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11See id. 

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

13 17 CFR 240.19b–4(f)(2). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Accordingly, the Exchange believes 

the proposal is reasonable, equitable 

and not unfairly discriminatory. 

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 Members and nonMembers who request technical support 

that requires the Exchange to purchase 

materials to complete the requested 

support. The Exchange notes that 

Members and non-Members are not 

required to use the service. The 

Exchange offers this service as a 

convenience to all Members and nonMembers. The Exchange believes the 

proposal will not impose any burden on 

intra-market competition because it will 

permit both Members and non-Members 

to request the use of the Exchange’s onsite 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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act 12 and Rule 

19b–4(f)(2) 13 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 change 

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–2024–42 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–2024–42. 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–2024–42 and should be 

submitted on or before October 21, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22261 Filed 9–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101152; File No. SR– 

PEARL–2024–45] 

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, To Amend the Short 

Term Option Series Program 

September 24, 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 16, 2024, 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 


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3The Exchange notes that its affiliate exchanges, 

MIAX Options and MIAX Sapphire, submitted 

substantively identical proposals. 

4Today, the Exchange permits the listing of two 

Wednesday expirations for options on GLD, SLV, 

and TLT. See Securities Exchange Act Release No. 

99180 (December 14, 2023), 88 FR 88148 (December 

20, 2023) (SR–PEARL–2023–70) (‘‘Wednesday 

Approval Order’’). 

5See Securities Exchange Act Release No. 100837 

(August 27, 2024), 89 FR 71770 (September 3, 2024) 

(SR–ISE–2024–21) (Notice of Filing of Amendment 

No. 1 and Order Granting Accelerated Approval of 

a Proposed Rule Change, as Modified by 

Amendment No. 1, To Adopt Rules To Permit the 

Listing of Two Monday Expirations for Options on 

SPDR Gold Shares, iShares Silver Trust, and 

iShares 20+ Year Treasury Bond ETF). 

6The term ‘‘Short Term Option Series’’ is a series 

in an option class that is approved for listing and 

trading on the Exchange in which the series is 

opened for trading on any Monday, Tuesday, 

Wednesday, Thursday or Friday that is a business 

day and that expires on the Monday, Tuesday, 

Wednesday, Thursday, or Friday of the next 

business week, or, in the case of a series that is 

listed on a Friday and expires on a Monday, is 

listed one business week and one business day 

prior to that expiration. If a Tuesday, Wednesday, 

Thursday or Friday is not a business day, the series 

may be opened (or shall expire) on the first business 

day immediately prior to that Tuesday, Wednesday, 

Thursday or Friday, respectively. For a series listed 

pursuant to this section for Monday expiration, if 

a Monday is not a business day, the series shall 

expire on the first business day immediately 

following that Monday. See Exchange Rule 100. 

7As set forth in Table 1 in Interpretations and 

Policies .02 of Exchange Rule 404, the Exchange 

currently only permits Wednesday expirations for 

USO, UNG, GLD, SLV, and TLT. 

8Today, GLD, SLV, and TLT may trade on 

Wednesdays. See supra note 4. They may also trade 

on Fridays, as is the case for all options series in 

the Short Term Option Series Program. 

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 Short Term Option Series 

Program in Interpretations and Policies 

.02 of 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-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 proposes to amend the 

Short Term Option Series Program in 

Interpretations and Policies .02 of 

Exchange Rule 404, Series of Option 

Contracts Open for Trading.3

Specifically, the Exchange proposes to 

expand the Short Term Option Series 

Program to permit the listing of two 

Monday expirations for options on 

SPDR Gold Shares (‘‘GLD’’), iShares 

Silver Trust (‘‘SLV’’), and iShares 20+ 

Year Treasury Bond ETF (‘‘TLT’’) 

(collectively ‘‘Exchange Traded 

Products’’ or ‘‘ETPs’’).4 This is a 

competitive filing based on a similar 

proposal submitted by Nasdaq ISE, LLC 

(‘‘ISE’’) and approved by the Securities 

and Exchange Commission 

(‘‘Commission’’).5

Currently, as set forth in 

Interpretations and Policies .02 of 

Exchange Rule 404, after an option class 

has been approved for listing and 

trading on the Exchange as a Short Term 

Option Series,6 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 standard expiration 

options series, 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’’). 

