange may 

open for trading on any Tuesday or 

Wednesday that is a business day 

(beyond the current week) series of 

options on USO, UNG, GLD, SLV, and 

TLT to expire on any Wednesday of the 

month that is a business day and is not 

a Wednesday in which Quarterly 

Options Series expire (‘‘Wednesday 

USO Expirations,’’ ‘‘Wednesday UNG 

Expirations,’’ ‘‘Wednesday GLD 

Expirations,’’ ‘‘Wednesday SLV 

Expirations,’’ and ‘‘Wednesday TLT 

Expirations’’) (collectively, ‘‘Wednesday 

ETP Expirations’’).7 In the event Short 

Term Option Daily Expirations expire 

on a Wednesday and that Wednesday is 

the same day that a Quarterly Options 

Series expires, the Exchange would skip 

that week’s listing and instead list the 

following week; the two weeks would 

therefore not be consecutive. Today, 

Wednesday expirations in SPY, QQQ, 

and IWM similarly skip the weekly 

listing in the event the weekly listing 

expires on the same day in the same 

class as a Quarterly Option Series. 

USO, UNG, GLD, SLV, and TLT 

Friday expirations would continue to 

have a total of five Short Term Option 

Expiration Dates provided those Friday 

expirations are not Fridays in which 

monthly options series or Quarterly 

Options Series expire (‘‘Friday Short 

Term Option Expiration Dates’’). 

Similar to Wednesday SPY, QQQ, and 

IWM Short Term Option Daily 

Expirations within Policy .02 of Rule 

404, the Exchange proposes that it may 

open for trading on any Tuesday or 

Wednesday that is a business day series 

of options on USO, UNG, GLD, SLV, 

and TLT that expire at the close of 

business on each of the next two 

Wednesdays that are business days and 

are not business days in which 

Quarterly Options Series expire. 

The interval between strike prices for 

the proposed Wednesday ETP 

Expirations will be the same as those for 

the current Short Term Option Series for 

Friday expirations applicable to the 

Short Term Option Series Program.8

Specifically, the Wednesday ETP 

Expirations will have a strike interval of 

$0.50 or greater for strike prices below 

$100, $1 or greater for strike prices 

between $100 and $150, and $2.50 or 

greater for strike prices above $150.9 As 

is the case with other equity options 

listed pursuant to the Short Term 

Option Series Program, the Wednesday 

ETP Expirations series will be P.M.- 

settled. 

Pursuant to Policy .02 of Rule 404, 

with respect to the Short Term Option 

Series Program, a Wednesday expiration 

series shall expire on the first business 

day immediately prior to that 


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10See Policy .02(c) of Rule 404. 

11 Id. 

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

13 15 U.S.C. 78f(b)(5). 14See Policy .02 of Rule 404. 

Wednesday, e.g., Tuesday of that week 

if the Wednesday is not a business day. 

Currently, for each option class 

eligible for participation in the Short 

Term Option Series Program, the 

Exchange is limited to opening thirty 

(30) series for each expiration date for 

the specific class.10 The thirty (30) 

series restriction does not include series 

that are open by other securities 

exchanges under their respective weekly 

rules; the Exchange may list these 

additional series that are listed by other 

options exchanges.11 With the proposed 

changes, this thirty (30) series 

restriction would apply to Wednesday 

USO, UNG, GLD, SLV, and TLT Short 

Term Option Daily Expirations as well. 

In addition, the Exchange will be able 

to list series that are listed by other 

exchanges, assuming that they file 

similar rules with the Commission to 

list Wednesday ETP Expirations. 

With this proposal, Wednesday ETP 

Expirations would be treated similarly 

to existing Wednesday SPY, QQQ, and 

IWM Expirations. With respect to 

monthly option series, Short Term 

Option Daily Expirations will be 

permitted to expire in the same week in 

which monthly option series on the 

same class expire. Not listing Short 

Term Option Daily Expirations for one 

week every month because there was a 

monthly on that same class on the 

Friday of that week would create 

investor confusion. 

Further, as with Wednesday SPY, 

QQQ, and IWM Expirations, the 

Exchange would not permit Wednesday 

ETP Expirations to expire on a business 

day in which monthly options series or 

Quarterly Options Series expire. 

