79322 Federal Register / Vol. 89, No. 188 / Friday, September 27, 2024 / Notices 

20See Fee Guide, supra note 5 at 18. 

21 Id. 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

using the service may see a reduced 

netting benefit, since Affirmed 

Transactions will no longer be 

processed through NSCC’s CNS, DTC 

does not believe such reduction would 

rise to the level of a burden given the 

limited usage of the service. Meanwhile, 

banks using ID Net would continue to 

process affected Affirmed Transactions 

trade-for-trade, albeit directly with their 

counterparties rather than the ID Net 

omnibus accounts, described above. 

Furthermore, DTC does not believe 

the removal of the ID Net Fee, which 

would become obsolete with the 

decommissioning ID Net, would impose 

a burden on competition. Upon the 

decommissioning of ID Net, Affirmed 

Transactions that were previously 

processed via ID Net will now be subject 

to the existing standard charge for 

Affirmed Transactions of 4 cents 20 per 

transaction instead of the ID Net Fee of 

2 cents.21 Notwithstanding the 

increased fee, DTC does believe the 

application of the standard fee applied 

to Affirmed Transactions will be 

significant or burdensome for 

Participants because of the limited 

amount of activity that was processed 

through ID Net. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. If any written comments are 

received by DTC, they will be publicly 

filed as an Exhibit 2 to this filing, as 

required by Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 

DTC reserves the right not to respond 

to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

DTC–2024–010 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–DTC–2024–010. 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 DTC 

and on DTCC’s website (www.dtcc.com/ 

legal/sec-rule-filings). 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–DTC–2024–010 and 

should be submitted on or before 

October 18, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22128 Filed 9–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101135; File No. SR– 

PEARL–2024–43] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Equities Fee Schedule 

September 23, 2024. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on September 10, 2024, MIAX PEARL, 

LLC (‘‘MIAX Pearl’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Pearl Equities 

Exchange Fee Schedule (the ‘‘Fee 

Schedule’’) to amend Section 2)e), 

Member and Non-Member Technical 

Support Request Fee. 

The text of the proposed rule change 

is available on the Exchange’s website at 

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


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Federal Register / Vol. 89, No. 188 / Friday, September 27, 2024 / Notices 79323 

3References to ‘‘MIAX Pearl’’ in this filing are to 

the equities trading facility of MIAX PEARL, LLC. 

See Exchange Rule 1901. 

4The term ‘‘Equity Member’’ is a Member 

authorized by the Exchange to transact business on 

MIAX Pearl Equities. See Exchange Rule 1901. 

5See Securities Exchange Act Release No. 90651 

(December 11, 2020), 85 FR 81971 (December 17, 

2020) (SR–PEARL–2020–33). See also Fee 

Schedule, Section 2)e). 

6See Nasdaq PHLX LLC Rules, General 8 

Connectivity, Section 1(d) Additional Charges/ 

Services (assessing $264 per hour for Power 

Consulting Service plus the cost of materials, if 

necessary); The Nasdaq Stock Market LLC Rules, 

General 8: Connectivity, Section 1(d) Additional 

Charges/Services (assessing $264 per hour for 

Power Consulting Service plus the cost of materials, 

if necessary); Nasdaq ISE, LLC Rules, General 8: 

Connectivity, Section 1(d) Additional Charges/ 

Services (assessing $264 per hour for Power 

Consulting Service plus the cost of materials, if 

necessary). 

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

8 15 U.S.C. 78f(b)(4). 

9 15 U.S.C. 78f(b)(5). 

10See supra note 6. 

us-equities/pearl-equities/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 3 proposes to amend 

Section 2)e), Member and Non-Member 

Technical Support Request Fee, to now 

include in the fee to be assessed to 

Equity Members 4 and non-Members the 

cost of materials necessary for the 

Exchange’s data center personnel to 

complete such technical support. 

Background 

The Exchange established the 

technical support request fee at the 

current hourly rate of $200 per hour in 

2020.5 The Exchange has an 

infrastructure comprised of low latency 

and ultra-low latency proximity 

solutions in several offsite data center 

locales offering universal access to all 

Exchange services via a single common 

connection across a variety of high 

speed network interfaces. The Exchange 

offers connectivity in and between its 

data center facilities and supports direct 

attachment of all network equipment or 

direct attached host systems of both 

Equity Member and non-Member users 

of the Exchange. 

Technical support refers to the use of 

Exchange engineers to perform on-site 

technical support tasks in the data 

centers for Equity Members and nonMembers, including the following 

support-related tasks: (1) power cycling 

of equipment; (2) patching and plugging 

in cabling and circuits; (3) observing, 

describing or reporting on display 

indicators; (4) configuration of hardware 

components instructed by the customer; 

(5) diagnosis and repairs as instructed 

by the customer; (6) swapping hardware 

components with Exchange-supplied or 

customer-supplied spares or upgrades; 

(7) troubleshooting heat related issues as 

instructed by customers; and (8) 

returning defective equipment to the 

manufacturer or customer. 

Proposal 

The Exchange proposes to amend 

Section 2)e), Member and Non-Member 

Technical Support Request Fee, to now 

include in the fee to be assessed to 

Equity Members and non-Members that 

request technical support the cost of 

materials necessary for the Exchange to 

complete such technical support in any 

of the Exchange’s data centers. Some 

examples of materials for such technical 

support may include, but are not limited 

to, fiber optic cables, fiber spool, optical 

connectors (a device used to connect 

fiber optic cables), and patch cables. 