Further, 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 

Interpretations and Policies .02 of 

Exchange 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 beyond the current week 

and are not business days in which 

standard expiration options series, 

Monthly Options Series, or Quarterly 

Options Series expire (‘‘Short Term 

Option Daily Expirations’’).7 For those 

symbols listed in Table 1, the Exchange 

may have no more than a total of two 

Short Term Option Daily Expirations 

beyond the current week for each of 

Monday, Tuesday, Wednesday, and 

Thursday expirations, as applicable, at 

one time. 

Proposal 

At this time, the Exchange proposes to 

expand the Short Term Option Daily 

Expirations to permit the listing and 

trading of options on GLD, SLV, and 

TLT expiring on Mondays. The 

Exchange proposes to permit two Short 

Term Option Expiration Dates beyond 

the current week for each Monday 

expiration at one time, and would 

update Table 1 in Interpretations and 

Policies .02 of Exchange Rule 404 for 

each of those symbols accordingly. 

The proposed Monday GLD, SLV, and 

TLT expirations will be similar to the 

current Monday SPY, QQQ, and IWM 

Short Term Option Daily Expirations set 

forth in Interpretations and Policies .02 

of Exchange Rule 404, such that the 

Exchange may open for trading on any 

Friday or Monday that is a business day 

(beyond the current week) series of 

options on GLD, SLV, and TLT to expire 

on any Monday of the month that is a 

business day and is not a Monday in 

which standard expiration options 

series, Monthly Options Series, or 

Quarterly Options Series expire, 

provided that Monday expirations that 

are listed on a Friday must be listed at 

least one business week and one 

business day prior to the expiration 

(‘‘Monday GLD Expirations,’’ ‘‘Monday 

SLV Expirations,’’ and ‘‘Monday TLT 

Expirations’’) (collectively, ‘‘Monday 

ETP Expirations’’).8 In the event Short 

Term Option Daily Expirations expire 

on a Monday and that Monday is the 

same day that a standard expiration 

options series, Monthly Options Series, 

or 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, Monday 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 standard 


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79662 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices 

9See Interpretations and Policies .02(e) of 

Exchange Rule 404. 

10 Id. 

11See supra note 6. 

12See Interpretations and Policies .02(a) of 

Exchange Rule 404. 

13 Id. 

14See Interpretations and Policies .02(b) of 

Exchange Rule 404. 

15See Interpretations and Policies .02 of 

Exchange Rule 404. 

16See supra note 4. 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(5). 

19The term ‘‘Market Maker’’ or ‘‘MM’’ 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 the Exchange Rules. See Exchange Rule 100. The 

term ‘‘Member’’ means an individual or 

organization that is registered with the Exchange 

expiration options series, Monthly 

Options Series, or Quarterly Options 

Series. 

The interval between strike prices for 

the proposed Monday ETP Expirations 

will be the same as those currently 

applicable to the Short Term Option 

Series Program.9 Specifically, the 

Monday ETP Expirations will have a 

strike interval of (i) $0.50 or greater for 

strike prices below $100, and $1 or 

greater for strike prices between $100 

and $150 for all option classes that 

participate in the Short Term Option 

Series Program, (ii) $0.50 for option 

classes that trade in one dollar 

increments and are in the Short Term 

Option Series Program, or (iii) $2.50 or 

greater for strike prices above $150.10 As 

is the case with other equity options 

series listed pursuant to the Short Term 

Option Series Program, the Monday ETP 

Expirations series will be P.M.-settled. 