Therefore, all Short Term Option Daily 

Expirations would expire at the close of 

business on each of the next two 

Wednesdays that are business days and 

are not business days in which monthly 

options series or Quarterly Options 

Series expire. The Exchange believes 

that it is reasonable to not permit two 

expirations on the same day in which a 

monthly options series or a Quarterly 

Options Series would expire because 

those options would be duplicative of 

each other. 

The Exchange does not believe that 

any market disruptions will be 

encountered with the introduction of 

Wednesday ETP Expirations. The 

Exchange has the necessary capacity 

and surveillance programs in place to 

support and properly monitor trading in 

the proposed Wednesday ETP 

Expirations. The Exchange currently 

trades P.M.-settled Short Term Option 

Series that expire on Wednesday for 

SPY, QQQ, and IWM and has not 

experienced any market disruptions nor 

issues with capacity. Today, the 

Exchange has surveillance programs in 

place to support and properly monitor 

trading in Short Term Option Series that 

expire Wednesday for SPY, QQQ, and 

IWM. 

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

the Act and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.12 Specifically, 

the Exchange believes that its proposed 

rule change is consistent with Section 

6(b)(5) 13 requirements 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 

mechanism of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

Similar to Wednesday expirations in 

SPY, QQQ, and IWM, the proposal to 

permit Wednesday ETP Expirations, 

subject to the proposed limitation of two 

expirations beyond the current week, 

would protect investors and the public 

interest by providing the investing 

public and other market participants 

more choice and flexibility to closely 

tailor their investment and hedging 

decisions in these options and allow for 

a reduced premium cost of buying 

portfolio protection, thus allowing them 

to better manage their risk exposure. 

The Exchange represents that it has an 

adequate surveillance program in place 

to detect manipulative trading in the 

proposed option expirations, in the 

same way that it monitors trading in the 

current Short Term Option Series for 

Wednesday SPY, QQQ and IWM 

expirations. The Exchange also 

represents that it has the necessary 

system capacity to support the new 

expirations. Finally, the Exchange does 

not believe that any market disruptions 

will be encountered with the 

introduction of these option expirations. 

As discussed above, the Exchange 

believes that its proposal is a modest 

expansion of weekly expiration dates for 

GLD, SLV, USO, UNG, and TLT given 

that it will be limited to two Wednesday 

expirations beyond the current week. 

Lastly, the Exchange believes its 

proposal will not be a strain on liquidity 

providers because of the multi-class 

nature of GLD, SLV, USO, UNG, and 

TLT and the available hedges in highly 

correlated instruments, as described 

above. 

The Exchange believes that the 

proposal is consistent with the Act as 

the proposal would overall add a small 

number of Wednesday ETP Expirations 

by limiting the addition of two 

Wednesday expirations beyond the 

current week. The addition of 

Wednesday ETP Expirations would 

remove impediments to and perfect the 

mechanism of a free and open market by 

encouraging Market Makers to continue 

to deploy capital more efficiently and 

improve market quality. The Exchange 

believes that the proposal will allow 

market participants to expand hedging 

tools and tailor their investment and 

hedging needs more effectively in USO, 

UNG, GLD, SLV, and TLT as these funds 

are most likely to be utilized by market 

participants to hedge the underlying 

asset classes. 

Similar to Wednesday SPY, QQQ, and 

IWM expirations, the introduction of 

Wednesday ETP Expirations is 

consistent with the Act as it will, among 

other things, expand hedging tools 

available to market participants and 

allow for a reduced premium cost of 

buying portfolio protection. The 

Exchange believes that Wednesday ETP 

Expirations will allow market 

participants to purchase options on 

USO, UNG, GLD, SLV, and TLT based 

on their timing as needed and allow 

them to tailor their investment and 

hedging needs more effectively, thus 

allowing them to better manage their 

risk exposure. Today, the Exchange lists 

Wednesday SPY, QQQ, and IWM 

Expirations.14

The Exchange believes the Short Term 

Option Series Program has been 

successful to date and that Wednesday 

ETP Expirations should simply expand 

the ability of investors to hedge risk 

against market movements stemming 

from economic releases or market events 

that occur throughout the month in the 

same way that the Short Term Option 

Series Program has expanded the 

landscape of hedging. There are no 

material differences in the treatment of 

Wednesday SPY, QQQ, and IWM 

expirations compared to the proposed 

Wednesday ETP Expirations. Given the 

similarities between Wednesday SPY, 

QQQ, and IWM expirations and the 

proposed Wednesday ETP Expirations, 

the Exchange believes that applying the 


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Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 88151 

15See supra note 4. 