The Exchange does not propose to 

assess any amount in excess of the cost 

of any materials that are necessary for 

the Exchange’s on-site engineers to 

complete the requested technical 

support. The Exchange simply proposes 

to pass through the costs of the 

materials, if necessary, to complete such 

technical support. At least one 

competing exchange group similarly 

passes through the cost of materials to 

their customers when performing 

similar types of services in their data 

centers.6

2. Statutory Basis 

The Exchange believes that the 

proposed fees are consistent with 

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

furthers the objectives of Section 6(b)(4) 

of the Act 8 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among Equity Members and other 

persons using any facility or system 

which the Exchange operates or 

controls. The Exchange also believes the 

proposed fees further the objectives of 

Section 6(b)(5) of the Act 9 in that they 

are designed to promote just and 

equitable principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general protect investors and the public 

interest and are not designed to permit 

unfair discrimination between 

customers, issuers, brokers and dealers. 

The Exchange believes it is reasonable 

to include in the cost of the technical 

support request fee the cost of any 

materials that are necessary for the 

Exchange’s on-site engineers to 

complete the requested technical 

support because the Exchange will only 

pass through the actual costs it is 

charged by external vendors of such 

materials. The Exchange will not pass 

through any amount in excess of the 

cost of any materials that are necessary 

for the Exchange’s on-site engineers to 

complete the requested technical 

support. 

The Exchange believes the proposal is 

equitable and not unfairly 

discriminatory because the Exchange 

will pass through the costs of materials 

for requested technical support in an 

equal manner to all Equity Members and 

non-Members that request technical 

support in the data centers that requires 

the Exchange to purchase materials to 

complete such request. The cost for 

materials provided by the Exchange’s 

external vendors supplying the 

materials will be passed through 

directly to the Equity Member or nonMember requesting technical support. 

Furthermore, Equity Members and 

non-Members are not required to use the 

technical support service. The Exchange 

offers this service as a convenience to 

all Equity Members and non-Members. 

The Exchange believes the proposal is 

reasonable because it will permit both 

Equity Members and non-Members to 

request the use of the Exchange’s on-site 

data center personnel as technical 

support and as a convenience in order 

to test or otherwise assess the user’s 

connectivity to the Exchange via its data 

centers, while paying for the cost of any 

materials the Exchange is required to 

purchase to complete such requests. 

Additionally, at least one competing 

options exchange group passes through 

the cost of materials to their customers 

when performing similar types of 

services in their data centers.10

Accordingly, the Exchange believes 

the proposal is reasonable, equitable 

and not unfairly discriminatory. 


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79324 Federal Register / Vol. 89, No. 188 / Friday, September 27, 2024 / Notices 

11See id. 

12 15 U.S.C. 78s(b)(3)(A)(ii). 

13 17 CFR 240.19b–4. 

14 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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes the proposal to 

pass through the cost of any materials 

that are necessary for the Exchange’s onsite engineers to complete the requested 

technical support will not result in any 

burden on intra-market competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because the Exchange will only passthrough the actual costs it is charged by 

third-party external vendors for such 

materials. At least one competing 

options exchange group similarly passes 

along charges assessed to those 

exchanges by third-party external 

vendors supplying materials on behalf 

of that exchange group’s customers.11

Additionally, the pass through of 

costs for materials will be assessed 

equally to all Equity Members and nonMembers who request technical support 

that requires the Exchange to purchase 

materials to complete the requested 

support. The Exchange notes that Equity 

Members and non-Members are not 

required to use the service. The 

Exchange offers this service as a 

convenience to all Equity Members and 

non-Members. The Exchange believes 

the proposal will not impose any 

burden on intra-market competition 

because it will permit both Equity 

Members and non-Members to request 

the use of the Exchange’s on-site data 

center personnel as technical support 

and as a convenience in order to test or 

otherwise assess the user’s connectivity 

to the Exchange via its data centers. 

Inter-Market Competition 

The Exchange believes that the 

proposed changes will not result in any 

burden on inter-market competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As discussed above, market participants 

are not forced to connect to and trade 

on all exchanges. The Exchange believes 

that the proposed pass-through of costs 

for materials for technical support will 

not cause any burden on inter-market 

competition because none of these 

changes impact other exchanges’ ability 

to compete. 

Accordingly, the Exchange does not 

believe its proposed fee changes impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

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 

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

the Act,12 and Rule 19b–4(f)(2) 

thereunder 13 the Exchange has 

designated this proposal as establishing 

or changing a due, fee, or other charge 

imposed on any person, whether or not 

the person is a member of the selfregulatory organization, which renders 

the proposed rule change effective upon 

filing. 

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–2024–43 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–2024–43. 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–2024–43 and should be 

submitted on or before October 18, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22129 Filed 9–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101131; File No. SR– 

NSCC–2024–008] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing of 

Proposed Rule Change To 

Decommission the ID Net Service 

September 23, 2024. 

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, 2024, National Securities 

Clearing Corporation (‘‘NSCC’’) 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 clearing 

agency. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

amendments to the NSCC Rules & 

Procedures (‘‘Rules’’) to decommission 

the ID Net service (‘‘ID Net Service’’ or 


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