Pursuant to the Exchange’s definition 

of the Short Term Option Series 

Program, if a Monday is not a business 

day, the series shall expire on the first 

business day immediately following that 

Monday.11

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.12 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.13 With the proposed 

changes, this thirty (30) series 

restriction would apply to Monday 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 

they file similar rules with the 

Commission to list Monday ETP 

Expirations. 

With this proposal, Monday ETP 

Expirations would be treated similarly 

to existing Monday SPY, QQQ, and 

IWM Expirations. With respect to 

standard expiration option series, Short 

Term Option Daily Expirations will be 

permitted to expire in the same week in 

which standard expiration option series 

on the same class expire.14 Not listing 

Short Term Option Daily Expirations for 

one week every month because there 

was a standard options series on that 

same class on the Friday of that week 

would create investor confusion. 

Further, as with Monday SPY, QQQ, 

and IWM Expirations, the Exchange 

would not permit Monday ETP 

Expirations to expire on a business day 

in which standard expiration option 

series, Monthly Options Series, or 

Quarterly Options Series expire.15

Therefore, all Short Term Option Daily 

Expirations would 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 standard expiration option 

series, 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 standard 

expiration option series, Monthly 

Options Series, 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 

Monday ETP Expirations. The Exchange 

currently trades P.M.-settled Short Term 

Option Series that expire Monday for 

SPY, QQQ and IWM and has not 

experienced any market disruptions nor 

issues with capacity. In addition, the 

Exchange has not experienced any 

market disruptions or issues with 

capacity in expanding the three ETPs to 

the Wednesday expirations.16 Today, 

the Exchange has surveillance programs 

in place to support and properly 

monitor trading in Short Term Option 

Series that expire Monday for SPY, 

QQQ and IWM. Further, the Exchange 

has the necessary capacity and 

surveillance programs in place to 

support and properly monitor trading in 

the proposed Monday ETP Expirations. 

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.17 Specifically, 

the Exchange believes that its proposed 

rule change is consistent with Section 

6(b)(5) 18 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 Monday expirations in 

SPY, QQQ, and IWM, the proposal to 

permit Monday 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 

Monday 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, and TLT given that it will be 

limited to two Monday expirations 

beyond the current week. Lastly, the 

Exchange believes that its proposal will 

not be a strain on liquidity providers 

because of the multi-class nature of 

GLD, SLV, and TLT and the available 

hedges in highly correlated instruments. 

The Exchange believes that the 

proposal is consistent with the Act as 

the proposal would overall add a small 

number of Monday ETP Expirations by 

limiting the addition of two Monday 

expirations beyond the current week. 

The addition of Monday ETP 

Expirations would remove impediments 

to and perfect the mechanism of a free 

and open market by encouraging Market 

Makers 19 to continue to deploy capital 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices 79663 

pursuant to Chapter II of these Rules for purposes 

of trading on the Exchange as an ‘‘Electronic 

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

are deemed ‘‘members’’ under the Act. See 

Exchange Rule 100. 

20See Interpretations and Policies .02 of 

Exchange Rule 404. 21See supra note 5. 

22 15 U.S.C. 78s(b)(3)(A)(iii). 

23 17 CFR 240.19b–4(f)(6). 

24 15 U.S.C. 78s(b)(3)(A)(iii). 

25 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) 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. 

26 17 CFR 240.19b–4(f)(6). 

27 17 CFR 240.19b–4(f)(6)(iii). 

28See supra note 5. 

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 GLD, SLV, and TLT as 

these funds are most likely to be utilized 

by market participants to hedge the 

underlying asset classes. As stated in 

the Wednesday Approval Order, the 

ETPs currently trade within 

‘‘complexes’’ where, in addition to the 

underlying security, there are multiple 

instruments available for hedging. Given 

the multi-asset class nature of these 

products and available hedges in highlycorrelated instruments, the Exchange 

believes that its proposal to add Monday 

expirations on these products will 

provide market participants with 

additional useful hedging tools for the 

underlying asset classes. 