16See supra note 5. 

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

18 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, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21See supra note 4. 

22For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

provisions in Policy .02 of Rule 404 that 

currently apply to Wednesday SPY, 

QQQ, and IWM expirations is justified. 

For example, the Exchange believes that 

allowing Wednesday ETP Expirations 

and monthly ETP expirations in the 

same week will benefit investors and 

minimize investor confusion by 

providing Wednesday ETP Expirations 

in a continuous and uniform manner. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. In this regard 

and as indicated above, the Exchange 

notes that the rule change is being 

proposed as a competitive response to 

filings submitted by Nasdaq ISE 15 and 

the Cboe Exchange.16

While the proposal will expand the 

Short Term Options Expirations to 

allow Wednesday ETP Expirations to be 

listed on the Exchange, the Exchange 

believes that this limited expansion for 

Wednesday expirations for options on 

USO, UNG, GLD, SLV, and TLT will not 

impose an undue burden on 

competition; rather, it will meet 

customer demand. The Exchange 

believes that market participants will 

continue to be able to expand hedging 

tools and tailor their investment and 

hedging needs more effectively in USO, 

UNG, GLD, SLV, and TLT given multiclass nature of these products and the 

available hedges in highly correlated 

instruments, as described above. Similar 

to Wednesday SPY, QQQ, and IWM 

expirations, the introduction of 

Wednesday ETP Expirations does not 

impose an undue burden on 

competition. The Exchange believes that 

it will, among other things, expand 

hedging tools available to market 

participants and allow for a reduced 

premium cost of buying portfolio 

protection. The Exchange believes that 

Wednesday ETP Expirations will allow 

market participants to purchase options 

on USO, UNG, GLD, SLV, and TLT 

based on their timing as needed and 

allow them to tailor their investment 

and hedging needs more effectively. 

The Exchange does not believe the 

proposal will impose any burden on 

inter-market competition, as nothing 

prevents the other options exchanges 

from proposing similar rules to list and 

trade Wednesday ETP Expirations. 

Further, the Exchange does not believe 

the proposal will impose any burden on 

intra-market competition, as all market 

participants will be treated in the same 

manner under this proposal. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 17 and Rule 19b–4(f)(6) 18

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 19 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),20 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. According to the Exchange, the 

proposed rule change is a competitive 

response to a filing submitted by Nasdaq 

ISE that was recently approved by the 

Commission.21 The Exchange has stated 

that waiver of the 30-day operative 

delay would ensure fair competition 

among the exchanges by allowing the 

Exchange to permit the listing of two 

Wednesday expirations for options on 

the ETPs. The Commission believes that 

waiver of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposed rule change does 

not raise any new or novel issues. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change as 

operative upon filing.22

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–2023–70 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–2023–70. 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 


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88152 Federal Register / Vol. 88, No. 243 / Wednesday, December 20, 2023 / Notices 

23 17 CFR 200.30–3(a)(12), (59). 1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Through its FIDS business (previously ICE Data 

Services), Intercontinental Exchange, Inc. (‘‘ICE’’) 

operates the MDC. The Exchange is an indirect 

subsidiary of ICE and is an affiliate of the New York 

Stock Exchange LLC, NYSE American LLC, NYSE 

Arca, Inc., and NYSE Chicago, Inc. (together, the 

‘‘Affiliate SROs’’). Each Affiliate SRO has submitted 

substantially the same proposed rule change. See 

SR–NYSE–2023–48, SR–NYSEAMER–2023–65, SR– 

NYSEARCA–2023–83, and SR–NYSECHX–2023– 

24. 