Similar to Monday SPY, QQQ, and 

IWM expirations, the introduction of 

Monday 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 Monday ETP Expirations 

will allow market participants to 

purchase options on 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 Monday SPY, QQQ, and 

IWM Expirations.20

The Exchange believes the Short Term 

Option Series Program has been 

successful to date and that Monday 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 Monday SPY, QQQ and 

IWM expirations compared to the 

proposed Monday ETP Expirations. 

Given the similarities between Monday 

SPY, QQQ and IWM expirations and the 

proposed Monday ETP Expirations, the 

Exchange believes that applying the 

provisions in Interpretations and 

Policies .02 of Exchange Rule 404 that 

currently apply to Monday SPY, QQQ 

and IWM expirations is justified. For 

example, the Exchange believes that 

allowing Monday ETP Expirations and 

monthly Exchange Traded Product 

expirations in the same week will 

benefit investors and minimize investor 

confusion by providing Monday 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 ISE.21

While the proposal will expand the 

Short Term Options Expirations to 

allow Monday ETP Expirations to be 

listed on the Exchange, the Exchange 

believes that this limited expansion for 

Monday expirations for options on 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 GLD, 

SLV, and TLT. 

Similar to Monday SPY, QQQ and 

IWM expirations, the introduction of 

Monday 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 

Monday ETP Expirations will allow 

market participants to purchase options 

on 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 that 

the proposal will impose any burden on 

intermarket competition, as nothing 

prevents the other options exchanges 

from proposing similar rules to list and 

trade Monday ETP Expirations. Further, 

the Exchange does not believe that 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 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 22 and Rule 

19b–4(f)(6) thereunder.23 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 from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 24 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.25

A proposed rule change filed under 

Rule 19b–4(f)(6) 26 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),27 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has requested 

that the Commission 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 ISE 

that recently was approved by the 

Commission.28 The Exchange has stated 

that waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because it will ensure fair competition 

among the exchanges by allowing the 

Exchange to permit the listing of 

Monday Short Term Daily Expirations 

for options on GLD, SLV, and TLT at the 

same time as ISE. The Commission 

believes that the proposed rule change 

presents no novel issues and that waiver 

of the 30-day operative delay is 


ddrumheller on DSK120RN23PROD with NOTICES1
79664 Federal Register / Vol. 89, No. 189 / Monday, September 30, 2024 / Notices 

29For 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). 

30 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 100661 

(Aug. 6, 2024), 89 FR 65690. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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 as 

operative upon filing.29

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–2024–45 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–2024–45. 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–2024–45 and should be 

submitted on or before October 21, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22266 Filed 9–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101154; File No. SR–ISE– 

2024–35] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change To List 

and Trade Options on the iShares 

Ethereum Trust 

September 24, 2024. 

On July 22, 2024, Nasdaq ISE, LLC 

(‘‘ISE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

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

proposed rule change to amend Options 

4, Section 3, Criteria for Underlying 

Securities, to allow ISE to list and trade 

options on the iShares Ethereum Trust. 

The proposed rule change was 

published for comment in the Federal 

Register on August 12, 2024.3 The 

Commission received no comment 

letters regarding the proposed rule 

change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is September 26, 

2024. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates November 10, 2024, as the 

date by which the Commission shall 

either approve or disapprove, or 

institute proceedings to determine 

whether to disapprove, the proposed 

rule change (File No. SR–ISE–2024–35). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22267 Filed 9–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101150; File No. SR–NYSE– 

2024–58] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Amend NYSE Rule 7.13 

September 24, 2024. 

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 

September 12, 2024, New York Stock 

Exchange LLC (‘‘NYSE’’ or the 

‘‘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 self-regulatory 

organization. The Commission is 

publishing this notice to solicit 


ddrumheller on DSK120RN23PROD with NOTICES1