5 In addition to wired fiber optic connections, 

Users may use FIDS or third-party wireless 

connections to the MDC. In such a case, the portion 

of the connection closest to the MDC is wired. 

Other than Telecoms, Users are the only FIDS 

customers with equipment physically located in the 

MDC. 

6 In this filing, telecommunication service 

providers that choose to provide circuits at the 

MDC are referred to as ‘‘Telecoms.’’ Telecoms are 

licensed by the Federal Communications 

Commission (‘‘FCC’’) and are not required to be, or 

be affiliated with, a member of the Exchange or an 

Affiliate SRO. 

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–2023–70 and should be 

submitted on or before January 10, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27921 Filed 12–19–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99168; File No. SR– 

NYSENAT–2023–29] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Connectivity Fee Schedule 

December 14, 2023. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on December 

1, 2023, NYSE National, Inc. (‘‘NYSE 

National’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘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 

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 

Connectivity Fee Schedule (the ‘‘Fee 

Schedule’’) to add circuits provided by 

Fixed Income and Data Services 

(‘‘FIDS’’) for connectivity into and out of 

the data center in Mahwah, New Jersey 

(the ‘‘MDC’’). 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 

Connectivity Fee Schedule (the ‘‘Fee 

Schedule’’) to add circuits provided by 

Fixed Income and Data Services 

(‘‘FIDS’’) 4 for connectivity into and out 

of the data center in Mahwah, New 

Jersey (the ‘‘MDC’’). 

As background, market participants 

that request to receive colocation 

services directly from the Exchange 

(‘‘Users’’) require wired circuits 5 to 

connect into and out of the MDC. A 

User’s equipment in the MDC’s 

colocation hall connects to a circuit 

leading out of the MDC, which connects 

to the User’s equipment in their back 

office or another data center. 

Before 2013, all such circuits were 

provided by ICE’s predecessor, NYSE 

Euronext. In response to customer 

demand for more connectivity options, 

in 2013, the MDC opened two ‘‘meetme-rooms’’ to telecommunications 

service providers (‘‘Telecoms’’),6 to 

enable Telecoms to offer circuits into 

the MDC in competition with NYSE 

Euronext. Currently, 16 Telecoms 

operate in the meet-me-rooms and 

provide circuit options to Users 

requiring connectivity into and out of 

the MDC. As of June 1, 2023, more than 

95% of the circuits for which Users 

contracted were supplied by Telecoms, 

and all but two of the Users that used 

FIDS circuits as of that date also 

connected to Telecom circuits in the 

MMRs. 

The Exchange proposes to add several 

circuits provided by FIDS to the Fee 

Schedule. Specifically, the Exchange 

proposes to amend the Fee Schedule to 

add two different types of FIDS circuits, 

each available in three different sizes. 

Because FIDS is not a 

telecommunications provider, FIDS 

would purchase circuits from 

telecommunications providers, with 

portions allocated and sold to Users. 

First, the Exchange proposes to 

amend the Fee Schedule to add ‘‘Optic 

Access’’ circuits supplied by FIDS. 

Users can use an Optic Access circuit to 

connect between the MDC and the FIDS 

access centers at the following five 

third-party owned data centers: (1) 111 

Eighth Avenue, New York, NY; (2) 32 

Avenue of the Americas, New York, NY; 

(3) 165 Halsey, Newark, NJ; (4) 

Secaucus, NJ (the ‘‘Secaucus Access 

Center’’); and (5) Carteret, NJ (the 

‘‘Carteret Access Center’’). Optic Access 

circuits are available in 1 Gb, 10 Gb, and 

40 Gb sizes. 

Second, the Exchange proposes to 

amend the Fee Schedule to add lowerlatency ‘‘Optic Low Latency’’ circuits 

supplied by FIDS that Users can use to 

connect between the MDC and FIDS’s 

Secaucus Access Center or Carteret 

Access Center. Optic Low Latency 

circuits are available in 1 Gb, 10 Gb, and 

40 Gb sizes. 

The Exchange proposes to add the 

following chart to the Fee Schedule, 

under the new heading ‘‘E. FIDS 

Circuits’’: 


ddrumheller on DSK120RN23PROD with NOTICES1